Treas. HJ 10 A2 c.2
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
Treasury Bulletin of the U.S. Treasury Department
Analysis of Receipts and Expenditures Composition of the Public Debt Prices and Yields of Government Securities Other Treasury Statistics
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
LIBRARY ROOM 5030
JUN 7, 1972
TREASURY DEPARTMENT
April 1944
Cumulative Table of Contents
<table><tr><th></th><th colspan="5">1944</th><th colspan="7">1943</th></tr><tr><th></th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th></tr><tr><td colspan="13">I. Special articles</td></tr><tr><td>War Loans:</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>Fifth War Loan, June-July 1944:</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>Outline of plans</td><td>A-3</td><td>A-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>Comparison of features of securities offered</td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fourth War Loan, January-February 1944:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of securities, classified by issues, by types of investor, and by States</td><td>A-1</td><td>A-11</td><td>A-2</td><td></td><td>7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Preliminary report on sales</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>Outlines of plans</td><td></td><td></td><td></td><td></td><td>8-9</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of features of securities offered</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>Third War Loan, September 1943:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-7</td><td></td><td>2-3</td><td></td><td></td><td></td></tr><tr><td>Sales of securities, classified by issues, by types of investor, and by States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4</td><td></td><td></td></tr><tr><td>Comparison of features of securities offered</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 of United States savings bonds and Treasury savings notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Second War Loan, April 1943:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2</td><td></td></tr><tr><td>Sales of Series X savings bonds by States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>7</td><td></td><td></td><td>2-6</td><td></td></tr><tr><td>Sales of securities, classified by issues, by types of investor, and by Federal Reserve Districts</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>First War Loan, December 1942, sales of securities classified by types of investor</td><td></td><td></td><td></td><td></td><td></td><td></td><td>7</td><td></td><td></td><td></td><td>6</td><td></td></tr><tr><td>Security purchases outside Fourth War Loan by commercial banks and by U. S. Government agencies and trust funds</td><td>A-12</td><td></td><td></td><td></td><td></td><td>7</td><td>8</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing</td><td>A-2</td><td>A-2</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 refunding operations in March 1944</td><td>A-12</td><td>A-13</td><td></td><td></td><td>1-6</td><td></td><td></td><td></td><td></td><td></td><td>2-5</td><td></td></tr><tr><td>Financing the war and the post-war readjustment</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>7</td></tr><tr><td>Financial operations of the United States Government during the fiscal year 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></tr><tr><td>War activities budgetary expenditures, monthly July 1940 through April 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></tr><tr><td colspan="13">II. Summary of fiscal statistics</td></tr><tr><td>Budgetary receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</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></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</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></tr><tr><td>Moons of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</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></tr><tr><td colspan="13">III. Receipts and expenditures and appropriations</td></tr><tr><td>Appropriations and act contract authorizations for the war activities program as of month-and preceding month of publication</td><td>5-6</td><td>5-6</td><td>5-6</td><td>5-6</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></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by major classifications</td><td>7</td><td>7</td><td>7</td><td>7</td><td>15</td><td>7</td><td>15</td><td>7</td><td>11</td><td>13</td><td>9</td><td>14</td></tr><tr><td>Analysis of receipts from internal revenue</td><td>7</td><td>7</td><td>7</td><td>7</td><td>15</td><td>7</td><td>15</td><td>7</td><td>11</td><td>13</td><td>9</td><td>14</td></tr><tr><td>Analysis of general expenditures</td><td>8</td><td>8</td><td>8</td><td>8</td><td>16</td><td>8</td><td>16</td><td>8</td><td>12</td><td>14</td><td>10</td><td>15</td></tr><tr><td>Analysis of expenditures for war activities</td><td>9</td><td>9</td><td>9</td><td>9</td><td>17</td><td>9</td><td>17</td><td>9</td><td>12</td><td>14</td><td>10</td><td>15</td></tr><tr><td>Analysis of expenditures for war activities, monthly July 1940 through April 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>7</td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>9</td><td>9</td><td>9</td><td>9</td><td>17</td><td>9</td><td>17</td><td>9</td><td>13</td><td>15</td><td>11</td><td>16</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><td>18-19</td><td>10-11</td><td>18-19</td><td>10-11</td><td>13-14</td><td>15-16</td><td>11-12</td><td>16-17</td></tr><tr><td>Trust account, etc. receipts and expenditures</td><td>12</td><td>12</td><td>12</td><td>12</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></tr><tr><td>Means of financing cash requirements</td><td>13</td><td>13</td><td>13</td><td>13</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></tr><tr><td>Social Security program:</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>Budgetary receipts and expenditures</td><td>14</td><td>14</td><td>14</td><td>14</td><td>22</td><td>14</td><td>22</td><td>14</td><td>17</td><td>19</td><td>15</td><td>20</td></tr><tr><td>Social Security Act</td><td>15</td><td>15</td><td>15</td><td>15</td><td>23</td><td>15</td><td>23</td><td>15</td><td>18</td><td>20</td><td>16</td><td>21</td></tr><tr><td>Railroad Retirement Act</td><td>15</td><td>15</td><td>15</td><td>15</td><td>23</td><td>15</td><td>23</td><td>15</td><td>18</td><td>20</td><td>16</td><td>21</td></tr><tr><td>Railroad Unemployment Insurance Act</td><td>15</td><td>15</td><td>15</td><td>15</td><td>23</td><td>15</td><td>23</td><td>15</td><td>18</td><td>20</td><td>16</td><td>21</td></tr><tr><td>Statement of trust accounts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>22</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>16</td><td>16</td><td>16</td><td>16</td><td>24</td><td>16</td><td>24</td><td>16</td><td>19</td><td>21</td><td>17</td><td>22</td></tr><tr><td>Railroad Retirement Account</td><td>16</td><td>16</td><td>16</td><td>16</td><td>24</td><td>16</td><td>24</td><td>16</td><td>19</td><td>21</td><td>17</td><td>22</td></tr><tr><td>Unemployment Trust Fund</td><td>16</td><td>16</td><td>16</td><td>16</td><td>24</td><td>16</td><td>24</td><td>16</td><td>19</td><td>21</td><td>17</td><td>22</td></tr><tr><td>Cash income and outgo of the Treasury</td><td>17</td><td>17</td><td>17</td><td>17</td><td>25</td><td>17</td><td>25</td><td>17</td><td>20</td><td>22</td><td>18</td><td>23</td></tr><tr><td>Analysis by major classifications</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>Total cash income and outgo by months beginning with:</td><td>17</td><td>17</td><td>17</td><td>17</td><td>25</td><td>17-18</td><td>25-26</td><td>17-18</td><td>20-21</td><td>22-23</td><td>18-19</td><td>23-24</td></tr><tr><td>January 1938</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)
Treasury Bulletin
Cumulative Table of Contents
- (Continued)
<table><tr><th></th><th colspan="4">1941</th><th colspan="9">Issue and page number</th></tr><tr><th></th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th></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></tr><tr><td>Assets, liabilities, and balance in General Fund.</td><td>19</td><td>19</td><td>19</td><td>19</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></tr><tr><td>Analyze of changes in balance of General Fund.</td><td>20</td><td>20</td><td>20</td><td>20</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></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></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary</td><td>22</td><td>22</td><td>22</td><td>22</td><td>30</td><td>23</td><td>31</td><td>20</td><td>23</td><td>28</td><td>24</td><td>29</td></tr><tr><td>Detailed statement.</td><td>23-24</td><td>23</td><td>23</td><td>23</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></tr><tr><td>Chart.</td><td>25</td><td>24</td><td>24</td><td>24</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></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></tr><tr><td>Issue and retirement (receipts and expenditures).</td><td>22</td><td>22</td><td>22</td><td>22</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></tr><tr><td>Interest-bearing debt, composition of.</td><td>24</td><td>25</td><td>25</td><td>25</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></tr><tr><td>Guaranteed obligations held by Treasury.</td><td>27</td><td>25</td><td>25</td><td>25</td><td>33</td><td>26</td><td>34</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>31</td><td></td><td></td></tr><tr><td>June 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>35</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>26</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943.</td><td>26</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, 1944.</td><td>27</td><td>26</td><td>26</td><td>27</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></tr><tr><td>Computed interest charge and computed interest rate.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States, as of month-end preceding month of publication.</td><td>28-30</td><td>27-29</td><td>27-29</td><td>28-30</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></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></tr><tr><td>Treasury bonds, notes, and certificates of indebtedness beginning with:</td><td></td><td></td><td></td><td></td><td>31</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></tr><tr><td>January 1, 1940.</td><td></td><td></td><td>30</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1, 1941.</td><td>31</td><td>30</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1, 1942.</td><td>31-33</td><td>31-32</td><td>31-32</td><td>32-33</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></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></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>31-35</td><td>33-34</td><td>33-34</td><td>34-35</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></tr><tr><td>Sales by series, classified by denominations.</td><td>35</td><td>35-36</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 to investors other than commercial banks by series, classified by States.</td><td>37-38</td><td>37-38</td><td>36-37</td><td>37-38</td><td>41-45</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></tr><tr><td>Redemption values and investment yields.</td><td>39</td><td>39</td><td>38</td><td>39</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></tr><tr><td>Payroll savings 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></tr><tr><td>Treasury notes - tax and savings series:</td><td>40-41</td><td>40-41</td><td>39-40</td><td>40-41</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></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></tr><tr><td>Sales, classified by:</td><td>42</td><td>42</td><td>41</td><td>42</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></tr><tr><td>Denomination.</td><td>42</td><td>42</td><td>41</td><td>42</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></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></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>4</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions.</td><td>43</td><td>43</td><td>42</td><td>43</td><td>50</td><td>42</td><td>51</td><td>40</td><td>43</td><td>38</td><td>43</td><td></td></tr><tr><td>Sales, classified by:</td><td>43</td><td>43</td><td>42</td><td>43</td><td>50</td><td>42</td><td>51</td><td>40</td><td>43</td><td>38</td><td>43</td><td></td></tr><tr><td>Denomination.</td><td>44</td><td>43</td><td>44</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></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></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></tr><tr><td>Summary distribution, by holders, of securities issued or guaranteed by the United States.</td><td>45</td><td>46</td><td>45</td><td>46</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>45</td><td>46</td><td>45</td><td>46</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></tr><tr><td>Summary data from Treasury survey of the ownership of Government securities:</td><td></td><td></td><td></td><td></td><td>52-53</td><td></td><td></td><td></td><td></td><td></td><td>51-52</td><td>51-56</td></tr><tr><td>March 31, 1943.</td><td></td><td></td><td></td><td></td><td>52-53</td><td></td><td></td><td></td><td></td><td></td><td>46-51</td><td></td></tr><tr><td>April 30, 1943.</td><td></td><td></td><td></td><td></td><td>52-53</td><td></td><td></td><td></td><td></td><td></td><td>51-56</td><td></td></tr><tr><td>May 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>44-49</td><td></td><td>47-52</td><td></td><td></td></tr><tr><td>June 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></tr><tr><td>July 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>55-60</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1943.</td><td></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></tr><tr><td>September 30, 1943.</td><td></td><td></td><td></td><td></td><td>51-59</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1943.</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>November 30, 1943.</td><td></td><td></td><td>46-51</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943.</td><td></td><td>47-52</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, 1944.</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>February 29, 1944.</td><td>46-51</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></td><td></td><td></td><td></td><td>52-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
April 1944
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="7">1944</th><th colspan="7">1943</th></tr><tr><th></th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th></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>53-55</td><td>54-56</td><td>53-55</td><td>54-56</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></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td>56</td><td>57</td><td>56</td><td>57</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></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds: Discussion of revision of long-term Treasury bond average. Yields, monthly and weekly, beginning with January 1933.</td><td>57-61</td><td>58-60</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">VIII. Government corporations and credit agencies of the United States</td></tr><tr><td>Assets and liabilities and proprietary interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>65-66</td><td></td></tr><tr><td>March 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>60-61</td><td></td></tr><tr><td>April 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>65-66</td><td></td><td></td></tr><tr><td>May 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>58-59</td><td>61-62</td><td></td><td></td></tr><tr><td>June 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></tr><tr><td>July 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>69-70</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>72-73</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>68-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1943.</td><td></td><td></td><td></td><td>61-62</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 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></tr><tr><td>December 31, 1943.</td><td></td><td>60-61</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1944.</td><td></td><td>62-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 29, 1944.</td><td>63-64</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>Sources and uses of funds:</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>Fiscal year to date.</td><td>65-66</td><td>64-65</td><td>62-63</td><td>63-64</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></tr><tr><td>From inception of organization.</td><td>67-68</td><td>66-67</td><td>64-65</td><td>65-66</td><td>72-73</td><td>75-77</td><td>73-74</td><td>62-63</td><td>65-66</td><td>69-70</td><td>64-65</td><td>69-70</td></tr><tr><td colspan="13">IX. Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary data.</td><td>70-71</td><td>69-70</td><td>67-68</td><td>68-69</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></tr><tr><td>Comparative details for current periods.</td><td>72</td><td>71</td><td>69</td><td>70</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></tr><tr><td colspan="13">X. Gold and silver statistics</td></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td>74</td><td>73</td><td>71</td><td>72</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></tr><tr><td>Increase from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>76</td><td></td><td></td></tr><tr><td>June 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>80</td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1943.</td><td></td><td></td><td></td><td>72</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943.</td><td>74</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, 1944.</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 gold receipts, for recent quarterly periods.</td><td></td><td>71</td><td></td><td>72</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></tr><tr><td>Monetary stocks of gold and silver.</td><td>74</td><td>73</td><td>71</td><td>72</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></tr><tr><td>Components of silver monetary stock.</td><td>75</td><td>74</td><td>72</td><td>73</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></tr><tr><td>Silver of specified classifications acquired by mints and assay offices.</td><td>75</td><td>74</td><td>72</td><td>73</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></tr><tr><td>Silver production:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In United States.</td><td>75</td><td>74</td><td>72</td><td>73</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></tr><tr><td>In foreign countries.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>74</td><td>78</td><td>73</td><td>78</td></tr><tr><td>Seigniorage on silver, by types.</td><td>76</td><td>75</td><td>73</td><td>74</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></tr><tr><td colspan="13">XI. Other Treasury statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>80-81</td><td></td><td></td></tr><tr><td>March 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>84-85</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>76-77</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>76-79</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 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></tr><tr><td>Capital movement between the United States and foreign countries.</td><td>80</td><td>77</td><td>75</td><td>78</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></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.
April 1944
A-1
SPECIAL ARTICLES
April 1944
A-3
Treasury Market Financing
On March 22, the Treasury announced an exchange offering for the $5,251 millions of 7/8 percent certificates of indebtedness maturing April 1, 1944. New 7/8 percent certificates were offered, dated April 1, 1944, and maturing April 1, 1945. Subscription books were open for four days, March 22-25, inclusive. A total of $4,877 millions of the maturing issue, or 93 percent of the amount outstanding, were exchanged. The remaining
$374 millions were redeemed in cash. The maturing certificates were originally issued on April 15, 1943, as part of the Second War Loan.
On April 24, 1944, the Treasury announced an exchange offering for the $1,655 millions of 7/8 percent certificates of indebtedness maturing May 1, 1944. New 7/8 percent certificates were offered, dated May 1, 1944, and maturing May 1, 1945.
Plans for the Fifth War Loan
The Fifth War Loan campaign will open on June 12, 1944, and will continue through July 8. The goal for this drive will be $16 billions, of which $6 billione is assigned to individuals. In the Fourth War Loan, the goal for individuals was $5.5 billions out of a total goal of $14 billions.
In announcing the drive, Secretary Morgenthau stated that the major emphasis throughout the Loan will be placed on the quota of $6 billions for individuals. Although subscriptions will be received from all nonbank investors during the entire period, only sales to individuals will be reported by the Treasury during the period from June 12 to June 26. Commencing on June 26, the campaign to sell securities to individuals will be supplemented by an intensive campaign for subscriptions from all other investors except commercial banks.
Continuing the practice established in the Fourth War Loan, all subscriptions for savings bonds and savings notes processed by the Federal Reserve Banks and by the Treasury Department during the months of June and July will be credited to the drive.
The table which follows presents the chief characteristics of the securities to be offered during the Fifth War Loan. Eight securities are being offered, five of which are unchanged from offerings in the Fourth War Loan. These five securities conest of Series E, F, and G savings bonds, Series C savings notes, and the 2-1/2% Treasury bonds of 1965-1970. A sixth issue is a 7/8 percent certificate similar to that offered in the Fourth Loan. The other two securities consist of a 1-1/4 percent Treasury note due March 15, 1947 and a 2 percent Treasury bond of 1952-54. This is the first time a Treasury note has been offered in a War Loan.
The three issues of savings bonds and Series C savings notes will be dated the first of the month in which purchased. The marketable issues will be dated June 26, except the 2-1/2 percent bond, which is a re-opening of the issue sold during the Fourth War Loan and was dated February 1, 1944. Purchases of this bond during the Fifth War Loan will accrue interest from June 26, 1944, and will have a special coupon attached cov-
ering interest to accrue between June 26 and September 15, 1944. Commercial banks are not permitted to own these bonds until February 1, 1954, except for the limited investment of time deposits.
In order to minimize the amount of indirect participation by commercial banks in the Fifth 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 (see "Treasury Bulletin" for March 1944, page A-3). This statement approves bank loans to enable investors to purchase bonds in anticipation of income, provided that the loans are on a short-term or amortization basis and are fully repaid within six months.
In order to avoid unnecessary transfers of funds from one locality to another during the Fifth War Loan, the Treasury has again 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 localities that 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 Fifth War Loan commercial banks will be permitted to subscribe in limited amounts to the 2 percent and 2-1/2 percent bonds, and to Series F and Series G savings bonds. The limit, including subscriptions to 2-1/4 percent and 2-1/2 percent Treasury bonds during the Fourth War Loan, and purchases of savings bonds on or after January 1, 1944, will be 20 percent of savings deposits and time certificates of deposit of individuals and nonprofit corporations or associations, but not more than $400,000, for any one bank. Of such subscriptions, no more than $100,000 may consist of Series F or Series G bonds (Series 1944) singly or in combination. Subscriptions by commercial banks for the limited investment of time deposits will not be considered as part of the Fifth War Loan drive and will not be credited to drive quotas.
A-4
Treasury Bulletin
Comparison of Various Features of Securities Offered In the Fifth War Loan, June-July 1944
<table><tr><th rowspan="2">Feature</th><th colspan="4">Marketable securities offered in the Fifth War Loan</th></tr><tr><th>2-1/2% bonds</th><th>2% bonds</th><th>1-1/4% notes</th><th>7/8% certificates</th></tr><tr><td>Issue price....................</td><td>Par 1/</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>June 26, 1944</td><td>June 26, 1944</td><td>June 26, 1944</td></tr><tr><td>Maturity date..................</td><td>March 15, 1970</td><td>June 15, 1954</td><td>March 15, 1947</td><td>June 1, 1945</td></tr><tr><td>Interest rate..................</td><td>2-1/2% per annum, payable on a semi-annual basis</td><td>2% per annum, payable on a semi-annual basis</td><td>1-1/4% per annum, payable on a semi-annual basis</td><td>7/8% per annum, payable on a semi-annual basis</td></tr><tr><td>Redeemability prior to maturity: At option of Treasury.</td><td>On and after March 15, 1965, on any interest date on four months' notice</td><td>On and after June 15, 1952, on any interest date on four months' notice</td><td>None</td><td>None</td></tr><tr><td>At option of holder: For cash.</td><td>None</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>None</td><td>None</td><td>None</td></tr><tr><td>Negotiability..................</td><td>Negotiable, but commercial banks may not purchase in the market before February 1, 1954 2/.</td><td>Fully negotiable after July 8, 1944</td><td>Fully negotiable after July 8, 1944</td><td>Fully negotiable after July 8, 1944</td></tr><tr><td>Eligibility as collateral for loans.</td><td>Complete 1/</td><td>Complete</td><td>Complete</td><td>Complete</td></tr><tr><td>Eligible subscribers............</td><td>All, except that commercial banks may subscribe only for the limited investment of time deposits 2/ 4/</td><td>All, except that commercial banks may subscribe only for the limited investment of time deposits 2/ 4/</td><td>All except commercial banks 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 2/ 4/</td><td>None for investors other than commercial banks 2/ 4/</td><td>None</td><td>None</td></tr><tr><td>Denominations..................</td><td>$500, $1,000, $5,000, $10,000, $100,000, and $1,000,000</td><td>$500, $1,000, $5,000, $10,000, $100,000, and $1,000,000</td><td>$1,000, $5,000, $10,000, $100,000, and $1,000,000</td><td>$1,000, $5,000, $10,000, $100,000, and $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><td>Bearer form only, coupons attached</td></tr><tr><td colspan="5"><sup>1/</sup>Accrued interest will be charged from June 26, 1944 on all purchases made after that date, except individual subscriptions of $1,000 or less for the 2 and 2-1/2 percent bonds. Although the 2-1/2 percent bonds will be dated February 1, 1944, they will accrue interest from June 26, and a special interest coupon will be attached covering the interest to September 15, 1944.<br><sup>2/</sup>A commercial bank is defined for this purpose as one which accepts demand deposits.</td></tr><tr><td colspan="5"><sup>3/</sup>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.<br><sup>4/</sup>Commercial banks may subscribe concurrently with the Fifth War Loan, but not as part of the Loan, to the 2 percent, 2-1/2 percent, and Series F and G savings bonds. The amounts of such subscriptions are limited to 20 percent of savings deposits and time certificates of
(Continued on following page)
April 1944
A-5
Comparison of Various Features of Securities Offered In the Fifth War Loan, June-July 1944 - (Continued)
<table><tr><th rowspan="2">Feature</th><th colspan="4">Non-marketable securities offered on continuous sale</th></tr><tr><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>74% 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 5/6</td><td>Accrues to par to provide approximately 2.5% compounded semi-annually if held to maturity; lesser yields if redeemed at earlier dates 5/6</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 5/6</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>Redeemability prior to maturity; At option of Treasury</td><td>None</td><td>None</td><td>None</td><td>None</td></tr><tr><td>At option of holder; For cash</td><td>At any time after 60 days from issue date without notice, at stated redemption values 5/6</td><td>On first of any month after 5 months from issue date on 1 month's notice, at stated redemption values 5/6</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 5/6</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 5/6</td></tr><tr><td>Negotiability</td><td>None</td><td>None</td><td>None</td><td>None 1/2</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 2/3/4</td><td>All, except that commercial banks are subject to the limits stated below 2/3/4</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 for all subscribers of $100,000 (issue price) for Series F and Series G combined. Commercial banks are subject to additional restrictions 2/3/4</td><td></td><td>None</td></tr><tr><td>Denominations</td><td>$25, $50, $100, $500, and $1,000 (maturity value)</td><td>$25, $100, $500, $1,000, $5,000, and $10,000 (maturity value)</td><td>$100, $500, $1,000, $5,000, and $10,000</td><td>$100, $500, $1,000, $5,000, $10,000, $10,000, and $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></table>
deposit of individuals and non-profit corporations or associations, but not to exceed $400,000, of which not more than $100,000 may be Series F and G savings bonds (Series 1944b). The 2-1/2 percent and 2-1/4 percent bonds offered in the Fourth Var Loan and bought concurrently with the Loan, and savings bonds purchased on or after January 1, 1944, are included in, and are not additional to, these limits.
If inscribed in the name of a bank accepting demand deposits, cash payment at or before maturity will be made only at issue price (per) 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 in which so acquired. 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.
April 1944
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">First 9 months, fiscal years 1942 to 1944</th><th colspan="6">Complete fiscal years, 1941 to 1945</th></tr><tr><th>1942</th><th>1943</th><th>1944</th><th>Change 1943 to 1944</th><th>Actual 1941</th><th>Actual 1942</th><th>Actual 1943</th><th>Estimated 1/ 1944</th><th>Estimated 1/ 1945</th><th>Change 1943 to 1944</th><th>Estimated 1944 to 1945 1/</th></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes 2/</td><td>5,322</td><td>10,349</td><td>24,772</td><td>+14,422</td><td>3,470</td><td>7,960</td><td>16,094</td><td>32,673</td><td>32,605</td><td>+16,579</td><td>-68</td></tr><tr><td>Employment taxes</td><td>881</td><td>1,111</td><td>1,292</td><td>+181</td><td>925</td><td>1,186</td><td>1,498</td><td>1,870</td><td>3,169</td><td>+372</td><td>+1,299</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>2,974</td><td>3,495</td><td>3,928</td><td>+433</td><td>2,967</td><td>3,847</td><td>4,553</td><td>5,161</td><td>5,164</td><td>+608</td><td>+3</td></tr><tr><td>Customs</td><td>299</td><td>222</td><td>326</td><td>+104</td><td>392</td><td>389</td><td>324</td><td>420</td><td>438</td><td>+96</td><td>+18</td></tr><tr><td>Other receipts 4/</td><td>201</td><td>341</td><td>2,467</td><td>+2,126</td><td>515</td><td>286</td><td>916</td><td>2,455</td><td>2,050</td><td>+1,538</td><td>-405</td></tr><tr><td>Total receipts</td><td>9,678</td><td>15,519</td><td>32,785</td><td>+17,266</td><td>8,269</td><td>13,668</td><td>23,385</td><td>42,578</td><td>43,425</td><td>+19,193</td><td>+847</td></tr><tr><td>Lease:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 5/</td><td>629</td><td>800</td><td>920</td><td>+120</td><td>661</td><td>869</td><td>1,103</td><td>1,392</td><td>2,656</td><td>+239</td><td>+1,264</td></tr><tr><td>Net receipts</td><td>9,049</td><td>14,719</td><td>31,865</td><td>+17,146</td><td>7,607</td><td>12,799</td><td>22,282</td><td>41,186</td><td>40,769</td><td>+18,904</td><td>-417</td></tr><tr><td>Expenditures: 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>War activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>8,619</td><td>31,257</td><td>36,042</td><td>+5,385</td><td>3,678</td><td>14,070</td><td>42,265</td><td>48,790</td><td>47,597</td><td>+6,525</td><td>-1,193</td></tr><tr><td>Navy Department</td><td>4,853</td><td>13,555</td><td>19,104</td><td>+5,548</td><td>2,313</td><td>8,580</td><td>20,888</td><td>27,000</td><td>28,500</td><td>+6,112</td><td>+1,500</td></tr><tr><td>Miscellaneous war activities</td><td>1,903</td><td>5,761</td><td>8,501</td><td>+2,740</td><td>310</td><td>3,362</td><td>8,955</td><td>11,910</td><td>11,453</td><td>+2,955</td><td>-457</td></tr><tr><td>Anticipated supplemental appropriations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>800</td><td>650</td><td>+800</td><td>-150</td></tr><tr><td>Total war activities</td><td>15,385</td><td>50,574</td><td>64,246</td><td>+13,672</td><td>6,301</td><td>26,011</td><td>72,109</td><td>88,500</td><td>88,200</td><td>+16,391</td><td>-300</td></tr><tr><td>Veterans' Administration 7/</td><td>415</td><td>453</td><td>484</td><td>+31</td><td>563</td><td>556</td><td>602</td><td>873</td><td>1,267</td><td>+271</td><td>+393</td></tr><tr><td>Public Works 8/</td><td>517</td><td>444</td><td>356</td><td>-88</td><td>738</td><td>680</td><td>543</td><td>569</td><td>387</td><td>+26</td><td>-182</td></tr><tr><td>Aid to agriculture 9/</td><td>986</td><td>878</td><td>653</td><td>-225</td><td>937 10/</td><td>1,225</td><td>1,153</td><td>891</td><td>647</td><td>-272</td><td>-244</td></tr><tr><td>Social Security program 11/</td><td>511</td><td>588</td><td>638</td><td>+50</td><td>588</td><td>659</td><td>735</td><td>796</td><td>777</td><td>+61</td><td>-19</td></tr><tr><td>Work Projects Administration</td><td>766 12/</td><td>278</td><td>16</td><td>-261</td><td>1,374 12/</td><td>970 12/</td><td>299</td><td>11</td><td>-</td><td>-288</td><td>-11</td></tr><tr><td>Civilian Conservation Corps</td><td>138</td><td>-3</td><td>*</td><td>+3</td><td>257</td><td>163</td><td>18</td><td>*</td><td>-</td><td>-18</td><td>*</td></tr><tr><td>Other 13/</td><td>668</td><td>671</td><td>882</td><td>+210</td><td>841</td><td>873</td><td>901</td><td>1,490</td><td>2,881</td><td>+589</td><td>+1,391</td></tr><tr><td>Interest on the public debt</td><td>774</td><td>1,058</td><td>1,693</td><td>+624</td><td>1,111</td><td>1,260</td><td>1,808</td><td>2,650</td><td>3,750</td><td>+842</td><td>+1,100</td></tr><tr><td>Anticipated supplemental appropriations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>170</td><td>45</td><td>+170</td><td>-125</td></tr><tr><td>Total expenditures 6/</td><td>20,160</td><td>54,951</td><td>68,968</td><td>+14,017</td><td>12,711</td><td>32,397</td><td>78,179</td><td>95,951</td><td>97,954</td><td>+17,772</td><td>+2,003</td></tr><tr><td>Net budgetary deficit 6/</td><td>11,112</td><td>40,232</td><td>37,103</td><td>-3,129</td><td>5,103</td><td>19,598</td><td>55,897</td><td>54,765</td><td>57,185</td><td>-1,132</td><td>+2,420</td></tr></table>
Source: Daily Treasury Statements, except as noted.
Less than $500,000. Based upon estimates as shown in the 1945 Budget. Includes unjust enrichment tax and victory tax. Beginning July 1, 1943, includes collections of taxes withheld by employers under the FICA Act. See also the 1945 Budget for details and following chapter on Receipts and Expenditures and Appropriations. Table 2. Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacture taxes and retailers' excise taxes, and estate taxes. Includes deposits by the War, Navy, and Treasury Departments and the Federal Government resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits totaled $558 millions during the fiscal year 1943. Budget estimates of such deposits for the fiscal years 1944 and 1945 are $1,212 millions and $1,333 millions, respectively. For explanation, see tables in next chapter on Social Security program. Excludes expenditures for public debt retirements which are chargeable to the sinking fund, etc., under special provisions of law. Includes interest on the National Debt, the Public Debt Funds, etc., for the Adjusted Service Certificate Fund and the National
Service Life Insurance Fund. Includes Public Works transactions classified as Revolving Funds (net). 
(2) Includes Aid to agriculture transactions classified as Revolving Funds (net); expenditures of the Department of Agriculture classified as Departmental in the Daily Treasury Statement; and Agricultural Marketing Administration transactions classified as transfers to trust accounts, etc. 
(10) Represents gross expenditures of $1,252 millions less repayments of U. S. investments in capital funds aggregating $315 millions. 
(11) Includes expenditures classified as transfers to trust accounts, etc., for the Railroad Retirement Account and the Railroad Unemployment Insurance Administration Fund. Excludes expenditures made by Oyster Bay, Elementary School District, War Manpower Commission (U. S. Employment Service), under authority of the Social Security Act. 
(12) Includes National Youth Administration. 
(13) Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Government employee retirement and insurance funds. Budget account 1944-45: $1,944,000,000; $5 millions and $1,000 millions, respectively, representing transfers to public debt accounts for excess-profits tax refund bonds.
April 1944
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 9 months, fiscal years 1942 to 1944</th><th colspan="6">End of fiscal years, 1941 to 1945</th></tr><tr><th></th><th>Mar. 31, 1942</th><th>Mar. 31, 1943</th><th>Mar. 31, 1944</th><th>Change Mar. 31, 1943 to Mar. 31, 1944</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th><th colspan="2">Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th><th>Estimated June 30, 1943 to estimated June 30, 1944 1/</th><th>Estimated June 30, 1944 to estimated June 30, 1945 1/</th></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td>43,309</td><td>79,662</td><td>128,080</td><td>+48,418</td><td>37,713</td><td>50,573</td><td>95,310</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Marketable</td><td>11,278</td><td>26,622</td><td>41,752</td><td>+15,130</td><td>4,555</td><td>13,510</td><td>29,200</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable</td><td>54,606</td><td>104,284</td><td>169,842</td><td>+65,558</td><td>42,267</td><td>64,083</td><td>124,509</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public issues</td><td>7,333</td><td>10,004</td><td>13,507</td><td>+3,503</td><td>6,120</td><td>7,885</td><td>10,871</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Special issues</td><td>61,940</td><td>114,287</td><td>183,348</td><td>+69,061</td><td>48,387</td><td>71,968</td><td>135,380</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>480</td><td>1,219</td><td>1,367</td><td>+147</td><td>574</td><td>454</td><td>1,316</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>62,419</td><td>115,507</td><td>184,715</td><td>+69,208</td><td>48,961</td><td>72,422</td><td>136,696</td><td>197,600</td><td>258,000</td><td>+60,904</td><td>+60,400</td></tr><tr><td>Total public debt outstanding</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>Securities guaranteed by the United States 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td>5,666</td><td>4,197</td><td>1,544</td><td>-2,653</td><td>6,360</td><td>4,549</td><td>3,908</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td></tr><tr><td>Marketable 4/</td><td></td><td>153r</td><td>714</td><td>+562</td><td>-</td><td>-</td><td>183r</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td></tr><tr><td>Non-marketable 4/</td><td>5,666</td><td>4,350</td><td>2,258</td><td>-2,091</td><td>6,360</td><td>4,549</td><td>4,092</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>24</td><td>11</td><td>20</td><td>+9</td><td>11</td><td>20</td><td>8</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt</td><td>5,690</td><td>4,360</td><td>2,278</td><td>-2,082</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,201</td><td>48</td><td>-2,899</td><td>-1,151</td></tr><tr><td>Total guaranteed securities outstanding</td><td>68,109</td><td>119,867</td><td>186,993</td><td>+67,126</td><td>55,332</td><td>76,991</td><td>140,796</td><td>198,801</td><td>258,048</td><td>+58,005</td><td>+59,247</td></tr><tr><td>Total public debt and guaranteed securities outstanding</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>
Source: Daily Treasury Statements, except as noted. Revised. 1/ Based upon estimates as shown in the 1945 Budget. 2/ Details not available. 3/ Excludes guaranteed securities which were sold directly to the
The Reconstruction Finance Corporation notes, Series X-A, X-E, and X-C, which are held entirely by United States Government agencies and trust funds, have been classified as non-marketable issues.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th></th><th colspan="3">First 9 months, fiscal years 1942 to 1944</th><th colspan="5">Complete fiscal years, 1941 to 1945</th></tr><tr><th></th><th>1942</th><th>1943</th><th>1944</th><th colspan="3">Actual</th><th colspan="2">Estimated 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th></tr><tr><td>Amount required to be financed:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit 2/</td><td>11,112</td><td>40,232</td><td>37,103</td><td>5,103</td><td>19,598</td><td>55,897</td><td>54,765</td><td>57,185</td></tr><tr><td>Net increase in General Fund balance</td><td>859</td><td>1,188</td><td>7,100</td><td>742</td><td>358</td><td>6,515</td><td>46</td><td>101</td></tr><tr><td>Net expenditures in trust accounts, increment on gold, etc. 3/</td><td>1,487</td><td>1,664</td><td>3,816</td><td>148</td><td>3,506</td><td>1,861</td><td>6,093</td><td>3,114</td></tr><tr><td>Total amount required to be financed</td><td>13,458</td><td>43,084</td><td>48,019</td><td>5,994</td><td>23,461</td><td>64,274</td><td>60,904</td><td>60,400</td></tr><tr><td>Means of financing:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increases in public debt</td><td>13,458</td><td>43,084</td><td>48,019</td><td>5,994</td><td>23,461</td><td>64,274</td><td>60,904</td><td>60,400</td></tr><tr><td>Net decrease in General Fund balance</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net receipts in trust accounts, increment on gold, etc. 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>13,458</td><td>43,084</td><td>48,019</td><td>5,994</td><td>23,461</td><td>64,274</td><td>60,904</td><td>60,400</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon estimates as shown in the 1945 Budget. 2/ Excludes amounts for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
3/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
April 1944
5
Appropriations and Net Contract Authorizations for the War Activities Program
As of March 31, 1944
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, 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>1,375,484,502</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, 1942.</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. 28, 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>Navy 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>37,320,370</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>146</td><td>Labor - Federal Security Appropriation Act, 1942.</td><td>173,168,500</td><td>-</td></tr><tr><td>July 3, 1941</td><td>150</td><td>Second Deficiency Appropriation Act, 1941.</td><td>998,894,561</td><td>-</td></tr><tr><td>Aug. 25, 1941</td><td>247</td><td>First Supplemental National Defense Appropriation Act, 1942.</td><td>6,580,012,448</td><td>-</td></tr><tr><td>Oct. 28, 1941</td><td>282</td><td>Second Supplemental National Defense Appropriation Act, 1942: (Title II)</td><td>5,985,000,000</td><td>$ 600,000,000 3/</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941.</td><td>159,005,585</td><td>47,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>351</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>9,112,021,947</td><td>60,000,000</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War. Philippine relief, and defense housing).</td><td>510,000,000</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>$ 49,396,437,450</td><td>$ 707,000,000</td></tr></table>
77th Congress, Second Session
<table><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 1/</td><td>23,738,855,474</td><td>$ 2,400,000,000 2/</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>461</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 2/</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 1, 1942</td><td>640</td><td>Joint Commerce Department 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>227,726,854</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>42,820,003,057</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>674</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 2/</td><td>5,299,361,448</td><td>5,803,155,430 + 2/</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session</td><td>$139,736,203,988</td><td>$ 8,428,555,430</td></tr></table>
78th Congress, First Session
<table><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System)</td><td>$ 21,160,000</td><td>$ 2,093,111,745</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>50,000,000</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>-</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>1,557,858</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>1,395,013,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944.</td><td>27,637,226,198 8/</td><td>5,389,000,000 5/</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Department 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 Appropriations Act 1944.</td><td>59,034,859,673</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>31,979,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944.</td><td>11,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944.</td><td>307,951,500</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>151,240,068</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>Dec. 17, 1943</td><td>204</td><td>Public Law (naval expansion program).</td><td>-</td><td>3,650,449,880 5/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944.</td><td>81,283,468</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>$105,916,942,321</td><td>$11,200,561,625</td></tr></table>
6
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
Aa of March 31, 1944 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations</th></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Jan. 28, 1944<br>Feb. 14, 1944</td><td>224<br>229</td><td>Public Law (Hwy - Public Works)..........<br>Joint Resolution (farm labor and migration of workers)............</td><td>$ 31,359,200</td><td>$ 281,060,000</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.....................</td><td>$ 31,359,200</td><td>$ 281,060,000</td></tr><tr><td colspan="5">Pending 9/</td></tr><tr><td></td><td></td><td>First Deficiency Appropriation Bill, 1944 10/<br>Independent Offices Appropriation Bill, 1945<br>Department of Justice, State and Commerce Appropriation Bill, 1945<br>War Civil Appropriation Bill, 1945<br>Agriculture Appropriation Bill, 1945</td><td>$ 170,221,080<br>6,834,848,943 11/<br>47,535,000<br>2,087,080<br>29,200,000</td><td>$ 120,000,000<br>-1,080,016,275 12/<br>-<br>-<br>-</td></tr><tr><td colspan="3">Total pending.....................</td><td>$ 7,083,892,103</td><td>$ -960,016,275 12/</td></tr></table>
Summary
<table><tr><td></td><td>Total, 76th Congress, Third Session 13/.</td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td></td><td>Total, 77th Congress, First Session.</td><td>49,396,437,450</td><td>$ 707,000,000</td></tr><tr><td></td><td>Total, 77th Congress, Second Session.</td><td>139,736,203,988</td><td>8,428,555,430 r</td></tr><tr><td></td><td>Total, 78th Congress, First Session.</td><td>105,916,492,321</td><td>11,200,561,625</td></tr><tr><td></td><td>Total, 78th Congress, Second Session.</td><td>31,359,200</td><td>281,060,000</td></tr><tr><td></td><td>Permanent appropriations and net transfers from other than war activities appropriations 14/.</td><td>117,054,165</td><td>-</td></tr><tr><td></td><td>Total approved.</td><td>$304,191,562,951</td><td>$20,617,177,055</td></tr><tr><td></td><td>Total pending, 78th Congress, Second Session.</td><td>7,083,892,103</td><td>-950,016,275</td></tr><tr><td></td><td>Liquidations of 1940 and prior contract authorisations.</td><td>-467,872,846</td><td>-</td></tr><tr><td></td><td>Total approved and pending appropriations and net contract authorisations 1/.</td><td>$310,807,582,208</td><td>$19,657,160,780</td></tr></table>
Revised.
1/ Consists of appropriations and act 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.
2/ Contract authorizations have been reduced by later appropriations which were earmarked in authorizing acts for this purpose.
3/ Represents the net amount of contractual authority that the President, without regard to the need for appropriations, may direct 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.
4/ Includes $9,693,529,500 appropriated for the fiscal year 1942.
5/ Unappropriated act contract authorizations for the naval expansion program are as follows:
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Amount</th></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>$ 2,400,000,000</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>(Estimated by Navy Department) 5,803,155,430</td></tr><tr><td>June 26, 1943</td><td>92</td><td>(Estimated by Navy Department) 3,389,000,000</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>(Estimated by Navy Department) 3,650,449,880</td></tr><tr><td></td><td></td><td>Total.................... $15,242,605,310</td></tr></table>
5/ Includes $650,000 for the fiscal year 1941 and $209,440,000 for the fiscal year 1943, of which $440,000 was made immediately available. 
1/ Includes $7,851,460 appropriated for the fiscal year 1942. 
8/ Includes $30,000,000 for the fiscal year 1942 and $172,419,000 for the fiscal year 1943. 
2/ Pending appropriations, as used herein, represent appropriation bills reported from the Committee on Appropriations to the House, or subsequent stages of Congressional action before Presidential approval. Estimates of appropriations for war purposes reported by the President to Congress and submitted to the Committee on Appropriations, amounting to $49,714,550,632, are not included. 
10/ Approved April 1, 1944, Public Law No. 279. 
11/ Includes $4,719,390,499 for liquidation of contract authorizations made available in this act and $2,060,625,776 for liquidation of contract authorizations. 
12/ Represents excess of pending liquidations of contract authorizations over contract authorizations. 
13/ For details of appropriations made by 76th Congress, Third Session, see "Treasury Bulletin" for March 1944, page 5. 
14/ Includes actual transfer of balances of the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard. For the amount of $1,153,022 is in accordance with Executive Order 9087, dated February 28, 1942. Also includes $4,313,697 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 $48,513,784.
April 1944
7
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="4">Receipts</th><th colspan="6">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 1/</th><th rowspan="2">Public debt retirement 1/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Gross receipts 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) 5/</th><th>Transfers to trust accounts, etc. 5/</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>406</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>14</td><td>3,209</td><td>374</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>1,037</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>508</td><td>3,149</td><td>1,045</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>337</td><td>5,852</td><td>7,239</td><td>5,864</td><td>1,029</td><td>121</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,707</td><td>7,221</td><td>1,206</td><td>92</td><td>187</td><td>3,542</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273</td><td>578</td><td>5,381</td><td>8,998</td><td>7,055</td><td>597</td><td>54</td><td>332</td><td>3,611</td><td>159</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515</td><td>651</td><td>7,607</td><td>12,711</td><td>6,225</td><td>6,301</td><td>-136</td><td>10</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>285</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</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,595</td><td>72,109</td><td>40</td><td>435</td><td>55,897</td><td>3</td></tr><tr><td>1943-March</td><td>5,207</td><td>5,154</td><td>32</td><td>22</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>1,356</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>8,048</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>2,502</td><td>39</td><td>364</td><td>284</td><td>2,721</td><td>7,617</td><td>369</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>5,447</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><tr><td>December</td><td>5,737</td><td>5,484</td><td>34</td><td>220</td><td>1</td><td>5,736</td><td>7,452</td><td>740</td><td>6,718</td><td>-8</td><td>2</td><td>1,716</td><td>-</td></tr><tr><td>1944-January</td><td>2,779</td><td>2,188</td><td>40</td><td>551</td><td>32</td><td>2,747</td><td>7,570</td><td>400</td><td>7,138</td><td>-6</td><td>37</td><td>4,823</td><td>*</td></tr><tr><td>February</td><td>2,754</td><td>2,464</td><td>35</td><td>255</td><td>250</td><td>2,503</td><td>7,862</td><td>342</td><td>7,518</td><td>-3</td><td>5</td><td>5,359</td><td>*</td></tr><tr><td>March</td><td>6,576</td><td>6,353</td><td>42</td><td>181</td><td>2</td><td>6,573</td><td>8,585</td><td>795</td><td>7,726</td><td>-3</td><td>7</td><td>1,952</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 2/ and 4/.
7/ Total expenditures less receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $55 millions in the fiscal year 1940; $319 millions in the fiscal year 1941; $18 millions in the fiscal year 1942; $147 millions in the fiscal year 1943.
10/ Receipts from reductions in capital stock and paid-in surplus available to be reissued 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.
11/ Includes 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 colspan="3">Income and profits taxes</th><th colspan="4">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by employer (Correct Tax Payment Act of 1943)</th><th>Other $</th><th>Total</th><th>Social security taxes 3/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Employment Unemployment Tax Act (Unemployment insurance)</th><th>Carrier's Taxing Act of 1937 (Railroad retirement)</th></tr><tr><td>1934</td><td>2,641</td><td>818</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>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>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>2,163</td><td>251</td><td>104</td><td>58</td><td>-</td><td>2,181</td><td>-</td></tr><tr><td>1938</td><td>5,674</td><td>2,540</td><td>2,540</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,219</td><td>-</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</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>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>3,470</td><td>926</td><td>691</td><td>98</td><td>137</td><td>2,967</td><td>-</td></tr><tr><td>1942</td><td>12,903</td><td>7,950</td><td>7,950</td><td>1,186</td><td>1,130</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>16,094</td><td>1,998</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td><td>-</td></tr><tr><td>1944-March</td><td>5,154</td><td>4,732</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>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>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>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>1,615</td><td>1,255</td><td>1,236</td><td>48</td><td>46</td><td>3</td><td>1</td><td>512</td><td>-</td></tr><tr><td>August</td><td>2,602</td><td>1,504</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>5,150</td><td>4,765</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>1,613</td><td>1,303</td><td>746</td><td>46</td><td>42</td><td>3</td><td>1</td><td>464</td><td>-</td></tr><tr><td>November</td><td>2,115</td><td>1,459</td><td>949</td><td>292</td><td>274</td><td>10</td><td>8</td><td>363</td><td>-</td></tr><tr><td>December</td><td>5,404</td><td>5,040</td><td>4,327</td><td>58</td><td>4</td><td>1</td><td>53</td><td>386</td><td>-</td></tr><tr><td>1944-January</td><td>2,188</td><td>1,727</td><td>1,153</td><td>49</td><td>34</td><td>14</td><td>1</td><td>412</td><td>-</td></tr><tr><td>February</td><td>2,464</td><td>1,747</td><td>610</td><td>373</td><td>252</td><td>117</td><td>4</td><td>344</td><td>-</td></tr><tr><td>March</td><td>6,353</td><td>5,911</td><td>5,161</td><td>67</td><td>4</td><td>4</td><td>59</td><td>375</td><td>-</td></tr></table>
Source: Daily Treasury Statements. 1/ Less than $500,000. 2/ For further details, see chapter on Internal Revenue Statistics. Includes unjust enrichment tax and victory tax collections pursuant to Revenue Act of 1942.
For the period prior to September 1939, the data in the columns entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act represent collections under Titles VIII and IX, respectively, of the Social Security Act.
8
Treasury Bulletin
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/ 3/</th><th>Social Security program 2/ 5/</th><th>Direct and work relief Work Projects Administration and National Youth Administration 5/</th><th>Federal Emergency Relief Administration and Civil Works Administration 1/</th><th>Civilian Conservation Corps</th><th>Interest on the public debt</th><th>Other departmental 2/</th><th>Other general expenditure 2/</th></tr><tr><td>1934</td><td>4,908</td><td>507</td><td>519</td><td>929</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>476</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>1,864</td><td>1,495</td><td>436</td><td>749</td><td>424</td><td>256</td></tr><tr><td>1937</td><td>6,437</td><td>581</td><td>803</td><td>988</td><td>184</td><td>1,896</td><td>-1</td><td>386</td><td>866</td><td>510</td><td>223</td></tr><tr><td>1938</td><td>5,864</td><td>582</td><td>670</td><td>866</td><td>335</td><td>1,472</td><td>4</td><td>326</td><td>926</td><td>481</td><td>200</td></tr><tr><td>1939</td><td>7,221</td><td>557</td><td>900</td><td>1,237</td><td>347</td><td>2,240</td><td>2</td><td>290</td><td>941</td><td>517</td><td>191</td></tr><tr><td>1940</td><td>7,055</td><td>557</td><td>890</td><td>1,546</td><td>392</td><td>1,572</td><td>1</td><td>281</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>467</td><td>1,371</td><td>-</td><td>257</td><td>1,111</td><td>529</td><td>216</td></tr><tr><td>1942</td><td>5,985</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>1943-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>67</td><td>41</td><td>1</td><td>-</td><td>*</td><td>47</td><td>55</td><td>15</td></tr><tr><td>December</td><td>740</td><td>51</td><td>43</td><td>55</td><td>25</td><td>*</td><td>-</td><td>*</td><td>497</td><td>61</td><td>10</td></tr><tr><td>1944-January</td><td>400</td><td>52</td><td>37</td><td>86</td><td>59</td><td>6</td><td>-</td><td>*</td><td>87</td><td>58</td><td>14</td></tr><tr><td>February</td><td>382</td><td>52</td><td>30</td><td>92</td><td>34</td><td>1</td><td>-</td><td>*</td><td>56</td><td>59</td><td>19</td></tr><tr><td>March</td><td>795</td><td>55</td><td>41</td><td>99</td><td>36</td><td>*</td><td>-</td><td>*</td><td>449</td><td>62</td><td>54</td></tr></table>
Source: Daily Treasury Statements.
* 1/3/ Includes public works undertaken by the Veterans' Administration. Does not include expenditures for (1) revolving funds or (2) transfers to trust accounts, etc. These are shown in Table 5.
2/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), recreation 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.
3/ Comprises Agricultural Conservation and Adjustment Administration (classified the Daily Treasury Statement under "War Food Administration, Other" 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.
4/ 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 detail, see tables which follow on the Social Security program
Work Projects Administration was formerly Works Progress Administration. Beginning with 1942, expenditures for the National Youth Administration are shown in Table 4
1/ Include expenditures for the Reconstruction Finance Corporation for relief through loans and grants to States, municipalities, etc.
2/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social Security program and the Department of Agriculture departmental expenditures.
3/ Includes expenditures for the 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 Farm Loan Banks; and Disaster Loan Corporation.
4/ 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/
April 1944
9
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditure for War Activities
(In millions of dollars)
<table><tr><th>Piece year or month</th><th>Total</th><th>War Department</th><th>Very 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</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Administration</th><th>Aid to China</th><th>Other war activities expenditures</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>436</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-21</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>900</td><td>383</td><td>529</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>929</td><td>378</td><td>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>1,205</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>1</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>99</td><td>-</td><td>-</td><td>108</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>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>362</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>606</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>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>1943-March</td><td>6,744</td><td>3,985</td><td>2,053</td><td>705</td><td>17</td><td>17</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>3,787</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>31</td></tr><tr><td>December</td><td>6,718</td><td>3,841</td><td>2,050</td><td>827</td><td>45</td><td>6</td><td>21</td><td>39</td><td>5</td><td>108</td><td>356</td><td>164</td><td>-</td><td>82</td></tr><tr><td>1944-January</td><td>7,138</td><td>4,170</td><td>2,082</td><td>886</td><td>140</td><td>9</td><td>18</td><td>42</td><td>4</td><td>125</td><td>308</td><td>153</td><td>-</td><td>87</td></tr><tr><td>February</td><td>7,518</td><td>3,792</td><td>2,757</td><td>969</td><td>184</td><td>16</td><td>17</td><td>38</td><td>5</td><td>127</td><td>331</td><td>182</td><td>-</td><td>71</td></tr><tr><td>March</td><td>7,726</td><td>4,461</td><td>2,281</td><td>983</td><td>186</td><td>8</td><td>16</td><td>38</td><td>3</td><td>97</td><td>386</td><td>165</td><td>-</td><td>82</td></tr></table>
Source: Daily Treasury Statementa.
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.
3/ Similar items for periods prior to fiscal year 1941 are classified under Other departmental and Other general expenditures in Table 3. Includes war expenditures of Commerce, Justice, Interior, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; capital stock of Smaller War Plants Corporation; and Defense Aid Special Fund.
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">Piecial 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>146</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>-</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>3</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 7/</td><td>23</td><td>331</td><td>10</td><td>138</td><td>93</td><td>31</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>42</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>1944-June</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>34</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>2</td><td>-</td><td>-</td><td>-2</td><td>-</td></tr><tr><td>December</td><td>-8</td><td>-8</td><td>*</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1944-January</td><td>-6</td><td>-5</td><td>-1</td><td>37</td><td>3</td><td>34</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-3</td><td>-4</td><td>1</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-3</td><td>-3</td><td>-</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Additional transactions on aid to agriculture and Public works are shown in Table 3. 2/ Farm Credit Administration. 3/ Public Works Administration. 4/ Composite Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
5/ Includes railroad retirement and railroad unemployment activities. For further explanations see tables which follow on Social Security program.
6/ 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 in Table 1.
10
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1935
(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>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>3,897</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>304</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>543</td><td>1,566</td><td>565</td><td>364</td><td>1,276</td><td>413</td><td>337</td><td>1,135</td><td>445</td><td>504</td><td>1,212</td><td>8,060</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>1,947</td><td>695</td><td>963</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>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures 2/</td></tr><tr><td>1935</td><td>482</td><td>528</td><td>570</td><td>599</td><td>527</td><td>693</td><td>561</td><td>424</td><td>570</td><td>632</td><td>489</td><td>607</td><td>6,682</td></tr><tr><td>1936</td><td>521</td><td>480</td><td>636</td><td>631</td><td>586</td><td>2,427</td><td>696</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>7,794</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>646</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>857</td><td>818</td><td>706</td><td>759</td><td>859</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>1,058</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>5,225</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>6,387</td><td>7,112</td><td>7,617</td><td>7,595</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,585</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit 3/</td></tr><tr><td>1935</td><td>279</td><td>0314</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>595</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>490</td><td>1,898</td><td>368</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>266</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,356</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>477</td><td>296</td><td>157</td><td>2,434</td></tr><tr><td>1939</td><td>355</td><td>245</td><td>132</td><td>517</td><td>358</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>206</td><td>311</td><td>5,361</td></tr><tr><td>1940</td><td>358</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>5,823</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>39,518</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>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</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>
Daily Treasury Statements 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.
April 1944
11
BUDGETARY RECEIPTS AND EXPENDITURES
12
Treasury Bulletin
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>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</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><td>210</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><td>231</td></tr><tr><td>1936</td><td>+14</td><td>-</td><td>267</td><td>267</td><td>-</td><td>19</td><td>19</td><td>+34</td><td>2,051</td><td>2,020</td></tr><tr><td>1937</td><td>+19</td><td>+1</td><td>402</td><td>401</td><td>+12</td><td>763</td><td>751</td><td>+20</td><td>858</td><td>838</td></tr><tr><td>1938</td><td>+11</td><td>+1</td><td>402</td><td>401</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></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></tr><tr><td>1940</td><td>+37</td><td>+10</td><td>580</td><td>577</td><td>+4</td><td>959</td><td>957</td><td>+2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>+37</td><td>+9</td><td>717</td><td>707</td><td>+4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>+66</td><td>+6</td><td>940</td><td>931</td><td>+6</td><td>1,244</td><td>1,243</td><td>+4</td><td>144</td><td>144</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></tr><tr><td>1943-March</td><td>+260</td><td>-272</td><td>2</td><td>274</td><td>+1</td><td>34</td><td>33</td><td>+11</td><td>82</td><td>71</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>+6</td><td>91</td><td>85</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>+15</td><td>82</td><td>67</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>+11</td><td>152</td><td>141</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>+55</td><td>316</td><td>261</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>+1</td><td>101</td><td>100</td></tr><tr><td>September</td><td>-265</td><td>-289</td><td>1</td><td>289</td><td>-5</td><td>31</td><td>36</td><td>+28</td><td>116</td><td>87</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>+22</td><td>139</td><td>117</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>-46</td><td>77</td><td>123</td></tr><tr><td>December</td><td>-262</td><td>-292</td><td>3</td><td>295</td><td>+41</td><td>83</td><td>43</td><td>-11</td><td>114</td><td>125</td></tr><tr><td>1944-January</td><td>+50</td><td>+28</td><td>32</td><td>4</td><td>-40</td><td>36</td><td>76</td><td>+63</td><td>164</td><td>101</td></tr><tr><td>February</td><td>+150</td><td>+314</td><td>250</td><td>116</td><td>-3</td><td>264</td><td>267</td><td>+19</td><td>121</td><td>102</td></tr><tr><td>March</td><td>-201</td><td>-158</td><td>3</td><td>161</td><td>-3</td><td>43</td><td>46</td><td>-41</td><td>94</td><td>135</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 rowspan="2">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 1/</th></tr><tr><th>Total transactions</th><th>Issue of obligations 2/</th><th>Other transactions</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1934</td><td>-734</td><td>3/</td><td>3/</td><td>+811</td><td>2,811</td><td>2,000</td><td>-1</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>4</td><td>-2</td></tr><tr><td>1940</td><td>+414</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>-1,809</td><td>-1,815</td><td>-</td><td>-</td><td>-</td><td>+14</td><td>14</td><td>-</td><td>+39</td><td>331</td><td>292</td></tr><tr><td>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>1943-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>44</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>-14</td></tr><tr><td>December</td><td>-427</td><td>-3</td><td>-424</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+22</td><td>-</td><td>-22</td></tr><tr><td>1944-January</td><td>-165</td><td>-18</td><td>-146</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+101</td><td>-</td><td>-101</td></tr><tr><td>February</td><td>-331</td><td>-115</td><td>-216</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+8</td><td>-</td><td>-8</td></tr><tr><td>March</td><td>-2,002</td><td>-95</td><td>-1,907</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-</td><td>2</td></tr></table>
Source: Daily Treasury Statements. 
* Less than $500,000. 
1/ Comprises PWA 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.
April 1944
13
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net 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>1,048</td><td>741</td><td>821</td></tr><tr><td>1936</td><td>5,390</td><td>4,550</td><td>840</td><td>-</td><td>5,390</td><td>5,078</td><td>-</td><td>312</td></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,984</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,934</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>1943-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>3,904</td><td>3,758</td><td>-</td><td>206</td><td>3,904</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>2,331</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>5,710</td><td>-</td><td>667</td><td>5,740</td><td>1,112</td><td>4,138</td><td>290</td></tr><tr><td>December</td><td>2,383</td><td>1,716</td><td>-</td><td>-</td><td>2,383</td><td>-281</td><td>2,694</td><td>-</td></tr><tr><td>1944-January</td><td>4,837</td><td>4,823</td><td>-</td><td>14</td><td>4,837</td><td>4,781</td><td>55</td><td>-</td></tr><tr><td>February</td><td>12,448</td><td>5,359</td><td>6,916</td><td>173</td><td>12,448</td><td>12,448</td><td>-</td><td>-</td></tr><tr><td>March</td><td>4,157</td><td>1,952</td><td>-</td><td>2,205</td><td>4,157</td><td>1,608</td><td>2,549</td><td>-</td></tr></table>
Source: Daily Treasury Statements. 1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
14
Treasury Bulletin
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">Loose 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>1936</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>788.2</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>146.7</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>1943-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><tr><td>December</td><td>4.8</td><td>3.7</td><td>1.1</td><td>1.1</td><td>3.8</td></tr><tr><td>1944-January</td><td>48.1</td><td>33.8</td><td>14.2</td><td>31.8</td><td>16.2</td></tr><tr><td>February</td><td>368.7</td><td>252.2</td><td>116.5</td><td>250.2</td><td>118.5</td></tr><tr><td>March</td><td>8.0</td><td>4.4</td><td>3.6</td><td>2.4</td><td>5.6</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="6">Expenditures</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th colspan="3">Social Security Board</th><th colspan="2">Grants to States</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></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>War Manpower Commission (U. S. Employment Service)</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>41.0 6/</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>287.6</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>8.5</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>357.8</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>2.8</td><td>341.3</td></tr><tr><td>1943-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>.2</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>.2</td><td>55.7</td></tr><tr><td>May</td><td>39.0</td><td>2.0</td><td>35.8</td><td>25.3</td><td>5.1</td><td>.8</td><td>.3</td><td>.3</td><td>1.1</td><td>.4</td><td>*</td><td>2.1</td><td>.3</td><td>24.8</td></tr><tr><td>June</td><td>16.0</td><td>3.0</td><td>13.1</td><td>9.6</td><td>4.6</td><td>.1</td><td>.2</td><td>*</td><td>.8</td><td>.3</td><td>*</td><td>1.5</td><td>.3</td><td>10.7</td></tr><tr><td>July</td><td>59.9</td><td>2.8</td><td>56.1</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>.3</td><td>53.8</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>.3</td><td>41.3</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>.3</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>.3</td><td>51.3</td></tr><tr><td>November</td><td>40.8</td><td>2.2</td><td>38.3</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>.3</td><td>27.7</td></tr><tr><td>December</td><td>24.1</td><td>2.8</td><td>21.0</td><td>18.2</td><td>2.1</td><td>.5</td><td>5.9</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>*</td><td>.3</td><td>20.4</td></tr><tr><td>1944-January</td><td>58.8</td><td>2.2</td><td>56.1</td><td>35.2</td><td>6.2</td><td>1.1</td><td>9.7</td><td>2.2</td><td>.9</td><td>.5</td><td>.3</td><td>*</td><td>.5</td><td>42.6</td></tr><tr><td>February</td><td>33.4</td><td>2.7</td><td>30.4</td><td>24.2</td><td>4.7</td><td>.6</td><td>*</td><td>.2</td><td>.4</td><td>.3</td><td>*</td><td>*</td><td>.2</td><td>25.2</td></tr><tr><td>March</td><td>35.4</td><td>2.8</td><td>32.3</td><td>26.4</td><td>3.0</td><td>.7</td><td>1.6</td><td>.3</td><td>.2</td><td>.2</td><td>*</td><td>*</td><td>.3</td><td>29.8</td></tr></table>
Source: Daily Treasury Statements. r * Less than $50,000. Formerly Title VIII of the Social Security Act. 1/2 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 employees subject to the Railroad Unemployment Insurance Act (See Table 3 of Sec- 1). 1/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "trans- fer" 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 re- flect deductions made for reimbursement to the General Fund account to cover administrative expense, which are shown as expenditures in
Include only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Administration, 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-Feyrer Act. Excludes administrative expenses allocable from appropriations, principally for the following agencies: the 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.
Second Deficiency Appropriation Act, fiscal year 1938, approved June 25, 1938, amended and reappropriated $40,561,886 for making refund to certain States of portions of Federal employees' tax for 1936 collected under the Social Security Act.
April 1944
15
Social Security Program - (Continued)
Section I.- Budgetary Receipts and Expenditures - (Continued)
Table 2.- Railroad Retirement Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th><th>Excess of expenditures 2/</th></tr><tr><th></th><th>Carriers' Taxing Act of 1937</th><th>Total</th><th>Administrative expense 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refund of taxes</th><th></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>1943-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>-.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</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>-.0</td></tr><tr><td>December</td><td>52.9</td><td>.4</td><td>.4</td><td>-</td><td>*</td><td>-52.5</td></tr><tr><td>1944-January</td><td>1.2</td><td>34.1</td><td>.1</td><td>34.0</td><td>*</td><td>32.9</td></tr><tr><td>February</td><td>4.1</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-.3.9 r</td></tr><tr><td>March</td><td>58.6</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-58.4</td></tr></table>
Source: Daily Treasury Statements.
* Revised.
* Less than $50,000.
1/ Includes only expenditures from appropriations made specific-
cally for administrative expenses relating to the Railroad Retirement Act. 2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th>Excess of expenditures 2/</th></tr><tr><th></th><th></th><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><th></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>-.5</td></tr><tr><td>1939</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>-.1</td></tr><tr><td>1940</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1942</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1943</td><td>2.5</td><td>.2</td><td>.2</td><td>-</td><td>-2.3</td></tr><tr><td>April</td><td>*</td><td>.2</td><td>.2</td><td>-</td><td>-.2</td></tr><tr><td>May</td><td>*</td><td>.2</td><td>.2</td><td>-</td><td>-.2</td></tr><tr><td>June</td><td>2.6</td><td>.5</td><td>.5</td><td>-</td><td>-2.3</td></tr><tr><td>July</td><td>*</td><td>.2</td><td>.2</td><td>-</td><td>-.2</td></tr><tr><td>August</td><td>1.1</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><tr><td>December</td><td>2.7</td><td>.2</td><td>.2</td><td>-</td><td>-2.5</td></tr><tr><td>1944-January</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>-.3</td></tr><tr><td>February</td><td>1.1</td><td>.3</td><td>.3</td><td>-</td><td>-.3</td></tr><tr><td>March</td><td>2.8</td><td>.3</td><td>.3</td><td>-</td><td>-2.6</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000
1/ Operated as Railroad 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 employers subject to the Railroad Unemployment Insurance Act, as follows
(In millions): Calendar year 1936 - $2.7, 1937 - $5.3, 1938 - $6.8, and for the first six months of the calendar year 1939 - $2.9, aggregating $17.7. These amounts are included in Table I under Federal Unemployment Tax Act. (unemployment insurance). 1/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 2/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 3/ Covered by appropriations by Congress.
16
Treasury Bulletin
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organisation - 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 expense 2/</th><th>Total investments</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th colspan="3"></th><th colspan="3"></th><th colspan="3">In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1936</td><td>257.3</td><td>265.0</td><td>2.3</td><td>*</td><td>*</td><td>*</td><td>267.2</td><td>267.1</td><td>*</td><td>*</td></tr><tr><td>1937</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><td>1.9</td></tr><tr><td>1938</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</td><td>3.0</td></tr><tr><td>1939</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>.5</td><td>6.1</td></tr><tr><td>1940</td><td>2,535.2</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>6.2</td><td>10.8</td></tr><tr><td>1941</td><td>3,502.8</td><td>3,286.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,287.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1942</td><td>4,780.7</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>7.0</td><td>24.5</td></tr><tr><td>1943</td><td>5,409.4</td><td>5,105.1</td><td>304.3</td><td>572.3</td><td>460.6</td><td>111.7</td><td>4,837.1</td><td>4,757.8</td><td>38.5</td><td>30.8</td></tr><tr><td>1944-January</td><td>5,661.6</td><td>5,357.1</td><td>304.3</td><td>590.0</td><td>476.2</td><td>113.7</td><td>5,071.7</td><td>4,867.9</td><td>172.7</td><td>31.1</td></tr><tr><td>February</td><td>5,666.6</td><td>5,361.3</td><td>304.8</td><td>608.6</td><td>492.9</td><td>115.7</td><td>5,058.0</td><td>5,011.9</td><td>17.7</td><td>28.5</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 Benefit payments</th><th colspan="5">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></th><th></th><th colspan="2">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>79.8</td><td>68.1</td><td>66.2</td><td>1.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.1</td><td>319.9</td><td>87.0</td><td>70.0</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>1944-January</td><td>1,134.9</td><td>1,116.9</td><td>18.0</td><td>754.6</td><td>380.3</td><td>333.0</td><td>34.7</td><td>12.6</td></tr><tr><td>February</td><td>1,135.1</td><td>1,116.9</td><td>18.3</td><td>765.7</td><td>369.4</td><td>322.0</td><td>34.7</td><td>12.7</td></tr><tr><td>March</td><td>1,135.4</td><td>1,116.9</td><td>18.5</td><td>777.1</td><td>358.2</td><td>311.0</td><td>34.7</td><td>12.5</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment activities</th><th>Railroad unemployment insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Account 2/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Account 3/</th><th>Railroad Unemployment Account 1/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th><th>In disbursement Fund (Special Deposit Account)</th></tr><tr><td></td><td></td><td>Deposits by States</td><td>Transfers from States 2/</td><td>Administration Fund 4/</td><td></td><td></td><td>Withdrawals by States</td><td>Benefit payments</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1936</td><td>18.9</td><td>18.9</td><td>18.9</td><td>1.1</td><td>1.1</td><td>18.9</td><td>18.9</td><td>18.9</td><td>-</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>313.4</td><td>310.6</td><td>-</td><td>2.8</td><td>1.0</td><td>312.4</td><td>312.3</td><td>-</td><td>-</td><td>312.4</td><td>312.3</td><td>1.1</td><td>-</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>18.0</td><td>192.0</td><td>894.2</td><td>872.0</td><td>-</td><td>-</td><td>894.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>44.2</td><td>44.6</td><td>633.8</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>1.4</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>105.6</td><td>82.6</td><td>1,115.7</td><td>1,728.9</td><td>1,710.0</td><td>1.8</td><td>14.6</td><td>1,728.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.9</td><td>131.5</td><td>1,688.2</td><td>2,281.7</td><td>2,273.0</td><td>105.9</td><td>32.3</td><td>2,281.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>11.4</td><td>2,055.4</td><td>4,150.1</td><td>4,139.0</td><td>105.9</td><td>41.4</td><td>4,150.1</td><td>4,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>17.4</td><td>2,241.5</td><td>4,372.5</td><td>4,367.0</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944-January</td><td>7,448.4</td><td>6,662.2</td><td>325.1</td><td>29.1</td><td>2,271.0</td><td>5,177.4</td><td>5,166.0</td><td>105.9</td><td>43.5</td><td>5,177.4</td><td>5,166.0</td><td>11.1</td><td>3.4</td></tr><tr><td>February</td><td>7,712.3</td><td>6,925.4</td><td>325.7</td><td>29.1</td><td>2,277.2</td><td>5,435.1</td><td>5,427.0</td><td>105.9</td><td>43.6</td><td>5,435.1</td><td>5,427.0</td><td>7.8</td><td>4.4</td></tr><tr><td>March</td><td>7,755.5</td><td>6,943.0</td><td>351.4</td><td>29.1</td><td>2,284.2</td><td>5,471.3</td><td>5,466.0</td><td>105.9</td><td>43.7</td><td>5,471.3</td><td>5,466.0</td><td>4.9</td><td>4.4</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Excludes advance of $15 millions from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
April 1944
17
Cash Income and Outgo of the Treasury, by Major Classification
(In millions of dollars)
<table><tr><th></th><th colspan="7">1943</th><th colspan="7">1944</th></tr><tr><th></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>Jan.</th><th>Feb.</th><th>Mar.</th></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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><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><td></td></tr><tr><td>Income and profits taxes</td><td>4,732</td><td>1,000</td><td>940</td><td>3,503</td><td>1,255</td><td>1,504</td><td>4,765</td><td>1,301</td><td>1,459</td><td>5,040</td><td>1,727</td><td>1,747</td><td>5,911</td></tr><tr><td>Employment taxes</td><td>48</td><td>50</td><td>282</td><td>55</td><td>46</td><td>310</td><td>50</td><td>16</td><td>292</td><td>58</td><td>49</td><td>373</td><td>67</td></tr><tr><td>Miscellaneous internal revenue</td><td>374</td><td>346</td><td>359</td><td>353</td><td>512</td><td>729</td><td>344</td><td>464</td><td>353</td><td>386</td><td>412</td><td>344</td><td>375</td></tr><tr><td>Customs</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><td>34</td><td>40</td><td>35</td><td>42</td></tr><tr><td>Other</td><td>21</td><td>125</td><td>123</td><td>321</td><td>176</td><td>361</td><td>257</td><td>218</td><td>221</td><td>214</td><td>521</td><td>254</td><td>181</td></tr><tr><td>Subtotal</td><td>5,207</td><td>1,553</td><td>1,740</td><td>4,567</td><td>2,021</td><td>3,004</td><td>5,447</td><td>2,069</td><td>2,370</td><td>5,732</td><td>2,749</td><td>2,753</td><td>6,575</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><td></td></tr><tr><td>Unemployment trust fund (deposite by States and Railroad Retirement Board)</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><td>39</td><td>36</td><td>264</td><td>43</td></tr><tr><td>Trust accounts 2/</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><td>111</td><td>160</td><td>116</td><td>83</td></tr><tr><td>Subtotal</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><td>149</td><td>196</td><td>380</td><td>126</td></tr><tr><td>Total cash income</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,196</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>2,945</td><td>3,133</td><td>6,702</td></tr><tr><td>CASE OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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><td></td></tr><tr><td>War activities</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><td>6,718</td><td>7,138</td><td>7,518</td><td>7,726</td></tr><tr><td>Veterans' Administration</td><td>40</td><td>45</td><td>28</td><td>43</td><td>43</td><td>60</td><td>52</td><td>49</td><td>50</td><td>51</td><td>52</td><td>52</td><td>55</td></tr><tr><td>Public Works 3/</td><td>99</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><td>63</td><td>37</td><td>30</td><td>61</td></tr><tr><td>Aid to agriculture 4/</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>59</td><td>47</td><td>81</td><td>88</td><td>96</td></tr><tr><td>Social Security program 5/</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><td>25</td><td>59</td><td>34</td><td>36</td></tr><tr><td>Work Projects Administration</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><td>*</td><td>6</td><td>1</td><td>*</td></tr><tr><td>Civilian Conservation Corps</td><td></td><td>21</td><td></td><td></td><td>45</td><td>32</td><td>293</td><td>117</td><td>35</td><td>429</td><td>59</td><td>32</td><td>438</td></tr><tr><td>Interest on the public debt 6/</td><td>247</td><td>77</td><td>31</td><td>354</td><td>57</td><td>96</td><td>73</td><td>68</td><td>70</td><td>71</td><td>72</td><td>762</td><td>77</td></tr><tr><td>Other</td><td>60</td><td>75</td><td>84</td><td>71</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Subtotal</td><td>7,337</td><td>7,417</td><td>7,423</td><td>8,110</td><td>6,746</td><td>7,588</td><td>7,515</td><td>7,407</td><td>7,824</td><td>7,382</td><td>7,505</td><td>7,839</td><td>8,458</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><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><td></td></tr><tr><td>War activities</td><td>350</td><td>270</td><td>272</td><td>305</td><td>311</td><td>305</td><td>237</td><td>225</td><td>274</td><td>223</td><td>204</td><td>217</td><td>208</td></tr><tr><td>Other</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><td>-25</td><td>-35</td><td>-17</td><td>-25</td></tr><tr><td>Commodity Credit Corporation</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>-83</td><td>150</td><td>46</td><td>10</td><td>-45</td></tr><tr><td>Unemployment trust fund</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><td>4</td><td>5</td><td>6</td><td>7</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>15</td><td>15</td><td>16</td><td>17</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>-146</td><td>124</td><td>-83</td><td>-122</td><td>-154</td><td>-137</td><td>-12</td><td>-15</td><td>-227</td><td>92</td><td>-184</td><td>-17</td><td>-20</td></tr><tr><td>Subtotal</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><td>469</td><td>62</td><td>225</td><td>144</td></tr><tr><td>Redemption of adjusted service bonds</td><td></td><td></td><td></td><td>1</td><td>1</td><td>1</td><td>1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total cash outgo</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>7,852</td><td>7,567</td><td>8,065</td><td>8,602</td></tr><tr><td>EXCESS OF CASE OUTGO</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>1,971</td><td>4,622</td><td>4,932</td><td>1,900</td></tr></table>
Valley Authority, forest roads and trails, and reclamation projects. Comprises Agricultural Conservation and Adjustment Administration (classified in the Daily Treasury Statement as "Other War and 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. Excludes transactions under transfers to trust accounts, etc. Excludes accrued interest on United States savings bonds.
Revised. Less than $500,000. These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures for 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
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>Sep.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>6,559</td></tr><tr><td>1940</td><td>398</td><td>614</td><td>989</td><td>385</td><td>561</td><td>783</td><td>449</td><td>724</td><td>756</td><td>458</td><td>656</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,040</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,209</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>1,635</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>3,319</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>5,881</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>5,702</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>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>127</td><td>679</td><td>951</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>1,844</td><td>10,317</td></tr><tr><td>1941</td><td>1,319</td><td>1,250</td><td>1,525</td><td>1,475</td><td>1,434</td><td>1,948</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>2,973</td><td>2,778</td><td>20,641</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,508</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,057</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>7,947</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>7,852</td><td>89,354</td></tr><tr><td>1944</td><td>7,567</td><td>8,065</td><td>8,602</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>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1939</td><td>304</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>355</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>3,958</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,104</td><td>3,434</td><td>2,279</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>1,971</td><td>51,108</td></tr><tr><td>1944</td><td>4,622</td><td>4,932</td><td>1,900</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>
r Revised.
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
April 1944
19
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 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>118</td><td>799</td><td>55</td></tr><tr><td>1936</td><td>2,936</td><td>866</td><td>862</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,189</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1943-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>636</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>599</td></tr><tr><td>December</td><td>12,878</td><td>926</td><td>1,408</td><td>9,942</td><td>601</td></tr><tr><td>1944-January</td><td>12,873</td><td>937</td><td>1,098</td><td>10,314</td><td>523</td></tr><tr><td>February</td><td>19,726</td><td>946</td><td>1,172</td><td>17,095</td><td>513</td></tr><tr><td>March</td><td>17,270</td><td>933</td><td>1,940</td><td>14,306</td><td>491</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>138</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td><td>1,622</td><td>146</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>113</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>2,289</td><td>619</td><td>113</td></tr><tr><td>1943</td><td>10,199</td><td>643</td><td>9,507</td><td>8,744</td><td>619</td><td>144</td></tr><tr><td>1943-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>10,199</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><tr><td>December</td><td>12,878</td><td>584</td><td>12,294</td><td>11,532</td><td>619</td><td>144</td></tr><tr><td>1944-January</td><td>12,873</td><td>634</td><td>12,239</td><td>11,476</td><td>619</td><td>144</td></tr><tr><td>February</td><td>19,726</td><td>571</td><td>19,155</td><td>18,392</td><td>619</td><td>144</td></tr><tr><td>March</td><td>17,270</td><td>664</td><td>16,606</td><td>15,644</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.
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.
20
Treasury Bulletin
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>Total working balance</th><th>General and special accounts 1/</th><th>Public debt accounts 2/</th><th>Trust accounts 3/</th><th>Miscellaneous funds and accounts 4/</th><th>Checking accounts of Government agencies, etc.</th><th>Seigniorage on silver</th><th>Increment on gold 5/</th></tr><tr><td>1936</td><td>1,720</td><td>908</td><td>-2,896</td><td>4,514</td><td>24</td><td>-</td><td>-734</td><td>-</td><td>811</td></tr><tr><td>1935</td><td>-741</td><td>-769</td><td>-3,209</td><td>1,739</td><td>64</td><td>-</td><td>637</td><td>140</td><td>-111</td></tr><tr><td>1936</td><td>840</td><td>1,067</td><td>-4,550</td><td>5,475</td><td>34</td><td>-</td><td>108</td><td>176</td><td>-103</td></tr><tr><td>1937</td><td>-128</td><td>-70</td><td>-3,149</td><td>2,746</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</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</td><td>29</td><td>2</td><td>768</td><td>90</td><td>-5</td></tr><tr><td>1940</td><td>-947</td><td>-997</td><td>-3,611</td><td>2,528</td><td>37</td><td>16</td><td>34</td><td>49</td><td>-</td></tr><tr><td>1941</td><td>742</td><td>722</td><td>-5,103</td><td>5,994</td><td>37</td><td>11</td><td>-217</td><td>20</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>344</td><td>-19,598</td><td>23,461</td><td>66</td><td>39</td><td>-3,625</td><td>14</td><td>-</td></tr><tr><td>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>1943-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>11,342</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>6,094</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><tr><td>December</td><td>-2,604</td><td>-2,604</td><td>-1,716</td><td>-281</td><td>-262</td><td>22</td><td>-427</td><td>-</td><td>-</td></tr><tr><td>1944-January</td><td>-55</td><td>-55</td><td>-4,823</td><td>4,781</td><td>50</td><td>101</td><td>-165</td><td>-</td><td>-</td></tr><tr><td>February</td><td>6,916</td><td>6,916</td><td>-5,359</td><td>12,448</td><td>150</td><td>8</td><td>-331</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-2,549</td><td>-2,549</td><td>-1,952</td><td>1,608</td><td>-201</td><td>-2</td><td>-2,002</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
1/ Less than $500,000.
2/ 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.
3/ This represents the increase in the gross public debt, except as noted. (See footnote 1/).
4/ Includes Federal Old-Age and Survivors Insurance Trust Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust funds.
5/ Comprises Public Works Administration revolving fund and special deposits on account of other Agricultural Marketing Administration commodity food stamp transactions.
6/ Includes expenditures for retirement of national bank notes.
7/ In the fiscal years 1935 and 1936, $91 millions and $554 millions were transferred from increase 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 balance general and special accounts for the purpose of this table. 
1/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1935 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1935 - $91 millions, 1936 - $397 millions, 1937 - $95 millions, 1938 - $51 millions, and 1939 - $5 millions. Total - $496 millions. The increases in the public debt shown in the table "Years of Financing Cash Requirements" for the above fiscal years will not agree for the reasons stated above.
April 1944
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
22
Treasury Bulletin
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 colspan="4">Guaranteed debt 2/</th></tr><tr><th></th><th></th><th>Total</th><th>Marketable issues</th><th>Non-marketable issues</th><th>Special issues</th><th>Matured debt and debt bearing no interest</th><th>Total</th><th>Interest-bearing debt</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>23,200</td><td>10,871</td><td>1,316</td><td>4,100</td><td>3,908 r</td><td>183 r</td><td>8</td></tr><tr><td>1943-March.</td><td>119,867</td><td>115,507</td><td>79,662</td><td>24,622</td><td>10,004</td><td>1,219</td><td>4,360</td><td>4,197 r</td><td>153 r</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>1,206</td><td>4,372</td><td>4,198 r</td><td>166 r</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>3,908 r</td><td>174 r</td><td>9</td></tr><tr><td>June.</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>3,908 r</td><td>183 r</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>1,286</td><td>3,791</td><td>3,582 r</td><td>200 r</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>3,941</td><td>3,582 r</td><td>352 r</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>3,971</td><td>3,583 r</td><td>382 r</td><td>7</td></tr><tr><td>October.</td><td>169,166</td><td>165,047</td><td>115,944</td><td>35,776</td><td>11,858</td><td>1,458</td><td>4,119</td><td>3,583 r</td><td>530 r</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>3,583 r</td><td>571 r</td><td>8</td></tr><tr><td>December.</td><td>170,108</td><td>165,877</td><td>115,230</td><td>36,574</td><td>12,703</td><td>1,370</td><td>4,230</td><td>3,583 r</td><td>642 r</td><td>6</td></tr><tr><td>1944-January.</td><td>174,933</td><td>170,659</td><td>115,259</td><td>38,911</td><td>12,873</td><td>1,616 1/2</td><td>4,275</td><td>3,583 r</td><td>686 r</td><td>6</td></tr><tr><td>February.</td><td>187,339</td><td>183,107</td><td>126,171</td><td>42,370</td><td>13,168</td><td>1,398</td><td>4,233</td><td>3,469 r</td><td>758 r</td><td>6</td></tr><tr><td>March.</td><td>186,993</td><td>184,715</td><td>128,080</td><td>41,762</td><td>13,507</td><td>1,367</td><td>2,278</td><td>1,544</td><td>714</td><td>20</td></tr></table>
Source: Daily Treasury Statements. r Revised to classify as non-marketable issues the Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which are held entirely by United States Government agencies and trust funds. Less than $500,000. 1/ For detailed statement of the public debt and guaranteed obliga-
2/ Guaranteed securities sold directly to the Treasury, and securities guaranteed as to interest only, are not included in this table.
3/ Includes prepayments in the amount of $2.193 millions on securities dated February 1, 1944 and offered as part of the Fourth War Loan.
Analysis of Issuance and Retirement of Public Debt
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issueance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebted-ness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profits tax refund 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>-</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>1,588</td><td>13,126</td><td>5,716</td><td>-</td><td>-</td><td>-</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>-</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>2,546</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</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>780</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</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>-</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>7,154</td><td>-</td><td>8</td><td>-</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>-</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>-</td><td>303</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>-</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>-</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>1943-March</td><td>115,507</td><td>1,483</td><td>20,502</td><td>5,322</td><td>14,712</td><td>*</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>-</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>8,855</td><td>-</td><td>*</td><td>-</td><td>1,374</td><td>415</td><td>4,580</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>-</td><td>5,395</td><td>11,697</td><td>6,170</td><td>805</td><td>-</td><td>4,728</td></tr><tr><td>July</td><td>141,524</td><td>4,828</td><td>8,702</td><td>8,098</td><td>-</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>-</td><td>1,556</td><td>362</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>-</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>6,697</td><td>14,281</td><td>11,056</td><td>-</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>-</td><td>34</td><td>421</td><td>4,570</td><td>4,525</td><td>-</td><td>34</td><td>11</td></tr><tr><td>December</td><td>165,877</td><td>-281</td><td>10,378</td><td>6,398</td><td>-</td><td>*</td><td>-</td><td>3,544</td><td>437</td><td>10,660</td><td>7,105</td><td>-</td><td>3,544</td><td>11</td></tr><tr><td>1944-January</td><td>170,659</td><td>4,781</td><td>9,449</td><td>9,239</td><td>-</td><td>*</td><td>-</td><td>-</td><td>209</td><td>4,668</td><td>4,628</td><td>-</td><td>-</td><td>40</td></tr><tr><td>February</td><td>183,107</td><td>12,448</td><td>19,226</td><td>16,691</td><td>-</td><td>*</td><td>1</td><td>2,127</td><td>407</td><td>6,678</td><td>4,778</td><td>-</td><td>2,127</td><td>112</td></tr><tr><td>March</td><td>184,715</td><td>1,608</td><td>10,355</td><td>8,019</td><td>-</td><td>*</td><td>38</td><td>1,946</td><td>350</td><td>8,746</td><td>6,789</td><td>-</td><td>1,946</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.
April 1944
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
(In millions of dollars)
<table><tr><th></th><th colspan="3">End of fiscal year</th><th colspan="5">End of month</th><th colspan="3">1944</th></tr><tr><th></th><th>1941</th><th>1942</th><th>1943</th><th>Mar.</th><th>June</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt....................</td><td>48,387</td><td>71,968</td><td>135,380</td><td>114,287</td><td>135,380</td><td>157,053</td><td>163,589</td><td>164,781</td><td>164,508</td><td>167,043</td><td>181,709</td><td>183,348</td></tr><tr><td>Guaranteed obligations.........</td><td>6,360</td><td>4,549</td><td>4,092</td><td>4,350</td><td>4,092</td><td>3,964</td><td>4,113</td><td>4,154</td><td>4,285</td><td>4,269</td><td>4,227</td><td>2,254</td></tr><tr><td>Total.........................</td><td>54,747</td><td>76,517</td><td>139,472</td><td>118,637</td><td>139,472</td><td>161,018</td><td>167,701</td><td>168,935</td><td>168,732</td><td>171,313</td><td>185,936</td><td>185,602</td></tr><tr><td>Natured debt and debt bearing no interest.........</td><td>585</td><td>474</td><td>1,324</td><td>1,230</td><td>1,324</td><td>1,303</td><td>1,450</td><td>1,383</td><td>1,376</td><td>3,621/2</td><td>1,404</td><td>1,387</td></tr><tr><td>Total outstanding....................</td><td>55,332</td><td>76,991</td><td>140,796</td><td>119,867</td><td>140,796</td><td>162,321</td><td>169,166</td><td>170,318</td><td>170,108</td><td>174,933</td><td>187,339</td><td>186,993</td></tr><tr><td colspan="13">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bill....................</td><td>1,603</td><td>2,508</td><td>11,864</td><td>9,234</td><td>11,854</td><td>13,054</td><td>13,054</td><td>13,074</td><td>13,072</td><td>13,101</td><td>13,112</td><td>13,117</td></tr><tr><td>Certificates of indebtedness.........</td><td>-</td><td>3,096</td><td>16,561</td><td>11,161</td><td>16,561</td><td>21,136</td><td>23,199</td><td>23,103</td><td>23,043</td><td>28,043</td><td>25,680</td><td>25,680</td></tr><tr><td>Treasury notes....................</td><td>5,698</td><td>6,689</td><td>9,168</td><td>9,797</td><td>9,168</td><td>11,596</td><td>11,596</td><td>11,596</td><td>11,175</td><td>11,175</td><td>13,302</td><td>16,244</td></tr><tr><td>Treasury bonds....................</td><td>30,215</td><td>38,085</td><td>57,520</td><td>49,773</td><td>57,520</td><td>65,444</td><td>67,889</td><td>67,940</td><td>67,944</td><td>67,944</td><td>73,882</td><td>72,813</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>79,662</td><td>95,310</td><td>111,426</td><td>115,944</td><td>115,909</td><td>115,230</td><td>115,259</td><td>126,171</td><td>128,080</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds.................</td><td>4,314</td><td>10,188</td><td>21,256</td><td>17,891</td><td>21,256</td><td>24,478</td><td>26,056</td><td>26,697</td><td>27,363</td><td>28,901</td><td>31,515</td><td>31,974</td></tr><tr><td>Treasury notes - tax and savings series....</td><td>-</td><td>3,015</td><td>7,495</td><td>6,346</td><td>7,495</td><td>8,851</td><td>9,109</td><td>9,278</td><td>8,586</td><td>9,384</td><td>10,220</td><td>9,116</td></tr><tr><td>Adjusted service bonds..............</td><td>241</td><td>229</td><td>222</td><td>223</td><td>222</td><td>220</td><td>220</td><td>220</td><td>219</td><td>219</td><td>218</td><td>218</td></tr><tr><td>Depository bonds....................</td><td>-</td><td>79</td><td>286</td><td>162</td><td>286</td><td>361</td><td>392</td><td>400</td><td>406</td><td>407</td><td>415</td><td>454</td></tr><tr><td>Total non-marketable issues...........</td><td>4,555</td><td>13,510</td><td>29,200</td><td>24,622</td><td>29,200</td><td>33,910</td><td>35,776</td><td>36,595</td><td>36,574</td><td>38,911</td><td>42,370</td><td>41,762</td></tr><tr><td>Total public issues..................</td><td>42,267</td><td>64,083</td><td>124,509</td><td>104,284</td><td>124,509</td><td>145,336</td><td>151,720</td><td>152,504</td><td>151,805</td><td>154,170</td><td>168,541</td><td>169,842</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>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><td>18</td></tr><tr><td>Federal Deposit Insurance Corporation.....</td><td>90</td><td>95</td><td>103</td><td>178</td><td>103</td><td>77</td><td>77</td><td>77</td><td>77</td><td>77</td><td>93</td><td>93</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust</td><td>2,381</td><td>3,133</td><td>4,041</td><td>3,700</td><td>4,041</td><td>4,256</td><td>4,256</td><td>4,256</td><td>4,536</td><td>4,525</td><td>4,525</td><td>4,669</td></tr><tr><td>Fund....................</td><td>5</td><td>5</td><td>106</td><td>7</td><td>106</td><td>8</td><td>8</td><td>9</td><td>10</td><td>16</td><td>11</td><td>26</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>531</td><td>537</td><td>538</td><td>539</td><td>538</td><td>502</td><td>502</td><td>504</td><td>508</td><td>510</td><td>507</td><td>528</td></tr><tr><td>Government Life Insurance Fund........</td><td>656</td><td>796</td><td>1,076</td><td>991</td><td>1,076</td><td>1,302</td><td>1,314</td><td>1,328</td><td>1,341</td><td>1,356</td><td>1,369</td><td>1,182</td></tr><tr><td>Government Retirement Funds............</td><td>3</td><td>39</td><td>352</td><td>233</td><td>352</td><td>514</td><td>586</td><td>667</td><td>731</td><td>793</td><td>838</td><td>922</td></tr><tr><td>National Service Life Insurance Fund......</td><td>88</td><td>55</td><td>197</td><td>257</td><td>197</td><td>100</td><td>115</td><td>150</td><td>185</td><td>185</td><td>165</td><td>200</td></tr><tr><td>Postal Savings System................</td><td>-</td><td>1</td><td>2</td><td>2</td><td>2</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>4</td></tr><tr><td>Canal Zone, Postal Savings Account......</td><td>74</td><td>92</td><td>178</td><td>176</td><td>178</td><td>310</td><td>312</td><td>323</td><td>310</td><td>333</td><td>322</td><td>311</td></tr><tr><td>Railroad Retirement Account............</td><td>-</td><td>3</td><td>4,257</td><td>3,902</td><td>4,257</td><td>4,630</td><td>4,698</td><td>4,945</td><td>4,985</td><td>5,056</td><td>5,317</td><td>5,356</td></tr><tr><td>Unemployment Trust Fund..............</td><td>2,273</td><td>3,114</td><td>4,257</td><td>3,902</td><td>4,257</td><td>4,630</td><td>4,698</td><td>4,945</td><td>4,985</td><td>5,056</td><td>5,317</td><td>5,356</td></tr><tr><td>Total special issues..................</td><td>6,120</td><td>7,885</td><td>10,871</td><td>10,004</td><td>10,871</td><td>11,717</td><td>11,868</td><td>12,278</td><td>12,703</td><td>12,873</td><td>13,168</td><td>13,507</td></tr><tr><td>Total interest-bearing debt............</td><td>48,387</td><td>71,968</td><td>135,380</td><td>114,287</td><td>135,380</td><td>157,053</td><td>163,589</td><td>164,781</td><td>164,508</td><td>167,043</td><td>181,709</td><td>183,348</td></tr><tr><td>Prepayments on Fourth War loan securities.....</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2,193</td><td></td><td></td><td></td></tr><tr><td>Matured debt on which interest has ceased....</td><td>205</td><td>98</td><td>141</td><td>89</td><td>141</td><td>124</td><td>291</td><td>202</td><td>202</td><td>258</td><td>241</td><td>182</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>226</td><td>213</td><td>201</td><td>158</td><td>202</td><td>201</td><td>205</td><td>201</td><td>156</td></tr><tr><td>Excess profit tax refund bonds.........</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>40</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>708</td><td>766</td><td>774</td><td>773</td><td>770</td><td>768</td><td>762</td><td>758</td><td>752</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>1,130</td><td>1,175</td><td>1,172</td><td>1,167</td><td>1,168</td><td>1,168</td><td>1,164</td><td>1,157</td><td>1,145</td></tr><tr><td>Total public debt outstanding............</td><td>48,961</td><td>72,422</td><td>136,696</td><td>115,507</td><td>136,696</td><td>158,349</td><td>165,047</td><td>166,158</td><td>165,877</td><td>170,659</td><td>183,107</td><td>184,715</td></tr></table>
(Continued on following page)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">End of fiscal year</th><th colspan="9">End of month</th></tr><tr><th>19h1</th><th>19h2</th><th>19h3</th><th colspan="5">19h3</th><th colspan="4">19h4</th></tr><tr><th></th><th></th><th></th><th></th><th>Mar.</th><th>June</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th></tr></table>
Guaranteed obligations 1/
<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>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>412</td><td>412</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>159</td></tr><tr><td>Federal Housing Administration</td><td>17</td><td>21</td><td>23</td><td>23</td><td>23</td><td>22</td><td>22</td><td>22</td><td>23</td><td>23</td><td>23</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>-</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>937</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>1,741</td><td>1,219</td><td>896r</td><td>896r</td><td>896r</td><td>571r</td><td>571r</td><td>571r</td><td>571r</td><td>571r</td><td>14</td></tr><tr><td>Total marketable issues 3/</td><td>6,360</td><td>4,549</td><td>3,908r</td><td>4,197r</td><td>3,908r</td><td>3,583r</td><td>3,583r</td><td>3,583r</td><td>3,583r</td><td>3,469r</td><td>1,544</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 4/</td><td>-</td><td>-</td><td>68</td><td>78</td><td>68</td><td>77</td><td>190</td><td>195</td><td>205</td><td>191</td><td>188</td><td>175</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-</td><td>-</td><td>115</td><td>75</td><td>115</td><td>305</td><td>340</td><td>376</td><td>437</td><td>495</td><td>570</td><td>539</td></tr><tr><td>Total non-marketable issues 5/</td><td>-</td><td>-</td><td>183r</td><td>153r</td><td>183r</td><td>382r</td><td>530r</td><td>571r</td><td>642r</td><td>686r</td><td>758r</td><td>714</td></tr><tr><td>Total interest-bearing debt</td><td>6,360</td><td>4,549</td><td>4,092</td><td>4,350</td><td>4,092</td><td>3,954</td><td>4,113</td><td>4,154</td><td>4,225</td><td>4,269</td><td>4,227</td><td>2,258</td></tr><tr><td>Matured debt on which interest has ceased</td><td>11</td><td>20</td><td>8</td><td>11</td><td>8</td><td>7</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>20</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>6,370</td><td>4,568</td><td>4,100</td><td>4,360</td><td>4,100</td><td>3,971</td><td>4,119</td><td>4,160</td><td>4,230</td><td>4,275</td><td>4,233</td><td>2,278</td></tr></table>
Source:
Daily Treasury Statements. Revised. See footnote 3/. Less than $500,000. Guaranteed securities sold directly to the Treasury and securities guaranteed as to interest only are not included in this table. Includes prepayments on securities dated February 1, 1944, and
3/ The Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which are held entirely by United States Government agencies and trust funds, have been reclassified as non-marketable issues. 4/ Demand obligations.
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>Certificate of indebtedness</th><th>Bills</th><th colspan="2">Special issues</th><th colspan="2">Total</th><th colspan="2">Public issues</th><th>Certificate of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><th></th><th></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>27,645</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>1,263</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>4.9</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>25,114</td><td>2,151</td><td>7,283</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>6,388</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>30,111</td><td>1,995</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.0</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>71,968</td><td>38,281</td><td>10,496</td><td>6,688</td><td>3,015</td><td>1,096</td><td>2,508</td><td>7,889</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>1943-March</td><td>114,287</td><td>49,169</td><td>18,276</td><td>9,797</td><td>6,316</td><td>11,161</td><td>9,231</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>10,014</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>10,138</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>11,804</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>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>12,816</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>151,053</td><td>65,640</td><td>25,050</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>23,159</td><td>13,004</td><td>11,868</td><td>100.0</td><td>41.6</td><td>16.3</td><td>7.1</td><td>5.6</td><td>11.2</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>13,071</td><td>12,278</td><td>100.0</td><td>41.4</td><td>16.6</td><td>6.0</td><td>5.6</td><td>11.0</td><td>7.9</td><td>7.3</td></tr><tr><td>December</td><td>164,508</td><td>68,340</td><td>27,988</td><td>11,175</td><td>8,586</td><td>22,945</td><td>13,072</td><td>12,703</td><td>100.0</td><td>41.1</td><td>17.0</td><td>6.8</td><td>5.2</td><td>13.9</td><td>7.9</td><td>7.7</td></tr><tr><td>1944-January</td><td>167,043</td><td>68,140</td><td>29,527</td><td>11,175</td><td>9,384</td><td>22,843</td><td>13,101</td><td>12,873</td><td>100.0</td><td>40.8</td><td>17.7</td><td>6.7</td><td>5.6</td><td>13.7</td><td>7.8</td><td>7.7</td></tr><tr><td>February</td><td>181,709</td><td>74,078</td><td>32,150</td><td>13,302</td><td>10,280</td><td>25,680</td><td>13,112</td><td>13,168</td><td>100.0</td><td>40.8</td><td>17.7</td><td>7.3</td><td>5.6</td><td>14.1</td><td>7.2</td><td>7.2</td></tr><tr><td>March</td><td>183,348</td><td>73,009</td><td>32,646</td><td>16,204</td><td>9,116</td><td>25,680</td><td>13,147</td><td>13,507</td><td>100.0</td><td>39.8</td><td>17.8</td><td>8.9</td><td>5.0</td><td>14.0</td><td>7.2</td><td>7.4</td></tr></table>
Source:
Daily Treasury Statements.
April 1944
25
INTEREST - BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
26
Treasury Bulletin
Statement of the Debt Position of the United States Government under Limitations Imposed by Section 21 of the Second Liberty Bond Act, as amended
As of March 31, 1944
<table><tr><td>Total face amount which may be outstanding at any one time.</td><td>$210,000,000,000</td></tr><tr><td>Face amount outstanding as of March 31, 1944:</td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td></tr><tr><td>Bonds:</td><td></td></tr><tr><td>Treasury</td><td>$72,812,833,850</td></tr><tr><td>Savings (maturity value) 1/</td><td>39,567,918,825</td></tr><tr><td>Depository</td><td>453,581,750</td></tr><tr><td>Adjusted Service</td><td>718,414,907</td></tr><tr><td>Total bonds</td><td>$113,552,749,332</td></tr><tr><td>Treasury notes</td><td>32,992,242,100</td></tr><tr><td>Certificates of indebtedness</td><td>31,054,160,000</td></tr><tr><td>Treasury bills (maturity value)</td><td>13,147,262,000</td></tr><tr><td>Total interest-bearing securities</td><td>$190,746,413,432</td></tr><tr><td>Natured obligations on which interest has ceased</td><td>174,282,300</td></tr><tr><td>Debt bearing no interest:</td><td></td></tr><tr><td>United States savings stamps</td><td>$ 195,821,218</td></tr><tr><td>Excess profits tax refund bonds</td><td>40,245,218</td></tr><tr><td>Total debt bearing no interest</td><td>236,066,436</td></tr><tr><td>Total face amount of securities outstanding</td><td>191,156,762,198</td></tr><tr><td>Total amount of authorization unused as of March 31, 1944</td><td>$ 18,843,237,802</td></tr></table>
1/ Approximate maturity value. The current redemption value of United States savings bonds amounted to $31,973,764,107 on March 31, 1944.
Reconciliation of the Debt Position under Section 21 of the Second Liberty Bond Act, as amended, With the Gross Public Debt of the United States as shown in the Daily Treasury Statement
As of March 31, 1944
<table><tr><td>Gross public debt outstanding</td><td>$184,714,963,134</td></tr><tr><td>Total face amount of securities outstanding limited by Section 21 of the Second Liberty Bond Act, as amended</td><td>$191,156,762,198</td></tr><tr><td>Less: Unearned discount on savings bonds (difference between maturity value and current redemption value)</td><td>7,594,154,718</td></tr><tr><td></td><td>$183,562,607,480</td></tr><tr><td>Add: Securities outstanding not subject to limitation under Section 21:</td><td></td></tr><tr><td>Interest-bearing securities</td><td>$ 195,926,860</td></tr><tr><td>Matured obligations on which interest has ceased</td><td>7,806,305</td></tr><tr><td>Debt bearing no interest</td><td>948,622,489</td></tr><tr><td></td><td>1,152,355,654</td></tr><tr><td>Gross public debt outstanding</td><td>$184,714,963,134</td></tr></table>
April 1944
27
Guaranteed Obligations Held by the Treasury
(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>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</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>1943-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><tr><td>December</td><td>7,853</td><td>800</td><td>-</td><td>283</td><td>-</td><td>6,713</td><td>57</td></tr><tr><td>1944-January</td><td>8,045</td><td>900</td><td>-</td><td>283</td><td>-</td><td>6,806</td><td>57</td></tr><tr><td>February</td><td>8,292</td><td>900</td><td>-</td><td>398</td><td>-</td><td>6,937</td><td>57</td></tr><tr><td>March</td><td>10,325</td><td>900</td><td>676</td><td>398</td><td>997</td><td>7,697</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
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>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></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><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>27,845</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>849</td><td>2.562</td><td>4,718</td><td>185</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>4,655</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>2.553</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>2.418</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>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>1944-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>1.933</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>1.938</td></tr><tr><td>December</td><td>168,732</td><td>3,298</td><td>1.954</td><td>164,508</td><td>3,217</td><td>1.956</td><td>4,225</td><td>81</td><td>1.912</td></tr><tr><td>1944-January</td><td>171,312</td><td>3,358</td><td>1.958</td><td>167,043</td><td>3,273</td><td>1.959</td><td>4,269</td><td>81</td><td>1.904</td></tr><tr><td>February</td><td>185,936</td><td>3,625</td><td>1.950</td><td>181,709</td><td>3,544</td><td>1.951</td><td>4,227</td><td>80</td><td>1.903</td></tr><tr><td>March</td><td>185,606</td><td>3,600</td><td>1.939</td><td>183,348</td><td>3,567</td><td>1.945</td><td>2,258</td><td>33</td><td>1.471</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. Guaranteed securities sold directly to the Treasury, and securities guaranteed as to interest only, are not included in this table.
Treasury Bulletin
28
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of March 31, 1944
(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>1945</td><td>Treasury bills</td><td>13,147</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr</td><td>7/8% Ctf. of Indebt. B</td><td>5,251</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr</td><td>1% EPC note</td><td>14</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr</td><td>3-1/4% Treasury bond</td><td>323</td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td>7/8% Ctf. of Indebt. C</td><td>1,695</td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td>3% HOLC bond</td><td>182</td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td>3% PWIC bond</td><td>159</td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>7/4% Treasury note</td><td>147</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug</td><td>7/4% Ctf. of Indebt. D</td><td>2,735</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>7/8% Ctf. of Indebt. E</td><td>4,122</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>1% Treasury note</td><td>283</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>3/4% Treasury note</td><td>635</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct</td><td>7/8% Ctf. of Indebt. F</td><td>3,519</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>7/8% Ctf. of Indebt. G</td><td>3,540</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>4% Treasury bond</td><td>1,037</td><td></td><td></td><td>36,558</td><td>35,521</td></tr><tr><td>Total</td><td></td><td>35,521</td><td>1,037</td><td></td><td></td><td></td></tr><tr><td>1945-Feb</td><td>7/8% Ctf. of Indebt. A</td><td>5,048</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb</td><td>1-1/8% CCC note</td><td>412</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar</td><td>90% Treasury note</td><td>2,127</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar</td><td>3/4% Treasury note</td><td>218</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar</td><td>1-1/4% Treasury note</td><td>1,606</td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>1-1/2% HOLC bond</td><td>755</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>2-3/4% Treasury bond</td><td>1,214</td><td></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</td><td>531</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>10,983</td><td>1,969</td><td></td><td>12,952</td><td>10,983</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</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>489</td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>3% Treasury bond</td><td>1,036</td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>3-1/8% Treasury bond</td><td>819</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>1-1/2% Treasury note</td><td>3,261</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>3,779</td><td>2,344</td><td></td><td>6,123</td><td>3,779</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</td><td>755</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>2-3/4% Treasury bond</td><td>1,214</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>1-1/2% Treasury note</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>759</td><td></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>Total</td><td></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>1,115</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar</td><td>2-3/4% Treasury bond</td><td>1,223</td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>3% Treasury bond</td><td>1,036</td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>1-1/4% 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>Sept</td><td>1-1/2% Treasury note</td><td>3,726</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>2% Treasury bond</td><td>571</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>7,239</td><td>2,910</td><td>1,036</td><td>10,149</td><td>8,275</td></tr><tr><td>1949-June</td><td>3-1/8% Treasury bond</td><td>819</td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>2% Treasury bond</td><td>1,014</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>2% Treasury bond</td><td>1,292</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>3-1/8% Treasury bond</td><td>491</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>2-1/2% Treasury bond</td><td>1,786</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>2% Treasury bond</td><td>2,098</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>6,682</td><td>819</td><td></td><td>6,682</td><td>819</td></tr><tr><td>1950-Mar</td><td>2% Treasury bond</td><td>1,115</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar</td><td>2% Treasury bond</td><td>1,963</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>2-1/2% Treasury bond</td><td>1,186</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>2% Treasury bond</td><td>4,939</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>2% Treasury bond</td><td>571</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>8,088</td><td>1,687</td><td></td><td>8,088</td><td>1,687</td></tr></table>
(Continued on following page)
April 1944
29
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States 1/ As of March 31, 1944 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th colspan="2">Description of security 2/1</th><th colspan="2">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>1951-Mar....</td><td>2-3/4 Treasury bond</td><td>3/15/48-51</td><td></td><td></td><td>1,225</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4 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>Sept....</td><td>2 Treasury bond</td><td>9/15/49-51</td><td></td><td>7,986</td><td>1,292</td><td></td><td></td></tr><tr><td>Sept....</td><td>2 Treasury bond</td><td>9/15/51-53</td><td></td><td>755</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/4 Treasury bond</td><td>9/15/51-53</td><td></td><td>1,118</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2 Treasury bond</td><td>12/15/51-55</td><td></td><td>510</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2 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>11,996</td><td>5,628</td><td>11,996</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 Treasury bond</td><td>3/15/50-52</td><td></td><td></td><td>1,963</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4 Treasury bond</td><td>6/15/52-55</td><td></td><td>1,501</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/2 Treasury bond</td><td>9/15/50-52</td><td></td><td></td><td>1,185</td><td></td><td></td></tr><tr><td>Sept....</td><td>2 Treasury bond</td><td>9/15/50-52</td><td></td><td></td><td>4,339</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>759</td><td></td><td></td></tr><tr><td>Dec....</td><td>3-1/8 Treasury bond</td><td>12/15/49-52</td><td></td><td></td><td>491</td><td></td><td></td></tr><tr><td>Total....</td><td></td><td></td><td></td><td>2,524</td><td>9,338</td><td>2,524</td><td>9,338</td></tr><tr><td>1953-June....</td><td>2 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 Treasury bond</td><td>9/15/51-53</td><td></td><td></td><td>7,986</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>1,785</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>10,890</td><td>725</td><td>10,890</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></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>681</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2 Treasury bond</td><td>12/15/44-54</td><td></td><td></td><td>1,037</td><td></td><td></td></tr><tr><td>Total....</td><td></td><td></td><td></td><td>681</td><td>3,687</td><td>681</td><td>3,687</td></tr><tr><td>1955-Mar....</td><td>2-7/8 Treasury bond</td><td>3/15/55-60</td><td></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 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 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 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><tr><td>1956-Mar....</td><td>3-3/4 Treasury bond</td><td>3/15/46-56</td><td></td><td></td><td>489</td><td></td><td></td></tr><tr><td>Mar....</td><td>2-1/2 Treasury bond</td><td>3/15/56-58</td><td></td><td>1,449</td><td></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>681</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-3/4 Treasury bond</td><td>9/15/56-59</td><td></td><td>982</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/4 Treasury bond</td><td>9/15/56-59</td><td></td><td>3,793</td><td></td><td></td><td></td></tr><tr><td>Total....</td><td></td><td></td><td></td><td>6,283</td><td>1,170</td><td>6,283</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></td><td>1,449</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4 Treasury bond</td><td>6/15/58-63</td><td></td><td>919</td><td></td><td></td><td></td></tr><tr><td>Total....</td><td></td><td></td><td></td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-Sept....</td><td>2-3/4 Treasury bond</td><td>9/15/56-59</td><td></td><td></td><td>982</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/4 Treasury bond</td><td>9/15/56-59</td><td></td><td></td><td>3,793</td><td></td><td></td></tr><tr><td>Total....</td><td></td><td></td><td></td><td></td><td>4,775</td><td></td><td>4,775</td></tr></table>
(Continued on following page)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of March 31, 1944 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1960-Mar....<br>Dec....</td><td>2-7/8 Treasury bond - 3/15/55-60.<br>2-3/4 Treasury bond - 12/15/60-65.<br>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 - 6/1/61.</td><td>50</td><td>....................</td><td>....................</td><td>50</td><td>50</td></tr><tr><td>1962-June....</td><td>2-1/2% Treasury bond - 6/15/62-67.</td><td>....................</td><td>2,118</td><td>....................</td><td>2,118</td><td>....................</td></tr><tr><td>1963-June....<br>Dec....</td><td>2-3/4 Treasury bond - 6/15/58-63.<br>2-1/2% Treasury bond - 12/15/63-68.<br>Total</td><td>....................</td><td>2,831</td><td>919</td><td>2,831</td><td>919</td></tr><tr><td>1964-June....<br>Dec....</td><td>2-1/2% Treasury bond - 6/15/64-69.<br>2-1/2% Treasury bond - 12/15/64-69.<br>Total</td><td>....................</td><td>3,762<br>3,838<br>7,600</td><td>....................</td><td>7,600</td><td>....................</td></tr><tr><td>1965-Dec....<br>Mar....</td><td>2-3/4 Treasury bond - 12/15/60-65.<br>2-1/2% Treasury bond - 3/15/65-70.<br>Total</td><td>....................</td><td>2,272</td><td>1,485</td><td>2,272</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....<br>Sept....</td><td>2-1/2% Treasury bond - 6/15/62-67.<br>2-1/2% Treasury bond - 9/15/67-72.<br>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 - 12/15/63-68.</td><td>....................</td><td>....................</td><td>2,831</td><td>....................</td><td>2,831</td></tr><tr><td>1969-June....<br>Dec....</td><td>2-1/2% Treasury bond - 6/15/64-69.<br>2-1/2% Treasury bond - 12/15/64-69.<br>Total</td><td>....................</td><td>....................</td><td>3,762<br>3,838<br>7,600</td><td>....................</td><td>7,600</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70.</td><td>....................</td><td>....................</td><td>2,272</td><td>....................</td><td>2,272</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 - 9/15/67-72.</td><td>....................</td><td>....................</td><td>2,716</td><td>....................</td><td>2,716</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Excludes postal savings bonds and Federal Housing Administration debentures.
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
The Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which are held entirely by United States Government agencies and trust funds, have been reclassified as non-marketable issues.
April 1944
31
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness 1/ Since January 1, 1942
(In millions of dollars)
<table><tr><th rowspan="2">Date of announcement</th><th rowspan="2">Date of financing lag</th><th colspan="6">Description of new Treasury security 2/</th><th colspan="3">Amount issued</th><th colspan="4">Description of security refunded</th></tr><tr><th>Date of issue</th><th colspan="2">Coupon rate (percent)</th><th colspan="2">Term</th><th rowspan="2">Total</th><th colspan="3">For cash</th><th rowspan="2">Public cash subscriptions tendered</th><th rowspan="2">Class of security</th><th rowspan="2">Coupon rate (percent)</th><th rowspan="2">Call and maturity dates</th><th rowspan="2">Date of original issue</th></tr><tr><th></th><th></th><th>Notes</th><th>Bonds</th><th>Call and maturity dates</th><th>To call</th><th>To maturity</th><th>Public</th><th>Government accounts</th><th>For exchange</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Yrs. Mos.</td><td>Yrs. Mos.</td><td colspan="3">3/</td><td></td><td></td><td></td><td></td></tr></table>
Offerings in 1942
<table><tr><td>1/11</td><td>1/15</td><td>1/15/42</td><td>2 T</td><td>6/15/49-51</td><td>7 5</td><td>9 5</td><td>1,014</td><td>406<br>3085<br>205 5<br>965</td><td>Treasury note 1-3/4<br>EPG note 7/8<br>PPMC bond 3<br>PPMC bond 2-3/4</td><td>3/15/42<br>2/15/37<br>3/15/42<br>3/1/42-47</td></tr><tr><td>2/13<br>4/6<br>5/4<br>5/4</td><td>2/25<br>4/15<br>5/15<br>5/15</td><td>2/25/42<br>4/15/42<br>5/15/42<br>5/15/42</td><td>1/2 T 6/2<br>2-1/4 T<br>2-1/2 T</td><td>6/15/50-55<br>11/1/42<br>6/15/62-67<br>9/15/49-51</td><td>10 3-2/3<br>20 1-1/3<br>7 4</td><td>13 5-2/3<br>25 1-1/3<br>9 4</td><td>1,511<br>1,507<br>882<br>1,292</td><td>1,511<br>1,507<br>882<br>1,292</td><td>4,697<br>3,062<br>882<br>3,283</td><td>1-1/4<br>2-3/4<br>1-1/4<br>3/1/35</td></tr><tr><td>5/25</td><td>6/5</td><td>6/5/42</td><td>1-1/2 T</td><td>12/15/46</td><td></td><td>4 6-1/3</td><td>1,118</td><td>846<br>272</td><td>HOLC bond 2-1/4<br>RFC note 1</td><td>7/1/42-44<br>7/1/42<br>11/10/39</td></tr><tr><td>6/18<br>7/8<br>8/1<br>8/6<br>9/10<br>9/21<br>10/8<br>10/8<br>10/26</td><td>6/25<br>7/15<br>8/3<br>8/15<br>9/21<br>9/21<br>10/19<br>10/19<br>11/2</td><td>6/25/42<br>7/15/42<br>5/15/42<br>8/15/42<br>9/21/42<br>9/21/42<br>10/19/42<br>10/19/42<br>11/2/42</td><td>5/8 T 6/2<br>2 T<br>2-1/2 T<br>1-1/4 T<br>2 T<br>7/8 T 6/2</td><td>2/1/43<br>12/15/49-51<br>6/15/62-67<br>8/1/43<br>5/1/43<br>12/15/46<br>3/15/50-52<br>11/1/43</td><td>7 5<br>20 1-1/3<br>1-1/2 T<br>1-1/3<br>4 6-1/3<br>7 5<br>1 1-1/2 T</td><td>9 5<br>25 1-1/3<br>11-1/2<br>1-1/3<br>2 T<br>9 5<br>1</td><td>1,588<br>2,098<br>1,276<br>1,609<br>1,506<br>1,606<br>1,963<br>2,035</td><td>1,588<br>2,098<br>1,276<br>1,609<br>1,506<br>1,606<br>1,963<br>2,035</td><td>1,114<br>3,849<br>1,236<br>3,273<br>1,992<br>1,637<br>1,212<br>1,953</td><td>1/2<br>11/1/42<br>4/15/42</td></tr><tr><td>11/30<br>11/30<br>11/30</td><td>12/1<br>12/1<br>12/1</td><td>12/1/42<br>12/1/42<br>12/1/42</td><td>2-1/2 T<br>1-3/4 T</td><td>12/15/63-68<br>6/15/48<br>12/1/43</td><td>21 1/2<br>-<br>-</td><td>26 1/2<br>5 6-1/2<br>1</td><td>2,831<br>3,062<br>1,800</td><td>2,831<br>3,062<br>1,800</td><td>2,831<br>3,364<br>5,184</td><td>1/2<br>-<br>-</td></tr><tr><td colspan="10">Ctf. of 100 debentures</td><td>11/1/42</td><td>4/15/42</td></tr></table>
Offerings in 1943
<table><tr><td>1/21</td><td>2/1</td><td>2/1/43</td><td>7/8</td><td>T 6/</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>Ctr. of in- debtedness</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>-</td><td>-</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>-</td><td>2-1/2 T</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>4/12</td><td>4/15</td><td>4/15/43</td><td>7/8</td><td>T 6/</td><td>4/1/44</td><td>-</td><td>- 11-1/2</td><td>5,251</td><td>5,251</td><td>-</td><td>12,895</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>T 6/</td><td>5/1/44</td><td>-</td><td>1 -</td><td>1,655</td><td>-</td><td>-</td><td>1,373 5/</td><td>-</td><td>Ctr. of in- debtedness</td><td>.65</td><td>5/1/43</td><td>9/2/42</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>282 5/</td><td>-</td><td>CCC note</td><td>3/4</td><td>5/1/43</td><td>8/1/40</td></tr><tr><td>6/28</td><td>7/12</td><td>7/12/43</td><td>1-1/2 T</td><td>-</td><td>9/15/47</td><td>-</td><td>4 2</td><td>2,707</td><td>2,707</td><td>-</td><td>1,556</td><td>19,444</td><td>Ctr. of in- debtedness</td><td>7/8</td><td>8/1/43</td><td>8/15/42</td></tr><tr><td>7/22</td><td>8/2</td><td>8/2/43</td><td>7/8</td><td>T 6/</td><td>8/1/44</td><td>-</td><td>1 -</td><td>2,545</td><td>989</td><td>-</td><td>5,484</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>9/3</td><td>9/15</td><td>9/15/43</td><td>-</td><td>2-1/2 T</td><td>12/15/64-69</td><td>21 3</td><td>26 3</td><td>3,779</td><td>3,779</td><td>-</td><td>3,779</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>9/3</td><td>9/15</td><td>9/15/43</td><td>-</td><td>2</td><td>9/15/51-53</td><td>8 -</td><td>10 -</td><td>5,257</td><td>5,257</td><td>-</td><td>5,257</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>9/3</td><td>9/15</td><td>9/15/43</td><td>7/8</td><td>T 6/</td><td>9/1/44</td><td>-</td><td>- 11-1/2</td><td>4,122</td><td>4,122</td><td>-</td><td>4,122</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>7/8</td><td>T 6/</td><td>10/1/44</td><td>-</td><td>- 11-1/2</td><td>3,519</td><td>1,580</td><td>-</td><td>1,939</td><td>5,391</td><td>Ctr. of in- debtedness</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>10/15/43</td><td>-</td><td>2-1/2 T</td><td>12/15/64-69</td><td>21 3</td><td>26 3</td><td>59</td><td>-</td><td>-</td><td>59</td><td>-</td><td>Treas. bond</td><td>3-1/4</td><td>10/15/43-45</td><td>10/15/33</td></tr><tr><td>10/6</td><td>10/15</td><td>9/15/43 6/</td><td>-</td><td>2</td><td>9/15/51-53</td><td>8 -</td><td>10 -</td><td>2,729</td><td>1,627</td><td>-</td><td>1,102</td><td>5,532</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>11/22</td><td>12/1</td><td>12/1/43</td><td>7/8</td><td>T 6/</td><td>12/1/44</td><td>-</td><td>1 -</td><td>3,540</td><td>-</td><td>-</td><td>3,540</td><td>-</td><td>Ctr. of in- debtedness</td><td>7/8</td><td>12/1/43</td><td>12/1/42</td></tr></table>
Offerings in 1944
<table><tr><td>1/18</td><td>2/1</td><td>2/1/U4</td><td>2-1/U4 T</td><td>9/15/56-59</td><td>12</td><td>7-1/2</td><td>15</td><td>7-1/2</td><td>3,728 p</td><td>3,728 p</td><td>-</td><td>3,728 p</td><td>-</td><td>-</td></tr><tr><td>1/18</td><td>2/1</td><td>2/1/U4</td><td>2-1/2 T</td><td>3/15/56-70</td><td>21</td><td>1-1/2</td><td>26</td><td>1-1/2</td><td>2,212 p</td><td>2,212 p</td><td>-</td><td>2,212 p</td><td>-</td><td>-</td></tr><tr><td>1/18</td><td>2/1</td><td>2/1/U4</td><td>7/8 T 6/7</td><td>2/1/45</td><td>-</td><td>-</td><td>1</td><td>1</td><td>5,048 p</td><td>5,048 p</td><td>-</td><td>5,048 p</td><td>-</td><td>-</td></tr><tr><td>1/21</td><td>2/1</td><td>2/1/U4</td><td>90</td><td>3/1/45</td><td>-</td><td>-</td><td>1</td><td>1</td><td>2,127</td><td>-</td><td>2,127</td><td>Ctr. of 1a-7/8 debtness</td><td>2/1/U4</td><td>2/1/U3</td></tr><tr><td>3/2</td><td>3/15</td><td>2/1/U4 U</td><td>2-1/U4 T</td><td>9/15/56-59</td><td>12</td><td>7-1/2</td><td>15</td><td>7-1/2</td><td>94p</td><td>-</td><td>76p</td><td>PFNC bond</td><td>3-1/4</td><td>3/15/U4-54</td><td>3/15/34</td></tr><tr><td>3/2</td><td>3/15</td><td>2/1/U4 U</td><td>2-1/2 T</td><td>3/15/56-70</td><td>21</td><td>1-1/2</td><td>26</td><td>1-1/2</td><td>77p</td><td>-</td><td>705p</td><td>PFNC bond</td><td>3</td><td>5/15/U4-34</td><td>5/15/34</td></tr><tr><td>3/2</td><td>3/15</td><td>3/15/U4</td><td>1-1/2 T</td><td>9/15/48</td><td>-</td><td>-</td><td>4</td><td>6</td><td>3,747p</td><td>-</td><td>599p</td><td>RFC note</td><td>1</td><td>4/1/U4-52</td><td>5/1/34</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>604p</td><td>BOLC bond</td><td>3</td><td>5/1/U4-6</td><td>4/15/34</td></tr><tr><td>5/22</td><td>4/1</td><td>4/1/U4</td><td>7/8 T 6/7</td><td>4/1/45</td><td>-</td><td>-</td><td>1</td><td>1</td><td>4,877p</td><td>-</td><td>1,222p</td><td>Treas. bond</td><td>3-1/4</td><td>4/15/U4-6</td><td>11/1/39</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>483p</td><td>Treas. note</td><td>1</td><td>3/15/U4-6</td><td>6/15/39</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>270p</td><td>Treas. note</td><td>1/4</td><td>4/1/U4</td><td>4/15/U3</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>4,877p</td><td>Ctr. of 1a-7/8 debtness</td><td>-</td><td>-</td><td>-</td></tr></table>
Back Figures: For period between July 1, 1932 and December 31, 1939 see Annual Report of the Secretary of the Treasury for 1940, pp. 53-54. For 1940 and 1941 see earlier issues of the "Treasury Bulletin". Taxable issues. P Preliminary. 1/ A complete record of market financing operations conducted by the Treasury for agencies issuing securities guaranteed by the United States may be found in the July 1942 issue of the "Treasury Bulletin", page 94.
3 Unless otherwise indicated, each offering was at par.
4 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 issue - in effect an exchange and so treated in this statement.
6/7 Certificates of indebtedness.
1 Issued primarily for refunding maturing security.
Treasury Bulletin
32
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th>Date of issue</th><th colspan="2">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><th>Amount of maturing issue (as of date shown in first column)</th><th>Total bills outstanding (as of date shown in first column)</th></tr><tr><td>1941-Mar. 3.</td><td>1941-June 2.</td><td>91</td><td>1,394.5</td><td>701.3</td><td>701.3</td><td>503.2</td><td>8,430.0</td></tr><tr><td>Mar. 10.</td><td>June 9.</td><td>91</td><td>1,182.3</td><td>705.3</td><td>705.3</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>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>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>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>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>601.5</td><td>9,041.9</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>701.5</td><td>9,846.0</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>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>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>10,444.6</td></tr><tr><td>May 19.</td><td>Aug. 19.</td><td>92</td><td>1,564.5</td><td>907.8</td><td>813.3</td><td>93.5</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>825.0</td><td>82.5</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>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>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>11,462.4</td></tr><tr><td>June 23.</td><td>Sept. 23.</td><td>92</td><td>1,374.8</td><td>1,005.1</td><td>934.1</td><td>71.9</td><td>11,661.4</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>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>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>12,259.7</td></tr><tr><td>July 21.</td><td>Oct. 21.</td><td>92</td><td>1,520.1</td><td>1,003.7</td><td>933.0</td><td>70.7</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>958.0</td><td>48.8</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>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>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>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>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>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>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>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>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>13,054.1</td></tr><tr><td>Oct. 7.</td><td>1941-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>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>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>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>13,064.4</td></tr><tr><td>Nov. 4.</td><td>Feb. 3.</td><td>91</td><td>1,182.7</td><td>1,002.6</td><td>934.8</td><td>67.8</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>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>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>13,073.8</td></tr><tr><td>Dec. 2.</td><td>Mar. 2.</td><td>91</td><td>1,544.0</td><td>1,006.4</td><td>942.5</td><td>63.9</td><td>13,078.3</td></tr><tr><td>Dec. 9.</td><td>Mar. 9.</td><td>91</td><td>1,694.3</td><td>1,011.4</td><td>947.6</td><td>63.8</td><td>13,084.8</td></tr><tr><td>Dec. 16.</td><td>Mar. 16.</td><td>91</td><td>1,815.0</td><td>1,004.2</td><td>934.4</td><td>69.6</td><td>13,076.7</td></tr><tr><td>Dec. 23.</td><td>Mar. 23.</td><td>91</td><td>1,791.7</td><td>1,005.5</td><td>944.8</td><td>60.7</td><td>13,064.2</td></tr><tr><td>Dec. 30.</td><td>Mar. 30.</td><td>91</td><td>1,771.8</td><td>1,011.0</td><td>969.0</td><td>61.9</td><td>13,072.2</td></tr><tr><td>1941-Jan. 6.</td><td>Apr. 6.</td><td>91</td><td>2,255.5</td><td>1,014.8</td><td>966.7</td><td>48.1</td><td>13,080.1</td></tr><tr><td>Jan. 13.</td><td>Apr. 13.</td><td>91</td><td>2,173.7</td><td>1,000.2</td><td>942.8</td><td>57.4</td><td>13,075.6</td></tr><tr><td>Jan. 20.</td><td>Apr. 20.</td><td>91</td><td>2,213.5</td><td>1,017.2</td><td>957.7</td><td>59.5</td><td>13,092.1</td></tr><tr><td>Jan. 27.</td><td>Apr. 27.</td><td>91</td><td>2,291.5</td><td>1,016.9</td><td>950.0</td><td>66.9</td><td>13,100.5</td></tr><tr><td>Feb. 3.</td><td>May 4.</td><td>91</td><td>2,459.2</td><td>1,002.3</td><td>930.7</td><td>71.6</td><td>13,100.5</td></tr><tr><td>Feb. 10.</td><td>May 11.</td><td>91</td><td>2,551.6</td><td>1,005.7</td><td>927.8</td><td>77.8</td><td>13,101.5</td></tr><tr><td>Feb. 17.</td><td>May 18.</td><td>91</td><td>2,314.9</td><td>1,012.7</td><td>941.3</td><td>71.4</td><td>13,113.0</td></tr><tr><td>Feb. 24.</td><td>May 25.</td><td>91</td><td>1,579.2</td><td>1,007.7</td><td>932.5</td><td>75.2</td><td>13,112.0</td></tr><tr><td>Mar. 2.</td><td>June 1.</td><td>91</td><td>2,151.5</td><td>1,007.4</td><td>936.3</td><td>71.1</td><td>13,113.0</td></tr><tr><td>Mar. 9.</td><td>June 8.</td><td>91</td><td>2,450.7</td><td>1,035.5</td><td>969.5</td><td>66.0</td><td>13,137.1</td></tr><tr><td>Mar. 16.</td><td>June 15.</td><td>91</td><td>2,095.1</td><td>1,016.1</td><td>951.1</td><td>65.1</td><td>13,153.1</td></tr><tr><td>Mar. 23.</td><td>June 22.</td><td>91</td><td>2,115.7</td><td>1,001.1</td><td>937.1</td><td>63.9</td><td>13,148.6</td></tr><tr><td>Mar. 30.</td><td>June 29.</td><td>91</td><td>1,976.7</td><td>1,009.7</td><td>954.5</td><td>55.2</td><td>13,147.3</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issue 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.
April 1944
33
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/</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th>(Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/</th><th>Price per hundred</th><th>Equivalent rate 1/</th></tr><tr><td>Oct-Mar. 1</td><td>99.907</td><td>0.369</td><td>99.920</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>99.950</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>0.344</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>99.901</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>Sep. 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>Sep. 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>Sep. 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>Sep. 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>Sep. 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>0.316</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>0.316</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 12</td><td>99.906</td><td>0.376</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>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr><tr><td>Dec. 2</td><td>99.905</td><td>0.375</td><td>99.925 2/</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 9</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 16</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>Dec. 23</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>Dec. 30</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 6</td><td>99.906</td><td>0.373</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 13</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>Jan. 20</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>Jan. 27</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>Feb. 3</td><td>99.906</td><td>0.374</td><td>99.920</td><td>0.316</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 10</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 17</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 24</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 2</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 9</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 16</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 23</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 30</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</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 $10,000 at 99.956.
34
Treasury Bulletin
Sales of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 1/</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Sales</th><th rowspan="2">Accrual of redemption values</th><th colspan="2">Redemptions</th></tr><tr><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr></table>
All series 3/
<table><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>62.6</td><td>........</td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1936</td><td>316.1</td><td>+558.1</td><td>294.0</td><td>294.0</td><td>........</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>+463.5</td><td>512.6</td><td>512.6</td><td>........</td><td>7.2</td><td>16.2</td><td>15.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+432.0</td><td>487.5</td><td>487.5</td><td>........</td><td>17.1</td><td>66.6</td><td>69.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>684.5</td><td>........</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>1,108.7</td><td>........</td><td>42.1</td><td>114.3</td><td>110.8</td><td>1.5</td></tr><tr><td>1941</td><td>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>1,492.4</td><td>........</td><td>65.0</td><td>148.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>5,994.1</td><td>........</td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1943</td><td>21,256.2</td><td>+11,068.0</td><td>11,788.7</td><td>11,788.7</td><td>........</td><td>127.6</td><td>848.3</td><td>841.3</td><td>7.0</td></tr><tr><td>1941-March</td><td>17,890.7</td><td>+823.2</td><td>944.3</td><td>944.3</td><td>........</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>1,465.7</td><td>........</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>1,335.0</td><td>........</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>875.5</td><td>........</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>889.7</td><td>........</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>801.7</td><td>........</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>1,926.6</td><td>........</td><td>13.6</td><td>155.3</td><td>154.4</td><td>.8</td></tr><tr><td>October</td><td>26,056.0</td><td>+1,577.6</td><td>1,708.2</td><td>1,708.2</td><td>........</td><td>13.1</td><td>143.7</td><td>142.9</td><td>.8</td></tr><tr><td>November</td><td>26,697.0</td><td>+841.0</td><td>798.1</td><td>798.1</td><td>........</td><td>13.4</td><td>170.5</td><td>169.6</td><td>.9</td></tr><tr><td>December</td><td>27,362.8</td><td>+665.8</td><td>853.0</td><td>853.0</td><td>........</td><td>19.6</td><td>206.9</td><td>205.9</td><td>1.0</td></tr><tr><td>1944-January</td><td>28,901.0</td><td>+1,538.2</td><td>1,596.4</td><td>1,505.4 r</td><td>193.0 r</td><td>27.7</td><td>187.8</td><td>184.8</td><td>3/</td></tr><tr><td>February</td><td>31,515.2</td><td>+2,614.2</td><td>2,781.5</td><td>2,700.9 r</td><td>20.6 r</td><td>17.5</td><td>184.8</td><td>184.8</td><td>3/</td></tr><tr><td>March</td><td>31,573.6</td><td>+438.6</td><td>709.1</td><td>705.0</td><td>4.1</td><td>17.6</td><td>268.1</td><td>268.1</td><td>3/</td></tr></table>
Series A-D
<table><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</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>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>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>487.5</td><td>17.1</td><td>65.6</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>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>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>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>+65.1</td><td>.8</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>.1</td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>1943-March</td><td>3,609.1</td><td>-3</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>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>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>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>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>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>7.0</td><td>6.8</td><td>6.2</td><td>.6</td></tr><tr><td>October</td><td>3,615.6</td><td>+1</td><td>*</td><td>*</td><td>6.3</td><td>6.2</td><td>5.7</td><td>.6</td></tr><tr><td>November</td><td>3,614.7</td><td>-9</td><td>*</td><td>*</td><td>5.1</td><td>6.1</td><td>5.5</td><td>.6</td></tr><tr><td>December</td><td>3,616.3</td><td>+1.6</td><td>*</td><td>*</td><td>7.7</td><td>6.0</td><td>5.5</td><td>.6</td></tr><tr><td>1944-January</td><td>3,623.3</td><td>+6.9</td><td>*</td><td>*</td><td>13.3</td><td>6.8</td><td>6.1</td><td>.5</td></tr><tr><td>February</td><td>3,624.2</td><td>+1.9</td><td>*</td><td>*</td><td>7.8</td><td>6.8</td><td>6.1</td><td>.5</td></tr><tr><td>March</td><td>3,624.9</td><td>+7</td><td>-</td><td>-</td><td>7.2</td><td>6.5</td><td>6.1</td><td>.5</td></tr></table>
(Continued on following page)
April 1944
35
Sales of United States Savings Bonds - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(in millions 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</th><th colspan="2">Sales</th><th>Accrual of redemption values</th><th colspan="2">Redemptions</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Sales to investors other than commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>interest accrued 2/</th></tr><tr><td colspan="9">Series E</td></tr><tr><td>1941</td><td>203.1</td><td>+203.1</td><td>203.1</td><td>203.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>3,670.8</td><td>+3,667.7</td><td>3,526.3</td><td>3,526.3</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>+7,615.6</td><td>8,271.3</td><td>8,271.3</td><td>33.1</td><td>688.6</td><td>688.0</td><td>.6</td></tr><tr><td>1943-March</td><td>8,873.9</td><td>+606.5</td><td>720.4</td><td>720.4</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>+822.1</td><td>1,006.8</td><td>1,006.8</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>+931.0</td><td>995.2</td><td>995.2</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>696.2</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>682.9</td><td>8.4</td><td>120.1</td><td>120.0</td><td>.2</td></tr><tr><td>August</td><td>12,390.6</td><td>+532.8</td><td>661.2</td><td>661.2</td><td>5.6</td><td>134.0</td><td>133.8</td><td>.2</td></tr><tr><td>September</td><td>13,660.0</td><td>+1,269.5</td><td>1,400.2</td><td>1,400.2</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>1,340.1</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>665.3</td><td>7.5</td><td>149.7</td><td>149.4</td><td>.3</td></tr><tr><td>December</td><td>15,957.2</td><td>+952.5</td><td>727.6</td><td>727.6</td><td>11.2</td><td>186.2</td><td>185.8</td><td>.4</td></tr><tr><td>1944-January</td><td>16,831.0</td><td>+933.8</td><td>1,084.6</td><td>1,084.6</td><td>12.7</td><td>163.6</td><td>163.2</td><td>.4</td></tr><tr><td>February</td><td>18,841.8</td><td>+1,950.8</td><td>2,102.3</td><td>2,102.3</td><td>9.1</td><td>160.7</td><td>160.2</td><td>.5</td></tr><tr><td>March</td><td>19,185.8</td><td>+344.1</td><td>575.8</td><td>575.8</td><td>9.7</td><td>201.4</td><td>240.8</td><td>.6</td></tr><tr><td colspan="9">Series F</td></tr><tr><td>1941</td><td>66.6</td><td>+66.6</td><td>66.7</td><td>66.7</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>434.9</td><td>.2</td><td>2.9</td><td>2.9</td><td>-</td></tr><tr><td>1943</td><td>1,282.3</td><td>+743.4</td><td>757.9</td><td>757.9</td><td>2.5</td><td>17.0</td><td>17.0</td><td>-</td></tr><tr><td>1943-March</td><td>1,018.8</td><td>+42.2</td><td>43.9</td><td>43.9</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>109.5</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>85.9</td><td>-</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>35.1</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>37.6</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>28.1</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>139.0</td><td>.4</td><td>2.7</td><td>2.7</td><td>-</td></tr><tr><td>October</td><td>1,529.6</td><td>+90.2</td><td>93.1</td><td>93.1</td><td>.4</td><td>3.3</td><td>3.3</td><td>-</td></tr><tr><td>November</td><td>1,546.7</td><td>+13.1</td><td>23.4</td><td>23.4</td><td>.7</td><td>5.1</td><td>5.0</td><td>-</td></tr><tr><td>December</td><td>1,568.7</td><td>+20.0</td><td>24.1</td><td>24.1</td><td>.8</td><td>4.8</td><td>4.8</td><td>-</td></tr><tr><td>1944-January</td><td>1,691.9</td><td>+123.2</td><td>68.7 r</td><td>68.7 r</td><td>1.1</td><td>4.8</td><td>4.8</td><td>l/</td></tr><tr><td>February</td><td>1,833.7</td><td>+151.7</td><td>132.1 r</td><td>132.1 r</td><td>.6</td><td>6.3</td><td>6.3</td><td>l/</td></tr><tr><td>March</td><td>1,860.6</td><td>+17.0</td><td>22.9</td><td>22.9</td><td>.7</td><td>6.6</td><td>6.6</td><td>l/</td></tr><tr><td colspan="9">Series G</td></tr><tr><td>1941</td><td>394.0</td><td>+394.0</td><td>394.6</td><td>394.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>2,414.3</td><td>+2,020.3</td><td>2,072.1</td><td>2,032.1</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>2,759.5</td><td>-</td><td>54.5</td><td>54.5</td><td>-</td></tr><tr><td>1943-March</td><td>4,388.9</td><td>+174.8</td><td>180.0</td><td>180.0</td><td>-</td><td>5.2</td><td>5.2</td><td>-</td></tr><tr><td>April</td><td>4,736.4</td><td>+317.5</td><td>353.4</td><td>353.4</td><td>-</td><td>5.9</td><td>5.9</td><td>-</td></tr><tr><td>May</td><td>4,892.0</td><td>+245.6</td><td>253.9</td><td>253.9</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>144.1</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>169.2</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>112.4</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>387.4</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>274.9</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>109.4</td><td>-</td><td>9.7</td><td>9.7</td><td>-</td></tr><tr><td>December</td><td>6,220.5</td><td>+91.6</td><td>101.4</td><td>101.4</td><td>-</td><td>9.8</td><td>9.8</td><td>-</td></tr><tr><td>1944-January</td><td>6,694.9</td><td>+474.4</td><td>352.0 r</td><td>352.0 r</td><td>-</td><td>12.6</td><td>12.6</td><td>-</td></tr><tr><td>February</td><td>7,205.6</td><td>+510.7</td><td>565.9 r</td><td>55.8 r</td><td>-</td><td>11.0</td><td>11.0</td><td>-</td></tr><tr><td>March</td><td>7,302.4</td><td>+96.8</td><td>110.3</td><td>107.6</td><td>-</td><td>13.5</td><td>13.5</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
r
* 
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/ Estimated, except for Series G.
3/ Series A-2, 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 2.50% 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 A-3 and G have been on sale since May 1, 1941. Series B is a 10 year discount bond sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any one calendar year and may be made only by individuals. Series F is a 12 year discount bond sold at 74% of maturity value, yielding 2.53% per
ammon if held to maturity. Series C is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/3% 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 may not exceed $1,000,000 (or such lesser amount as may be fixed ($50,000 to the calendar year 1941) and through December 31, 1943) could be made by all investors except commercial banks. Commencing January 1, 1944, commercial banks holding savings deposits (as defined in Regulation Q of the Board of Governors of the Federal Reserve System) were permitted to purchase Series F and G bonds providing such combined purchases do not total more than $100,000 issue price for the calendar year and providing that the total holdings of Series F and G bonds, 2-1/2 percent Treasury bonds of 1956-70 and 2-1/4 percent Treasury bonds of 1956-59 do not exceed 10 percent of savings deposits. For further details concerning redemption values and investment yields, see "Treasury Bulletin" for August 1943, page 4. Not yet available.
36
Treasury Bulletin
Sales of United States Savings Bonds - (Continued)
Table 2.- Total Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="8">Sales in millions of dollars at issue price</th><th colspan="8">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="15">Series E</td></tr><tr><td>1941 1/</td><td>201.1</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 2/</td><td>3,526.3</td><td>615.6</td><td>341.5</td><td>812.7</td><td>636.9</td><td>1,119.5</td><td>......</td><td>......</td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>18.1</td><td>31.7</td><td>......</td><td>......</td></tr><tr><td>1943</td><td>8,271.3</td><td>2,988.2</td><td>1,081.0</td><td>1,713.8</td><td>1,007.3</td><td>1,148.0</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>1943-March</td><td>720.4</td><td>293.5</td><td>99.3</td><td>135.3</td><td>75.8</td><td>116.5</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>1,006.8</td><td>303.1</td><td>118.2</td><td>210.7</td><td>148.7</td><td>226.1</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>995.2</td><td>324.6</td><td>126.4</td><td>214.2</td><td>138.5</td><td>191.6</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>696.2</td><td>299.3</td><td>102.9</td><td>133.2</td><td>66.9</td><td>93.8</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>682.9</td><td>290.3</td><td>99.2</td><td>129.2</td><td>67.2</td><td>96.9</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>661.2</td><td>290.8</td><td>102.1</td><td>125.6</td><td>60.1</td><td>82.6</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>1,400.2</td><td>376.5</td><td>158.8</td><td>340.1</td><td>220.5</td><td>304.1</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>1,340.1</td><td>394.3</td><td>173.7</td><td>334.9</td><td>190.3</td><td>246.9</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</td><td>665.3</td><td>303.0</td><td>108.3</td><td>127.3</td><td>54.2</td><td>72.4</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>December</td><td>727.6</td><td>328.7</td><td>117.4</td><td>140.1</td><td>60.4</td><td>81.0</td><td>......</td><td>......</td><td>100.0</td><td>45.2</td><td>16.1</td><td>19.3</td><td>8.3</td><td>11.1</td><td>......</td><td>......</td></tr><tr><td>1944-January</td><td>1,084.6</td><td>342.9</td><td>140.8</td><td>224.6</td><td>135.2</td><td>241.1</td><td>......</td><td>......</td><td>100.0</td><td>31.6</td><td>13.0</td><td>20.7</td><td>12.5</td><td>22.2</td><td>......</td><td>......</td></tr><tr><td>February</td><td>2,102.3</td><td>548.9</td><td>247.5</td><td>508.7</td><td>312.0</td><td>485.3</td><td>......</td><td>......</td><td>100.0</td><td>26.1</td><td>11.8</td><td>24.2</td><td>14.8</td><td>23.1</td><td>......</td><td>......</td></tr><tr><td>March</td><td>575.8</td><td>274.3</td><td>102.9</td><td>125.3</td><td>29.7</td><td>43.6</td><td>......</td><td>......</td><td>100.0</td><td>47.6</td><td>17.9</td><td>21.7</td><td>5.2</td><td>7.6</td><td>......</td><td>......</td></tr><tr><td colspan="15">Series F</td></tr><tr><td>1941 1/</td><td>66.7</td><td>......</td><td>......</td><td>2.0</td><td>2.0</td><td>13.2</td><td>12.3</td><td>38.3</td><td>100.0</td><td>......</td><td>1.3</td><td>1.3</td><td>3.1</td><td>19.8</td><td>18.4</td><td>57.4</td></tr><tr><td>1942 2/</td><td>439.9</td><td>1.3</td><td>......</td><td>19.6</td><td>27.5</td><td>123.6</td><td>91.7</td><td>171.1</td><td>100.0</td><td>......</td><td>4.5</td><td>6.3</td><td>6.3</td><td>28.4</td><td>21.1</td><td>39.4</td></tr><tr><td>1943</td><td>757.9</td><td>4.0</td><td>......</td><td>24.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>308.3</td><td>100.0</td><td>......</td><td>3.3</td><td>5.4</td><td>7.4</td><td>27.7</td><td>22.4</td><td>40.7</td></tr><tr><td>1943-March</td><td>43.9</td><td>......</td><td>.3</td><td>1.6</td><td>2.5</td><td>11.7</td><td>9.5</td><td>18.2</td><td>100.0</td><td>......</td><td>.7</td><td>3.7</td><td>5.6</td><td>26.7</td><td>21.8</td><td>41.5</td></tr><tr><td>April</td><td>109.5</td><td>......</td><td>.4</td><td>2.5</td><td>4.9</td><td>29.3</td><td>26.8</td><td>45.6</td><td>100.0</td><td>......</td><td>.4</td><td>2.3</td><td>4.5</td><td>26.8</td><td>24.4</td><td>41.6</td></tr><tr><td>May</td><td>85.9</td><td>......</td><td>.7</td><td>3.4</td><td>5.6</td><td>27.7</td><td>20.5</td><td>27.9</td><td>100.0</td><td>......</td><td>.8</td><td>4.0</td><td>6.6</td><td>32.2</td><td>23.9</td><td>32.5</td></tr><tr><td>June</td><td>35.1</td><td>......</td><td>.4</td><td>1.5</td><td>2.2</td><td>11.2</td><td>9.0</td><td>10.9</td><td>100.0</td><td>......</td><td>1.1</td><td>4.2</td><td>6.1</td><td>31.9</td><td>25.6</td><td>30.9</td></tr><tr><td>July</td><td>37.6</td><td>......</td><td>.3</td><td>1.3</td><td>2.3</td><td>12.1</td><td>9.0</td><td>12.7</td><td>100.0</td><td>......</td><td>.7</td><td>3.4</td><td>6.2</td><td>32.2</td><td>23.8</td><td>33.7</td></tr><tr><td>August</td><td>28.1</td><td>......</td><td>.2</td><td>1.1</td><td>2.0</td><td>9.8</td><td>6.5</td><td>8.5</td><td>100.0</td><td>......</td><td>.7</td><td>3.9</td><td>7.2</td><td>34.8</td><td>23.0</td><td>30.4</td></tr><tr><td>September</td><td>139.0</td><td>......</td><td>.6</td><td>3.7</td><td>7.5</td><td>46.2</td><td>36.2</td><td>44.8</td><td>100.0</td><td>......</td><td>.4</td><td>2.7</td><td>5.4</td><td>33.3</td><td>26.0</td><td>32.2</td></tr><tr><td>October</td><td>93.1</td><td>......</td><td>.8</td><td>3.9</td><td>6.4</td><td>30.7</td><td>19.5</td><td>31.7</td><td>100.0</td><td>......</td><td>.9</td><td>4.2</td><td>6.8</td><td>33.0</td><td>21.0</td><td>34.1</td></tr><tr><td>November</td><td>23.4</td><td>......</td><td>.3</td><td>1.3</td><td>1.8</td><td>8.7</td><td>4.9</td><td>6.5</td><td>100.0</td><td>......</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></tr><tr><td>December</td><td>24.1</td><td>......</td><td>.3</td><td>1.3</td><td>1.8</td><td>8.5</td><td>5.0</td><td>7.2</td><td>100.0</td><td>......</td><td>1.4</td><td>5.2</td><td>7.5</td><td>35.2</td><td>21.0</td><td>29.7</td></tr><tr><td>1944-January</td><td>126.8</td><td>......</td><td>.4</td><td>2.0</td><td>3.3</td><td>17.8</td><td>17.7</td><td>85.6</td><td>100.0</td><td>......</td><td>.3</td><td>1.6</td><td>2.6</td><td>14.1</td><td>13.9</td><td>67.5</td></tr><tr><td>February</td><td>157.4</td><td>......</td><td>1.1</td><td>4.7</td><td>7.1</td><td>31.6</td><td>28.3</td><td>82.5</td><td>100.0</td><td>......</td><td>.7</td><td>3.0</td><td>4.5</td><td>21.4</td><td>18.0</td><td>52.4</td></tr><tr><td>March</td><td>22.9</td><td>......</td><td>.3</td><td>1.1</td><td>1.5</td><td>6.6</td><td>4.5</td><td>8.9</td><td>100.0</td><td>......</td><td>1.5</td><td>5.0</td><td>6.4</td><td>28.8</td><td>19.6</td><td>38.7</td></tr><tr><td colspan="15">Series O</td></tr><tr><td>1941 1/</td><td>394.6</td><td>......</td><td>......</td><td>4.8</td><td>11.2</td><td>82.4</td><td>71.8</td><td>224.3</td><td>100.0</td><td>......</td><td>1.2</td><td>2.8</td><td>20.9</td><td>18.2</td><td>56.9</td><td>......</td><td>......</td></tr><tr><td>1942 2/</td><td>2,032.1</td><td>......</td><td>......</td><td>50.9</td><td>113.0</td><td>578.1</td><td>406.2</td><td>883.8</td><td>100.0</td><td>......</td><td>2.5</td><td>5.6</td><td>28.4</td><td>20.0</td><td>43.5</td><td>......</td><td>......</td></tr><tr><td>1943</td><td>2,759.5</td><td>......</td><td>......</td><td>81.5</td><td>188.7</td><td>805.7</td><td>526.3</td><td>1,157.3</td><td>100.0</td><td>......</td><td>3.0</td><td>6.8</td><td>29.2</td><td>19.1</td><td>41.9</td><td>......</td><td>......</td></tr><tr><td>1943-March</td><td>180.0</td><td>......</td><td>......</td><td>5.5</td><td>12.9</td><td>54.8</td><td>32.4</td><td>74.4</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>353.4</td><td>......</td><td>......</td><td>11.0</td><td>27.3</td><td>113.7</td><td>73.9</td><td>127.6</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>253.9</td><td>......</td><td>......</td><td>11.0</td><td>24.9</td><td>91.4</td><td>51.3</td><td>75.2</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>144.1</td><td>......</td><td>......</td><td>5.1</td><td>12.2</td><td>50.1</td><td>30.5</td><td>46.2</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>169.2</td><td>......</td><td>......</td><td>5.6</td><td>14.8</td><td>62.9</td><td>36.3</td><td>49.6</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>112.4</td><td>......</td><td>......</td><td>4.6</td><td>10.5</td><td>42.5</td><td>23.5</td><td>31.3</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>587.4</td><td>......</td><td>......</td><td>17.3</td><td>38.7</td><td>149.9</td><td>85.8</td><td>95.6</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>274.9</td><td>......</td><td>......</td><td>15.0</td><td>30.3</td><td>107.4</td><td>54.0</td><td>68.2</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</td><td>109.4</td><td>......</td><td>......</td><td>4.7</td><td>11.1</td><td>44.3</td><td>20.9</td><td>28.4</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><tr><td>December</td><td>101.4</td><td>......</td><td>......</td><td>4.8</td><td>10.0</td><td>40.0</td><td>19.7</td><td>26.9</td><td>100.0</td><td>......</td><td>4.7</td><td>9.9</td><td>39.5</td><td>19.4</td><td>26.5</td><td>......</td><td>......</td></tr><tr><td>1944-January</td><td>486.9</td><td>......</td><td>......</td><td>11.0</td><td>28.0</td><td>93.8</td><td>62.8</td><td>285.4</td><td>100.0</td><td>......</td><td>2.1</td><td>5.7</td><td>20.5</td><td>12.9</td><td>58.6</td><td>......</td><td>......</td></tr><tr><td>February</td><td>521.7</td><td>......</td><td>......</td><td>19.5</td><td>42.5</td><td>144.6</td><td>82.7</td><td>232.4</td><td>100.0</td><td>......</td><td>3.1</td><td>8.2</td><td>27.1</td><td>15.8</td><td>44.6</td><td>......</td><td>......</td></tr><tr><td>March</td><td>110.3</td><td>......</td><td>......</td><td>4.0</td><td>9.5</td><td>38.3</td><td>20.9</td><td>37.6</td><td>100.0</td><td>......</td><td>3.6</td><td>8.6</td><td>34.7</td><td>19.0</td><td>34.1</td><td>......</td><td>......</td></tr></table>
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.
Source: (1) Total sales: Daily Treasury Statements; (2) Figures by denominations are estimated on the basis of reports received by the Treasury.
April 1944
37
Sales of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART A - SERIES E
(In thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="5">Fiscal year</th><th colspan="8">1943</th><th colspan="4">1944</th></tr><tr><th></th><th>1942</th><th>1943</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>Jan.</th><th>Feb.</th><th>Mar.</th></tr><tr><td>Alabama</td><td>28,996</td><td>91,272</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>17,171</td><td>7,449</td><td>7,331</td><td>11,648</td><td>30,599</td><td>5,699</td></tr><tr><td>Arizona</td><td>10,313</td><td>27,846</td><td>2,472</td><td>3,976</td><td>3,760</td><td>2,233</td><td>2,450</td><td>2,174</td><td>5,100</td><td>5,234</td><td>2,092</td><td>2,012</td><td>3,822</td><td>8,746</td><td>2,075</td></tr><tr><td>Arkansas</td><td>21,404</td><td>52,764</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>8,817</td><td>3,675</td><td>3,903</td><td>8,405</td><td>14,017</td><td>2,679</td></tr><tr><td>California</td><td>260,592</td><td>638,877</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>123,724</td><td>56,049</td><td>56,999</td><td>86,635</td><td>182,940</td><td>45,970</td></tr><tr><td>Colorado</td><td>24,845</td><td>62,132</td><td>5,086</td><td>9,101</td><td>7,517</td><td>4,113</td><td>4,911</td><td>4,136</td><td>11,300</td><td>12,427</td><td>5,028</td><td>5,121</td><td>7,698</td><td>17,450</td><td>3,854</td></tr><tr><td>Connecticut</td><td>77,543</td><td>168,258</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>25,163</td><td>13,300</td><td>14,557</td><td>19,502</td><td>41,593</td><td>10,628</td></tr><tr><td>Delaware</td><td>7,629</td><td>21,824</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>3,155</td><td>1,563</td><td>1,802</td><td>2,739</td><td>4,205</td><td>1,575</td></tr><tr><td>District of Columbia</td><td>34,827</td><td>83,143</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>17,113</td><td>11,049</td><td>8,516</td><td>11,419</td><td>23,059</td><td>5,483</td></tr><tr><td>Florida</td><td>39,565</td><td>89,496</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>18,361</td><td>6,699</td><td>8,067</td><td>11,237</td><td>29,146</td><td>8,127</td></tr><tr><td>Georgia</td><td>35,642</td><td>94,524</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>18,849</td><td>8,666</td><td>9,051</td><td>11,850</td><td>29,947</td><td>6,352</td></tr><tr><td>Idaho</td><td>9,840</td><td>27,845</td><td>2,266</td><td>3,851</td><td>3,438</td><td>1,751</td><td>1,749</td><td>1,497</td><td>4,500</td><td>6,296</td><td>1,643</td><td>1,979</td><td>3,979</td><td>8,957</td><td>1,124</td></tr><tr><td>Illinois</td><td>282,055</td><td>575,056</td><td>53,559</td><td>66,607</td><td>62,506</td><td>44,265</td><td>47,266</td><td>43,125</td><td>77,800</td><td>84,905</td><td>45,479</td><td>50,733</td><td>52,791</td><td>150,461</td><td>10,050</td></tr><tr><td>Indiana</td><td>76,661</td><td>213,813</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>35,666</td><td>18,793</td><td>21,585</td><td>21,884</td><td>58,283</td><td>15,538</td></tr><tr><td>Iowa</td><td>69,558</td><td>176,508</td><td>18,270</td><td>23,475</td><td>17,815</td><td>12,455</td><td>13,964</td><td>12,402</td><td>35,900</td><td>33,051</td><td>10,570</td><td>12,427</td><td>18,508</td><td>63,579</td><td>9,538</td></tr><tr><td>Kansas</td><td>35,310</td><td>106,190</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>21,497</td><td>7,447</td><td>7,015</td><td>14,457</td><td>36,095</td><td>7,257</td></tr><tr><td>Kentucky</td><td>34,293</td><td>67,607</td><td>7,474</td><td>13,228</td><td>10,130</td><td>6,606</td><td>7,222</td><td>7,279</td><td>15,000</td><td>16,501</td><td>5,254</td><td>8,060</td><td>10,321</td><td>26,956</td><td>5,089</td></tr><tr><td>Louisiana</td><td>36,800</td><td>94,910</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>17,438</td><td>7,269</td><td>7,751</td><td>12,687</td><td>25,223</td><td>6,896</td></tr><tr><td>Maine</td><td>17,746</td><td>37,361</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>8,325</td><td>3,595</td><td>2,814</td><td>4,761</td><td>11,530</td><td>2,545</td></tr><tr><td>Maryland</td><td>49,009</td><td>108,604</td><td>9,202</td><td>12,847</td><td>12,911</td><td>10,923</td><td>9,166</td><td>8,332</td><td>16,200</td><td>17,427</td><td>9,015</td><td>11,250</td><td>13,575</td><td>25,983</td><td>7,289</td></tr><tr><td>Massachusetts</td><td>141,217</td><td>280,091</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>52,616</td><td>23,467</td><td>21,771</td><td>35,929</td><td>76,548</td><td>15,692</td></tr><tr><td>Michigan</td><td>160,150</td><td>481,637</td><td>48,697</td><td>69,473</td><td>55,513</td><td>40,537</td><td>39,446</td><td>37,538</td><td>75,100</td><td>96,003</td><td>40,469</td><td>40,940</td><td>52,215</td><td>131,400</td><td>33,961</td></tr><tr><td>Minnesota</td><td>71,181</td><td>179,108</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>29,645</td><td>12,095</td><td>12,041</td><td>28,795</td><td>43,513</td><td>10,170</td></tr><tr><td>Mileseippi</td><td>22,973</td><td>52,870</td><td>4,129</td><td>9,376</td><td>5,503</td><td>3,184</td><td>3,252</td><td>3,249</td><td>14,100</td><td>9,158</td><td>3,153</td><td>3,571</td><td>9,361</td><td>18,751</td><td>2,807</td></tr><tr><td>Missouri</td><td>94,800</td><td>195,868</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>34,336</td><td>15,536</td><td>16,519</td><td>26,617</td><td>52,048</td><td>12,043</td></tr><tr><td>Montana</td><td>17,710</td><td>39,432</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>7,090</td><td>2,046</td><td>2,199</td><td>6,505</td><td>10,567</td><td>1,689</td></tr><tr><td>Nebraska</td><td>26,045</td><td>72,211</td><td>6,616</td><td>11,382</td><td>10,913</td><td>4,507</td><td>5,832</td><td>5,728</td><td>13,300</td><td>22,315</td><td>5,050</td><td>5,281</td><td>10,870</td><td>28,807</td><td>1,705</td></tr><tr><td>Nevada</td><td>4,340</td><td>11,466</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>1,495</td><td>693</td><td>639</td><td>1,408</td><td>2,994</td><td>567</td></tr><tr><td>New Hampshire</td><td>11,760</td><td>25,787</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>5,018</td><td>2,012</td><td>1,764</td><td>2,656</td><td>7,195</td><td>1,025</td></tr><tr><td>New Jersey</td><td>160,533</td><td>303,607</td><td>27,977</td><td>32,038</td><td>36,902</td><td>25,398</td><td>26,549</td><td>23,246</td><td>40,300</td><td>49,899</td><td>24,314</td><td>28,307</td><td>34,571</td><td>75,333</td><td>21,497</td></tr><tr><td>New Mexico</td><td>6,978</td><td>17,284</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>3,523</td><td>1,336</td><td>1,465</td><td>2,555</td><td>6,044</td><td>1,225</td></tr><tr><td>New York</td><td>587,249</td><td>991,988</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>158,407</td><td>65,537</td><td>84,614</td><td>121,785</td><td>242,271</td><td>68,902</td></tr><tr><td>North Carolina</td><td>42,257</td><td>113,869</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>18,751</td><td>8,138</td><td>8,968</td><td>14,925</td><td>30,398</td><td>5,526</td></tr><tr><td>North Dakota</td><td>11,394</td><td>34,349</td><td>2,156</td><td>6,865</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>2,170</td><td>8,635</td><td>11,317</td><td>1,461</td></tr><tr><td>Ohio</td><td>190,262</td><td>506,364</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>85,682</td><td>44,309</td><td>52,654</td><td>60,766</td><td>116,942</td><td>39,378</td></tr><tr><td>Oklahoma</td><td>34,482</td><td>82,143</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>18,575</td><td>6,608</td><td>7,672</td><td>12,857</td><td>28,783</td><td>5,402</td></tr><tr><td>Oregon</td><td>37,394</td><td>107,674</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>24,364</td><td>9,283</td><td>9,286</td><td>14,481</td><td>29,055</td><td>6,806</td></tr><tr><td>Pennsylvania</td><td>283,782</td><td>626,051</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>102,520</td><td>52,523</td><td>56,156</td><td>76,435</td><td>147,546</td><td>15,018</td></tr><tr><td>Rhode Island</td><td>24,293</td><td>53,748</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>8,164</td><td>3,506</td><td>3,698</td><td>5,439</td><td>11,198</td><td>2,264</td></tr><tr><td>South Carolina</td><td>18,732</td><td>53,401</td><td>4,487</td><td>6,671</td><td>6,073</td><td>4,015</td><td>4,554</td><td>4,536</td><td>8,800</td><td>10,170</td><td>4,231</td><td>4,217</td><td>6,621</td><td>14,417</td><td>2,899</td></tr><tr><td>South Dakota</td><td>11,783</td><td>33,171</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>7,212</td><td>2,008</td><td>1,962</td><td>7,184</td><td>10,099</td><td>1,589</td></tr><tr><td>Tennessee</td><td>36,734</td><td>100,530</td><td>7,922</td><td>13,059</td><td>11,008</td><td>7,708</td><td>7,689</td><td>7,821</td><td>16,600</td><td>21,149</td><td>7,365</td><td>7,991</td><td>13,782</td><td>26,586</td><td>8,944</td></tr><tr><td>Texas</td><td>126,056</td><td>306,265</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>59,784</td><td>23,792</td><td>26,190</td><td>39,487</td><td>105,358</td><td>20,696</td></tr><tr><td>Utah</td><td>9,919</td><td>33,242</td><td>3,058</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>8,574</td><td>3,194</td><td>3,522</td><td>4,835</td><td>11,042</td><td>1,604</td></tr><tr><td>Vermont</td><td>7,550</td><td>14,175</td><td>1,159</td><td>1,694</td><td>1,850</td><td>1,089</td><td>1,100</td><td>1,034</td><td>2,000</td><td>2,844</td><td>1,040</td><td>862</td><td>1,641</td><td>4,021</td><td>695</td></tr><tr><td>Virginia</td><td>56,272</td><td>145,459</td><td>12,493</td><td>16,808</td><td>16,333</td><td>11,910</td><td>11,186</td><td>12,126</td><td>17,600</td><td>23,557</td><td>11,090</td><td>13,534</td><td>17,862</td><td>36,471</td><td>7,118</td></tr><tr><td>Washington</td><td>57,962</td><td>163,924</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>36,041</td><td>15,333</td><td>17,085</td><td>23,860</td><td>45,193</td><td>11,280</td></tr><tr><td>West Virginia</td><td>27,637</td><td>54,587</td><td>6,377</td><td>7,153</td><td>7,151</td><td>5,090</td><td>5,374</td><td>5,194</td><td>9,100</td><td>10,005</td><td>5,233</td><td>6,708</td><td>8,760</td><td>16,958</td><td>4,409</td></tr><tr><td>Wisconsin</td><td>77,668</td><td>172,650</td><td>13,241</td><td>25,561</td><td>19,697</td><td>12,986</td
(Continued on following page)
38
Treasury Bulletin
Sales of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States - (Continued)
PART B - SERIES F AND G COMBINED
(in thousands of dollars at issue prices)
<table><tr><th rowspan="2">State</th><th colspan="2">Fiscal year</th><th colspan="11">1943</th><th colspan="3">1944</th></tr><tr><th>1942</th><th>1943</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>Jan.</th><th>Feb.</th><th>Mar.</th><th>P</th></tr><tr><td>Alabama</td><td>13,093</td><td>32,007</td><td>1,592</td><td>7,282</td><td>1,336</td><td>1,251</td><td>1,539</td><td>912</td><td>6,700</td><td>3,507</td><td>666</td><td>1,095</td><td>3,399</td><td>5,829</td><td>887</td><td>2,776</td></tr><tr><td>Arizona</td><td>4,232</td><td>8,421</td><td>512</td><td>1,450</td><td>909</td><td>440</td><td>532</td><td>977</td><td>1,800</td><td>772</td><td>249</td><td>370</td><td>755</td><td>1,928</td><td>423</td><td>1,276</td></tr><tr><td>Arkansas</td><td>13,738</td><td>16,578</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>1,338</td><td>243</td><td>385</td><td>2,434</td><td>2,442</td><td>600</td><td>2,455</td></tr><tr><td>California</td><td>140,502</td><td>224,145</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>28,364</td><td>11,765</td><td>9,257</td><td>33,408</td><td>43,518</td><td>9,866</td><td>1,278</td></tr><tr><td>Colorado</td><td>18,302</td><td>29,746</td><td>1,626</td><td>4,639</td><td>1,485</td><td>1,632</td><td>1,488</td><td>977</td><td>6,100</td><td>2,914</td><td>979</td><td>1,039</td><td>3,709</td><td>5,406</td><td>2,955</td><td>1,278</td></tr><tr><td>Connecticut</td><td>59,494</td><td>81,128</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>7,034</td><td>3,367</td><td>2,462</td><td>11,411</td><td>11,494</td><td>2,955</td><td>1,278</td></tr><tr><td>Delaware</td><td>11,910</td><td>12,326</td><td>903</td><td>1,624</td><td>816</td><td>918</td><td>1,063</td><td>410</td><td>1,400</td><td>1,020</td><td>581</td><td>422</td><td>1,245</td><td>1,660</td><td>401</td><td>1,263</td></tr><tr><td>Dist. of Columbia</td><td>23,247</td><td>33,757</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><td>1,415</td><td>4,681</td><td>5,028</td><td>1,108</td><td>1,108</td></tr><tr><td>Florida</td><td>22,219</td><td>36,705</td><td>2,384</td><td>6,973</td><td>2,654</td><td>2,208</td><td>2,792</td><td>1,554</td><td>5,800</td><td>4,222</td><td>1,701</td><td>1,615</td><td>3,580</td><td>8,317</td><td>1,868</td><td>1,868</td></tr><tr><td>Georgia</td><td>17,882</td><td>37,831</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><td>1,916</td><td>3,509</td><td>8,723</td><td>1,230</td><td>1,230</td></tr><tr><td>Idaho</td><td>7,739</td><td>8,031</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><td>282</td><td>1,012</td><td>1,301</td><td>194</td><td>194</td></tr><tr><td>Illinois</td><td>202,041</td><td>272,112</td><td>21,319</td><td>33,354</td><td>23,584</td><td>13,045</td><td>15,256</td><td>10,068</td><td>30,700</td><td>28,524</td><td>10,535</td><td>5,232</td><td>25,797</td><td>47,407</td><td>13,542</td><td>13,542</td></tr><tr><td>Indiana</td><td>45,123</td><td>79,594</td><td>4,619</td><td>12,104</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><td>1,641</td><td>8,766</td><td>14,013</td><td>3,740</td><td>3,740</td></tr><tr><td>Iowa</td><td>30,576</td><td>71,432</td><td>7,593</td><td>10,907</td><td>6,610</td><td>4,127</td><td>5,011</td><td>3,360</td><td>13,400</td><td>26,441</td><td>1,002</td><td>1,560</td><td>10,030</td><td>15,471</td><td>5,941</td><td>5,941</td></tr><tr><td>Kansas</td><td>14,486</td><td>34,897</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>1,396</td><td>1,380</td><td>5,286</td><td>8,370</td><td>1,818</td><td>1,818</td></tr><tr><td>Kentucky</td><td>24,516</td><td>43,755</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><td>829</td><td>8,117</td><td>6,557</td><td>1,697</td><td>1,697</td></tr><tr><td>Louisiana</td><td>21,551</td><td>44,461</td><td>2,970</td><td>3,710</td><td>3,193</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><td>1,064</td><td>4,129</td><td>6,210</td><td>1,268</td><td>1,268</td></tr><tr><td>Maine</td><td>16,570</td><td>20,245</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>1,093</td><td>897</td><td>4,369</td><td>3,706</td><td>847</td><td>847</td></tr><tr><td>Marland</td><td>40,093</td><td>54,252</td><td>2,928</td><td>7,244</td><td>4,209</td><td>2,618</td><td>3,025</td><td>1,940</td><td>8,900</td><td>1,626</td><td>2,612</td><td>2,762</td><td>7,325</td><td>8,378</td><td>2,335</td><td>2,335</td></tr><tr><td>Massachusetts</td><td>144,193</td><td>174,999</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><td>5,573</td><td>31,252</td><td>25,356</td><td>5,198</td><td>5,198</td></tr><tr><td>Michigan</td><td>65,040</td><td>106,363</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><td>3,362</td><td>11,217</td><td>20,249</td><td>1,781</td><td>1,781</td></tr><tr><td>Minnesota</td><td>49,069</td><td>69,692</td><td>4,031</td><td>10,382</td><td>7,559</td><td>3,240</td><td>3,699</td><td>1,847</td><td>13,400</td><td>7,306</td><td>2,286</td><td>2,267</td><td>10,550</td><td>11,952</td><td>2,234</td><td>2,234</td></tr><tr><td>Mississippi</td><td>10,061</td><td>21,812</td><td>1,273</td><td>5,193</td><td>1,551</td><td>285</td><td>1,093</td><td>515</td><td>5,900</td><td>1,399</td><td>660</td><td>246</td><td>3,704</td><td>3,625</td><td>541</td><td>541</td></tr><tr><td>Missouri</td><td>68,551</td><td>84,266</td><td>4,963</td><td>14,572</td><td>7,225</td><td>5,340</td><td>5,480</td><td>3,615</td><td>13,400</td><td>6,941</td><td>3,539</td><td>2,746</td><td>12,896</td><td>13,144</td><td>4,970</td><td>4,970</td></tr><tr><td>Montana</td><td>6,322</td><td>10,529</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><td>299</td><td>2,108</td><td>2,112</td><td>356</td><td>356</td></tr><tr><td>Nebraska</td><td>14,132</td><td>30,414</td><td>3,316</td><td>3,335</td><td>4,268</td><td>1,570</td><td>2,439</td><td>1,180</td><td>6,100</td><td>4,357</td><td>1,058</td><td>928</td><td>4,179</td><td>8,177</td><td>2,153</td><td>2,153</td></tr><tr><td>Nevada</td><td>2,349</td><td>4,441</td><td>271</td><td>443</td><td>437</td><td>182</td><td>184</td><td>228</td><td>900</td><td>198</td><td>69</td><td>80</td><td>518</td><td>750</td><td>190</td><td>190</td></tr><tr><td>New Hampshire</td><td>11,090</td><td>14,403</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><td>426</td><td>3,111</td><td>3,509</td><td>524</td><td>524</td></tr><tr><td>New Jersey</td><td>93,399</td><td>118,761</td><td>7,865</td><td>15,316</td><td>10,492</td><td>6,594</td><td>6,423</td><td>4,817</td><td>16,800</td><td>12,662</td><td>5,099</td><td>4,053</td><td>12,607</td><td>19,326</td><td>4,173</td><td>4,173</td></tr><tr><td>New Mexico</td><td>9,034</td><td>7,025</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><td>104</td><td>548</td><td>1,267</td><td>119</td><td>119</td></tr><tr><td>New York</td><td>580,343</td><td>627,986</td><td>38,317</td><td>82,336</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><td>17,924</td><td>68,129</td><td>96,018</td><td>19,585</td><td>19,585</td></tr><tr><td>North Carolina</td><td>25,074</td><td>44,694</td><td>3,167</td><td>7,171</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>1,691</td><td>1,532</td><td>6,050</td><td>5,911</td><td>1,580</td><td>1,580</td></tr><tr><td>North Dakota</td><td>7,515</td><td>10,937</td><td>416</td><td>3,387</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><td>427</td><td>1,926</td><td>2,754</td><td>477</td><td>477</td></tr><tr><td>Ohio</td><td>119,098</td><td>203,827</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><td>8,432</td><td>28,030</td><td>26,711</td><td>8,565</td><td>8,565</td></tr><tr><td>Oklahoma</td><td>16,587</td><td>25,095</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><td>1,423</td><td>3,195</td><td>3,771</td><td>722</td><td>722</td></tr><tr><td>Oregon</td><td>22,095</td><td>32,892</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><td>1,026</td><td>4,173</td><td>4,302</td><td>1,005</td><td>1,005</td></tr><tr><td>Pennsylvania</td><td>243,285</td><td>297,430</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><td>10,240</td><td>31,108</td><td>43,976</td><td>7,893</td><td>7,893</td></tr><tr><td>Rhode Island</td><td>28,064</td><td>30,424</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><td>656</td><td>3,036</td><td>3,337</td><td>1,476</td><td>1,476</td></tr><tr><td>South Carolina</td><td>9,459</td><td>21,712</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><td>724</td><td>3,046</td><td>3,258</td><td>930</td><td>930</td></tr><tr><td>South Dakota</td><td>3,077</td><td>10,416</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><td>314</td><td>1,350</td><td>2,271</td><td>529</td><td>529</td></tr><tr><td>Tennessee</td><td>18,483</td><td>39,940</td><td>2,376</td><td>8,340</td><td>4,420</td><td>2,461</td><td>2,770</td><td>1,941</td><td>7,100</td><td>3,860</td><td>1,556</td><td>1,834</td><td>4,745</td><td>6,048</td><td>2,352</td><td>2,352</td></tr><tr><td>Texas</td><td>54,196</td><td>110,993</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>10,304</td><td>2,850</td><td>3,955</td><td>13,201</td><td>23,242</td><td>3,489</td><td>3,489</td></tr><tr><td>Utah</td><td>5,019</td><td>7,474</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><td>287</td><td>1,277</td><td>1,032</td><td>198</td><td>198</td></tr><tr><td>Vermont</td><td>5,842</td><td>7,504</td><td>594</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><td>273</td><td>1,368</td><td>1,645</td><td>255</td><td>255</td></tr><tr><td>Virginia</td><td>28,014</td><td>53,701</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><td>2,957</td><td>7,200</td><td>7,588</td><td>1,267</td><td>1,267</td></tr><tr><td>Washington</td><td>25,838</td><td>49,753</td><td>3,235</td><td>7,139</td><td>6,144</td><td>2,928</td><td>3,194</td><td>2,291</td><td>11,000</td><td>6,017</td><td>1,831</td><td>2,130</td><td>7,269</td><td>9,324</td><td>2,065</td><td>2,065</td></tr><tr><td>West Virginia</td><td>11,780</td><td>17,905</td><td>962</td><td>2,047</td><td>1,357</td><td>843</td><td>1,284</td><td>698</td><td>3,300</td><td>1,638</td><td>985</td><td>1,054</td><td>2,203</td><td>2,668</td><td>866</td><td>866</td></tr><tr><td>Wisconsin</td><td>42,205</td><td>86,336</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><td
Note: Commencing January 1, 1944, commercial banks holding savings deposits were permitted to purchase limited amounts of Series F and G bonds. Such purchases have been eliminated from the above table. For amounts of and limitations on such purchases, see Table 1.
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reports of gross sales.
p Preliminary.
1/ Unallocated amounts for prior months included chiefly sales to the armed forces. Beginning in September 1943 these sales are allocated on a State basis.
2/ Included in "Unallocated".
April 1944
39
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 colspan="12">1943</th><th colspan="2">1944</th></tr><tr><th></th><th></th><th></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>Jan.</th><th>Feb.</th></tr><tr><td colspan="15">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>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><td>534</td><td>548</td><td>546</td><td>545</td></tr><tr><td>500-4,999 workers</td><td>4,956</td><td>5,777</td><td>5,759</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><td>5,805</td><td>5,799</td><td>5,786</td><td>5,808</td></tr><tr><td>100-499 workers</td><td>19,718</td><td>27,056</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><td>27,338</td><td>27,395</td><td>27,288</td><td>27,313</td></tr><tr><td>Under 100 workers</td><td>82,948</td><td>149,525</td><td>144,016</td><td>146,137</td><td>147,466</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><td>150,584</td><td>150,874</td><td>150,808</td><td>150,719</td></tr><tr><td>Total number of firms</td><td>108,099</td><td>182,895</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><td>184,261</td><td>184,606</td><td>184,428</td><td>184,385</td></tr><tr><td colspan="15">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>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><td>27.9</td><td>28.0</td><td>28.0</td><td>27.8</td></tr><tr><td>In Federal, State, and local governments and their agencies</td><td>1.5</td><td>3.9</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><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>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><td>31.8</td><td>31.9</td><td>31.9</td><td>31.7</td></tr><tr><td colspan="15">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>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>26.4</td><td>26.4</td><td>26.6</td><td>26.8</td><td>27.1 r</td><td>27.3</td></tr></table>
Table 2.- Deductions Under Payroll Savings Plans
<table><tr><th rowspan="2"></th><th colspan="2">Fiscal year</th><th colspan="11">1943</th><th colspan="2">1944</th></tr><tr><th>1942</th><th>1943</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>Jan.</th><th>Feb.</th></tr><tr><td>Total amount deducted (in millions of dollars)</td><td>544 3/</td><td>4,067</td><td>360</td><td>380</td><td>415</td><td>425</td><td>415</td><td>420</td><td>413</td><td>435</td><td>455</td><td>440</td><td>470</td><td>475 p</td><td>475 p</td></tr><tr><td>Percent of participants' pay deducted</td><td>5.2%</td><td>8.3%</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>9.4%</td><td>9.3%</td><td>9.2%</td><td>9.5%</td><td>9.8% p</td><td>10.0% p</td></tr></table>
P Preliminary. 
r Revised. 
1/ Estimated. 
2/ Not available. The total number of (1) workers in firms, and
(2) workers in Federal, State, and local governments and their agencies in June 1942 approximated 16.0 millions. 3/ Consists only of deductions from December 1941 through June 1942. Data on deductions prior to December 1941 are not available.
40
Treasury Bulletin
Sales of Treasury Savings Notes 1/
Table 1.- Summary of Sales and Redemptions, by Series
(Par values - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Est change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemptions 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 new series</th></tr><tr><td colspan="8">All series</td></tr><tr><td>1942-1943</td><td>3,014.5 7,495.4</td><td>+3,014.5 +4,480.9</td><td>4,138.9 8,758.5</td><td>1,124.4 4,277.6</td><td>1,103.7 4,094.4</td><td>20.7 114.9</td><td>68.3</td></tr><tr><td>1943-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>195.0</td><td>176.6</td><td>19.5</td><td></td></tr><tr><td>May</td><td>8,162.9</td><td>+180.4</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>December</td><td>8,599.3</td><td>-702.6</td><td>436.8</td><td>1,139.5</td><td>1,068.3</td><td>71.2</td><td></td></tr><tr><td>1944-January</td><td>9,502.9</td><td>+903.7</td><td>1,216.1</td><td>312.5</td><td>275.4</td><td>37.1</td><td></td></tr><tr><td>February</td><td>10,329.4</td><td>+826.5</td><td>1,017.1</td><td>190.6</td><td>144.7</td><td>45.9</td><td></td></tr><tr><td>March</td><td>9,169.7</td><td>-1,159.6</td><td>238.1</td><td>1,397.8</td><td>1,344.9</td><td>52.9</td><td></td></tr><tr><td colspan="8">Series A 3/</td></tr><tr><td>1942-1943</td><td>54.8 266.7</td><td>+54.8 +211.9</td><td>72.2 334.7</td><td>17.4 122.8</td><td>16.6 114.0</td><td>.8 8.7</td><td>.1</td></tr><tr><td>1943-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>-9</td><td>.8</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>December</td><td>168.1</td><td>-25.6</td><td></td><td>29.8</td><td>27.8</td><td>1.8</td><td></td></tr><tr><td>1944-January</td><td>160.2</td><td>-8.5</td><td></td><td>8.5</td><td>6.8</td><td>1.7</td><td></td></tr><tr><td>February</td><td>156.7</td><td>-3.5</td><td></td><td>3.5</td><td>2.2</td><td>1.3</td><td></td></tr><tr><td>March</td><td>137.2</td><td>-19.5</td><td></td><td>19.5</td><td>17.9</td><td>1.6</td><td></td></tr><tr><td colspan="8">Series B 3/</td></tr><tr><td>1942-1943</td><td>2,959.7 764.8</td><td>+2,959.7 -2,195.0</td><td>4,066.7 871.1</td><td>1,107.0 3,072.1</td><td>1,087.1 2,933.3</td><td>19.9 70.6</td><td>68.2</td></tr><tr><td>1943-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>687.9</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><tr><td>December</td><td>128.6</td><td>-178.0</td><td></td><td>178.0</td><td>171.6</td><td>6.4</td><td></td></tr><tr><td>1944-January</td><td>109.7</td><td>-18.9</td><td></td><td>18.9</td><td>14.3</td><td>4.6</td><td></td></tr><tr><td>February</td><td>101.3</td><td>-8.4</td><td></td><td>8.4</td><td>9.6</td><td>-1.2</td><td></td></tr><tr><td>March</td><td>48.1</td><td>-53.2</td><td></td><td>53.2</td><td>51.5</td><td>1.7</td><td></td></tr></table>
(Continued on following page)
April 1944
41
Sales of Treasury Savings Notes 1/2 - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued) (Par value - 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 2/</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></table>
<table><tr><td colspan="7">Series C 5/</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>1943-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>152.3</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>+390.8</td><td>460.7</td><td>159.9</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><tr><td>December</td><td>8,302.0</td><td>-495.0</td><td>436.8</td><td>931.8</td><td>868.9</td><td>62.9</td><td>........</td></tr><tr><td>1944-January</td><td>9,233.0</td><td>+931.0</td><td>1,216.1</td><td>285.1</td><td>254.3</td><td>30.9</td><td>........</td></tr><tr><td>February</td><td>10,071.4</td><td>+838.4</td><td>1,017.1</td><td>178.7</td><td>132.9</td><td>45.8</td><td>........</td></tr><tr><td>March</td><td>8,984.5</td><td>-1,086.9</td><td>238.1</td><td>1,325.0</td><td>1,275.5</td><td>49.6</td><td>........</td></tr></table>
Source: Daily Treasury Statements
Less than $50,000
These notes were originally designed to help taxpayers set aside funds with which they could fulfill what 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. Hampton provisions on series A notes were relaxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnote 1/). 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, includes matured Treasury savings notes.
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 C notes were issued August 1, 1942, through September 12, 1942, to yield approximately 3.85 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 accrued for each month since graduation, sale, or Treasury installment* for August 1943, page 4) to yield approximately 1.07 percent per annum if held to maturity. These notes may be used in payment of Federal taxes at any time two months after the date of issue. 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 rate at the current rate of the time of presentation. Prior to July 27, 1943, notice of 30 days was required for cash redemption. See also footnote 1.
42
Treasury Bulletin
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 rowspan="2">Total all denominations</th><th colspan="8">Sales in millions of dollars ar par</th><th colspan="8">Percentage distribution of sales</th></tr><tr><th>$100 2/</th><th>$500 2/</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th>Total all denominations</th><th>$100 2/</th><th>$500 2/</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th></tr><tr><td>1943</td><td>7,546.7</td><td>.....</td><td>.....</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>.....</td><td>.....</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>1943-Mar....</td><td>431.5</td><td>.....</td><td>.....</td><td>9.9</td><td>13.4</td><td>66.0</td><td>123.0</td><td>78.5</td><td>140.7</td><td>100.0</td><td>.....</td><td>.....</td><td>2.3</td><td>3.1</td><td>15.3</td><td>28.5</td><td>18.2</td><td>32.6</td></tr><tr><td>Apr.....</td><td>1,611.1</td><td>.....</td><td>.....</td><td>82.2</td><td>90.2</td><td>339.9</td><td>597.7</td><td>224.0</td><td>277.1</td><td>100.0</td><td>.....</td><td>.....</td><td>5.1</td><td>5.6</td><td>21.1</td><td>37.1</td><td>13.9</td><td>17.2</td></tr><tr><td>May.....</td><td>474.5</td><td>.....</td><td>.....</td><td>20.9</td><td>23.3</td><td>91.1</td><td>152.3</td><td>69.8</td><td>117.1</td><td>100.0</td><td>.....</td><td>.....</td><td>4.4</td><td>4.9</td><td>19.2</td><td>32.1</td><td>14.7</td><td>24.7</td></tr><tr><td>June.....</td><td>463.6</td><td>.....</td><td>.....</td><td>10.7</td><td>14.8</td><td>77.4</td><td>176.2</td><td>78.8</td><td>105.7</td><td>100.0</td><td>.....</td><td>.....</td><td>2.3</td><td>3.2</td><td>16.7</td><td>38.0</td><td>17.0</td><td>22.8</td></tr><tr><td>July.....</td><td>414.0</td><td>.....</td><td>.....</td><td>12.4</td><td>15.3</td><td>72.5</td><td>144.1</td><td>73.7</td><td>95.0</td><td>100.0</td><td>.....</td><td>.....</td><td>3.0</td><td>3.7</td><td>17.5</td><td>34.8</td><td>17.8</td><td>23.2</td></tr><tr><td>Aug.....</td><td>213.5</td><td>.....</td><td>.....</td><td>8.1</td><td>9.4</td><td>43.6</td><td>82.6</td><td>24.8</td><td>45.0</td><td>100.0</td><td>.....</td><td>.....</td><td>3.8</td><td>4.4</td><td>20.4</td><td>38.7</td><td>11.6</td><td>21.1</td></tr><tr><td>Sept.....</td><td>2,260.0</td><td>.....</td><td>.....</td><td>119.8</td><td>133.4</td><td>490.4</td><td>754.8</td><td>327.7</td><td>433.9</td><td>100.0</td><td>.....</td><td>.....</td><td>5.3</td><td>5.9</td><td>21.7</td><td>33.1</td><td>14.5</td><td>19.2</td></tr><tr><td>Oct.....</td><td>460.7</td><td>.....</td><td>.....</td><td>34.5</td><td>33.2</td><td>109.2</td><td>141.9</td><td>63.1</td><td>78.8</td><td>100.0</td><td>.....</td><td>.....</td><td>7.5</td><td>7.2</td><td>23.7</td><td>30.8</td><td>13.7</td><td>17.1</td></tr><tr><td>Nov.....</td><td>330.2</td><td>-</td><td>.....</td><td>8.6</td><td>12.9</td><td>60.7</td><td>113.3</td><td>48.9</td><td>85.6</td><td>100.0</td><td>.....</td><td>.....</td><td>2.6</td><td>3.9</td><td>18.4</td><td>34.3</td><td>14.5</td><td>26.0</td></tr><tr><td>Dec.....</td><td>436.8</td><td>-</td><td>.....</td><td>11.4</td><td>16.2</td><td>72.9</td><td>153.3</td><td>86.9</td><td>95.7</td><td>100.0</td><td>.....</td><td>.....</td><td>2.6</td><td>3.7</td><td>16.7</td><td>35.1</td><td>19.9</td><td>21.9</td></tr><tr><td>1944-Jan....</td><td>1,216.1</td><td>2.4</td><td>6.1</td><td>53.5</td><td>73.0</td><td>255.4</td><td>420.8</td><td>160.5</td><td>244.4</td><td>100.0</td><td>.2</td><td>.5</td><td>4.4</td><td>6.0</td><td>21.0</td><td>34.6</td><td>13.2</td><td>20.1</td></tr><tr><td>Feb.....</td><td>1,017.1</td><td>3.2</td><td>8.1</td><td>61.0</td><td>82.9</td><td>258.3</td><td>366.2</td><td>108.8</td><td>128.5</td><td>100.0</td><td>.3</td><td>.8</td><td>6.0</td><td>8.2</td><td>25.4</td><td>36.0</td><td>10.7</td><td>12.6</td></tr><tr><td>Mar.....</td><td>236.1</td><td>.5</td><td>.9</td><td>7.4</td><td>10.5</td><td>46.7</td><td>81.4</td><td>43.3</td><td>47.4</td><td>100.0</td><td>.2</td><td>.4</td><td>3.1</td><td>4.4</td><td>19.6</td><td>34.2</td><td>18.2</td><td>19.9</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statements; (2) Distribution by denominations: sales reported to the Treasury. Less than $50,000 or less than .05 percent.
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. 2/ Denominations of $100 and $500 were first offered in November, 1943.
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>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th>Total</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>1943-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</td><td>409.6</td><td>100.0</td><td>11.1</td><td>88.9</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><tr><td>December</td><td>436.8</td><td>20.5</td><td>416.3</td><td>100.0</td><td>4.7</td><td>95.3</td></tr><tr><td>1944-January</td><td>1,216.1</td><td>108.2</td><td>1,107.9</td><td>100.0</td><td>8.9</td><td>91.1</td></tr><tr><td>February</td><td>1,017.1</td><td>75.3</td><td>941.8</td><td>100.0</td><td>7.4</td><td>92.6</td></tr><tr><td>March</td><td>236.1</td><td>21.2</td><td>216.9</td><td>100.0</td><td>8.9</td><td>91.1</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.
April 1944
43
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>Total 1/</th><th>Redemptions Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Percentage distribution of redemptions Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1941 2/ July 1941</td><td>5,294</td><td>+5,143</td><td>6,087</td><td>943</td><td>1/4/</td><td>1/5/</td><td>100.0</td><td>1/4/</td><td>1/5/</td></tr><tr><td>1942 (Aug. 1941-June 1942)</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>1,127,948</td><td>18,465/70,480</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 1/</td><td>544,847</td><td>474,168</td><td></td><td>100.0</td><td>87.1</td><td>12.9</td></tr><tr><td>1943-March</td><td>286,216</td><td>+1,671 1/</td><td>49,630 1/</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 1/</td><td>44,791 1/</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>9,713</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><tr><td>December</td><td>203,064</td><td>+649</td><td>43,585</td><td>42,937</td><td>33,896</td><td>9,040</td><td>100.0</td><td>78.9</td><td>21.1</td></tr><tr><td>1944-January</td><td>204,906</td><td>+1,842</td><td>37,451</td><td>35,610</td><td>30,027</td><td>5,582</td><td>100.0</td><td>84.3</td><td>15.7</td></tr><tr><td>February</td><td>200,577</td><td>-4,329</td><td>34,993</td><td>39,322</td><td>33,625</td><td>5,698</td><td>100.0</td><td>85.5</td><td>14.5</td></tr><tr><td>March</td><td>195,821</td><td>-4,755</td><td>40,029</td><td>44,784</td><td>35,784</td><td>9,000</td><td>100.0</td><td>79.9</td><td>20.1</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ Figures for periods prior to November 1, 1942 are not strictly comparable with subsequent data 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/ 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 thousand. Details not available for May, June, and July 1941. Included in this figure is the amount changed for postal savings certificates. These aggregated $123 thousand for the period August 1, 1941 through June 30, 1942 and $55 thousand for the period July 1, 1942 through October 31, 1942. Net of sales less redemptions. See footnote 1/7. Does not include amounts transferred from Postal Savings System to 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>26,614</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>1943-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>40,048</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>15,361</td><td>2,803</td><td>4,190</td><td>1,590</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>11.8</td><td>4.2</td></tr><tr><td>October</td><td>35,462</td><td>9,106</td><td>17,404</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>2,937</td><td>4,046</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><tr><td>December</td><td>43,585</td><td>11,235</td><td>22,129</td><td>3,187</td><td>5,038</td><td>1,997</td><td>100.0</td><td>25.8</td><td>50.8</td><td>7.3</td><td>11.5</td><td>4.6</td></tr><tr><td>1944-January</td><td>37,451</td><td>11,150</td><td>19,072</td><td>2,541</td><td>3,485</td><td>1,203</td><td>100.0</td><td>29.8</td><td>50.9</td><td>6.8</td><td>9.3</td><td>3.2</td></tr><tr><td>February</td><td>34,993</td><td>10,511</td><td>17,759</td><td>2,363</td><td>3,371</td><td>950</td><td>100.0</td><td>30.0</td><td>50.9</td><td>6.8</td><td>9.6</td><td>2.7</td></tr><tr><td>March</td><td>40,029</td><td>11,174</td><td>20,227</td><td>3,132</td><td>4,167</td><td>1,330</td><td>100.0</td><td>27.9</td><td>50.6</td><td>7.8</td><td>10.4</td><td>3.3</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.
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
April 1944
45
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="5">Distribution by classes of holders</th><th colspan="5">Distribution by classes of holders</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 unmetred outstanding</th><th>U. S. Government agencies and trust funds and Federal Reserve Bank 2/</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public non-marketable issues</th></tr><tr><td>1914</td><td>26,480</td><td>1,288</td><td>892</td><td>-</td><td>796</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>1915</td><td>27,645</td><td>1,625</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>1916</td><td>32,989</td><td>1,945</td><td>1,319</td><td>*</td><td>626</td><td>2,430</td><td>28,514</td><td>27,353</td><td>1,261</td><td>4,718</td><td>375</td><td>4,433</td><td>-</td></tr><tr><td>1917</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>28,855</td><td>1,188</td><td>4,665</td><td>363</td><td>4,302</td><td>-</td></tr><tr><td>1918</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>1919</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>5,850</td><td>286</td><td>5,164</td><td>-</td></tr><tr><td>1920</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>5,998</td><td>287</td><td>5,211</td><td>-</td></tr><tr><td>1921</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>1922</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>45,401</td><td>13,507</td><td>4,549</td><td>286</td><td>4,263</td><td>-</td></tr><tr><td>1923</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>170</td><td>115</td><td>68</td></tr><tr><td>1924-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>299</td><td>75</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>6,100</td><td>109,240</td><td>81,791</td><td>27,449</td><td>4,363</td><td>314</td><td>90</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>281</td><td>100</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>170</td><td>115</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>113</td><td>129</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>46</td><td>279</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>132,696</td><td>98,793</td><td>33,904</td><td>3,964</td><td>46</td><td>305</td><td>77</td></tr><tr><td>Oct.</td><td>163,589</td><td>16,641</td><td>3,766</td><td>7</td><td>11,858</td><td>9,301</td><td>138,646</td><td>102,875</td><td>35,769</td><td>4,113</td><td>62</td><td>140</td><td>190</td></tr><tr><td>Nov.</td><td>164,781</td><td>16,047</td><td>3,762</td><td>7</td><td>12,278</td><td>10,272</td><td>138,462</td><td>101,874</td><td>36,588</td><td>4,154</td><td>88</td><td>376</td><td>195</td></tr><tr><td>Dec.</td><td>164,508</td><td>16,493</td><td>3,783</td><td>7</td><td>12,703</td><td>11,460</td><td>136,555</td><td>99,983</td><td>36,567</td><td>4,225</td><td>87</td><td>437</td><td>205</td></tr><tr><td>1924-Jan.</td><td>167,043</td><td>16,653</td><td>3,773</td><td>8</td><td>12,873</td><td>11,985</td><td>138,405</td><td>99,501</td><td>38,903</td><td>4,269</td><td>91</td><td>495</td><td>191</td></tr><tr><td>Feb.</td><td>181,709</td><td>17,210</td><td>4,034</td><td>9</td><td>13,168</td><td>11,545</td><td>152,954</td><td>110,593</td><td>42,361</td><td>4,287</td><td>91</td><td>570</td><td>188</td></tr><tr><td>Mar.</td><td>183,348</td><td>17,543</td><td>4,028</td><td>9</td><td>13,507</td><td>12,111</td><td>153,693</td><td>111,941</td><td>41,752</td><td>2,258</td><td>7</td><td>539</td><td>175</td></tr></table>
(1) Total amounts outstanding: Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds; reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks: Federal Reserve System. Preliminary. Revised to classify as non-marketable issues the Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which are held entirely by United States Government corporations.
1/ Less than $500,000.
2/ Excludes matured securities and obligations sold directly to the Treasury.
3/ 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>-15.3</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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.
Treasury Bulletin
46
Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, February 29, 1944
The following tables present summary data from the Treasury survey, as of February 29, 1944, 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.
It should be noted that commencing with the Treasury survey as of February 29, 1944, the Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which are held entirely by United States Government agencies and trust funds, have been reclassified as non-marketable issues.
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 out-standing</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 3/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total institutions</th><th>Total</th><th>6,911 banks</th><th>75% insurance companies</th><th>209 life insurance companies</th><th>515 fire casualty, and marine insurance companies</th></tr><tr><td>I. By type of security</td><td></td><td></td><td></td><td>6,398 commercial banks</td><td>513 savings banks 2/</td><td>Total</td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>13,112</td><td>5,488</td><td>5,488</td><td>5,488</td><td>5</td><td>*</td><td>*</td><td>6,360</td><td>1,263</td></tr><tr><td>Certificates of indebtedness</td><td>25,680</td><td>13,590</td><td>13,208</td><td>13,030</td><td>179</td><td>382</td><td>135</td><td>2,765</td><td>9,325</td></tr><tr><td>Treasury notes</td><td>13,302</td><td>9,481</td><td>9,222</td><td>9,039</td><td>183</td><td>259</td><td>131</td><td>951</td><td>2,870</td></tr><tr><td>Treasury bonds</td><td>73,882</td><td>50,697</td><td>36,094</td><td>29,788</td><td>6,306</td><td>14,603</td><td>12,860</td><td>5,467</td><td>17,718</td></tr><tr><td>Other bonds</td><td>196</td><td>16</td><td>15</td><td>15</td><td>*</td><td>1</td><td>*</td><td>34</td><td>146</td></tr><tr><td>Guaranteed issues 3/</td><td>3,469</td><td>2,682</td><td>2,489</td><td>2,458</td><td>31</td><td>193</td><td>164</td><td>29</td><td>91</td></tr><tr><td>Total</td><td>129,640</td><td>81,956</td><td>66,517</td><td>59,814</td><td>6,703</td><td>15,437</td><td>13,291</td><td>2,147</td><td>15,669</td><td>32,017</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></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></tr><tr><td>Within 1 year</td><td>46,005</td><td>23,247</td><td>22,551</td><td>22,283</td><td>267</td><td>697</td><td>355</td><td>342</td><td>9,758</td><td>13,000</td></tr><tr><td>1 to 5 years</td><td>24,219</td><td>18,191</td><td>16,609</td><td>16,029</td><td>579</td><td>1,582</td><td>1,141</td><td>441</td><td>1,656</td><td>4,372</td></tr><tr><td>5 to 10 years</td><td>30,015</td><td>22,854</td><td>19,544</td><td>17,245</td><td>2,299</td><td>3,310</td><td>2,667</td><td>643</td><td>1,423</td><td>5,739</td></tr><tr><td>10 to 15 years</td><td>10,366</td><td>6,338</td><td>4,180</td><td>2,680</td><td>1,500</td><td>2,158</td><td>1,758</td><td>401</td><td>750</td><td>3,278</td></tr><tr><td>15 to 20 years</td><td>6,484</td><td>4,409</td><td>1,427</td><td>685</td><td>742</td><td>2,982</td><td>2,802</td><td>179</td><td>581</td><td>1,495</td></tr><tr><td>Over 20 years</td><td>12,589</td><td>6,895</td><td>2,199</td><td>885</td><td>1,314</td><td>4,696</td><td>4,555</td><td>141</td><td>1,501</td><td>4,133</td></tr><tr><td>Federal Housing Administration debentures</td><td>23</td><td>20</td><td>8</td><td>7</td><td>1</td><td>12</td><td>12</td><td>*</td><td>1</td><td>2</td></tr><tr><td>Total</td><td>129,640</td><td>81,956</td><td>66,517</td><td>59,814</td><td>6,703</td><td>15,437</td><td>13,291</td><td>2,147</td><td>15,669</td><td>32,017</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></tr><tr><td>Wholly exempt from Federal income taxes 3/</td><td>2,128</td><td>523</td><td>495</td><td>494</td><td>2</td><td>27</td><td>3</td><td>25</td><td>244</td><td>1,361</td></tr><tr><td>Partially exempt from Federal income taxes 3/</td><td>27,212</td><td>18,947</td><td>15,747</td><td>15,056</td><td>692</td><td>3,200</td><td>2,148</td><td>1,052</td><td>2,691</td><td>5,574</td></tr><tr><td>Subject to Federal income taxes</td><td>100,301</td><td>62,486</td><td>50,276</td><td>44,264</td><td>6,010</td><td>12,210</td><td>11,140</td><td>1,070</td><td>12,734</td><td>25,083</td></tr><tr><td>Total</td><td>129,640</td><td>81,956</td><td>66,517</td><td>59,814</td><td>6,703</td><td>15,437</td><td>13,291</td><td>2,147</td><td>15,669</td><td>32,017</td></tr></table>
(Continued on following page)
April 1944
47
Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, February 29, 1944 - (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">Public marketable interest-bearing securities 1/ Held by banks and insurance companies covered in Treasury survey</th><th rowspan="2">Beld by U. S. Government agencies and trust funds, and Federal Reserve Banks 3/</th><th rowspan="2">Seld by all other investors</th></tr><tr><th>Total 7,555 insti- tutions</th><th>Total</th><th>6,911 banks</th><th>754 insurance companies</th><th>209 life insurance companies</th><th>545 fire, casualty, and marine insurance companies</th></tr><tr><td>I. By type of security</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>10.1</td><td>6.7</td><td>8.3</td><td>9.2</td><td>.1</td><td>-</td><td>-</td><td>40.6</td><td>3.9</td></tr><tr><td>Certificates of indebtedness</td><td>19.8</td><td>16.6</td><td>19.9</td><td>21.8</td><td>2.7</td><td>2.5</td><td>1.0</td><td>17.6</td><td>29.1</td></tr><tr><td>Treasury notes</td><td>10.3</td><td>11.6</td><td>13.9</td><td>15.1</td><td>2.7</td><td>1.7</td><td>1.0</td><td>8.1</td><td>9.0</td></tr><tr><td>Treasury bonds</td><td>57.0</td><td>61.9</td><td>54.3</td><td>49.8</td><td>94.1</td><td>94.6</td><td>96.8</td><td>34.9</td><td>55.3</td></tr><tr><td>Other bonds</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>.5</td></tr><tr><td>Guaranteed issues 2/</td><td>2.7</td><td>3.3</td><td>3.7</td><td>4.1</td><td>.5</td><td>1.3</td><td>1.2</td><td>.6</td><td>2.2</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></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>28.4</td><td>33.9</td><td>37.3</td><td>4.0</td><td>4.5</td><td>2.7</td><td>62.3</td><td>40.6</td></tr><tr><td>1 to 5 years</td><td>18.7</td><td>22.2</td><td>25.0</td><td>26.8</td><td>8.6</td><td>10.3</td><td>8.6</td><td>10.6</td><td>13.7</td></tr><tr><td>5 to 10 years</td><td>23.2</td><td>27.9</td><td>28.4</td><td>28.8</td><td>34.3</td><td>21.4</td><td>20.1</td><td>9.1</td><td>17.9</td></tr><tr><td>10 to 15 years</td><td>8.0</td><td>7.7</td><td>6.3</td><td>4.5</td><td>22.4</td><td>14.0</td><td>13.2</td><td>4.8</td><td>10.2</td></tr><tr><td>15 to 20 years</td><td>5.0</td><td>5.4</td><td>2.1</td><td>1.1</td><td>11.1</td><td>19.3</td><td>21.1</td><td>3.7</td><td>4.7</td></tr><tr><td>Over 20 years</td><td>9.7</td><td>8.4</td><td>3.3</td><td>1.5</td><td>19.6</td><td>30.4</td><td>34.3</td><td>9.6</td><td>12.9</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></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></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 5/</td><td>1.6</td><td>.6</td><td>.7</td><td>.8</td><td>-</td><td>.2</td><td>-</td><td>1.6</td><td>4.3</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>21.0</td><td>23.1</td><td>23.7</td><td>25.2</td><td>10.3</td><td>20.7</td><td>16.2</td><td>17.2</td><td>17.4</td></tr><tr><td>Subject to Federal income taxes</td><td>77.4</td><td>76.2</td><td>75.6</td><td>74.0</td><td>89.7</td><td>79.1</td><td>83.8</td><td>81.3</td><td>78.3</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></tr></table>
PART C - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
<table><tr><th rowspan="2">Classification</th><th colspan="7">Public marketable interest-bearing securities 1/</th></tr><tr><th>Total amount outstanding</th><th>Total 7,665 institutions</th><th colspan="3">Held by banks and insurance companies covered in Treasury survey</th><th colspan="2">Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 3/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>Total</th><th>6,911 banks</th><th>754 insurance companies</th><th>545 fire, life and marine insurance companies</th><th>Total</th><th>209</th><th>1.7</th></tr><tr><th>I. By type of security</th><th></th><th></th><th>commercial banks 2/</th><th></th><th></th><th></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></tr><tr><td>Treasury bills</td><td>100.0</td><td>41.9</td><td>41.9</td><td>41.8</td><td>*</td><td>*</td><td>*</td><td>48.5</td><td>9.6</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>52.9</td><td>51.4</td><td>50.7</td><td>1.7</td><td>1.5</td><td>1.0</td><td>10.8</td><td>35.3</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>71.3</td><td>69.3</td><td>68.0</td><td>1.4</td><td>1.9</td><td>1.0</td><td>7.1</td><td>21.6</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>68.6</td><td>48.9</td><td>40.3</td><td>8.5</td><td>19.8</td><td>17.4</td><td>2.4</td><td>24.0</td></tr><tr><td>Other bonds</td><td>100.0</td><td>8.0</td><td>7.6</td><td>7.6</td><td>1.1</td><td>1.4</td><td>*</td><td>1.7</td><td>74.4</td></tr><tr><td>Guaranteed issues 1/</td><td>100.0</td><td>71.3</td><td>71.8</td><td>70.9</td><td>1.9</td><td>5.5</td><td>4.7</td><td>1.7</td><td>20.1</td></tr><tr><td>Total</td><td>100.0</td><td>63.2</td><td>51.3</td><td>46.1</td><td>5.2</td><td>11.9</td><td>10.3</td><td>1.7</td><td>24.7</td></tr><tr><th>II. By call classes</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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></tr><tr><td>Within 1 year</td><td>100.0</td><td>50.5</td><td>49.0</td><td>48.4</td><td>1.6</td><td>1.5</td><td>1.8</td><td>21.2</td><td>25.3</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>75.1</td><td>68.6</td><td>66.2</td><td>2.4</td><td>6.5</td><td>4.7</td><td>6.8</td><td>18.1</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>76.1</td><td>65.1</td><td>57.9</td><td>7.7</td><td>11.0</td><td>8.9</td><td>4.7</td><td>19.2</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>61.1</td><td>40.3</td><td>25.9</td><td>11.4</td><td>20.8</td><td>17.0</td><td>7.2</td><td>31.6</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>68.0</td><td>22.0</td><td>10.6</td><td>11.4</td><td>46.0</td><td>43.2</td><td>9.0</td><td>23.1</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>55.0</td><td>17.5</td><td>7.1</td><td>10.5</td><td>37.5</td><td>36.4</td><td>12.0</td><td>33.0</td></tr><tr><td>Federal Housing Administration debentures</td><td>100.0</td><td>87.5</td><td>34.4</td><td>30.6</td><td>3.8</td><td>53.0</td><td>53.0</td><td>5.1</td><td>7.4</td></tr><tr><td>Total</td><td>100.0</td><td>63.2</td><td>51.3</td><td>46.1</td><td>5.2</td><td>11.9</td><td>10.3</td><td>1.7</td><td>24.7</td></tr><tr><th>III. By tax-exemption provisions</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes 5/</td><td>100.0</td><td>24.6</td><td>23.3</td><td>23.2</td><td>1.3</td><td>1.3</td><td>1.1</td><td>11.5</td><td>64.0</td></tr><tr><td>Partially exempt from Federal income taxes 6/</td><td>100.0</td><td>69.6</td><td>57.9</td><td>55.3</td><td>2.5</td><td>11.8</td><td>7.9</td><td>3.9</td><td>20.5</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>62.3</td><td>50.1</td><td>44.1</td><td>6.0</td><td>12.2</td><td>11.1</td><td>1.1</td><td>25.0</td></tr><tr><td>Total</td><td>100.0</td><td>63.2</td><td>51.3</td><td>46.1</td><td>5.2</td><td>11.9</td><td>10.3</td><td>1.7</td><td>24.7</td></tr></table>
Back Figures: For revisions of previously published data on life insurance companies and on fire, casualty, and marine insurance companies, see "Treasury Bulletin" for November 1943, pages 52-63. Less than $500,000 or less than .05%.
(1) Public marketable securities. Includes all securities (including 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 loans) held by institutions which are not "insured" by such institutions reporting, see Table II, footnote 1/.
(2) Excludes certain banks which accept demand deposits and which have been classified as commercial banks. In the Treasury survey for November 30, 1943, the noncentralized "savings banks"
replaced that of Mutual savings banks. This change reflected a more nearly correct designation of the nature of the bank, including the fact that without measurably affecting the comparability of the two classes. Excludes Exchange Stabilization Fund. Excludes obligations sold directly to the Treasury. Securites the income from which is exempt from the normal rate and the surtax rates of the Federal income tax. Securites 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.)
48
Treasury Bulletin
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, February 29, 1944 - (Continued)
Table II.- Distribution of Ownership for Each 'Issue Outstanding
PART A - PAR VALUES IN MILLIONS OF DOLLARS
<table><tr><th rowspan="2">Issue, classified by tax-exemption provision</th><th rowspan="2">Total amount outstanding</th><th colspan="8">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 3/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total 7,665 institutions</th><th>Total</th><th>6,911 commercial banks</th><th>513 savings banks 2/</th><th>754 insurance companies</th><th>209 life insurance companies</th><th>545 fire, casualty, and marine insurance companies</th></tr><tr><td>I. Wholly 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><td></td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/4% March 1944</td><td>515</td><td>172</td><td>168</td><td>168</td><td>*</td><td>4</td><td>*</td><td>4</td><td>88</td><td>255</td></tr><tr><td>3/4% June 1944</td><td>416</td><td>99</td><td>94</td><td>93</td><td>1</td><td>5</td><td>2</td><td>3</td><td>60</td><td>257</td></tr><tr><td>1/4% September 1944</td><td>283</td><td>32</td><td>31</td><td>30</td><td>*</td><td>2</td><td>*</td><td>2</td><td>24</td><td>257</td></tr><tr><td>3/4% March 1945</td><td>715</td><td>203</td><td>188</td><td>187</td><td>1</td><td>15</td><td>*</td><td>15</td><td>39</td><td>476</td></tr><tr><td>Total Treasury notes</td><td>1,932</td><td>507</td><td>480</td><td>479</td><td>1</td><td>26</td><td>3</td><td>24</td><td>210</td><td>1,215</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><td></td></tr><tr><td>Postal savings</td><td>117</td><td>14</td><td>14</td><td>14</td><td>*</td><td>1</td><td>*</td><td>1</td><td>34</td><td>68</td></tr><tr><td>Panama Canal</td><td>50</td><td>1</td><td>1</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>49</td></tr><tr><td>Conversion</td><td>29</td><td>1</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>16</td><td>15</td><td>15</td><td>*</td><td>1</td><td>*</td><td>1</td><td>34</td><td>145</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>2,128</td><td>523</td><td>495</td><td>494</td><td>2</td><td>27</td><td>3</td><td>25</td><td>244</td><td>1,361</td></tr><tr><td>II. Partially exempt from Federal income taxes 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bonds</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>1-1/4% April 1944-45</td><td>1,519</td><td>833</td><td>795</td><td>774</td><td>20</td><td>39</td><td>13</td><td>26</td><td>196</td><td>489</td></tr><tr><td>1/4% December 1944-58</td><td>1,037</td><td>560</td><td>458</td><td>428</td><td>30</td><td>102</td><td>69</td><td>33</td><td>94</td><td>363</td></tr><tr><td>2-3/4% September 1945-47</td><td>1,214</td><td>741</td><td>576</td><td>547</td><td>29</td><td>165</td><td>136</td><td>28</td><td>171</td><td>302</td></tr><tr><td>2-1/2% December 1945</td><td>541</td><td>402</td><td>357</td><td>348</td><td>9</td><td>45</td><td>19</td><td>25</td><td>18</td><td>121</td></tr><tr><td>3-1/4% March 1946-56</td><td>489</td><td>317</td><td>229</td><td>213</td><td>16</td><td>89</td><td>75</td><td>14</td><td>73</td><td>99</td></tr><tr><td>3/4% June 1946-48</td><td>1,036</td><td>630</td><td>484</td><td>441</td><td>42</td><td>146</td><td>117</td><td>30</td><td>210</td><td>196</td></tr><tr><td>1-1/4% June 1946-49</td><td>819</td><td>484</td><td>360</td><td>335</td><td>24</td><td>124</td><td>103</td><td>21</td><td>89</td><td>246</td></tr><tr><td>1-1/4% October 1947-52</td><td>759</td><td>419</td><td>321</td><td>290</td><td>32</td><td>97</td><td>63</td><td>34</td><td>89</td><td>252</td></tr><tr><td>2% December 1947</td><td>701</td><td>599</td><td>563</td><td>560</td><td>3</td><td>36</td><td>5</td><td>31</td><td>*</td><td>102</td></tr><tr><td>2-3/4% March 1948-51</td><td>1,223</td><td>946</td><td>818</td><td>791</td><td>28</td><td>128</td><td>92</td><td>36</td><td>160</td><td>117</td></tr><tr><td>2-1/2% September 1948</td><td>451</td><td>389</td><td>349</td><td>346</td><td>4</td><td>39</td><td>24</td><td>16</td><td>*</td><td>62</td></tr><tr><td>2% December 1948-50</td><td>571</td><td>461</td><td>456</td><td>451</td><td>5</td><td>25</td><td>5</td><td>20</td><td>44</td><td>46</td></tr><tr><td>3-1/4% December 1949-52</td><td>491</td><td>384</td><td>313</td><td>292</td><td>21</td><td>70</td><td>44</td><td>27</td><td>40</td><td>67</td></tr><tr><td>2-1/2% December 1949-53</td><td>1,786</td><td>1,328</td><td>1,225</td><td>1,191</td><td>34</td><td>103</td><td>39</td><td>64</td><td>231</td><td>227</td></tr><tr><td>2-1/2% September 1950-52</td><td>1,186</td><td>1,020</td><td>928</td><td>896</td><td>32</td><td>92</td><td>37</td><td>55</td><td>118</td><td>48</td></tr><tr><td>2-3/4% June 1951-54</td><td>1,627</td><td>1,294</td><td>969</td><td>909</td><td>59</td><td>295</td><td>227</td><td>68</td><td>169</td><td>194</td></tr><tr><td>3/4% September 1951-55</td><td>755</td><td>427</td><td>346</td><td>326</td><td>20</td><td>82</td><td>53</td><td>28</td><td>79</td><td>249</td></tr><tr><td>2-1/4% December 1951-53</td><td>1,118</td><td>915</td><td>861</td><td>854</td><td>7</td><td>54</td><td>17</td><td>38</td><td>109</td><td>94</td></tr><tr><td>2% June 1953-55</td><td>785</td><td>653</td><td>625</td><td>622</td><td>3</td><td>28</td><td>2</td><td>26</td><td>14</td><td>58</td></tr><tr><td>2-1/4% June 1954-56</td><td>681</td><td>558</td><td>475</td><td>466</td><td>9</td><td>84</td><td>47</td><td>36</td><td>14</td><td>78</td></tr><tr><td>2-7/8% March 1955-60</td><td>2,611</td><td>1,305</td><td>953</td><td>853</td><td>100</td><td>353</td><td>221</td><td>131</td><td>362</td><td>944</td></tr><tr><td>2-3/4% September 1956-59</td><td>982</td><td>689</td><td>469</td><td>428</td><td>42</td><td>219</td><td>148</td><td>71</td><td>128</td><td>166</td></tr><tr><td>2-3/4% June 1958-63</td><td>919</td><td>731</td><td>438</td><td>396</td><td>41</td><td>254</td><td>221</td><td>73</td><td>69</td><td>118</td></tr><tr><td>2-3/4% December 1960-65</td><td>1,485</td><td>1,059</td><td>745</td><td>684</td><td>61</td><td>314</td><td>211</td><td>103</td><td>109</td><td>318</td></tr><tr><td>Total Treasury bonds</td><td>24,726</td><td>17,134</td><td>14,112</td><td>13,442</td><td>670</td><td>3,023</td><td>1,990</td><td>1,032</td><td>2,615</td><td>4,977</td></tr><tr><td>Guaranteed issues 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>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><td></td></tr><tr><td>3-1/4% March 1944-46</td><td>95</td><td>61</td><td>53</td><td>50</td><td>3</td><td>8</td><td>7</td><td>1</td><td>8</td><td>86</td></tr><tr><td>3/4% May 1944-49</td><td>835</td><td>577</td><td>503</td><td>497</td><td>5</td><td>74</td><td>69</td><td>5</td><td>28</td><td>230</td></tr><tr><td>Federal Housing Administration debentures</td><td>23</td><td>20</td><td>8</td><td>7</td><td>1</td><td>12</td><td>12</td><td>*</td><td>1</td><td>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><td></td></tr><tr><td>3/4% May 1944-52</td><td>779</td><td>483</td><td>443</td><td>434</td><td>9</td><td>40</td><td>34</td><td>6</td><td>38</td><td>257</td></tr><tr><td>1-1/2% June 1945-47</td><td>755</td><td>672</td><td>625</td><td>625</td><td>4</td><td>44</td><td>36</td><td>7</td><td>1</td><td>81</td></tr><tr><td>Total guaranteed issues</td><td>2,486</td><td>1,813</td><td>1,636</td><td>1,614</td><td>22</td><td>177</td><td>158</td><td>20</td><td>76</td><td>597</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>27,212</td><td>18,947</td><td>15,747</td><td>15,056</td><td>692</td><td>3,200</td><td>2,148</td><td>1,052</td><td>2,691</td><td>5,574</td></tr></table>
(Continued on following page)
April 1944
49
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, February 29, 1944 - (Continued)
Table II.
Distribution of Ownership for Each Issue Outstanding - (Continued)
PART A - P
R VALUES IN MILLIONS OF DOLLARS-(Continued)
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total amount outstanding</th><th colspan="6">Hold by banks and insurance companies covered in Treasury survey</th><th>U. S. Government agencies and trust funds, and Federal Reserve Banks 3/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>Total 7,665 institutions</th><th colspan="3">6,911 banks</th><th colspan="3">754 insurance companies</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>Total</th><th>6,398 commercial banks</th><th>513 savings banks 2/</th><th>Total</th><th>209 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></td><td>13,112</td><td>5,488</td><td>5,488</td><td>5,484</td><td>5</td><td>*</td><td>*</td><td>6,360</td><td>1,263</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% April 1944</td><td></td><td>5,251</td><td>3,014</td><td>2,995</td><td>2,970</td><td>26</td><td>38</td><td>14</td><td>24</td><td>1,394</td></tr><tr><td>7/8% May 1944</td><td></td><td>1,655</td><td>1,167</td><td>1,160</td><td>1,155</td><td>4</td><td>7</td><td>*</td><td>7</td><td>180</td></tr><tr><td>7/8% August 1944</td><td></td><td>2,945</td><td>1,795</td><td>1,768</td><td>1,762</td><td>6</td><td>26</td><td>11</td><td>16</td><td>245</td></tr><tr><td>7/8% September 1944</td><td></td><td>4,122</td><td>1,710</td><td>1,640</td><td>1,619</td><td>21</td><td>70</td><td>14</td><td>56</td><td>2,158</td></tr><tr><td>7/8% October 1944</td><td></td><td>3,519</td><td>2,597</td><td>2,587</td><td>2,579</td><td>8</td><td>10</td><td>*</td><td>10</td><td>404</td></tr><tr><td>7/8% December 1944</td><td></td><td>3,540</td><td>2,572</td><td>2,558</td><td>2,550</td><td>8</td><td>13</td><td>2</td><td>11</td><td>623</td></tr><tr><td>7/8% February 1945</td><td></td><td>5,048</td><td>716</td><td>499</td><td>395</td><td>104</td><td>217</td><td>93</td><td>124</td><td>4,301</td></tr><tr><td>Total certificates of indebtedness</td><td></td><td>25,680</td><td>13,590</td><td>13,208</td><td>13,030</td><td>179</td><td>382</td><td>135</td><td>247</td><td>2,765</td><td>9,325</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></td><td>615</td><td>458</td><td>413</td><td>437</td><td>6</td><td>25</td><td>19</td><td>6</td><td>48</td><td>120</td></tr><tr><td>90% March 1945</td><td></td><td>2,127</td><td>1,614</td><td>1,607</td><td>1,603</td><td>4</td><td>7</td><td>1</td><td>6</td><td>217</td><td>296</td></tr><tr><td>1-1/4% March 1945</td><td></td><td>1,606</td><td>1,177</td><td>1,151</td><td>1,134</td><td>17</td><td>26</td><td>14</td><td>12</td><td>165</td><td>264</td></tr><tr><td>3/4% December 1945</td><td></td><td>511</td><td>420</td><td>392</td><td>382</td><td>10</td><td>28</td><td>19</td><td>9</td><td>25</td><td>86</td></tr><tr><td>1% March 1946</td><td></td><td>503</td><td>414</td><td>383</td><td>376</td><td>7</td><td>31</td><td>24</td><td>7</td><td>1</td><td>88</td></tr><tr><td>1-1/2% December 1946</td><td></td><td>3,261</td><td>2,624</td><td>2,570</td><td>2,500</td><td>70</td><td>54</td><td>19</td><td>35</td><td>285</td><td>352</td></tr><tr><td>1-1/2% September 1947</td><td></td><td>2,707</td><td>2,257</td><td>2,196</td><td>2,129</td><td>67</td><td>51</td><td>32</td><td>29</td><td>*</td><td>450</td></tr><tr><td>Total Treasury notes</td><td></td><td>11,370</td><td>8,974</td><td>8,742</td><td>8,561</td><td>181</td><td>232</td><td>128</td><td>104</td><td>741</td><td>1,655</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><td></td></tr><tr><td>2% March 1948-50</td><td></td><td>1,115</td><td>884</td><td>675</td><td>557</td><td>118</td><td>209</td><td>186</td><td>23</td><td>60</td><td>172</td></tr><tr><td>1-3/4% June 1948</td><td></td><td>3,062</td><td>2,517</td><td>2,305</td><td>2,214</td><td>91</td><td>213</td><td>170</td><td>43</td><td>9</td><td>515</td></tr><tr><td>2% June 1949-51</td><td></td><td>1,014</td><td>929</td><td>802</td><td>712</td><td>90</td><td>127</td><td>113</td><td>14</td><td>22</td><td>63</td></tr><tr><td>2% September 1949-51</td><td></td><td>1,292</td><td>1,161</td><td>1,037</td><td>924</td><td>112</td><td>125</td><td>106</td><td>19</td><td>12</td><td>119</td></tr><tr><td>2% December 1949-51</td><td></td><td>2,093</td><td>1,760</td><td>1,594</td><td>1,444</td><td>120</td><td>196</td><td>174</td><td>22</td><td>12</td><td>325</td></tr><tr><td>2% March 1950-52</td><td></td><td>1,963</td><td>1,802</td><td>1,562</td><td>1,442</td><td>119</td><td>241</td><td>213</td><td>28</td><td>25</td><td>135</td></tr><tr><td>2% September 1950-52</td><td></td><td>4,913</td><td>3,554</td><td>2,928</td><td>2,611</td><td>317</td><td>606</td><td>542</td><td>64</td><td>135</td><td>1,270</td></tr><tr><td>2% September 1951-53</td><td></td><td>7,936</td><td>5,914</td><td>4,471</td><td>3,719</td><td>752</td><td>873</td><td>726</td><td>147</td><td>301</td><td>2,411</td></tr><tr><td>2% December 1951-53</td><td></td><td>510</td><td>395</td><td>359</td><td>344</td><td>15</td><td>36</td><td>29</td><td>7</td><td>18</td><td>98</td></tr><tr><td>2-1/2% March 1952-54</td><td></td><td>1,024</td><td>730</td><td>592</td><td>283</td><td>308</td><td>138</td><td>128</td><td>11</td><td>69</td><td>225</td></tr><tr><td>2-1/4% June 1952-54</td><td></td><td>1,501</td><td>1,207</td><td>924</td><td>673</td><td>291</td><td>243</td><td>217</td><td>25</td><td>69</td><td>225</td></tr><tr><td>2-1/4% March 1955-58</td><td></td><td>1,449</td><td>1,080</td><td>566</td><td>255</td><td>311</td><td>514</td><td>497</td><td>17</td><td>59</td><td>309</td></tr><tr><td>2-1/4% September 1955-59</td><td></td><td>3,725</td><td>1,974</td><td>1,279</td><td>283</td><td>997</td><td>695</td><td>622</td><td>73</td><td>88</td><td>1,661</td></tr><tr><td>2-1/2% June 1962-67</td><td></td><td>2,118</td><td>1,503</td><td>202</td><td>-</td><td>202</td><td>1,301</td><td>1,260</td><td>41</td><td>201</td><td>413</td></tr><tr><td>2-1/2% December 1963-68</td><td></td><td>2,831</td><td>1,846</td><td>479</td><td>-</td><td>479</td><td>1,367</td><td>1,332</td><td>35</td><td>271</td><td>714</td></tr><tr><td>2-1/2% June 1954-69</td><td></td><td>3,762</td><td>2,161</td><td>584</td><td>-</td><td>584</td><td>1,577</td><td>1,537</td><td>41</td><td>410</td><td>1,191</td></tr><tr><td>2-1/2% December 1964-69</td><td></td><td>3,838</td><td>1,912</td><td>347</td><td>-</td><td>347</td><td>1,565</td><td>1,524</td><td>41</td><td>513</td><td>1,413</td></tr><tr><td>2-1/2% March 1965-70</td><td></td><td>2,213</td><td>1,059</td><td>79</td><td>24</td><td>54</td><td>980</td><td>958</td><td>22</td><td>257</td><td>897</td></tr><tr><td>2-1/2% September 1967-72</td><td></td><td>2,716</td><td>1,763</td><td>1,189</td><td>860</td><td>329</td><td>574</td><td>536</td><td>18</td><td>322</td><td>632</td></tr><tr><td>Total Treasury bonds</td><td></td><td>49,256</td><td>33,563</td><td>21,982</td><td>16,346</td><td>5,636</td><td>11,580</td><td>10,870</td><td>710</td><td>2,852</td><td>12,741</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><td></td></tr><tr><td>Commodity Credit Corporation 1-1/8% February 1945</td><td></td><td>412</td><td>368</td><td>358</td><td>353</td><td>6</td><td>9</td><td>5</td><td>4</td><td>4</td><td>40</td></tr><tr><td>Reconstruction Finance Corporation 1% April 1944</td><td></td><td>571</td><td>502</td><td>495</td><td>492</td><td>4</td><td>6</td><td>1</td><td>5</td><td>11</td><td>59</td></tr><tr><td>Total guaranteed issues</td><td></td><td>983</td><td>869</td><td>853</td><td>844</td><td>9</td><td>16</td><td>6</td><td>9</td><td>15</td><td>99</td></tr><tr><td>Total subject to Federal income taxes</td><td></td><td>100,301</td><td>62,848</td><td>50,274</td><td>44,294</td><td>6,010</td><td>12,210</td><td>11,140</td><td>1,070</td><td>12,734</td><td>25,083</td></tr><tr><td>IV. Grand total</td><td></td><td>129,640</td><td>81,354</td><td>66,517</td><td>59,814</td><td>6,703</td><td>15,417</td><td>13,291</td><td>2,147</td><td>15,669</td><td>32,017</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, February 29, 1944 - (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>Total 7,665 institutions</th><th colspan="3">Held by banks and insurance companies covered in Treasury survey</th><th colspan="3">Held by U.S. Government agencies and trust funds, and Federal Reserve Banks 3/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>6,911 commercial banks</th><th>513 savings banks 2/</th><th>Total</th><th>754 insurance companies</th><th>209 life insurance companies</th><th>545 fire, casualty, and marine insurance companies</th><th></th></tr><tr><td>I. Wholly 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 notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/4 March 1944</td><td>100.0</td><td>33.5</td><td>32.7</td><td>32.6</td><td>*</td><td>.8</td><td>.8</td><td>.7</td><td>17.1</td><td>49.4</td></tr><tr><td>3/4 June 1944</td><td>100.0</td><td>23.8</td><td>22.5</td><td>22.4</td><td>.1</td><td>1.3</td><td>.6</td><td>.7</td><td>14.3</td><td>61.9</td></tr><tr><td>1/4 September 1944</td><td>100.0</td><td>11.4</td><td>10.9</td><td>10.8</td><td>.1</td><td>.6</td><td>-</td><td>.6</td><td>8.4</td><td>80.2</td></tr><tr><td>3/4 March 1945</td><td>100.0</td><td>28.3</td><td>26.1</td><td>26.1</td><td>.1</td><td>2.2</td><td>*</td><td>2.1</td><td>5.4</td><td>66.3</td></tr><tr><td>Total Treasury notes</td><td>100.0</td><td>26.2</td><td>24.9</td><td>24.8</td><td>.1</td><td>1.4</td><td>.1</td><td>1.2</td><td>10.9</td><td>62.9</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>12.3</td><td>11.7</td><td>11.6</td><td>.1</td><td>.6</td><td>.1</td><td>.5</td><td>29.3</td><td>58.4</td></tr><tr><td>Panama Canal</td><td>100.0</td><td>1.6</td><td>1.5</td><td>1.5</td><td>-</td><td>.1</td><td>-</td><td>.1</td><td>-</td><td>98.4</td></tr><tr><td>Conversion</td><td>100.0</td><td>1.8</td><td>1.6</td><td>1.6</td><td>*</td><td>.2</td><td>-</td><td>.2</td><td>-</td><td>98.2</td></tr><tr><td>Total bonds</td><td>100.0</td><td>8.0</td><td>7.6</td><td>7.6</td><td>.1</td><td>.4</td><td>*</td><td>.4</td><td>17.5</td><td>74.4</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>100.0</td><td>24.6</td><td>23.3</td><td>23.2</td><td>.1</td><td>1.3</td><td>.1</td><td>1.2</td><td>11.5</td><td>64.0</td></tr><tr><td>II. Partially exempt from Federal income taxes 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>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>1-1/4 April 1944-46</td><td>100.0</td><td>54.9</td><td>52.3</td><td>51.0</td><td>1.3</td><td>2.5</td><td>9.7</td><td>1.7</td><td>12.9</td><td>32.2</td></tr><tr><td>1/4 December 1944-54</td><td>100.0</td><td>54.0</td><td>52.2</td><td>41.3</td><td>2.9</td><td>9.9</td><td>6.7</td><td>3.2</td><td>9.0</td><td>36.9</td></tr><tr><td>2-3/4 September 1945-47</td><td>100.0</td><td>61.0</td><td>47.5</td><td>45.0</td><td>2.4</td><td>13.6</td><td>11.2</td><td>2.3</td><td>14.1</td><td>24.9</td></tr><tr><td>2-1/2 December 1945</td><td>100.0</td><td>74.3</td><td>66.0</td><td>64.3</td><td>1.7</td><td>8.3</td><td>3.6</td><td>4.7</td><td>3.3</td><td>22.4</td></tr><tr><td>3-3/4 March 1946-56</td><td>100.0</td><td>64.8</td><td>46.7</td><td>43.5</td><td>3.2</td><td>18.1</td><td>15.3</td><td>2.9</td><td>15.0</td><td>20.2</td></tr><tr><td>3/4 June 1946-48</td><td>100.0</td><td>60.8</td><td>46.7</td><td>42.6</td><td>4.1</td><td>14.1</td><td>11.3</td><td>2.9</td><td>20.2</td><td>18.9</td></tr><tr><td>1-1/8 June 1946-49</td><td>100.0</td><td>59.1</td><td>44.0</td><td>41.0</td><td>2.9</td><td>15.1</td><td>12.6</td><td>2.5</td><td>10.9</td><td>30.0</td></tr><tr><td>1-1/4 October 1947-52</td><td>100.0</td><td>55.2</td><td>42.3</td><td>38.2</td><td>4.2</td><td>12.8</td><td>8.3</td><td>4.5</td><td>11.7</td><td>33.2</td></tr><tr><td>2/4 December 1947</td><td>100.0</td><td>85.5</td><td>80.3</td><td>79.9</td><td>.4</td><td>5.1</td><td>.8</td><td>4.4</td><td>*</td><td>14.5</td></tr><tr><td>2-3/4 March 1948-51</td><td>100.0</td><td>77.3</td><td>66.9</td><td>64.6</td><td>2.3</td><td>10.5</td><td>7.5</td><td>2.9</td><td>13.1</td><td>9.6</td></tr><tr><td>2-1/2 September 1948</td><td>100.0</td><td>86.2</td><td>77.5</td><td>76.6</td><td>.9</td><td>8.7</td><td>5.3</td><td>3.4</td><td>-</td><td>13.8</td></tr><tr><td>2/4 December 1948-50</td><td>100.0</td><td>84.2</td><td>79.8</td><td>79.0</td><td>.8</td><td>4.4</td><td>.9</td><td>3.5</td><td>7.7</td><td>8.1</td></tr><tr><td>3-1/8 December 1949-52</td><td>100.0</td><td>78.1</td><td>63.8</td><td>59.5</td><td>4.3</td><td>14.3</td><td>8.9</td><td>5.4</td><td>8.2</td><td>13.7</td></tr><tr><td>2-1/2 December 1949-53</td><td>100.0</td><td>74.3</td><td>68.6</td><td>66.7</td><td>1.9</td><td>5.8</td><td>2.2</td><td>3.6</td><td>12.9</td><td>12.7</td></tr><tr><td>2-1/4 September 1950-52</td><td>100.0</td><td>86.0</td><td>78.2</td><td>75.6</td><td>2.7</td><td>7.8</td><td>3.1</td><td>4.6</td><td>10.0</td><td>4.0</td></tr><tr><td>2-3/4 June 1951-54</td><td>100.0</td><td>77.7</td><td>59.6</td><td>55.9</td><td>3.6</td><td>18.2</td><td>14.0</td><td>4.2</td><td>10.4</td><td>11.9</td></tr><tr><td>3/4 September 1951-55</td><td>100.0</td><td>56.6</td><td>45.8</td><td>43.2</td><td>2.6</td><td>10.8</td><td>7.1</td><td>3.7</td><td>10.5</td><td>32.9</td></tr><tr><td>2-1/4 December 1951-53</td><td>100.0</td><td>81.8</td><td>77.0</td><td>76.4</td><td>.6</td><td>4.8</td><td>1.5</td><td>3.4</td><td>9.7</td><td>8.4</td></tr><tr><td>2/4 June 1953-55</td><td>100.0</td><td>90.1</td><td>86.3</td><td>85.8</td><td>.4</td><td>3.8</td><td>3.0</td><td>3.6</td><td>1.9</td><td>8.0</td></tr><tr><td>2-1/4 June 1954-56</td><td>100.0</td><td>82.0</td><td>69.7</td><td>68.4</td><td>1.3</td><td>12.3</td><td>7.0</td><td>5.3</td><td>6.5</td><td>11.5</td></tr><tr><td>2-7/8 March 1955-60</td><td>100.0</td><td>50.0</td><td>36.5</td><td>32.7</td><td>3.8</td><td>13.5</td><td>8.5</td><td>5.0</td><td>13.8</td><td>36.2</td></tr><tr><td>2-3/4 September 1956-59</td><td>100.0</td><td>70.1</td><td>47.8</td><td>43.5</td><td>4.2</td><td>22.3</td><td>15.1</td><td>7.2</td><td>13.0</td><td>16.9</td></tr><tr><td>2-3/4 June 1958-61</td><td>100.0</td><td>79.6</td><td>47.7</td><td>43.1</td><td>4.5</td><td>32.0</td><td>24.0</td><td>7.9</td><td>7.8</td><td>12.8</td></tr><tr><td>2-3/4 December 1960-65</td><td>100.0</td><td>71.3</td><td>50.1</td><td>46.0</td><td>4.1</td><td>21.1</td><td>14.2</td><td>7.0</td><td>7.3</td><td>21.4</td></tr><tr><td>Total Treasury bonds</td><td>100.0</td><td>69.3</td><td>57.1</td><td>54.4</td><td>2.7</td><td>12.2</td><td>8.0</td><td>4.2</td><td>10.6</td><td>20.1</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 1948-49</td><td>100.0</td><td>64.0</td><td>55.8</td><td>53.0</td><td>2.8</td><td>8.1</td><td>7.2</td><td>.9</td><td>8.4</td><td>27.7</td></tr><tr><td>3/4 May 1944-49</td><td>100.0</td><td>69.1</td><td>60.2</td><td>59.6</td><td>.6</td><td>8.9</td><td>8.2</td><td>.6</td><td>3.3</td><td>27.6</td></tr><tr><td>Federal Housing Administration debentures</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>100.0</td><td>62.1</td><td>56.9</td><td>55.7</td><td>1.2</td><td>5.1</td><td>4.4</td><td>.8</td><td>4.9</td><td>33.1</td></tr><tr><td>1-1/2 June 1945-47</td><td>100.0</td><td>89.1</td><td>83.3</td><td>82.8</td><td>.5</td><td>5.8</td><td>4.8</td><td>1.0</td><td>.2</td><td>10.8</td></tr><tr><td>Total guaranteed issues</td><td>100.0</td><td>72.9</td><td>65.8</td><td>64.9</td><td>.9</td><td>7.1</td><td>6.4</td><td>.8</td><td>3.1</td><td>24.0</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>100.0</td><td>69.6</td><td>57.9</td><td>55.3</td><td>2.5</td><td>11.8</td><td>7.9</td><td>3.9</td><td>9.9</td><td>20.5</td></tr></table>
(Continued on following page)
April 1944
51
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, February 29, 1944 - (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 out-standing</th><th rowspan="2">Total 7,665 institutions</th><th colspan="5">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 3/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total commercial banks</th><th>6,398 513</th><th>6,911 banks</th><th>754 insurance companies</th><th>209 life insurance companies</th><th>545 fire, casualty, and marine insurance companies</th></tr><tr><td>111. Subject to Federal income taxes</td><td></td><td></td><td></td><td>41.9</td><td>41.8</td><td>*</td><td>*</td><td>*</td><td>48.5</td><td>9.6</td></tr><tr><td>Treasury bills</td><td>100.0</td><td>41.9</td><td></td><td></td><td></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>7/8$ April 1944</td><td>100.0</td><td>57.8</td><td>57.1</td><td>56.6</td><td>.5</td><td>.7</td><td>.3</td><td>.5</td><td>15.7</td><td>26.6</td></tr><tr><td>7/8$ May 1944</td><td>100.0</td><td>70.5</td><td>70.1</td><td>69.8</td><td>.3</td><td>.4</td><td>.4</td><td>.4</td><td>18.7</td><td>10.9</td></tr><tr><td>7/8$ August 1944</td><td>100.0</td><td>70.5</td><td>69.5</td><td>69.2</td><td>.3</td><td>1.0</td><td>.4</td><td>.5</td><td>19.9</td><td>9.5</td></tr><tr><td>7/8$ September 1944</td><td>100.0</td><td>41.5</td><td>39.8</td><td>39.3</td><td>.5</td><td>1.7</td><td>.3</td><td>1.4</td><td>6.2</td><td>52.3</td></tr><tr><td>7/8$ October 1944</td><td>100.0</td><td>73.8</td><td>73.5</td><td>73.3</td><td>.2</td><td>.2</td><td>.1</td><td>.3</td><td>14.7</td><td>11.5</td></tr><tr><td>7/8$ December 1944</td><td>100.0</td><td>72.6</td><td>72.3</td><td>72.0</td><td>.2</td><td>.4</td><td>.1</td><td>.3</td><td>9.2</td><td>18.2</td></tr><tr><td>7/8$ February 1945</td><td>100.0</td><td>14.2</td><td>9.9</td><td>7.8</td><td>2.1</td><td>4.3</td><td>1.8</td><td>2.5</td><td>16</td><td>35.2</td></tr><tr><td>Total certificates of indebtedness</td><td>100.0</td><td>52.9</td><td>51.4</td><td>50.7</td><td>.7</td><td>1.5</td><td>.5</td><td>1.0</td><td>10.8</td><td>36.3</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4$ September 1944</td><td>100.0</td><td>73.6</td><td>69.7</td><td>68.7</td><td>1.0</td><td>3.9</td><td>2.9</td><td>.9</td><td>7.5</td><td>18.9</td></tr><tr><td>90$ March 1945</td><td>100.0</td><td>75.9</td><td>75.5</td><td>75.4</td><td>.2</td><td>.3</td><td>.9</td><td>.3</td><td>10.2</td><td>13.9</td></tr><tr><td>1-1/4$ March 1945</td><td>100.0</td><td>73.1</td><td>71.7</td><td>70.6</td><td>1.1</td><td>1.6</td><td>.9</td><td>.7</td><td>10.3</td><td>16.4</td></tr><tr><td>3/4$ December 1945</td><td>100.0</td><td>79.1</td><td>75.8</td><td>71.9</td><td>1.9</td><td>5.4</td><td>3.6</td><td>1.8</td><td>4.7</td><td>16.2</td></tr><tr><td>1$ March 1946</td><td>100.0</td><td>82.1</td><td>78.2</td><td>74.2</td><td>1.4</td><td>6.1</td><td>1.7</td><td>1.4</td><td>.2</td><td>17.4</td></tr><tr><td>1-1/2$ December 1946</td><td>100.0</td><td>80.5</td><td>78.8</td><td>76.7</td><td>2.1</td><td>1.7</td><td>.6</td><td>1.1</td><td>8.7</td><td>12.3</td></tr><tr><td>1-1/2$ September 1947</td><td>100.0</td><td>83.4</td><td>81.1</td><td>78.5</td><td>2.5</td><td>2.3</td><td>1.2</td><td>1.1</td><td></td><td>16.6</td></tr><tr><td>Total Treasury notes</td><td>100.0</td><td>78.9</td><td>76.9</td><td>75.3</td><td>1.6</td><td>2.0</td><td>1.1</td><td>.9</td><td>6.5</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>2$ March 1948-50</td><td>100.0</td><td>79.2</td><td>50.5</td><td>49.9</td><td>10.6</td><td>18.7</td><td>16.7</td><td>2.1</td><td>5.4</td><td>15.4</td></tr><tr><td>1-3/4$ June 1949</td><td>100.0</td><td>82.2</td><td>75.3</td><td>72.3</td><td>3.0</td><td>6.9</td><td>5.5</td><td>1.1</td><td>.3</td><td>17.5</td></tr><tr><td>2$ June 1949-51</td><td>100.0</td><td>91.6</td><td>79.1</td><td>70.2</td><td>8.9</td><td>12.5</td><td>11.1</td><td>1.4</td><td>2.1</td><td>6.2</td></tr><tr><td>2$ September 1949-51</td><td>100.0</td><td>89.8</td><td>80.2</td><td>71.5</td><td>8.7</td><td>9.6</td><td>8.2</td><td>1.5</td><td>.9</td><td>9.2</td></tr><tr><td>2$ December 1949-51</td><td>100.0</td><td>83.9</td><td>74.6</td><td>68.8</td><td>5.7</td><td>9.4</td><td>8.3</td><td>1.0</td><td>.6</td><td>15.5</td></tr><tr><td>2$ March 1950-52</td><td>100.0</td><td>91.8</td><td>79.6</td><td>73.5</td><td>6.1</td><td>12.3</td><td>10.9</td><td>1.4</td><td>.3</td><td>6.9</td></tr><tr><td>2$ September 1950-52</td><td>100.0</td><td>71.6</td><td>59.3</td><td>52.9</td><td>6.4</td><td>12.3</td><td>11.0</td><td>1.3</td><td>2.7</td><td>25.7</td></tr><tr><td>2$ September 1951-53</td><td>100.0</td><td>66.9</td><td>56.0</td><td>46.5</td><td>9.4</td><td>10.9</td><td>9.1</td><td>1.8</td><td>3.8</td><td>29.3</td></tr><tr><td>2$ December 1951-55</td><td>100.0</td><td>77.5</td><td>70.3</td><td>67.4</td><td>2.9</td><td>7.1</td><td>5.7</td><td>1.4</td><td>3.4</td><td>19.1</td></tr><tr><td>2-1/2$ March 1952-54</td><td>100.0</td><td>71.3</td><td>57.8</td><td>27.7</td><td>30.1</td><td>13.5</td><td>12.5</td><td>1.0</td><td>6.7</td><td>22.0</td></tr><tr><td>2-1/2$ June 1952-55</td><td>100.0</td><td>80.4</td><td>64.2</td><td>44.8</td><td>19.4</td><td>16.2</td><td>14.5</td><td>1.7</td><td>4.5</td><td>15.0</td></tr><tr><td>2-1/2$ March 1956-58</td><td>100.0</td><td>74.6</td><td>39.1</td><td>17.6</td><td>21.5</td><td>35.5</td><td>34.3</td><td>1.2</td><td>4.1</td><td>21.3</td></tr><tr><td>2-1/2$ September 1956-59</td><td>100.0</td><td>53.0</td><td>34.3</td><td>7.6</td><td>26.8</td><td>18.7</td><td>16.7</td><td>1.9</td><td>2.4</td><td>44.6</td></tr><tr><td>2-1/2$ June 1962-67</td><td>100.0</td><td>71.0</td><td>9.6</td><td>-</td><td>9.6</td><td>61.4</td><td>59.5</td><td>1.9</td><td>9.5</td><td>19.5</td></tr><tr><td>2-1/2$ December 1963-68</td><td>100.0</td><td>65.2</td><td>16.9</td><td>-</td><td>16.9</td><td>48.3</td><td>47.0</td><td>1.2</td><td>9.6</td><td>25.2</td></tr><tr><td>2-1/2$ June 1964-69</td><td>100.0</td><td>57.5</td><td>15.5</td><td>-</td><td>15.5</td><td>43.9</td><td>40.8</td><td>1.1</td><td>10.9</td><td>31.7</td></tr><tr><td>2-1/2$ December 1964-69</td><td>100.0</td><td>49.8</td><td>9.0</td><td>-</td><td>9.0</td><td>40.8</td><td>39.7</td><td>1.1</td><td>13.4</td><td>35.9</td></tr><tr><td>2-1/2$ March 1965-70</td><td>100.0</td><td>47.8</td><td>3.5</td><td>1.1</td><td>2.4</td><td>44.3</td><td>43.3</td><td>1.0</td><td>11.6</td><td>40.6</td></tr><tr><td>2-1/2$ September 1967-72</td><td>100.0</td><td>64.9</td><td>43.8</td><td>31.7</td><td>12.1</td><td>21.1</td><td>19.7</td><td>1.4</td><td>11.8</td><td>23.3</td></tr><tr><td>Total Treasury bonds</td><td>100.0</td><td>68.1</td><td>44.7</td><td>33.3</td><td>11.5</td><td>23.5</td><td>22.1</td><td>1.4</td><td>5.8</td><td>25.9</td></tr><tr><td>Guaranteed issues 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>Commodity Credit Corporation 1-1/8$ February 1945</td><td>100.0</td><td>89.3</td><td>87.0</td><td>85.7</td><td>1.4</td><td>2.3</td><td>1.3</td><td>1.0</td><td>1.0</td><td>9.7</td></tr><tr><td>Reconstruction Finance Corporation 1$ April 1944</td><td>100.0</td><td>87.8</td><td>86.7</td><td>85.0</td><td>.6</td><td>1.1</td><td>.2</td><td>.9</td><td>1.9</td><td>10.3</td></tr><tr><td>Total guaranteed issues</td><td>100.0</td><td>88.4</td><td>86.8</td><td>85.9</td><td>.9</td><td>1.6</td><td>.7</td><td>1.0</td><td>1.5</td><td>10.1</td></tr><tr><td>Total subject to Federal income taxes</td><td>100.0</td><td>62.1</td><td>50.1</td><td>44.1</td><td>6.0</td><td>12.2</td><td>11.1</td><td>1.1</td><td>12.7</td><td>25.0</td></tr><tr><td>1V. Grand total</td><td>100.0</td><td>63.2</td><td>51.3</td><td>46.1</td><td>5.2</td><td>11.9</td><td>10.3</td><td>1.7</td><td>12.1</td><td>24.7</td></tr></table>
Back Figures: For revisions of previously published data on life insurance companies and on fire, casualty, and marine insurance companies, see "Treasury Bulletin" for November 1943, pages 52-53. - Less than $500,000 or less than .05%. 1/ Public marketable securities: (1) government 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 and time deposits. Such obligations are held by institutions reporting, as follows: (1) depositary bonds: commercial banks, $373 millions; (2) United States savings bonds: commercial banks, $153 millions; savings banks, $114 millions; insurance companies, $183 millions; all institutions, $751 millions; (3) Treasury savings notes: commercial banks, $50 millions; insurance companies, $26 millions; all institutions, $87 millions; (4) Commodity Credit Corporation demand
obligations; holdings of those obligations are not reported. 2/ Excludes certain banks which accept demand deposits and which have been classified as commercial banks. In the Treasury survey for November 30, 1932, the name of the "Federal banks" was changed to "mutual savings banks". This change reflected a more nearly correct designation of the nature of the banks included in this category without necessarily affecting the comparability of the two classes. 3/ Excludes Exchange Stabilization Fund. 4/ Excludes the federal funds exempt from the normal rates and the surtax rates of the Federal income tax. 5/ Securitizes 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 of such bonds is exempt; in the case of no securitizes from the surtax rates of the Federal income tax.) 6/ Excludes obligations sold directly to the Treasury.
Treasury Bulletin
52
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
April 1944
53
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
March 31, 1944
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 date (Price decimals are thirty-seconds)</th><th rowspan="2">Yield date 1/</th><th rowspan="2">Date of issue</th><th colspan="2">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1943-44 price range 3/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td></td><td></td><td colspan="2"></td><td>Change in mean from Feb.29, 1944</td><td>Yield 3/</td><td>Change in yield from Feb.29, 1944</td><td>Mat- rity yield</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><th>Treasury bonds</th><th>1/15/43</th><th>1/15/48-50</th><th>101.31</th><th>102.01</th><th>102.00</th><th>+0.1</th><th>1.48%</th><th>-0.02%</th><th>1.65%</th><th>3/15/41</th><th>104.05</th><th>8/2/41</th><th>100.22</th><th>2/25/41</th><th>102.07</th><th>8/10/43</th><th>101.07</th><th>1/2/43</th></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>-0.3</td><td>1.45</td><td>+0.02</td><td>-</td><td>12/1/42</td><td>101.13</td><td>2/8/44</td><td>100.01</td><td>12/23/42</td><td>101.13</td><td>2/8/44</td><td>100.08</td><td>1/12/43</td></tr><tr><td>1,014</td><td>2%</td><td>6/15/49-51</td><td>101.18</td><td>101.20</td><td>101.19</td><td>-0.3</td><td>1.68</td><td>+0.1</td><td>1.75</td><td>1/15/42</td><td>101.23</td><td>3/2/44</td><td>100.06</td><td>8/5/42</td><td>101.23</td><td>3/2/44</td><td>100.20</td><td>4/7/43</td></tr><tr><td>1,292</td><td>3%</td><td>9/15/49-51</td><td>101.13*</td><td>101.15*</td><td>101.14</td><td>-0.6</td><td>1.72</td><td>+0.03</td><td>1.79</td><td>5/15/42</td><td>101.21</td><td>3/2/44</td><td>100.04</td><td>10/6/42</td><td>101.21</td><td>3/2/44</td><td>100.15</td><td>4/13/43</td></tr><tr><td>2,036</td><td>4%</td><td>12/15/49-51</td><td>101.10*</td><td>101.12*</td><td>101.11</td><td>-0.5</td><td>1.75</td><td>+0.02</td><td>1.81</td><td>7/15/42</td><td>101.18</td><td>3/4/44</td><td>100.03</td><td>8/5/42</td><td>101.18</td><td>3/4/44</td><td>100.12</td><td>4/13/43</td></tr><tr><td>1,963</td><td>5%</td><td>3/15/50-52</td><td>101.03*</td><td>101.05*</td><td>101.04</td><td>-0.4</td><td>1.80</td><td>+0.02</td><td>1.85</td><td>10/19/42</td><td>101.10</td><td>3/2/44</td><td>100.01</td><td>11/2/42</td><td>101.10</td><td>3/2/44</td><td>100.09</td><td>4/13/43</td></tr><tr><td>4,332</td><td>5%</td><td>9/15/50-52</td><td>100.26</td><td>100.28</td><td>100.27</td><td>-0.3</td><td>1.86</td><td>+0.1</td><td>1.89</td><td>4/15/43</td><td>101.01</td><td>3/2/44</td><td>100.08</td><td>5/3/43</td><td>101.01</td><td>3/2/44</td><td>100.08</td><td>5/3/43</td></tr><tr><td>7,866</td><td>5%</td><td>9/15/51-53</td><td>100.13</td><td>100.14</td><td>100.14</td><td>-0.2</td><td>1.94</td><td>+0.1</td><td>1.95</td><td>9/15/43</td><td>100.17</td><td>3/4/44</td><td>100.03</td><td>11/8/43</td><td>100.17</td><td>3/4/44</td><td>100.03</td><td>11/8/43</td></tr><tr><td>510</td><td>6%</td><td>12/15/51-55</td><td>100.18</td><td>100.20</td><td>100.19</td><td>+0.3</td><td>1.92</td><td>-0.1</td><td>1.94</td><td>12/15/43</td><td>101.16</td><td>12/5/41</td><td>100.01</td><td>12/5/42</td><td>100.31</td><td>1/1/43</td><td>100.04</td><td>11/1/43</td></tr><tr><td>1,024</td><td>7%</td><td>3/15/52-54</td><td>104.04</td><td>104.06</td><td>104.05</td><td>+0.4</td><td>1.93</td><td>-0.3</td><td>2.04</td><td>3/31/42</td><td>106.16</td><td>8/2/41</td><td>101.04</td><td>3/20/41</td><td>104.18</td><td>1/17/43</td><td>103.19</td><td>12/31/43</td></tr><tr><td>1,501</td><td>8-1/4%</td><td>6/15/52-55</td><td>102.03</td><td>102.05</td><td>102.04</td><td>+0.3</td><td>1.97</td><td>-0.1</td><td>2.04</td><td>2/25/42</td><td>102.14</td><td>7/13/43</td><td>100.16</td><td>2/18/42</td><td>102.14</td><td>7/13/43</td><td>101.09</td><td>1/1/43</td></tr><tr><td>1,449</td><td>8-1/2%</td><td>3/15/56-58</td><td>103.21</td><td>103.23</td><td>103.22</td><td>+0.5</td><td>2.15</td><td>-0.2</td><td>2.19</td><td>6/2/41</td><td>105.08</td><td>11/5/41</td><td>101.30</td><td>12/26/41</td><td>104.18</td><td>7/6/43</td><td>103.06</td><td>2/1/44</td></tr><tr><td>3,793</td><td>9-1/4%</td><td>9/15/56-59</td><td>100.04</td><td>100.06</td><td>100.05</td><td>+0.4</td><td>2.24</td><td>-0.1</td><td>2.24</td><td>2/1/44</td><td>100.06</td><td>4/1/44</td><td>100.01</td><td>2/29/44</td><td>100.06</td><td>4/1/44</td><td>100.01</td><td>2/29/44</td></tr><tr><td>2,118</td><td>9-1/2%</td><td>6/15/62-67</td><td>100.18</td><td>100.20</td><td>100.19</td><td>+0.7</td><td>2.46</td><td>-0.1</td><td>2.47</td><td>5/5/42</td><td>101.01</td><td>5/29/43</td><td>100.00</td><td>8/17/42</td><td>101.01</td><td>5/29/43</td><td>100.09</td><td>2/9/44</td></tr><tr><td>2,831</td><td>10-1/2%</td><td>12/15/63-68</td><td>100.05</td><td>100.07</td><td>100.06</td><td>+0.4</td><td>2.49</td><td>-0.1</td><td>2.49</td><td>12/1/42</td><td>100.26</td><td>6/1/43</td><td>100.00</td><td>2/17/44</td><td>100.26</td><td>6/1/43</td><td>100.00</td><td>2/17/44</td></tr><tr><td>3,762</td><td>11-1/2%</td><td>6/15/64-69</td><td>100.02</td><td>100.04</td><td>100.03</td><td>+0.3</td><td>2.49</td><td>-0.1</td><td>2.50</td><td>4/15/43</td><td>100.20</td><td>6/2/43</td><td>100.00</td><td>3/2/44</td><td>100.20</td><td>6/2/43</td><td>100.00</td><td>3/2/44</td></tr><tr><td>3,638</td><td>11-1/2%</td><td>12/15/64-69</td><td>100.02</td><td>100.04</td><td>100.03</td><td>+0.3</td><td>2.49</td><td>-0.1</td><td>2.50</td><td>9/15/43</td><td>100.06</td><td>10/30/43</td><td>100.00</td><td>3/2/44</td><td>100.06</td><td>10/30/43</td><td>100.00</td><td>3/2/44</td></tr><tr><td>2,272</td><td>11-3/4%</td><td>3/15/65-70</td><td>100.04</td><td>100.06</td><td>100.05</td><td>+0.3</td><td>2.49</td><td>-0.1</td><td>2.49</td><td>2/1/44</td><td>100.07</td><td>3/23/44</td><td>100.00</td><td>2/16/44</td><td>100.07</td><td>3/23/44</td><td>100.00</td><td>2/16/44</td></tr><tr><td>2,716</td><td>11-3/4%</td><td>9/15/67-72</td><td>100.14</td><td>100.16</td><td>100.15</td><td>.00</td><td>2.47</td><td>.00</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>7/6/43</td><td>100.11</td><td>2/12/44</td></tr></table>
<table><tr><th colspan="10">Treasury notes</th></tr><tr><td>635</td><td>3/4$</td><td>2 - 9/15/46</td><td>99.31$</td><td>100.00$</td><td>100.00$</td><td>.00</td><td>.75</td><td>.00</td><td>1/3/41</td><td>100.21</td><td>9/10/41</td><td>99.11</td><td>12/10/41</td><td>100.03</td><td>6/29/43</td><td>95.21</td><td>1/2/45</td></tr><tr><td>2,127</td><td>5/8$</td><td>2-1/1/46</td><td>98.62$</td><td>.80%</td><td>.81%</td><td>-.01%</td><td>-.75</td><td>-.02</td><td>2/1/46</td><td>100.20</td><td>7/1/47</td><td>.66$</td><td>1/2/47</td><td>.81$</td><td>7/1/43</td><td>100.04</td><td>1/2/43</td></tr><tr><td>1,600</td><td>1-1/4$</td><td>2-1/15/47</td><td>100.12$</td><td>100.13</td><td>100.12</td><td>-.02</td><td>.85</td><td>-.02</td><td>9/25/42</td><td>100.20</td><td>7/1/43</td><td>100.03</td><td>10/30/42</td><td>100.20</td><td>8/11/43</td><td>98.31</td><td>1/2/43</td></tr><tr><td>531</td><td>3/4$</td><td>3-12/15/45</td><td>99.26$</td><td>99.27$</td><td>99.27</td><td>-.03</td><td>.84</td><td>-.05</td><td>12/18/40</td><td>100.18</td><td>9/9/41</td><td>98.28</td><td>10/6/42</td><td>93.29</td><td>1/1/44</td><td>99.03</td><td>1/2/45</td></tr><tr><td>503</td><td>1/4$</td><td>3-15/46</td><td>100.00$</td><td>100.02$</td><td>100.01</td><td>.00</td><td>.98</td><td>.00</td><td>11/1/42</td><td>100.18</td><td>10/25/41</td><td>99.02</td><td>12/29/42</td><td>100.03</td><td>1/10/44</td><td>99.03</td><td>1/2/45</td></tr><tr><td>3,261</td><td>1-1/2$</td><td>1-12/15/46</td><td>100.24$</td><td>100.25</td><td>100.24</td><td>-.01</td><td>1.22</td><td>+.01</td><td>6/5/42</td><td>100.29</td><td>8/16/43</td><td>100.01</td><td>1/2/43</td><td>100.29</td><td>8/16/43</td><td>100.01</td><td>1/2/43</td></tr><tr><td>2,727</td><td>1-1/2$</td><td>4-19/47</td><td>100.17$</td><td>100.18</td><td>100.15</td><td>-.02</td><td>1.33</td><td>-.01</td><td>7/15/43</td><td>100.24</td><td>1/1/44</td><td>100.09</td><td>10/3/45</td><td>100.24</td><td>1/1/44</td><td>100.05</td><td>10/3/45</td></tr><tr><td>3,726</td><td>1-1/2$</td><td>9/15/48</td><td>100.08$</td><td>100.09</td><td>100.08</td><td>-.01</td><td>1.44</td><td>-.01</td><td>3/15/44</td><td>100.08</td><td>4/1/44</td><td>100.09</td><td>3/8/44</td><td>100.08</td><td>4/1/44</td><td>100.05</td><td>3/8/44</td></tr><tr><th colspan="10">Certificates of indebtedness 5/</th></tr><tr><td>5,251</td><td>7/8$</td><td>3-4/1/44</td><td>5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4/15/43</td><td>.00%</td><td>204</td><td>3/24/44</td><td>.825</td><td>5/4/43</td><td>.00%</td><td>204</td><td>3/24/44</td><td>.825</td><td>5/4/43</td></tr><tr><td>1,655</td><td>7/8$</td><td>5/1/44</td><td>.32%</td><td>.294</td><td>.284</td><td>-.14%</td><td>-</td><td>-</td><td>5/1/43</td><td>per N</td><td>4/1/44</td><td>.82%</td><td>5/4/43</td><td>204</td><td>4/1/44</td><td>.82%</td><td>5/4/43</td></tr><tr><td>2,545</td><td>7/8$</td><td>8/1/44</td><td>.67%</td><td>.656</td><td>.666</td><td>-.04%</td><td>-</td><td>-</td><td>8/2/43</td><td>264</td><td>4/1/44</td><td>.794</td><td>10/15/43</td><td>.654</td><td>4/1/44</td><td>.794</td><td>10/15/43</td></tr><tr><td>4,122</td><td>7/8$</td><td>9/1/44</td><td>.74%</td><td>.726</td><td>.736</td><td>-.01%</td><td>-</td><td>-</td><td>9/15/43</td><td>.724</td><td>3/10/44</td><td>.836</td><td>10/15/43</td><td>.724</td><td>3/10/44</td><td>.836</td><td>10/15/43</td></tr><tr><td>3,519</td><td>7/8$</td><td>10/1/44</td><td>.75%</td><td>.738</td><td>.744</td><td>-.01%</td><td>-</td><td>-</td><td>10/15/43</td><td>.734</td><td>3/9/44</td><td>.848</td><td>10/13/43</td><td>.734</td><td>3/9/44</td><td>.848</td><td>10/13/43</td></tr><tr><td>3,540</td><td>7/8$</td><td>12/1/44</td><td>.77%</td><td>.754</td><td>.764</td><td>-.02%</td><td>-</td><td>-</td><td>12/1/43</td><td>.764</td><td>4/1/44</td><td>.834</td><td>11/22/43</td><td>.764</td><td>4/1/44</td><td>.834</td><td>11/22/43</td></tr><tr><td>5,048</td><td>7/8$</td><td>2/1/45</td><td>.81%</td><td>.794</td><td>.804</td><td>-.01%</td><td>-</td><td>-</td><td>2/1/44</td><td>.794</td><td>3/11/44</td><td>.814</td><td>3/21/44</td><td>.794</td><td>3/11/44</td><td>.814</td><td>3/21/44</td></tr><tr><td>7/</td><td>7/8$</td><td>4/1/45</td><td>.84%</td><td>.824</td><td>.834</td><td>-.01%</td><td>-</td><td>-</td><td>4/1/44</td><td>.834</td><td>3/1/44</td><td>.844</td><td>3/29/44</td><td>.834</td><td>3/1/44</td><td>.844</td><td>3/29/44</td></tr></table>
Guaranteed by U. S. Government
<table><tr><td>$12</td><td>Commodity Credit Corp.</td><td>1-1/880 - 2/15/95</td><td>100.07</td><td>100.09</td><td>100.08</td><td>+.01</td><td>.84%</td><td>-.06%</td><td>-</td><td>7/21/91</td><td>101.00</td><td>9/2/91</td><td>99.25</td><td>12/27/91</td><td>100.12</td><td>7/8/93</td><td>99.26</td><td>1/2/93</td></tr><tr><td></td><td colspan="16">Reconstruction Finance Corporation</td></tr><tr><td>14</td><td>1%</td><td>W - 6/15/94</td><td>100.00</td><td>-</td><td>100.00</td><td>-.05</td><td>1.00</td><td>-.3/32</td><td>-</td><td>7/3/91</td><td>100.26</td><td>8/5/91</td><td>99.25</td><td>12/27/91</td><td>100.08</td><td>7/1/93</td><td>100.00</td><td>4/1/94</td></tr></table>
PART B - TAXABLE TREASURY BILLS
<table><tr><th>Amount out- standing (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th><th>Amount out- standing (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb. 29, 1944</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb. 29, 1944</th></tr><tr><td>$1,015</td><td>4/6/44</td><td>1/6/44</td><td>.37%</td><td>.20%</td><td>.28%</td><td>.00%</td><td>$1,013</td><td>5/18/44</td><td>2/17/44</td><td>.37%</td><td>.30%</td><td>.34%</td><td>-.02%</td></tr><tr><td>1,000</td><td>4/13/44</td><td>1/13/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1,008</td><td>5/25/44</td><td>2/24/44</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1,017</td><td>4/20/44</td><td>1/20/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1,007</td><td>6/1/44</td><td>3/2/44</td><td>.37</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,017</td><td>4/27/44</td><td>1/27/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1,035</td><td>6/8/44</td><td>3/9/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,002</td><td>5/4/44</td><td>2/3/44</td><td>.37</td><td>.30</td><td>.34</td><td>.00</td><td>1,016</td><td>6/15/44</td><td>3/16/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,006</td><td>5/11/44</td><td>2/10/44</td><td>.37</td><td>.30</td><td>.34</td><td>.00</td><td>1,001</td><td>6/22/44</td><td>3/23/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1,010</td><td>6/25/44</td><td>5/30/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr></table>
(Continued on following page)
Treasury Bulletin
54
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
March 31, 1944 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government - (Continued)
PART C - TAX-EXEMPT BONDS AND NOTES
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price data (Price decimals are thirty-seconde)</th><th colspan="2">Yield date 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">1911-111 price range 3/ (Price decimals are thirty-seconde)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb.29, 1911</th><th>Yield 1/</th><th>Change in yield from Feb.29, 1911</th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Issued by U. S. Government
<table><tr><td colspan="2">Treasury bonds</td><td>100.02</td><td>-</td><td>100.02</td><td>-12</td><td>1.32%</td><td>-3/32</td><td>-</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>1/12/43</td><td>100.02</td><td>4/1/44</td></tr><tr><td>$ 323</td><td>2-1/4%</td><td>4/15/44-469/</td><td>102.18</td><td>102.19</td><td>102.18</td><td>-06</td><td>.33</td><td>-18</td><td>3.71%</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>5/1/43</td><td>108.18</td><td>4/1/44</td></tr><tr><td>1,037</td><td>4%</td><td>12/15/44-547</td><td>103.05</td><td>103.07</td><td>103.06</td><td>+01</td><td>.54</td><td>-18</td><td>1.79</td><td>9/16/35</td><td>110.12</td><td>12/12/40</td><td>99.27</td><td>9/27/35</td><td>104.28</td><td>2/17/43</td><td>103.07</td><td>3/2/44</td></tr><tr><td>1,014</td><td>2-3/4%</td><td>9/15/45-47</td><td>103.10</td><td>103.12</td><td>103.11</td><td>+04</td><td>.52</td><td>-17</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>2/13/43</td><td>103.05</td><td>3/1/44</td></tr><tr><td>501</td><td>2-1/4%</td><td>12/15/45</td><td>105.26</td><td>105.28</td><td>105.27</td><td>+04</td><td>.72</td><td>-07</td><td>3.16</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>2/2/43</td><td>105.27</td><td>4/1/44</td></tr><tr><td>489</td><td>1-3/4%</td><td>3/15/46-56</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>1,036</td><td>3%</td><td>6/15/46-48</td><td>104.27</td><td>104.29</td><td>104.28</td><td>-06</td><td>.76</td><td>-01</td><td>1.79</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>106.21</td><td>1/11/43</td><td>104.28</td><td>4/1/44</td></tr><tr><td>819</td><td>1-1/8%</td><td>6/15/46-49</td><td>105.03</td><td>105.05</td><td>105.04</td><td>-05</td><td>.77</td><td>-02</td><td>2.08</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>1/1/43</td><td>105.04</td><td>4/1/44</td></tr><tr><td>759</td><td>1-1/4%</td><td>10/15/47-52</td><td>111.14</td><td>111.16</td><td>111.15</td><td>-00</td><td>.94</td><td>-02</td><td>2.73</td><td>12/15/32</td><td>125.22</td><td>12/12/40</td><td>108.01</td><td>10/15/32</td><td>111.00</td><td>5/3/43</td><td>111.15</td><td>4/1/44</td></tr><tr><td>701</td><td>2%</td><td>3/15/47-51</td><td>104.07</td><td>104.09</td><td>104.08</td><td>+01</td><td>.93</td><td>-04</td><td>1.71</td><td>12/15/38</td><td>107.20</td><td>12/12/40</td><td>99.14</td><td>9/25/39</td><td>104.17</td><td>6/29/43</td><td>103.30</td><td>4/13/43</td></tr><tr><td>1,223</td><td>2-3/4%</td><td>3/15/48-53</td><td>106.25</td><td>106.27</td><td>106.26</td><td>+01</td><td>.99</td><td>-04</td><td>-</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>107.19</td><td>7/7/43</td><td>106.19</td><td>2/3/44</td></tr><tr><td>451</td><td>2-1/2%</td><td>9/15/48</td><td>106.20</td><td>106.22</td><td>106.21</td><td>+02</td><td>.97</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>4/1/38</td><td>107.09</td><td>7/26/43</td><td>106.09</td><td>1/3/44</td></tr><tr><td>571</td><td>2%</td><td>12/15/48-50</td><td>104.21</td><td>104.23</td><td>104.22</td><td>+03</td><td>.98</td><td>-03</td><td>1.27</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>101.10</td><td>5/24/40</td><td>104.27</td><td>10/7/43</td><td>103.30</td><td>1/2/43</td></tr><tr><td>491</td><td>1-1/8%</td><td>12/15/49-52</td><td>110.16</td><td>110.18</td><td>110.17</td><td>+03</td><td>1.21</td><td>-01</td><td>1.81</td><td>12/15/32</td><td>125.22</td><td>12/12/40</td><td>108.01</td><td>10/15/32</td><td>111.14</td><td>7/6/43</td><td>106.20</td><td>1/2/43</td></tr><tr><td>1,786</td><td>2-1/2%</td><td>12/15/49-53</td><td>106.28</td><td>106.28</td><td>106.27</td><td>+06</td><td>1.29</td><td>+01</td><td>1.73</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>7/6/43</td><td>105.30</td><td>1/2/43</td></tr><tr><td>1,186</td><td>2-1/2%</td><td>9/15/50-52</td><td>107.13</td><td>107.15</td><td>107.14</td><td>+05</td><td>1.29</td><td>-00</td><td>1.56</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>7/6/43</td><td>106.09</td><td>1/25/43</td></tr><tr><td>1,627</td><td>2-3/4%</td><td>6/15/51-54</td><td>109.11</td><td>109.13</td><td>109.12</td><td>-06</td><td>1.38</td><td>+01</td><td>1.74</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>110.07</td><td>7/6/43</td><td>107.30</td><td>1/2/43</td></tr><tr><td>755</td><td>3%</td><td>9/15/51-55</td><td>111.07</td><td>111.09</td><td>111.08</td><td>-05</td><td>1.40</td><td>-00</td><td>1.90</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>7/6/43</td><td>110.01</td><td>1/2/43</td></tr><tr><td>1,118</td><td>2-1/4%</td><td>12/15/51-53</td><td>106.22</td><td>106.24</td><td>106.23</td><td>-04</td><td>1.33</td><td>+01</td><td>1.50</td><td>12/28/39</td><td>107.01</td><td>11/22/41</td><td>101.08</td><td>5/24/40</td><td>107.00</td><td>7/6/43</td><td>106.20</td><td>1/2/43</td></tr><tr><td>725</td><td>2%</td><td>6/15/52-55</td><td>105.10</td><td>105.12</td><td>105.11</td><td>-06</td><td>1.38</td><td>+02</td><td>1.48</td><td>10/7/40</td><td>105.21</td><td>3/7/44</td><td>101.21</td><td>2/15/41</td><td>105.21</td><td>3/7/44</td><td>103.05</td><td>1/2/43</td></tr><tr><td>681</td><td>2-1/4%</td><td>6/15/52-56</td><td>107.10</td><td>107.12</td><td>107.11</td><td>-06</td><td>1.47</td><td>+01</td><td>1.59</td><td>7/22/40</td><td>107.22</td><td>3/7/44</td><td>102.02</td><td>7/24/40</td><td>107.22</td><td>3/7/44</td><td>104.23</td><td>1/2/43</td></tr><tr><td>2,611</td><td>2-7/8%</td><td>3/15/55-60</td><td>111.29</td><td>111.31</td><td>111.30</td><td>-16</td><td>1.68</td><td>+04</td><td>2.00</td><td>3/15/35</td><td>112.28</td><td>7/6/43</td><td>98.30</td><td>9/20/35</td><td>112.28</td><td>7/6/43</td><td>105.04</td><td>1/2/43</td></tr><tr><td>982</td><td>2-3/4%</td><td>9/15/55-59</td><td>111.09</td><td>111.11</td><td>111.10</td><td>-18</td><td>1.74</td><td>+04</td><td>1.90</td><td>9/15/36</td><td>112.13</td><td>7/6/43</td><td>98.10</td><td>4/1/37</td><td>112.13</td><td>7/6/43</td><td>108.12</td><td>1/2/43</td></tr><tr><td>919</td><td>2-3/4%</td><td>6/15/58-63</td><td>111.09</td><td>111.11</td><td>111.10</td><td>-16</td><td>1.84</td><td>+03</td><td>2.04</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>7/6/43</td><td>108.13</td><td>3/24/43</td></tr><tr><td>1,485</td><td>2-3/4%</td><td>12/15/58-60-65-10</td><td>111.16</td><td>111.18</td><td>111.17</td><td>-20</td><td>1.94</td><td>+04</td><td>2.09</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>7/6/43</td><td>108.26</td><td>3/24/43</td></tr><tr><td colspan="16">Other bonds 11/</td></tr><tr><td>16</td><td>3%</td><td>Conversion</td><td>104.16</td><td>104.12</td><td>-08</td><td>.48</td><td>+01</td><td>-</td><td>1/1/15</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>107.08</td><td>1/11/43</td><td>104.12</td><td>4/1/44</td></tr><tr><td>13</td><td>3%</td><td>Conversion</td><td>106.20</td><td>107.00</td><td>106.26</td><td>+04</td><td>.50</td><td>-03</td><td>-</td><td>1/1/21</td><td>-</td><td>-</td><td>-</td><td>109.00</td><td>1/11/43</td><td>106.26</td><td>4/1/44</td></tr><tr><td>50</td><td>3%</td><td>Panama Canal</td><td>132.00</td><td>137.12</td><td>132.22</td><td>+1.26</td><td>.94</td><td>-10</td><td>-</td><td>6/1/11</td><td>132.24</td><td>3/30/44</td><td>75.00</td><td>6/18/21</td><td>132.24</td><td>3/30/44</td><td>127.30</td><td>1/11/43</td></tr><tr><td colspan="16">Treasury notes</td></tr><tr><td>147</td><td>3/4%</td><td>A</td><td>6/15/44</td><td>100.01</td><td>100.01</td><td>-06</td><td>.59</td><td>-4/32</td><td>-</td><td>6/15/39</td><td>101.15</td><td>9/27/41</td><td>97.16</td><td>9/16/39</td><td>100.17</td><td>2/15/43</td><td>100.01</td><td>4/1/44</td></tr><tr><td>283</td><td>1%</td><td>C</td><td>9/15/44</td><td>100.12</td><td>100.12</td><td>-02</td><td>.16</td><td>-03</td><td>-</td><td>12/28/39</td><td>102.16</td><td>12/10/40</td><td>100.10</td><td>6/11/39</td><td>100.00</td><td>3/15/43</td><td>100.12</td><td>4/1/44</td></tr><tr><td>718</td><td>5/8%</td><td>A</td><td>3/15/45</td><td>100.18</td><td>100.20</td><td>100.19</td><td>+01</td><td>.12</td><td>-09</td><td>-</td><td>3/15/40</td><td>101.16</td><td>6/6/41</td><td>98.26</td><td>6/10/40</td><td>100.25</td><td>7/15/43</td><td>100.16</td><td>2/5/44</td></tr></table>
Guaranteed by U. S. Government 8/
<table><tr><td></td><td colspan="11">Federal Farm Mortgage Corp.</td></tr><tr><td>$159</td><td>3%</td><td>-</td><td>5/15/44-4/9/12</td><td>100.08</td><td>-</td><td>100.08</td><td>-.11</td><td>.82%</td><td>+.70%</td><td>-</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>1/5/43</td><td>100.08</td><td>4/1/44</td></tr><tr><td></td><td colspan="11">Home Owners' Loan Corp.</td></tr><tr><td>182</td><td>3%</td><td>1-1/26</td><td>A-</td><td>5/2/44-5/218</td><td>100.05</td><td>-</td><td>100.05</td><td>-.11</td><td>.96</td><td>+.94</td><td>-</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>1/5/43</td><td>100.05</td><td>4/1/44</td></tr><tr><td>755</td><td>1-1/26</td><td>%</td><td>6/1/45-47</td><td>101.01</td><td>101.03</td><td>101.02</td><td>+.02</td><td>.58</td><td>-.12</td><td>1.16</td><td>-</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>7/3/43</td><td>101.00</td><td>3/2/44</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 column 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 Mortgage Corporation, and Home Owners' Loan Corporation bonds for the period prior to October 1, 1939 represent closing prices on the New York Stock Exchange. "When issued" prices are included beginning October 1, 1939. Prices of highs and lows, in case of recurrence, are the latest dates.
2/ 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 the average of long-term taxable Treasury bonds.
5/ Quoted on yield basis.
6/ Not quoted.
7/ This security was issued in the amount of $4,877 millions on April 1, 1944.
8/ Excludes Federal Housing Administration debentures and issues held entirely by government agencies.
9/ Called on December 12, 1947, for redemption on April 15, 1944.
10/ Included in the average of long-term partially tax-exempt Treasury bonds.
11/ Excludes postal savings bonds.
12/ Called on March 2, 1944, for redemption on next coupon date.
April 1944
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies March 31, 1944 - (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="3">Price date (Price decimals are thirty-econds)</th><th colspan="2">Yield date 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-econds)</th><th colspan="4">1943-44 price range 2/ (Price decimals are thirty-econds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb.29, 1944</th><th>Yield 1/</th><th>Change in yield from Feb.29, 1944</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td colspan="16">Federal Land Banks 1/</td></tr><tr><td>$125</td><td>4/6 - 7/1/44-4/6</td><td>100.26</td><td>100.30</td><td>100.28</td><td>-.12</td><td>.77</td><td>+1.64</td><td>3.59</td><td>7/1/44</td><td>114.04</td><td>6/5/39</td><td>94.12</td><td>9/18/44</td><td>104.28</td><td>1/4/43</td><td>100.28</td><td>4/1/44</td></tr><tr><td>73</td><td>4/6 - 7/15/44-04</td><td>101.00</td><td>101.03</td><td>101.02</td><td>-.10</td><td>.21</td><td>-.06</td><td>3.92</td><td>7/15/44</td><td>112.02</td><td>12/10/40</td><td>101.02</td><td>4/1/44</td><td>104.28</td><td>1/5/43</td><td>101.02</td><td>4/1/44</td></tr><tr><td>157</td><td>3-1/4% - 5/1/45-55</td><td>103.02</td><td>103.06</td><td>103.04</td><td>-.03</td><td>.34</td><td>-.13</td><td>2.92</td><td>5/1/55</td><td>111.12</td><td>12/10/40</td><td>99.28</td><td>10/2/35</td><td>105.22</td><td>1/11/43</td><td>103.05</td><td>3/22/44</td></tr><tr><td>230</td><td>3% - 7/1/45-55</td><td>103.06</td><td>103.10</td><td>103.08</td><td>-.03</td><td>.37</td><td>-.11</td><td>2.66</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>2/16/43</td><td>103.07</td><td>3/9/44</td></tr><tr><td>171</td><td>3% - 1/1/46-56</td><td>104.16</td><td>104.20</td><td>104.18</td><td>+.01</td><td>.37</td><td>-.14</td><td>2.55</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>1/6/43</td><td>104.15</td><td>3/16/44</td></tr><tr><td>170</td><td>3% - 5/1/46-56</td><td>105.14</td><td>105.20</td><td>105.17</td><td>+.02</td><td>.32</td><td>-.14</td><td>2.47</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>1/11/43</td><td>105.13</td><td>3/13/44</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>Ask</th><th>Mean</th><th>Change in mean from February 29, 1944</th></tr><tr><td>$64</td><td>Federal Home Loan Banks 5/ .85% 1 - 6/15/44</td><td>12/1/43</td><td>.90%</td><td>.75%</td><td>.82%</td><td>.00%</td></tr><tr><td>25</td><td>Federal intermediate Credit Banks 5/ .80% 4/1/44</td><td>7/1/43</td><td>.65</td><td>-</td><td>.65</td><td>.00</td></tr><tr><td>25</td><td>3/4% 4/1/44</td><td>12/1/43</td><td>.65</td><td>-</td><td>.65</td><td>.00</td></tr><tr><td>24</td><td>.80% 5/1/44</td><td>8/2/43</td><td>.70</td><td>-</td><td>.70</td><td>.00</td></tr><tr><td>17</td><td>3/4% 5/1/44</td><td>12/30/43</td><td>.70</td><td>-</td><td>.70</td><td>.00</td></tr><tr><td>15</td><td>.80% 6/1/44</td><td>9/1/43</td><td>.75</td><td>-</td><td>.75</td><td>.00</td></tr><tr><td>17</td><td>.80% 6/1/44</td><td>12/2/43</td><td>.75</td><td>-</td><td>.75</td><td>.00</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>.00</td></tr><tr><td>15</td><td>3/4% 7/1/44</td><td>2/1/44</td><td>.80</td><td>-</td><td>.80</td><td>.00</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>.00</td></tr><tr><td>23</td><td>.90% 9/1/44</td><td>12/1/43</td><td>.85</td><td>-</td><td>.85</td><td>.00</td></tr><tr><td>32</td><td>.90% 10/2/44</td><td>1/3/44</td><td>.90</td><td>-</td><td>.90</td><td>.00</td></tr><tr><td>29</td><td>.95% 11/1/44</td><td>11/1/43</td><td>.90</td><td>-</td><td>.90</td><td>.00</td></tr><tr><td>16</td><td>.90% 11/2/44</td><td>2/1/44</td><td>.90</td><td>-</td><td>.90</td><td>.00</td></tr><tr><td>25</td><td>.90% 12/1/44</td><td>3/1/44</td><td>.90</td><td>-</td><td>.90</td><td>-</td></tr></table>
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield columns in thirty-seconds.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. When issued* prices are included beginning November 1, 1941. Dates of highs and lows, in case of recur-
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.
56
Treasury Bulletin
YIELDS OF TREASURY SECURITIES MAR. 31, 1944
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.
April 1944
57
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 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="12">Monthly Series 1/</td></tr><tr><td>1933-Jan.</td><td>3.22</td><td></td><td>4.28</td><td>1936-Oct.</td><td>2.68</td><td></td><td>3.14</td><td>1940-July.</td><td>2.30</td><td></td><td>2.85</td></tr><tr><td>Feb.</td><td>3.31</td><td></td><td>4.34</td><td>Nov.</td><td>2.60</td><td></td><td>3.11</td><td>Aug.</td><td>2.31</td><td></td><td>2.80</td></tr><tr><td>Mar.</td><td>3.42</td><td></td><td>4.56</td><td>Dec.</td><td>2.59</td><td></td><td>3.07</td><td>Sept.</td><td>2.25</td><td></td><td>2.71</td></tr><tr><td>Apr.</td><td>3.42</td><td></td><td>4.63</td><td>1937-Jan.</td><td>2.56</td><td></td><td>3.09</td><td>Oct.</td><td>2.21</td><td></td><td>2.70</td></tr><tr><td>May.</td><td>3.30</td><td></td><td>4.48</td><td>Feb.</td><td>2.54</td><td></td><td>3.24</td><td>Nov.</td><td>2.09</td><td></td><td>2.65</td></tr><tr><td>June.</td><td>3.21</td><td></td><td>4.34</td><td>Mar.</td><td>2.66</td><td></td><td>3.36</td><td>Dec.</td><td>2.01</td><td></td><td>2.59</td></tr><tr><td>July.</td><td>3.20</td><td></td><td>4.28</td><td>April.</td><td>2.83</td><td></td><td>3.43</td><td>1941-Jan.</td><td>2.12</td><td></td><td>2.57</td></tr><tr><td>Aug.</td><td>3.21</td><td></td><td>4.23</td><td>May.</td><td>2.80</td><td></td><td>3.36</td><td>Feb.</td><td>2.22</td><td></td><td>2.71</td></tr><tr><td>Sept.</td><td>3.19</td><td></td><td>4.28</td><td>June.</td><td>2.81</td><td></td><td>3.31</td><td>Mar.</td><td>2.12</td><td></td><td>2.73</td></tr><tr><td>Oct.</td><td>3.22</td><td></td><td>4.26</td><td>July.</td><td>2.78</td><td></td><td>3.27</td><td>Apr.</td><td>2.07</td><td></td><td>2.76</td></tr><tr><td>Nov.</td><td>3.46</td><td></td><td>4.45</td><td>Aug.</td><td>2.78</td><td></td><td>3.25</td><td>May.</td><td>2.04</td><td></td><td>2.75</td></tr><tr><td>Dec.</td><td>3.53</td><td></td><td>4.40</td><td>Sept.</td><td>2.82</td><td></td><td>3.26</td><td>June.</td><td>2.01</td><td></td><td>2.70</td></tr><tr><td>1934-Jan.</td><td>3.50</td><td></td><td>4.26</td><td>Oct.</td><td>2.82</td><td></td><td>3.26</td><td>July.</td><td>1.98</td><td></td><td>2.66</td></tr><tr><td>Feb.</td><td>3.32</td><td></td><td>4.14</td><td>Nov.</td><td>2.78</td><td></td><td>3.22</td><td>Aug.</td><td>2.01</td><td></td><td>2.55</td></tr><tr><td>Mar.</td><td>3.20</td><td></td><td>4.07</td><td>Dec.</td><td>2.73</td><td></td><td>3.17</td><td>Sept.</td><td>2.02</td><td></td><td>2.64</td></tr><tr><td>Apr.</td><td>3.11</td><td></td><td>4.00</td><td>1938-Jan.</td><td>2.69</td><td></td><td>3.17</td><td>Oct.</td><td>1.98</td><td>2.34 r</td><td>2.61</td></tr><tr><td>May.</td><td>3.08</td><td></td><td>3.94</td><td>Feb.</td><td>2.68</td><td></td><td>3.15</td><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td></tr><tr><td>June.</td><td>2.98</td><td></td><td>3.88</td><td>Mar.</td><td>2.68</td><td></td><td>3.16</td><td>Dec.</td><td>2.05</td><td>2.47</td><td>2.58</td></tr><tr><td>July.</td><td>2.92</td><td></td><td>3.83</td><td>Apr.</td><td>2.66</td><td></td><td>3.25</td><td>1942-Jan.</td><td>2.10</td><td>2.48</td><td>2.76</td></tr><tr><td>Aug.</td><td>3.03</td><td></td><td>3.87</td><td>May.</td><td>2.56</td><td></td><td>3.14</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td></tr><tr><td>Sept.</td><td>3.20</td><td></td><td>3.89</td><td>June.</td><td>2.58</td><td></td><td>3.15</td><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td></tr><tr><td>Oct.</td><td>3.10</td><td></td><td>3.84</td><td>July.</td><td>2.58</td><td></td><td>3.12</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td></tr><tr><td>Nov.</td><td>3.07</td><td></td><td>3.78</td><td>Aug.</td><td>2.57</td><td></td><td>3.10</td><td>May.</td><td>2.05</td><td>2.45</td><td>2.76</td></tr><tr><td>Dec.</td><td>3.01</td><td></td><td>3.68</td><td>Sept.</td><td>2.53</td><td></td><td>3.12</td><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td></tr><tr><td>1935-Jan.</td><td>2.88</td><td></td><td>3.60</td><td>Oct.</td><td>2.55</td><td></td><td>3.06</td><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td></tr><tr><td>Feb.</td><td>2.79</td><td></td><td>3.52</td><td>Nov.</td><td>2.56</td><td></td><td>3.04</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td></tr><tr><td>Mar.</td><td>2.77</td><td></td><td>3.49</td><td>Dec.</td><td>2.56</td><td></td><td>3.02</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td></tr><tr><td>Apr.</td><td>2.74</td><td></td><td>3.47</td><td>1939-Jan.</td><td>2.54</td><td></td><td>2.96</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td></tr><tr><td>May.</td><td>2.72</td><td></td><td>3.48</td><td>Feb.</td><td>2.51</td><td></td><td>2.90</td><td>Nov.</td><td>2.13</td><td>2.47</td><td>2.72</td></tr><tr><td>June.</td><td>2.72</td><td></td><td>3.43</td><td>Mar.</td><td>2.43</td><td></td><td>2.87</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td></tr><tr><td>July.</td><td>2.69</td><td></td><td>3.35</td><td>Apr.</td><td>2.38</td><td></td><td>2.92</td><td>1941-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td></tr><tr><td>Aug.</td><td>2.76</td><td></td><td>3.44</td><td>May.</td><td>2.37</td><td></td><td>2.86</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td></tr><tr><td>Sept.</td><td>2.85</td><td></td><td>3.47</td><td>June.</td><td>2.22</td><td></td><td>2.78</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td></tr><tr><td>Oct.</td><td>2.85</td><td></td><td>3.46</td><td>July.</td><td>2.23</td><td></td><td>2.76</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td></tr><tr><td>Nov.</td><td>2.83</td><td></td><td>3.41</td><td>Aug.</td><td>2.27</td><td></td><td>2.79</td><td>May.</td><td>1.96</td><td>2.46</td><td>2.65</td></tr><tr><td>Dec.</td><td>2.84</td><td></td><td>3.39</td><td>Sept.</td><td>2.67</td><td></td><td>3.29</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.63</td></tr><tr><td>1936-Jan.</td><td>2.81</td><td></td><td>3.32</td><td>Oct.</td><td>2.60</td><td></td><td>3.14</td><td>July.</td><td>1.92</td><td>2.45</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.78</td><td></td><td>3.26</td><td>Nov.</td><td>2.46</td><td></td><td>2.93</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td></tr><tr><td>Mar.</td><td>2.73</td><td></td><td>3.24</td><td>Dec.</td><td>2.35</td><td></td><td>2.86</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td>Apr.</td><td>2.70</td><td></td><td>3.24</td><td>1940-Jan.</td><td>2.30</td><td></td><td>2.81</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td>May.</td><td>2.68</td><td></td><td>3.22</td><td>Feb.</td><td>2.32</td><td></td><td>2.79</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>June.</td><td>2.69</td><td></td><td>3.19</td><td>Mar.</td><td>2.26</td><td></td><td>2.77</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td></tr><tr><td>July.</td><td>2.68</td><td></td><td>3.18</td><td>Apr.</td><td>2.26</td><td></td><td>2.74</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Aug.</td><td>2.64</td><td></td><td>3.18</td><td>May.</td><td>2.19</td><td></td><td>2.67</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Sept.</td><td>2.65</td><td></td><td>3.15</td><td>June.</td><td>2.40</td><td></td><td>2.93</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td colspan="12">Weekly Series - Saturday Figures 1/</td></tr><tr><td>1933-Jan.</td><td>6.</td><td>3.21</td><td>4.30</td><td>1933-May.</td><td>6.</td><td>3.35</td><td>4.61</td><td>1933-Sept.</td><td>1.</td><td>3.19</td><td>4.26</td></tr><tr><td>14.</td><td>3.23</td><td></td><td>4.27</td><td>17.</td><td>3.27</td><td></td><td>4.48</td><td>9.</td><td>3.16</td><td></td><td>4.28</td></tr><tr><td>21.</td><td>3.21</td><td></td><td>4.28</td><td>20.</td><td>3.27</td><td></td><td>4.43</td><td>16.</td><td>3.18</td><td></td><td>4.28</td></tr><tr><td>28.</td><td>3.19</td><td></td><td>4.25</td><td>27.</td><td>3.24</td><td></td><td>4.40</td><td>23.</td><td>3.21</td><td></td><td>4.31</td></tr><tr><td>Feb.</td><td>4.</td><td>3.19</td><td>4.25</td><td>June.</td><td>3.</td><td>3.22</td><td>4.38</td><td>Oct.</td><td>7.</td><td>3.23</td><td>4.31</td></tr><tr><td>11.</td><td>3.24</td><td></td><td>4.35</td><td>10.</td><td>3.22</td><td></td><td>4.39</td><td>14.</td><td>3.21</td><td></td><td>4.24</td></tr><tr><td>18.</td><td>3.32</td><td></td><td>4.24</td><td>17.</td><td>3.21</td><td></td><td>4.31</td><td>21.</td><td>3.20</td><td></td><td>4.23</td></tr><tr><td>25.</td><td>3.52</td><td></td><td>4.51</td><td>24.</td><td>3.20</td><td></td><td>4.28</td><td>28.</td><td>3.23</td><td></td><td>4.27</td></tr><tr><td>Mar.</td><td>3.</td><td>3.65</td><td>4.67</td><td>July.</td><td>1.</td><td>3.20</td><td>4.29</td><td>Nov.</td><td>4.</td><td>3.32</td><td>4.32</td></tr><tr><td>11.</td><td>3.71</td><td></td><td>4.50</td><td>6.</td><td>3.20</td><td></td><td>4.28</td><td>11.</td><td>3.46</td><td></td><td>4.42</td></tr><tr><td>18.</td><td>3.71</td><td></td><td>4.52</td><td>15.</td><td>3.20</td><td></td><td>4.25</td><td>18.</td><td>3.52</td><td></td><td>4.53</td></tr><tr><td>25.</td><td>3.43</td><td></td><td>4.52</td><td>22.</td><td>3.20</td><td></td><td>4.29</td><td>25.</td><td>3.49</td><td></td><td>4.53</td></tr><tr><td>Apr.</td><td>1.</td><td>3.38</td><td>4.57</td><td>Aug.</td><td>4.</td><td>3.23</td><td>4.24</td><td>Dec.</td><td>2.</td><td>3.47</td><td>4.47</td></tr><tr><td>8.</td><td>3.37</td><td></td><td>4.50</td><td>11.</td><td>3.23</td><td></td><td>4.22</td><td>9.</td><td>3.59</td><td></td><td>4.43</td></tr><tr><td>15.</td><td>3.37</td><td></td><td>4.58</td><td>18.</td><td>3.20</td><td></td><td>4.23</td><td>16.</td><td>3.52</td><td></td><td>4.39</td></tr><tr><td>22.</td><td>3.47</td><td></td><td>4.71</td><td>25.</td><td>3.19</td><td></td><td>4.23</td><td>23.</td><td>3.57</td><td></td><td>4.38</td></tr><tr><td>29.</td><td>3.44</td><td></td><td>4.68</td><td></td><td></td><td></td><td></td><td>30.</td><td>3.51</td><td></td><td>4.32</td></tr></table>
(Continued on following page)
58
Treasury Bulletin
Average Yields of Long-Term Treasury and Corporate Bonds - (Continued)
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr></table>
Weekly Series - Saturday Figures 4/ - (Continued)
<table><tr><td>1934-Jan.</td><td>6</td><td>3.51</td><td>4.34</td><td>1935-Apr.</td><td>6</td><td>2.73</td><td>1936-July</td><td>3</td><td>2.68</td><td>3.18</td></tr><tr><td>13</td><td>3.55</td><td>4.27</td><td>13</td><td>2.75</td><td>3.47</td><td>11</td><td>2.67</td><td>3.17</td></tr><tr><td>20</td><td>3.49</td><td>4.20</td><td>20</td><td>2.74</td><td>3.46</td><td>18</td><td>2.70</td><td>3.19</td></tr><tr><td>27</td><td>3.48</td><td>4.23</td><td>27</td><td>2.72</td><td>3.49</td><td>25</td><td>2.68</td><td>3.19</td></tr><tr><td>Feb.</td><td>3</td><td>3.31</td><td>4.17</td><td>May</td><td>1</td><td>2.71</td><td>Aug.</td><td>1</td><td>2.67</td><td>3.18</td></tr><tr><td>10</td><td>3.34</td><td>4.17</td><td>11</td><td>2.73</td><td>3.49</td><td>8</td><td>2.66</td><td>3.18</td></tr><tr><td>17</td><td>3.29</td><td>4.12</td><td>18</td><td>2.73</td><td>3.50</td><td>15</td><td>2.64</td><td>3.18</td></tr><tr><td>24</td><td>3.29</td><td>4.10</td><td>25</td><td>2.72</td><td>3.46</td><td>22</td><td>2.63</td><td>3.18</td></tr><tr><td>Mar.</td><td>3</td><td>3.32</td><td>4.11</td><td>June</td><td>1</td><td>2.76</td><td>Sept.</td><td>5</td><td>2.60</td><td>3.16</td></tr><tr><td>10</td><td>3.21</td><td>4.07</td><td>8</td><td>2.72</td><td>3.46</td><td>12</td><td>2.62</td><td>3.15</td></tr><tr><td>17</td><td>3.13</td><td>4.04</td><td>15</td><td>2.72</td><td>3.42</td><td>19</td><td>2.67</td><td>5/</td><td>3.15</td></tr><tr><td>24</td><td>3.15</td><td>4.07</td><td>22</td><td>2.72</td><td>3.43</td><td>26</td><td>2.68</td><td>3.14</td></tr><tr><td>31</td><td>3.16</td><td>4.05</td><td>29</td><td>2.70</td><td>3.39</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>7</td><td>3.11</td><td>4.02</td><td>July</td><td>6</td><td>2.70</td><td>Oct.</td><td>3</td><td>2.67</td><td>3.15</td></tr><tr><td>14</td><td>3.08</td><td>4.00</td><td>13</td><td>2.70</td><td>3.35</td><td>10</td><td>2.68</td><td>3.15</td></tr><tr><td>21</td><td>3.13</td><td>3.98</td><td>20</td><td>2.68</td><td>3.34</td><td>17</td><td>2.68</td><td>3.14</td></tr><tr><td>28</td><td>3.10</td><td>3.98</td><td>27</td><td>2.69</td><td>3.34</td><td>24</td><td>2.68</td><td>3.14</td></tr><tr><td>May</td><td>5</td><td>3.03</td><td>3.95</td><td>Aug.</td><td>3</td><td>2.69</td><td>Nov.</td><td>7</td><td>2.63</td><td>3.13</td></tr><tr><td>12</td><td>3.01</td><td>3.96</td><td>10</td><td>2.72</td><td>3.37</td><td>14</td><td>2.59</td><td>3.11</td></tr><tr><td>19</td><td>3.02</td><td>3.93</td><td>17</td><td>2.75</td><td>3.45</td><td>21</td><td>2.57</td><td>3.10</td></tr><tr><td>26</td><td>3.01</td><td>3.91</td><td>24</td><td>2.81</td><td>3.47</td><td>28</td><td>2.58</td><td>3.09</td></tr><tr><td>June</td><td>2</td><td>3.00</td><td>3.89</td><td>Sept.</td><td>7</td><td>2.82</td><td>Dec.</td><td>5</td><td>2.58</td><td>3.07</td></tr><tr><td>9</td><td>2.99</td><td>3.89</td><td>14</td><td>2.84</td><td>3.48</td><td>12</td><td>2.58</td><td>3.06</td></tr><tr><td>16</td><td>2.96</td><td>3.86</td><td>21</td><td>2.91</td><td>3.46</td><td>19</td><td>2.62</td><td>3.08</td></tr><tr><td>23</td><td>2.99</td><td>3.87</td><td>28</td><td>2.85</td><td>3.49</td><td>24</td><td>2.60</td><td>3.08</td></tr><tr><td>30</td><td>2.96</td><td>3.87</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>7</td><td>2.93</td><td>3.86</td><td>Oct.</td><td>5</td><td>2.87</td><td>1937-Jan.</td><td>2</td><td>2.55</td><td>3.07</td></tr><tr><td>14</td><td>2.91</td><td>3.81</td><td>11</td><td>2.86</td><td>3.48</td><td>9</td><td>2.54</td><td>3.06</td></tr><tr><td>21</td><td>2.90</td><td>3.81</td><td>19</td><td>2.82</td><td>3.44</td><td>16</td><td>2.55</td><td>3.07</td></tr><tr><td>28</td><td>2.97</td><td>3.84</td><td>26</td><td>2.84</td><td>3.42</td><td>23</td><td>2.56</td><td>3.10</td></tr><tr><td>Aug.</td><td>4</td><td>2.95</td><td>3.88</td><td>Nov.</td><td>2</td><td>2.82</td><td>Feb.</td><td>6</td><td>2.55</td><td>3.19</td></tr><tr><td>11</td><td>3.13</td><td>3.90</td><td>9</td><td>2.83</td><td>3.41</td><td>13</td><td>2.56</td><td>3.26</td></tr><tr><td>18</td><td>3.03</td><td>3.85</td><td>16</td><td>2.83</td><td>3.41</td><td>20</td><td>2.54</td><td>3.24</td></tr><tr><td>25</td><td>3.03</td><td>3.85</td><td>23</td><td>2.84</td><td>3.41</td><td>27</td><td>2.53</td><td>3.29</td></tr><tr><td>Sept.</td><td>1</td><td>3.06</td><td>3.85</td><td>Dec.</td><td>7</td><td>2.84</td><td>Mar.</td><td>6</td><td>2.55</td><td>3.29</td></tr><tr><td>8</td><td>3.15</td><td>3.86</td><td>14</td><td>2.84</td><td>3.40</td><td>13</td><td>2.60</td><td>3.35</td></tr><tr><td>15</td><td>3.25</td><td>3.93</td><td>21</td><td>2.84</td><td>3.38</td><td>20</td><td>2.76</td><td>3.40</td></tr><tr><td>22</td><td>3.24</td><td>3.92</td><td>28</td><td>2.83</td><td>3.37</td><td>27</td><td>2.76</td><td>3.39</td></tr><tr><td>29</td><td>3.22</td><td>3.91</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>6</td><td>3.14</td><td>3.88</td><td>1936-Jan.</td><td>4</td><td>2.81</td><td>Apr.</td><td>3</td><td>2.95</td><td>3.42</td></tr><tr><td>13</td><td>3.09</td><td>3.85</td><td>11</td><td>2.81</td><td>3.33</td><td>10</td><td>2.94</td><td>3.46</td></tr><tr><td>20</td><td>3.06</td><td>3.83</td><td>18</td><td>2.78</td><td>3.31</td><td>17</td><td>2.78</td><td>3.41</td></tr><tr><td>27</td><td>3.06</td><td>3.81</td><td>25</td><td>2.82</td><td>3.31</td><td>24</td><td>2.83</td><td>3.42</td></tr><tr><td>Nov.</td><td>3</td><td>3.08</td><td>3.82</td><td>Feb.</td><td>1</td><td>2.81</td><td>May</td><td>1</td><td>2.81</td><td>3.40</td></tr><tr><td>10</td><td>3.09</td><td>3.80</td><td>8</td><td>2.80</td><td>3.30</td><td>8</td><td>2.79</td><td>3.36</td></tr><tr><td>17</td><td>3.05</td><td>3.75</td><td>15</td><td>2.78</td><td>3.29</td><td>15</td><td>2.81</td><td>3.37</td></tr><tr><td>24</td><td>3.05</td><td>3.74</td><td>21</td><td>2.76</td><td>3.25</td><td>22</td><td>2.80</td><td>3.33</td></tr><tr><td>Dec.</td><td>1</td><td>3.05</td><td>3.72</td><td>Mar.</td><td>7</td><td>2.73</td><td>June</td><td>5</td><td>2.80</td><td>3.30</td></tr><tr><td>8</td><td>3.02</td><td>3.69</td><td>14</td><td>2.74</td><td>3.26</td><td>12</td><td>2.81</td><td>3.29</td></tr><tr><td>15</td><td>3.02</td><td>3.66</td><td>21</td><td>2.72</td><td>3.24</td><td>19</td><td>2.82</td><td>3.30</td></tr><tr><td>22</td><td>2.99</td><td>3.67</td><td>28</td><td>2.71</td><td>3.26</td><td>26</td><td>2.82</td><td>3.33</td></tr><tr><td>29</td><td>2.97</td><td>3.66</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-Jan.</td><td>5</td><td>2.97</td><td>3.62</td><td>Apr.</td><td>4</td><td>2.71</td><td>July</td><td>2</td><td>2.81</td><td>3.31</td></tr><tr><td>12</td><td>2.89</td><td>3.61</td><td>11</td><td>2.71</td><td>3.24</td><td>10</td><td>2.79</td><td>3.27</td></tr><tr><td>19</td><td>2.86</td><td>3.60</td><td>18</td><td>2.69</td><td>3.23</td><td>17</td><td>2.78</td><td>3.27</td></tr><tr><td>26</td><td>2.82</td><td>3.56</td><td>25</td><td>2.69</td><td>3.24</td><td>24</td><td>2.76</td><td>3.28</td></tr><tr><td>Feb.</td><td>2</td><td>2.84</td><td>3.57</td><td>May</td><td>2</td><td>2.70</td><td>Aug.</td><td>7</td><td>2.74</td><td>3.24</td></tr><tr><td>9</td><td>2.82</td><td>3.55</td><td>9</td><td>2.70</td><td>3.24</td><td>14</td><td>2.78</td><td>3.24</td></tr><tr><td>16</td><td>2.80</td><td>3.51</td><td>16</td><td>2.68</td><td>3.22</td><td>21</td><td>2.81</td><td>3.29</td></tr><tr><td>23</td><td>2.73</td><td>3.45</td><td>23</td><td>2.67</td><td>3.19</td><td>28</td><td>2.83</td><td>3.25</td></tr><tr><td>Mar.</td><td>2</td><td>2.74</td><td>3.45</td><td>June</td><td>6</td><td>2.70</td><td>Sept.</td><td>4</td><td>2.84</td><td>3.24</td></tr><tr><td>9</td><td>2.77</td><td>3.48</td><td>13</td><td>2.69</td><td>3.19</td><td>11</td><td>2.84</td><td>3.26</td></tr><tr><td>16</td><td>2.77</td><td>3.52</td><td>20</td><td>2.69</td><td>3.19</td><td>18</td><td>2.80</td><td>3.26</td></tr><tr><td>23</td><td>2.79</td><td>3.48</td><td>27</td><td>2.70</td><td>3.20</td><td>25</td><td>2.82</td><td>3.27</td></tr><tr><td>30</td><td>2.77</td><td>3.54</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
April 1944
59
Average Yields of Long-Term Treasury and Corporate Bonds - (Continued)
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="11">Weekly Series - Saturday Figures 4/ - (Continued)</td></tr><tr><td>1937-Oct.</td><td>2..... 2.82</td><td>.....</td><td>3.26</td><td>1939-Jan.</td><td>7..... 2.54</td><td>.....</td><td>3.00</td><td>1940-Apr.</td><td>6..... 2.21</td><td>.....</td><td>2.71</td></tr><tr><td>9..... 2.82</td><td>.....</td><td>3.27</td><td>14..... 2.53</td><td>.....</td><td>2.95</td><td>13..... 2.25</td><td>.....</td><td>2.74</td></tr><tr><td>16..... 2.81</td><td>.....</td><td>3.27</td><td>21..... 2.52</td><td>.....</td><td>2.94</td><td>20..... 2.31</td><td>.....</td><td>2.76</td></tr><tr><td>23..... 2.83</td><td>.....</td><td>3.26</td><td>28..... 2.55</td><td>.....</td><td>2.96</td><td>27..... 2.27</td><td>.....</td><td>2.75</td></tr><tr><td>30..... 2.80</td><td>.....</td><td>3.24</td><td>Feb.</td><td>4..... 2.52</td><td>.....</td><td>2.93</td><td>May</td><td>4..... 2.28</td><td>.....</td><td>2.73</td></tr><tr><td>Nov.</td><td>6..... 2.80</td><td>.....</td><td>3.22</td><td>11..... 2.51</td><td>.....</td><td>2.91</td><td>11..... 2.34</td><td>.....</td><td>2.75</td></tr><tr><td>13..... 2.79</td><td>.....</td><td>3.21</td><td>18..... 2.50</td><td>.....</td><td>2.89</td><td>18..... 2.36</td><td>.....</td><td>2.92</td></tr><tr><td>20..... 2.76</td><td>.....</td><td>3.22</td><td>25..... 2.50</td><td>.....</td><td>2.88</td><td>25..... 2.38</td><td>.....</td><td>2.98</td></tr><tr><td>27..... 2.75</td><td>.....</td><td>3.22</td><td>Mar.</td><td>4..... 2.46</td><td>.....</td><td>2.86</td><td>June</td><td>1..... 2.39</td><td>.....</td><td>2.99</td></tr><tr><td>Dec.</td><td>4..... 2.75</td><td>.....</td><td>3.21</td><td>11..... 2.42</td><td>.....</td><td>2.85</td><td>8..... 2.39</td><td>.....</td><td>2.96</td></tr><tr><td>11..... 2.74</td><td>.....</td><td>3.19</td><td>18..... 2.45</td><td>.....</td><td>2.87</td><td>15..... 2.36</td><td>.....</td><td>2.92</td></tr><tr><td>18..... 2.70</td><td>.....</td><td>3.18</td><td>25..... 2.41</td><td>.....</td><td>2.88</td><td>22..... 2.32</td><td>.....</td><td>2.87</td></tr><tr><td>24..... 2.70</td><td>.....</td><td>3.15</td><td>Apr.</td><td>1..... 2.41</td><td>.....</td><td>2.93</td><td>July</td><td>6..... 2.32</td><td>.....</td><td>2.85</td></tr><tr><td>31..... 2.71</td><td>.....</td><td>3.14</td><td>8..... 2.41</td><td>.....</td><td>2.94</td><td>13..... 2.30</td><td>.....</td><td>2.84</td></tr><tr><td>1938-Jan.</td><td>8..... 2.70</td><td>.....</td><td>3.15</td><td>15..... 2.38</td><td>.....</td><td>2.92</td><td>20..... 2.31</td><td>.....</td><td>2.83</td></tr><tr><td>15..... 2.68</td><td>.....</td><td>3.15</td><td>22..... 2.37</td><td>.....</td><td>2.91</td><td>27..... 2.30</td><td>.....</td><td>2.85</td></tr><tr><td>22..... 2.69</td><td>.....</td><td>3.17</td><td>29..... 2.35</td><td>.....</td><td>2.91</td><td></td><td></td><td></td></tr><tr><td>29..... 2.70</td><td>.....</td><td>3.20</td><td>May</td><td>6..... 2.32</td><td>.....</td><td>2.88</td><td>Aug.</td><td>3..... 2.30</td><td>.....</td><td>2.82</td></tr><tr><td>Feb.</td><td>5..... 2.69</td><td>.....</td><td>3.18</td><td>13..... 2.28</td><td>.....</td><td>2.87</td><td>10..... 2.33</td><td>.....</td><td>2.80</td></tr><tr><td>11..... 2.68</td><td>.....</td><td>3.15</td><td>20..... 2.25</td><td>.....</td><td>2.84</td><td>17..... 2.34</td><td>.....</td><td>2.80</td></tr><tr><td>19..... 2.68</td><td>.....</td><td>3.14</td><td>27..... 2.25</td><td>.....</td><td>2.82</td><td>24..... 2.30</td><td>.....</td><td>2.79</td></tr><tr><td>26..... 2.65</td><td>.....</td><td>3.12</td><td>June</td><td>3..... 2.18</td><td>.....</td><td>2.80</td><td>31..... 2.28</td><td>.....</td><td>2.79</td></tr><tr><td>Mar.</td><td>5..... 2.65</td><td>.....</td><td>3.14</td><td>10..... 2.22</td><td>.....</td><td>2.77</td><td>Sept.</td><td>7..... 2.26</td><td>.....</td><td>2.72</td></tr><tr><td>12..... 2.68</td><td>.....</td><td>3.15</td><td>17..... 2.24</td><td>.....</td><td>2.76</td><td>14..... 2.27</td><td>.....</td><td>2.73</td></tr><tr><td>19..... 2.70</td><td>.....</td><td>3.17</td><td>24..... 2.22</td><td>.....</td><td>2.76</td><td>21..... 2.23</td><td>.....</td><td>2.70</td></tr><tr><td>26..... 2.69</td><td>.....</td><td>3.19</td><td>July</td><td>1..... 2.28</td><td>.....</td><td>2.78</td><td>Oct.</td><td>5..... 2.21</td><td>.....</td><td>2.68</td></tr><tr><td>Apr.</td><td>2..... 2.72</td><td>.....</td><td>3.30</td><td>8..... 2.23</td><td>.....</td><td>2.76</td><td>11..... 2.23</td><td>.....</td><td>2.70</td></tr><tr><td>9..... 2.72</td><td>.....</td><td>3.25</td><td>15..... 2.23</td><td>.....</td><td>2.76</td><td>19..... 2.21</td><td>.....</td><td>2.71</td></tr><tr><td>16..... 2.63</td><td>.....</td><td>3.23</td><td>22..... 2.22</td><td>.....</td><td>2.75</td><td>26..... 2.21</td><td>.....</td><td>2.70</td></tr><tr><td>23..... 2.60</td><td>.....</td><td>3.18</td><td>29..... 2.20</td><td>.....</td><td>2.75</td><td></td><td></td><td></td></tr><tr><td>30..... 2.58</td><td>.....</td><td>3.17</td><td>Aug.</td><td>5..... 2.22</td><td>.....</td><td>2.75</td><td>Nov.</td><td>2..... 2.20</td><td>.....</td><td>2.70</td></tr><tr><td>May</td><td>7..... 2.57</td><td>.....</td><td>3.14</td><td>12..... 2.24</td><td>.....</td><td>2.76</td><td>9..... 2.06</td><td>.....</td><td>2.67</td></tr><tr><td>14..... 2.56</td><td>.....</td><td>3.13</td><td>19..... 2.26</td><td>.....</td><td>2.77</td><td>16..... 2.08</td><td>.....</td><td>2.65</td></tr><tr><td>21..... 2.55</td><td>.....</td><td>3.13</td><td>26..... 2.24</td><td>.....</td><td>2.84</td><td>23..... 2.07</td><td>.....</td><td>2.64</td></tr><tr><td>28..... 2.57</td><td>.....</td><td>3.17</td><td>Sept.</td><td>2..... 2.25</td><td>.....</td><td>3.01</td><td>Dec.</td><td>7..... 2.03</td><td>.....</td><td>2.59</td></tr><tr><td>June</td><td>4..... 2.55</td><td>.....</td><td>3.15</td><td>9..... 2.62</td><td>.....</td><td>3.27</td><td>14..... 1.99</td><td>.....</td><td>2.59</td></tr><tr><td>11..... 2.57</td><td>.....</td><td>3.14</td><td>16..... 2.64</td><td>.....</td><td>3.31</td><td>21..... 2.02</td><td>.....</td><td>2.58</td></tr><tr><td>18..... 2.59 5/</td><td>.....</td><td>3.16</td><td>23..... 2.79</td><td>.....</td><td>3.33</td><td>28..... 1.99</td><td>.....</td><td>2.59</td></tr><tr><td>25..... 2.60</td><td>.....</td><td>3.13</td><td>Oct.</td><td>7..... 2.70</td><td>.....</td><td>3.22</td><td>1941-Jan.</td><td>4..... 2.06</td><td>.....</td><td>2.58</td></tr><tr><td>July</td><td>2..... 2.59</td><td>.....</td><td>3.13</td><td>14..... 2.63</td><td>.....</td><td>3.16</td><td>11..... 2.09</td><td>.....</td><td>2.57</td></tr><tr><td>9..... 2.58</td><td>.....</td><td>3.12</td><td>21..... 2.50</td><td>.....</td><td>3.09</td><td>18..... 2.12</td><td>.....</td><td>2.55</td></tr><tr><td>16..... 2.58</td><td>.....</td><td>3.12</td><td>28..... 2.52</td><td>.....</td><td>3.04</td><td>25..... 2.16</td><td>.....</td><td>2.61</td></tr><tr><td>23..... 2.59</td><td>.....</td><td>3.11</td><td>Nov.</td><td>4..... 2.54</td><td>.....</td><td>2.97</td><td>Feb.</td><td>1..... 2.20</td><td>.....</td><td>2.61</td></tr><tr><td>30..... 2.57</td><td>.....</td><td>3.10</td><td>10..... 2.52</td><td>.....</td><td>2.94</td><td>8..... 2.21</td><td>.....</td><td>2.68</td></tr><tr><td>Aug.</td><td>6..... 2.57</td><td>.....</td><td>3.10</td><td>18..... 2.43</td><td>.....</td><td>2.93</td><td>15..... 2.25</td><td>.....</td><td>2.71</td></tr><tr><td>13..... 2.57</td><td>.....</td><td>3.11</td><td>25..... 2.40</td><td>.....</td><td>2.91</td><td>21..... 2.23</td><td>.....</td><td>2.76</td></tr><tr><td>20..... 2.55</td><td>.....</td><td>3.11</td><td>Dec.</td><td>2..... 2.40</td><td>.....</td><td>2.89</td><td>Mar.</td><td>1..... 2.18</td><td>.....</td><td>2.76</td></tr><tr><td>27..... 2.46</td><td>.....</td><td>3.09</td><td>9..... 2.39</td><td>.....</td><td>2.89</td><td>8..... 2.14</td><td>.....</td><td>2.73</td></tr><tr><td>Sept.</td><td>3..... 2.59</td><td>.....</td><td>3.11</td><td>16..... 2.35</td><td>.....</td><td>2.85</td><td>15..... 2.06</td><td>.....</td><td>2.70</td></tr><tr><td>10..... 2.61</td><td>.....</td><td>3.11</td><td>23..... 2.31</td><td>.....</td><td>2.84</td><td>22..... 2.11</td><td>.....</td><td>2.76</td></tr><tr><td>17..... 2.68</td><td>.....</td><td>3.12</td><td>30..... 2.30</td><td>.....</td><td>2.83</td><td>29..... 2.10</td><td>.....</td><td>2.73</td></tr><tr><td>24..... 2.65</td><td>.....</td><td>3.13</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>1..... 2.58</td><td>.....</td><td>3.12</td><td>1940-Jan.</td><td>6..... 2.28</td><td>.....</td><td>2.80</td><td>Apr.</td><td>5..... 2.13</td><td>.....</td><td>2.74</td></tr><tr><td>8..... 2.55</td><td>.....</td><td>3.06</td><td>13..... 2.28</td><td>.....</td><td>2.81</td><td>12..... 2.12</td><td>.....</td><td>2.76</td></tr><tr><td>15..... 2.54</td><td>.....</td><td>3.04</td><td>20..... 2.31</td><td>.....</td><td>2.81</td><td>19..... 2.04</td><td>.....</td><td>2.75</td></tr><tr><td>22..... 2.55</td><td>.....</td><td>3.05</td><td>27..... 2.32</td><td>.....</td><td>2.81</td><td>26..... 2.02</td><td>.....</td><td>2.77</td></tr><tr><td>29..... 2.54</td><td>.....</td><td>3.05</td><td>Feb.</td><td>3..... 2.32</td><td>.....</td><td>2.81</td><td>May</td><td>3..... 2.03</td><td>.....</td><td>2.75</td></tr><tr><td>Nov.</td><td>5..... 2.56</td><td>.....</td><td>3.06</td><td>10..... 2.32</td><td>.....</td><td>2.78</td><td>15..... 2.03</td><td>.....</td><td>2.76</td></tr><tr><td>12..... 2.56</td><td>.....</td><td>3.03</td><td>17..... 2.31</td><td>.....</td><td>2.78</td><td>17..... 2.06</td><td>.....</td><td>2.76</td></tr><tr><td>19..... 2.56</td><td>.....</td><td>3.04</td><td>24..... 2.33</td><td>.....</td><td>2.78</td><td>24..... 2.05</td><td>.....</td><td>2.75</td></tr><tr><td>26..... 2.57</td><td>.....</td><td>3.05</td><td>Mar.</td><td>2..... 2.32</td><td>.....</td><td>2.80</td><td>31..... 2.01</td><td>.....</td><td>2.75</td></tr><tr><td>Dec.</td><td>3..... 2.57</td><td>.....</td><td>3.04</td><td>9..... 2.27</td><td>.....</td><td>2.77</td><td>June</td><td>7..... 2.03</td><td>.....</td><td>2.73</td></tr><tr><td>10..... 2.55</td><td>.....</td><td>3.04</td><td>16..... 2.24 5/</td><td>.....</td><td>2.76</td><td>15..... 2.02</td><td>.....</td><td>2.71</td></tr><tr><td>17..... 2.56 5/</td><td>.....</td><td>3.03</td><td>23..... 2.26</td><td>.....</td><td>2.76</td><td>21..... 2.01</td><td>.....</td><td>2.68</td></tr><tr><td>24..... 2.55</td><td>.....</td><td>3.01</td><td>30..... 2.23</td><td>.....</td><td>2.74</td><td>28..... 1.98</td><td>.....</td><td>2.66</td></tr><tr><td>31..... 2.55</td><td>.....</td><td>3.01</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
60
Treasury Bulletin
Average Yields of Long-Term Treasury and Corporate Bonds - (Continued)
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr></table>
Weekly Series - Saturday Figures 4/ - (Continued)
<table><tr><td>1941-July 5....</td><td>1.97</td><td>2.65</td><td>1942-June 6....</td><td>2.04</td><td>2.43</td><td>2.76</td><td>1943-May 1....</td><td>2.02</td><td>2.47</td><td>2.67</td></tr><tr><td>12....</td><td>2.00</td><td>2.65</td><td>13....</td><td>2.04</td><td>2.43</td><td>2.74</td><td>8....</td><td>1.97</td><td>2.46 5/</td><td>2.67</td></tr><tr><td>19....</td><td>1.98</td><td>2.65</td><td>20....</td><td>2.04</td><td>2.43</td><td>2.75</td><td>15....</td><td>1.95</td><td>2.46</td><td>2.64</td></tr><tr><td>26....</td><td>1.99</td><td>2.68</td><td>27....</td><td>2.05</td><td>2.44</td><td>2.75</td><td>22....</td><td>1.94</td><td>2.45</td><td>2.65</td></tr><tr><td>Aug. 2....</td><td>1.97</td><td>2.64</td><td>July 3....</td><td>2.05</td><td>2.44 5/</td><td>2.75</td><td>29....</td><td>1.92</td><td>2.45</td><td>2.65</td></tr><tr><td>9....</td><td>2.04</td><td>2.65</td><td>11....</td><td>2.04</td><td>2.46 5/</td><td>2.73</td><td>June 5....</td><td>1.90</td><td>2.45</td><td>2.68</td></tr><tr><td>16....</td><td>2.03</td><td>2.65</td><td>18....</td><td>2.04</td><td>2.46</td><td>2.74</td><td>12....</td><td>1.90</td><td>2.45</td><td>2.63</td></tr><tr><td>23....</td><td>2.02</td><td>2.67</td><td>25....</td><td>2.04</td><td>2.46</td><td>2.75</td><td>19....</td><td>1.92 5/</td><td>2.45</td><td>2.68</td></tr><tr><td>30....</td><td>1.98</td><td>2.65</td><td>Aug. 1....</td><td>2.05</td><td>2.47</td><td>2.74</td><td>26....</td><td>1.91</td><td>2.45</td><td>2.61</td></tr><tr><td>Sept. 6....</td><td>1.99</td><td>2.64</td><td>8....</td><td>2.06</td><td>2.48</td><td>2.73</td><td>July 3....</td><td>1.89</td><td>2.45</td><td>2.61</td></tr><tr><td>13....</td><td>2.02</td><td>2.65</td><td>15....</td><td>2.06</td><td>2.48</td><td>2.73</td><td>10....</td><td>1.89</td><td>2.45</td><td>2.57</td></tr><tr><td>20....</td><td>2.03 5/</td><td>2.64</td><td>22....</td><td>2.06</td><td>2.48</td><td>2.73</td><td>17....</td><td>1.91</td><td>2.46</td><td>2.57</td></tr><tr><td>27....</td><td>2.02</td><td>2.64</td><td>29....</td><td>2.07</td><td>2.46</td><td>2.73</td><td>24....</td><td>1.91</td><td>2.46</td><td>2.56</td></tr><tr><td>Oct. 4....</td><td>2.01</td><td>2.62</td><td>Sept. 5....</td><td>2.07</td><td>2.46</td><td>2.73</td><td>31....</td><td>1.93</td><td>2.46</td><td>2.57</td></tr><tr><td>11....</td><td>1.99</td><td>2.61</td><td>12....</td><td>2.07</td><td>2.45</td><td>2.72</td><td>Aug. 7....</td><td>1.93</td><td>2.46</td><td>2.55</td></tr><tr><td>18....</td><td>2.00</td><td>2.61</td><td>19....</td><td>2.08</td><td>2.46</td><td>2.73</td><td>14....</td><td>1.92</td><td>2.45</td><td>2.57</td></tr><tr><td>25....</td><td>1.94</td><td>2.60</td><td>26....</td><td>2.08</td><td>2.46</td><td>2.73</td><td>21....</td><td>1.93</td><td>2.47</td><td>2.59</td></tr><tr><td>Nov. 1....</td><td>1.92</td><td>2.32</td><td>2.58</td><td>Oct. 3....</td><td>2.10</td><td>2.46</td><td>2.72</td><td>28....</td><td>1.92</td><td>2.47</td><td>2.58</td></tr><tr><td>8....</td><td>1.94</td><td>2.33</td><td>2.57</td><td>10....</td><td>2.09</td><td>2.46</td><td>2.71</td><td>Sept. 4....</td><td>1.92</td><td>2.48</td><td>2.57</td></tr><tr><td>15....</td><td>1.96</td><td>2.34</td><td>2.56</td><td>17....</td><td>2.09</td><td>2.45</td><td>2.71</td><td>11....</td><td>1.90</td><td>2.48</td><td>2.58</td></tr><tr><td>22....</td><td>1.96</td><td>2.34</td><td>2.57</td><td>24....</td><td>2.09</td><td>2.44</td><td>2.71</td><td>18....</td><td>1.90</td><td>2.48</td><td>2.61</td></tr><tr><td>29....</td><td>1.97</td><td>2.36</td><td>2.58</td><td>31....</td><td>2.09</td><td>2.46</td><td>2.72</td><td>25....</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td>Dec. 6....</td><td>1.97</td><td>2.42</td><td>2.60</td><td>Nov. 7....</td><td>2.09</td><td>2.46</td><td>2.70</td><td>Oct. 2....</td><td>1.89</td><td>2.48</td><td>2.61</td></tr><tr><td>13....</td><td>2.07</td><td>2.50</td><td>2.69</td><td>14....</td><td>2.09</td><td>2.46</td><td>2.70</td><td>9....</td><td>1.90</td><td>2.47</td><td>2.60</td></tr><tr><td>20....</td><td>2.06</td><td>2.49</td><td>2.73</td><td>21....</td><td>2.10</td><td>2.48</td><td>2.70</td><td>16....</td><td>1.91</td><td>2.48 5/</td><td>2.60</td></tr><tr><td>27....</td><td>2.14</td><td>2.50</td><td>2.75</td><td>26....</td><td>2.13</td><td>2.48</td><td>2.72</td><td>31....</td><td>1.91</td><td>2.48</td><td>2.59</td></tr><tr><td>1942-Jan. 3....</td><td>2.08</td><td>2.50</td><td>2.70</td><td>Dec. 5....</td><td>2.13</td><td>2.49 5/</td><td>2.72</td><td>Nov. 6....</td><td>1.93</td><td>2.48</td><td>2.59</td></tr><tr><td>10....</td><td>2.06</td><td>2.49</td><td>2.73</td><td>12....</td><td>2.13</td><td>2.49</td><td>2.73</td><td>13....</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>17....</td><td>2.10</td><td>2.49</td><td>2.76</td><td>19....</td><td>2.13</td><td>2.49</td><td>2.71</td><td>20....</td><td>1.95</td><td>2.49</td><td>2.61</td></tr><tr><td>24....</td><td>2.12</td><td>2.47</td><td>2.79</td><td>26....</td><td>2.13</td><td>2.48</td><td>2.72</td><td>27....</td><td>1.95</td><td>2.49</td><td>2.61</td></tr><tr><td>31....</td><td>2.14</td><td>2.47</td><td>2.80</td><td>1943-Jan. 2....</td><td>2.12</td><td>2.47</td><td>2.72</td><td>Dec. 4....</td><td>1.95</td><td>2.49</td><td>2.62</td></tr><tr><td>Feb. 7....</td><td>2.14</td><td>2.47</td><td>2.79</td><td>9....</td><td>2.11</td><td>2.46</td><td>2.71</td><td>11....</td><td>1.95</td><td>2.49</td><td>2.62</td></tr><tr><td>14....</td><td>2.18</td><td>2.48</td><td>2.78</td><td>16....</td><td>2.11</td><td>2.46</td><td>2.70</td><td>18....</td><td>1.95</td><td>2.49</td><td>2.63</td></tr><tr><td>21....</td><td>2.18</td><td>2.48</td><td>2.81</td><td>23....</td><td>2.11</td><td>2.46</td><td>2.69</td><td>22....</td><td>1.95</td><td>2.49</td><td>2.64</td></tr><tr><td>28....</td><td>2.18</td><td>2.48</td><td>2.81</td><td>30....</td><td>2.11</td><td>2.46</td><td>2.69</td><td>31....</td><td>1.96</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar. 7....</td><td>2.12</td><td>2.47</td><td>2.79</td><td>Feb. 6....</td><td>2.11</td><td>2.45</td><td>2.68</td><td>1944-Jan. 8....</td><td>1.94</td><td>2.49</td><td>2.62</td></tr><tr><td>14....</td><td>2.11</td><td>2.47</td><td>2.81</td><td>13....</td><td>2.11</td><td>2.45</td><td>2.68</td><td>15....</td><td>1.95</td><td>2.49</td><td>2.64</td></tr><tr><td>21....</td><td>2.08</td><td>2.45</td><td>2.80</td><td>20....</td><td>2.10</td><td>2.47</td><td>2.68</td><td>22....</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>28....</td><td>2.06</td><td>2.44</td><td>2.79</td><td>27....</td><td>2.10</td><td>2.47</td><td>2.69</td><td>29....</td><td>1.95</td><td>2.49</td><td>2.67</td></tr><tr><td>Apr. 4....</td><td>2.06</td><td>2.42</td><td>2.77</td><td>Mar. 6....</td><td>2.12</td><td>2.48</td><td>2.71</td><td>Feb. 5....</td><td>1.95</td><td>2.49</td><td>2.66</td></tr><tr><td>11....</td><td>2.06</td><td>2.43</td><td>2.77</td><td>13....</td><td>2.12</td><td>2.48</td><td>2.70</td><td>11....</td><td>1.94</td><td>2.49</td><td>2.66</td></tr><tr><td>18....</td><td>2.06</td><td>2.44</td><td>2.77</td><td>20....</td><td>2.12</td><td>2.48</td><td>2.70</td><td>19....</td><td>1.92 5/</td><td>2.49</td><td>2.65</td></tr><tr><td>25....</td><td>2.08</td><td>2.46</td><td>2.77</td><td>27....</td><td>2.12</td><td>2.48</td><td>2.68</td><td>26....</td><td>1.90</td><td>2.49</td><td>2.65</td></tr><tr><td>May 2....</td><td>2.06</td><td>2.47</td><td>2.77</td><td>Apr. 3....</td><td>2.08</td><td>2.48</td><td>2.69</td><td>Mar. 4....</td><td>1.89</td><td>2.49</td><td>2.66</td></tr><tr><td>9....</td><td>2.08</td><td>2.47</td><td>2.74</td><td>10....</td><td>2.08</td><td>2.48</td><td>2.69</td><td>11....</td><td>1.90</td><td>2.49</td><td>2.64</td></tr><tr><td>16....</td><td>2.07</td><td>2.45</td><td>2.76</td><td>17....</td><td>2.04</td><td>2.48</td><td>2.68</td><td>18....</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>23....</td><td>2.04</td><td>2.45</td><td>2.75</td><td>24....</td><td>2.03</td><td>2.48</td><td>2.68</td><td>25....</td><td>1.93</td><td>2.48</td><td>2.62</td></tr><tr><td>30....</td><td>2.04</td><td>2.44</td><td>2.76</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily Series
<table><tr><td>1944-Mar.</td><td>1......</td><td>1.90</td><td>2..h9</td><td>2..65</td><td>1944-Mar.</td><td>13......</td><td>1..91</td><td>2..h8</td><td>2..63</td><td>1944-Mar.</td><td>23......</td><td>1..92</td><td>2..h8</td><td>2..62</td></tr><tr><td></td><td>2......</td><td>1..89</td><td>2..h9</td><td>2..67</td><td></td><td>14......</td><td>1..91</td><td>2..h8</td><td>2..63</td><td></td><td>24......</td><td>1..93</td><td>2..h8</td><td>2..62</td></tr><tr><td></td><td>3......</td><td>1..89</td><td>2..h9</td><td>2..66</td><td></td><td>15......</td><td>1..91</td><td>2..h8</td><td>2..64</td><td></td><td>25......</td><td>1..93</td><td>2..h8</td><td>2..62</td></tr><tr><td></td><td>4......</td><td>1..89</td><td>2..h9</td><td>2..66</td><td></td><td>16......</td><td>1..91</td><td>2..h8</td><td>2..64</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>6......</td><td>1..89</td><td>2..h9</td><td>2..65</td><td></td><td>17......</td><td>1..91</td><td>2..h8</td><td>2..64</td><td></td><td>27......</td><td>1..94</td><td>2..h8</td><td>2..62</td></tr><tr><td></td><td>7......</td><td>1..90</td><td>2..h9</td><td>2..65</td><td></td><td>18......</td><td>1..91</td><td>2..h8</td><td>2..64</td><td></td><td>28......</td><td>1..94</td><td>2..h8</td><td>2..62</td></tr><tr><td></td><td>8......</td><td>1..90</td><td>2..h9</td><td>2..64</td><td></td><td></td><td></td><td></td><td></td><td></td><td>29......</td><td>1..94</td><td>2..h8</td><td>2..62</td></tr><tr><td></td><td>9......</td><td>1..90</td><td>2..h9</td><td>2..64</td><td></td><td>20......</td><td>1..92</td><td>2..h8</td><td>2..64</td><td></td><td>30......</td><td>1..94</td><td>2..h8</td><td>2..62</td></tr><tr><td></td><td>10......</td><td>1..90</td><td>2..h9</td><td>2..65</td><td></td><td>21......</td><td>1..93</td><td>2..h8</td><td>2..63</td><td></td><td>31......</td><td>1..94</td><td>2..h8</td><td>2..61</td></tr><tr><td></td><td>11......</td><td>1..90</td><td>2..h9</td><td>2..64</td><td></td><td>22......</td><td>1..92</td><td>2..h8</td><td>2..63</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 the day when sales took place; separately 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. r 1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. 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 Trea- sure bonds and similar securities purchased (issued before March 1, 1941) is exempt from the surtax rates of the Federal income tax.) Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax. 2/ For discussion of composition of high-grade corporate bond average, see "Treasury Bulletin" for April 1943, page 61. 3/ The average rate of interest on Trea- sure bonds of April 1, 1938, corporate bonds are averages of Saturday figures. 4/ On days when the exchanges are closed, the date and prices of the previous day are used. 5/ Indicates change in composition of average.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series V
April 1944
61
62
Treasury Bulletin
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES
April 1944
63
Assets and Liabilities of Government Corporations and Credit Agencies
February 29, 19
(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 colspan="3">Investments</th><th>Accounts and other receivables 2/</th><th>Real estate and other business property</th><th>Due from Government corporations and agencies</th><th>Capital stock and paid-in surplus of Government corporations</th><th>Other assets 3/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>U.S. Government securities</th><th>Securities guaranteed by United States</th><th>Other</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Banks for cooperatives</td><td>307.3</td><td>220.9</td><td>-</td><td>23.7</td><td>33.8</td><td>-</td><td>26.8</td><td>2.0</td><td>1.1</td><td>*</td><td>-</td><td>1.1</td></tr><tr><td>Commodity Credit Corporation</td><td>1,789.5</td><td>408.9</td><td>-</td><td>9.1</td><td>*</td><td>-</td><td>-</td><td>552.9 1/</td><td>20.2</td><td>*</td><td>1.6</td><td>798.4 5/</td></tr><tr><td>Disaster Loan Corporation</td><td>20.7</td><td>2.5</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>16.5</td><td>*</td><td>-</td><td>-</td><td>1.1</td></tr><tr><td>Export-Import Bank of Washington</td><td>200.3</td><td>141.8</td><td>-</td><td>4.4</td><td>-</td><td>-</td><td>-</td><td>58.1</td><td>-</td><td>-</td><td>-</td><td>1.1</td></tr><tr><td>Farm Credit Administration</td><td>421.2</td><td>227.0</td><td>-</td><td>17.5</td><td>-</td><td>-</td><td>-</td><td>1.0</td><td>1.0</td><td>174.0</td><td>-</td><td>1.8</td></tr><tr><td>Farm Security Administration</td><td>999.3</td><td>417.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36.9</td><td>-</td><td>43.7</td><td>-</td><td>1.5</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>23.1</td><td>-</td><td>-</td><td>5.6</td><td>-</td><td>-</td><td>-</td><td>17.5</td><td>1.1</td><td>-</td><td>-</td><td>14.1</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>771.9</td><td>27.7</td><td>-</td><td>12.2</td><td>686.7</td><td>-</td><td>-</td><td>30.9</td><td>1.1</td><td>-</td><td>2.4</td><td>7.4</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,154.5</td><td>388.8</td><td>-</td><td>10.4</td><td>-</td><td>305.0</td><td>401.5</td><td>39.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>287.0</td><td>114.2</td><td>-</td><td>18.3</td><td>152.8</td><td>1.3</td><td>*</td><td>1.3</td><td>*</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>Federal Housing Administration</td><td>131.0</td><td>-</td><td>-</td><td>17.1</td><td>69.0</td><td>-</td><td>-</td><td>40.6</td><td>1.2</td><td>-</td><td>2.8</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>406.7</td><td>253.2</td><td>-</td><td>28.6</td><td>36.0</td><td>-</td><td>-</td><td>2.1</td><td>-</td><td>86.1</td><td>-</td><td>2.2</td></tr><tr><td>Federal land banks 6/</td><td>1,930.7</td><td>1,314.7</td><td>-</td><td>39.0</td><td>234.9</td><td>171.8</td><td>17.0</td><td>121.2</td><td>5.0</td><td>4.3</td><td>-</td><td>22.9</td></tr><tr><td>Federal National Mortgage Association</td><td>65.4</td><td>63.0</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>-</td><td>1.6</td><td>*</td><td>-</td><td>-</td><td>1.1</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>19.1</td><td>-</td><td>-</td><td>8.2</td><td>-</td><td>-</td><td>-</td><td>2.5</td><td>6.5</td><td>-</td><td>-</td><td>2.0</td></tr><tr><td>Federal Public Housing Authority</td><td>553.4</td><td>318.6</td><td>-</td><td>39.2</td><td>7.2</td><td>-</td><td>*</td><td>4.7</td><td>183.8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>148.3</td><td>-</td><td>-</td><td>1.8</td><td>142.5</td><td>-</td><td>-</td><td>5.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Security Agency - student war loans 1/</td><td>3.5</td><td>3.2</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></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>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>War/Public Works - community facilities</td><td>4.0</td><td>4.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,679.2</td><td>1,295.5</td><td>46.7</td><td>40.6</td><td>15.0</td><td>95.0</td><td>-</td><td>3.9</td><td>2.6</td><td>-</td><td>100.0</td><td>75.9</td></tr><tr><td>Insued Waterways Corporation 1/</td><td>24.6</td><td>14.6</td><td>1.0</td><td>.7</td><td>8.6</td><td>-</td><td>-</td><td>1.8</td><td>16.2</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Interior Department (Indian loans)</td><td>2.8</td><td>2.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama Railroad Company 1/</td><td>68.9</td><td>-</td><td>-</td><td>9.6</td><td>14.7</td><td>-</td><td>*</td><td>1.5</td><td>41.6</td><td>2.5</td><td>-</td><td>1.1</td></tr><tr><td>Production credit corporations</td><td>127.6</td><td>-</td><td>-</td><td>3.3</td><td>55.6</td><td>-</td><td>71.0</td><td>1.4</td><td>*</td><td>-</td><td>-</td><td>1.1</td></tr><tr><td>Puerto Rico Reconstruction Administration</td><td>22.5</td><td>6.6</td><td>-</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>1.3</td><td>-</td><td>-</td><td>-</td><td>12.6</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>9,621.2</td><td>1,392.9</td><td>328.9</td><td>2.6</td><td>71.1</td><td>-</td><td>6.3</td><td>23.5 2/</td><td>1.9</td><td>7,382.2</td><td>360.7</td><td>58.0</td></tr><tr><td>Regional agricultural credit corporations</td><td>64.7</td><td>23.9</td><td>-</td><td>40.3</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>1.4</td></tr><tr><td>RFC Mortgage Company, The</td><td>121.5</td><td>106.9</td><td>-</td><td>*</td><td>-</td><td>1.5</td><td>-</td><td>2.5</td><td>6.6</td><td>-</td><td>-</td><td>5.1</td></tr><tr><td>Rural Electrification Administration</td><td>359.8</td><td>348.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.2</td><td>-</td><td>3.4</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>707.3</td><td>-</td><td>-</td><td>12.6</td><td>-</td><td>-</td><td>-</td><td>7.4</td><td>684.8</td><td>2.4</td><td>-</td><td>*</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc. 1/</td><td>3.3</td><td>1.2</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>7,295.2</td><td>14.2</td><td>-</td><td>*</td><td>-</td><td>117.2</td><td>-</td><td>43.0</td><td>19.0</td><td>1.2</td><td>-</td><td>7,100.7</td></tr><tr><td>War corporations and activities (World War I) 10/</td><td>4.8</td><td>-</td><td>-</td><td>1.5</td><td>1.1</td><td>-</td><td>-</td><td>3.5</td><td>*</td><td>-</td><td>-</td><td>1.6</td></tr><tr><td>War corporations (World War II) 11/</td><td>8,659.4</td><td>212.0</td><td>1.1</td><td>174.4</td><td>-</td><td>1.0</td><td>641.2</td><td>127.4</td><td>250.9</td><td>-</td><td>7,251.4</td><td>45.0</td></tr><tr><td>War Shipping Administration</td><td>1,021.2</td><td>-</td><td>1.3</td><td>-</td><td>-</td><td>-</td><td>393.0</td><td>540.8</td><td>41.1</td><td>-</td><td>-</td><td>45.0</td></tr><tr><td>Other Government agencies 12/</td><td>9,722.2</td><td>25.2</td><td>4.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,664.8</td><td>-</td><td>27.6</td></tr><tr><td>Gross total</td><td>48,314.3</td><td>7,410.6</td><td>381.4</td><td>516.2</td><td>1,526.0</td><td>573.3</td><td>640.8</td><td>2,062.3</td><td>1,657.8</td><td>17,487.1</td><td>634.7</td><td>15,424.3</td></tr><tr><td>Adjustment to eliminate interagency interests</td><td>-18,121.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-17,487.1</td><td>-634.7</td><td>-</td></tr><tr><td>Net total</td><td>30,192.6</td><td>7,410.6</td><td>381.4</td><td>516.2</td><td>1,526.0</td><td>573.3</td><td>640.8</td><td>2,062.3</td><td>1,657.8</td><td>0</td><td>0</td><td>15,424.3</td></tr></table>
(Continued on following page)
64
Treasury Bulletin
Assets and Liabilities of Government Corporations and Credit Agencies
February 29, 1944 - (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>Reserves</th><th>Excess of assets (total proprietary interest)</th><th>Privately owned</th><th>Total</th><th>Owned by United States 13/</th><th>Capital stock</th><th>Surplus</th><th>Non-stock</th></tr><tr><td>Banks for cooperatives</td><td>97.8</td><td>-</td><td>10.5</td><td>-</td><td>86.1</td><td>1.2</td><td>209.4</td><td>8.1</td><td>201.4</td><td>174.0</td><td>27.4</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>1,883.3</td><td>593.0</td><td>374.7</td><td>901.4</td><td>.2</td><td>14.0</td><td>-93.8</td><td>-</td><td>-93.8</td><td>100.0</td><td>-193.8</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>20.6</td><td>-</td><td>20.6</td><td>24.0</td><td>-3.4</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>6.2</td><td>-</td><td>.2</td><td>-</td><td>6.0</td><td>-</td><td>194.2</td><td>-</td><td>194.2</td><td>175.0</td><td>19.2</td><td>-</td></tr><tr><td>Farm Credit Administration</td><td>208.5</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>208.4</td><td>212.7</td><td>-</td><td>212.7</td><td>-</td><td>-</td><td>212.7</td></tr><tr><td>Farm Security Administration</td><td>176.4</td><td>-</td><td>4.8</td><td>-</td><td>171.5</td><td>-</td><td>322.9</td><td>-</td><td>322.9</td><td>-</td><td>-</td><td>322.9</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>16.5</td><td>-</td><td>9.5</td><td>-</td><td>7.0</td><td>-</td><td>6.6</td><td>-</td><td>6.6</td><td>40.0</td><td>-33.4</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>482.6</td><td>-</td><td>28.0</td><td>-</td><td>-</td><td>454.7</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>1,045.2</td><td>940.7</td><td>8.5</td><td>-</td><td>.7</td><td>95.1</td><td>109.3</td><td>-</td><td>109.3</td><td>100.0</td><td>9.3</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>86.2</td><td>-</td><td>86.2</td><td>-</td><td>-</td><td>-</td><td>200.3</td><td>75.0</td><td>124.7</td><td>124.7</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>26.2</td><td>22.8</td><td>3.2</td><td>-</td><td>-</td><td>.2</td><td>104.8</td><td>-</td><td>104.8</td><td>-</td><td>-</td><td>104.8</td></tr><tr><td>Federal intermediate credit banks</td><td>316.7</td><td>-</td><td>316.6</td><td>-</td><td>-</td><td>.1</td><td>89.7</td><td>-</td><td>89.7</td><td>60.0</td><td>29.7</td><td>-</td></tr><tr><td>Federal land banks 5/</td><td>1,461.1</td><td>-</td><td>1,379.6</td><td>-</td><td>1.4</td><td>80.2</td><td>469.6</td><td>211.4</td><td>258.2</td><td>120.1</td><td>138.1</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>51.6</td><td>-</td><td>1.6</td><td>-</td><td>50.1</td><td>-</td><td>13.7</td><td>-</td><td>13.7</td><td>10.0</td><td>3.7</td><td>-</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>.6</td><td>-</td><td>.6</td><td>-</td><td>-</td><td>-</td><td>18.6</td><td>-</td><td>18.6</td><td>-</td><td>13.9</td><td>4.7</td></tr><tr><td>Federal Public Housing Authority</td><td>406.2</td><td>.5</td><td>.2</td><td>398.3</td><td>-</td><td>7.1</td><td>147.2</td><td>-</td><td>147.2</td><td>1.0</td><td>146.2</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2.4</td><td>-</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>145.9</td><td>-</td><td>145.9</td><td>100.0</td><td>45.9</td><td>-</td></tr><tr><td>Federal Security Agency - student war loans 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.5</td><td>-</td><td>3.5</td><td>-</td><td>.1</td><td>3.4</td></tr><tr><td>Federal Works Agency</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>Public Works Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.0</td><td>-</td><td>4.0</td><td>-</td><td>-</td><td>4.0</td></tr><tr><td>War Public Works - community facilities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>70.5</td><td>-</td><td>70.5</td><td>200.0</td><td>-129.5</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,608.7</td><td>1,549.3</td><td>27.6</td><td>-</td><td>.2</td><td>31.6</td><td>70.5</td><td>-</td><td>70.5</td><td>12.0</td><td>11.5</td><td>-</td></tr><tr><td>Inland Waterways Corporation 1/</td><td>1.1</td><td>-</td><td>.8</td><td>-</td><td>-</td><td>.3</td><td>23.5</td><td>-</td><td>23.5</td><td>-</td><td>-</td><td>2.8</td></tr><tr><td>Interior Department (Indian loans)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.8</td><td>-</td><td>2.8</td><td>-</td><td>-</td><td>2.8</td></tr><tr><td>Panama Railroad Company 1/</td><td>14.3</td><td>-</td><td>9.7</td><td>-</td><td>.3</td><td>4.3</td><td>54.6</td><td>-</td><td>54.6</td><td>7.0</td><td>47.6</td><td>-</td></tr><tr><td>Production credit corporations</td><td>.4</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>.3</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.5</td><td>-</td><td>22.5</td><td>-</td><td>-</td><td>22.5</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>8,867.2</td><td>1,143.5</td><td>602.2</td><td>6,949.4</td><td>47.1</td><td>125.0</td><td>755.9</td><td>-</td><td>755.9</td><td>325.0</td><td>430.92/</td><td>-</td></tr><tr><td>Regional agricultural credit corporations</td><td>2.2</td><td>-</td><td>1.9</td><td>-</td><td>-</td><td>.3</td><td>62.5</td><td>-</td><td>62.5</td><td>44.5</td><td>18.0</td><td>-</td></tr><tr><td>IFC Mortgage Company, The</td><td>93.8</td><td>-</td><td>4.3</td><td>-</td><td>89.6</td><td>-</td><td>27.7</td><td>-</td><td>27.7</td><td>25.0</td><td>2.7</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>228.1</td><td>-</td><td>-</td><td>-</td><td>228.1</td><td>-</td><td>131.7</td><td>-</td><td>131.7</td><td>-</td><td>-</td><td>131.7</td></tr><tr><td>Tennessee Valley Authority</td><td>80.2</td><td>-</td><td>16.9</td><td>56.8</td><td>2.0</td><td>4.5</td><td>627.1</td><td>-</td><td>627.1</td><td>-</td><td>-</td><td>627.1</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc. 1/</td><td>1,321.6</td><td>-</td><td>1,297.0</td><td>-</td><td>1.3</td><td>23.3</td><td>5,973.6</td><td>-</td><td>5,973.6</td><td>-</td><td>.3</td><td>5,973.6</td></tr><tr><td>United States Maritime Commission</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>4.7</td><td>-</td><td>4.7</td><td>25.4</td><td>-23.9</td><td>3.2</td></tr><tr><td>War corporations and activities (World War I) 10/</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 corporations (World War II) 11/</td><td>9,275.4</td><td>-</td><td>989.8</td><td>-</td><td>8,285.0</td><td>257</td><td>-616.0</td><td>-</td><td>-616.0</td><td>185.8</td><td>-821.0</td><td>18.2</td></tr><tr><td>War Shipping Administration</td><td>428.0</td><td>-</td><td>174.3</td><td>-</td><td>1.0</td><td>252.6</td><td>593.2</td><td>-</td><td>593.2</td><td>-</td><td>-</td><td>593.2</td></tr><tr><td>Other Government agencies 12/</td><td>203.5</td><td>-</td><td>-</td><td>-</td><td>203.5</td><td>-</td><td>9,518.8</td><td>-</td><td>9,518.8</td><td>4.7</td><td>-</td><td>9,514.1</td></tr><tr><td>Gross total</td><td>28,392.3</td><td>4,249.7</td><td>5,351.3</td><td>8,305.9</td><td>9,181.2</td><td>1,304.2</td><td>19,922.1</td><td>434.8</td><td>19,487.3</td><td>2,129.3</td><td>-253.3</td><td>17,611.4</td></tr><tr><td>Adjustment to eliminate interagency interests</td><td>-17,487.1</td><td>-</td><td>-</td><td>-8,305.9</td><td>-9,181.2</td><td>-</td><td>-634.7</td><td>-</td><td>-634.7</td><td>-631.7</td><td>-1.0</td><td>-</td></tr><tr><td>Net total</td><td>10,905.2</td><td>4,249.7</td><td>5,351.3</td><td>0</td><td>0</td><td>1,304.2</td><td>19,287.3</td><td>434.8</td><td>18,852.5</td><td>1,495.5</td><td>-254.3</td><td>17,611.4</td></tr></table>
9 10 Adjusted for interagency items and items in transit. Congress Navy Department (sale of surplus supplies), U. S. Housing Corporation, U. S. Railroad Administration and U. S. Spruce Production Corporation. Congress Carrying Co., Inc., Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Planes Corporation, U. S. Commercial Company and War Damage Corporation. 12 Congress Treasury Department and other Government agencies not listed in this statement. 13 Excludes the interest of the United States represented by obligations held by the Treasury.
Daily Treasury Statement. Less than $50,000. Excludes unexpended balances of appropriated funds. Includes deposits with the Reconstruction Finance Corporation and interest thereon. Includes real estate and other property held for sale. Includes interagency transactions of "land-lease" funds. Includes commodities acquired pursuant to guaranty purchase agreement. Includes the assets and liabilities of the Federal Land Bank of Louisville and Houston which have retired stock and paid-in surplus previously held by the Federal Government. Figures shown are as of January 31, 1944, the latest available. Includes the Electric Hose and Farn Authority which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942.
April 1944
65
Sources of Funds of Certain Government Corporations and Credit Agencies for the First Eight Months, Fiscal Year 1944
<table><tr><th>Corporation or agency</th><th>Appropriations from General Fund of the Treasury 1/</th><th>Allocations, re-discounts, and loans from other government corporations and credit agencies (net)</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obligations in the market (net)</th><th>Sale of stock to other agencies</th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 1,500,000</td><td>$ 56,096,161</td><td>-</td><td>-</td><td>$144,600</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>$-1,050,000,000</td><td>$-18,957,544</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>2,000,000</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>29,300,000</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>57,216,890</td><td>-</td><td>-55,517,000</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>5,614,048</td><td>-</td><td>115,000,000</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>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-</td><td>-</td><td>-196,000,000</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-</td><td>-</td><td>2,758,990,000</td><td>-324,648,000</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>8,985,842</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>2,971,074</td><td>-4,651,248</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 3/</td><td>4,000,000</td><td>2,089,355,422</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>$15,085,722</td><td>$2,209,000,890</td><td>$1,227,990,000</td><td>$-483,999,544</td><td>$144,600</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>$116,879,822</td><td>$ 1,005,859</td><td>$ 21,373</td><td>$ 175,947,815</td></tr><tr><td>Commodity Credit Corporation</td><td>$2,364,261,399</td><td>26,428,027</td><td>1,460,657</td><td>-13,404,399</td><td>1,309,788,140</td></tr><tr><td>Disaster Loan Corporation</td><td>22,288</td><td>1,110,545</td><td>81,473</td><td>-22,160</td><td>1,192,147</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>14,449,989</td><td>8,447,201</td><td>-</td><td>24,897,190</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>17,263,008</td><td>85,650,993</td><td>4,479,051</td><td>107,392,876</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>7,058,398</td><td>94,872,283</td><td>31,852,991</td><td>3,209,900</td><td>136,993,572</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>123,108,890</td><td>2,737,055</td><td>-2,978,983</td><td>152,166,962</td></tr><tr><td>Federal National Mortgage Association</td><td>288,326</td><td>102,365,81b</td><td>5,965,031</td><td>-97,987,115</td><td>12,311,945</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>1,297,220</td><td>7,531,867</td><td>35,659</td><td>16,328,194</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>4,410,421</td><td>164,887</td><td>4,575,309</td></tr><tr><td>Home Owners' Loan Corporation</td><td>60,387,308</td><td>157,263,675</td><td>49,825,537</td><td>-1,486,528</td><td>69,989,992</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>3,131,599</td><td>274,284,172</td><td>76,979,472</td><td>9,261,912</td><td>2,397,999,155</td></tr><tr><td>RFC Mortgage Company, The</td><td>118,410</td><td>22,455,843</td><td>2,771,873</td><td>1,512,941</td><td>35,844,908</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>8,233,268</td><td>7,109,862</td><td>-2</td><td>13,660,958</td></tr><tr><td>War corporations 3/</td><td>1,143,125,761</td><td>-10,514,135</td><td>11,100,437</td><td>729,419,519</td><td>3,966,847,003</td></tr><tr><td>Total</td><td>$3,578,393,489</td><td>$949,498,441</td><td>$296,930,729</td><td>$632,226,035</td><td>$8,425,570,362</td></tr></table>
Source: Reports received from the corporations and agencies.
1/ Items in this column are the only ones in this statement which are not listed in large aggregate amounts. They represent amounts of funds drawn against available appropriations.
2/ Includes the Electric Hose and Farm Authority, which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942.
3/ Congress Carcopes, Incorporated, Defense Hose Corporation, Defense Plant Corporation, Defense Supplies Corporation.
Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and Var Damage Corporation. Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property acquired."
66
Treasury Bulletin
Uses of Funds of Certain Government Corporations and Credit Agencies for the First Eight Months, Fiscal Year 1944
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 97,864</td><td>-</td><td>-</td><td>$201,102,707</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>3,767,449</td><td>-</td><td>$2,491,765,261</td><td>132,121,251</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>211,671</td><td>$ 5,370</td><td>-</td><td>262,708</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>168,359</td><td>4,748</td><td>-</td><td>25,762,589</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>2,654,118</td><td>-</td><td>-</td><td>4,977,994</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>5,315,257</td><td>-</td><td>1,218,048</td><td>19,642,682</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>944,357</td><td>-</td><td>-</td><td>147,071,096</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>578,316</td><td>359,054</td><td>-</td><td>287,022</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>1,419,581</td><td>477,139</td><td>10,640,797</td><td>3,060,370</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>183,740</td><td>16,537</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>6,477,524</td><td>11,087,457</td><td>904,444</td><td>1,673,271</td><td>$1,869,300</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>5,864,144</td><td>-198,218</td><td>-6,609</td><td>104,466,792</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>519,701</td><td>412,343</td><td>-75,596</td><td>32,230,541</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>1,694,149</td><td>-</td><td>-</td><td>12,030,817</td><td>-</td></tr><tr><td>War corporations 3/</td><td>5,348,869</td><td>171,850,975</td><td>3,067,211,777</td><td>4,380,887</td><td>-</td></tr><tr><td>Total</td><td>$35,245,099</td><td>$184,015,405</td><td>$5,571,358,122</td><td>$749,070,727</td><td>$1,869,300</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net)</th><th>Allocations, re-discounts, and loans to other government corporations and credit agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>$-11,381,343</td><td>-</td><td>$ 334,448</td><td>$ 4,678</td><td>$ 190,158,353</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>$-160,862,536</td><td>487,859</td><td>86,532,932</td><td>2,553,812,215</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>711,560</td><td>-</td><td>838</td><td>1,192,147</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-10,700,000</td><td>10,812,849</td><td>-</td><td>26,048,544</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>114,641,703</td><td>-</td><td>-</td><td>263,660</td><td>122,537,476</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>88,650,000</td><td>-</td><td>14,516,613</td><td>1,794,506</td><td>131,137,106</td></tr><tr><td>Federal home loan banks</td><td>-1,822,856</td><td>-</td><td>2,127,143</td><td>356,108</td><td>148,675,848</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>11,103,795</td><td>-16,242</td><td>12,311,945</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>798,197</td><td>6,614,648</td><td>23,010,732</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>5,249,568</td><td>-</td><td>-</td><td>-695,090</td><td>4,754,755</td></tr><tr><td>Home Owners' Loan Corporation</td><td>38,278,940</td><td>-</td><td>18,179,958</td><td>-301,885</td><td>78,069,009</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-2,000,000</td><td>2,165,575,278</td><td>62,759,722</td><td>-17,541</td><td>2,396,543,568</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>-</td><td>2,259,814</td><td>498,105</td><td>35,844,998</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>6,586,604</td><td>-</td><td>20,411,570</td></tr><tr><td>War corporations 3/</td><td>-</td><td>79,585,561</td><td>931,775</td><td>661,837,672</td><td>3,991,247,516</td></tr><tr><td>Total</td><td>$231,616,012</td><td>$2,074,509,863</td><td>$130,998,777</td><td>$756,772,389</td><td>$9,735,755,692</td></tr></table>
Source: Reports received from the corporations and agencies. Data on basis of checks issued. 1/ Receipts from the repayment of mortgage loans appear under "Repayment of loans" in the statement of sources of funds. 2/ Includes the Reconstruction and Farm Authority, which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942. 3/ Comprises Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Insti-
tute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metele Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation. Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
April 1944
67
Sources of Funds of Certain Government Corporations and Credit Agencies from Inception of Organization through February 29, 1944
<table><tr><th>Corporation or agency</th><th>Appropriations from General Fund of the Treasury 1/</th><th>Allocations, re-discounts, and loans from other government corporations and credit agencies (net)</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obligations in the market (net) 2/</th><th>Sale of stock to other agencies</th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 73,500,000</td><td>$ 73,651,846</td><td>-</td><td>-</td><td>$ 1,723,200</td></tr><tr><td>Commodity Credit Corporation</td><td>243,950,524 3/</td><td>-</td><td>$ 900,000,000</td><td>$ 456,561,000</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>24,000,000 4/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>1,000,000</td><td>6,000,000</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 5/</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>64,300,000</td><td>124,741,000 5/</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>48,511,905</td><td>-</td><td>11,000</td><td>11,000,000</td></tr><tr><td>Federal Public Housing Authority</td><td>31,170,598</td><td>32,848,722</td><td>398,000,000</td><td>-</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100,000,000</td></tr><tr><td>Home Owners' Loan Corporation</td><td>200,000,000 6/</td><td>-</td><td>-</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>7,507,362,124</td><td>571,393,000</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>81,236,282</td><td>-</td><td>-</td><td>25,000,000</td></tr><tr><td>Rural Electrification Administration</td><td>142,927,744</td><td>226,896,933</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 7/</td><td>154,000,000</td><td>6,931,427,170</td><td>-</td><td>-</td><td>36,601,000</td></tr><tr><td>Total</td><td>$1,445,548,866</td><td>$7,388,772,565</td><td>$8,805,362,124</td><td>$5,136,482,750</td><td>$612,164,757</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>$ 532,201,970</td><td>$ 13,538,363</td><td>$ 4,706,187</td><td>$ 699,321,566</td></tr><tr><td>Commodity Credit Corporation</td><td>$6,221,145,391</td><td>1,187,171,202</td><td>43,389,174</td><td>67,929,193</td><td>9,120,146,984</td></tr><tr><td>Disaster Loan Corporation</td><td>194,648</td><td>25,868,682</td><td>998,026</td><td>38,090</td><td>51,099,446</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>150,325,353</td><td>31,401,143</td><td>707,119</td><td>363,433,615</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>147,733,253</td><td>528,765,217</td><td>5,203,986</td><td>971,201,720</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>39,205,046</td><td>634,351,075</td><td>589,367,499</td><td>27,501,724</td><td>2,120,189,544</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>1,058,197,528</td><td>54,816,107</td><td>84,477,553 2/</td><td>1,386,532,188</td></tr><tr><td>Federal National Mortgage Association</td><td>2,341,147</td><td>205,488,774</td><td>46,500,859</td><td>1,548,107</td><td>315,401,792</td></tr><tr><td>Federal Public Housing Authority</td><td>974,105</td><td>856,770,023</td><td>59,962,330</td><td>1,625,185</td><td>1,381,350,962</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>55,648,817</td><td>2,473,688</td><td>158,122,505</td></tr><tr><td>Home Owners' Loan Corporation</td><td>308,089,462</td><td>1,537,833,258</td><td>1,125,778,956</td><td>31,860,879</td><td>6,318,016,105</td></tr><tr><td>Reconstruction Finance Corporation 6/</td><td>36,560,804</td><td>6,373,053,623</td><td>855,447,818</td><td>137,377,508</td><td>15,806,194,876</td></tr><tr><td>RTC Mortgage Company, The</td><td>1,246,901</td><td>185,361,102</td><td>22,228,823</td><td>7,008,273</td><td>328,077,381</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>32,906,708</td><td>31,617,667</td><td>280</td><td>434,349,132</td></tr><tr><td>War corporations 7/</td><td>2,419,145,582</td><td>104,516,686</td><td>23,685,860</td><td>2,314,136,745</td><td>11,965,513,043</td></tr><tr><td>Total</td><td>$9,028,903,066</td><td>$13,031,779,237</td><td>$3,483,142,659</td><td>$2,686,594,517</td><td>$51,618,950,559</td></tr></table>
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 which have been refunded, cancelled, or sold. Except for the R.O.C., sales of obligations in the market, as above in this column, are reduced by the amount of obligations which have been retired (including those which have in effect been refunded through the sale of obligations to the Treasury). In the case of the R.O.C., the original amount of obligations sold in the market is shown in this column and the amount and refunding of these obligations are shown as "Retirement of obligations issued in exchange for mortgages" in the statement of uses of funds.
2/ Includes $3,000,000 M.I.R.A.; $97,000,000 R.F.C. and notes cancelled by the Treasury (See Footnote 4); and $113,950,528 restoration of capital impairment, which is net of repayments to the Treasury of $3,755,731 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 Law No. 442 of 1942 (78 Stat. 129, 15 U.S.C. 3138).
3/ These funds were furnished by the R.F.C. from the proceeds of its notes sold to the Treasury, such amount being included in
the total of obligations of the corporation canceled by the Secretary of the Treasury pursuant to the Act of February 24, 1941
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.
5/ Includes the Electric Home and Farm Authority which was transferred to purposes of liquidation to the R.F.C. by Executive order effective October 1, 1942.
7/ comprises Cargoes, Incorporated, Defense Horses Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inter-American Development Bank, Inter-American Metal 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 $55,525,100 paid-in capital stock held by member institutions.
68
Treasury Bulletin
Uses of Funds of Certain Government Corporations and Credit Agencies from Inception of Organization through February 29, 1944
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 1,233,905</td><td>-</td><td>-</td><td>$ 649,415,347</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>19,119,275</td><td>-</td><td>$ 6,181,086,823</td><td>2,578,962,282</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>4,031,709</td><td>$ 143,704</td><td>-</td><td>30,514,946</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>1,083,378</td><td>22,812</td><td>-</td><td>292,155,948</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>34,215,709</td><td>-</td><td>-</td><td>202,862,822</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>99,151,467</td><td>-</td><td>30,918,367</td><td>1,106,173,770</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>13,023,901</td><td>-</td><td>-</td><td>1,172,351,310</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>5,423,408</td><td>5,876,529</td><td>-</td><td>271,368,046</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>24,175,993</td><td>8,216,952</td><td>80,389,959</td><td>1,177,341,682</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2,105,870</td><td>119,556</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>250,290,181</td><td>165,088,899</td><td>149,744,738</td><td>3,274,908,011</td><td>$1,576,813,150 2/</td></tr><tr><td>Reconstruction Finance Corporation 1/</td><td>101,898,245</td><td>12,717,828</td><td>465,200</td><td>8,209,557,391</td><td>-</td></tr><tr><td>EFC Mortgage Company, The</td><td>6,576,507</td><td>5,416,249</td><td>9,730,608</td><td>294,230,747</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>19,520,814</td><td>-</td><td>-</td><td>381,183,399</td><td>-</td></tr><tr><td>War corporations 2/</td><td>12,971,128</td><td>236,561,314</td><td>9,328,079,522</td><td>318,500,288</td><td>-</td></tr><tr><td>Total</td><td>$600,821,490</td><td>$434,163,443</td><td>$15,770,415,213</td><td>$19,959,525,989</td><td>$1,576,813,150</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net) $</th><th>Allocations, re- discount, and loans to other government corporations and credit agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 30,378,079</td><td>-</td><td>$ 1,295,581</td><td>$ 3,547,371</td><td>$ 685,870,383</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>$ 155,665,989</td><td>$4,220,092</td><td>$132,159,666</td><td>$ 9,111,214,128</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>$ 16,407,059</td><td>-</td><td>$ 1,029</td><td>$ 51,098,446</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>$ 56,050,000</td><td>$13,175,178</td><td>$593,801</td><td>$ 363,081,117</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>$ 688,035,720</td><td>-</td><td>-</td><td>$ 34,242,304</td><td>$ 959,356,455</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>$ 706,484,900</td><td>-</td><td>$ 351,594,843</td><td>$ 25,903,025</td><td>$ 2,310,526,272</td></tr><tr><td>Federal home loan banks</td><td>$ 153,109,083</td><td>-</td><td>$ 28,909,693</td><td>$ 874,330</td><td>$ 1,368,268,317</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>$ 32,476,471</td><td>$ 257,333</td><td>$ 315,401,732</td></tr><tr><td>Federal Public Housing Authority</td><td>$ 7,070,000</td><td>-</td><td>$ 12,273,193</td><td>$ 31,170,597</td><td>$ 1,340,638,378</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>$ 142,701,562</td><td>-</td><td>$ 3,035,326</td><td>$ 9,367,713 $/</td><td>$ 157,330,027</td></tr><tr><td>Home Owners' Loan Corporation</td><td>$ 256,666,350</td><td>-</td><td>$ 597,378,511</td><td>$ 6,512,694</td><td>$ 6,277,402,230</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>$ 367,041,001</td><td>$ 6,722,491,731</td><td>$ 365,143,276</td><td>$ 18,708,416</td><td>$ 15,804,023,088</td></tr><tr><td>RFI Mortgage Company, The</td><td>-</td><td>-</td><td>$ 11,215,320</td><td>$ 906,824</td><td>$ 328,076,254</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>$ 25,501,334</td><td>$ 371,526</td><td>$ 426,577,574</td></tr><tr><td>War corporations 4/</td><td>$ 1,000,000</td><td>$ 254,992,204</td><td>$ 2,480,180</td><td>$ 1,669,682,728</td><td>$ 11,824,267,963</td></tr><tr><td>Total</td><td>$ 2,352,486,595</td><td>$ 7,205,606,983</td><td>$ 1,489,000,304</td><td>$ 1,934,299,257</td><td>$ 51,323,132,424</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 statement of receipts.
2/ Includes the retirement of certain obligations which were in effect refunded through sale of securities to the Treasury.
3/ Includes the Electric Home and Farm Authority which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942.
4/ Conrail, Gorgas, Industrial, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Institute of Inter-American Trans-
portion, Inter-American Educational Foundation, Inc., International Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Corporation, Standard Oil Company, U. S. Commercial Company and War Damage Corporation.
5/ Includes U. S. Government bonds in the amount of $860,814,129 as follows: Federal Deposit Insurance Corporation, $595,035,720; Federal Savings and Loan Insurance Corporation, $128,280,000; Federal Public Housing Authority, $7,070,000; Federal home loan banks, $24,424,400; Federal Housing Administration, $5,550,000.
6/ Includes expenditures for contributions and subscribed shares or claims in insured financial institutions.
April 1944
69
INTERNAL REVENUE STATISTICS
70
Treasury Bulletin
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="3">Income and profit taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th>Total</th><th>individual 2/</th><th>Corporation income and excise profits 3/</th><th>Miscellaneous profits taxes 4/</th><th>Total</th><th>Social Security taxes 5/</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taxing Act of 1937</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th></th><th></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>1,105,788</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>2,625,016</td><td>1,286,712</td><td>1,293,918</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>1,122,511</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>128,048</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>925,856</td><td>687,327</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>13,029,912</td><td>8,006,880</td><td>3,262,800</td><td>4,687,495</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>6,629,332</td><td>9,588,703</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>1943-March</td><td>5,273,421</td><td>4,868,220</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>28,538</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>258,910</td><td>200,114</td><td>9,047</td><td>29,750</td></tr><tr><td>June</td><td>4,383,420</td><td>4,026,494</td><td>1,813,948</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>833,577</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>4,191,778</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>1,036,451</td><td>548,434</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>207,051</td><td>8,339</td><td>27,437</td></tr><tr><td>December</td><td>5,017,358</td><td>4,590,615</td><td>2,175,565</td><td>2,420,218</td><td>4,832</td><td>38,450</td><td>1,496</td><td>1,086</td><td>35,858</td></tr><tr><td>1944-January</td><td>2,088,486</td><td>1,584,390</td><td>1,039,535</td><td>538,653</td><td>6,202</td><td>122,183</td><td>84,530</td><td>36,859</td><td>794</td></tr><tr><td>February</td><td>3,133,366</td><td>2,476,722</td><td>2,075,328</td><td>356,189</td><td>5,205</td><td>317,390</td><td>199,848</td><td>97,336</td><td>20,206</td></tr><tr><td>March</td><td>5,808,888</td><td>5,358,106</td><td>1,914,138</td><td>3,425,956</td><td>28,012</td><td>49,590</td><td>5,484</td><td>3,049</td><td>43,057</td></tr></table>
<table><tr><th>Piecel year or month</th><th>Total</th><th>Capital stock tax</th><th>Estate and gift tax</th><th>Alcoholic beverage taxee</th><th>Tobacco taxes</th><th>Stamp taxee</th><th>Manufacturers' and retailers' excise taxee</th><th>Miscellaneous taxes</th><th>Agricultural adjustment taxes</th></tr><tr><td>1936</td><td>1,481,160</td><td>80,168</td><td>113,138</td><td>258,911</td><td>425,169</td><td>66,580</td><td>390,038</td><td>147,156</td><td>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>500,186</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>360,071</td><td>624,064</td><td>608,072</td><td>38,681</td><td>447,088</td><td>148,926</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,859</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>31,702</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>1943-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>47,178</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>661,617</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>20,053</td><td>40,713</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><tr><td>December</td><td>388,293</td><td>-42</td><td>36,443</td><td>120,194</td><td>87,101</td><td>3,999</td><td>64,394</td><td>76,204</td><td>-</td></tr><tr><td>1944-January</td><td>381,913</td><td>59</td><td>52,184</td><td>107,886</td><td>77,211</td><td>4,275</td><td>68,029</td><td>72,269</td><td>-</td></tr><tr><td>February</td><td>339,254</td><td>247</td><td>18,419</td><td>108,395</td><td>67,470</td><td>4,122</td><td>62,648</td><td>57,923</td><td>-</td></tr><tr><td>March</td><td>401,192</td><td>472</td><td>60,364</td><td>123,999</td><td>76,697</td><td>4,586</td><td>58,720</td><td>76,354</td><td>-</td></tr></table>
Source: 1/ Reports of collections. Revised. 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 unjut enrichment.
5/ For the period prior to September 1939 the data in the col-
umne entitled Federal Insurance Contributions Act and Federal
Unemployment Tax Act represent collections under Titles VIII
and IX, respectively, of the Social Security Act.
6/ Includes tax collections under the Sugar Act of 1937 and un-
der the dividends tax imposed by the Act of June 16, 1933.
April 1944
71
COLLECTIONS OF INTERNAL REVENUE
Fiscal Years 1929 to 1943
First 9 Months Fiscal Year 1944
72
Treasury Bulletin
Detailed Analysis of Current Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Sources of revenue</th><th>March 1944</th><th colspan="2">First 9 months</th><th>Sources of revenue</th><th>March 1944</th><th colspan="2">First 9 months</th></tr><tr><th></th><th></th><th> Fiscal year 1943</th><th>Fiscal year 1944</th><th></th><th></th><th> Fiscal year 1943</th><th>Fiscal year 1944</th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td></tr><tr><td>Withheld by employers (Current Tax Payment Act of 1943) 2/.</td><td>70,378</td><td>-</td><td>4,651,397</td><td>Stamp taxes:</td><td>2,252</td><td>14,954</td><td>19,278</td></tr><tr><td>Victory tax (Revenue Act of 1942).</td><td>186</td><td>1,825</td><td>784,253</td><td>Donde, leases of capital stock, deeds of conveyance, etc.</td><td>1,617</td><td>9,045</td><td>12,139</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td>Transfers of capital stock and similar interest sales.</td><td>714</td><td>5,818</td><td>5,573</td></tr><tr><td>Current 3/.</td><td>1,832,645</td><td>3,506,017</td><td>7,273,326</td><td>Playing cards.</td><td>3</td><td>104</td><td>37</td></tr><tr><td>Back.</td><td>10,929</td><td>115,519</td><td>160,105</td><td>Silver bullion sales or transfers.</td><td>4,586</td><td>29,921</td><td>37,227</td></tr><tr><td>Total individual income taxes.</td><td>1,914,138</td><td>3,623,361</td><td>12,869,081</td><td>Total stamp taxes.</td><td></td><td></td><td></td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td>Manufacturere and retailer's excise taxes:</td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td>Lubricating oil.</td><td>4,862</td><td>30,660</td><td>39,909</td></tr><tr><td>Current 3/.</td><td>994,426</td><td>3,005,152</td><td>3,481,063</td><td>Gasoline.</td><td>25,604</td><td>228,309</td><td>207,447</td></tr><tr><td>Back.</td><td>51,748</td><td>252,330</td><td>424,401</td><td>Tires and tubes.</td><td>3,297</td><td>12,321</td><td>28,760</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940 as amended).</td><td>2,369,782</td><td>3,557,355</td><td>6,490,033</td><td>Floor taxes on tires and tubes.</td><td>-</td><td>62</td><td>24</td></tr><tr><td>Total corporation taxes.</td><td>3,415,956</td><td>6,814,837</td><td>10,395,497</td><td>Automobile trucks and buses.</td><td>185</td><td>3,753</td><td>1,247</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td>Other automobiles and motorcycles.</td><td>43</td><td>1,230</td><td>943</td></tr><tr><td>Declared value.</td><td>27,981</td><td>71,286</td><td>96,027</td><td>Parts and accessories for automobiles.</td><td>3,132</td><td>14,932</td><td>22,439</td></tr><tr><td>Vinson Act.</td><td>-</td><td>212</td><td>39</td><td>Electrical energy.</td><td>3,779</td><td>36,754</td><td>37,429</td></tr><tr><td>Unjust enrichment.</td><td>31</td><td>1,609</td><td>113</td><td>Electric, gas, and oil appliances.</td><td>458</td><td>6,053</td><td>3,368</td></tr><tr><td>Total miscellaneous profits taxes.</td><td>28,012</td><td>73,107</td><td>96,479</td><td>Electric light, tubes and tubes of 11/4/42.</td><td>164</td><td>2,525</td><td>2,822</td></tr><tr><td>Total income and profits taxes.</td><td>5,358,106</td><td>10,511,305</td><td>23,361,057</td><td>Radio sets, phonographs, components, etc.</td><td>230</td><td>4,585</td><td>2,343</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td>Phonograph records.</td><td>223</td><td>1,272</td><td>1,409</td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td>Musical instruments.</td><td>30</td><td>1,106</td><td>500</td></tr><tr><td>Federal Insurance Contributions Act (Old age insurance).</td><td>3,484</td><td>821,801</td><td>939,559</td><td>Mechanical refrigerators, air-conditioners, etc.</td><td>37</td><td>4,595</td><td>2,125</td></tr><tr><td>Federal Unemployment Tax Act (Unemployment Insurance).</td><td>3,049</td><td>139,925</td><td>166,485</td><td>Matches.</td><td>1,263</td><td>6,968</td><td>6,242</td></tr><tr><td>Total Social Security taxes.</td><td>6,533</td><td>961,726</td><td>1,106,144</td><td>Floor taxes on matches.</td><td>-</td><td>5</td><td>55</td></tr><tr><td>Carriers' Taxing Act of 1937.</td><td>43,057</td><td>150,287</td><td>186,369</td><td>Business and store machines.</td><td>280</td><td>5,745</td><td>2,528</td></tr><tr><td>Total employment taxes.</td><td>49,590</td><td>1,112,013</td><td>1,292,513</td><td>Pure - retailers' excise.</td><td>6,476</td><td>35,006</td><td>45,737</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td>Jewelry - retailers' excise.</td><td>390</td><td>68,848</td><td>83,253</td></tr><tr><td>Capital stock tax.</td><td>472</td><td>327,399</td><td>379,322</td><td>Luggage.</td><td>943</td><td>8,066</td><td>8,895</td></tr><tr><td>Estete tax.</td><td>34,827</td><td>307,390</td><td>330,151</td><td>Optical equipment (repealed as of 11/1/42).</td><td>28</td><td>13,700</td><td>269</td></tr><tr><td>Gift tax.</td><td>25,537</td><td>28,534</td><td>33,032</td><td>Photographic apparatus.</td><td>159</td><td>3,412</td><td>1,749</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td>Rubber articles (repealed as of 11/1/42).</td><td>2,595</td><td>25,022</td><td>30,450</td></tr><tr><td>Distilled spirits (imported, excise).</td><td>29,471</td><td>55,930</td><td>184,411</td><td>Toilet preparations - retailers' excise.</td><td>24</td><td>1,061</td><td>731</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>45,436</td><td>548,342</td><td>614,171</td><td>Washing machines (repealed as of 11/1/42).</td><td>3</td><td>450</td><td>35</td></tr><tr><td>Distilled spirits rectification tax.</td><td>1,745</td><td>14,780</td><td>13,880</td><td>Pistols and revolvers.</td><td></td><td>31</td><td>90</td></tr><tr><td>Wine cordials, etc. (imported, excise).</td><td>385</td><td>490</td><td>2,255</td><td>Repealed taxes not listed above.</td><td>58,720</td><td>521,588</td><td>536,290</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>2,406</td><td>26,202</td><td>19,907</td><td>Total manufacturere and retailer's excise taxes.</td><td></td><td></td><td></td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940).</td><td>-</td><td>6</td><td>-</td><td>Miscellaneous taxes:</td><td></td><td></td><td></td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes).</td><td>62</td><td>5,505</td><td>5,722</td><td>Bituminous Coal Act of 1937.</td><td>5</td><td>4,999</td><td>1,372</td></tr><tr><td>Stamps for distilled spirits intended for export.</td><td>*</td><td>1</td><td>2</td><td>Sugar Act of 1937.</td><td>5,411</td><td>40,140</td><td>51,541</td></tr><tr><td>Case stamps for distilled spirits bottled in bond.</td><td>70</td><td>1,098</td><td>1,239</td><td>Telephone, telegraph, radio and cable,</td><td>14,979</td><td>60,404</td><td>103,222</td></tr><tr><td>Container stamps.</td><td>824</td><td>8,534</td><td>6,215</td><td>leased wires, etc.</td><td>9,059</td><td>47,075</td><td>66,397</td></tr><tr><td>Floor taxes.</td><td>257</td><td>100,341</td><td>25,919</td><td>Local telephone service.</td><td>1,443</td><td>10,423</td><td>11,710</td></tr><tr><td>Perfumed malt liquors.</td><td>4,321</td><td>322,320</td><td>395,316</td><td>Transportation of oil by pipe lines.</td><td>11,219</td><td>56,658</td><td>113,800</td></tr><tr><td>Perfumed dealers in malt liquors (special taxes).</td><td>21</td><td>2,669</td><td>2,457</td><td>Transportation of persons, seats, berths.</td><td>17,202</td><td>30,845</td><td>160,553</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>123,999</td><td>1,086,218</td><td>1,073,504</td><td>Transportation of property (effective 12/1/42).</td><td>88</td><td>138,012</td><td>126,269</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td>Use of motor vehicles (effective 2/1/42).</td><td>1</td><td>309</td><td>195</td></tr><tr><td>Cigars (large).</td><td>2,806</td><td>16,376</td><td>22,336</td><td>Use of boats (effective 2/1/42).</td><td>558</td><td>4,597</td><td>4,878</td></tr><tr><td>Cigars (small).</td><td>12</td><td>71</td><td>74</td><td>Lease of safe-deposit boxes.</td><td>14,893</td><td>115,432</td><td>135,524</td></tr><tr><td>Cigarettes (large).</td><td>7</td><td>20</td><td>52</td><td>Admissions to theaters, concerts, cabarets, etc.</td><td>696</td><td>4,758</td><td>5,707</td></tr><tr><td>Cigarettes (small).</td><td>69,845</td><td>627,627</td><td>690,418</td><td>Club dues and initiation fees.</td><td>18</td><td>1,606</td><td>1,615</td></tr><tr><td>Snuff.</td><td>735</td><td>5,714</td><td>5,813</td><td>Bowling alleys, pool tables, etc.</td><td>106</td><td>9,024</td><td>16,010</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>3,227</td><td>36,694</td><td>35,025</td><td>Coin operated devices.</td><td>286</td><td>57</td><td>14</td></tr><tr><td>Cigarette papers and tubes.</td><td>61</td><td>1,050</td><td>855</td><td>Adulterated and processed or renovated foods, mixed cheese, etc.</td><td>35</td><td>503</td><td>468</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>*</td><td>3</td><td>2</td><td>Alcoholic beverages, including special taxes.</td><td>352</td><td>1,524</td><td>3,159</td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>2</td><td>8,483</td><td>34</td><td>Neocarzine, including marhmaine and special taxes.</td><td>2</td><td>46</td><td>20</td></tr><tr><td>Total tobacco taxes.</td><td>76,697</td><td>696,013</td><td>754,639</td><td>Coconut and other vegetable oils processed.</td><td>75,354</td><td>527,645</td><td>805,510</td></tr><tr><td>Total miscellaneous taxes.</td><td></td><td></td><td></td><td>National Firearms Act.</td><td>401,192</td><td>3,524,658</td><td>3,947,675</td></tr><tr><td>Total miscellaneous internal revenues.</td><td></td><td></td><td></td><td>All other, including repealed taxes not listed above.</td><td>5,808,888</td><td>15,147,976</td><td>28,501,245</td></tr><tr><td>Total internal revenue.</td><td></td><td></td><td></td><td>Total miscellaneous taxes.</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 Statement consist of withholdings deposited in Government depositories in
addition to payments accompanying returns filed with the Collector of Internal Revenue.
Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
April 1944
73
GOLD AND SILVER STATISTICS
Treasury Bulletin
74
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Cold Assets</th><th>Cold Certificates 1/</th><th>Cold Reserves against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Cold in General Fund</th></tr><tr><td>1933</td><td>8,236.6</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>301.9</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>1,501.6</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>13,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,735.1</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>22,725.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1943-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>22,242.8</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</td><td>22,064.7</td><td>19,953.1</td><td>156.0</td><td>1,800.0</td><td>155.6</td></tr><tr><td>December</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944-January</td><td>21,918.2</td><td>19,800.7</td><td>156.0</td><td>1,800.0</td><td>161.4</td></tr><tr><td>February</td><td>21,711.6</td><td>19,591.0</td><td>156.0</td><td>1,800.0</td><td>164.6</td></tr><tr><td>March p.</td><td>21,999.8</td><td>19,477.2</td><td>156.0</td><td>1,800.0</td><td>166.5</td></tr></table>
Source: Daily Treasury Statements. Preliminary. 1/ 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 Stabilization 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 to 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>19,953.1</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>28,136.7</td><td>4,306.5</td><td>15.9</td></tr><tr><td>1943</td><td>28,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1943-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</td><td>22,054.7</td><td>4,213.7 r</td><td>16.0</td></tr><tr><td>December</td><td>21,937.8</td><td>4,208.6 r</td><td>16.1</td></tr><tr><td>1944-January</td><td>21,918.2</td><td>4,174.9 r</td><td>16.0</td></tr><tr><td>February</td><td>21,711.6</td><td>4,147.1</td><td>16.0</td></tr><tr><td>March p</td><td>21,599.8</td><td>4,143.7</td><td>16.1</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money.
p Preliminary. r Revised.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, March 31, 1944
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilisation Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>21,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,846,976.25</td><td>328,145.68</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,955.45</td><td>645,387,955.45</td><td>-</td></tr><tr><td>Unassigned</td><td>1,899,128.47</td><td>-</td><td>7,899,128.47</td></tr><tr><td>Total increment</td><td>$2,818,624,523.62</td><td>$2,674,781,252.67</td><td>$143,843,270.95</td></tr></table>
April 1944
75
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>8.2</td><td>89.3</td><td>35.2</td><td>305.3</td><td>1,279.7</td></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>.2</td><td>262.7</td><td>38.4</td><td>323.5</td><td>1,970.1</td></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>61.3</td><td>350.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</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>*</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>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>488.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1943-March</td><td>1,516.8</td><td>465.5</td><td>35.9</td><td>*</td><td>606.0</td><td>81.6</td><td>595.0</td><td>4,306.8</td></tr><tr><td>April</td><td>1,517.9</td><td>463.6</td><td>16.9</td><td>*</td><td>600.0</td><td>83.0</td><td>604.7</td><td>4,303.9</td></tr><tr><td>May</td><td>1,518.3</td><td>455.7</td><td>41.2</td><td>*</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</td><td>1,520.0</td><td>410.3</td><td>21.7</td><td>14.6</td><td>553.8</td><td>94.0</td><td>674.2</td><td>4,213.7</td></tr><tr><td>December</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,208.8</td></tr><tr><td>1944-January</td><td>1,520.0</td><td>396.7</td><td>17.3</td><td>20.2</td><td>538.7</td><td>97.7</td><td>685.5</td><td>4,174.9</td></tr><tr><td>February</td><td>1,520.1</td><td>395.8</td><td>19.5</td><td>17.6</td><td>528.4</td><td>98.6</td><td>686.2</td><td>4,147.1</td></tr><tr><td>March p.</td><td>1,520.1</td><td>354.3</td><td>20.0</td><td>15.3</td><td>526.3</td><td>100.0</td><td>690.9</td><td>4,113.7</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary. r Revised. * Less than $50,000.
1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38+ per ounce.
3/ Valued at $1.38+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ounces</th><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></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>78.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>34.5</td><td>47.5</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>1943</td><td>45.3</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.9</td><td>3.9</td></tr><tr><td>1943-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>3.4</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>4.1</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>December</td><td>4.5</td><td>.2</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>.1</td></tr><tr><td>1944-January</td><td>3.3</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>February</td><td>4.6</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>March</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; releases 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 1945, 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 64.94+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939. Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938. Acquired at various prices averaging approximately 51 cents per ounce. Not yet available.
76
Treasury Bulletin
Signiorage 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">Sources of seigniorage on silver bullion retained 1/</th><th>Potential seigniorage on silver bullion at cost in 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>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver rev. 1</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>1943</td><td>299.6</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>967.3</td></tr><tr><td>1943-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><tr><td>December</td><td>299.6</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>967.3</td></tr><tr><td>1944-January</td><td>301.9</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>943.9</td></tr><tr><td>February</td><td>303.6</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>926.8</td></tr><tr><td>March</td><td>305.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>922.7</td></tr></table>
Baele: Daily Treasury Statemente.
These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure silver certificates.
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
April 1944
77
OTHER TREASURY STATISTICS
78
Treasury Bulletin
Balance Sheet of the Exchange Stabilization Fund As of June 30, 1943 and December 31, 1943
<table><tr><th></th><th>June 30, 1943</th><th>December 31, 1943</th></tr><tr><td>Assets</td><td></td><td></td></tr><tr><td>Cash:</td><td>$1,800,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, gold.</td><td>1,580,734.54</td><td>1,564,894.71</td></tr><tr><td>Treasurer of the United States, checking account.</td><td>201,670,431.08</td><td>181,117,051.09</td></tr><tr><td>Federal Reserve Bank of New York, special account.</td><td>4,320.56</td><td>6,398.38</td></tr><tr><td>Disbursing officers' balances and advance accounts.</td><td></td><td></td></tr><tr><td>Total cash.</td><td>$2,003,255,486.18</td><td>$1,982,668,344.18</td></tr><tr><td>Special accounts of Secretary of the Treasury is</td><td></td><td></td></tr><tr><td>Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1).</td><td>10,500,529.80</td><td>42,907,236.13</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs.</td><td>$991,372.25</td><td>$1,600,512.65</td></tr><tr><td>French francs.</td><td>17.68</td><td>17.68</td></tr><tr><td>Belga.</td><td>505.06</td><td>505.06</td></tr><tr><td>Sterling.</td><td>2,580.05</td><td>2,980.05</td></tr><tr><td>All other.</td><td>419,699.37</td><td>622,569.95</td></tr><tr><td>Foreign depositaries.</td><td></td><td></td></tr><tr><td>Total due from foreign banks.</td><td>1,414,574.61</td><td>2,627,666.16</td></tr><tr><td>Due from the Government of the Republic of Cuba.</td><td>5,012,670.78</td><td></td></tr><tr><td>Investments in United States Government securities (Schedule 2).</td><td>10,448,723.13</td><td>10,448,723.13</td></tr><tr><td>Accrued interest receivable (Schedule 2).</td><td>9,730.73</td><td>10,379.46</td></tr><tr><td>Other accounts (deferred charges).</td><td>23.07</td><td>554.39</td></tr><tr><td>Commodity sales contracts (deferred charges).</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets.</td><td>$2,030,644,374.30</td><td>$2,038,685,539.45</td></tr><tr><td>Liabilities and Capital</td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable.</td><td>$2,465.73</td><td>$965.03</td></tr><tr><td>Taxes withheld from salaries of employees:</td><td></td><td></td></tr><tr><td>Victory Tax.</td><td>2,277.50</td><td>106.60</td></tr><tr><td>Withholding Tax.</td><td></td><td>9,853.60</td></tr><tr><td>Employee's pay-roll allotment account, United States savings bonds.</td><td>532.29</td><td>716.43</td></tr><tr><td>Miscellaneous.</td><td>4,507.67</td><td>6,101.32</td></tr><tr><td>Total accounts payable.</td><td>$9,783.19</td><td>$17,742.98</td></tr><tr><td>Reserve for expenses and contingencies (set).</td><td></td><td>6,983,005.77</td></tr><tr><td>Capital account.</td><td>2,000,000,000.00</td><td>2,000,000,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4).</td><td>30,634,591.11</td><td>31,684,790.70</td></tr><tr><td>Total liabilities and capital.</td><td>$2,030,644,374.30</td><td>$2,038,685,539.45</td></tr></table>
Back Figures: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury for
1940". Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin".
Schedules for Balance Sheet of the Exchange Stabilization Fund Schedule 1
Location of gold held by and for account of the Exchange Stabilisation Fund 1/
<table><tr><th></th><th colspan="2">June 30, 1943</th><th colspan="2">December 31, 1943</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York.</td><td>92,038.140</td><td>$ 3,221,334.92</td><td>972,880.448</td><td>$34,050,815.65</td></tr><tr><td>U. S. Assay Office, New York.</td><td>207,976.990</td><td>7,279,194.88</td><td>253,040.579</td><td>8,856,420.18</td></tr><tr><td>Total.</td><td>300,015.130</td><td>$10,500,529.80</td><td>1,225,921.027</td><td>$42,907,236.13</td></tr></table>
2/ Excludes gold held by Treasurer of the United States.
April 1944
79
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued)
Schedule 2
United States Government Securities held by the Exchange Stabilization Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1943</th><th colspan="4">December 31, 1943</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/4% Treasury bonds, 1951-53...</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$9,221.31</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$ 9,836.07</td></tr><tr><td>2-3/4% Treasury bonds, 1958-63...</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>56.35</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>60.11</td></tr><tr><td>2-3/4% Treasury bonds, 1960-65...</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>453.07</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>483.28</td></tr><tr><td>Total United States Government securities....................</td><td>$10,452,000</td><td>$10,448,723.13</td><td>........</td><td>$9,730.73</td><td>$10,452,000</td><td>$10,448,723.13</td><td>........</td><td>$10,379.46</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilisation Fund
<table><tr><th>Source</th><th>January 31, 1934 through June 30, 1943</th><th>January 31, 1934 through December 31, 1943</th></tr><tr><td>Profits on British sterling transactions</td><td>$ 310,538.09</td><td>$ 310,538.09</td></tr><tr><td>Profits on French franc transactions</td><td>351,537.99</td><td>351,537.99</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold)</td><td>21,357,999.25</td><td>22,455,813.73</td></tr><tr><td>Profits on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalised)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>1,019,326.18</td><td>1,019,326.18</td></tr><tr><td>Interest on investments</td><td>3,948,439.14</td><td>4,067,802.87</td></tr><tr><td>Miscellaneous profits</td><td>497.51</td><td>563.65</td></tr><tr><td>Interest earned on foreign balances</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total earnings</td><td>$32,666,377.38</td><td>$33,883,621.73</td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilisation Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1943</th><th>January 31, 1934 through December 31, 1943</th></tr><tr><td>Salaries</td><td>$1,393,816.42</td><td>$1,535,582.74</td></tr><tr><td>Travel</td><td>67,018.04</td><td>78,056.31</td></tr><tr><td>Subsistence</td><td>57,431.02</td><td>61,654.36</td></tr><tr><td>Telephone and telegraph</td><td>357,835.71</td><td>370,339.70</td></tr><tr><td>Stationery, etc.</td><td>19,026.27</td><td>20,331.70</td></tr><tr><td>All other</td><td>136,658.81</td><td>138,866.22</td></tr><tr><td><b>Total administrative expenses</b></td><td><b>$2,031,786.27</b></td><td><b>$2,198,831.03</b></td></tr></table>
80
Treasury Bulletin
Net Capital Movement to the United States, 1935 through January 1944
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>1,412,496</td><td>964,629</td><td>6,039</td><td>315,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1935-Dec. 30, 1936)</td><td>1,135,922</td><td>397,142</td><td>6,311</td><td>600,691</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>444,626</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>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>705,380</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>-286,822</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-Dec. 31, 1943)</td><td>1,283,593</td><td>1,104,758</td><td>13,372</td><td>21,767</td><td>77,696</td></tr><tr><td>1944 (Jan. 1, 1944-Jan. 31, 1944)</td><td>154,350</td><td>155,209</td><td>-713</td><td>-6,005</td><td>5,859</td></tr><tr><td>Total (Jan. 2, 1935-Jan. 31, 1944)</td><td>7,272,935</td><td>5,589,062</td><td>117,042</td><td>695,092</td><td>931,739</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943-January</td><td>72,750</td><td>151,809</td><td>2,658</td><td>5,205</td><td>-85,922</td></tr><tr><td>February</td><td>107,175</td><td>119,583</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>-92</td></tr><tr><td>May</td><td>70,330</td><td>74,311</td><td>-1,027</td><td>-3,389</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>45,011</td><td>1,903</td><td>565</td><td>21,044</td><td>21,499</td></tr><tr><td>October</td><td>133,267</td><td>135,579</td><td>-747</td><td>-687</td><td>-978</td></tr><tr><td>November</td><td>168,979</td><td>163,436</td><td>1,304</td><td>2,715</td><td>1,524</td></tr><tr><td>December</td><td>44,994</td><td>55,551</td><td>2,383</td><td>-9,008</td><td>-3,932</td></tr><tr><td>1944-January</td><td>154,350</td><td>155,209</td><td>-713</td><td>-6,005</td><td>5,859</td></tr></table>
Back Figures: Monthly date for the period January 1941 through June 1942 may be found in the "Treasury Bulletin" for September 1943, page 73.
FOR VICTORY
BUY
UNITED
STATES
WAR
BONDS
AND
STAMPS
<table><tr><td>Treas. HJ 10</td><td>U.S. Treasury Dept.</td></tr><tr><td>.A2 1944 c.2</td><td>Treasury Bulletin</td></tr></table>
U.S. TREASURY LIBRARY
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