Treas. HJ 10 A2 c.2
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
BULLETIN OF THE
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
COPY No.3
MAY
1944
OFFICE OF THE SECRETARY
May 1944
Cumulative Table of Contents
<table><tr><th></th><th colspan="3">1944</th><th colspan="9">1943</th></tr><tr><th></th><th>May</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></tr><tr><td colspan="12">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 plane.</td><td>A-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>Comparison of features of securities offered.</td><td>A-4-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></td><td>A-1-A-11</td><td></td><td>A-2</td><td></td><td>7</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>5-9</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of 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>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></td><td></td><td>1-7</td><td></td><td>2-3</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></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>4</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>Corporate net income, income taxes, and dividends, 1936-1944.</td><td>A-2-A-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>Security purchases outside Fourth War Loan by commercial banks and by U. S. Government agencies and trust funds.</td><td></td><td>A-12</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>A-4-A-2</td><td></td><td>A-2</td><td></td><td>7</td><td></td><td>8</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market refunding operations in March 1944.</td><td></td><td>A-12-A-13</td><td></td><td></td><td></td><td>1-6</td><td></td><td></td><td></td><td></td><td></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></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>2-5</td><td></td><td></td></tr><tr><td colspan="12">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>2</td><td>10</td><td>2</td><td>10</td><td>2</td><td>6</td><td>8</td><td>4</td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>3</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></tr><tr><td>Means of financing cash requirements.</td><td>3</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></tr><tr><td colspan="12">III. Receipts and expenditures and appropriations</td></tr><tr><td>Appropriations and net contract authorisations for the war activities program as of month-end preceding month of publication.</td><td>5-6</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></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>7</td><td>15</td><td>7</td><td>15</td><td>7</td><td>11</td><td>13</td><td>9</td></tr><tr><td>Analysis of receipts from internal revenue.</td><td>7</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></tr><tr><td>Analysis of general expenditures.</td><td>8</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></tr><tr><td>Analysis of expenditures for war activities.</td><td>9</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></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>9</td><td>17</td><td>9</td><td>17</td><td>9</td><td>13</td><td>15</td><td>11</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>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></tr><tr><td>Trust account, etc. receipts and expenditures.</td><td>12</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></tr><tr><td>Means of financing cash requirements.</td><td>13</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></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></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>Social Security Act.</td><td>14</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></tr><tr><td>Railroad Retirement Act.</td><td>15</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></tr><tr><td>Railroad Unemployment Insurance Act.</td><td>15</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></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></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>16</td><td>24</td><td>16</td><td>24</td><td>16</td><td>19</td><td>21</td><td>17</td></tr><tr><td>Railroad Retirement Account.</td><td>16</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></tr><tr><td>Unemployment Trust Fund.</td><td>16</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></tr><tr><td>Cash income and outgo 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>Analysis by major classifications.</td><td>17</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></tr><tr><td>Total cash income and outgo by months beginning with:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1938.</td><td>17</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></tr><tr><td colspan="12">IV. General Fund of the Treasury</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>19</td><td>27</td><td>20</td><td>28</td><td>20</td><td>23</td><td>25</td><td>21</td></tr><tr><td>Analysis of changes in balance of General Fund.</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>26</td><td>21</td><td>29</td><td>21</td><td>24</td><td>26</td><td>22</td></tr></table>
(Continued on following page)
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="10">Issue and page number</th></tr><tr><th></th><th colspan="5">1944</th><th colspan="7">1943</th></tr><tr><th></th><th>May</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></tr><tr><td colspan="12">V. Public debt and guaranteed obligations of United States Government</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>22</td><td>30</td><td>23</td><td>31</td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement.</td><td>23-24</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></tr><tr><td>Chart.</td><td>25</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></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>Issuance and retirement (receipts and expenditures).</td><td>22</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></tr><tr><td>Interest-bearing debt, composition of.</td><td>24</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></tr><tr><td>Guaranteed obligations held by Treasury.</td><td>26</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></tr><tr><td>Debt position of United States Government under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>31</td><td></td><td></td></tr><tr><td>September 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>35</td><td></td><td></td><td></td></tr><tr><td>December 31, 1943.</td><td></td><td>26</td><td></td><td></td><td>26</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>26</td><td></td><td></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></tr><tr><td>Computed interest charge and computed interest rate.</td><td>26</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></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>27-29</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></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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1, 1940.</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></tr><tr><td>January 1, 1941.</td><td></td><td>30</td><td>31</td><td>30</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></td><td>31</td><td>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></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 earning 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>33-34</td><td>34-35</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></tr><tr><td>Sales by series, classified by denominations.</td><td>35</td><td>36</td><td>35-36</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>36-37</td><td>37-38</td><td>37-38</td><td>36-37</td><td>37-38</td><td>44-45</td><td>36-37</td><td>45-46</td><td>34-35</td><td>37-38</td><td>40-41</td><td>35-36</td></tr><tr><td>Redemption values and investment yields.</td><td>38</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></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></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>39-40</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></tr><tr><td>Sales, classified by:</td><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>Denomination.</td><td>41</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></tr><tr><td>Type of purchaser.</td><td>41</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></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>42</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>43</td><td>38</td></tr><tr><td>Sales, classified by:</td><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>Denomination.</td><td>42</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>43</td><td>38</td></tr><tr><td>States.</td><td></td><td></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></tr><tr><td colspan="12">VI. Ownership of United States Government securities</td></tr><tr><td>Summary distribution, by holders, of securities issued or guaranteed by the United States.</td><td>44</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></tr><tr><td>Estimated ownership of interest-bearing securities issued or guaranteed by the United States.</td><td>45</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>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>45</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></tr><tr><td>Treasury survey of ownership by banks and insurance companies of United States 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>April 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>52-63</td><td></td><td></td><td></td><td>46-51</td><td></td><td></td></tr><tr><td>May 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>52-63</td><td></td><td></td><td></td><td>51-56</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>47-52</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></td><td>44-49</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></td><td></td><td>55-60</td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>46-51</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></td><td></td><td>54-59</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1943.</td><td>52-57</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>December 31, 1943.</td><td>52-57</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>January 31, 1944.</td><td>52-57</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>February 29, 1944.</td><td>52-57</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></tr><tr><td>March 31, 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></td><td>52-63</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reclassification of data on banks, monthly November 30, 1943 through February 29, 1944.</td><td>52-57</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>Ownership by member and nonmember commercial banks, December 31, 1943.</td><td>58-63</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)
May 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>May</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></tr><tr><td colspan="14">VII. Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies, as of month-end preceding month of publication.</td><td>65-67</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></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td>68</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></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. Yields beginning with 1936.</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></td><td>69-70</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">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>60-61</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>61-62</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>58-59</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>69-70</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></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></td><td>72-73</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>68-69</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></td><td>51-52</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>60-61</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>62-63</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>63-64</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>72-73</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>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>74-75</td><td>65-66</td><td>64-65</td><td>62-63</td><td>53-64</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></tr><tr><td>From inception of organization.</td><td>76-77</td><td>67-68</td><td>66-67</td><td>64-65</td><td>65-66</td><td>72-73</td><td>76-77</td><td>73-74</td><td>62-63</td><td>65-66</td><td>69-70</td><td>64-65</td></tr><tr><td colspan="14">IX. Internal revenue statistics</td></tr><tr><td>Collectione 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>79-80</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></tr><tr><td>Comparative details for current periods.</td><td>81</td><td>72</td><td>71</td><td>69</td><td>70</td><td>71</td><td>81</td><td>78</td><td>67</td><td>70</td><td>74</td><td>69</td></tr><tr><td colspan="14">X. Gold and silver statistics</td></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td>83</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></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></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>76</td><td></td></tr><tr><td>September 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>72</td><td></td><td>80</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943.</td><td></td><td>74</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>83</td><td></td><td>71</td><td></td><td></td><td></td><td>83</td><td></td><td>72</td><td></td><td></td><td></td></tr><tr><td>Monetary stocks of gold and silver.</td><td>83</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></tr><tr><td>Components of silver monetary stock.</td><td>84</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></tr><tr><td>Silver of specified classifications acquired by mints and assay offices.</td><td>84</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></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>84</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></tr><tr><td>In foreign countries.</td><td></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></tr><tr><td>Seigniorage on silver, by types.</td><td>85</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></tr><tr><td colspan="14">XI. Other Treasury statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>80-81</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>84-85</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1943.</td><td></td><td></td><td></td><td></td><td>76-77</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943.</td><td>78-79</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>Capital movement between the United States and foreign countries.</td><td>87</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>75</td><td>82</td><td>75</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.
May 1944
A-1
SPECIAL ARTICLES
A-2
Treasury Bulletin
Corporate Net Income, Income Taxes, and Dividends, 1936 - 1944
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="6">Actual Calendar years 2/</th><th colspan="3">Estimated 1/ Calendar years 2/</th></tr><tr><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
All returne
<table><tr><td>1. Compiled net profit 3/......</td><td>7,771</td><td>7,830</td><td>4,131</td><td>7,178</td><td>9,348</td><td>16,675</td><td>23,630</td><td>25,650</td><td>23,895</td></tr><tr><td>2. Net operating loes deduction 4/......</td><td>-</td><td>-</td><td>-</td><td>-</td><td>123</td><td>330</td><td>350</td><td>400</td><td>375</td></tr><tr><td>3. Net income 5/......(items 1 minus 2)</td><td>7,771</td><td>7,830</td><td>4,131</td><td>7,178</td><td>9,225</td><td>16,345</td><td>23,280</td><td>25,250</td><td>23,520</td></tr><tr><td>4. Dividende received 6/......</td><td>2,677</td><td>2,682</td><td>1,791</td><td>1,906</td><td>2,021</td><td>2,237</td><td>1,455</td><td>1,480</td><td>1,560</td></tr><tr><td>5. Tax-exempt interest 8/......</td><td>724</td><td>741</td><td>732</td><td>763</td><td>783</td><td>809</td><td>770</td><td>735</td><td>720</td></tr><tr><td>6. Net income excluding dividende received and tax-exempt interest 5/......(item 3 minus 4 and 5)</td><td>4,370</td><td>4,407</td><td>1,608</td><td>4,508</td><td>6,421</td><td>13,298</td><td>21,055</td><td>23,035</td><td>21,240</td></tr><tr><td>7. Net income excluding dividende received 5/......(items 3 minus 4)</td><td>5,094</td><td>5,148</td><td>2,340</td><td>5,272</td><td>7,204</td><td>14,107</td><td>21,825</td><td>23,770</td><td>21,960</td></tr><tr><td>8. Compiled net profit excluding dividende received......(items 1 minus 4)</td><td>5,094</td><td>5,148</td><td>2,340</td><td>5,272</td><td>7,327</td><td>14,437</td><td>22,175</td><td>24,170</td><td>22,335</td></tr><tr><td>9. Income and excess profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>10. Income tax......</td><td>1,025</td><td>1,057</td><td>854</td><td>1,216</td><td>2,144</td><td>3,745</td><td>4,360</td><td>4,430</td><td>4,375</td></tr><tr><td>11. Undistributed profit tax......</td><td>145</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>12. Excess profit tax:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>13. Groese 9/......</td><td>-</td><td>-</td><td>-</td><td>-</td><td>374</td><td>3,359</td><td>8,640</td><td>10,720</td><td>9,985</td></tr><tr><td>14. Postwar credit taken currently for debt retirement 9/......</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>235</td><td>310</td><td>280</td></tr><tr><td>15. Postwar credit refund 9/......</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>565</td><td>760</td><td>715</td></tr><tr><td>16. After deduction of entire postwar credit 9/......(items 11 minus 12 and 13)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>374</td><td>3,359</td><td>7,840</td><td>9,650</td><td>8,990</td></tr><tr><td>17. Declared value excess profit tax......</td><td>22</td><td>43</td><td>6</td><td>16</td><td>31</td><td>64</td><td>75</td><td>110</td><td>105</td></tr><tr><td>18. Total income and excess profit taxes......(items 9, 10, 14, and 15)</td><td>1,191</td><td>1,276</td><td>860</td><td>1,232</td><td>2,549</td><td>7,168</td><td>12,275</td><td>14,190</td><td>13,470</td></tr><tr><td>19. Compiled net profit excluding dividende received after taxes......(items 8 minus 16)</td><td>3,903</td><td>3,872</td><td>1,480</td><td>4,040</td><td>4,778</td><td>7,269</td><td>9,900</td><td>9,980</td><td>8,865</td></tr><tr><td>20. Net dividende paid 13/......</td><td>4,703</td><td>4,832</td><td>3,222</td><td>3,841</td><td>4,068</td><td>4,463</td><td>4,045</td><td>4,110</td><td>4,325</td></tr><tr><td>21. Compiled net profit or loss excluding dividende received, after taxes and net dividende paid......(item 17 minus 18)</td><td>800</td><td>960</td><td>1,742</td><td>199</td><td>710</td><td>2,806</td><td>5,855</td><td>5,870</td><td>4,540</td></tr><tr><td>22. Net income excluding dividende received, after taxes 5/......(items 7 minus 16)</td><td>3,903</td><td>3,872</td><td>1,480</td><td>4,040</td><td>4,655</td><td>6,939</td><td>9,550</td><td>9,580</td><td>8,490</td></tr><tr><td>23. Net income or deficit excluding dividende received, after taxes and net dividende paid 5/......(items 20 minus 18)</td><td>800</td><td>960</td><td>1,742</td><td>199</td><td>587</td><td>2,476</td><td>5,505</td><td>5,470</td><td>4,165</td></tr></table>
Returne with net income
<table><tr><td>1. Compiled net profit 3/</td><td>9,726</td><td>9,848</td><td>6,725</td><td>9,028</td><td>11,406</td><td>18,316</td><td>24,280</td><td>26,250</td><td>24,795</td></tr><tr><td>2. Net operating looe deduction 4/</td><td>9,726</td><td>9,848</td><td>6,725</td><td>9,028</td><td>11,283</td><td>17,985</td><td>23,930</td><td>25,850</td><td>24,420</td></tr><tr><td>3. Net income....................(Item 1 minus 2)</td><td>2,504</td><td>2,515</td><td>1,625</td><td>1,779</td><td>1,852</td><td>2,092</td><td>1,330</td><td>1,350</td><td>1,420</td></tr><tr><td>4. Dividends received 6/</td><td>488</td><td>419</td><td>420</td><td>464</td><td>485</td><td>503</td><td>480</td><td>460</td><td>450</td></tr><tr><td>5. Tax-exempt interest 8/</td><td>6,734</td><td>6,915</td><td>4,680</td><td>6,785</td><td>8,946</td><td>15,392</td><td>22,120</td><td>24,040</td><td>22,550</td></tr><tr><td>6. Net income excluding dividends received and tax-exempt interest....................(Items 3 minus 4 and 5)</td><td>7,222</td><td>7,334</td><td>5,100</td><td>7,248</td><td>9,431</td><td>15,894</td><td>22,600</td><td>24,500</td><td>23,000</td></tr><tr><td>7. Net income excluding dividends received....................(Item 3 minus 4)</td><td>7,222</td><td>7,334</td><td>5,100</td><td>7,248</td><td>9,554</td><td>16,224</td><td>22,950</td><td>24,900</td><td>23,375</td></tr><tr><td>8. Compiled net profit excluding dividends received....................(Item 1 minus 4)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and excess profite taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>9. Income tax</td><td>1,025</td><td>1,057</td><td>854</td><td>1,216</td><td>2,144</td><td>3,745</td><td>4,360</td><td>4,430</td><td>4,375</td></tr><tr><td>10. Undistributed profite tax</td><td>145</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>11. Excess profite tax:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>12. Gross 9/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>374</td><td>3,359</td><td>8,640</td><td>10,720</td><td>9,985</td></tr><tr><td>Postwar credit taken currently for debt retirement 9/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>235</td><td>310</td><td>280</td></tr><tr><td>13. Postwar credit refund 9/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>565 10/</td><td>760 10/</td><td>715 19/</td></tr><tr><td>14. After deduction of entire postwar credit 9/....................(Items 11 minus 12 and 13)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>374</td><td>3,359</td><td>7,840</td><td>9,650</td><td>8,990</td></tr><tr><td>15. Declared value excess profite tax</td><td>22</td><td>43</td><td>6</td><td>16</td><td>31</td><td>64</td><td>75</td><td>110</td><td>105</td></tr><tr><td>16. Total income and excess profite taxee....................(Items 9, 10, 14, and 15)</td><td>1,191</td><td>1,276</td><td>860</td><td>1,232</td><td>2,549 11/</td><td>7,168 11/</td><td>12,275 11/</td><td>14,190 11/</td><td>13,470 11/</td></tr></table>
(Continued on following page)
May 1944
A-3
Corporate Net Income, Incor
e Taxes, and Dividends, 1936
1944 -
(Cont'd)
(In millions of dollars)
<table><tr><th></th><th colspan="6">Actual Calendar years 2/</th><th colspan="3">Estimated 1/ Calendar years 2/</th></tr><tr><th></th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th></tr><tr><td colspan="10">Returns with net income - (Continued)</td></tr><tr><td>17. Compiled net profit excluding dividendes received after taxes..... (Item 8 minus 16)</td><td>6,031</td><td>6,058</td><td>4,240</td><td>6,016</td><td>7,005</td><td>9,057</td><td>10,675 1/2</td><td>10,710 1/2</td><td>9,905 1/2</td></tr><tr><td>18. Net dividendes paid 13/</td><td>4,675</td><td>4,794</td><td>3,155</td><td>3,783</td><td>4,036</td><td>4,427</td><td>4,000</td><td>4,060</td><td>4,270</td></tr><tr><td>19. Compiled net profit or lose excluding dividendes received, after taxes and net dividendes paid..... (Items 17 minus 18)</td><td>1,356</td><td>1,264</td><td>1,085</td><td>2,233</td><td>2,969</td><td>4,630</td><td>6,675 1/2</td><td>6,650 1/2</td><td>5,635 1/2</td></tr><tr><td>20. Net income excluding dividendes received, after taxes..... (Items 7 minus 16)</td><td>6,031</td><td>6,058</td><td>4,240</td><td>6,016</td><td>6,882</td><td>8,727</td><td>10,325 1/2</td><td>10,310 1/2</td><td>9,530 1/2</td></tr><tr><td>21. Net income or deficit excluding dividendes received, after taxes and net dividendes paid. (Items 20 minus 18)</td><td>1,356</td><td>1,264</td><td>1,085</td><td>2,233</td><td>2,846</td><td>4,300</td><td>6,325 1/2</td><td>6,250 1/2</td><td>5,260 1/2</td></tr></table>
Returns with no net income
<table><tr><td>1. Compiled net loss or deficit 3/</td><td>1,955</td><td>2,018</td><td>2,594</td><td>1,850</td><td>2,058</td><td>1,641</td><td>650 15/</td><td>600</td><td>900</td></tr><tr><td>2. Dividends received 6/</td><td>173</td><td>168</td><td>166</td><td>126</td><td>169</td><td>146</td><td>125</td><td>130</td><td>140</td></tr><tr><td>3. Tax-exempt interest 8/</td><td>236</td><td>322</td><td>312</td><td>300</td><td>299</td><td>307</td><td>290</td><td>275</td><td>270</td></tr><tr><td>4. Deficit excluding dividends received and tax-exempt interest</td><td>2,304</td><td>2,507</td><td>3,072</td><td>2,276</td><td>2,525</td><td>2,094</td><td>1,065</td><td>1,005</td><td>1,310</td></tr><tr><td>5. Deficit excluding dividends received...(Items 1 and 2)</td><td>2,128</td><td>2,186</td><td>2,760</td><td>1,977</td><td>2,226</td><td>1,787</td><td>775</td><td>730</td><td>1,040</td></tr><tr><td>6. Net dividends paid 13/</td><td>27</td><td>38</td><td>67</td><td>58</td><td>32</td><td>37</td><td>45</td><td>50</td><td>55</td></tr><tr><td>7. Deficit excluding dividends received after net dividends paid 16/...(Items 5 and 6)</td><td>2,155</td><td>2,223</td><td>2,827</td><td>2,035</td><td>2,258</td><td>1,824</td><td>820</td><td>780</td><td>1,095</td></tr></table>
Source: Figures for years 1936-1941, "Statistics of Income, Part 2".
1/ Estimates are based on the assumption that Federal expenditures estimated in the Budget of the United States Government for the fiscal year ending June 30, 1945 will be made during calendar year 1944. Estimates are conceptually comparable with "Statistics of Income, Part 2". Compiled net profit accordingly does not include the profits estimated or determined to be excessive for corporations which reduce their taxable income by these amounts prior to filing final tax returns.
2/ Consists of returns for (1) calendar year indicated, (2) fiscal years ending from July 1 of the year indicated through June 30 of the succeeding year and (3) a part year with the greater number of months falling in the calendar year indicated. Most of the returns, however, are for the calendar year.
3/ Compiled net profit or loss as defined in "Statistics of Income", equals compiled receipts, which include dividends received and tax-exempt interest, minus compiled deductions, which exclude net operating loss deduction.
4/ The first year's net loss allowed to be carried over is for a taxable year beginning on or after January 1, 1939; the first year in which the loss is allowed as a deduction is in a taxable year beginning on or after January 1, 1940.
5/ Cumulation of this item for the years 1940-1944 would involve double counting of net operating loss deduction, once in the year in which the net operating loss occurs, and once in the year to which it is carried forward.
6/ Dividends from domestic corporations subject to income taxation. This is the amount used for computation of dividends received credit.
7/ Decrease in 1942 can be attributed in large part to the use of consolidated returns as permitted under the Revenue Act of 1942.
8/ Includes both partially and wholly tax-exempt interest.
9/ The Revenue Acts of 1942 and 1943 provide a postwar credit, or a current tax reduction not greater than such credit and amounting to 40 percent of the amount paid in debt retirement, for each taxable year ending after December 31, 1941 (except in the case of a taxable year beginning in 1941 and ending before July 1, 1942) and not beginning after the date of cessation of hostilities, of an amount equal to 10 percent of the excess profits tax for each such taxable year.
10/ Postwar credit refunds are comparable with "Statistics of Income" figures based on income tax returns before audit. The refunds are
overestimated by refunds on excess profits tax liabilities on excessive profits of corporations renegotiated after filing final tax returns in the amounts of $27 millions for 1942, $26 millions for 1943, and $19 millions for 1944. The net postwar refunds estimated to be due all corporations are therefore $538 millions for 1942, $734 millions for 1943, and $696 millions for 1944. 
11/ Excludes the effect of the carryback of net operating losses and of unused excess profits credit and the effect of other provisions of the law (such as Section 722 of the Internal Revenue Code) which permit corporations to reopen their tax returns and to recompute their tax liabilities. The amounts, deferred by reason of the application of Section 710 (a) (5), relating to abnormality under Section 722, however, are included. Relief under Section 722 will affect tax liabilities for years beginning in 1940; the carryback provisions will affect the tax liabilities for years beginning in 1941. 
12/ These estimates are comparable with "Statistics of Income" which will include in compiled net profit the excessive profits of corporations whose war contracts have been renegotiated after filing final tax returns. As a result, the figures shown overstate the amounts estimated to be retained by corporations after taxes, dividend payments, and renegotiation, by the reduction in postwar credit refunds ($27 millions, $26 millions, and $19 millions in 1942, 1943, and 1944, respectively), and by the amount of excessive profits included in income tax returns recovered as cash refunds flowing into the Treasury as "Miscellaneous receipts" ($85 millions, $75 millions, and $55 millions in 1942, 1943, and 1944, respectively). Thus, compiled net profit excluding dividends received after taxes and dividends paid, shown in item 19 for 1942 as $5,855 millions, becomes $5,743 millions after allowance for renegotiation ($5,855 millions minus $27 millions minus $85 millions) or $5,205 millions excluding postwar credit refunds ($5,743 millions minus $538 millions). See also footnotes 2/ and 10/.
13/ Consists of cash and assets other than corporations' own stock paid to stockholders other than domestic corporations.
14/ Compiled net loss or deficit.
15/ Decrease in 1942 can be attributed in large part to change made by the 1942 Revenue Act in the treatment of the reserve earnings deduction of life insurance companies.
16/ Deficit corporations are liable for only the capital stock tax which is included as a deduction in compiled net profit or loss.
A-4
Treasury Bulletin
Treasury Market Financing
On April 24, 1944, subscription books were opened for an issue of 7/8 percent Treasury certificates of indebtedness, dated May 1, 1944, and maturing May 1, 1945. These certificates were offered in exchange for $1,655 millions of certificates of indebtedness maturing May 1, 1944. Cash subscriptions were not accepted. Preliminary 1/ subcription and allotment figures, released on
May 4, showed that holders of $1,615 millions, or 98 percent, of the maturing certificates accepted the exchange offer.
When final figures on allotments become available, they will appear in the table "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness", which appears on page 30 of this issue.
May 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 10 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>Actual 1943 to estimated 1944 1/</th><th>Estimated 1944 to estimated 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></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></tr><tr><td>Income and profits taxes 2/</td><td>5,658</td><td>11,350</td><td>27,247</td><td>+15,897</td><td>3,470</td><td>7,960</td><td>16,094</td><td>32,673</td><td>+16,579</td><td>-68</td></tr><tr><td>Employment taxes</td><td>924</td><td>1,161</td><td>1,331</td><td>+170</td><td>925</td><td>1,186</td><td>1,498</td><td>1,870</td><td>+372</td><td>+1,299</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>3,279</td><td>3,841</td><td>4,349</td><td>+508</td><td>2,967</td><td>3,847</td><td>4,553</td><td>5,161</td><td>+608</td><td>+3</td></tr><tr><td>Custome</td><td>332</td><td>254</td><td>365</td><td>+111</td><td>352</td><td>389</td><td>324</td><td>420</td><td>+96</td><td>+18</td></tr><tr><td>Other receipts 4/</td><td>218</td><td>468</td><td>2,612</td><td>+2,144</td><td>515</td><td>286</td><td>916</td><td>2,455</td><td>+1,538</td><td>-405</td></tr><tr><td>Total receipts</td><td>10,410</td><td>17,074</td><td>35,904</td><td>+18,830</td><td>8,269</td><td>13,668</td><td>23,385</td><td>42,578</td><td>+19,193</td><td>+847</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 5/.</td><td>666</td><td>841</td><td>952</td><td>+111</td><td>661</td><td>869</td><td>1,103</td><td>1,392</td><td>+289</td><td>+1,264</td></tr><tr><td>Net receipts</td><td>9,744</td><td>16,233</td><td>34,952</td><td>+18,719</td><td>7,607</td><td>12,799</td><td>22,282</td><td>41,186</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></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></tr><tr><td>War Department</td><td>10,212</td><td>34,984</td><td>40,802</td><td>+5,818</td><td>3,678</td><td>14,070</td><td>42,265</td><td>48,790</td><td>+6,525</td><td>-1,193</td></tr><tr><td>Navy Department</td><td>5,984</td><td>15,658</td><td>21,366</td><td>+5,708</td><td>2,313</td><td>8,580</td><td>20,888</td><td>27,000</td><td>+6,112</td><td>+1,500</td></tr><tr><td>Miscellaneous war activities</td><td>2,446</td><td>6,906</td><td>9,425</td><td>+2,518</td><td>310</td><td>3,362</td><td>5,955</td><td>11,910</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>18,623</td><td>57,548</td><td>71,592</td><td>+14,044</td><td>6,301</td><td>26,011</td><td>72,109</td><td>88,500</td><td>+16,391</td><td>-300</td></tr><tr><td>Veterans' Administration 7/</td><td>462</td><td>503</td><td>544</td><td>+41</td><td>563</td><td>556</td><td>602</td><td>873</td><td>+271</td><td>+393</td></tr><tr><td>Public Works 8/</td><td>571</td><td>479</td><td>389</td><td>-91</td><td>738</td><td>680</td><td>543</td><td>569</td><td>+26</td><td>-182</td></tr><tr><td>Aid to agriculture 9/</td><td>1,088</td><td>996</td><td>747</td><td>-249</td><td>937 10/</td><td>1,225</td><td>1,163</td><td>891</td><td>647</td><td>-272</td><td>-244</td></tr><tr><td>Social Security program 11/</td><td>593</td><td>682</td><td>726</td><td>+44</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>842 12/</td><td>288</td><td>17</td><td>-271</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>148</td><td>17</td><td>*</td><td>-17</td><td>257</td><td>163</td><td>18</td><td>*</td><td>-18</td><td>*</td></tr><tr><td>Other 13/</td><td>736</td><td>746</td><td>1,002</td><td>+256</td><td>841</td><td>873</td><td>901</td><td>1,490</td><td>+589</td><td>+1,391</td></tr><tr><td>Interest on the public debt</td><td>851</td><td>1,157</td><td>1,810</td><td>+653</td><td>1,111</td><td>1,260</td><td>1,808</td><td>2,650</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>23,913</td><td>62,418</td><td>76,827</td><td>+14,409</td><td>12,711</td><td>32,397</td><td>78,179</td><td>95,951</td><td>+17,772</td><td>+2,003</td></tr><tr><td>Net budgetary deficit 6/</td><td>14,169</td><td>46,184</td><td>41,875</td><td>-4,309</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.
1/ Based upon estimates as shown in the 1945 Budget.
2/ Includes unjust enrichment tax and victory tax. Beginning July, 1943, includes collections of taxes withheld by employers under the Current Tax Payment Act of 1943. For details see following chapter on Receipts and Expenditures and Appropriations, Table 2.
3/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
4/ Includes deposits by the War, Navy, and Treasury Departments and the U. S. Maritime Commission 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 $1,733 millions, respectively.
5/ For explanation, see tables in next chapter on Social Security program.
6/ Excludes expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
7/ Includes expenditures classified as transfers to trust accounts, etc., for the Adjusted Service Certificate Fund and the National Service Life Insurance Fund.
8/ Includes Public Works transactions classified as Revolving Funds (net).
9/ 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. 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 Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of the Social Security Act.
11/ Includes National Youth Administration.
12/ Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Government employee retirement and insurance funds. Budget estimates for 1944 and 1945 include $5 millions and $1,000 millions, respectively, representing transfers to public debt accounts for excess-profit tax refund bonds.
May 1944
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 10 months, fiscal years 1942 to 1944</th><th colspan="6">End of Fiscal years, 1941 to 1945</th></tr><tr><th></th><th>Apr. 30, 1942</th><th>Apr. 30, 1943</th><th>Apr. 30, 1944</th><th>Change Apr. 30, 1943 to Apr. 30, 1944</th><th colspan="3">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>Actual 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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>45,137</td><td>91,392</td><td>127,440</td><td>+36,048</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>Non-marketable</td><td>12,002</td><td>27,456</td><td>42,275</td><td>+14,819</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>Total public issues</td><td>57,139</td><td>118,848</td><td>169,715</td><td>+50,868</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>Special issues</td><td>7,358</td><td>9,795</td><td>13,697</td><td>+3,902</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>Total interest-bearing debt</td><td>64,496</td><td>128,643</td><td>183,413</td><td>+54,770</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>Matured debt and debt bearing no interest</td><td>465</td><td>1,206</td><td>1,554</td><td>+348</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>Total public debt outstanding</td><td>64,961</td><td>129,849</td><td>184,967</td><td>+55,118</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>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></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 4/</td><td>5,666</td><td>4,198</td><td>1,503</td><td>-2,694</td><td>6,360</td><td>4,549</td><td>3,908</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable 4/</td><td>-</td><td>166</td><td>754</td><td>+589</td><td>-</td><td>-</td><td>183</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>5,666</td><td>4,363</td><td>2,258</td><td>-2,105</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>Matured debt</td><td>22</td><td>9</td><td>16</td><td>+7</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>Total guaranteed securities outstanding</td><td>5,688</td><td>4,372</td><td>2,274</td><td>-2,099</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>-1,153</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>70,650</td><td>134,221</td><td>187,241</td><td>+53,019</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></table>
Source: Daily Treasury Statements, except as noted.
1/ Based upon estimates as shown in the 1945 Budget.
2/ Details not available.
3/ Excludes guaranteed securities held by the Treasury.
4/ The Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which are held entirely by United States Government agencies, have been classified as non-marketable issues.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">First 10 months, fiscal years 1942 to 1944</th><th colspan="5">Complete fiscal years, 1941 to 1945</th></tr><tr><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>14,169</td><td>46,184</td><td>41,875</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>218</td><td>9,626</td><td>2,773</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>1,613</td><td>1,616</td><td>3,623</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>16,000</td><td>57,427</td><td>48,271</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>Increase in public debt</td><td>16,000</td><td>57,427</td><td>48,271</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>16,000</td><td>57,427</td><td>48,271</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.
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
May 1944
5
Appropriations and Net Contract Authorizations for the War Activities Program As of April 30, 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>1,376,464,602</td><td>-</td></tr><tr><td>Mar. 27, 1941</td><td>23</td><td>Defense Aid Supplemental Appropriation Act, 1941</td><td>7,000,000,000</td><td>-</td></tr><tr><td>Apr. 1, 1941</td><td>25</td><td>First Deficiency Appropriation Act, 1941</td><td>114,458,468</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>28</td><td>Independent Offices Appropriation Act, 1942</td><td>399,360,000</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>29</td><td>Fifth Supplemental National Defense Appropriation Act, 1941</td><td>2,293,227,920</td><td>-</td></tr><tr><td>May 6, 1941</td><td>48</td><td>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>37,920,370</td><td>-</td></tr><tr><td>May 24, 1941</td><td>73</td><td>Additional Urgent Deficiency Appropriation Act, 1941</td><td>168,556,000</td><td>-</td></tr><tr><td>May 31, 1941</td><td>88</td><td>Treasury Department Appropriation Act, 1942</td><td>62,193,150</td><td>-</td></tr><tr><td>June 28, 1941</td><td>135</td><td>Justice, State and Commerce Departments Appropriation Act, 1942</td><td>129,227,750</td><td>-</td></tr><tr><td>June 28, 1941</td><td>136</td><td>Interior Department Appropriation Act, 1942</td><td>2,035,000</td><td>-</td></tr><tr><td>June 30, 1941</td><td>139</td><td>Military Appropriation Act, 1942</td><td>10,384,821,624</td><td>-</td></tr><tr><td>July 1, 1941</td><td>146</td><td>Labor - Federal Security Appropriation Act, 1942</td><td>173,168,500</td><td>-</td></tr><tr><td>July 3, 1941</td><td>150</td><td>Second Deficiency Appropriation Act, 1941</td><td>998,894,561</td><td>-</td></tr><tr><td>Aug. 25, 1941</td><td>247</td><td>First Supplemental National Defense Appropriation Act, 1942</td><td>6,580,012,448</td><td>-</td></tr><tr><td>Oct. 28, 1941</td><td>282</td><td>Second Supplemental National Defense Appropriation Act, 1942: (Title I) (Title II)</td><td>5,985,000,000 159,005,585</td><td>$ 600,000,000 3/ 47,000,000</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941</td><td>9,112,021,947</td><td>60,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense Appropriation Act, 1942</td><td>510,000,000</td><td>-</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine relief, and defense housing)</td><td></td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session</td><td>$ 49,396,437,450</td><td>$ 707,000,000</td></tr></table>
77th Congress, Second Session
<table><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defence 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 ½</td><td>23,738,865,474</td><td>$ 2,400,000,000 5/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China).</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942.</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943.</td><td>57,886,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942.</td><td>18,932,124,093</td><td>40,400,000</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund).</td><td>210,000,000</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (education and training).</td><td>9,500,000</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942 6/</td><td>655,074,740</td><td>150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943.</td><td>1,052,812,004</td><td>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Departments Appropriation Act, 1943.</td><td>261,908,180</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department Appropriation Act, 1943.</td><td>8,977,370</td><td>-</td></tr><tr><td>July 2, 1942</td><td>646</td><td>Public Law (Federal Works Agency - public roads).</td><td>-</td><td>35,000,000</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943.</td><td>227,726,864</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943.</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942.</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defence 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 7/</td><td>6,299,361,448</td><td>5,547,346,795 r 5/</td></tr><tr><td></td><td>Total, 77th Congress, Second Session.</td><td></td><td>$139,736,203,988</td><td>$ 8,172,746,795 r</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>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943</td><td>4,063,948,984</td><td>$ 2,093,111,745</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943</td><td>3,836,176,119</td><td>50,000,000</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program)</td><td>26,100,000</td><td>-</td></tr><tr><td>May 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program)</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Indendent 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 8/</td><td>27,637,226,198</td><td>5,389,000.000 5/</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Departments of State, Justicia, and Commerce Appropriation Act, 1944</td><td>67,635,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944</td><td>14,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>National War Agencies Appropriation Act, 1944</td><td>2,911,697,224</td><td>18,000,000</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943</td><td>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department)</td><td>18,620,000</td><td>-</td></tr><tr><td>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>$105,916,492,321</td><td>$11,200,561,625</td></tr></table>
(Continued on following page)
Treasury Bulletin
6
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of April 30, 1944 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Jan. 28, 1944<br>Feb. 14, 1944<br>Apr. 1, 1944</td><td>224<br>229<br>279</td><td>Public Law (Navy - Public Works)<br>Joint Resolution (farm labor and migration of workers)<br>First Deficiency Appropriation Act, 1944.</td><td>$ 31,359,200<br>170,221,080</td><td>$ 281,060,000<br>120,000,000</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$ 201,580,280</td><td>$ 401,060,000</td></tr><tr><td colspan="5">Pending 3/</td></tr><tr><td></td><td></td><td>Naval Appropriation Bill, 1945<br>Independent Offices Appropriation Bill, 1945<br>Departments of Justice, State and Commerce Appropriation Bill, 1945.<br>War Civil Appropriation Bill, 1945.<br>Agriculture Appropriation Bill, 1945.<br>Interior Department Appropriation Bill, 1945.</td><td>$ 27,569,798,301 10/<br>6,834,848,943 12/<br>47,535,000<br>2,087,080<br>29,200,000<br>14,864,200</td><td>$-5,371,128,600 11/<br>-1,080,016,275 11/<br>-<br>-<br>-<br>-</td></tr><tr><td colspan="3">Total pending</td><td>$ 34,498,333,524</td><td>$-6,451,144,875 11/</td></tr></table>
<table><tr><th colspan="3">Summary</th></tr><tr><td></td><td>Total, 76th Congress, Third Session 13/</td><td>$ 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>8,172,746,795 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>201,580,280</td><td>401,060,000</td></tr><tr><td></td><td>Permanent appropriations and net transfers from other than war activities appropriations 14/</td><td>119,996,036</td><td>-</td></tr><tr><td></td><td>Total approved</td><td>$304,364,725,903</td><td>$20,481,368,420</td></tr><tr><td></td><td>Total pending, 78th Congress, Second Session</td><td>34,498,333,524</td><td>-6,451,144,875</td></tr><tr><td></td><td>Liquidations of 1940 and prior contract authorizations</td><td>-467,872,846</td><td>-</td></tr><tr><td></td><td>Total approved and pending appropriations and net contract authorizations 1/</td><td>$338,395,186,581</td><td>$14,030,223,545</td></tr></table>
1/ Consists of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Reconstruction Finance Corporation and its affiliates for war purposes, and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations) available for expenditure in the fiscal year 1941.
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 may authorize the head of any department or agency of the Government to enter into for the procurement of defense articles, information or services for the government of any country whose defense the President deems vital to the defense of the United States.
4/ Includes $9,693,525,500 appropriated for the fiscal year 1942.
5/ Unappropriated contract authorizations for the naval expansion program are as follows:
6/ Includes $650,000 for the fiscal year 1941 and $209,440,000 for the fiscal year 1942, of which $440,000 was made immediately available.
7/ Includes $7,851,460 appropriated for the fiscal year 1942.
8/ Includes $30,000,000 for the fiscal year 1942 and $172,439,000 for the fiscal year 1943.
9/ Pending appropriations, as used herein, represent appropriation bills reported from the Committee on Appropriations to the House, or in subsequent stages of Congressional action before Presidential approval. Estimates of appropriations for war purposes reported by the President to Congress and submitted to the Committee on Appropriations, amounting to $19,533,436,425, are not included.
10/ Includes $10,440,060,000 for the liquidation of prior contract authorizations.
11/ Represents excess of pending liquidations of contract authorizations over contract authorizations.
12/ Includes $4,719,390,499 for liquidation of contract authorizations made available in this act and $2,060,625,776 for liquidation of prior 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, Navy, in the amount of $1,153,802 in accordance with Executive Order 9083, dated February 28, 1942. Also includes $4,550,199 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 $51,169,139.
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Amount</th></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>$ 2,400,000,000</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>(Estimated by Navy Department)..................... 5,547,346,795</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.................................................. $14,986,796,675</td></tr></table>
May 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="5">Receipts</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 1/</th><th rowspan="2">Public debt retirements 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War activities 5/</th><th>Revolving funds (net) 6/</th><th>Transfers to trust accounts, etc. 6/</th></tr><tr><td>1934</td><td>3,116</td><td>2,641</td><td>313</td><td>162</td><td>-</td><td>3,116</td><td>6,011</td><td>4,908</td><td>531</td><td>496</td><td>77</td><td>2,896</td><td>360</td></tr><tr><td>1935</td><td>3,800</td><td>3,278</td><td>343</td><td>179</td><td>-</td><td>3,800</td><td>7,010</td><td>5,900</td><td>689</td><td>345</td><td>76</td><td>3,209</td><td>574</td></tr><tr><td>1936</td><td>4,116</td><td>3,513</td><td>387</td><td>216</td><td>-</td><td>4,116</td><td>8,666</td><td>5,935</td><td>900</td><td>11</td><td>1,820</td><td>4,550</td><td>403</td></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,177</td><td>6,437</td><td>929</td><td>204</td><td>608</td><td>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,864</td><td>1,029</td><td>121</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,658</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 2/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,055</td><td>1,657</td><td>54</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 3/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,215 10/</td><td>6,301</td><td>-136 10/</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 3/</td><td>869</td><td>12,799</td><td>32,397</td><td>5,986</td><td>26,011</td><td>18</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 9/11/</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,595</td><td>72,109</td><td>40</td><td>435</td><td>55,897</td><td>3</td></tr><tr><td>1943-April</td><td>1,555</td><td>1,396</td><td>32</td><td>127</td><td>41</td><td>1,514</td><td>7,466</td><td>439</td><td>6,974</td><td>16</td><td>38</td><td>5,952</td><td>•</td></tr><tr><td>May</td><td>1,742</td><td>1,581</td><td>37</td><td>124</td><td>262</td><td>1,480</td><td>7,435</td><td>328</td><td>7,092</td><td>14</td><td>1</td><td>5,955</td><td>•</td></tr><tr><td>June</td><td>4,569</td><td>4,211</td><td>34</td><td>324</td><td>•</td><td>4,569</td><td>8,327</td><td>846</td><td>7,469</td><td>10</td><td>1</td><td>3,758</td><td>•</td></tr><tr><td>July</td><td>2,048</td><td>1,815</td><td>33</td><td>201</td><td>41</td><td>2,007</td><td>7,112</td><td>337</td><td>6,432</td><td>-1</td><td>344</td><td>5,105</td><td>-</td></tr><tr><td>August</td><td>3,005</td><td>2,602</td><td>39</td><td>364</td><td>284</td><td>2,721</td><td>7,617</td><td>365</td><td>7,232</td><td>5</td><td>15</td><td>4,896</td><td>-</td></tr><tr><td>September</td><td>5,448</td><td>5,160</td><td>31</td><td>257</td><td>•</td><td>5,447</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>161</td><td>2</td><td>6,573</td><td>8,525</td><td>795</td><td>7,726</td><td>-3</td><td>7</td><td>1,952</td><td>•</td></tr><tr><td>April</td><td>3,119</td><td>2,935</td><td>39</td><td>145</td><td>32</td><td>3,087</td><td>7,859</td><td>479</td><td>7,346</td><td>-6</td><td>40</td><td>4,772</td><td>-</td></tr></table>
Source:
Daily Treasury Statements.
1 Less than $500,000. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law. For further details, see Table 2. 2 3 For explanation see tables which follow on the Social Security program. 4 For further details, see Table 3. 5 For further details, see Table 4. 6 For further details, see Table 5. Also see footnotes 3/ and 4/. 7 Total expenditures less net receipts. 8 Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
2/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 millions in the fiscal year 1940; $319 millions in the fiscal year 1941; $18 millions in the fiscal year 1942; and $10 millions in the fiscal year 1943.
10/ Receipts from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $160 millions for general expenditures and $155 millions for revolving funds during the fiscal year 1941.
11/ 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 rowspan="2">Total</th><th colspan="3">Income and profits taxes</th><th colspan="3">Employment taxes</th><th rowspan="2">Carriers' Taxing Act of 1937 (Retired retirement)</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943)</th><th>Other 2/</th><th>Total</th><th>Social security taxes 3/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th></tr><tr><td>1931.</td><td>2,641</td><td>818</td><td>-</td><td>818</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,470</td><td>353</td></tr><tr><td>1935.</td><td>3,278</td><td>1,099</td><td>-</td><td>1,099</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,657</td><td>521</td></tr><tr><td>1936.</td><td>3,513</td><td>1,427</td><td>-</td><td>1,427</td><td>4</td><td>-</td><td>-</td><td>-</td><td>2,010</td><td>77</td></tr><tr><td>1937.</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>-</td><td>2,181</td><td>-</td></tr><tr><td>1938.</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279</td><td>-</td></tr><tr><td>1939.</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td><td>-</td></tr><tr><td>1940.</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td><td>-</td></tr><tr><td>1941.</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td><td>-</td></tr><tr><td>1942.</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td><td>-</td></tr><tr><td>1943.</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td><td>-</td></tr><tr><td>1943-April</td><td>1,396</td><td>1,000</td><td>-</td><td>1,000</td><td>50</td><td>43</td><td>3</td><td>3</td><td>346</td><td>-</td></tr><tr><td>May.</td><td>1,581</td><td>940</td><td>-</td><td>940</td><td>282</td><td>265</td><td>12</td><td>6</td><td>359</td><td>-</td></tr><tr><td>June.</td><td>4,211</td><td>3,803</td><td>-</td><td>3,803</td><td>55</td><td>3</td><td>3</td><td>49</td><td>353</td><td>-</td></tr><tr><td>July.</td><td>1,815</td><td>1,255</td><td>19</td><td>1,236</td><td>48</td><td>44</td><td>3</td><td>2</td><td>512</td><td>-</td></tr><tr><td>August.</td><td>2,602</td><td>1,564</td><td>548</td><td>1,016</td><td>310</td><td>287</td><td>8</td><td>15</td><td>729</td><td>-</td></tr><tr><td>September.</td><td>5,160</td><td>4,765</td><td>674</td><td>4,091</td><td>50</td><td>3</td><td>1</td><td>46</td><td>344</td><td>-</td></tr><tr><td>October.</td><td>1,813</td><td>1,303</td><td>557</td><td>746</td><td>46</td><td>42</td><td>3</td><td>1</td><td>404</td><td>-</td></tr><tr><td>November.</td><td>2,115</td><td>1,459</td><td>1,010</td><td>449</td><td>292</td><td>274</td><td>10</td><td>8</td><td>363</td><td>-</td></tr><tr><td>December.</td><td>5,484</td><td>5,040</td><td>713</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>574</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>2,404</td><td>1,747</td><td>1,137</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>750</td><td>5,161</td><td>67</td><td>4</td><td>4</td><td>59</td><td>375</td><td>-</td></tr><tr><td>April.</td><td>2,935</td><td>2,475</td><td>560</td><td>1,915</td><td>39</td><td>35</td><td>3</td><td>-</td><td>421</td><td>-</td></tr></table>
Sources
Daily Treasury Statements
1/ For further details, see chapter on Internal Revenue Statistics.
2/ Includes unjust enrichment tax and victory tax collections pursuant to Revenue Act of 1942.
For the period prior to September 1939, the 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/ 4/</th><th>Social Security program 2/ 5/</th><th colspan="2">Direct and work relief</th><th>Civilian Conservation Corps</th><th>Interest on the public debt</th><th>Other departmental 8/</th><th>Other general expenditures 9/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Work Projects Administration and National Youth Administration 6/</th><th>Federal Emergency Relief Administration and Civil Works Administration 1/</th><th></th><th></th><th></th><th></th></tr><tr><td>1934</td><td>4,908</td><td>507</td><td>549</td><td>429</td><td>-</td><td>-</td><td>1,513</td><td>332</td><td>757</td><td>313</td><td>509</td></tr><tr><td>1935</td><td>5,900</td><td>557</td><td>679</td><td>930</td><td>-</td><td>-</td><td>1,831</td><td>436</td><td>821</td><td>364</td><td>283</td></tr><tr><td>1936</td><td>5,935</td><td>578</td><td>685</td><td>966</td><td>29</td><td>1,264</td><td>1,955</td><td>486</td><td>789</td><td>424</td><td>258</td></tr><tr><td>1937</td><td>6,437</td><td>581</td><td>803</td><td>988</td><td>184</td><td>1,896</td><td>-1</td><td>386</td><td>866</td><td>510</td><td>223</td></tr><tr><td>1938</td><td>5,864</td><td>582</td><td>670</td><td>866</td><td>335</td><td>1,472</td><td>4</td><td>326</td><td>926</td><td>481</td><td>200</td></tr><tr><td>1939</td><td>7,221</td><td>557</td><td>900</td><td>1,237</td><td>347</td><td>2,240</td><td>2</td><td>290</td><td>941</td><td>517</td><td>191</td></tr><tr><td>1940</td><td>7,055</td><td>557</td><td>890</td><td>1,546</td><td>392</td><td>1,572</td><td>1</td><td>283</td><td>1,041</td><td>546</td><td>227</td></tr><tr><td>1941</td><td>6,215</td><td>553</td><td>715</td><td>1,006 10/</td><td>557</td><td>1,374</td><td>-</td><td>257</td><td>1,111</td><td>525</td><td>216</td></tr><tr><td>1942</td><td>5,986</td><td>555</td><td>669</td><td>1,091</td><td>515</td><td>970</td><td>-</td><td>163</td><td>1,260</td><td>544</td><td>220</td></tr><tr><td>1943</td><td>5,595</td><td>572</td><td>545</td><td>1,052</td><td>514</td><td>299</td><td>-</td><td>18</td><td>1,808</td><td>590</td><td>197</td></tr><tr><td>1943-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>342</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><tr><td>April</td><td>479</td><td>55</td><td>32</td><td>100</td><td>54</td><td>-</td><td>-</td><td>-</td><td>117</td><td>70</td><td>50</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Includes public works undertaken by the Veterans' Administration.
2/ Does not include expenditures for (1) revolving funds or (2) transfers to trust accounts, etc. These are shown in Table 5.
3/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
4/ Comprises Agricultural Conservation and Adjustment Administration (classified in the Daily Treasury Statement 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.
5/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority
of Social Security Act. For further details, see tables which follow on the Social Security program.
6/ Work Projects Administration was formerly Workse Progress Administration. Beginning with July 1942, expenditures for the National Youth Administration are shown in Table 4.
1/ Includes expenditures of the Reconstruction Finance Corporation for relief through loans and grants to States, municipalities, etc.
8/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social Security program and the Department of Agriculture departmental expenditures.
9/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; refunds of taxes and duties by the Treasury Department; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation.
10/ Gross expenditures have been reduced $160 millions representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12/.
May 1944
9
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditure for War Activities
(In millions of dollars)
<table><tr><th>Piecals year or month</th><th>Total</th><th>War Department</th><th>Navy Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 1/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission 2/</th><th>War Shipping Administration</th><th>Aid to China</th><th>Other war activities expenditures 3/</th></tr><tr><td>1934</td><td>531</td><td>243</td><td>297</td><td>-10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1935</td><td>689</td><td>273</td><td>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>1,206</td><td>490</td><td>673</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>105</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>795</td></tr><tr><td>1943-April</td><td>6,974</td><td>3,727</td><td>2,102</td><td>1,145</td><td>514</td><td>21</td><td>15</td><td>61</td><td>6</td><td>120</td><td>248</td><td>69</td><td>-</td><td>92</td></tr><tr><td>May</td><td>7,092</td><td>3,857</td><td>2,251</td><td>984</td><td>382</td><td>11</td><td>26</td><td>77</td><td>5</td><td>106</td><td>243</td><td>85</td><td>-</td><td>51</td></tr><tr><td>June</td><td>7,469</td><td>3,424</td><td>2,980</td><td>1,065</td><td>318</td><td>4</td><td>33</td><td>70</td><td>5</td><td>117</td><td>315</td><td>116</td><td>-</td><td>86</td></tr><tr><td>July</td><td>6,432</td><td>3,808</td><td>1,898</td><td>726</td><td>12</td><td>8</td><td>24</td><td>72</td><td>5</td><td>95</td><td>319</td><td>105</td><td>-</td><td>85</td></tr><tr><td>August</td><td>7,232</td><td>4,219</td><td>2,037</td><td>976</td><td>180</td><td>16</td><td>27</td><td>68</td><td>5</td><td>118</td><td>361</td><td>119</td><td>-</td><td>81</td></tr><tr><td>September</td><td>6,952</td><td>4,036</td><td>1,909</td><td>1,007</td><td>239</td><td>11</td><td>24</td><td>50</td><td>5</td><td>114</td><td>366</td><td>130</td><td>-</td><td>69</td></tr><tr><td>October</td><td>6,989</td><td>4,142</td><td>1,955</td><td>892</td><td>176</td><td>24</td><td>25</td><td>54</td><td>5</td><td>100</td><td>294</td><td>148</td><td>-</td><td>66</td></tr><tr><td>November</td><td>7,541</td><td>4,173</td><td>2,134</td><td>1,235</td><td>332</td><td>14</td><td>19</td><td>44</td><td>5</td><td>111</td><td>402</td><td>216</td><td>-</td><td>91</td></tr><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>2,751</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>188</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><tr><td>April</td><td>7,346</td><td>4,160</td><td>2,262</td><td>924</td><td>224</td><td>8</td><td>11</td><td>35</td><td>5</td><td>130</td><td>273</td><td>149</td><td>-</td><td>90</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: for monthly figures commencing July 1940, see "Treasury Bulletin" for May 1943, page 7.
1/ Includes var 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">Fiscal year or month</th><th colspan="3">Revolving funds (net) 1/</th><th colspan="6">Transfers to trust accounts, etc.</th></tr><tr><th>Total</th><th>Aid to agriculture 2/</th><th>Public works 3/</th><th>Total</th><th>Veterans' Administration 4/</th><th>Social Security program 5/</th><th>Government employee's retirement fund (U. S. share)</th><th>Aid to agriculture 6/</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>1934</td><td>496</td><td>346</td><td>149</td><td>77</td><td>50</td><td>-</td><td>21</td><td>-</td><td>6</td></tr><tr><td>1935</td><td>345</td><td>141</td><td>204</td><td>76</td><td>50</td><td>-</td><td>21</td><td>-</td><td>5</td></tr><tr><td>1936</td><td>11</td><td>-33</td><td>44</td><td>1,820</td><td>1,773</td><td>-</td><td>41</td><td>-</td><td>6</td></tr><tr><td>1937</td><td>204</td><td>-18</td><td>221</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>121</td><td>-13</td><td>134</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>92</td><td>-8</td><td>101</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>54</td><td>-6</td><td>59</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>-136</td><td>-159 7/</td><td>23</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>18</td><td>7</td><td>11</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>40</td><td>41</td><td>-1</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1943-April</td><td>16</td><td>16</td><td>*</td><td>38</td><td>5</td><td>35</td><td>-</td><td>1</td><td>-</td></tr><tr><td>May</td><td>14</td><td>14</td><td>*</td><td>1</td><td>2</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>June</td><td>10</td><td>10</td><td>*</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-1</td><td>4</td><td>-5</td><td>344</td><td>1</td><td>161</td><td>177</td><td>-1</td><td>6</td></tr><tr><td>August</td><td>5</td><td>*</td><td>5</td><td>15</td><td>4</td><td>12</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-2</td><td>-2</td><td>*</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-7</td><td>-7</td><td>*</td><td>36</td><td>3</td><td>34</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-8</td><td>-8</td><td>*</td><td>2</td><td>4</td><td>-</td><td>-</td><td>-2</td><td>-</td></tr><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>-3</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><tr><td>April</td><td>-6</td><td>-6</td><td>*</td><td>40</td><td>6</td><td>35</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/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
5/ Includes railroad retirement and railroad unemployment activities. For further explanations see tables which follow on Social Security program.
6/ Agricultural Marketing Administration (surplus commodity stamps).
7/ Gross expenditures have been reduced $155 millions representing the repayment of capital funds by certain United States Government agencies. For details see footnotes to Table 1.
10
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1935
(In millions of dollars)
<table><tr><th>Calendar year</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>3,857</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>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>3,087</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>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</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>314</td><td>-31</td><td>371</td><td>281</td><td>230</td><td>282</td><td>125</td><td>149</td><td>397</td><td>255</td><td>173</td><td>2,825</td></tr><tr><td>1936</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-138</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><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>4,772</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statemente. 1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements. 3/ Total expenditures less net receipts.
May 1944
11
BUDGETARY RECEIPTS AND EXPENDITURES
12
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
Table 1.- Trust Funds
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, not 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 Receipts</th><th>Expenditures</th><th>Net Receipts</th><th>Expenditures</th><th>Net Receipts</th><th>Expenditures</th><th>Net 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>237</td></tr><tr><td>1936</td><td>+34</td><td>-</td><td>-</td><td>-</td><td>19</td><td>-</td><td>-</td><td>+34</td><td>2,053</td><td>2,020</td></tr><tr><td>1937</td><td>+19</td><td>-</td><td>267</td><td>267</td><td>-</td><td>294</td><td>294</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><td>-4</td><td>323</td><td>327</td></tr><tr><td>1939</td><td>+29</td><td>+1</td><td>530</td><td>529</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td><td>+24</td><td>349</td><td>325</td></tr><tr><td>1940</td><td>+37</td><td>+3</td><td>580</td><td>577</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td><td>+35</td><td>366</td><td>331</td></tr><tr><td>1941</td><td>+37</td><td>+10</td><td>717</td><td>707</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td><td>+20</td><td>409</td><td>389</td></tr><tr><td>1942</td><td>+66</td><td>+9</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><td>+57</td><td>512</td><td>455</td></tr><tr><td>1943</td><td>+92</td><td>+6</td><td>1,190</td><td>1,185</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td><td>+88</td><td>975</td><td>887</td></tr><tr><td>1943-April</td><td>+49</td><td>+41</td><td>41</td><td>1</td><td>+3</td><td>35</td><td>32</td><td>35</td><td>35</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>28</td><td>82</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>68</td><td>4</td><td>4</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>-4</td><td>161</td><td>165</td><td>+55</td><td>316</td><td>261</td></tr><tr><td>August</td><td>+275</td><td>+270</td><td>264</td><td>14</td><td>+4</td><td>313</td><td>306</td><td>31</td><td>30</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>31</td><td>31</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>34</td><td>33</td><td>+22</td><td>139</td><td>117</td></tr><tr><td>November</td><td>+210</td><td>+256</td><td>272</td><td>15</td><td>-1</td><td>291</td><td>291</td><td>34</td><td>33</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>34</td><td>34</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>34</td><td>34</td><td>+63</td><td>164</td><td>101</td></tr><tr><td>February</td><td>+150</td><td>+134</td><td>250</td><td>116</td><td>-3</td><td>264</td><td>267</td><td>34</td><td>34</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>34</td><td>34</td><td>-41</td><td>94</td><td>135</td></tr><tr><td>April</td><td>+120</td><td>+15</td><td>32</td><td>16</td><td>+9</td><td>44</td><td>35</td><td>+1</td><td>35</td><td>34</td><td>+95</td><td>202</td><td>108</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>Piscal 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></th><th>Total all transactions</th><th>Issuance 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>-</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>-377</td><td>-5</td><td>5</td><td>5</td><td>+90</td><td>90</td><td>-</td><td>+2</td><td>-</td><td>-2</td></tr><tr><td>1940</td><td>+34</td><td>+288</td><td>-254</td><td>-</td><td>4</td><td>4</td><td>+49</td><td>49</td><td>-</td><td>+16</td><td>13</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-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>14</td><td>-</td><td>14</td></tr><tr><td>September</td><td>-146</td><td>+22</td><td>-168</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-</td><td>-2</td></tr><tr><td>October</td><td>-199</td><td>+2</td><td>-201</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+14</td><td>-</td><td>-14</td></tr><tr><td>November</td><td>+64</td><td>-2</td><td>+66</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+16</td><td>-2</td><td>-18</td></tr><tr><td>December</td><td>+27</td><td>-3</td><td>+24</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><tr><td>April</td><td>-87</td><td>-577</td><td>+490</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+160</td><td>-</td><td>-160</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.
May 1944
13
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th></th><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, increment on gold, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, increment on gold, etc. 2/</th></tr><tr><td>1934</td><td>4,616</td><td>2,896</td><td>1,720</td><td>-</td><td>4,616</td><td>4,514</td><td>-</td><td>101</td></tr><tr><td>1935</td><td>3,209</td><td>3,209</td><td>-</td><td>-</td><td>3,209</td><td>1,648</td><td>741</td><td>821</td></tr><tr><td>1936</td><td>5,390</td><td>4,550</td><td>840</td><td>-</td><td>5,390</td><td>5,078</td><td>-</td><td>312</td></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>55,897</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1943-April</td><td>14,390</td><td>5,952</td><td>8,438</td><td>-</td><td>14,390</td><td>14,342</td><td>-</td><td>48</td></tr><tr><td>May</td><td>6,064</td><td>5,955</td><td>70</td><td>39</td><td>6,064</td><td>6,064</td><td>-</td><td>-</td></tr><tr><td>June</td><td>3,964</td><td>3,158</td><td>-</td><td>206</td><td>3,964</td><td>784</td><td>3,180</td><td>-</td></tr><tr><td>July</td><td>5,740</td><td>5,105</td><td>-</td><td>635</td><td>5,740</td><td>4,828</td><td>912</td><td>-</td></tr><tr><td>August</td><td>4,896</td><td>4,896</td><td>-</td><td>-</td><td>4,896</td><td>2,534</td><td>2,231</td><td>131</td></tr><tr><td>September</td><td>14,291</td><td>2,087</td><td>11,794</td><td>410</td><td>14,291</td><td>14,291</td><td>-</td><td>-</td></tr><tr><td>October</td><td>6,697</td><td>5,426</td><td>1,139</td><td>132</td><td>6,697</td><td>6,697</td><td>-</td><td>-</td></tr><tr><td>November</td><td>5,740</td><td>5,740</td><td>-</td><td>-</td><td>5,740</td><td>1,112</td><td>4,338</td><td>290</td></tr><tr><td>December</td><td>2,383</td><td>1,716</td><td>-</td><td>667</td><td>2,383</td><td>-281</td><td>2,664</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><tr><td>April</td><td>4,772</td><td>4,772</td><td>-</td><td>-</td><td>4,772</td><td>252</td><td>4,327</td><td>193</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">Less 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>252.2</td><td>194.3</td><td>57.8</td><td>265.0</td><td>-12.8</td></tr><tr><td>1937</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1938</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-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><tr><td>April</td><td>38.4</td><td>35.1</td><td>3.3</td><td>31.7</td><td>6.7</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expense</th><th colspan="10">Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health 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></tr><tr><td>1936</td><td>28.4</td><td>.6</td><td>27.8</td><td>19.7</td><td>2.0</td><td>1.0</td><td>.9</td><td>2.4</td><td>1.0</td><td>.6</td><td>.2</td><td>-</td><td>-</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>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>3.5</td><td>357.8</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>2.8</td><td>341.3</td></tr><tr><td>1944-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>2.9</td><td>35.8</td><td>25.3</td><td>5.4</td><td>.8</td><td>.3</td><td>.3</td><td>1.1</td><td>.4</td><td>*</td><td>2.1</td><td>.3</td><td>24.8</td></tr><tr><td>June</td><td>16.4</td><td>3.0</td><td>13.1</td><td>9.6</td><td>.6</td><td>.1</td><td>.2</td><td>*</td><td>.8</td><td>.3</td><td>*</td><td>1.5</td><td>.3</td><td>10.7</td></tr><tr><td>July</td><td>59.9</td><td>2.8</td><td>56.8</td><td>41.1</td><td>7.1</td><td>1.2</td><td>3.6</td><td>2.2</td><td>.3</td><td>.1</td><td>*</td><td>1.0</td><td>.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>41.7</td></tr><tr><td>September</td><td>32.9</td><td>2.9</td><td>29.7</td><td>25.3</td><td>2.8</td><td>.5</td><td>*</td><td>*</td><td>.6</td><td>.4</td><td>*</td><td>.1</td><td>.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>*</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>-85.2</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><tr><td>April</td><td>53.6</td><td>2.7</td><td>50.7</td><td>35.6</td><td>5.3</td><td>1.0</td><td>5.8</td><td>2.2</td><td>.3</td><td>.4</td><td>.1</td><td>*</td><td>.2</td><td>46.9</td></tr></table>
Daily Treasury Statements.
* Less than $50,000.
1/ Formerly Title VIII of the Social Security Act.
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 employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section 1).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table 1.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security
Second Deficiency Appropriation Act, fiscal year 1938, approved June 25, 1938, carried an appropriation of $40,561,836 for making refund to certain States of portions of Federal employers' tax for 1936 collected under the Social Security Act.
May 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>Receipts Carriers' Taxing Act of 1937</th><th>Total</th><th>Expenditures Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th>Excess of expenditures 2/</th></tr><tr><td>1936</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>1937</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>111.0</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>214.5</td><td>*</td><td>11.4</td></tr><tr><td>1943-April</td><td>3.0</td><td>35.1</td><td>.4</td><td>34.7</td><td>*</td><td>32.1</td></tr><tr><td>May</td><td>5.9</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-5.7</td></tr><tr><td>June</td><td>48.6</td><td>.3</td><td>.3</td><td>-</td><td>*</td><td>-48.3</td></tr><tr><td>July</td><td>1.1</td><td>161.0</td><td>.2</td><td>160.7</td><td>*</td><td>159.8</td></tr><tr><td>August</td><td>15.0</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-14.8</td></tr><tr><td>September</td><td>46.2</td><td>.3</td><td>.3</td><td>-</td><td>*</td><td>-45.9</td></tr><tr><td>October</td><td>1.1</td><td>33.8</td><td>.2</td><td>33.5</td><td>*</td><td>32.7</td></tr><tr><td>November</td><td>8.2</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-8.0</td></tr><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</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><tr><td>April</td><td>.4</td><td>34.7</td><td>.2</td><td>34.5</td><td>*</td><td>34.3</td></tr></table>
Sources: Daily Treasury Statements. * Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad
2/ Retirement Act. Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th><th>Excess of expenditures 5/</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>5.5</td><td>5.5</td><td>-</td><td>5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>1.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1943-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>.3</td><td>.3</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</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</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><tr><td>April</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</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 employee subject to the Railroad Unemployment Insurance Act, as follows
(in millions): Calendar year 1936 - $2.7, 1937 - $5.3, 1938 - $6.8, and for the first six months of the calendar year 1939 - $2.9, aggregating $17.7. These amounts are included in Table 1 under Federal Unemployment Tax Act. (unemployment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ Covered by appropriations by Congress.
16
Treasury Bulletin
Social Security Program - (Continued)
Section II.- Statements of Trust Account
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organisation - In millions of dollars)
<table><tr><th rowspan="2">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>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total investments</th><th>Unexpended balance in General Fund</th><th>In disbursement officer's account</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>267.2</td><td>267.1</td><td>-</td></tr><tr><td>1937</td><td>267.3</td><td>265.0</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>267.2</td><td>267.1</td><td>.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>.5</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td></tr><tr><td>1942</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></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td></tr><tr><td>1944-February</td><td>5,661.6</td><td>5,357.3</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></tr><tr><td>March</td><td>5,666.6</td><td>5,361.8</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></tr><tr><td>April</td><td>5,701.7</td><td>5,396.9</td><td>304.8</td><td>628.5</td><td>509.4</td><td>119.1</td><td>5,073.2</td><td>5,011.9</td><td>37.4</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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 organisation - in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>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>Benefit payments</th><th>Total investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1936</td><td>46.6</td><td>46.6</td><td>-</td><td>-</td><td>46.6</td><td>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>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>.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>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>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>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>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>4.1</td><td>12.8</td></tr><tr><td>1944-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>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>34.7</td><td>12.5</td></tr><tr><td>April</td><td>1,135.7</td><td>1,116.9</td><td>18.8</td><td>788.4</td><td>347.3</td><td>.3</td><td>13.4</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organisation - in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities Deposits by States</th><th>Railroad Unemployment Insurance Account 2/</th><th>Transfers from Rail-road Unemployment Insurance Account 3/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities With-drawals by States</th><th>Transfers to Rail-road Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/ Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance In General Fund (Special Deposit Account)</th><th>In dis-bursing officer's account 5/</th></tr><tr><td>1936</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>-</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>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>-</td><td>312.4</td><td>312.3</td><td>1.1</td><td>-</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>804.2</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>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1,408.0</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2,771.0</td></tr><tr><td>1942</td><td>5,225.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>11.4</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3,318.0</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>17.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1,554.0</td></tr><tr><td>1944-February</td><td>7,712.3</td><td>6,925.4</td><td>325.7</td><td>105.9</td><td>29.1</td><td>2,277.2</td><td>2,127.1</td><td>105.9</td><td>43.6</td><td>5,435.1</td><td>5,427.0</td><td>7.8</td><td>4,436.0</td></tr><tr><td>March</td><td>7,755.5</td><td>6,943.0</td><td>351.4</td><td>105.9</td><td>29.1</td><td>2,274.2</td><td>2,134.6</td><td>105.9</td><td>43.7</td><td>5,471.3</td><td>5,466.0</td><td>4.9</td><td>4,441.0</td></tr><tr><td>April</td><td>7,799.3</td><td>6,986.7</td><td>351.5</td><td>105.9</td><td>29.1</td><td>2,290.8</td><td>2,141.2</td><td>105.9</td><td>43.8</td><td>5,508.5</td><td>5,494.0</td><td>14.1</td><td>3,346.0</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Excludes advance of $15 millions from the Treasury and subseq- uent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See section 1, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
May 1944
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="8">1943</th><th colspan="6">1944</th></tr><tr><th></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>Apr.</th></tr><tr><td><b>CASH INCOME</b><br>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>1,000</td><td>940</td><td>3,803</td><td>1,255</td><td>1,564</td><td>4,765</td><td>1,303</td><td>1,459</td><td>5,040</td><td>1,727</td><td>1,747</td><td>5,911</td><td>2,475</td></tr><tr><td>Employment taxes.</td><td>50</td><td>282</td><td>55</td><td>48</td><td>310</td><td>50</td><td>46</td><td>292</td><td>58</td><td>49</td><td>373</td><td>67</td><td>39</td></tr><tr><td>Miscellaneous internal revenue.</td><td>346</td><td>359</td><td>353</td><td>512</td><td>729</td><td>344</td><td>464</td><td>363</td><td>386</td><td>412</td><td>344</td><td>375</td><td>421</td></tr><tr><td>Customs.</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><td>39</td></tr><tr><td>Other.</td><td>125</td><td>123</td><td>323</td><td>176</td><td>363</td><td>257</td><td>218</td><td>221</td><td>214</td><td>521</td><td>254</td><td>181</td><td>144</td></tr><tr><td>Subtotal.</td><td>1,553</td><td>1,740</td><td>4,567</td><td>2,023</td><td>3,004</td><td>5,447</td><td>2,069</td><td>2,370</td><td>5,732</td><td>2,749</td><td>2,753</td><td>6,575</td><td>3,118</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 (deposits by States and Railroad Retirement Board).</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><td>44</td></tr><tr><td>Trust accounts 2/.</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><td>195</td></tr><tr><td>Subtotal.</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><td>239</td></tr><tr><td>Total cash income.</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>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td></tr><tr><td><b>CASH OUTGO</b><br>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>6,974</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><td>7,346</td></tr><tr><td>Veterans' Administration.</td><td>48</td><td>48</td><td>48</td><td>44</td><td>49</td><td>52</td><td>49</td><td>50</td><td>51</td><td>52</td><td>52</td><td>55</td><td>55</td></tr><tr><td>Public Works 3/.</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>43</td><td>37</td><td>30</td><td>41</td><td>32</td></tr><tr><td>Aid to agriculture 4/.</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><td>94</td></tr><tr><td>Social Security program 5/.</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><td>54</td></tr><tr><td>Work Projects Administration.</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>1</td><td>6</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Civilian Conservation Corps.</td><td>21</td><td></td><td></td><td></td><td>1</td><td></td><td></td><td></td><td></td><td>1</td><td></td><td></td><td>1</td></tr><tr><td>Interest on the public debt 6/.</td><td>77</td><td>31</td><td>394</td><td>45</td><td>32</td><td>293</td><td>117</td><td>35</td><td>429</td><td>59</td><td>39</td><td>428</td><td>95</td></tr><tr><td>Other.</td><td>75</td><td>84</td><td>71</td><td>57</td><td>96</td><td>71</td><td>68</td><td>70</td><td>71</td><td>72</td><td>76</td><td>77</td><td>96</td></tr><tr><td>Subtotal.</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><td>7,773</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>270</td><td>272</td><td>306</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><td>138</td></tr><tr><td>Other.</td><td>-26</td><td>-14</td><td>-137</td><td>-52</td><td>-39</td><td>-11</td><td>-30</td><td>-13</td><td>-25</td><td>-35</td><td>-17</td><td>-25</td><td>-31</td></tr><tr><td>Commodity Credit Corporation.</td><td>-356</td><td>-180</td><td>-177</td><td>165</td><td>21</td><td>-32</td><td>37</td><td>-88</td><td>150</td><td>46</td><td>10</td><td>-45</td><td>-14</td></tr><tr><td>Unemployment Trust Fund.</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><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>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>17</td><td>16</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>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>-185</td><td>-17</td><td>-28</td><td>-181</td></tr><tr><td>Subtotal.</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><td>-53</td></tr><tr><td>Redemption of adjusted service bonds.</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Total cash outgo.</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><td>7,720</td></tr><tr><td><b>EXCESS OF CASH OUTGO.</b></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><td>4,363</td></tr></table>
Revised. Less than $500,000. 1/ Those figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939. 2/ Includes sale of commodity food stamps, Agricultural Marketing Administration. 3/ Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee
Valley Authority, forest roads and trails, and reclamation projects.
4/ Comprises Agricultural Conservation and Adjustment Administration (classified in the Daily Treasury Statement as "Other War Food Administration expenditures" commencing October 1943), Agricultural Marketing Administration (except transfers to trust accounts, etc.), Commodity Credit Corporation, Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Farm Security Administration, Farm Tenant Act, Rural Electrification Administration, and Department of Agriculture departmental expenditures.
5/ Excludes transactions under transfers to trust accounts, etc.
6/ Excludes accrued interest on United States savings bonds.
Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1939</td><td>364</td><td>581</td><td>796</td><td>323</td><td>552</td><td>644</td><td>369</td><td>589</td><td>752</td><td>399</td><td>567</td><td>615</td><td>6,551</td></tr><tr><td>1940</td><td>398</td><td>614</td><td>989</td><td>385</td><td>561</td><td>781</td><td>449</td><td>724</td><td>756</td><td>458</td><td>656</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</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>727</td><td>679</td><td>851</td><td>793</td><td>691</td><td>886</td><td>806</td><td>870</td><td>832</td><td>976</td><td>962</td><td>1,244</td><td>10,317</td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,589</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,769</td><td>7,727</td><td>7,654</td><td>7,795</td><td>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>7,720</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>364</td><td>88</td><td>38</td><td>407</td><td>198</td><td>200</td><td>283</td><td>400</td><td>140</td><td>382</td><td>100</td><td>332</td><td>2,932</td></tr><tr><td>1940</td><td>329</td><td>65</td><td>-138</td><td>408</td><td>130</td><td>105</td><td>357</td><td>146</td><td>76</td><td>518</td><td>306</td><td>446</td><td>2,748</td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,585</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</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>4,363</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
May 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 account of sale 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>865</td><td>862</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1943-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>19,638</td><td>900</td><td>1,095</td><td>17,280</td><td>563</td></tr><tr><td>November</td><td>15,492</td><td>908</td><td>1,245</td><td>12,770</td><td>569</td></tr><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>1,540</td><td>14,306</td><td>491</td></tr><tr><td>April</td><td>12,896</td><td>890</td><td>954</td><td>10,546</td><td>506</td></tr></table>
Source: Daily Treasury Statements.
Balance in the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th><th colspan="3">Analysis of balance in the General Fund 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>Working balance</th><th>Seigniorage on silver</th><th>Increment on gold</th></tr><tr><td>1934</td><td>3,033</td><td>451</td><td>2,582</td><td>1,771</td><td>-</td><td>811</td></tr><tr><td>1935</td><td>2,016</td><td>175</td><td>1,841</td><td>1,001</td><td>140</td><td>700</td></tr><tr><td>1936</td><td>2,936</td><td>254</td><td>2,682</td><td>2,069</td><td>316</td><td>297</td></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td><td>2,000</td><td>356</td><td>198</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td><td>1,622</td><td>446</td><td>147</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td><td>2,160</td><td>536</td><td>142</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td><td>1,163</td><td>585</td><td>143</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td><td>1,885</td><td>605</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td><td>2,229</td><td>619</td><td>143</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td><td>8,744</td><td>619</td><td>144</td></tr><tr><td>1943-April</td><td>13,112</td><td>495</td><td>12,617</td><td>11,854</td><td>619</td><td>144</td></tr><tr><td>May</td><td>13,152</td><td>465</td><td>12,687</td><td>11,924</td><td>619</td><td>144</td></tr><tr><td>June</td><td>10,149</td><td>643</td><td>9,507</td><td>8,744</td><td>619</td><td>144</td></tr><tr><td>July</td><td>9,127</td><td>532</td><td>8,595</td><td>7,832</td><td>619</td><td>144</td></tr><tr><td>August</td><td>6,845</td><td>481</td><td>6,364</td><td>5,601</td><td>619</td><td>144</td></tr><tr><td>September</td><td>18,734</td><td>576</td><td>18,158</td><td>17,395</td><td>619</td><td>144</td></tr><tr><td>October</td><td>19,838</td><td>541</td><td>19,297</td><td>18,534</td><td>619</td><td>144</td></tr><tr><td>November</td><td>15,492</td><td>534</td><td>14,958</td><td>14,196</td><td>619</td><td>144</td></tr><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>15,844</td><td>619</td><td>144</td></tr><tr><td>April</td><td>12,896</td><td>617</td><td>12,279</td><td>11,517</td><td>619</td><td>144</td></tr></table>
Source: Daily Treasury Statements. 1/ In the fiscal years 1935 and 1936, $91 millions and $554 millions, respectively, were transferred from increment on gold to the working balance for retirement of national bank notes. In this statement, however, charges for retirement of national
bank notes are reflected directly against increment on gold in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance.
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 colspan="6">Working balance</th><th>Seigniorage on silver</th><th>Increment on gold</th></tr><tr><th></th><th></th><th>Total working balance</th><th>General and special accounts 1/</th><th>Public debt accounts 2/</th><th>Trust accounts 3/</th><th>Miscellaneous funds and accounts 4/</th><th>Checking accounts of Government agencies, etc.</th><th></th><th>5/</th></tr><tr><td>1934</td><td>1,720</td><td>908</td><td>-2,896</td><td>4,514</td><td>24</td><td>-</td><td>-734</td><td>-</td><td>811</td></tr><tr><td>1935</td><td>-741</td><td>-769 6/</td><td>-3,209</td><td>1,739 7/</td><td>84</td><td>-</td><td>637</td><td>140</td><td>-111 6/</td></tr><tr><td>1936</td><td>840</td><td>1,067 5/</td><td>-4,550</td><td>5,475 7/</td><td>34</td><td>-</td><td>108</td><td>176</td><td>403 6/</td></tr><tr><td>1937</td><td>-128</td><td>-70</td><td>-3,149</td><td>2,746 7/</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 7/</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 7/</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-April</td><td>8,438</td><td>8,438</td><td>-5,952</td><td>14,342</td><td>49</td><td>16</td><td>-17</td><td>-</td><td>-</td></tr><tr><td>May</td><td>70</td><td>70</td><td>-5,955</td><td>6,064</td><td>266</td><td>51</td><td>-356</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-3,180</td><td>-3,180</td><td>-3,758</td><td>784</td><td>-279</td><td>-9</td><td>82</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-912</td><td>-912</td><td>-5,105</td><td>4,828</td><td>92</td><td>-1</td><td>-726</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-2,231</td><td>-2,231</td><td>-4,896</td><td>2,534</td><td>275</td><td>4</td><td>-148</td><td>-</td><td>-</td></tr><tr><td>September</td><td>11,794</td><td>11,794</td><td>-2,087</td><td>14,291</td><td>-265</td><td>2</td><td>-146</td><td>-</td><td>-</td></tr><tr><td>October</td><td>1,139</td><td>1,139</td><td>-5,426</td><td>6,697</td><td>52</td><td>14</td><td>-199</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-4,338</td><td>-4,338</td><td>-5,740</td><td>1,112</td><td>210</td><td>16</td><td>64</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-2,664</td><td>-2,664</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><tr><td>April</td><td>-4,327</td><td>-4,327</td><td>-4,772</td><td>252</td><td>120</td><td>160</td><td>-87</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
1 Less than $500,000.
1/ This is the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ This represents the increase in the gross public debt, except as noted. (See footnote 1/.
3/ Includes Federal Old-Age and Survivors Insurance Trust Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust funds.
4/ Comprises Public Works Administration revolving fund and special deposits (net). Also includes Agricultural Marketing Administration commodity food stamp transactions.
5/ Includes expenditures for retirement of national bank notes. In the fiscal years 1935 and 1936, $91 millions and $554 millions were transferred from increment on gold to the working
balance for retirement of national bank notes. In this statement, however, charges for retirement of national bank notes are reflected directly against increment on gold, in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance general and special accounts for the purposes of this table. Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1935 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1935 - $91 millions, 1936 - $397 millions, 1937 - $99 millions, 1938 - $51 millions, and 1939 - $5 millions, total - $645 millions. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Treasury Bulletin
22
Summary of the Public Debt and Guaranteed Obligations of the United States Government
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th colspan="4">Public debt</th><th>Matured debt and debt bearing no interest</th><th colspan="3">Guaranteed debt 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></th><th>Total</th><th>Marketable issues 3/</th><th>Non-marketable issues 3/</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>32,314</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>37,733</td><td>4,555</td><td>6,120</td><td>574</td><td>6,370</td><td>6,360</td><td>-</td><td>11</td></tr><tr><td>1942</td><td>76,991</td><td>72,422</td><td>50,573</td><td>13,510</td><td>7,885</td><td>454</td><td>4,568</td><td>4,549</td><td>-</td><td>20</td></tr><tr><td>1943</td><td>140,796</td><td>136,696</td><td>95,310</td><td>29,200</td><td>10,871</td><td>1,316</td><td>4,100</td><td>3,908</td><td>183</td><td>8</td></tr><tr><td>1943-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</td><td>166</td><td>9</td></tr><tr><td>May</td><td>140,003</td><td>135,933</td><td>95,382</td><td>29,095</td><td>10,198</td><td>1,238</td><td>4,091</td><td>3,908</td><td>174</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</td><td>183</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</td><td>200</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</td><td>352</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</td><td>382</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>11,868</td><td>1,458</td><td>4,119</td><td>3,583</td><td>530</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</td><td>571</td><td>6</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</td><td>642</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>3,616 4/</td><td>4,275</td><td>3,583</td><td>686</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</td><td>758</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><tr><td>April</td><td>187,241</td><td>184,967</td><td>127,440</td><td>42,275</td><td>13,697</td><td>1,554</td><td>2,274</td><td>1,503</td><td>754</td><td>16</td></tr></table>
Sources: Daily Treasury Statements. * Less than $500,000. 1/ For detailed statement of the public debt and guaranteed obligations, see following page. 2/ Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
3/ The Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which are held entirely by United States Government agencies, have been classified as non-marketable issues.
4/ 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>Fiscal year or month</th><th>Public debt outstanding end of fiscal year or month</th><th>Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issuance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, 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 indebtedness, 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>1,648</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>2,646</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>740</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>7,194</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>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</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-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>4,722</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>462</td><td>5,570</td><td>4,003</td><td>-</td><td>1,556</td><td>11</td></tr><tr><td>September</td><td>158,349</td><td>14,291</td><td>21,748</td><td>20,931</td><td>491</td><td>-</td><td>-</td><td>-</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>6,778</td><td>4,540</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><tr><td>April</td><td>184,967</td><td>252</td><td>10,322</td><td>5,192</td><td>-</td><td>-</td><td>24</td><td>4,903</td><td>203</td><td>10,070</td><td>5,155</td><td>-</td><td>4,903</td><td>12</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
May 1944
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">End of fiscal year</th><th colspan="8">End of month</th></tr><tr><th>1941</th><th>1942</th><th>1943</th><th colspan="4">1943</th><th colspan="4">1944</th></tr><tr><th></th><th></th><th></th><th></th><th>Mar.</th><th>June</th><th>Sept.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th></tr></table>
Public debt and guaranteed obligations
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>164,781</td><td>164,508</td><td>167,043</td><td>181,709</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>4,154</td><td>4,225</td><td>4,269</td><td>4,227</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>168,935</td><td>168,732</td><td>171,313</td><td>185,936</td></tr><tr><td></td><td></td><td></td><td></td><td>185,606</td><td>185,670</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Matured 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>1,383</td><td>1,376</td><td>3,621</td><td>1,404</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>170,318</td><td>170,108</td><td>174,933</td><td>187,339</td></tr><tr><td></td><td></td><td></td><td></td><td>186,993</td><td>187,241</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Public debt
<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><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>1,603</td><td>2,508</td><td>11,864</td><td>9,234</td><td>11,864</td><td>13,054</td><td>13,074</td><td>13,072</td><td>13,101</td><td>13,112</td><td>13,147</td><td>13,150</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>23,103</td><td>22,843</td><td>22,843</td><td>25,680</td><td>25,680</td><td>25,306</td></tr><tr><td>Treasury notes.</td><td>5,698</td><td>6,689</td><td>9,168</td><td>9,197</td><td>9,168</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><td>16,263</td></tr><tr><td>Treasury bonds.</td><td>30,215</td><td>38,085</td><td>57,520</td><td>49,273</td><td>57,520</td><td>65,444</td><td>67,940</td><td>67,944</td><td>67,944</td><td>73,882</td><td>72,813</td><td>72,526</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>115,909</td><td>115,230</td><td>115,259</td><td>126,171</td><td>128,080</td><td>127,440</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. savings bonds.</td><td>4,314</td><td>10,188</td><td>21,256</td><td>17,891</td><td>21,256</td><td>24,478</td><td>26,697</td><td>27,363</td><td>28,901</td><td>31,515</td><td>31,974</td><td>32,497</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>9,278</td><td>8,586</td><td>9,384</td><td>10,220</td><td>9,116</td><td>9,092</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>219</td><td>219</td><td>213</td><td>218</td><td>218</td></tr><tr><td>Depository bonds.</td><td>-</td><td>79</td><td>226</td><td>162</td><td>226</td><td>361</td><td>400</td><td>406</td><td>407</td><td>416</td><td>454</td><td>468</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>36,595</td><td>36,574</td><td>38,911</td><td>42,370</td><td>41,762</td><td>42,275</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>152,504</td><td>151,805</td><td>154,170</td><td>168,541</td><td>169,842</td><td>169,715</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund.</td><td>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>93</td><td>93</td><td>98</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>2,381</td><td>3,133</td><td>4,044</td><td>3,700</td><td>4,044</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><td>4,669</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>5</td><td>5</td><td>106</td><td>7</td><td>106</td><td>8</td><td>9</td><td>10</td><td>16</td><td>11</td><td>24</td><td>25</td></tr><tr><td>Government Life Insurance Fund.</td><td>531</td><td>537</td><td>538</td><td>539</td><td>538</td><td>500</td><td>504</td><td>508</td><td>510</td><td>507</td><td>528</td><td>539</td></tr><tr><td>Government Retirement Funds.</td><td>656</td><td>796</td><td>1,076</td><td>991</td><td>1,076</td><td>1,302</td><td>1,328</td><td>1,341</td><td>1,356</td><td>1,369</td><td>1,382</td><td>1,393</td></tr><tr><td>National Service Life Insurance Fund.</td><td>3</td><td>39</td><td>352</td><td>233</td><td>352</td><td>514</td><td>667</td><td>731</td><td>793</td><td>838</td><td>922</td><td>982</td></tr><tr><td>Postal Savings System.</td><td>88</td><td>55</td><td>197</td><td>257</td><td>197</td><td>100</td><td>150</td><td>185</td><td>185</td><td>165</td><td>200</td><td>253</td></tr><tr><td>Canal Zone, Postal Saving System.</td><td>-</td><td>1</td><td>2</td><td>3</td><td>2</td><td>3</td><td>3</td><td>3</td><td>3</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account.</td><td>74</td><td>92</td><td>178</td><td>176</td><td>178</td><td>310</td><td>321</td><td>310</td><td>333</td><td>322</td><td>311</td><td>334</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>4,946</td><td>4,985</td><td>5,056</td><td>5,317</td><td>5,356</td><td>5,384</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>12,278</td><td>12,703</td><td>12,873</td><td>13,168</td><td>13,507</td><td>13,697</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>164,781</td><td>164,508</td><td>167,043</td><td>181,709</td><td>183,348</td><td>183,413</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>209</td><td>202</td><td>258</td><td>241</td><td>182</td><td>352</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>-</td><td>-</td><td>213</td><td>226</td><td>213</td><td>201</td><td>202</td><td>203</td><td>205</td><td>201</td><td>196</td><td>195</td></tr><tr><td>Excess profits tax refund bonds.</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><td>54</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>770</td><td>768</td><td>762</td><td>758</td><td>752</td><td>746</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>1,168</td><td>1,168</td><td>1,164</td><td>1,157</td><td>1,185</td><td>1,202</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>166,158</td><td>155,877</td><td>170,659</td><td>183,107</td><td>184,715</td><td>184,967</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="8">End of month</th></tr><tr><th>1941</th><th>1942</th><th>1943</th><th colspan="4">1943</th><th colspan="4">1944</th></tr><tr><th></th><th></th><th></th><th></th><th>Mar.</th><th>June</th><th>Sept.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</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>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>696</td><td>701</td><td>412</td><td>701</td><td>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>159</td><td>138</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>23</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>-</td><td>-</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>937</td><td>931</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>1,741</td><td>1,219</td><td>896</td><td>896</td><td>896</td><td>571</td><td>571</td><td>571</td><td>571</td><td>14</td><td>-</td></tr><tr><td>Total marketable issues 3/</td><td>6,360</td><td>4,549</td><td>3,908</td><td>4,197</td><td>3,908</td><td>3,583</td><td>3,583</td><td>3,583</td><td>3,469</td><td>1,544</td><td>1,503</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>195</td><td>205</td><td>191</td><td>175</td><td>168</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>-</td><td>-</td><td>115</td><td>75</td><td>115</td><td>305</td><td>376</td><td>437</td><td>495</td><td>570</td><td>539</td><td>586</td></tr><tr><td>Total non-marketable issues 3/</td><td>-</td><td>-</td><td>183</td><td>153</td><td>183</td><td>382</td><td>571</td><td>642</td><td>686</td><td>758</td><td>714</td><td>754</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>3,964</td><td>4,154</td><td>4,225</td><td>4,269</td><td>4,227</td><td>2,258</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>20</td><td>16</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>4,160</td><td>4,230</td><td>4,275</td><td>4,233</td><td>2,278</td><td>2,274</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Includes prepayments on securities dated February 1, 1944 and
3/ offered as part of the Fourth War Loan.
The Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which are held entirely by United States Government agencies, have been classified 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="6">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>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</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>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,894</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-April</td><td>128,643</td><td>55,397</td><td>19,673</td><td>9,797</td><td>7,783</td><td>16,154</td><td>10,044</td><td>9,795</td><td>100.0</td><td>43.1</td><td>15.3</td><td>7.6</td><td>6.1</td><td>12.6</td><td>7.8</td><td>7.6</td></tr><tr><td>May</td><td>134,675</td><td>58,171</td><td>20,932</td><td>9,797</td><td>8,163</td><td>16,561</td><td>10,853</td><td>10,198</td><td>100.0</td><td>43.2</td><td>15.5</td><td>7.3</td><td>6.1</td><td>12.3</td><td>8.1</td><td>7.6</td></tr><tr><td>June</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,894</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>July</td><td>140,238</td><td>57,716</td><td>22,491</td><td>11,875</td><td>7,678</td><td>16,561</td><td>12,460</td><td>11,456</td><td>100.0</td><td>41.2</td><td>16.0</td><td>8.5</td><td>5.5</td><td>11.8</td><td>8.9</td><td>8.2</td></tr><tr><td>August</td><td>142,721</td><td>57,716</td><td>23,176</td><td>11,875</td><td>7,703</td><td>17,497</td><td>12,846</td><td>11,907</td><td>100.0</td><td>40.4</td><td>16.2</td><td>8.3</td><td>5.4</td><td>12.3</td><td>9.0</td><td>8.3</td></tr><tr><td>September</td><td>157,053</td><td>65,040</td><td>25,060</td><td>11,596</td><td>8,351</td><td>21,136</td><td>13,054</td><td>11,717</td><td>100.0</td><td>41.8</td><td>16.0</td><td>7.4</td><td>5.6</td><td>13.5</td><td>8.3</td><td>7.5</td></tr><tr><td>October</td><td>163,589</td><td>68,085</td><td>26,667</td><td>11,596</td><td>9,109</td><td>23,199</td><td>13,064</td><td>11,868</td><td>100.0</td><td>41.6</td><td>16.3</td><td>7.1</td><td>5.6</td><td>14.2</td><td>8.0</td><td>7.3</td></tr><tr><td>November</td><td>164,781</td><td>68,136</td><td>27,316</td><td>11,596</td><td>9,278</td><td>23,103</td><td>13,074</td><td>12,278</td><td>100.0</td><td>41.4</td><td>16.5</td><td>7.0</td><td>5.6</td><td>14.0</td><td>7.9</td><td>7.5</td></tr><tr><td>December</td><td>164,508</td><td>68,140</td><td>27,988</td><td>11,175</td><td>8,586</td><td>22,843</td><td>13,072</td><td>12,703</td><td>100.0</td><td>41.4</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>10,220</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>15,244</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><tr><td>April</td><td>183,413</td><td>72,722</td><td>33,183</td><td>16,263</td><td>9,092</td><td>25,306</td><td>13,150</td><td>13,697</td><td>100.0</td><td>39.6</td><td>18.1</td><td>8.9</td><td>5.0</td><td>13.8</td><td>7.2</td><td>7.5</td></tr></table>
Source: Daily Treasury Statements.
May 1944
25
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
26
Treasury Bulletin
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-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>597</td><td>7,697</td><td>57</td></tr><tr><td>April</td><td>10,403</td><td>900</td><td>697</td><td>398</td><td>603</td><td>7,749</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>27,645</td><td>751</td><td>2.715</td><td>4,123</td><td>112</td><td>2.720</td></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>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>1943-April</td><td>133,006</td><td>2,651</td><td>1.993</td><td>128,643</td><td>2,569</td><td>1.997</td><td>4,363</td><td>82</td><td>1.890</td></tr><tr><td>May</td><td>138,757</td><td>2,763</td><td>1.992</td><td>134,675</td><td>2,683</td><td>1.992</td><td>4,082</td><td>80</td><td>1.970</td></tr><tr><td>June</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>July</td><td>144,020</td><td>2,840</td><td>1.972</td><td>140,238</td><td>2,763</td><td>1.971</td><td>3,782</td><td>77</td><td>2.035</td></tr><tr><td>August</td><td>146,655</td><td>2,881</td><td>1.964</td><td>142,721</td><td>2,802</td><td>1.964</td><td>3,934</td><td>78</td><td>1.995</td></tr><tr><td>September</td><td>161,018</td><td>3,149</td><td>1.956</td><td>157,053</td><td>3,070</td><td>1.955</td><td>3,964</td><td>79</td><td>1.987</td></tr><tr><td>October</td><td>167,701</td><td>3,253</td><td>1.940</td><td>163,589</td><td>3,173</td><td>1.940</td><td>4,113</td><td>80</td><td>1.938</td></tr><tr><td>November</td><td>168,935</td><td>3,283</td><td>1.943</td><td>164,781</td><td>3,203</td><td>1.944</td><td>4,154</td><td>80</td><td>1.928</td></tr><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>3,354</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><tr><td>April</td><td>185,670</td><td>3,606</td><td>1.942</td><td>183,413</td><td>3,573</td><td>1.948</td><td>2,258</td><td>33</td><td>1.449</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 held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
May 1944
27
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States 1/
As of April 30, 1944
(In millions of dollars)
<table><tr><th>Year and month</th><th colspan="2">Description of security 2/ (Date of issue is shown in parentheses)</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 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></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1944</td><td>7/8%</td><td>Treasury bills</td><td>5/1/44</td><td>(Various)</td><td>13,150</td><td></td><td></td><td></td></tr><tr><td>May</td><td>3%</td><td>EOLC bond</td><td>A - 5/1/44-52</td><td>(5/1/43)</td><td>1,655</td><td></td><td></td><td></td></tr><tr><td>May</td><td>3%</td><td>FFMC bond</td><td>- 5/15/44-49</td><td>(5/15/34)</td><td>176</td><td></td><td></td><td></td></tr><tr><td>June</td><td>3/4%</td><td>Treasury note</td><td>A - 6/15/44</td><td>(6/15/39)</td><td>146</td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>7/8%</td><td>Ctf. of indebt. D</td><td>8/1/44</td><td>(8/2/43)</td><td>2,545</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>7/8%</td><td>Ctf. of indebt. E</td><td>9/1/44</td><td>(9/15/43)</td><td>4,122</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1%</td><td>Treasury note</td><td>C - 9/15/44</td><td>(12/22/39)</td><td>283</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>3/4%</td><td>Treasury note</td><td>D - 9/15/44</td><td>(1/31/41)</td><td>635</td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>7/8%</td><td>Ctf. of indebt. F</td><td>10/1/44</td><td>(10/15/43)</td><td>3,519</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>7/8%</td><td>Ctf. of indebt. O</td><td>12/1/44</td><td>(12/1/43)</td><td>3,540</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1/4%</td><td>Treasury bond</td><td>- 12/15/44-54</td><td>(12/15/24)</td><td></td><td>1,037</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>29,909</td><td>1,037</td><td></td><td>30,946</td><td>29,909</td></tr><tr><td>1945-Feb.</td><td>7/8%</td><td>Ctf. of indebt. A</td><td>2/1/45</td><td>(2/1/44)</td><td>5,048</td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>1-1/8%</td><td>CCC note</td><td>O - 2/15/45</td><td>(7/21/41)</td><td>412</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>.90%</td><td>Treasury note</td><td>D - 3/1/45</td><td>(2/1/44)</td><td>2,127</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>3/4%</td><td>Treasury note</td><td>A - 3/15/45</td><td>(3/15/40)</td><td>718</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/4%</td><td>Treasury note</td><td>C - 3/15/45</td><td>(9/25/42)</td><td>1,606</td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>7/8%</td><td>Ctf. of indebt. B</td><td>4/1/45</td><td>(4/1/44)</td><td>4,877</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/2%</td><td>EOLC bond</td><td>M - 6/1/45-47</td><td>(6/1/39)</td><td></td><td>755</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4%</td><td>Treasury bond</td><td>- 9/15/45-47</td><td>(9/16/35)</td><td></td><td>1,214</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2%</td><td>Treasury bond</td><td>- 12/15/45</td><td>(12/15/37)</td><td>541</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3/4%</td><td>Treasury note</td><td>B - 12/15/45</td><td>(12/18/40)</td><td>531</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>15,8591</td><td>1,969</td><td></td><td>17,829 3/</td><td>15,859 3/</td></tr><tr><td>1946-Jan.</td><td>3%</td><td>Conversion bond</td><td>1/1/46</td><td>(1/1/16)</td><td>16</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1%</td><td>Treasury note</td><td>A - 3/15/46</td><td>(11/1/41)</td><td>503</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>3-3/4%</td><td>Treasury bond</td><td>- 3/15/46-56</td><td>(3/15/26)</td><td></td><td>489</td><td></td><td></td></tr><tr><td>June.</td><td>3%</td><td>Treasury bond</td><td>- 6/15/46-48</td><td>(6/15/34)</td><td></td><td>1,036</td><td></td><td></td></tr><tr><td>June.</td><td>3-1/8%</td><td>Treasury bond</td><td>- 6/15/46-49</td><td>(6/15/31)</td><td></td><td>819</td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2%</td><td>Treasury note</td><td>B - 12/15/46</td><td>(6/5/42)</td><td>3,261</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></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%</td><td>Conversion bond</td><td>1/1/47</td><td>(1/1/17)</td><td>13</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/2%</td><td>EOLC bond</td><td>M - 6/1/47-47</td><td>(6/1/39)</td><td></td><td>755</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4%</td><td>Treasury bond</td><td>- 9/15/47-47</td><td>(9/16/35)</td><td></td><td>1,214</td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/2%</td><td>Treasury note</td><td>A - 9/15/47</td><td>(7/12/43)</td><td>2,707</td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4%</td><td>Treasury bond</td><td>- 10/15/47-52</td><td>(10/16/22)</td><td></td><td>759</td><td></td><td></td></tr><tr><td>Dec.</td><td>2%</td><td>Treasury bond</td><td>- 12/15/47</td><td>(12/15/38)</td><td>701</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>3,421</td><td>759</td><td></td><td>4,180</td><td>5,391</td></tr><tr><td>1948-Mar.</td><td>2%</td><td>Treasury bond</td><td>3/15/48-50</td><td>(3/15/41)</td><td></td><td>1,115</td><td></td><td></td></tr><tr><td>Mar.</td><td>2-3/4%</td><td>Treasury bond</td><td>- 3/15/48-51</td><td>(3/16/36)</td><td></td><td>1,223</td><td></td><td></td></tr><tr><td>June.</td><td>3%</td><td>Treasury bond</td><td>- 6/15/48-48</td><td>(6/15/34)</td><td></td><td>1,036</td><td></td><td></td></tr><tr><td>June.</td><td>1-3/4%</td><td>Treasury bond</td><td>- 6/15/48</td><td>(12/1/42)</td><td>3,062</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2%</td><td>Treasury bond</td><td>- 9/15/48</td><td>(3/15/38)</td><td>451</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/2%</td><td>Treasury note</td><td>A - 9/15/48</td><td>(3/15/44)</td><td>3,746</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2%</td><td>Treasury bond</td><td>- 12/15/48-50</td><td>(12/8/39)</td><td></td><td>571</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>7,259</td><td>2,910</td><td></td><td>10,169</td><td>8,295</td></tr><tr><td>1949-June.</td><td>3-1/8%</td><td>Treasury bond</td><td>6/15/49-49</td><td>(6/15/31)</td><td></td><td></td><td>819</td><td></td></tr><tr><td>June.</td><td>2%</td><td>Treasury bond</td><td>- 6/15/49-51</td><td>(1/15/42)</td><td></td><td>1,014</td><td></td><td></td></tr><tr><td>Sept.</td><td>2%</td><td>Treasury bond</td><td>- 9/15/49-51</td><td>(5/15/42)</td><td></td><td>1,292</td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/8%</td><td>Treasury bond</td><td>- 12/15/49-52</td><td>(12/15/34)</td><td></td><td>491</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2%</td><td>Treasury bond</td><td>- 12/15/49-53</td><td>(12/15/36)</td><td></td><td>1,786</td><td></td><td></td></tr><tr><td>Dec.</td><td>2%</td><td>Treasury bond</td><td>- 12/15/49-51</td><td>(7/15/42)</td><td></td><td>2,098</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>6,682</td><td></td><td>6,682</td><td>819</td></tr><tr><td>1950-Mar.</td><td>2%</td><td>Treasury bond</td><td>3/15/48-50</td><td>(3/15/41)</td><td></td><td></td><td>1,115</td><td></td></tr><tr><td>Mar.</td><td>2%</td><td>Treasury bond</td><td>- 3/15/50-52</td><td>(10/19/42)</td><td></td><td>1,963</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2%</td><td>Treasury bond</td><td>- 9/15/50-52</td><td>(9/15/38)</td><td></td><td>1,186</td><td></td><td></td></tr><tr><td>Sept.</td><td>2%</td><td>Treasury bond</td><td>- 9/15/50-52</td><td>(4/15/43)</td><td></td><td>4,939</td><td></td><td></td></tr><tr><td>Dec.</td><td>2%</td><td>Treasury bond</td><td>- 12/15/48-50</td><td>(12/8/39)</td><td></td><td>571</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>8,088</td><td></td><td>8,088</td><td>1,687</td></tr></table>
(Continued on following page)
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of April 30, 1944 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th colspan="2">Description of security 2/ (Date of issue is shown in parentheses)</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of first call</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></th><th>First call</th><th>Fiscal maturity</th><th></th><th></th></tr><tr><td>1951-Mar....</td><td>2-3/4% Treasury bond</td><td>- 3/15/48-51.........(3/16/36)</td><td></td><td></td><td>1,223</td><td>11,996</td><td>5,628</td></tr><tr><td>June....</td><td>2% Treasury bond</td><td>- 6/15/49-51.........(1/15/42)</td><td></td><td>1,627</td><td>1,014</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond</td><td>- 6/15/51-54.........(6/15/36)</td><td></td><td></td><td>1,292</td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond</td><td>- 9/15/49-51.........(5/15/42)</td><td></td><td>7,986</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond</td><td>- 9/15/51-53.........(9/15/43)</td><td></td><td>755</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>3% Treasury bond</td><td>- 9/15/51-55.........(9/15/31)</td><td></td><td>1,118</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond</td><td>- 12/15/51-53.........(12/22/39)</td><td></td><td>510</td><td>2,098</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond</td><td>- 12/15/51-55.........(12/15/41)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond</td><td>- 12/15/49-51.........(7/15/42)</td><td></td><td></td><td></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.........(3/31/41)</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.........(10/19/42)</td><td></td><td></td><td>1,953</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>- 6/15/52-55.........(2/25/42)</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.........(9/15/38)</td><td></td><td></td><td>1,186</td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond</td><td>- 9/15/50-52.........(4/15/43)</td><td></td><td></td><td>4,939</td><td></td><td></td></tr><tr><td>Oct....</td><td>4-1/4% Treasury bond</td><td>- 10/15/47-52.........(10/16/22)</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.........(12/15/34)</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.........(10/7/40)</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.........(9/15/43)</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.........(12/15/36)</td><td></td><td></td><td>1,786</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond</td><td>- 12/15/51-53.........(12/22/39)</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.........(3/31/41)</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.........(6/15/36)</td><td></td><td>681</td><td>1,627</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>- 6/15/54-56.........(7/22/40)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>4% Treasury bond</td><td>- 12/15/44-54.........(12/15/24)</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.........(3/15/35)</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.........(2/25/42)</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.........(10/7/40)</td><td></td><td></td><td>725</td><td></td><td></td></tr><tr><td>Sept....</td><td>3% Treasury bond</td><td>- 9/15/51-55.........(9/15/31)</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.........(12/15/41)</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.........(3/15/26)</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.........(6/2/41)</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.........(7/22/40)</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.........(9/15/36)</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.........(2/1/44)</td><td></td><td>3,813</td><td></td><td></td><td></td></tr><tr><td>Total....</td><td></td><td></td><td></td><td>6,244</td><td>1,170</td><td>6,244</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.........(6/2/41)</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.........(6/15/38)</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.........(9/15/36)</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.........(2/1/44)</td><td></td><td></td><td>3,813</td><td></td><td></td></tr><tr><td>Total....</td><td></td><td></td><td></td><td></td><td>4,795</td><td></td><td>4,795</td></tr></table>
(Continued on following page)
May 1944
29
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States 1/ As of April 30, 1944 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/ (Date of issue is shown in parentheses)</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1960-Mar. Dec....</td><td>2-7/8% Treasury bond - 3/15/55-60....(3/15/35) 2-3/4% Treasury bond - 12/15/60-65....(12/15/38) 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....(6/1/11)</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....(5/5/42)</td><td>....................</td><td>2,118</td><td>....................</td><td>2,118</td><td>....................</td></tr><tr><td>1963-June. Dec....</td><td>2-3/4% Treasury bond - 6/15/58-63....(6/15/38) 2-1/2% Treasury bond - 12/15/63-68....(12/1/42) Total....................</td><td>....................</td><td>2,831</td><td>919</td><td>2,831</td><td>919</td></tr><tr><td>1964-June. Dec....</td><td>2-1/2% Treasury bond - 6/15/64-69....(4/15/43) 2-1/2% Treasury bond - 12/15/64-69....(9/15/43) Total....................</td><td>....................</td><td>3,762 3,838 7,600</td><td>....................</td><td>7,600</td><td>....................</td></tr><tr><td>1965-Dec. Mar....</td><td>2-3/4% Treasury bond - 12/15/60-65....(12/15/38) 2-1/2 Treasury bond - 3/15/65-70....(2/1/44) Total....................</td><td>....................</td><td>2,287</td><td>1,485</td><td>2,287</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. Sept....</td><td>2-1/2% Treasury bond - 6/15/62-67....(5/5/42) 2-1/2% Treasury bond - 9/15/67-72....(10/20/41) 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....(12/1/42)</td><td>....................</td><td>....................</td><td>2,831</td><td>....................</td><td>2,831</td></tr><tr><td>1969-June. Dec....</td><td>2-1/2% Treasury bond - 6/15/64-69....(4/15/43) 2-1/2% Treasury bond - 12/15/64-69....(9/15/43) Total....................</td><td>....................</td><td>3,762 3,838 7,600</td><td>....................</td><td>7,600</td><td>....................</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70....(2/1/44)</td><td>....................</td><td>....................</td><td>2,287</td><td>....................</td><td>2,287</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....(10/20/41)</td><td>....................</td><td>....................</td><td>2,716</td><td>....................</td><td>2,716</td></tr></table>
Sources: 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 filed
maturities. The abbreviations refer to the following corporations: Home Owners' Loan Corporation, Commodity Credit Corporation, and Federal Farm Mortgage Corporation. The Reconstruction Finance Corporation notes, Series I-A, I-B, and I-C, which are held entirely by United States Government agencies and trust funds, have been classified as non-marketable issues.
30
Treasury Bulletin
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</th><th colspan="6">Description of new Treasury security 2/</th><th colspan="3">Amount issued</th><th rowspan="2">Public cash subscriptions tendered</th><th colspan="4">Description of security refunded</th></tr><tr><th>Date of issue</th><th colspan="2">Coupon rate (percent)</th><th colspan="2">Term</th><th>Total</th><th>For cash</th><th>For exchange</th><th>Class of security</th><th>Coupon rate (percent)</th><th>Call and maturity dates</th><th>Date of original issue</th></tr><tr><th></th><th></th><th>Notes</th><th>Bonde</th><th>To call</th><th>To maturity</th><th>Yrs. Mo.</th><th>Yrs. Mo.</th><th>Public</th><th>Government account 3/</th><th></th><th></th><th></th><th></th></tr></table>
Offerings in 1942
<table><tr><td>1/11</td><td>1/15</td><td>1/15/42</td><td>-</td><td>2</td><td>T</td><td>6/15/49-51</td><td>7 5</td><td>9 5</td><td>1,014</td><td>-</td><td>406<br>308 5/<br>205 5/<br>96 5/</td><td>-</td><td>Treas.note<br>RFC note<br>FFMC bond<br>FFMC bond</td><td>1-3/4<br>7/8<br>3<br>2-3/4</td><td>3/15/42<br>1/15/42<br>1/15/42-47<br>3/1/42-47</td><td>6/15/37<br>2/15/39<br>1/15/35<br>3/1/35</td></tr><tr><td>2/13<br>4/6<br>5/4<br>5/4</td><td>2/25<br>4/15<br>5/5<br>5/15</td><td>2/25/42<br>4/15/42<br>5/15/42<br>5/15/42</td><td>1/2<br>T 6/</td><td>2-1/4<br>T</td><td>-</td><td>6/15/52-55<br>11/1/42<br>6/15/62-67<br>9/15/49-51</td><td>10<br>3-2/3<br>-<br>20<br>1-1/3<br>7 4</td><td>13<br>-6-1/2<br>25<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>-</td><td>4,697<br>3,062<br>882<br>3,283</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>5/25</td><td>6/5</td><td>6/5/42</td><td>1-1/2 T</td><td>-</td><td>-</td><td>12/15/46</td><td>-</td><td>4<br>6-1/3</td><td>1,118</td><td>-</td><td>846<br>272</td><td>-</td><td>HOLC bond<br>RFC note</td><td>2-1/4<br>1</td><td>7/1/42-44<br>7/1/42</td><td>7/1/35<br>11/10/39</td></tr><tr><td>6/18<br>7/8<br>8/3<br>8/6<br>9/10<br>9/10<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>9/25<br>10/15<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>9/25/42<br>6/15/42<br>10/19/42<br>11/2/42</td><td>5/8<br>T 6/</td><td>2<br>T</td><td>2-1/2<br>T</td><td>2/1/43<br>12/15/49-51<br>6/15/62-67<br>8/1/43<br>5/1/43<br>3/15/45<br>12/15/46<br>3/15/50-52<br>11/1/43</td><td>7 5<br>20<br>1-1/3<br>-<br>-<br>-<br>7 5<br>-<br>-</td><td>9 5<br>25<br>11-1/2<br>7-1/3<br>2<br>4<br>9 5<br>1</td><td>1,588<br>2,098<br>1,236<br>1,609<br>1,506<br>1,606<br>2,142<br>1,963<br>2,035</td><td>1,588<br>2,098<br>1,236<br>1,609<br>1,506<br>1,606<br>2,142<br>1,963<br>2,035</td><td>-</td><td>3,114<br>3,849<br>1,236<br>3,273<br>1,992<br>3,637<br>2,142<br>1,963<br>3,105</td><td>-</td><td>-</td><td>-</td><td>-</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>-</td><td>2-1/2<br>T</td><td>1-3/4<br>T</td><td>12/15/63-68<br>6/15/48<br>12/1/43</td><td>21<br>1/2<br>-</td><td>26<br>5<br>1</td><td>2,831<br>3,062<br>3,800</td><td>2,831<br>3,062<br>3,800</td><td>-</td><td>2,831<br>3,364<br>5,184</td><td>Cit.of indebtedness</td><td>1/2</td><td>11/1/42<br>4/15/42</td><td>-</td></tr></table>
Offerings in 1943
<table><tr><td>1/21</td><td>2/1</td><td>2/1/43</td><td>7/8 T6/</td><td>-</td><td>2/1/44</td><td>-</td><td>1 -</td><td>2,211</td><td>2,211</td><td>-</td><td>-</td><td>6,402</td><td>Ctf. of indebtedness</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>2</td><td>T</td><td>9/15/50-52</td><td>7 5</td><td>9 5</td><td>4,939</td><td>4,939</td><td>-</td><td>-</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>-</td><td>3,762</td><td>-</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 T6/</td><td>-</td><td>4/1/44</td><td>-</td><td>-11-1/2</td><td>5,251</td><td>5,251</td><td>-</td><td>1,373 5/</td><td>12,895</td><td>-</td><td>Ctf. of indebtedness</td><td>.65</td><td>5/1/43</td><td>9/21/42</td></tr><tr><td>4/19</td><td>5/1</td><td>5/1/43</td><td>7/8 T6/</td><td>-</td><td>5/1/44</td><td>-</td><td>1 -</td><td>1,655</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>19,544</td><td>-</td><td>Ctf. of indebtedness</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 T6/</td><td>-</td><td>8/1/44</td><td>-</td><td>1 -</td><td>2,545</td><td>989</td><td>-</td><td>1,556</td><td>5,484</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>9/9</td><td>9/15</td><td>9/15/43</td><td>-</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>-</td><td>3,779</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>9/9</td><td>9/15</td><td>9/15/43</td><td>-</td><td>2</td><td>T</td><td>9/15/51-53</td><td>8 -</td><td>10 -</td><td>5,257</td><td>5,257</td><td>-</td><td>-</td><td>5,257</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>9/9</td><td>9/15</td><td>9/15/43</td><td>7/8 T6/</td><td>-</td><td>9/1/44</td><td>-</td><td>-11-1/2</td><td>4,122</td><td>4,122</td><td>-</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 T5/</td><td>-</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>Ctf. of indebtedness</td><td>7/8</td><td>11/2/43</td><td>11/2/42</td></tr><tr><td>10/6</td><td>10/15</td><td>9/15/43</td><td>2-1/2 T</td><td>12/15/64-69</td><td>21 3</td><td>26 3</td><td>59</td><td>2,729</td><td>1,627</td><td>-</td><td>59</td><td>1,102</td><td>5,532</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</td><td>2</td><td>T</td><td>9/15/51-53</td><td>8 -</td><td>10 -</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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 T6/</td><td>-</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>Ctf. of indebtedness</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>2/1/44</td><td>-</td><td>2-1/4 T</td><td>9/15/56-59</td><td>12 7-1/2</td><td>15 7-1/2</td><td>3,731p, 731p</td><td>-</td><td>-</td><td>3,731p</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1/18</td><td>2/1</td><td>2/1/44</td><td>-</td><td>2-1/2 T</td><td>3/15/65-70</td><td>21 1-1/2</td><td>26 1-1/2</td><td>2,212p, 212p</td><td>-</td><td>-</td><td>2,212p</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1/18</td><td>2/1</td><td>2/1/44</td><td>7/8 T 6/</td><td>-</td><td>2/1/45</td><td>-</td><td>1</td><td>5,048p, 048p</td><td>-</td><td>-</td><td>5,048p</td><td>Ctf. of in- debtedness</td><td>7/8</td><td>2/1/44</td><td>2/1/43</td></tr><tr><td>1/24</td><td>2/1</td><td>2/1/44</td><td>.90 T</td><td>-</td><td>3/1/45</td><td>-</td><td>1</td><td>2,127</td><td>-</td><td>2,127</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>3/2</td><td>3/15</td><td>2/1/44 4/</td><td>-</td><td>2-1/4 T</td><td>9/15/56-59</td><td>12 7-1/2</td><td>15 7-1/2</td><td>94p</td><td>-</td><td>76p</td><td>-</td><td>ITMC bond</td><td>3-1/4</td><td>3/15/44-64</td><td>3/15/34</td></tr><tr><td>3/2</td><td>3/15</td><td>2/1/44 5/</td><td>-</td><td>2-1/2 T</td><td>3/15/65-70</td><td>21 1-1/2</td><td>26 1-1/2</td><td>77p</td><td>-</td><td>705p</td><td>-</td><td>ITMC bond</td><td>3</td><td>5/15/44-49</td><td>5/15/34</td></tr><tr><td>3/2</td><td>3/15</td><td>3/15/44</td><td>1-1/2 T</td><td>-</td><td>9/15/48</td><td>-</td><td>4 6</td><td>3,748p</td><td>-</td><td>559p</td><td>-</td><td>RTC note</td><td>1</td><td>4/15/44</td><td>7/3/41</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>604p</td><td>-</td><td>HOLC bond</td><td>3</td><td>5/1/44-52</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>1,222p</td><td>-</td><td>Treas. bond</td><td>3-1/4</td><td>4/15/44-46</td><td>4/16/34</td></tr><tr><td>3/22</td><td>4/1</td><td>4/1/44</td><td>7/8 T 6/</td><td>-</td><td>4/1/45</td><td>-</td><td>1</td><td>4,877p</td><td>-</td><td>483p</td><td>-</td><td>Treas. note</td><td>1</td><td>3/15/44</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>270p</td><td>-</td><td>Treas. note</td><td>3/4</td><td>6/15/44</td><td>6/15/39</td></tr><tr><td>4/24</td><td>5/1</td><td>5/1/44</td><td>7/8 T 6/</td><td>-</td><td>5/1/45</td><td>-</td><td>1</td><td>1,615p</td><td>-</td><td>1,615p</td><td>-</td><td>Ctf. of in- debtedness</td><td>7/8</td><td>4/1/44</td><td>4/15/43</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></td><td>Ctf. of in- debtedness</td><td>7/8</td><td>5/1/44</td><td>5/1/43</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. 51-54. For 1940 and 1941 see earlier issues of the "Treasury Bulletin". Taxable issues. Preliminary. A complete record of market financing operations conducted by the Treasury for agencies issuing securities guaranteed by the United States may be found in the July 1942 issue of the "Treasury Bulletin", page 64.
2/ Unless otherwise indicated, each offering was at par.
3/ The amounts shown in this column were sold to Government investment accounts direct from amounts set aside for this purpose.
4/ Additional offering at par of security already outstanding.
5/ Proceeds of payment of refunded security applied to payment for new issues - in effect an exchange and so treated in this statement.
6/ Certificates of indebtedness.
7/ Issued primarily for refunding maturing security.
May 1944
31
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 rowspan="2">Data of issue</th><th colspan="6">Description of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th></tr><tr><th></th><th></th><th></th><th></th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price baile 1/</th><th></th><th></th></tr><tr><td>1943-Apr. 7</td><td>1943-July 7</td><td>91</td><td>1,104.1</td><td>804.7</td><td>804.7</td><td>......</td><td>600.1</td><td>9,439.4</td></tr><tr><td>Apr. 14</td><td>July 14</td><td>91</td><td>1,359.6</td><td>804.0</td><td>804.0</td><td>......</td><td>601.5</td><td>9,641.9</td></tr><tr><td>Apr. 21</td><td>July 21</td><td>91</td><td>1,622.3</td><td>904.7</td><td>904.7</td><td>......</td><td>701.5</td><td>9,845.0</td></tr><tr><td>Apr. 28</td><td>July 28</td><td>91</td><td>1,585.8</td><td>901.8</td><td>901.8</td><td>......</td><td>702.2</td><td>10,044.4</td></tr><tr><td>May 5</td><td>Aug. 4</td><td>91</td><td>1,388.6</td><td>901.8</td><td>901.8</td><td>......</td><td>701.9</td><td>10,241.5</td></tr><tr><td>May 12</td><td>Aug. 12</td><td>92</td><td>1,509.3</td><td>907.0</td><td>826.4</td><td>80.6</td><td>707.8</td><td>10,443.6</td></tr><tr><td>May 19</td><td>Aug. 19</td><td>92</td><td>1,566.7</td><td>907.8</td><td>814.3</td><td>93.5</td><td>703.0</td><td>10,648.4</td></tr><tr><td>May 26</td><td>Aug. 26</td><td>92</td><td>1,378.7</td><td>905.4</td><td>823.0</td><td>82.5</td><td>700.8</td><td>10,852.9</td></tr><tr><td>June 2</td><td>Sept. 2</td><td>92</td><td>1,321.6</td><td>906.0</td><td>843.7</td><td>62.3</td><td>701.3</td><td>11,057.7</td></tr><tr><td>June 9</td><td>Sept. 9</td><td>92</td><td>1,437.2</td><td>908.7</td><td>820.5</td><td>87.1</td><td>705.7</td><td>11,261.1</td></tr><tr><td>June 16</td><td>Sept. 16</td><td>92</td><td>1,405.5</td><td>1,000.5</td><td>921.3</td><td>79.2</td><td>802.2</td><td>11,459.4</td></tr><tr><td>June 23</td><td>Sept. 23</td><td>92</td><td>1,374.6</td><td>1,006.1</td><td>934.1</td><td>71.9</td><td>802.1</td><td>11,663.4</td></tr><tr><td>June 30</td><td>Sept. 30</td><td>92</td><td>1,305.8</td><td>1,005.8</td><td>947.4</td><td>58.4</td><td>805.1</td><td>11,863.9</td></tr><tr><td>July 7</td><td>Oct. 7</td><td>92</td><td>1,176.4</td><td>1,003.1</td><td>962.5</td><td>40.6</td><td>804.7</td><td>12,062.5</td></tr><tr><td>July 14</td><td>Oct. 14</td><td>92</td><td>1,345.5</td><td>1,001.2</td><td>932.8</td><td>68.4</td><td>804.0</td><td>12,259.7</td></tr><tr><td>July 21</td><td>Oct. 21</td><td>92</td><td>1,520.3</td><td>1,003.7</td><td>933.0</td><td>70.7</td><td>904.7</td><td>12,358.7</td></tr><tr><td>July 28</td><td>Oct. 28</td><td>92</td><td>1,373.8</td><td>1,002.8</td><td>954.0</td><td>48.8</td><td>901.8</td><td>12,459.8</td></tr><tr><td>Aug. 4</td><td>Nov. 4</td><td>92</td><td>1,408.9</td><td>1,005.8</td><td>948.5</td><td>57.4</td><td>901.8</td><td>12,563.8</td></tr><tr><td>Aug. 12</td><td>Nov. 12</td><td>92</td><td>1,419.0</td><td>994.7</td><td>932.2</td><td>62.5</td><td>907.0</td><td>12,651.5</td></tr><tr><td>Aug. 19</td><td>Nov. 18</td><td>91</td><td>1,420.5</td><td>1,005.3</td><td>929.4</td><td>75.9</td><td>907.8</td><td>12,749.0</td></tr><tr><td>Aug. 26</td><td>Nov. 26</td><td>92</td><td>1,277.9</td><td>1,002.3</td><td>934.0</td><td>68.3</td><td>905.4</td><td>12,846.0</td></tr><tr><td>Sept. 2</td><td>Dec. 2</td><td>91</td><td>1,177.6</td><td>1,001.8</td><td>942.3</td><td>59.5</td><td>906.0</td><td>12,941.8</td></tr><tr><td>Sept. 9</td><td>Dec. 9</td><td>91</td><td>1,281.2</td><td>1,004.9</td><td>950.4</td><td>54.5</td><td>908.7</td><td>13,038.0</td></tr><tr><td>Sept. 16</td><td>Dec. 16</td><td>91</td><td>1,535.6</td><td>1,008.6</td><td>932.2</td><td>76.4</td><td>1,000.5</td><td>13,046.2</td></tr><tr><td>Sept. 23</td><td>Dec. 23</td><td>91</td><td>1,498.8</td><td>1,017.7</td><td>940.5</td><td>77.3</td><td>1,006.1</td><td>13,057.8</td></tr><tr><td>Sept. 30</td><td>Dec. 30</td><td>91</td><td>1,337.7</td><td>1,003.0</td><td>943.2</td><td>59.8</td><td>1,005.8</td><td>13,054.1</td></tr><tr><td>Oct. 7</td><td>1944-Jan. 6</td><td>91</td><td>1,239.5</td><td>1,006.9</td><td>955.1</td><td>51.9</td><td>1,003.1</td><td>13,058.9</td></tr><tr><td>Oct. 14</td><td>Jan. 13</td><td>91</td><td>1,184.8</td><td>1,004.7</td><td>951.3</td><td>53.4</td><td>1,001.2</td><td>13,062.4</td></tr><tr><td>Oct. 21</td><td>Jan. 20</td><td>91</td><td>1,413.9</td><td>1,000.8</td><td>928.9</td><td>71.8</td><td>1,003.7</td><td>13,059.5</td></tr><tr><td>Oct. 28</td><td>Jan. 27</td><td>91</td><td>1,286.5</td><td>1,008.1</td><td>940.3</td><td>67.8</td><td>1,002.8</td><td>13,064.4</td></tr><tr><td>Nov. 4</td><td>Feb. 3</td><td>91</td><td>1,142.7</td><td>1,002.6</td><td>934.8</td><td>67.8</td><td>1,005.8</td><td>13,061.5</td></tr><tr><td>Nov. 12</td><td>Feb. 10</td><td>90</td><td>1,247.1</td><td>1,004.7</td><td>929.1</td><td>75.6</td><td>994.7</td><td>13,071.5</td></tr><tr><td>Nov. 18</td><td>Feb. 17</td><td>91</td><td>1,221.6</td><td>1,001.3</td><td>927.3</td><td>74.0</td><td>1,005.3</td><td>13,067.5</td></tr><tr><td>Nov. 26</td><td>Feb. 24</td><td>90</td><td>1,621.6</td><td>1,008.7</td><td>930.5</td><td>78.1</td><td>1,002.3</td><td>13,073.8</td></tr><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>1,001.8</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>1,004.9</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>1,000.2</td><td>934.4</td><td>65.8</td><td>1,008.6</td><td>13,076.3</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>1,017.7</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>41.9</td><td>1,003.0</td><td>13,072.2</td></tr><tr><td>1944-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>1,006.9</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>1,004.7</td><td>13,075.6</td></tr><tr><td>Jan. 20</td><td>Apr. 20</td><td>91</td><td>2,273.5</td><td>1,017.2</td><td>957.7</td><td>59.5</td><td>1,000.8</td><td>13,092.0</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>1,008.1</td><td>13,100.9</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>1,002.6</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>1,004.7</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>1,001.3</td><td>13,113.0</td></tr><tr><td>Feb. 24</td><td>May 25</td><td>91</td><td>1,979.2</td><td>1,007.7</td><td>932.5</td><td>75.2</td><td>1,008.7</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>1,006.4</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>1,011.4</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>1,000.2</td><td>13,153.1</td></tr><tr><td>Mar. 23</td><td>June 22</td><td>91</td><td>2,116.7</td><td>1,001.1</td><td>937.1</td><td>63.9</td><td>1,005.5</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>1,011.0</td><td>13,147.3</td></tr><tr><td>Apr. 6</td><td>July 6</td><td>91</td><td>1,997.8</td><td>1,007.7</td><td>960.7</td><td>47.0</td><td>1,014.8</td><td>13,140.1</td></tr><tr><td>Apr. 13</td><td>July 13</td><td>91</td><td>1,927.7</td><td>1,014.5</td><td>959.0</td><td>55.5</td><td>1,000.2</td><td>13,154.4</td></tr><tr><td>Apr. 20</td><td>July 20</td><td>91</td><td>2,028.4</td><td>1,013.4</td><td>959.5</td><td>54.0</td><td>1,017.2</td><td>13,150.7</td></tr><tr><td>Apr. 27</td><td>July 27</td><td>91</td><td>2,131.1</td><td>1,015.9</td><td>961.3</td><td>54.6</td><td>1,016.9</td><td>13,149.7</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.
32
Treasury Bulletin
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1943-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>99.904</td><td>0.376</td></tr><tr><td>Aug. 12</td><td>99.904</td><td>0.374</td><td>99.912</td><td>0.344</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 19</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 26</td><td>99.904</td><td>0.374</td><td>99.911</td><td>0.348</td><td>99.904</td><td>0.376</td></tr><tr><td>Sept. 2</td><td>99.905</td><td>0.375</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 9</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 16</td><td>99.905</td><td>0.374</td><td>99.911</td><td>0.352</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 23</td><td>99.906</td><td>0.374</td><td>99.924</td><td>0.301</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 30</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 7</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 14</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 21</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 28</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 4</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 12</td><td>99.906</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>1944-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><tr><td>Apr. 6</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>Apr. 13</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>Apr. 20</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>Apr. 27</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.
May 1944
33
Sales of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(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="3">Sales</th><th>Accrual of redemption values</th><th colspan="3">Redemptions</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">All series 3/</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>4/</td><td>4/</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>4/</td><td>4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>1.3</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>1.1</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>2.0</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>4/</td><td>4/</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>8/</td><td>8/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</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>1943-April</td><td>19,257.0</td><td>+1,376.3</td><td>1,459.7</td><td>1,459.7</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>+641.0</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>1,698.4</td><td>1,505.4</td><td>193.0</td><td>27.7</td><td>187.8</td><td>5/</td><td>5/</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</td><td>80.6</td><td>17.5</td><td>184.8</td><td>5/</td><td>5/</td></tr><tr><td>March</td><td>31,973.8</td><td>+458.6</td><td>709.1</td><td>705.0</td><td>4.1</td><td>17.6</td><td>268.1</td><td>5/</td><td>5/</td></tr><tr><td>April</td><td>32,496.8</td><td>+523.0</td><td>738.5</td><td>737.0</td><td>1.5</td><td>21.6</td><td>237.1</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series A-D</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>4/</td><td>4/</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>4/</td><td>4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>1.3</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>1.1</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>2.0</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>4/</td><td>4/</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>4/</td><td>4/</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>................</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>-46.1</td><td>.8</td><td>.8</td><td>................</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>................</td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>1943-April</td><td>3,608.1</td><td>-1.0</td><td>................</td><td>................</td><td>................</td><td>6.3</td><td>7.3</td><td>6.8</td><td>.6</td></tr><tr><td>May</td><td>3,605.8</td><td>-1.3</td><td>................</td><td>................</td><td>................</td><td>5.2</td><td>6.5</td><td>5.9</td><td>.5</td></tr><tr><td>June</td><td>3,608.0</td><td>+1.2</td><td>................</td><td>................</td><td>................</td><td>7.5</td><td>6.3</td><td>5.8</td><td>.5</td></tr><tr><td>July</td><td>3,614.8</td><td>+6.8</td><td>................</td><td>................</td><td>................</td><td>13.6</td><td>6.8</td><td>6.2</td><td>.6</td></tr><tr><td>August</td><td>3,615.3</td><td>+5</td><td>................</td><td>................</td><td>................</td><td>7.6</td><td>7.1</td><td>6.5</td><td>.6</td></tr><tr><td>September</td><td>3,615.6</td><td>+3</td><td>................</td><td>................</td><td>................</td><td>7.0</td><td>6.8</td><td>6.2</td><td>.6</td></tr><tr><td>October</td><td>3,615.6</td><td>+1.1</td><td>................</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>................</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>................</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>................</td><td>13.8</td><td>6.8</td><td>5/</td><td>5/</td></tr><tr><td>February</td><td>3,624.2</td><td>+9</td><td>................</td><td>................</td><td>................</td><td>7.8</td><td>6.8</td><td>5/</td><td>5/</td></tr><tr><td>March</td><td>3,624.9</td><td>+1.7</td><td>................</td><td>................</td><td>................</td><td>7.2</td><td>6.5</td><td>5/</td><td>5/</td></tr><tr><td>April</td><td>3,624.8</td><td>................</td><td>................</td><td>................</td><td>................</td><td>6.5</td><td>6.5</td><td>5/</td><td>5/</td></tr></table>
(Continued on following page)
34
Treasury Bulletin
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="3">Sales</th><th>Accrual of redemption values</th><th colspan="3">Redemptione</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">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><td>-</td></tr><tr><td>1942</td><td>3,670.8</td><td>+3,467.7</td><td>3,526.3</td><td>3,526.3</td><td></td><td>1.5</td><td>60.0</td><td>60.0</td><td>*</td></tr><tr><td>1943</td><td>11,286.6</td><td>+7,615.8</td><td>8,271.3</td><td>8,271.3</td><td></td><td>33.1</td><td>688.6</td><td>688.0</td><td>.6</td></tr><tr><td>1943-April</td><td>9,796.0</td><td>+922.1</td><td>1,006.8</td><td>1,006.8</td><td></td><td>3.0</td><td>87.7</td><td>87.6</td><td>.1</td></tr><tr><td>May</td><td>10,709.0</td><td>+913.0</td><td>995.2</td><td>995.2</td><td></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></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></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></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></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></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></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>+552.5</td><td>727.6</td><td>727.6</td><td></td><td>11.2</td><td>186.2</td><td>185.9</td><td>.4</td></tr><tr><td>1944-January</td><td>16,891.0</td><td>+933.8</td><td>1,084.6</td><td>1,084.6</td><td></td><td>12.7</td><td>163.6</td><td>163.2</td><td>.4</td></tr><tr><td>February</td><td>18,841.7</td><td>+1,950.6</td><td>2,102.3</td><td>2,102.3</td><td></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></td><td>9.7</td><td>241.4</td><td>240.8</td><td>.6</td></tr><tr><td>April</td><td>19,592.8</td><td>+407.0</td><td>605.7</td><td>605.7</td><td></td><td>14.2</td><td>212.9</td><td>212.2</td><td>.7</td></tr><tr><td colspan="10">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><td>-</td></tr><tr><td>1942</td><td>498.9</td><td>+432.3</td><td>434.9</td><td>434.9</td><td></td><td>.2</td><td>2.9</td><td>2.9</td><td>*</td></tr><tr><td>1943</td><td>1,242.3</td><td>+743.4</td><td>757.9</td><td>757.9</td><td></td><td>2.5</td><td>17.0</td><td>17.0</td><td>*</td></tr><tr><td>1943-April</td><td>1,126.5</td><td>+107.7</td><td>109.5</td><td>109.5</td><td></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>*</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></td><td>.4</td><td>2.8</td><td>2.8</td><td>*</td></tr><tr><td>July</td><td>1,277.1</td><td>+35.4</td><td>37.6</td><td>37.6</td><td></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></td><td>.4</td><td>3.5</td><td>3.5</td><td>*</td></tr><tr><td>September</td><td>1,339.4</td><td>+136.7</td><td>139.0</td><td>139.0</td><td></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></td><td>.4</td><td>3.3</td><td>3.3</td><td>*</td></tr><tr><td>November</td><td>1,548.7</td><td>+19.1</td><td>23.4</td><td>23.4</td><td></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></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>126.8</td><td>68.7</td><td>58.1</td><td>1.1</td><td>4.8</td><td>5/</td><td>5/</td></tr><tr><td>February</td><td>1,843.7</td><td>+151.7</td><td>157.4</td><td>132.7</td><td>24.7</td><td>.6</td><td>6.3</td><td>5/</td><td>5/</td></tr><tr><td>March</td><td>1,860.6</td><td>+17.0</td><td>22.9</td><td>21.7</td><td>1.3</td><td>.7</td><td>6.6</td><td>5/</td><td>5/</td></tr><tr><td>April</td><td>1,875.8</td><td>+15.2</td><td>19.3</td><td>19.1</td><td>.2</td><td>.9</td><td>5.0</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series O</td></tr><tr><td>1941</td><td>794.0</td><td>+794.0</td><td>394.6</td><td>394.6</td><td></td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1942</td><td>2,414.3</td><td>+2,020.3</td><td>2,032.1</td><td>2,032.1</td><td></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>-</td><td>54.5</td><td>54.5</td><td>-</td></tr><tr><td>1943-April</td><td>4,736.4</td><td>+347.5</td><td>353.4</td><td>353.4</td><td></td><td>-</td><td>5.9</td><td>5.9</td><td>-</td></tr><tr><td>May</td><td>4,982.0</td><td>+245.6</td><td>253.9</td><td>253.9</td><td></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>-</td><td>6.9</td><td>6.9</td><td>-</td></tr><tr><td>July</td><td>5,280.0</td><td>+160.6</td><td>169.2</td><td>169.2</td><td></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>-</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>-</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>-</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>-</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>-</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>486.9</td><td>352.0</td><td>134.9</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>521.7</td><td>465.9</td><td>55.8</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>2.8</td><td>-</td><td>13.5</td><td>13.5</td><td>-</td></tr><tr><td>April</td><td>7,403.3</td><td>+100.8</td><td>113.5</td><td>112.2</td><td>1.3</td><td>-</td><td>12.7</td><td>12.7</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
r Revised.
* Less than $50,000.
1/ At current redemption values except Series 0, which is stated at par. Unclassified sales shown in the Daily Treasury Statement have been classified by series.
2/ Estimated, except for Series 0.
3/ Series A-D, the sales of which commenced in March 1935 and continued through April 1941, are 10 year discount bonds which were sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases were limited to $7,500 issue price in any one calendar year and from April 1, 1940, could be made only by individuals. Series E, F, and G have been on sale since May 1, 1941. Series E is a 10 year discount bond sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any one calendar year and may be made only by individuals. Series F is a 12 year discount bond sold at 74% of maturity value, yielding 2.53% per annum if held to maturity. Series G is a 12 year current income bond, sold at par, bearing interest at the rate of
2-1/2% per annum, redeemable at par on maturity, or at stated prices less than par before maturity. Purchases of Series F and G in any one calendar year are limited to $100,000 issue price for the two series combined ($50,000 in the calendar year 1941) and 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 in any one calendar year and providing that the total holdings of Series F and G bonds, 2-1/2 percent Treasury bonds of 1955-70, 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.
4/ Prior to April 1, 1940, commercial banks were permitted to purchase savings bonds on the same terms as other investors. It is estimated that such purchases aggregated about $300 millions.
5/ Not yet available.
May 1944
35
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></table>
Series D
<table><tr><td>1941 1/</td><td>203.1</td><td>14.4</td><td>13.3</td><td>41.4</td><td>40.7</td><td>93.4</td><td>....</td><td>....</td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>20.0</td><td>46.0</td><td>....</td><td>....</td></tr><tr><td>1942</td><td>3,526.3</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>1,481.0</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-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>April</td><td>605.7</td><td>291.3</td><td>106.7</td><td>107.6</td><td>40.3</td><td>59.9</td><td>....</td><td>....</td><td>100.0</td><td>48.1</td><td>17.6</td><td>17.7</td><td>6.7</td><td>9.9</td><td>....</td><td>....</td></tr></table>
Series F
<table><tr><td>1941 1/</td><td>66.7</td><td>1.3</td><td>9</td><td>2.0</td><td>13.2</td><td>12.3</td><td>38.3</td><td>100.0</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>434.9</td><td>4.0</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>.5</td><td>3.3</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></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>.5</td><td>3.3</td><td>5.4</td><td>27.7</td><td>22.4</td><td>40.7</td></tr><tr><td>1943-April</td><td>109.5</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>.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>.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>.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>.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>1.1</td><td>4.2</td><td>6.3</td><td>31.9</td><td>25.6</td><td>30.9</td></tr><tr><td>July</td><td>37.6</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>.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>.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>.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>.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>.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>.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>.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>.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>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>.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>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>.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>.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>1.1</td><td>4.7</td><td>7.1</td><td>33.6</td><td>28.3</td><td>82.5</td><td>100.0</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>.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>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>April</td><td>19.3</td><td>.3</td><td>.9</td><td>1.2</td><td>6.1</td><td>3.9</td><td>6.9</td><td>100.0</td><td>1.4</td><td>4.6</td><td>6.2</td><td>31.5</td><td>20.4</td><td>35.9</td></tr></table>
Series G
<table><tr><td>1941 1/</td><td>394.6</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></tr><tr><td>1942</td><td>2,032.1</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></tr><tr><td>1943</td><td>2,759.5</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></tr><tr><td>1943-April</td><td>353.4</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></tr><tr><td>May</td><td>253.9</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></tr><tr><td>June</td><td>144.1</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></tr><tr><td>July</td><td>169.2</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></tr><tr><td>August</td><td>112.4</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></tr><tr><td>September</td><td>387.4</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></tr><tr><td>October</td><td>274.9</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></tr><tr><td>November</td><td>109.4</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></tr><tr><td>December</td><td>101.4</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></tr><tr><td>1944-January</td><td>486.9</td><td></td><td>11.0</td><td>28.0</td><td>99.8</td><td>62.8</td><td>285.4</td><td>100.0</td><td></td><td>2.3</td><td>5.7</td><td>20.5</td><td>12.9</td><td>58.6</td></tr><tr><td>February</td><td>521.7</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>3.7</td><td>8.2</td><td>27.7</td><td>15.8</td><td>44.6</td></tr><tr><td>March</td><td>110.3</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></tr><tr><td>April</td><td>113.5</td><td></td><td>4.0</td><td>10.3</td><td>41.5</td><td>21.8</td><td>36.0</td><td>100.0</td><td></td><td>3.5</td><td>9.1</td><td>36.5</td><td>19.2</td><td>31.7</td></tr></table>
Source: (1) Total sales; Daily Treasury Statements; (2) Figures by denominations are estimated on the basis of reports received by the Treasury.
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.
36
Treasury Bulletin
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>Fiscal year 1942</th><th>Fiscal year 1943</th><th colspan="7">1943</th><th colspan="7">1944</th></tr><tr><th></th><th></th><th></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>Apr.</th></tr><tr><td>Alabama</td><td>28,996</td><td>91,272</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><td>7,111</td></tr><tr><td>Arizona</td><td>10,313</td><td>27,846</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><td>2,098</td></tr><tr><td>Arkansas</td><td>21,404</td><td>52,764</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>2,879</td><td>3,037</td></tr><tr><td>California</td><td>260,592</td><td>638,877</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><td>55,636</td></tr><tr><td>Colorado</td><td>24,845</td><td>62,132</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>17,460</td><td>3,864</td><td>3,914</td></tr><tr><td>Connecticut</td><td>77,543</td><td>168,258</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>26,163</td><td>13,300</td><td>14,557</td><td>19,502</td><td>41,593</td><td>10,620</td><td>12,408</td></tr><tr><td>Delaware</td><td>7,629</td><td>21,824</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>1,574</td><td>1,383</td></tr><tr><td>Diet. of Columbia</td><td>34,827</td><td>83,113</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>23,069</td><td>5,483</td><td>7,694</td></tr><tr><td>Florida</td><td>39,565</td><td>89,496</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>29,446</td><td>8,127</td><td>7,856</td></tr><tr><td>Georgia</td><td>35,642</td><td>94,524</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>6,952</td><td>7,880</td></tr><tr><td>Idaho</td><td>9,840</td><td>27,845</td><td>3,863</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><td>1,411</td></tr><tr><td>Illinois</td><td>282,055</td><td>575,056</td><td>66,607</td><td>62,606</td><td>44,265</td><td>47,266</td><td>43,125</td><td>77,800</td><td>84,909</td><td>45,479</td><td>50,733</td><td>52,791</td><td>150,461</td><td>40,050</td><td>43,782</td></tr><tr><td>Indiana</td><td>76,661</td><td>213,813</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><td>19,232</td></tr><tr><td>Iowa</td><td>69,558</td><td>176,508</td><td>23,975</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><td>9,773</td></tr><tr><td>Kansas</td><td>35,310</td><td>106,190</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><td>6,647</td></tr><tr><td>Kentucky</td><td>34,293</td><td>87,607</td><td>13,224</td><td>10,130</td><td>6,606</td><td>7,282</td><td>7,279</td><td>15,000</td><td>16,501</td><td>5,854</td><td>8,060</td><td>10,321</td><td>26,856</td><td>5,089</td><td>6,532</td></tr><tr><td>Louisiana</td><td>36,800</td><td>94,910</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>7,351</td><td>12,687</td><td>25,213</td><td>6,896</td><td>7,657</td></tr><tr><td>Maine</td><td>17,746</td><td>37,361</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><td>2,418</td></tr><tr><td>Maryland</td><td>49,009</td><td>108,604</td><td>12,847</td><td>12,911</td><td>10,923</td><td>9,186</td><td>8,332</td><td>16,200</td><td>17,427</td><td>9,015</td><td>11,250</td><td>13,575</td><td>25,983</td><td>7,289</td><td>8,634</td></tr><tr><td>Massachusetts</td><td>141,217</td><td>280,091</td><td>29,454</td><td>30,745</td><td>24,718</td><td>23,651</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><td>20,881</td></tr><tr><td>Michigan</td><td>160,150</td><td>481,637</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><td>33,122</td></tr><tr><td>Minnesota</td><td>71,181</td><td>179,108</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><td>9,592</td></tr><tr><td>Mississippi</td><td>22,973</td><td>52,870</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>9,381</td><td>18,751</td><td>2,807</td><td>3,087</td></tr><tr><td>Missouri</td><td>94,800</td><td>195,368</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><td>12,334</td></tr><tr><td>Montana</td><td>17,710</td><td>39,432</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><td>2,121</td></tr><tr><td>Nebraska</td><td>26,045</td><td>72,211</td><td>11,382</td><td>10,913</td><td>4,907</td><td>5,832</td><td>5,728</td><td>13,300</td><td>22,315</td><td>5,050</td><td>5,281</td><td>10,870</td><td>28,807</td><td>4,706</td><td>5,345</td></tr><tr><td>Nevada</td><td>4,340</td><td>11,466</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><td>563</td></tr><tr><td>New Hampshire</td><td>11,760</td><td>25,787</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><td>1,440</td></tr><tr><td>New Jersey</td><td>160,538</td><td>303,807</td><td>32,038</td><td>36,902</td><td>25,394</td><td>26,549</td><td>23,246</td><td>40,300</td><td>49,899</td><td>24,314</td><td>28,307</td><td>34,571</td><td>75,393</td><td>21,497</td><td>23,426</td></tr><tr><td>New Mexico</td><td>6,973</td><td>17,284</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><td>1,300</td></tr><tr><td>New York</td><td>587,249</td><td>991,988</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><td>67,927</td></tr><tr><td>North Carolina</td><td>42,297</td><td>113,869</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><td>7,157</td></tr><tr><td>North Dakota</td><td>11,394</td><td>34,349</td><td>6,465</td><td>2,977</td><td>1,651</td><td>1,947</td><td>1,542</td><td>8,300</td><td>9,325</td><td>2,656</td><td>2,170</td><td>8,635</td><td>11,317</td><td>1,461</td><td>1,434</td></tr><tr><td>Ohio</td><td>190,262</td><td>506,364</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><td>39,912</td></tr><tr><td>Oklahoma</td><td>34,482</td><td>82,143</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>12,867</td><td>28,783</td><td>5,402</td><td>5,395</td></tr><tr><td>Oregon</td><td>37,394</td><td>107,674</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>24,864</td><td>9,283</td><td>9,286</td><td>14,481</td><td>29,055</td><td>6,806</td><td>7,643</td></tr><tr><td>Pennsylvania</td><td>283,782</td><td>626,051</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>76,495</td><td>147,646</td><td>45,018</td><td>44,805</td></tr><tr><td>Rhode Island</td><td>24,293</td><td>53,748</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>5,499</td><td>11,198</td><td>2,204</td><td>3,460</td></tr><tr><td>South Carolina</td><td>18,782</td><td>53,401</td><td>6,677</td><td>6,073</td><td>4,015</td><td>4,554</td><td>4,536</td><td>8,800</td><td>10,170</td><td>4,231</td><td>4,217</td><td>6,621</td><td>14,417</td><td>2,899</td><td>3,763</td></tr><tr><td>South Dakota</td><td>11,783</td><td>33,171</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><td>1,625</td></tr><tr><td>Tennessee</td><td>36,734</td><td>100,530</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><td>7,533</td></tr><tr><td>Texas</td><td>126,056</td><td>306,265</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><td>22,255</td></tr><tr><td>Utah</td><td>9,919</td><td>33,242</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><td>2,655</td></tr><tr><td>Vermont</td><td>7,550</td><td>14,175</td><td>1,394</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>645</td><td>766</td></tr><tr><td>Virginia</td><td>56,272</td><td>145,459</td><td>16,804</td><td>16,333</td><td>11,910</td><td>11,186</td><td>12,126</td><td>17,600</td><td>23,557</td><td>11,090</td><td>13,534</td><td>17,862</td><td>36,471</td><td>7,118</td><td>9,828</td></tr><tr><td>Washington</td><td>57,962</td><td>163,924</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><td>13,894</td></tr><tr><td>West Virginia</td><td>27,642</td><td>64,583</td><td>7,163</td><td>7,151</td><td>5,090</td><td>5,374</td><td>5,494</td><td>9,100</td><td>10,005</td><td>5,234</td><td>6,308</td><td>8,760</td><td>16,958</td><td>4,409</td><td>4,989</td></tr><tr><td>Wisconsin</td><td>77,668</td><td>172,650</td><td>25,561</td><td>19,657</td><td>12,986</td><td>14,847</td><td>1
(Continued on following page)
May 1944
37
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>State</th><th colspan="2">Fiscal year</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>Apr.</th></tr><tr><th></th><th>1942</th><th>1943</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>p</th></tr><tr><td>Alabama</td><td>13,099</td><td>32,007</td><td>7,282</td><td>1,396</td><td>1,251</td><td>1,539</td><td>912</td><td>6,700</td><td>3,607</td><td>666</td><td>1,095</td><td>3,399</td><td>5,829</td><td>887</td><td>826</td></tr><tr><td>Arizona</td><td>4,232</td><td>8,421</td><td>1,450</td><td>909</td><td>440</td><td>532</td><td>405</td><td>1,800</td><td>772</td><td>249</td><td>370</td><td>755</td><td>1,928</td><td>423</td><td>437</td></tr><tr><td>Arkansas</td><td>13,778</td><td>16,578</td><td>4,127</td><td>854</td><td>779</td><td>1,082</td><td>542</td><td>4,400</td><td>1,398</td><td>443</td><td>385</td><td>2,434</td><td>2,442</td><td>600</td><td>694</td></tr><tr><td>California</td><td>140,602</td><td>224,145</td><td>32,478</td><td>23,001</td><td>12,196</td><td>19,915</td><td>16,099</td><td>40,200</td><td>24,964</td><td>11,765</td><td>9,257</td><td>33,408</td><td>43,548</td><td>9,868</td><td>8,887</td></tr><tr><td>Colorado</td><td>18,302</td><td>29,746</td><td>4,639</td><td>3,485</td><td>1,632</td><td>1,488</td><td>977</td><td>6,100</td><td>2,914</td><td>979</td><td>1,039</td><td>3,709</td><td>5,406</td><td>1,276</td><td>1,274</td></tr><tr><td>Connecticut</td><td>59,894</td><td>81,128</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>2,459</td><td>2,215</td></tr><tr><td>Delaware</td><td>11,910</td><td>12,326</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>443</td></tr><tr><td>Diet. of Columbia</td><td>23,247</td><td>33,757</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>886</td></tr><tr><td>Florida</td><td>22,219</td><td>36,705</td><td>6,973</td><td>2,654</td><td>2,208</td><td>2,792</td><td>1,594</td><td>5,800</td><td>4,222</td><td>1,701</td><td>1,615</td><td>3,580</td><td>8,317</td><td>1,868</td><td>2,068</td></tr><tr><td>Georgia</td><td>17,982</td><td>37,831</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>1,506</td></tr><tr><td>Idaho</td><td>7,339</td><td>8,031</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>304</td></tr><tr><td>Illinois</td><td>202,041</td><td>272,112</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>10,605</td></tr><tr><td>Indiana</td><td>45,123</td><td>79,524</td><td>12,144</td><td>6,819</td><td>4,482</td><td>6,129</td><td>3,379</td><td>11,700</td><td>9,593</td><td>4,311</td><td>1,641</td><td>8,766</td><td>14,013</td><td>3,740</td><td>4,680</td></tr><tr><td>Iowa</td><td>30,676</td><td>71,432</td><td>10,807</td><td>6,610</td><td>4,327</td><td>5,031</td><td>3,360</td><td>13,800</td><td>26,443</td><td>3,002</td><td>1,560</td><td>10,030</td><td>15,471</td><td>5,541</td><td>4,260</td></tr><tr><td>Kansas</td><td>14,886</td><td>34,897</td><td>4,995</td><td>3,607</td><td>1,641</td><td>2,290</td><td>1,076</td><td>7,100</td><td>4,794</td><td>1,596</td><td>1,380</td><td>5,286</td><td>8,370</td><td>1,818</td><td>2,307</td></tr><tr><td>Kentucky</td><td>24,516</td><td>43,755</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>2,416</td></tr><tr><td>Louisiana</td><td>21,651</td><td>44,461</td><td>9,710</td><td>3,143</td><td>1,785</td><td>2,533</td><td>1,330</td><td>9,600</td><td>3,140</td><td>1,431</td><td>1,064</td><td>4,129</td><td>6,210</td><td>1,268</td><td>1,322</td></tr><tr><td>Malio</td><td>16,570</td><td>20,245</td><td>1,764</td><td>2,419</td><td>1,032</td><td>592</td><td>950</td><td>2,100</td><td>2,470</td><td>1,099</td><td>897</td><td>4,369</td><td>3,706</td><td>647</td><td>785</td></tr><tr><td>Maryland</td><td>40,093</td><td>54,252</td><td>7,244</td><td>4,209</td><td>2,638</td><td>3,025</td><td>1,940</td><td>8,900</td><td>3,626</td><td>2,612</td><td>2,762</td><td>7,325</td><td>8,378</td><td>2,335</td><td>1,828</td></tr><tr><td>Massachusetts</td><td>144,199</td><td>174,999</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>7,594</td><td>5,573</td><td>31,252</td><td>25,356</td><td>5,198</td><td>5,563</td></tr><tr><td>Michigan</td><td>65,040</td><td>106,363</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>3,454</td></tr><tr><td>Minnesota</td><td>49,069</td><td>69,692</td><td>10,922</td><td>7,599</td><td>3,240</td><td>3,699</td><td>1,847</td><td>12,400</td><td>7,306</td><td>2,286</td><td>2,267</td><td>10,550</td><td>11,952</td><td>2,234</td><td>2,720</td></tr><tr><td>Mississippi</td><td>10,061</td><td>21,812</td><td>5,199</td><td>1,351</td><td>845</td><td>1,093</td><td>515</td><td>5,900</td><td>1,399</td><td>660</td><td>546</td><td>3,304</td><td>3,625</td><td>541</td><td>532</td></tr><tr><td>Missouri</td><td>68,651</td><td>84,266</td><td>14,572</td><td>7,225</td><td>5,140</td><td>5,480</td><td>3,615</td><td>13,400</td><td>6,941</td><td>3,539</td><td>2,746</td><td>12,896</td><td>13,144</td><td>4,970</td><td>5,068</td></tr><tr><td>Montana</td><td>6,322</td><td>10,529</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>482</td></tr><tr><td>Nebraska</td><td>14,132</td><td>30,424</td><td>3,935</td><td>4,268</td><td>1,570</td><td>2,439</td><td>1,120</td><td>6,100</td><td>4,357</td><td>1,058</td><td>928</td><td>4,179</td><td>8,177</td><td>2,153</td><td>1,965</td></tr><tr><td>Nevada</td><td>2,349</td><td>4,441</td><td>449</td><td>437</td><td>182</td><td>184</td><td>228</td><td>900</td><td>198</td><td>69</td><td>80</td><td>518</td><td>170</td><td>190</td><td>45</td></tr><tr><td>New Hampshire</td><td>11,090</td><td>14,403</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>473</td></tr><tr><td>New Jersey</td><td>93,399</td><td>118,761</td><td>15,316</td><td>10,492</td><td>6,554</td><td>6,423</td><td>4,817</td><td>16,800</td><td>12,662</td><td>5,099</td><td>4,053</td><td>12,607</td><td>19,326</td><td>4,173</td><td>3,891</td></tr><tr><td>New Mexico</td><td>9,034</td><td>7,025</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>311</td></tr><tr><td>New York</td><td>580,433</td><td>627,986</td><td>82,836</td><td>43,532</td><td>28,466</td><td>28,753</td><td>18,971</td><td>75,000</td><td>48,354</td><td>16,735</td><td>17,924</td><td>68,129</td><td>96,018</td><td>19,585</td><td>17,629</td></tr><tr><td>North Carolina</td><td>26,074</td><td>44,654</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>1,693</td><td>1,532</td><td>6,050</td><td>5,911</td><td>1,580</td><td>1,739</td></tr><tr><td>North Dakota</td><td>7,515</td><td>10,937</td><td>1,387</td><td>1,168</td><td>444</td><td>494</td><td>511</td><td>2,400</td><td>1,575</td><td>645</td><td>427</td><td>1,926</td><td>2,754</td><td>477</td><td>537</td></tr><tr><td>Ohio</td><td>119,098</td><td>203,827</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>9,957</td></tr><tr><td>Oklahoma</td><td>16,587</td><td>25,095</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>884</td></tr><tr><td>Oregon</td><td>22,095</td><td>32,892</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>1,259</td></tr><tr><td>Pennsylvania</td><td>243,285</td><td>297,430</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>9,680</td></tr><tr><td>Rhode Island</td><td>28,004</td><td>30,424</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>1,012</td></tr><tr><td>South Carolina</td><td>9,459</td><td>21,712</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>3,298</td><td>930</td><td>960</td></tr><tr><td>South Dakota</td><td>3,077</td><td>10,416</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>533</td></tr><tr><td>Tennessee</td><td>18,481</td><td>39,140</td><td>8,546</td><td>1,420</td><td>2,451</td><td>2,770</td><td>1,541</td><td>7,300</td><td>3,860</td><td>1,556</td><td>1,834</td><td>4,745</td><td>6,043</td><td>1,352</td><td>1,604</td></tr><tr><td>Texas</td><td>54,196</td><td>110,993</td><td>21,676</td><td>9,533</td><td>5,172</td><td>6,133</td><td>3,436</td><td>26,500</td><td>10,104</td><td>2,850</td><td>3,955</td><td>13,201</td><td>23,242</td><td>3,489</td><td>2,696</td></tr><tr><td>Utah</td><td>5,019</td><td>7,474</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>317</td></tr><tr><td>Vermont</td><td>5,842</td><td>7,504</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>220</td></tr><tr><td>Virginia</td><td>28,014</td><td>53,701</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>1,648</td></tr><tr><td>Washington</td><td>25,898</td><td>49,753</td><td>7,139</td><td>6,144</td><td>2,928</td><td>3,154</td><td>2,291</td><td>11,000</td><td>6,017</td><td>1,831</td><td>2,130</td><td>7,269</td><td>9,324</td><td>2,065</td><td>2,126</td></tr><tr><td>West Virginia</td><td>11,780</td><td>17,905</td><td>2,047</td><td>1,367</td><td>843</td><td>1,284</td><td>698</td><td>3,300</td><td>1,638</td><td>985</td><td>1,054</td><td>2,203</td><td>2,668</td><td>866</td><td>966</td></tr><tr><td>Wisconsin</td><td>42,205</td><td>86,336</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>3,614</td><td>9,524</td><td>16,799</td><td>3,625</td><td>3,809</td></tr><tr><td>Wyoming</td><td>3,690</td><td>6,010</td><td>702</td><td>1,117</td><td>235</td><td>315</td><td>198</td><td>800</td><td>716</td><td>291</td><td>145</td><td>569</td><td>1,457</td><td>416</td><td>306</td></tr><tr><td>Alaska</td><td>736</td><td>1,297</td><td>118</td><td>152</td><td>156</td><td>65</td><td>84</td><td>100</td><td>163</td><td>72</td><td>141</td><td>195</td><td>112</td><td>181</td><td>55</td></tr><tr><td>Canal Zone</td><td>504</td><td>1,843</td><td>325</td><td>303</td><td>86</td><td>135</td><td>44</td><td>263</td><td>154</td><td>55</td><td>246</td><td>324</td><td>99</td><td>154</td><td>62</td></tr
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.
Preliminary. Less than $500. 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".
38
Treasury Bulletin
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="10">1943</th><th colspan="4">1944</th></tr><tr><th></th><th></th><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 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>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><td>545</td></tr><tr><td>500-999 workers</td><td>4,956</td><td>5,777</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><td>5,807</td></tr><tr><td>100-499 workers</td><td>19,718</td><td>27,056</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>27,385</td><td>27,288</td><td>27,313</td><td>27,308</td></tr><tr><td>Under 100 workers</td><td>82,948</td><td>149,525</td><td>146,137</td><td>147,346</td><td>149,018</td><td>149,525</td><td>149,890</td><td>150,126</td><td>149,965</td><td>149,946</td><td>150,584</td><td>150,874</td><td>150,808</td><td>150,719</td><td>150,636</td></tr><tr><td>Total number of firms</td><td>108,099</td><td>182,895</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><td>184,296</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>27.2</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><td>27.7</td></tr><tr><td>In Federal, State, and local governments and their agencies</td><td>1.5</td><td>3.9</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><td>3.9</td></tr><tr><td>Total</td><td>22.8</td><td>31.2</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><td>31.6</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>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</td><td>27.3</td><td>27.5</td></tr></table>
Table 2.- Deductions Under Payroll Savings Plans
<table><tr><th rowspan="2"></th><th colspan="2">Piecals year</th><th colspan="10">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></tr><tr><td>Total amount deducted (in millions of dollars)</td><td>544 3/4</td><td>4,067</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</td><td>465 p</td><td>485 p</td></tr><tr><td>Percent of participants' pay deducted</td><td>5.2%</td><td>8.3%</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%</td><td>9.6%p</td><td>9.8%p</td></tr></table>
p Preliminary.
1/ Estimated.
2/ Not available. The total number of (1) workers in firms, and (2) workers in Federal, State, and local governments and their
3/ Consists only of deductions from December 1941 through June 1942. Data on deductions prior to December 1941 are not available
May 1944
39
Sales of Treasury Savings Notes 1/
Table 1.- Summary of Sales and Redemptions, by Series
(Par value - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Sales</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</td><td>3,014.5</td><td>+3,014.5</td><td>4,138.9</td><td>1,124.4</td><td>1,103.7</td><td>20.7</td><td>68.3</td></tr><tr><td>1943</td><td>7,495.4</td><td>+4,480.9</td><td>8,758.5</td><td>4,277.6</td><td>4,094.4</td><td>114.9</td><td></td></tr><tr><td>1943-April</td><td>7,782.5</td><td>+1,436.9</td><td>1,632.9</td><td>196.0</td><td>176.6</td><td>19.5</td><td></td></tr><tr><td>May</td><td>8,162.9</td><td>+380.4</td><td>482.2</td><td>101.8</td><td>97.0</td><td>4.8</td><td></td></tr><tr><td>June</td><td>7,495.4</td><td>-667.5</td><td>468.1</td><td>1,135.6</td><td>1,119.8</td><td>15.8</td><td></td></tr><tr><td>July</td><td>7,677.9</td><td>+182.5</td><td>414.0</td><td>231.5</td><td>214.4</td><td>17.1</td><td></td></tr><tr><td>August</td><td>7,764.3</td><td>+86.4</td><td>213.5</td><td>127.1</td><td>99.2</td><td>27.9</td><td></td></tr><tr><td>September</td><td>8,876.4</td><td>+1,112.1</td><td>2,260.0</td><td>1,147.9</td><td>1,111.9</td><td>36.0</td><td></td></tr><tr><td>October</td><td>9,132.9</td><td>+256.4</td><td>460.7</td><td>204.2</td><td>181.6</td><td>22.6</td><td></td></tr><tr><td>November</td><td>9,301.9</td><td>+169.0</td><td>330.2</td><td>161.2</td><td>121.9</td><td>39.3</td><td></td></tr><tr><td>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>April</td><td>9,136.2</td><td>-33.6</td><td>299.7</td><td>333.3</td><td>293.8</td><td>39.5</td><td></td></tr><tr><td colspan="8">Series A 3/</td></tr><tr><td>1942</td><td>54.8</td><td>+54.8</td><td>72.2</td><td>17.4</td><td>16.6</td><td>.8</td><td>.1</td></tr><tr><td>1943</td><td>266.7</td><td>+211.9</td><td>334.7</td><td>122.8</td><td>114.0</td><td>8.7</td><td></td></tr><tr><td>1943-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>168.7</td><td>-29.6</td><td>.</td><td>29.6</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>April</td><td>125.2</td><td>-12.0</td><td>.</td><td>12.0</td><td>11.0</td><td>1.0</td><td></td></tr><tr><td colspan="8">Series B 4/</td></tr><tr><td>1942</td><td>2,959.7</td><td>+2,959.7</td><td>4,066.7</td><td>1,107.0</td><td>1,087.1</td><td>19.9</td><td>68.2</td></tr><tr><td>1943</td><td>764.8</td><td>-2,195.0</td><td>877.1</td><td>3,072.1</td><td>2,933.3</td><td>70.6</td><td></td></tr><tr><td>1943-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><tr><td>April</td><td>39.7</td><td>-8.4</td><td>.</td><td>8.4</td><td>7.9</td><td>.5</td><td></td></tr></table>
(Continued on following page)
40
Treasury Bulletin
Sales of Treasury Savings Notes
(Continued)
Table 1
Summary of Sales and Redemptions, by Series - (Continued)
(Par values- in million of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Salve</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">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-April</td><td>6,092.6</td><td>+1,520.8</td><td>1,611.1</td><td>90.3</td><td>78.2</td><td>12.2</td><td></td></tr><tr><td>May</td><td>6,510.6</td><td>+418.0</td><td>474.5</td><td>56.5</td><td>54.7</td><td>1.8</td><td></td></tr><tr><td>June</td><td>6,464.0</td><td>-46.6</td><td>463.6</td><td>510.2</td><td>497.5</td><td>12.8</td><td></td></tr><tr><td>July</td><td>6,715.7</td><td>+251.7</td><td>414.0</td><td>162.3</td><td>148.4</td><td>13.9</td><td></td></tr><tr><td>August</td><td>6,828.9</td><td>+113.2</td><td>213.5</td><td>100.2</td><td>76.6</td><td>23.7</td><td></td></tr><tr><td>September</td><td>8,320.5</td><td>+1,491.6</td><td>2,260.0</td><td>768.4</td><td>738.4</td><td>30.0</td><td></td></tr><tr><td>October</td><td>8,611.3</td><td>+290.8</td><td>1,60.7</td><td>169.9</td><td>149.9</td><td>20.0</td><td></td></tr><tr><td>November</td><td>8,797.0</td><td>+185.8</td><td>330.2</td><td>144.4</td><td>106.7</td><td>37.7</td><td></td></tr><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><tr><td>April</td><td>8,971.3</td><td>-13.2</td><td>299.7</td><td>312.9</td><td>274.9</td><td>38.1</td><td></td></tr></table>
Source: Daily Treasury Statements.
Loos than $50,000.
2/1
These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax savings notes. Series A notes were designed for the small and moderate taxpayer; series B and series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for series A tax savings notes disappeared and their sale was discontinued. Redemption provisions on series A notes were re-laxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnote 3/). Sale of series C notes, which were designed for the investment of idle cash reserves as well as for the accumulation of tax reserves, was continued and the notes were designated Treasury savings notes. Include 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 B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately 1.8 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. 5/ Series C notes went on sale September 14, 1942. Interest accrues each month on a graduated scale (see "Treasury Bulletin" for August 1943, page 4) to yield approximately 1.07 percent per annum if held to maturity. 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 notee may be redeemed for cash six months after the date of issue at the tax payment value current at the time of presentation. Prior to July 27, 1943, notice 30 days was required for cash redemption. See also footnote 1
May 1944
41
Sales of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="8">Sales in millions of dollars at par</th><th colspan="8">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th colspan="7">Deconination</th><th>Total all denominations</th><th colspan="7">Deconination</th></tr><tr><th></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><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>249.0</td><td>332.1</td><td>1,388.6</td><td>2,535.7</td><td>1,124.1</td><td>1,916.9</td><td>100.0</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-Apr.</td><td>1,611.1</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>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>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>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>467.6</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>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>12.4</td><td>15.3</td><td>72.5</td><td>144.1</td><td>73.7</td><td>96.0</td><td>100.0</td><td>...</td><td>3.0</td><td>3.7</td><td>17.5</td><td>34.8</td><td>17.3</td><td>23.2</td></tr><tr><td>Aug.</td><td>213.5</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>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>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>5.3</td><td>5.9</td><td>21.7</td><td>33.4</td><td>14.5</td><td>19.2</td></tr><tr><td>Oct.</td><td>460.7</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>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>8.6</td><td>12.9</td><td>60.7</td><td>113.3</td><td>48.9</td><td>85.8</td><td>100.0</td><td>-</td><td>2.6</td><td>3.9</td><td>18.4</td><td>34.3</td><td>14.8</td><td>26.0</td></tr><tr><td>Dec.</td><td>436.8</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>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>238.1</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><tr><td>Apr.</td><td>299.7</td><td>.3</td><td>.6</td><td>6.3</td><td>9.9</td><td>45.3</td><td>95.3</td><td>57.5</td><td>84.5</td><td>100.0</td><td>.1</td><td>.2</td><td>2.1</td><td>3.3</td><td>15.1</td><td>31.8</td><td>19.2</td><td>28.2</td></tr></table>
Source: (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 savings 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-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>941.3</td><td>100.0</td><td>7.4</td><td>92.6</td></tr><tr><td>March</td><td>238.1</td><td>21.2</td><td>216.9</td><td>100.0</td><td>8.9</td><td>91.1</td></tr><tr><td>April</td><td>299.7</td><td>19.2</td><td>280.5</td><td>100.0</td><td>6.4</td><td>93.6</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.
42
Treasury Bulletin
Sales of United States Savings Stamps
Table 1. - Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month 1/</th><th>Sales 1/</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total 1/</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1941 3/ {July 1941. (Aug. 1941-June 1942.}</td><td>5,294 166,341 213,350</td><td>+5,143 +161,048 +45,620 6/ 1/</td><td>6,087 308,621 590,268 1/</td><td>943 147,574 544,647</td><td>4/ 127,948 474,168</td><td>4/ 18,463 70,430 2/</td><td>100.0 100.0 100.0</td><td>4/ 87.4 87.1</td><td>4/ 12.5 5/ 12.9 5/</td></tr><tr><td>1943-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>9,714</td><td>100.0</td><td>84.8</td><td>15.2</td></tr><tr><td>July</td><td>207,275</td><td>-6,075</td><td>30,770</td><td>36,845</td><td>31,371</td><td>5,474</td><td>100.0</td><td>85.1</td><td>14.9</td></tr><tr><td>August</td><td>204,158</td><td>-3,117</td><td>29,313</td><td>32,430</td><td>27,427</td><td>5,004</td><td>100.0</td><td>84.6</td><td>15.4</td></tr><tr><td>September</td><td>201,453</td><td>-2,705</td><td>28,600</td><td>31,306</td><td>27,098</td><td>4,207</td><td>100.0</td><td>86.6</td><td>13.4</td></tr><tr><td>October</td><td>197,942</td><td>-3,511</td><td>35,462</td><td>38,973</td><td>32,771</td><td>6,202</td><td>100.0</td><td>84.1</td><td>15.9</td></tr><tr><td>November</td><td>202,415</td><td>+4,473</td><td>39,565</td><td>35,091</td><td>28,543</td><td>6,548</td><td>100.0</td><td>81.3</td><td>18.7</td></tr><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>+1,329</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>195,621</td><td>+1,755</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><tr><td>April</td><td>196,404</td><td>+582</td><td>35,717</td><td>35,134</td><td>28,261</td><td>6,873</td><td>100.0</td><td>80.4</td><td>19.6</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 thousands. Details not available for May, June, and July 1941. Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousands for the period August 1, 1941 through June 30, 1942 and $55 thousands for the period July 1, 1942 through October 31, 1942. Net of sales less redemptions. See footnote 1/. Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1941</td><td>6,087</td><td>400</td><td>2,691</td><td>1,012</td><td>1,130</td><td>854</td><td>100.0</td><td>6.6</td><td>44.2</td><td>16.6</td><td>18.6</td><td>14.0</td></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1943-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>1,550</td><td>100.0</td><td>18.4</td><td>52.4</td><td>9.6</td><td>14.3</td><td>5.3</td></tr><tr><td>September</td><td>28,600</td><td>6,564</td><td>15,053</td><td>2,410</td><td>3,382</td><td>1,192</td><td>100.0</td><td>23.0</td><td>52.6</td><td>8.4</td><td>11.8</td><td>4.2</td></tr><tr><td>October</td><td>35,462</td><td>9,106</td><td>17,494</td><td>2,556</td><td>3,599</td><td>2,708</td><td>100.0</td><td>25.7</td><td>49.3</td><td>7.2</td><td>10.2</td><td>7.6</td></tr><tr><td>November</td><td>39,565</td><td>10,443</td><td>20,330</td><td>2,987</td><td>4,446</td><td>1,359</td><td>100.0</td><td>26.4</td><td>51.4</td><td>7.6</td><td>11.2</td><td>3.4</td></tr><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>34,933</td><td>10,511</td><td>17,799</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>6.3</td><td>9.6</td><td>2.1</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><tr><td>April</td><td>35,717</td><td>9,458</td><td>18,187</td><td>2,768</td><td>4,120</td><td>1,183</td><td>100.0</td><td>26.5</td><td>50.9</td><td>7.8</td><td>11.5</td><td>3.3</td></tr></table>
Source: (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.
May 1944
43
OWNERSHIP OF GOVERNMENT SECURITIES
May 1944
45
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations</th><th>State and local governments 5/</th><th>U. S. Government agencies and trust funds 6/</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.6</td><td>16.1</td><td>2.5</td><td>28.5</td><td>9.9</td><td>6.3</td><td>3.1</td><td>2.4</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.8</td><td>16.3</td><td>2.5</td><td>29.1</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.4</td><td>.3</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.7</td><td>17.5</td><td>2.2</td><td>30.7</td><td>10.2</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>22.1</td><td>20.0</td><td>2.2</td><td>32.6</td><td>10.9</td><td>7.0</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.8</td><td>21.5</td><td>2.3</td><td>40.0</td><td>13.5</td><td>8.0</td><td>3.7</td><td>4.8</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.8</td><td>26.2</td><td>2.6</td><td>47.7</td><td>17.9</td><td>8.9</td><td>3.9</td><td>5.3</td><td>.6</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.4</td><td>41.2</td><td>6.2</td><td>64.2</td><td>23.5</td><td>11.0</td><td>4.5</td><td>12.1</td><td>.8</td><td>12.2</td></tr><tr><td>1943-June</td><td>139.5</td><td>59.5</td><td>52.3</td><td>7.2</td><td>80.0</td><td>30.1</td><td>12.8</td><td>5.3</td><td>16.3</td><td>1.3</td><td>14.3</td></tr><tr><td>December</td><td>168.7</td><td>71.5</td><td>60.0</td><td>11.5</td><td>97.2</td><td>36.9</td><td>14.7</td><td>6.1</td><td>20.7</td><td>2.0</td><td>16.9</td></tr></table>
1/ United States savings bonds are included at current redemption values. 2/ Guaranteed securities held by the Treasury are excluded. 3/ Consolate of commercial and stock savings banks in the United States and in territories and insular possessions.
4/ Includes partnerships, personal trust accounts, and unincorporated businesses.
5/ Includes their agencies and their trust, sinking, and investment funds, and territories and insular possessions.
6/ Excludes Exchange Stabilization Fund.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="12">Net market purchases or sales (-)</th></tr><tr><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1937</td><td>14.4</td><td>5.7</td><td>119.6</td><td>11.9</td><td>3.9</td><td>24.4</td><td>4.8</td><td>12.5</td><td>8.9</td><td>3.7</td><td>2.0</td><td>-15.4</td></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-.3</td><td>-4.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-.2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprises (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 Stabilization Fund.
46
Treasury Bulletin
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, March 31, 1944
The tables which follow present data from the Treasury survey 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.
On pages 46-51, there is presented the summary data from the Treasury survey as of March 31, 1944. In this survey, the sub-classification of banks has been revised to consist of the following: commercial banks, stock saving banks, and mutual savings banks. This reclassification has been made retroactive to November 30, 1943 and the revised figures are presented on pages 52-57.
Information on ownership by member and nonmember commercial banks of securities issued or guaranteed by the United States, as of December 31, 1943, may be found on pages 58-63. The data on member commercial banks is subdivided into New York and Chicago banks, Reserve City banks, and country banks.
Table I. Analysis of Ownership by Type of Security, by Call Classes, And by Tax-Exemption Provisions
PART A - PAR VALUES IN MILLIONS OF DOLLARS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by banks and insurance companies covered in Treasury survey</th><th rowspan="2">Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total 7,815 institutions</th><th>6,502 commercial banks</th><th>30 stock savings banks</th><th>529 mutual savings 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>13,147</td><td>4,624</td><td>4,606</td><td>*</td><td>8</td><td>10</td><td>1</td><td>9</td><td>6,540</td><td>1,983</td></tr><tr><td>Certificates of indebtedness</td><td>25,680</td><td>13,593</td><td>12,918</td><td>26</td><td>163</td><td>485</td><td>235</td><td>250</td><td>3,043</td><td>9,044</td></tr><tr><td>Treasury notes</td><td>16,244</td><td>11,939</td><td>11,389</td><td>13</td><td>244</td><td>293</td><td>145</td><td>147</td><td>1,233</td><td>3,072</td></tr><tr><td>Treasury bonds</td><td>72,813</td><td>50,259</td><td>29,123</td><td>234</td><td>6,199</td><td>14,704</td><td>12,956</td><td>1,749</td><td>5,308</td><td>17,245</td></tr><tr><td>Other bonds</td><td>196</td><td>16</td><td>15</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>34</td><td>146</td></tr><tr><td>Guaranteed interest 3/</td><td>1,544</td><td>1,130</td><td>1,032</td><td>1</td><td>12</td><td>84</td><td>70</td><td>14</td><td>7</td><td>408</td></tr><tr><td>Total</td><td>129,623</td><td>81,561</td><td>59,084</td><td>274</td><td>6,626</td><td>15,577</td><td>13,407</td><td>2,170</td><td>16,165</td><td>31,898</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>46,586</td><td>22,766</td><td>21,783</td><td>29</td><td>238</td><td>715</td><td>364</td><td>351</td><td>10,206</td><td>13,615</td></tr><tr><td>1 to 5 years</td><td>23,493</td><td>17,824</td><td>15,678</td><td>20</td><td>608</td><td>1,518</td><td>1,089</td><td>429</td><td>1,703</td><td>3,967</td></tr><tr><td>5 to 10 years</td><td>30,015</td><td>22,963</td><td>17,326</td><td>59</td><td>2,299</td><td>3,279</td><td>2,638</td><td>641</td><td>1,410</td><td>5,642</td></tr><tr><td>10 to 15 years</td><td>10,434</td><td>6,554</td><td>2,727</td><td>100</td><td>1,478</td><td>2,249</td><td>1,830</td><td>418</td><td>756</td><td>3,124</td></tr><tr><td>15 to 20 years</td><td>6,484</td><td>4,420</td><td>680</td><td>26</td><td>728</td><td>2,986</td><td>2,799</td><td>187</td><td>580</td><td>1,485</td></tr><tr><td>Over 20 years</td><td>12,588</td><td>7,014</td><td>882</td><td>41</td><td>1,274</td><td>4,817</td><td>4,674</td><td>143</td><td>1,509</td><td>4,065</td></tr><tr><td>Federal Housing Administration debentures</td><td>23</td><td>20</td><td>7</td><td>*</td><td>1</td><td>12</td><td>12</td><td>*</td><td>1</td><td>1</td></tr><tr><td>Total</td><td>129,623</td><td>81,561</td><td>59,084</td><td>274</td><td>6,626</td><td>15,577</td><td>13,407</td><td>2,170</td><td>16,165</td><td>31,898</td></tr><tr><td>III. By tax-exemption provisions</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes 4/</td><td>1,344</td><td>252</td><td>231</td><td>*</td><td>1</td><td>21</td><td>2</td><td>18</td><td>92</td><td>1,000</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>24,649</td><td>17,025</td><td>13,336</td><td>115</td><td>559</td><td>3,015</td><td>1,990</td><td>1,025</td><td>2,411</td><td>5,213</td></tr><tr><td>Subject to Federal income taxes</td><td>103,631</td><td>64,284</td><td>45,517</td><td>159</td><td>6,057</td><td>12,541</td><td>11,414</td><td>1,127</td><td>13,663</td><td>25,585</td></tr><tr><td>Total</td><td>129,623</td><td>81,561</td><td>59,084</td><td>274</td><td>6,626</td><td>15,577</td><td>13,407</td><td>2,170</td><td>16,165</td><td>31,898</td></tr></table>
(Continued on following page)
May 1944
47
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, March 31, 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 outstanding</th><th colspan="7">Public marketable interest-bearing securities 1/ Held by banks and insurance companies covered in Treasury survey</th><th rowspan="2">Held by U. S. Government agencies and trust fund, and Federal Reserve Banks 2/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total 7,815 institutions</th><th>6,502 commercial banks</th><th>30 stock saving banks</th><th>529 mutual saving banks</th><th>Total</th><th>754 insurance companies</th><th>209 life insurance companies</th><th>545 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="11">I. By type of security</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>5.7</td><td>7.8</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>.4</td><td>40.5</td><td>6.2</td></tr><tr><td>Certificate of indebtedness</td><td>19.8</td><td>16.7</td><td>21.9</td><td>9.7</td><td>2.5</td><td>3.1</td><td>1.7</td><td>11.5</td><td>18.8</td><td>28.4</td></tr><tr><td>Treasury notes</td><td>12.5</td><td>14.6</td><td>19.3</td><td>4.7</td><td>3.7</td><td>1.9</td><td>1.1</td><td>6.8</td><td>7.6</td><td>9.6</td></tr><tr><td>Treasury bonds</td><td>56.2</td><td>61.6</td><td>49.3</td><td>85.2</td><td>93.5</td><td>94.4</td><td>96.6</td><td>80.6</td><td>32.8</td><td>54.1</td></tr><tr><td>Other bonds</td><td>.2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.2</td><td>.5</td></tr><tr><td>Guaranteed issues 3/</td><td>1.2</td><td>1.4</td><td>1.7</td><td>.4</td><td>.2</td><td>.5</td><td>.5</td><td>.6</td><td>*</td><td>1.3</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td colspan="11">II. By call classes</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>35.9</td><td>27.9</td><td>36.9</td><td>10.6</td><td>3.6</td><td>4.6</td><td>2.7</td><td>16.2</td><td>63.1</td><td>42.7</td></tr><tr><td>1 to 5 years</td><td>18.1</td><td>21.9</td><td>26.5</td><td>7.2</td><td>9.2</td><td>9.7</td><td>8.1</td><td>19.8</td><td>10.5</td><td>12.4</td></tr><tr><td>5 to 10 years</td><td>23.2</td><td>28.2</td><td>29.3</td><td>21.6</td><td>34.7</td><td>21.1</td><td>19.7</td><td>29.5</td><td>8.7</td><td>17.7</td></tr><tr><td>10 to 15 years</td><td>8.0</td><td>8.0</td><td>4.6</td><td>36.4</td><td>22.3</td><td>14.4</td><td>13.7</td><td>19.3</td><td>4.7</td><td>9.8</td></tr><tr><td>15 to 20 years</td><td>5.0</td><td>5.4</td><td>1.2</td><td>9.4</td><td>11.0</td><td>19.2</td><td>20.9</td><td>8.6</td><td>3.6</td><td>4.7</td></tr><tr><td>Over 20 years</td><td>9.7</td><td>8.6</td><td>1.5</td><td>14.9</td><td>19.2</td><td>30.9</td><td>34.9</td><td>6.6</td><td>9.3</td><td>12.7</td></tr><tr><td>Federal Housing Administration debentures</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td colspan="11">III. By tax-exemption provisions</td></tr><tr><td>Wholly exempt from Federal income taxes 4/</td><td>1.0</td><td>.3</td><td>.4</td><td>.1</td><td>*</td><td>.1</td><td>*</td><td>.8</td><td>.6</td><td>3.1</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>19.0</td><td>20.9</td><td>22.6</td><td>42.0</td><td>8.4</td><td>19.4</td><td>14.8</td><td>47.2</td><td>14.9</td><td>16.3</td></tr><tr><td>Subject to Federal income taxes</td><td>79.9</td><td>78.8</td><td>77.0</td><td>57.9</td><td>91.6</td><td>80.5</td><td>85.1</td><td>51.9</td><td>84.5</td><td>80.5</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
PART C - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="7">Public marketable interest-bearing securities 1/ Held by banks and insurance companies covered in Treasury survey</th><th rowspan="2">Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total 7,815 institutions</th><th colspan="3">7,061 banks</th><th colspan="3">754 insurance companies</th></tr><tr><th></th><th></th><th></th><th>6,502 commercial banks</th><th>30 stock savings banks</th><th>529 mutual savings banks</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 colspan="11">I. By type of security</td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>35.2</td><td>35.0</td><td>*</td><td>.1</td><td>.2</td><td>*</td><td>.1</td><td>49.7</td><td>15.1</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>52.9</td><td>50.3</td><td>.1</td><td>.6</td><td>1.9</td><td>.9</td><td>1.0</td><td>11.8</td><td>35.2</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>73.5</td><td>70.1</td><td>.1</td><td>1.5</td><td>1.8</td><td>.9</td><td>.9</td><td>7.6</td><td>18.9</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>69.0</td><td>40.0</td><td>.3</td><td>8.5</td><td>20.2</td><td>17.8</td><td>2.4</td><td>7.3</td><td>23.7</td></tr><tr><td>Other bonds</td><td>100.0</td><td>8.2</td><td>7.6</td><td>*</td><td>*</td><td>.5</td><td>*</td><td>.5</td><td>17.6</td><td>74.3</td></tr><tr><td>Guaranteed issues 3/</td><td>100.0</td><td>73.2</td><td>66.9</td><td>.1</td><td>.8</td><td>5.4</td><td>4.5</td><td>.9</td><td>.4</td><td>26.4</td></tr><tr><td>Total</td><td>100.0</td><td>62.9</td><td>45.6</td><td>.2</td><td>5.1</td><td>12.0</td><td>10.3</td><td>1.7</td><td>12.5</td><td>24.6</td></tr><tr><td colspan="11">II. By call classes</td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>48.9</td><td>46.8</td><td>.1</td><td>.5</td><td>1.5</td><td>.8</td><td>.8</td><td>21.9</td><td>29.2</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>75.9</td><td>66.7</td><td>.1</td><td>2.6</td><td>6.5</td><td>4.6</td><td>1.8</td><td>7.2</td><td>16.9</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>76.5</td><td>57.7</td><td>.2</td><td>7.7</td><td>10.9</td><td>8.8</td><td>2.1</td><td>4.7</td><td>18.8</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>62.8</td><td>26.1</td><td>1.0</td><td>14.2</td><td>21.6</td><td>17.5</td><td>4.0</td><td>7.2</td><td>29.9</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>68.2</td><td>10.5</td><td>.4</td><td>11.2</td><td>46.1</td><td>43.2</td><td>2.9</td><td>8.9</td><td>22.9</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>55.7</td><td>7.0</td><td>.3</td><td>10.1</td><td>38.3</td><td>37.1</td><td>1.1</td><td>12.0</td><td>32.3</td></tr><tr><td>Federal Housing Administration debentures</td><td>100.0</td><td>88.8</td><td>31.1</td><td>.1</td><td>3.7</td><td>53.9</td><td>52.6</td><td>1.4</td><td>5.1</td><td>6.1</td></tr><tr><td>Total</td><td>100.0</td><td>62.9</td><td>45.6</td><td>.2</td><td>5.1</td><td>12.0</td><td>10.3</td><td>1.7</td><td>12.5</td><td>24.6</td></tr><tr><td colspan="11">III. By tax-exemption provisions</td></tr><tr><td>Wholly exempt from Federal income taxes 4/</td><td>100.0</td><td>18.8</td><td>17.2</td><td>*</td><td>.1</td><td>1.5</td><td>.2</td><td>1.4</td><td>6.8</td><td>74.4</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>100.0</td><td>69.1</td><td>54.1</td><td>.5</td><td>2.3</td><td>12.2</td><td>8.1</td><td>4.2</td><td>9.8</td><td>21.2</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>62.0</td><td>43.9</td><td>.2</td><td>5.9</td><td>12.1</td><td>11.0</td><td>1.1</td><td>13.2</td><td>24.8</td></tr><tr><td>Total</td><td>100.0</td><td>62.9</td><td>45.6</td><td>.2</td><td>5.1</td><td>12.0</td><td>10.3</td><td>1.7</td><td>12.5</td><td>24.6</td></tr></table>
Back Figures: For reclassification of data on commercial, stock savings, and mutual savings banks for November 1943 through February 1944, see pages 52-57. 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%.
Public marketable interest-bearing securities include all interest-bearing securities outstanding except (1) special issues to Government agencies and trust funds, (2) adjusted service bonds, (3) depository bonds, (4) United States savings bonds, (5) Treasury savings notes, (6) Commodity Credit Corpor
tion demand obligations, and (7) Reconstruction Finance Corporation notes, Series X-A, X-E, and X-C. For amounts of such obligations held by institutions reporting, see Table II, footnotes 1/2/3/4/5/ Excludes Exchange Stabilization Fund. Excludes obligations sold directly to the Treasury. Securities the income from which is except from the normal rates and the surtax rates of the Federal income tax. Securities the income from which is exempt from the normal rates of the Federal income tax. (In the case of partially tax-exempt Treasury bonds, interest derived from $5,000 of principal amount owned by any single holder is also exempt from the surtax rates of the Federal income tax.)
48
Treasury Bulletin
Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, March 31, 1944 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding
PART A - PAR VALUES IN MILLIONS OF DOLLARS
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total amount outstanding</th><th>Total 7,815 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 2/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th></th><th colspan="3">7,061 banks</th><th colspan="2">754 insurance companies</th><th></th></tr><tr><th></th><th></th><th></th><th>6,502 commercial banks</th><th>30 stock savings banks</th><th>529 mutual savings banks</th><th>Total 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 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% June 1944</td><td>147</td><td>14</td><td>10</td><td>-</td><td>•</td><td>3</td><td>2</td><td>1</td><td>133</td></tr><tr><td>1% September 1944</td><td>283</td><td>26</td><td>24</td><td>-</td><td>•</td><td>2</td><td>-</td><td>2</td><td>234</td></tr><tr><td>3/4% March 1945</td><td>718</td><td>197</td><td>182</td><td>-</td><td>1</td><td>15</td><td>-</td><td>15</td><td>487</td></tr><tr><td>Total Treasury notes</td><td>1,148</td><td>236</td><td>216</td><td>•</td><td>1</td><td>20</td><td>2</td><td>17</td><td>854</td></tr><tr><td>Bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings</td><td>117</td><td>14</td><td>13</td><td>•</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>-</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>1</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>•</td><td>•</td><td>1</td><td>•</td><td>1</td><td>34</td><td>146</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>1,344</td><td>252</td><td>231</td><td>•</td><td>1</td><td>21</td><td>2</td><td>18</td><td>92</td><td>1,000</td></tr><tr><td>II. Partially exempt from Federal income taxes 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3-1/4% April 1944-46</td><td>323</td><td>37</td><td>22</td><td>•</td><td>2</td><td>13</td><td>1</td><td>11</td><td>-</td><td>286</td></tr><tr><td>1% December 1944-54</td><td>1,037</td><td>551</td><td>420</td><td>•</td><td>29</td><td>101</td><td>69</td><td>32</td><td>93</td><td>393</td></tr><tr><td>2-3/4% September 1945-47</td><td>1,214</td><td>713</td><td>536</td><td>•</td><td>26</td><td>151</td><td>122</td><td>29</td><td>171</td><td>330</td></tr><tr><td>2-1/2% December 1945</td><td>541</td><td>382</td><td>329</td><td>•</td><td>8</td><td>44</td><td>19</td><td>25</td><td>18</td><td>141</td></tr><tr><td>3-3/4% March 1946-56</td><td>489</td><td>304</td><td>202</td><td>•</td><td>15</td><td>87</td><td>73</td><td>14</td><td>73</td><td>112</td></tr><tr><td>3% June 1946-48</td><td>1,036</td><td>617</td><td>432</td><td>1</td><td>38</td><td>146</td><td>117</td><td>30</td><td>210</td><td>209</td></tr><tr><td>3-1/8% June 1946-49</td><td>819</td><td>476</td><td>343</td><td>•</td><td>23</td><td>109</td><td>90</td><td>19</td><td>89</td><td>254</td></tr><tr><td>1-1/4% October 1947-52</td><td>759</td><td>425</td><td>299</td><td>•</td><td>30</td><td>95</td><td>61</td><td>34</td><td>81</td><td>253</td></tr><tr><td>2% December 1947</td><td>701</td><td>604</td><td>566</td><td>•</td><td>3</td><td>35</td><td>5</td><td>30</td><td>•</td><td>97</td></tr><tr><td>2-3/4% March 1948-51</td><td>1,223</td><td>940</td><td>790</td><td>2</td><td>26</td><td>122</td><td>86</td><td>36</td><td>160</td><td>123</td></tr><tr><td>2-1/2% September 1948</td><td>451</td><td>388</td><td>345</td><td>•</td><td>4</td><td>39</td><td>23</td><td>16</td><td>-</td><td>63</td></tr><tr><td>2% December 1948-50</td><td>571</td><td>474</td><td>444</td><td>2</td><td>3</td><td>25</td><td>5</td><td>20</td><td>44</td><td>54</td></tr><tr><td>3-1/8% December 1949-52</td><td>491</td><td>385</td><td>295</td><td>1</td><td>20</td><td>70</td><td>44</td><td>26</td><td>40</td><td>66</td></tr><tr><td>2-1/2% December 1949-53</td><td>1,786</td><td>1,318</td><td>1,184</td><td>9</td><td>24</td><td>101</td><td>39</td><td>62</td><td>231</td><td>237</td></tr><tr><td>2-1/2% September 1950-52</td><td>1,186</td><td>1,035</td><td>898</td><td>2</td><td>40</td><td>94</td><td>39</td><td>55</td><td>117</td><td>34</td></tr><tr><td>2-3/4% June 1951-54</td><td>1,627</td><td>1,270</td><td>926</td><td>8</td><td>42</td><td>294</td><td>227</td><td>67</td><td>168</td><td>189</td></tr><tr><td>3% September 1951-55</td><td>755</td><td>407</td><td>298</td><td>•</td><td>26</td><td>83</td><td>53</td><td>30</td><td>79</td><td>269</td></tr><tr><td>2-1/4% December 1951-53</td><td>1,118</td><td>918</td><td>856</td><td>2</td><td>7</td><td>53</td><td>17</td><td>37</td><td>107</td><td>93</td></tr><tr><td>2% June 1953-55</td><td>725</td><td>650</td><td>621</td><td>1</td><td>3</td><td>25</td><td>2</td><td>23</td><td>14</td><td>61</td></tr><tr><td>2-1/4% June 1954-56</td><td>681</td><td>560</td><td>467</td><td>2</td><td>6</td><td>84</td><td>47</td><td>37</td><td>44</td><td>77</td></tr><tr><td>2-7/8% March 1955-60</td><td>2,611</td><td>1,328</td><td>883</td><td>31</td><td>74</td><td>340</td><td>210</td><td>130</td><td>364</td><td>919</td></tr><tr><td>2-3/4% September 1956-59</td><td>982</td><td>698</td><td>442</td><td>16</td><td>24</td><td>216</td><td>149</td><td>68</td><td>127</td><td>156</td></tr><tr><td>2-3/4% June 1958-63</td><td>919</td><td>726</td><td>391</td><td>19</td><td>25</td><td>291</td><td>217</td><td>74</td><td>70</td><td>123</td></tr><tr><td>2-3/4% December 1960-65</td><td>1,485</td><td>1,071</td><td>679</td><td>16</td><td>55</td><td>320</td><td>209</td><td>111</td><td>108</td><td>306</td></tr><tr><td>Total treasury bonds</td><td>23,530</td><td>16,276</td><td>12,668</td><td>114</td><td>552</td><td>2,941</td><td>1,926</td><td>1,015</td><td>2,408</td><td>4,846</td></tr><tr><td>Guaranteed issues 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Farm Mortgage Corporation 3% May 1944-49</td><td>159</td><td>36</td><td>25</td><td>-</td><td>1</td><td>11</td><td>10</td><td>1</td><td>-</td><td>122</td></tr><tr><td>Federal Housing Administration debentures</td><td>23</td><td>20</td><td>7</td><td>•</td><td>1</td><td>12</td><td>12</td><td>•</td><td>1</td><td>1</td></tr><tr><td>Home Owners' Loan Corporation 3% May 1944-52</td><td>182</td><td>30</td><td>21</td><td>•</td><td>2</td><td>7</td><td>6</td><td>1</td><td>-</td><td>152</td></tr><tr><td>1-1/2% June 1945-47</td><td>755</td><td>663</td><td>615</td><td>1</td><td>3</td><td>43</td><td>36</td><td>7</td><td>1</td><td>91</td></tr><tr><td>Total guaranteed issues</td><td>1,118</td><td>749</td><td>667</td><td>1</td><td>7</td><td>74</td><td>64</td><td>9</td><td>2</td><td>367</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>24,649</td><td>17,025</td><td>13,336</td><td>115</td><td>559</td><td>3,015</td><td>1,990</td><td>1,025</td><td>2,411</td><td>5,213</td></tr></table>
(Continued on following page)
May 1944
49
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, March 31, 1944 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART A - PAR VALUES IN MILLIONS OF DOLLARS-(Continued)
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total amount outstanding</th><th colspan="6">Held by banks and insurance companies covered in Treasury survey</th><th>Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>Total 7,815 institutions</th><th>7,061 banks</th><th>754 insurance companies</th><th></th><th></th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>6,502 commercial banks</th><th>30 stock savings banks</th><th>529 mutual savings banks</th><th>Total life insurance companies</th><th>209 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></tr><tr><td>Treasury bills</td><td>13,147</td><td>4,624</td><td>4,506</td><td>*</td><td>8</td><td>10</td><td>1</td><td>9</td><td>6,540</td><td>1,983</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>5,251</td><td>3,061</td><td>2,995</td><td>3</td><td>28</td><td>35</td><td>14</td><td>21</td><td>822</td><td>1,367</td></tr><tr><td>7/8% May 1944</td><td>1,655</td><td>1,134</td><td>1,122</td><td>1</td><td>4</td><td>7</td><td>*</td><td>7</td><td>309</td><td>212</td></tr><tr><td>7/8% August 1944</td><td>2,545</td><td>1,727</td><td>1,679</td><td>4</td><td>5</td><td>40</td><td>21</td><td>19</td><td>593</td><td>224</td></tr><tr><td>7/8% September 1944</td><td>4,122</td><td>1,656</td><td>1,542</td><td>8</td><td>16</td><td>90</td><td>36</td><td>53</td><td>357</td><td>2,109</td></tr><tr><td>7/8% October 1944</td><td>3,519</td><td>2,539</td><td>2,511</td><td>2</td><td>6</td><td>19</td><td>9</td><td>10</td><td>558</td><td>422</td></tr><tr><td>7/8% December 1944</td><td>3,540</td><td>2,527</td><td>2,480</td><td>1</td><td>8</td><td>38</td><td>27</td><td>10</td><td>364</td><td>649</td></tr><tr><td>7/8% February 1945</td><td>5,048</td><td>949</td><td>589</td><td>8</td><td>96</td><td>256</td><td>127</td><td>130</td><td>38</td><td>4,061</td></tr><tr><td>Total certificates of indebtedness</td><td>25,680</td><td>13,593</td><td>12,918</td><td>26</td><td>163</td><td>485</td><td>235</td><td>250</td><td>3,043</td><td>9,044</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% September 1944</td><td>635</td><td>472</td><td>441</td><td>*</td><td>7</td><td>24</td><td>19</td><td>5</td><td>48</td><td>115</td></tr><tr><td>0.90% March 1945</td><td>2,127</td><td>1,606</td><td>1,593</td><td>1</td><td>4</td><td>8</td><td>1</td><td>7</td><td>220</td><td>301</td></tr><tr><td>1-1/4% March 1945</td><td>1,606</td><td>1,184</td><td>1,142</td><td>1</td><td>17</td><td>25</td><td>14</td><td>11</td><td>167</td><td>255</td></tr><tr><td>3/4% December 1945</td><td>531</td><td>415</td><td>376</td><td>*</td><td>10</td><td>29</td><td>19</td><td>10</td><td>25</td><td>91</td></tr><tr><td>1% March 1946</td><td>503</td><td>411</td><td>372</td><td>1</td><td>8</td><td>31</td><td>24</td><td>7</td><td>1</td><td>30</td></tr><tr><td>1-1/2% December 1946</td><td>3,261</td><td>2,621</td><td>2,490</td><td>1</td><td>76</td><td>53</td><td>19</td><td>34</td><td>285</td><td>355</td></tr><tr><td>1-1/2% September 1947</td><td>2,707</td><td>2,253</td><td>2,120</td><td>6</td><td>65</td><td>63</td><td>32</td><td>30</td><td>*</td><td>454</td></tr><tr><td>1-1/2% September 1948</td><td>3,726</td><td>2,740</td><td>2,640</td><td>2</td><td>57</td><td>40</td><td>15</td><td>25</td><td>430</td><td>557</td></tr><tr><td>Total Treasury notes</td><td>15,096</td><td>11,702</td><td>11,174</td><td>13</td><td>243</td><td>273</td><td>143</td><td>130</td><td>1,176</td><td>2,218</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2% March 1948-50</td><td>1,115</td><td>915</td><td>597</td><td>*</td><td>122</td><td>195</td><td>172</td><td>23</td><td>59</td><td>141</td></tr><tr><td>1-3/4% June 1948-51</td><td>3,062</td><td>2,484</td><td>2,181</td><td>2</td><td>91</td><td>210</td><td>170</td><td>40</td><td>55</td><td>523</td></tr><tr><td>2% June 1949-51</td><td>1,014</td><td>929</td><td>711</td><td>*</td><td>82</td><td>135</td><td>120</td><td>14</td><td>22</td><td>63</td></tr><tr><td>2% September 1949-51</td><td>1,292</td><td>1,150</td><td>907</td><td>1</td><td>115</td><td>128</td><td>107</td><td>21</td><td>12</td><td>130</td></tr><tr><td>2% December 1949-51</td><td>2,098</td><td>1,746</td><td>1,441</td><td>4</td><td>118</td><td>184</td><td>162</td><td>22</td><td>12</td><td>339</td></tr><tr><td>2% March 1950-52</td><td>1,963</td><td>1,794</td><td>1,419</td><td>5</td><td>144</td><td>226</td><td>202</td><td>25</td><td>25</td><td>144</td></tr><tr><td>2% September 1950-52</td><td>4,939</td><td>3,567</td><td>2,631</td><td>5</td><td>316</td><td>616</td><td>548</td><td>68</td><td>130</td><td>1,242</td></tr><tr><td>2% September 1951-53</td><td>7,986</td><td>5,436</td><td>3,804</td><td>18</td><td>745</td><td>868</td><td>723</td><td>145</td><td>298</td><td>2,252</td></tr><tr><td>2% December 1951-55</td><td>510</td><td>401</td><td>350</td><td>2</td><td>15</td><td>35</td><td>26</td><td>8</td><td>17</td><td>92</td></tr><tr><td>2-1/2% March 1952-54</td><td>1,024</td><td>740</td><td>291</td><td>*</td><td>310</td><td>139</td><td>128</td><td>11</td><td>68</td><td>215</td></tr><tr><td>2-1/4% June 1952-55</td><td>1,501</td><td>1,217</td><td>695</td><td>1</td><td>293</td><td>228</td><td>201</td><td>26</td><td>69</td><td>214</td></tr><tr><td>2-1/2% March 1956-58</td><td>1,449</td><td>1,099</td><td>267</td><td>9</td><td>302</td><td>522</td><td>502</td><td>19</td><td>60</td><td>290</td></tr><tr><td>2-1/4% September 1956-59</td><td>3,793</td><td>2,143</td><td>278</td><td>23</td><td>1,047</td><td>795</td><td>705</td><td>90</td><td>91</td><td>1,558</td></tr><tr><td>2-1/2% June 1962-67</td><td>2,118</td><td>1,505</td><td>-</td><td>4</td><td>199</td><td>1,301</td><td>1,260</td><td>41</td><td>201</td><td>412</td></tr><tr><td>2-1/2% December 1963-68</td><td>2,831</td><td>1,544</td><td>-</td><td>5</td><td>474</td><td>1,365</td><td>1,330</td><td>35</td><td>270</td><td>717</td></tr><tr><td>2-1/2% June 1964-69</td><td>3,762</td><td>2,154</td><td>-</td><td>10</td><td>550</td><td>1,595</td><td>1,554</td><td>41</td><td>413</td><td>1,194</td></tr><tr><td>2-1/2% December 1964-69</td><td>3,838</td><td>1,949</td><td>-</td><td>6</td><td>358</td><td>1,585</td><td>1,544</td><td>41</td><td>515</td><td>1,374</td></tr><tr><td>2-1/2% March 1965-70</td><td>2,272</td><td>1,146</td><td>26</td><td>6</td><td>51</td><td>1,064</td><td>1,039</td><td>25</td><td>257</td><td>868</td></tr><tr><td>2-1/2% September 1967-72</td><td>2,716</td><td>1,765</td><td>856</td><td>19</td><td>315</td><td>574</td><td>537</td><td>37</td><td>323</td><td>628</td></tr><tr><td>Total Treasury bonds</td><td>49,283</td><td>33,984</td><td>16,454</td><td>120</td><td>5,647</td><td>11,763</td><td>11,030</td><td>733</td><td>2,900</td><td>12,399</td></tr><tr><td>Guaranteed issues 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 1-1/8% February 1945</td><td>412</td><td>367</td><td>352</td><td>*</td><td>6</td><td>10</td><td>5</td><td>4</td><td>4</td><td>41</td></tr><tr><td>Reconstruction Finance Corporation 1% April 1944</td><td>14</td><td>14</td><td>13</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>-</td><td>*</td></tr><tr><td>Total guaranteed issues</td><td>425</td><td>380</td><td>365</td><td>*</td><td>6</td><td>10</td><td>5</td><td>5</td><td>4</td><td>41</td></tr><tr><td>Total subject to Federal income taxes</td><td>103,631</td><td>64,284</td><td>45,517</td><td>159</td><td>6,067</td><td>12,541</td><td>11,414</td><td>1,127</td><td>13,663</td><td>25,685</td></tr><tr><td>IV. Grand total</td><td>129,623</td><td>81,561</td><td>59,4</td><td>274</td><td>6,626</td><td>15,577</td><td>13,407</td><td>2,170</td><td>16,165</td><td>31,893</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, March 31, 1944 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART B
PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
<table><tr><th rowspan="2">Issue, classified by tax-exemption provision</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by banks and insurance companies covered in Treasury survey</th><th rowspan="2">Held by U.S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total 7,815 institutions</th><th>6,502 commercial banks</th><th>30 stock savings banks</th><th>529 mutual savings banks</th><th>794 insurance companies</th><th>209 life insurance companies</th><th>545 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">I. Wholly exempt from Federal income taxes 1/</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% June 1944</td><td>100.0</td><td>9.3</td><td>7.0</td><td>-.1</td><td>2.2</td><td>1.4</td><td>.8</td><td>.1</td><td>90.7</td></tr><tr><td>1/2% September 1944</td><td>100.0</td><td>9.1</td><td>8.4</td><td>-.1</td><td>1.6</td><td>-</td><td>.6</td><td>5.4</td><td>82.6</td></tr><tr><td>3/4% March 1945</td><td>100.0</td><td>27.4</td><td>25.3</td><td>-.1</td><td>2.1</td><td>-</td><td>2.1</td><td>4.7</td><td>67.9</td></tr><tr><td>Total Treasury notes</td><td>100.0</td><td>20.6</td><td>18.5</td><td>-.1</td><td>1.7</td><td>.2</td><td>1.5</td><td>5.0</td><td>74.4</td></tr><tr><td>Bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings</td><td>100.0</td><td>12.3</td><td>11.4</td><td>.1</td><td>.1</td><td>.1</td><td>.7</td><td>29.3</td><td>58.3</td></tr><tr><td>Panama Canal</td><td>100.0</td><td>1.2</td><td>1.1</td><td>-</td><td>.1</td><td>-</td><td>.1</td><td>-</td><td>98.8</td></tr><tr><td>Conversion</td><td>100.0</td><td>3.4</td><td>3.2</td><td>-</td><td>.2</td><td>-</td><td>.2</td><td>-</td><td>96.6</td></tr><tr><td>Total bonds</td><td>100.0</td><td>8.2</td><td>7.6</td><td>-.1</td><td>.5</td><td>-</td><td>.5</td><td>17.6</td><td>74.3</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>100.0</td><td>18.5</td><td>17.2</td><td>-.1</td><td>1.5</td><td>.2</td><td>1.4</td><td>6.8</td><td>74.4</td></tr><tr><td colspan="10">II. Partially exempt from Federal income taxes 2/</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></tr><tr><td>3-1/2% April 1944-46</td><td>100.0</td><td>11.5</td><td>6.9</td><td>-.6</td><td>4.0</td><td>.4</td><td>3.5</td><td>-</td><td>88.5</td></tr><tr><td>1/2% December 1944-54</td><td>100.0</td><td>53.2</td><td>40.6</td><td>2.8</td><td>9.8</td><td>6.7</td><td>3.1</td><td>9.0</td><td>37.9</td></tr><tr><td>2-3/4% September 1945-47</td><td>100.0</td><td>58.7</td><td>44.1</td><td>2.1</td><td>12.4</td><td>10.1</td><td>2.3</td><td>14.1</td><td>27.2</td></tr><tr><td>2-1/2% December 1945</td><td>100.0</td><td>70.6</td><td>60.9</td><td>1.5</td><td>8.2</td><td>3.6</td><td>4.6</td><td>3.3</td><td>26.1</td></tr><tr><td>3-1/2% March 1946-56</td><td>100.0</td><td>62.1</td><td>41.2</td><td>3.2</td><td>17.7</td><td>14.8</td><td>2.9</td><td>15.0</td><td>22.9</td></tr><tr><td>3% June 1946-48</td><td>100.0</td><td>59.6</td><td>41.7</td><td>1.1</td><td>14.1</td><td>11.3</td><td>2.8</td><td>20.2</td><td>20.2</td></tr><tr><td>3-1/8% June 1946-49</td><td>100.0</td><td>58.1</td><td>41.9</td><td>2.8</td><td>13.4</td><td>11.0</td><td>2.4</td><td>10.9</td><td>31.0</td></tr><tr><td>4-1/8% October 1947-52</td><td>100.0</td><td>56.0</td><td>39.4</td><td>4.0</td><td>12.6</td><td>8.1</td><td>4.5</td><td>10.7</td><td>33.3</td></tr><tr><td>2% December 1947</td><td>100.0</td><td>86.1</td><td>80.7</td><td>.4</td><td>5.0</td><td>.7</td><td>4.3</td><td>-</td><td>13.9</td></tr><tr><td>2-3/4% March 1948-51</td><td>100.0</td><td>76.8</td><td>64.6</td><td>2.1</td><td>10.0</td><td>7.0</td><td>2.9</td><td>13.1</td><td>10.1</td></tr><tr><td>2-1/2% September 1948</td><td>100.0</td><td>86.1</td><td>76.6</td><td>.9</td><td>8.7</td><td>5.1</td><td>3.5</td><td>-</td><td>13.9</td></tr><tr><td>2% December 1948-50</td><td>100.0</td><td>82.9</td><td>77.8</td><td>.5</td><td>4.4</td><td>.9</td><td>3.5</td><td>7.7</td><td>9.4</td></tr><tr><td>3-1/8% December 1949-52</td><td>100.0</td><td>78.3</td><td>60.0</td><td>4.1</td><td>14.2</td><td>8.9</td><td>5.3</td><td>8.2</td><td>13.5</td></tr><tr><td>2-1/2% December 1949-53</td><td>100.0</td><td>73.8</td><td>66.3</td><td>1.3</td><td>5.7</td><td>2.2</td><td>3.5</td><td>12.9</td><td>13.3</td></tr><tr><td>2-1/2% September 1950-52</td><td>100.0</td><td>87.3</td><td>75.8</td><td>3.4</td><td>8.0</td><td>3.3</td><td>4.7</td><td>9.9</td><td>2.9</td></tr><tr><td>3-1/2% June 1951-54</td><td>100.0</td><td>78.1</td><td>56.9</td><td>2.6</td><td>18.1</td><td>14.0</td><td>4.1</td><td>10.3</td><td>11.6</td></tr><tr><td>3% September 1951-55</td><td>100.0</td><td>53.9</td><td>39.4</td><td>3.5</td><td>11.0</td><td>7.1</td><td>3.9</td><td>10.5</td><td>35.6</td></tr><tr><td>2-1/4% December 1951-53</td><td>100.0</td><td>82.1</td><td>76.5</td><td>.6</td><td>4.8</td><td>1.5</td><td>3.3</td><td>9.6</td><td>8.3</td></tr><tr><td>2% June 1953-55</td><td>100.0</td><td>59.6</td><td>85.7</td><td>.4</td><td>3.5</td><td>.3</td><td>3.2</td><td>1.9</td><td>8.5</td></tr><tr><td>2-1/4% June 1954-56</td><td>100.0</td><td>82.3</td><td>68.6</td><td>.9</td><td>12.4</td><td>6.9</td><td>5.5</td><td>6.4</td><td>11.3</td></tr><tr><td>2-7/8% March 1955-60</td><td>100.0</td><td>50.9</td><td>33.8</td><td>2.8</td><td>13.0</td><td>8.0</td><td>5.0</td><td>13.9</td><td>35.2</td></tr><tr><td>2-3/4% September 1956-59</td><td>100.0</td><td>71.1</td><td>45.1</td><td>2.4</td><td>22.0</td><td>15.1</td><td>6.9</td><td>13.0</td><td>15.9</td></tr><tr><td>2-3/4% June 1958-63</td><td>100.0</td><td>79.0</td><td>42.5</td><td>2.7</td><td>31.7</td><td>23.7</td><td>8.1</td><td>7.6</td><td>13.4</td></tr><tr><td>2-3/4% December 1960-65</td><td>100.0</td><td>72.1</td><td>45.7</td><td>3.7</td><td>21.6</td><td>14.1</td><td>7.5</td><td>7.3</td><td>20.6</td></tr><tr><td>Total Treasury bonds</td><td>100.0</td><td>69.2</td><td>53.8</td><td>2.3</td><td>12.5</td><td>8.2</td><td>4.3</td><td>10.2</td><td>20.6</td></tr><tr><td>Guaranteed issues 3/</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 3% May 1944-49</td><td>100.0</td><td>23.0</td><td>15.7</td><td>-.3</td><td>6.9</td><td>6.4</td><td>.5</td><td>-</td><td>77.0</td></tr><tr><td>Federal Housing Administration debentures</td><td>100.0</td><td>58.6</td><td>31.1</td><td>3.7</td><td>53.9</td><td>52.6</td><td>1.4</td><td>5.1</td><td>6.1</td></tr><tr><td>Home Owners' Loan Corporation 3% May 1944-52</td><td>100.0</td><td>16.3</td><td>11.3</td><td>1.1</td><td>4.0</td><td>3.4</td><td>.6</td><td>-</td><td>83.7</td></tr><tr><td>1-1/2% June 1945-47</td><td>100.0</td><td>87.8</td><td>61.8</td><td>.5</td><td>5.7</td><td>4.8</td><td>1.0</td><td>.2</td><td>12.1</td></tr><tr><td>Total guaranteed issues</td><td>100.0</td><td>67.0</td><td>59.7</td><td>.6</td><td>6.6</td><td>5.8</td><td>.8</td><td>.2</td><td>32.8</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>100.0</td><td>69.1</td><td>54.1</td><td>2.3</td><td>12.2</td><td>8.1</td><td>4.2</td><td>9.8</td><td>21.2</td></tr></table>
(Continued on following page)
May 1944
51
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, March 31, 1944 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART B - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS-(Continued)
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total amount outstanding</th><th colspan="6">Held by banks and insurance companies covered in Treasury survey</th><th>Held by U.S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>Total 7,815 institutions</th><th>6,502 commercial banks</th><th>30 stock savings banks</th><th>529 mutual savings banks</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>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>100.0</td><td>35.2</td><td>35.0</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>.1</td><td>49.7</td><td>15.1</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>58.3</td><td>57.0</td><td>.1</td><td>.5</td><td>.7</td><td>.3</td><td>.4</td><td>15.7</td><td>26.0</td></tr><tr><td>7/8% May 1944</td><td>100.0</td><td>68.5</td><td>67.8</td><td>.1</td><td>.3</td><td>.4</td><td>*</td><td>.4</td><td>18.7</td><td>12.8</td></tr><tr><td>7/8% August 1944</td><td>100.0</td><td>67.9</td><td>66.0</td><td>.1</td><td>.2</td><td>1.6</td><td>.8</td><td>.7</td><td>23.3</td><td>8.8</td></tr><tr><td>7/8% September 1944</td><td>100.0</td><td>40.2</td><td>37.4</td><td>.2</td><td>.4</td><td>2.2</td><td>.9</td><td>1.3</td><td>8.7</td><td>51.2</td></tr><tr><td>7/8% October 1944</td><td>100.0</td><td>72.1</td><td>71.4</td><td>.1</td><td>.2</td><td>.5</td><td>.3</td><td>.3</td><td>15.9</td><td>12.0</td></tr><tr><td>7/8% December 1944</td><td>100.0</td><td>71.4</td><td>70.1</td><td>*</td><td>.2</td><td>1.1</td><td>.8</td><td>.3</td><td>10.3</td><td>18.3</td></tr><tr><td>7/8% February 1945</td><td>100.0</td><td>18.8</td><td>11.7</td><td>.2</td><td>1.9</td><td>5.1</td><td>2.5</td><td>2.6</td><td>.8</td><td>80.4</td></tr><tr><td>Total certificates of indebtedness</td><td>100.0</td><td>52.9</td><td>50.3</td><td>.1</td><td>.6</td><td>1.9</td><td>.9</td><td>1.0</td><td>11.8</td><td>35.2</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>74.3</td><td>69.4</td><td>*</td><td>1.1</td><td>3.8</td><td>2.9</td><td>.9</td><td>7.5</td><td>18.2</td></tr><tr><td>0.90% March 1945</td><td>100.0</td><td>75.5</td><td>74.9</td><td>.1</td><td>.2</td><td>.4</td><td>*</td><td>.3</td><td>10.3</td><td>14.2</td></tr><tr><td>1-1/4% March 1945</td><td>100.0</td><td>73.7</td><td>71.1</td><td>*</td><td>1.0</td><td>1.6</td><td>.9</td><td>.7</td><td>10.4</td><td>15.8</td></tr><tr><td>3/4% December 1945</td><td>100.0</td><td>78.1</td><td>70.8</td><td>*</td><td>1.9</td><td>5.5</td><td>3.6</td><td>1.9</td><td>4.7</td><td>17.2</td></tr><tr><td>1% March 1946</td><td>100.0</td><td>81.8</td><td>73.9</td><td>.2</td><td>1.5</td><td>6.1</td><td>4.7</td><td>1.4</td><td>.2</td><td>17.9</td></tr><tr><td>1-1/2% December 1946</td><td>100.0</td><td>80.4</td><td>76.4</td><td>*</td><td>2.3</td><td>1.6</td><td>.6</td><td>1.0</td><td>8.7</td><td>10.9</td></tr><tr><td>1-1/2% September 1947</td><td>100.0</td><td>83.2</td><td>78.3</td><td>.2</td><td>2.4</td><td>2.3</td><td>1.2</td><td>1.1</td><td>*</td><td>16.8</td></tr><tr><td>1-1/2% September 1948</td><td>100.0</td><td>73.5</td><td>70.9</td><td>.1</td><td>1.5</td><td>1.1</td><td>.4</td><td>.7</td><td>11.5</td><td>14.9</td></tr><tr><td>Total Treasury notes</td><td>100.0</td><td>77.5</td><td>74.0</td><td>.1</td><td>1.6</td><td>1.8</td><td>.9</td><td>.9</td><td>7.8</td><td>14.7</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>82.0</td><td>53.6</td><td>*</td><td>11.0</td><td>17.5</td><td>15.4</td><td>2.1</td><td>5.3</td><td>12.6</td></tr><tr><td>1-3/4% June 1948</td><td>100.0</td><td>81.1</td><td>71.2</td><td>.1</td><td>3.0</td><td>6.9</td><td>5.6</td><td>1.3</td><td>1.8</td><td>17.1</td></tr><tr><td>2% June 1949-51</td><td>100.0</td><td>91.6</td><td>70.2</td><td>*</td><td>8.1</td><td>13.3</td><td>11.9</td><td>1.4</td><td>2.2</td><td>6.2</td></tr><tr><td>2% September 1949-51</td><td>100.0</td><td>89.0</td><td>70.1</td><td>.1</td><td>8.9</td><td>9.9</td><td>8.3</td><td>1.6</td><td>.9</td><td>10.1</td></tr><tr><td>2% December 1949-51</td><td>100.0</td><td>83.3</td><td>68.7</td><td>.2</td><td>5.6</td><td>8.8</td><td>7.7</td><td>1.0</td><td>.6</td><td>16.2</td></tr><tr><td>2% March 1950-52</td><td>100.0</td><td>91.4</td><td>72.3</td><td>.2</td><td>7.3</td><td>11.5</td><td>10.3</td><td>1.3</td><td>1.3</td><td>7.3</td></tr><tr><td>2% September 1950-52</td><td>100.0</td><td>72.2</td><td>53.3</td><td>.1</td><td>6.4</td><td>12.5</td><td>11.1</td><td>1.4</td><td>2.6</td><td>25.1</td></tr><tr><td>2% September 1951-53</td><td>100.0</td><td>68.1</td><td>47.6</td><td>.2</td><td>9.3</td><td>10.9</td><td>9.1</td><td>1.8</td><td>3.7</td><td>28.2</td></tr><tr><td>2% December 1951-55</td><td>100.0</td><td>78.6</td><td>68.6</td><td>.4</td><td>2.9</td><td>6.8</td><td>5.1</td><td>1.7</td><td>3.4</td><td>18.0</td></tr><tr><td>2-1/2% March 1952-54</td><td>100.0</td><td>72.3</td><td>28.5</td><td>*</td><td>30.3</td><td>13.6</td><td>12.5</td><td>1.1</td><td>6.6</td><td>21.0</td></tr><tr><td>2-1/4% June 1952-55</td><td>100.0</td><td>81.1</td><td>46.3</td><td>*</td><td>19.5</td><td>15.2</td><td>13.4</td><td>1.8</td><td>4.6</td><td>14.3</td></tr><tr><td>2-1/2% March 1956-58</td><td>100.0</td><td>75.8</td><td>18.4</td><td>.6</td><td>20.8</td><td>36.0</td><td>34.7</td><td>1.3</td><td>4.1</td><td>20.0</td></tr><tr><td>2-1/4% September 1956-59</td><td>100.0</td><td>56.5</td><td>7.3</td><td>.6</td><td>27.6</td><td>21.0</td><td>18.6</td><td>2.4</td><td>2.4</td><td>41.1</td></tr><tr><td>2-1/2% June 1962-67</td><td>100.0</td><td>71.0</td><td>-</td><td>.2</td><td>9.4</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>65.1</td><td>-</td><td>.2</td><td>16.7</td><td>48.2</td><td>47.0</td><td>1.2</td><td>9.5</td><td>25.3</td></tr><tr><td>2-1/2% June 1964-69</td><td>100.0</td><td>57.3</td><td>-</td><td>.3</td><td>14.6</td><td>42.4</td><td>41.3</td><td>1.1</td><td>11.0</td><td>31.7</td></tr><tr><td>2-1/2% December 1964-69</td><td>100.0</td><td>50.8</td><td>-</td><td>.2</td><td>9.3</td><td>41.3</td><td>40.2</td><td>1.1</td><td>13.4</td><td>35.8</td></tr><tr><td>2-1/2% March 1965-70</td><td>100.0</td><td>50.4</td><td>1.1</td><td>.3</td><td>2.2</td><td>46.8</td><td>45.7</td><td>1.1</td><td>11.3</td><td>38.2</td></tr><tr><td>2-1/2% September 1967-72</td><td>100.0</td><td>65.0</td><td>31.5</td><td>.7</td><td>11.6</td><td>21.1</td><td>19.8</td><td>1.4</td><td>11.9</td><td>23.1</td></tr><tr><td>Total Treasury bonds</td><td>100.0</td><td>69.0</td><td>33.4</td><td>.2</td><td>11.5</td><td>23.9</td><td>22.4</td><td>1.5</td><td>5.9</td><td>25.2</td></tr><tr><td>Guaranteed issues 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 1-1/8% February 1945</td><td>100.0</td><td>89.2</td><td>85.5</td><td>*</td><td>1.4</td><td>2.3</td><td>1.3</td><td>1.0</td><td>1.0</td><td>9.8</td></tr><tr><td>Reconstruction Finance Corporation 1% April 1944</td><td>100.0</td><td>99.0</td><td>94.2</td><td>.1</td><td>.6</td><td>4.1</td><td>1.1</td><td>2.9</td><td>-</td><td>1.0</td></tr><tr><td>Total guaranteed issues</td><td>100.0</td><td>89.5</td><td>85.7</td><td>*</td><td>1.3</td><td>2.4</td><td>1.3</td><td>1.1</td><td>1.0</td><td>9.6</td></tr><tr><td>Total subject to Federal income taxes</td><td>100.0</td><td>62.0</td><td>43.9</td><td>.2</td><td>5.9</td><td>12.1</td><td>11.0</td><td>1.1</td><td>13.2</td><td>24.8</td></tr><tr><td>IV. Grand total</td><td>100.0</td><td>62.9</td><td>45.6</td><td>.2</td><td>5.1</td><td>12.0</td><td>10.3</td><td>1.7</td><td>12.5</td><td>24.6</td></tr></table>
Back Figures: For reclassification of date on commercial, stock savings, and mutual savings banks for November 1943 through February 1944, see pages 52-57. 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 interest-bearing securities include all interest-bearing securities outstanding except (1) special issues to Government agencies and trust funds, (2) adjusted service bonds, (3) depository bonds, (4) United States savings bonds, (5) Treasury savings notes, (6) Commodity Credit Corporation demand obligations, and (7) Reconstruction Finance Corporation notes, Series I-A, I-B, and I-C. Such obligations were held by institutions reporting, as follows: (1) depository bonds: commercial banks, $409 millions; (2) United States savings bonds: commercial banks, $465 millions; stock savings banks, $5 millions; mutual savings banks, $150 millions; insurance companies, $137 mil-
1/ 1. Commercial banks, $57 millions; stock savings banks, $1 million; insurance companies, $24 millions; all institutions, $82 millions; (4) Commodity Credit Corporation demand obligations; holdings of these obligations are not reported; (5) Reconstructio Finance Corporation notes, Series I-A, I-B, and I-C. These notes are held entirely by U. S. Government agencies and trust funds. 
2/ Excludes Exchange Stabilization Fund. 
3/ Securites the income from which is exempt from the normal rates and the surtax rates of the Federal income tax. 
4/ 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.) 
5/ Excludes obligations sold directly to the Treasury.
52
Treasury Bulletin
Reclassification of Data on Banks Covered in Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States
The following tables present for the period November 30, 1943 through February 29, 1944, the new classification of data on banks covered in the Treasury survey of ownership of securities issued or guaranteed by the United States. This new classification is used for the first time in the Treasury survey for March 31, 1944 which appears on pages 46-51.
Table I.- Analysis of Ownership by Type of Security, by Call Classes, and by Tax-Exemption Provisions
PART A - PAR VALUES IN MILLIONS OF DOLLARS
<table><tr><th>Classification</th><th colspan="3">November 30, 1943</th><th colspan="3">December 31, 1943</th><th colspan="3">January 31, 1944</th><th colspan="3">February 29, 1944</th></tr><tr><th></th><th>6,219 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,238 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,290 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,398 commercial banks</th><th>22 stock savings banks</th><th>491 mutual savings banks</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><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><td></td><td></td></tr><tr><td>Treasury bills</td><td>5,643</td><td>*</td><td>9</td><td>4,716</td><td>-</td><td>12</td><td>4,904</td><td>-</td><td>11</td><td>5,484</td><td>-</td><td>5</td></tr><tr><td>Certificates of indebtedness</td><td>13,159</td><td>18</td><td>171</td><td>12,684</td><td>17</td><td>208</td><td>13,335</td><td>17</td><td>128</td><td>13,030</td><td>19</td><td>159</td></tr><tr><td>Treasury notes</td><td>7,546</td><td>6</td><td>192</td><td>7,383</td><td>6</td><td>197</td><td>7,366</td><td>6</td><td>171</td><td>9,039</td><td>7</td><td>175</td></tr><tr><td>Treasury bonds</td><td>27,912</td><td>164</td><td>5,497</td><td>28,099</td><td>165</td><td>5,506</td><td>28,835</td><td>166</td><td>5,235</td><td>29,788</td><td>188</td><td>6,118</td></tr><tr><td>Other bonds</td><td>14</td><td>*</td><td>*</td><td>14</td><td>*</td><td>*</td><td>15</td><td>*</td><td>*</td><td>15</td><td>*</td><td>*</td></tr><tr><td>Guaranteed issues</td><td>2,486</td><td>1</td><td>41</td><td>2,465</td><td>1</td><td>38</td><td>2,528</td><td>1</td><td>34</td><td>2,458</td><td>1</td><td>30</td></tr><tr><td>Total</td><td>56,761</td><td>190</td><td>5,911</td><td>55,359</td><td>190</td><td>5,962</td><td>56,983</td><td>191</td><td>5,579</td><td>59,814</td><td>215</td><td>6,488</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><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><td></td><td></td></tr><tr><td>Within 1 year</td><td>21,777</td><td>19</td><td>256</td><td>20,647</td><td>18</td><td>329</td><td>21,594</td><td>18</td><td>219</td><td>22,283</td><td>20</td><td>247</td></tr><tr><td>1 to 5 years</td><td>14,742</td><td>12</td><td>644</td><td>14,706</td><td>13</td><td>603</td><td>14,708</td><td>13</td><td>576</td><td>16,029</td><td>11</td><td>568</td></tr><tr><td>5 to 10 years</td><td>16,506</td><td>44</td><td>2,500</td><td>16,247</td><td>43</td><td>2,545</td><td>16,805</td><td>44</td><td>2,353</td><td>17,245</td><td>45</td><td>2,254</td></tr><tr><td>10 to 15 years</td><td>2,233</td><td>67</td><td>471</td><td>2,273</td><td>67</td><td>438</td><td>2,373</td><td>67</td><td>442</td><td>2,680</td><td>85</td><td>1,415</td></tr><tr><td>15 to 20 years</td><td>617</td><td>12</td><td>273</td><td>623</td><td>17</td><td>762</td><td>646</td><td>17</td><td>753</td><td>685</td><td>17</td><td>726</td></tr><tr><td>Over 20 years</td><td>878</td><td>36</td><td>1,767</td><td>856</td><td>31</td><td>1,284</td><td>850</td><td>31</td><td>1,236</td><td>885</td><td>37</td><td>1,277</td></tr><tr><td>Federal Housing Administration debentures</td><td>7</td><td>*</td><td>1</td><td>7</td><td>*</td><td>1</td><td>7</td><td>*</td><td>1</td><td>7</td><td>*</td><td>1</td></tr><tr><td>Total</td><td>56,761</td><td>190</td><td>5,911</td><td>55,359</td><td>190</td><td>5,962</td><td>56,983</td><td>191</td><td>5,579</td><td>59,814</td><td>215</td><td>6,488</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><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>583</td><td>*</td><td>4</td><td>469</td><td>*</td><td>3</td><td>467</td><td>*</td><td>2</td><td>494</td><td>*</td><td>1</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>14,562</td><td>88</td><td>772</td><td>14,496</td><td>97</td><td>712</td><td>14,892</td><td>88</td><td>666</td><td>15,056</td><td>89</td><td>603</td></tr><tr><td>Subject to Federal income taxes</td><td>41,615</td><td>102</td><td>5,135</td><td>40,395</td><td>93</td><td>5,248</td><td>41,624</td><td>103</td><td>4,911</td><td>44,264</td><td>126</td><td>5,883</td></tr><tr><td>Total</td><td>56,761</td><td>190</td><td>5,911</td><td>55,359</td><td>190</td><td>5,962</td><td>56,983</td><td>191</td><td>5,579</td><td>59,814</td><td>215</td><td>6,488</td></tr></table>
(Continued on following page)
May 1944
53
Reclassification of Data on Banks Covered in Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States - (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>Classification</th><th colspan="3">November 30, 1943</th><th colspan="3">December 31, 1943</th><th colspan="3">January 31, 1944</th><th colspan="3">February 29, 1944</th></tr><tr><th></th><th>6,219 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,238 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,290 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,398 commercial banks</th><th>22 stock savings banks</th><th>491 mutual savings banks</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><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><td></td><td></td></tr><tr><td>Treasury bills</td><td>9.9</td><td>.2</td><td>.2</td><td>8.5</td><td>-</td><td>.2</td><td>8.6</td><td>-</td><td>.2</td><td>9.2</td><td>-</td><td>.1</td></tr><tr><td>Certificates of indebtedness</td><td>23.2</td><td>9.2</td><td>2.9</td><td>22.9</td><td>9.2</td><td>3.5</td><td>23.4</td><td>9.1</td><td>2.3</td><td>21.8</td><td>8.9</td><td>2.5</td></tr><tr><td>Treasury notes</td><td>13.3</td><td>3.4</td><td>3.2</td><td>13.3</td><td>3.3</td><td>3.3</td><td>12.9</td><td>3.4</td><td>3.1</td><td>15.1</td><td>3.4</td><td>2.7</td></tr><tr><td>Treasury bonds</td><td>49.2</td><td>86.7</td><td>93.0</td><td>50.5</td><td>87.0</td><td>92.3</td><td>50.6</td><td>87.0</td><td>93.8</td><td>49.8</td><td>87.2</td><td>94.3</td></tr><tr><td>Other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed issues</td><td>4.4</td><td>.5</td><td>.7</td><td>4.5</td><td>.5</td><td>.6</td><td>4.4</td><td>.5</td><td>.6</td><td>4.1</td><td>.5</td><td>.5</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><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><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><td></td><td></td></tr><tr><td>Within 1 year</td><td>38.4</td><td>9.9</td><td>4.3</td><td>37.3</td><td>9.7</td><td>5.5</td><td>37.9</td><td>9.6</td><td>3.9</td><td>37.3</td><td>9.4</td><td>3.8</td></tr><tr><td>1 to 5 years</td><td>26.0</td><td>6.3</td><td>10.9</td><td>26.6</td><td>6.9</td><td>10.1</td><td>25.4</td><td>7.0</td><td>10.3</td><td>26.8</td><td>5.2</td><td>8.8</td></tr><tr><td>5 to 10 years</td><td>29.1</td><td>23.4</td><td>42.3</td><td>29.3</td><td>22.8</td><td>42.7</td><td>29.5</td><td>23.1</td><td>42.2</td><td>28.5</td><td>20.9</td><td>34.7</td></tr><tr><td>10 to 15 years</td><td>3.9</td><td>35.3</td><td>8.0</td><td>4.1</td><td>35.2</td><td>7.3</td><td>4.2</td><td>35.0</td><td>7.9</td><td>4.5</td><td>39.6</td><td>21.5</td></tr><tr><td>15 to 20 years</td><td>1.1</td><td>6.1</td><td>4.6</td><td>1.1</td><td>8.7</td><td>12.8</td><td>1.1</td><td>8.8</td><td>13.5</td><td>1.1</td><td>7.8</td><td>11.2</td></tr><tr><td>Over 20 years</td><td>1.5</td><td>19.0</td><td>29.9</td><td>1.5</td><td>16.5</td><td>21.5</td><td>1.5</td><td>16.5</td><td>22.2</td><td>1.5</td><td>17.1</td><td>19.7</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><td></td><td></td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><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><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>1.0</td><td>.1</td><td>.1</td><td>.8</td><td>.1</td><td></td><td>.8</td><td>.1</td><td></td><td>.8</td><td>.1</td><td></td></tr><tr><td>Partially exempt from Federal income taxes</td><td>25.7</td><td>46.3</td><td>13.1</td><td>26.2</td><td>51.0</td><td>11.9</td><td>26.1</td><td>45.9</td><td>11.9</td><td>25.2</td><td>41.3</td><td>9.3</td></tr><tr><td>Subject to Federal income taxes</td><td>73.3</td><td>53.6</td><td>86.9</td><td>73.0</td><td>48.9</td><td>88.0</td><td>73.0</td><td>54.0</td><td>88.0</td><td>74.0</td><td>58.6</td><td>90.7</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
PART C - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
<table><tr><th>Classification</th><th colspan="3">November 30, 1943</th><th colspan="3">December 31, 1943</th><th colspan="3">January 31, 1944</th><th colspan="3">February 29, 1944</th></tr><tr><th></th><th>6,219 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,238 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,290 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,398 commercial banks</th><th>22 stock savings banks</th><th>491 mutual savings banks</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><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><td></td><td></td></tr><tr><td>Treasury bills</td><td>43.2</td><td>*</td><td>.1</td><td>36.1</td><td>-</td><td>.1</td><td>37.4</td><td>-</td><td>.1</td><td>41.8</td><td>-</td><td>*</td></tr><tr><td>Certificate of indebtedness</td><td>57.0</td><td>.1</td><td>.7</td><td>55.5</td><td>.1</td><td>.9</td><td>58.4</td><td>.1</td><td>.6</td><td>50.7</td><td>.1</td><td>.6</td></tr><tr><td>Treasury notes</td><td>65.1</td><td>.1</td><td>1.7</td><td>66.1</td><td>.1</td><td>1.8</td><td>65.9</td><td>.1</td><td>1.5</td><td>68.0</td><td>.1</td><td>1.3</td></tr><tr><td>Treasury bonds</td><td>41.1</td><td>.2</td><td>8.1</td><td>41.4</td><td>.2</td><td>8.1</td><td>42.4</td><td>.2</td><td>7.7</td><td>40.3</td><td>.3</td><td>8.3</td></tr><tr><td>Other bonds</td><td>7.1</td><td>*</td><td>.1</td><td>6.9</td><td>*</td><td>*</td><td>7.7</td><td>*</td><td>*</td><td>7.6</td><td>*</td><td>*</td></tr><tr><td>Guaranteed issues</td><td>62.8</td><td>*</td><td>1.0</td><td>61.3</td><td>*</td><td>.9</td><td>62.0</td><td>*</td><td>.8</td><td>70.9</td><td>*</td><td>.9</td></tr><tr><td>Total</td><td>47.4</td><td>.2</td><td>4.9</td><td>46.4</td><td>.2</td><td>5.0</td><td>47.7</td><td>.2</td><td>4.7</td><td>46.1</td><td>.2</td><td>5.0</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><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><td></td><td></td></tr><tr><td>Within 1 year</td><td>51.3</td><td>*</td><td>.6</td><td>48.2</td><td>*</td><td>.8</td><td>49.8</td><td>*</td><td>.5</td><td>48.4</td><td>*</td><td>.5</td></tr><tr><td>1 to 5 years</td><td>63.2</td><td>.1</td><td>2.8</td><td>64.1</td><td>.1</td><td>2.6</td><td>65.4</td><td>.1</td><td>2.6</td><td>66.2</td><td>*</td><td>2.3</td></tr><tr><td>5 to 10 years</td><td>54.0</td><td>.1</td><td>8.2</td><td>54.1</td><td>.1</td><td>8.5</td><td>56.0</td><td>.1</td><td>7.8</td><td>57.5</td><td>.2</td><td>7.5</td></tr><tr><td>10 to 15 years</td><td>33.6</td><td>1.0</td><td>7.1</td><td>34.2</td><td>1.0</td><td>6.6</td><td>35.7</td><td>1.0</td><td>6.7</td><td>25.9</td><td>.8</td><td>13.7</td></tr><tr><td>15 to 20 years</td><td>16.9</td><td>.3</td><td>7.5</td><td>9.6</td><td>.3</td><td>11.7</td><td>10.0</td><td>.3</td><td>11.6</td><td>10.6</td><td>.3</td><td>11.2</td></tr><tr><td>Over 20 years</td><td>6.7</td><td>.3</td><td>13.4</td><td>8.3</td><td>.3</td><td>12.4</td><td>8.2</td><td>.3</td><td>12.0</td><td>7.1</td><td>.3</td><td>10.2</td></tr><tr><td>Federal Housing Administration debentures</td><td>30.9</td><td>*</td><td>3.0</td><td>31.9</td><td>*</td><td>3.0</td><td>31.3</td><td>.1</td><td>3.0</td><td>30.6</td><td>.1</td><td>3.7</td></tr><tr><td>Total</td><td>47.4</td><td>.2</td><td>4.9</td><td>46.4</td><td>.2</td><td>5.0</td><td>47.7</td><td>.2</td><td>4.7</td><td>46.1</td><td>.2</td><td>5.0</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><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>22.9</td><td>*</td><td>.2</td><td>22.0</td><td>*</td><td>.1</td><td>21.9</td><td>*</td><td>.1</td><td>23.2</td><td>*</td><td>.1</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>53.3</td><td>.3</td><td>2.8</td><td>53.0</td><td>.4</td><td>2.6</td><td>54.5</td><td>.3</td><td>2.4</td><td>55.3</td><td>.3</td><td>2.2</td></tr><tr><td>Subject to Federal income taxes</td><td>46.2</td><td>.1</td><td>5.7</td><td>45.0</td><td>.1</td><td>5.8</td><td>46.3</td><td>.1</td><td>5.5</td><td>44.1</td><td>.1</td><td>5.9</td></tr><tr><td>Total</td><td>47.4</td><td>.2</td><td>4.9</td><td>46.4</td><td>.2</td><td>5.0</td><td>47.7</td><td>.2</td><td>4.7</td><td>46.1</td><td>.2</td><td>5.0</td></tr></table>
Less than $500,000 or less than .05%.
54
Treasury Bulletin
Reclassification of Data on Banks Covered in Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding
PART A - PAR VALUES IN MILLIONS OF DOLLARS
<table><tr><th colspan="2">Issue, classified by tax-exemption provision</th><th colspan="3">November 30, 1943</th><th colspan="3">December 31, 1943</th><th colspan="3">January 31, 1944</th><th colspan="3">February 29, 1944</th></tr><tr><th></th><th></th><th>6,219 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,238 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,290 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,398 commercial banks</th><th>22 stock savings banks</th><th>491 mutual savings banks</th></tr><tr><td colspan="2">I. Wholly exempt from Federal income taxes</td><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="2">Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/8%</td><td>December 1943</td><td>112</td><td>*</td><td>1</td><td>118</td><td>...</td><td>1</td><td>140</td><td>...</td><td>1</td><td>168</td><td>...</td><td>*</td></tr><tr><td>1%</td><td>March 1944</td><td>129</td><td>-</td><td>1</td><td>105</td><td>*</td><td>1</td><td>97</td><td>*</td><td>*</td><td>93</td><td>*</td><td>1</td></tr><tr><td>3/4%</td><td>June 1944</td><td>108</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%</td><td>September 1944</td><td>23</td><td>*</td><td>*</td><td>25</td><td>*</td><td>1</td><td>25</td><td>*</td><td>1</td><td>30</td><td>*</td><td>1</td></tr><tr><td>3/4%</td><td>March 1945</td><td>198</td><td>-</td><td>1</td><td>205</td><td>*</td><td>1</td><td>190</td><td>*</td><td>1</td><td>187</td><td>*</td><td>1</td></tr><tr><td colspan="2">Total Treasury notes</td><td>570</td><td>*</td><td>4</td><td>455</td><td>*</td><td>2</td><td>452</td><td>*</td><td>2</td><td>479</td><td>*</td><td>1</td></tr><tr><td colspan="2">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 colspan="2">Postal savings</td><td>13</td><td>*</td><td>*</td><td>12</td><td>*</td><td>*</td><td>14</td><td>*</td><td>*</td><td>14</td><td>*</td><td>*</td></tr><tr><td colspan="2">Panama Canal</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td colspan="2">Conversion</td><td>1</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td colspan="2">Total bonds</td><td>14</td><td>*</td><td>*</td><td>14</td><td>*</td><td>*</td><td>15</td><td>*</td><td>*</td><td>15</td><td>*</td><td>*</td></tr><tr><td colspan="2">Total wholly exempt from Federal income taxes</td><td>583</td><td>*</td><td>4</td><td>469</td><td>*</td><td>3</td><td>467</td><td>*</td><td>2</td><td>494</td><td>*</td><td>1</td></tr><tr><td colspan="2">II. Partially exempt from Federal income taxes</td><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="2">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><td></td></tr><tr><td>3-1/4%</td><td>April 1944-46</td><td>603</td><td>*</td><td>33</td><td>583</td><td>*</td><td>33</td><td>641</td><td>*</td><td>18</td><td>774</td><td>*</td><td>20</td></tr><tr><td>1/2%</td><td>December 1944-5</td><td>444</td><td>*</td><td>37</td><td>452</td><td>*</td><td>36</td><td>437</td><td>*</td><td>30</td><td>428</td><td>*</td><td>30</td></tr><tr><td>2-3/4%</td><td>September 1945-47</td><td>561</td><td>*</td><td>35</td><td>559</td><td>*</td><td>34</td><td>555</td><td>*</td><td>31</td><td>547</td><td>*</td><td>29</td></tr><tr><td>2-1/2%</td><td>December 1945</td><td>358</td><td>*</td><td>12</td><td>356</td><td>*</td><td>12</td><td>354</td><td>*</td><td>10</td><td>348</td><td>*</td><td>9</td></tr><tr><td>3-1/4%</td><td>March 1946-56</td><td>204</td><td>-</td><td>17</td><td>204</td><td>-</td><td>17</td><td>209</td><td>-</td><td>16</td><td>213</td><td>-</td><td>16</td></tr><tr><td>3%</td><td>June 1946-48</td><td>425</td><td>*</td><td>46</td><td>425</td><td>*</td><td>46</td><td>442</td><td>*</td><td>43</td><td>441</td><td>*</td><td>42</td></tr><tr><td>3-1/8%</td><td>June 1946-49</td><td>330</td><td>-</td><td>32</td><td>322</td><td>-</td><td>31</td><td>331</td><td>-</td><td>25</td><td>336</td><td>-</td><td>24</td></tr><tr><td>4-1/4%</td><td>October 1947-52</td><td>281</td><td>-</td><td>36</td><td>283</td><td>-</td><td>35</td><td>290</td><td>-</td><td>33</td><td>290</td><td>-</td><td>32</td></tr><tr><td>2%</td><td>December 1947</td><td>564</td><td>*</td><td>8</td><td>561</td><td>*</td><td>7</td><td>567</td><td>*</td><td>3</td><td>560</td><td>*</td><td>3</td></tr><tr><td>2-3/4%</td><td>March 1948-51</td><td>787</td><td>*</td><td>34</td><td>768</td><td>*</td><td>33</td><td>788</td><td>*</td><td>28</td><td>791</td><td>*</td><td>27</td></tr><tr><td>2-1/2%</td><td>September 1948</td><td>348</td><td>*</td><td>6</td><td>349</td><td>*</td><td>6</td><td>350</td><td>*</td><td>5</td><td>346</td><td>*</td><td>4</td></tr><tr><td>2%</td><td>December 1948-50</td><td>439</td><td>1</td><td>3</td><td>443</td><td>1</td><td>2</td><td>449</td><td>1</td><td>3</td><td>451</td><td>1</td><td>3</td></tr><tr><td>3-1/8%</td><td>December 1949-52</td><td>283</td><td>*</td><td>23</td><td>269</td><td>*</td><td>22</td><td>296</td><td>*</td><td>21</td><td>292</td><td>*</td><td>21</td></tr><tr><td>2-1/2%</td><td>December 1949-53</td><td>1,165</td><td>9</td><td>33</td><td>1,173</td><td>9</td><td>28</td><td>1,173</td><td>9</td><td>26</td><td>1,191</td><td>9</td><td>25</td></tr><tr><td>2-1/2%</td><td>September 1950-52</td><td>869</td><td>*</td><td>35</td><td>834</td><td>1</td><td>40</td><td>921</td><td>*</td><td>45</td><td>896</td><td>2</td><td>30</td></tr><tr><td>2-3/4%</td><td>June 1951-54</td><td>880</td><td>8</td><td>62</td><td>853</td><td>8</td><td>59</td><td>898</td><td>8</td><td>55</td><td>909</td><td>8</td><td>51</td></tr><tr><td>3%</td><td>September 1951-55</td><td>292</td><td>*</td><td>32</td><td>259</td><td>*</td><td>21</td><td>274</td><td>*</td><td>24</td><td>326</td><td>*</td><td>19</td></tr><tr><td>2-1/4%</td><td>December 1951-53</td><td>832</td><td>*</td><td>18</td><td>846</td><td>8</td><td>5</td><td>843</td><td>*</td><td>7</td><td>854</td><td>*</td><td>7</td></tr><tr><td>2%</td><td>June 1953-55</td><td>625</td><td>1</td><td>5</td><td>618</td><td>1</td><td>3</td><td>619</td><td>1</td><td>5</td><td>622</td><td>1</td><td>2</td></tr><tr><td>2-1/4%</td><td>June 1954-56</td><td>457</td><td>2</td><td>9</td><td>446</td><td>2</td><td>9</td><td>468</td><td>2</td><td>8</td><td>466</td><td>2</td><td>8</td></tr><tr><td>2-7/8%</td><td>March 1955-60</td><td>768</td><td>27</td><td>88</td><td>795</td><td>27</td><td>78</td><td>832</td><td>27</td><td>80</td><td>853</td><td>27</td><td>74</td></tr><tr><td>2-3/4%</td><td>September 1956-59</td><td>417</td><td>14</td><td>28</td><td>422</td><td>14</td><td>18</td><td>440</td><td>14</td><td>21</td><td>428</td><td>14</td><td>28</td></tr><tr><td>2-3/4%</td><td>June 1958-65</td><td>351</td><td>16</td><td>31</td><td>368</td><td>16</td><td>25</td><td>385</td><td>16</td><td>26</td><td>396</td><td>16</td><td>25</td></tr><tr><td>2-3/4%</td><td>December 1960-65</td><td>617</td><td>7</td><td>80</td><td>622</td><td>7</td><td>80</td><td>645</td><td>7</td><td>79</td><td>684</td><td>8</td><td>53</td></tr><tr><td colspan="2">Total Treasury bonds</td><td>12,899</td><td>87</td><td>742</td><td>12,858</td><td>96</td><td>684</td><td>13,205</td><td>87</td><td>642</td><td>13,442</td><td>88</td><td>582</td></tr><tr><td colspan="2">Guaranteed 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 colspan="2">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><td></td></tr><tr><td>3-1/4%</td><td>March 1944-64</td><td>32</td><td>*</td><td>6</td><td>27</td><td>*</td><td>6</td><td>45</td><td>*</td><td>5</td><td>50</td><td>*</td><td>3</td></tr><tr><td>3%</td><td>May 1944-49</td><td>485</td><td>*</td><td>7</td><td>484</td><td>*</td><td>6</td><td>499</td><td>*</td><td>5</td><td>497</td><td>*</td><td>5</td></tr><tr><td colspan="2">Federal Housing Administration debentures</td><td>7</td><td>*</td><td>1</td><td>7</td><td>*</td><td>1</td><td>7</td><td>*</td><td>1</td><td>7</td><td>*</td><td>1</td></tr><tr><td colspan="2">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><td></td></tr><tr><td>3%</td><td>May 1944-52</td><td>429</td><td>*</td><td>12</td><td>410</td><td>*</td><td>12</td><td>435</td><td>*</td><td>10</td><td>434</td><td>*</td><td>9</td></tr><tr><td>1-1/2%</td><td>June 1945-47</td><td>626</td><td>*</td><td>4</td><td>629</td><td>*</td><td>4</td><td>625</td><td>*</td><td>3</td><td>625</td><td>*</td><td>4</td></tr><tr><td colspan="2">Federal Public Housing Authority</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/8%</td><td>February 1944</td><td>85</td><td>*</td><td>*</td><td>80</td><td>*</td><td>*</td><td>77</td><td>*</td><td>*</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td colspan="2">Total guaranteed issues</td><td>1,663</td><td>1</td><td>29</td><td>1,638</td><td>1</td><td>28</td><td>1,688</td><td>1</td><td>24</td><td>1,614</td><td>1</td><td>21</td></tr><tr><td colspan="2">Total partially exempt from Federal income taxes</td><td>14,562</td><td>88</td><td>772</td><td>14,496</td><td>97</td><td>712</td><td>14,892</td><td>88</td><td>666</td><td>15,056</td><td>89</td><td>603</td></tr></table>
(Continued on following page)
May 1944
55
Reclassification of Data on Banks Covered in Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART A - PAR VALUES IN MILLIONS OF DOLLARS - (Continued)
<table><tr><th>Issue, classified by tax-exemption provision</th><th colspan="3">November 30, 1943</th><th colspan="3">December 31, 1943</th><th colspan="3">January 31, 1944</th><th colspan="3">February 29, 1944</th></tr><tr><th></th><th>6,219 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,238 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,290 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,398 commercial banks</th><th>22 stock savings banks</th><th>491 mutual savings banks</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><td></td><td></td></tr><tr><td>Treasury bills</td><td>5,643</td><td>*</td><td>9</td><td>4,716</td><td>-</td><td>12</td><td>4,904</td><td>-</td><td>11</td><td>5,484</td><td>-</td><td>5</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><td></td><td></td></tr><tr><td>7/8% December 1943</td><td>2,425</td><td>1</td><td>16</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% February 1944</td><td>1,470</td><td>1</td><td>13</td><td>1,379</td><td>1</td><td>15</td><td>1,547</td><td>*</td><td>10</td><td></td><td></td><td></td></tr><tr><td>7/8% April 1944</td><td>2,642</td><td>6</td><td>18</td><td>2,568</td><td>6</td><td>41</td><td>2,690</td><td>6</td><td>27</td><td>2,970</td><td>2</td><td>24</td></tr><tr><td>7/8% May 1944</td><td>1,245</td><td>1</td><td>5</td><td>1,178</td><td>1</td><td>4</td><td>1,144</td><td>1</td><td>4</td><td>1,155</td><td>1</td><td>3</td></tr><tr><td>7/8% August 1944</td><td>1,951</td><td>3</td><td>7</td><td>1,804</td><td>3</td><td>17</td><td>1,759</td><td>3</td><td>6</td><td>1,762</td><td>3</td><td>4</td></tr><tr><td>7/8% September 1944</td><td>608</td><td>6</td><td>92</td><td>751</td><td>6</td><td>98</td><td>1,159</td><td>6</td><td>59</td><td>1,619</td><td>6</td><td>16</td></tr><tr><td>7/8% October 1944</td><td>2,619</td><td>1</td><td>21</td><td>2,502</td><td>1</td><td>15</td><td>2,537</td><td>1</td><td>12</td><td>2,579</td><td>1</td><td>7</td></tr><tr><td>7/8% December 1944</td><td></td><td></td><td></td><td>2,443</td><td>1</td><td>19</td><td>2,499</td><td>1</td><td>10</td><td>2,550</td><td>1</td><td>8</td></tr><tr><td>7/8% February 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>395</td><td>6</td><td>98</td></tr><tr><td>Total certificates of indebtedness</td><td>13,159</td><td>18</td><td>172</td><td>12,684</td><td>17</td><td>208</td><td>13,335</td><td>17</td><td>128</td><td>13,030</td><td>19</td><td>159</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><td></td></tr><tr><td>3/4% September 1944</td><td>469</td><td>*</td><td>9</td><td>451</td><td>*</td><td>9</td><td>454</td><td>*</td><td>7</td><td>437</td><td>*</td><td>6</td></tr><tr><td>.90% March 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1,603</td><td>*</td><td>3</td></tr><tr><td>1-1/4% March 1945</td><td>1,119</td><td>1</td><td>20</td><td>1,104</td><td>1</td><td>20</td><td>1,125</td><td>1</td><td>17</td><td>1,134</td><td>1</td><td>16</td></tr><tr><td>3/4% December 1945</td><td>398</td><td>*</td><td>12</td><td>393</td><td>*</td><td>13</td><td>382</td><td>*</td><td>10</td><td>382</td><td>*</td><td>10</td></tr><tr><td>1% March 1946</td><td>387</td><td>*</td><td>10</td><td>392</td><td>*</td><td>9</td><td>383</td><td>*</td><td>8</td><td>376</td><td>1</td><td>6</td></tr><tr><td>1-1/2% December 1946</td><td>2,514</td><td>1</td><td>71</td><td>2,496</td><td>1</td><td>71</td><td>2,492</td><td>1</td><td>67</td><td>2,500</td><td>1</td><td>69</td></tr><tr><td>1-1/2% September 1947</td><td>2,089</td><td>5</td><td>66</td><td>2,092</td><td>5</td><td>72</td><td>2,077</td><td>5</td><td>60</td><td>2,129</td><td>4</td><td>63</td></tr><tr><td>Total Treasury notes</td><td>6,977</td><td>6</td><td>188</td><td>6,927</td><td>6</td><td>195</td><td>6,915</td><td>6</td><td>169</td><td>8,561</td><td>7</td><td>174</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><td></td></tr><tr><td>2% March 1948-50</td><td>565</td><td>*</td><td>120</td><td>569</td><td>*</td><td>111</td><td>530</td><td>*</td><td>119</td><td>557</td><td>*</td><td>118</td></tr><tr><td>1-3/4% June 1948</td><td>2,209</td><td>4</td><td>72</td><td>2,207</td><td>4</td><td>73</td><td>2,218</td><td>4</td><td>87</td><td>2,214</td><td>1</td><td>90</td></tr><tr><td>2% June 1949-51</td><td>653</td><td>*</td><td>109</td><td>683</td><td>*</td><td>98</td><td>687</td><td>*</td><td>91</td><td>712</td><td>*</td><td>90</td></tr><tr><td>2% September 1949-51</td><td>904</td><td>1</td><td>123</td><td>899</td><td>1</td><td>113</td><td>923</td><td>1</td><td>116</td><td>924</td><td>1</td><td>111</td></tr><tr><td>2% December 1949-51</td><td>1,381</td><td>3</td><td>126</td><td>1,398</td><td>3</td><td>126</td><td>1,423</td><td>3</td><td>118</td><td>1,444</td><td>3</td><td>117</td></tr><tr><td>2% March 1950-52</td><td>1,443</td><td>3</td><td>94</td><td>1,451</td><td>3</td><td>116</td><td>1,428</td><td>3</td><td>117</td><td>1,442</td><td>3</td><td>116</td></tr><tr><td>2% September 1950-52</td><td>2,573</td><td>3</td><td>276</td><td>2,584</td><td>2</td><td>292</td><td>2,554</td><td>3</td><td>299</td><td>2,611</td><td>2</td><td>315</td></tr><tr><td>2% September 1951-53</td><td>2,882</td><td>13</td><td>933</td><td>3,067</td><td>5</td><td>975</td><td>3,469</td><td>14</td><td>800</td><td>3,719</td><td>14</td><td>738</td></tr><tr><td>2% December 1951-55</td><td>360</td><td>1</td><td>15</td><td>355</td><td>1</td><td>19</td><td>353</td><td>1</td><td>14</td><td>344</td><td>1</td><td>14</td></tr><tr><td>2-1/2% March 1952-54</td><td>273</td><td>*</td><td>323</td><td>272</td><td>*</td><td>322</td><td>277</td><td>*</td><td>319</td><td>283</td><td>*</td><td>308</td></tr><tr><td>2-1/4% June 1952-55</td><td>651</td><td>*</td><td>291</td><td>657</td><td>*</td><td>304</td><td>668</td><td>*</td><td>295</td><td>673</td><td>*</td><td>290</td></tr><tr><td>2-1/2% March 1956-58</td><td>242</td><td>9</td><td>314</td><td>242</td><td>9</td><td>308</td><td>248</td><td>9</td><td>308</td><td>255</td><td>9</td><td>302</td></tr><tr><td>2-1/4% September 1956-59</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>283</td><td>18</td><td>978</td></tr><tr><td>2-1/2% June 1962-67</td><td>-</td><td>4</td><td>192</td><td>-</td><td>4</td><td>194</td><td>-</td><td>4</td><td>195</td><td>-</td><td>4</td><td>198</td></tr><tr><td>2-1/2% December 1963-68</td><td>-</td><td>5</td><td>492</td><td>-</td><td>5</td><td>487</td><td>-</td><td>5</td><td>479</td><td>-</td><td>5</td><td>474</td></tr><tr><td>2-1/2% June 1964-69</td><td>-</td><td>9</td><td>615</td><td>-</td><td>9</td><td>601</td><td>-</td><td>9</td><td>586</td><td>-</td><td>10</td><td>574</td></tr><tr><td>2-1/2% December 1964-69</td><td>-</td><td>5</td><td>333</td><td>-</td><td>6</td><td>355</td><td>-</td><td>6</td><td>337</td><td>-</td><td>6</td><td>341</td></tr><tr><td>2-1/2% March 1965-70</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>24</td><td>5</td><td>49</td></tr><tr><td>2-1/2% September 1967-72</td><td>878</td><td>17</td><td>326</td><td>856</td><td>17</td><td>329</td><td>850</td><td>17</td><td>314</td><td>860</td><td>17</td><td>312</td></tr><tr><td>Total Treasury bonds</td><td>15,014</td><td>77</td><td>4,755</td><td>15,241</td><td>69</td><td>4,822</td><td>15,630</td><td>79</td><td>4,593</td><td>16,346</td><td>100</td><td>5,537</td></tr><tr><td>Guaranteed 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>Commodity Credit Corporation 1-1/8% February 1945</td><td>334</td><td>*</td><td>6</td><td>330</td><td>*</td><td>6</td><td>350</td><td>*</td><td>6</td><td>353</td><td>*</td><td>6</td></tr><tr><td>Reconstruction Finance Corporation 1% April 1944</td><td>489</td><td>*</td><td>6</td><td>497</td><td>*</td><td>4</td><td>490</td><td>*</td><td>4</td><td>492</td><td>*</td><td>3</td></tr><tr><td>Total guaranteed issues</td><td>823</td><td>*</td><td>12</td><td>827</td><td>*</td><td>10</td><td>840</td><td>*</td><td>10</td><td>844</td><td>*</td><td>9</td></tr><tr><td>Total subject to Federal income taxes</td><td>41,615</td><td>102</td><td>5,135</td><td>40,395</td><td>93</td><td>5,248</td><td>41,624</td><td>103</td><td>4,911</td><td>44,264</td><td>126</td><td>5,883</td></tr><tr><td>IV. Grand total</td><td>56,761</td><td>190</td><td>5,911</td><td>55,359</td><td>190</td><td>5,962</td><td>56,983</td><td>191</td><td>5,579</td><td>59,814</td><td>215</td><td>6,488</td></tr></table>
(Continued on following page)
56
Treasury Bulletin
Reclassification of Data on Banks Covered in Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART B
PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
<table><tr><th>Issues, classified by tax-exemption provision</th><th colspan="3">November 30, 1943</th><th colspan="3">December 31, 1943</th><th colspan="3">January 31, 1944</th><th colspan="3">February 29, 1944</th></tr><tr><th></th><th>6,219 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,238 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,290 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,398 commercial banks</th><th>22 stock savings banks</th><th>491 mutual savings banks</th></tr><tr><td>1. Wholly exempt from Federal income taxes</td><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</td><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>1-1/3% December 1943</td><td>26.6</td><td>*</td><td>.3</td><td>22.8</td><td>...</td><td>.2</td><td>27.2</td><td>...</td><td>.1</td><td>32.6</td><td>...</td><td>*</td></tr><tr><td>1% March 1944</td><td>24.9</td><td>-</td><td>.2</td><td>25.2</td><td>*</td><td>.1</td><td>23.3</td><td>*</td><td>.1</td><td>22.4</td><td>*</td><td>.1</td></tr><tr><td>3/4% June 1944</td><td>26.0</td><td>*</td><td>.1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1% September 1944</td><td>8.2</td><td>*</td><td>.1</td><td>10.0</td><td>*</td><td>.1</td><td>8.8</td><td>*</td><td>*</td><td>10.8</td><td>*</td><td>*</td></tr><tr><td>3/4% March 1945</td><td>27.6</td><td>-</td><td>.1</td><td>28.5</td><td>-</td><td>.1</td><td>26.5</td><td>-</td><td>.1</td><td>26.1</td><td>-</td><td>.1</td></tr><tr><td>Total Treasury notes</td><td>24.2</td><td>*</td><td>.2</td><td>23.6</td><td>*</td><td>.1</td><td>23.4</td><td>*</td><td>.1</td><td>24.8</td><td>*</td><td>.1</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><td></td></tr><tr><td>Postal savings</td><td>10.8</td><td>.1</td><td>.1</td><td>10.5</td><td>.1</td><td>.1</td><td>12.1</td><td>.1</td><td>.1</td><td>11.6</td><td>.1</td><td>.1</td></tr><tr><td>Panama Canal</td><td>1.2</td><td>*</td><td>-</td><td>1.2</td><td>*</td><td>-</td><td>1.1</td><td>*</td><td>-</td><td>1.5</td><td>*</td><td>-</td></tr><tr><td>Conversion</td><td>1.9</td><td>*</td><td>-</td><td>1.9</td><td>*</td><td>-</td><td>1.6</td><td>*</td><td>-</td><td>1.6</td><td>*</td><td>-</td></tr><tr><td>Total bonds</td><td>7.1</td><td>*</td><td>*</td><td>6.9</td><td>*</td><td>*</td><td>7.7</td><td>*</td><td>*</td><td>7.6</td><td>*</td><td>*</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>22.9</td><td>*</td><td>.2</td><td>22.0</td><td>*</td><td>.1</td><td>21.9</td><td>*</td><td>.1</td><td>23.2</td><td>*</td><td>.1</td></tr><tr><td>II. Partially exempt from Federal income taxes</td><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</td><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>3-1/4% April 1944-46</td><td>39.7</td><td>*</td><td>2.2</td><td>38.4</td><td>*</td><td>2.2</td><td>42.2</td><td>*</td><td>1.2</td><td>51.0</td><td>*</td><td>1.3</td></tr><tr><td>1/4% December 1944-54</td><td>42.8</td><td>*</td><td>3.6</td><td>43.6</td><td>*</td><td>3.5</td><td>42.2</td><td>*</td><td>2.9</td><td>41.3</td><td>*</td><td>2.8</td></tr><tr><td>2-3/4% September 1945-47</td><td>46.2</td><td>*</td><td>3.0</td><td>46.0</td><td>*</td><td>2.8</td><td>45.7</td><td>*</td><td>2.6</td><td>45.0</td><td>*</td><td>2.4</td></tr><tr><td>2-1/2% December 1945</td><td>66.1</td><td>*</td><td>2.2</td><td>65.7</td><td>*</td><td>2.2</td><td>65.4</td><td>*</td><td>1.9</td><td>64.3</td><td>*</td><td>1.7</td></tr><tr><td>3-3/4% March 1946-56</td><td>41.8</td><td>-</td><td>3.4</td><td>41.7</td><td>-</td><td>3.4</td><td>42.8</td><td>-</td><td>3.3</td><td>43.5</td><td>-</td><td>3.2</td></tr><tr><td>3% June 1946-48</td><td>41.0</td><td>*</td><td>4.1</td><td>41.0</td><td>*</td><td>4.4</td><td>42.7</td><td>*</td><td>4.2</td><td>42.6</td><td>*</td><td>4.1</td></tr><tr><td>3-1/3% June 1946-49</td><td>40.3</td><td>-</td><td>3.9</td><td>39.4</td><td>-</td><td>3.8</td><td>40.4</td><td>-</td><td>3.0</td><td>41.0</td><td>-</td><td>2.9</td></tr><tr><td>4-1/4% October 1947-52</td><td>37.1</td><td>-</td><td>4.8</td><td>37.3</td><td>-</td><td>4.6</td><td>38.2</td><td>-</td><td>4.3</td><td>38.2</td><td>-</td><td>4.2</td></tr><tr><td>2% December 1947</td><td>80.4</td><td>*</td><td>1.1</td><td>80.1</td><td>*</td><td>1.0</td><td>80.9</td><td>*</td><td>1.4</td><td>79.9</td><td>*</td><td>1.4</td></tr><tr><td>2-3/4% March 1948-51</td><td>64.3</td><td>*</td><td>2.8</td><td>64.4</td><td>*</td><td>2.7</td><td>64.4</td><td>*</td><td>2.3</td><td>64.6</td><td>*</td><td>2.2</td></tr><tr><td>2-1/2% September 1948</td><td>77.2</td><td>*</td><td>1.3</td><td>77.3</td><td>*</td><td>1.3</td><td>77.6</td><td>*</td><td>1.1</td><td>76.6</td><td>*</td><td>.9</td></tr><tr><td>2% December 1948-50</td><td>76.9</td><td>.2</td><td>.4</td><td>77.6</td><td>.2</td><td>.4</td><td>78.6</td><td>.2</td><td>.5</td><td>79.0</td><td>.3</td><td>.5</td></tr><tr><td>3-1/8% December 1949-52</td><td>57.6</td><td>.1</td><td>4.6</td><td>54.7</td><td>.1</td><td>4.4</td><td>60.1</td><td>.1</td><td>4.2</td><td>59.5</td><td>.1</td><td>4.2</td></tr><tr><td>2-1/2% December 1949-53</td><td>65.2</td><td>.5</td><td>1.9</td><td>65.7</td><td>.5</td><td>1.6</td><td>65.6</td><td>.5</td><td>1.5</td><td>66.7</td><td>.5</td><td>1.4</td></tr><tr><td>2-1/2% September 1950-52</td><td>73.3</td><td>*</td><td>2.9</td><td>70.3</td><td>.1</td><td>3.4</td><td>77.6</td><td>*</td><td>3.8</td><td>75.6</td><td>.1</td><td>2.5</td></tr><tr><td>2-3/4% June 1951-54</td><td>54.1</td><td>.5</td><td>3.8</td><td>54.3</td><td>.5</td><td>3.6</td><td>55.2</td><td>.5</td><td>3.4</td><td>55.9</td><td>.5</td><td>3.1</td></tr><tr><td>3% September 1951-55</td><td>38.7</td><td>*</td><td>4.2</td><td>34.2</td><td>*</td><td>2.8</td><td>36.2</td><td>*</td><td>3.2</td><td>43.2</td><td>*</td><td>2.6</td></tr><tr><td>2-1/4% December 1951-53</td><td>74.4</td><td>*</td><td>1.6</td><td>75.7</td><td>.7</td><td>.7</td><td>75.4</td><td>*</td><td>.6</td><td>76.4</td><td>*</td><td>.6</td></tr><tr><td>2% June 1953-55</td><td>86.3</td><td>.1</td><td>.7</td><td>85.2</td><td>.1</td><td>.4</td><td>85.4</td><td>.1</td><td>.8</td><td>85.8</td><td>.1</td><td>.3</td></tr><tr><td>2-1/4% June 1954-56</td><td>67.1</td><td>.2</td><td>1.4</td><td>65.6</td><td>.2</td><td>1.4</td><td>68.8</td><td>.2</td><td>1.2</td><td>68.4</td><td>.2</td><td>1.1</td></tr><tr><td>2-7/8% March 1955-60</td><td>29.4</td><td>1.0</td><td>3.4</td><td>30.4</td><td>1.0</td><td>3.0</td><td>31.9</td><td>1.0</td><td>3.0</td><td>32.7</td><td>1.0</td><td>2.8</td></tr><tr><td>2-3/4% September 1956-59</td><td>42.5</td><td>1.4</td><td>2.9</td><td>43.0</td><td>1.4</td><td>1.8</td><td>44.8</td><td>1.4</td><td>2.1</td><td>43.5</td><td>1.4</td><td>2.8</td></tr><tr><td>2-3/4% June 1958-63</td><td>38.2</td><td>1.8</td><td>3.4</td><td>40.1</td><td>1.8</td><td>2.7</td><td>41.9</td><td>1.8</td><td>2.8</td><td>43.1</td><td>1.8</td><td>2.7</td></tr><tr><td>2-3/4% December 1960-65</td><td>41.5</td><td>.5</td><td>5.4</td><td>41.9</td><td>.5</td><td>5.4</td><td>43.4</td><td>.5</td><td>5.3</td><td>46.0</td><td>.5</td><td>3.6</td></tr><tr><td>Total Treasury bonds</td><td>52.2</td><td>.4</td><td>3.0</td><td>52.0</td><td>.4</td><td>2.8</td><td>53.4</td><td>.4</td><td>2.6</td><td>54.4</td><td>.4</td><td>2.4</td></tr><tr><td>Guaranteed 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>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><td></td></tr><tr><td>3-1/4% March 1944-54</td><td>33.8</td><td>*</td><td>6.3</td><td>28.4</td><td>*</td><td>6.2</td><td>47.5</td><td>*</td><td>5.0</td><td>53.0</td><td>*</td><td>2.8</td></tr><tr><td>3% May 1944-49</td><td>58.1</td><td>*</td><td>.8</td><td>57.9</td><td>*</td><td>.7</td><td>59.7</td><td>*</td><td>.6</td><td>59.6</td><td>*</td><td>.6</td></tr><tr><td>Federal Housing Administration debentures</td><td>30.9</td><td>*</td><td>3.0</td><td>31.9</td><td>*</td><td>3.0</td><td>31.3</td><td>.1</td><td>3.0</td><td>30.6</td><td>*</td><td>3.1</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><td></td></tr><tr><td>3% May 1944-52</td><td>55.1</td><td>.1</td><td>1.6</td><td>52.7</td><td>.1</td><td>1.6</td><td>55.9</td><td>*</td><td>1.3</td><td>55.7</td><td>*</td><td>1.2</td></tr><tr><td>1-1/2% June 1945-47</td><td>82.9</td><td>*</td><td>.5</td><td>83.4</td><td>*</td><td>.5</td><td>82.8</td><td>*</td><td>.5</td><td>82.8</td><td>*</td><td>.5</td></tr><tr><td>Federal Public Housing Authority</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/8% February 1944</td><td>74.2</td><td>*</td><td>.1</td><td>70.4</td><td>*</td><td>.1</td><td>67.1</td><td>*</td><td>.1</td><td>....</td><td>....</td><td>....</td></tr><tr><td>Total guaranteed issues</td><td>64.0</td><td>*</td><td>1.1</td><td>63.0</td><td>*</td><td>1.1</td><td>64.9</td><td>*</td><td>.9</td><td>64.9</td><td>*</td><td>.9</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>53.3</td><td>.3</td><td>2.8</td><td>53.0</td><td>.4</td><td>2.6</td><td>54.5</td><td>.3</td><td>2.4</td><td>55.3</td><td>.3</td><td>2.2</td></tr></table>
(Continued on following page)
May 1944
57
Reclassification of Data on Banks Covered in Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART B - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS - (Continued)
<table><tr><th>Issue, classified by tax-exemption provision</th><th colspan="3">November 30, 1943</th><th colspan="3">December 31, 1943</th><th colspan="3">January 31, 1944</th><th colspan="3">February 29, 1944</th></tr><tr><th></th><th>6,219 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,238 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,290 commercial banks</th><th>21 stock savings banks</th><th>490 mutual savings banks</th><th>6,398 commercial banks</th><th>22 stock savings banks</th><th>491 mutual savings banks</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><td></td><td></td></tr><tr><td>Treasury bills</td><td>43.2</td><td>*</td><td>.1</td><td>36.1</td><td>-</td><td>.1</td><td>37.4</td><td>-</td><td>.1</td><td>41.5</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><td></td><td></td></tr><tr><td>7/8% December 1943</td><td>63.8</td><td>*</td><td>.4</td><td>62.4</td><td>-</td><td>.7</td><td>70.0</td><td>-</td><td>.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>7/8% February 1944</td><td>66.5</td><td>*</td><td>.6</td><td>48.9</td><td>.1</td><td>.8</td><td>51.2</td><td>.1</td><td>.5</td><td>56.6</td><td>*</td><td>.5</td></tr><tr><td>7/8% April 1944</td><td>54.1</td><td>.1</td><td>.3</td><td>48.9</td><td>.1</td><td>.8</td><td>51.2</td><td>.1</td><td>.5</td><td>56.6</td><td>*</td><td>.5</td></tr><tr><td>7/8% May 1944</td><td>75.2</td><td>.1</td><td>.3</td><td>71.2</td><td>.1</td><td>.2</td><td>69.1</td><td>.1</td><td>.2</td><td>69.8</td><td>.1</td><td>.2</td></tr><tr><td>7/8% August 1944</td><td>76.6</td><td>.1</td><td>.3</td><td>73.2</td><td>.1</td><td>.7</td><td>69.1</td><td>.1</td><td>.3</td><td>69.2</td><td>.1</td><td>.1</td></tr><tr><td>7/8% September 1944</td><td>14.8</td><td>.1</td><td>2.2</td><td>18.2</td><td>.1</td><td>2.4</td><td>28.1</td><td>.1</td><td>1.4</td><td>39.3</td><td>.1</td><td>.4</td></tr><tr><td>7/8% October 1944</td><td>74.4</td><td>*</td><td>.6</td><td>71.1</td><td>*</td><td>.4</td><td>72.1</td><td>*</td><td>.3</td><td>73.3</td><td>*</td><td>.2</td></tr><tr><td>7/8% December 1944</td><td>......</td><td>......</td><td>......</td><td>69.0</td><td>*</td><td>.5</td><td>70.6</td><td>*</td><td>.3</td><td>72.0</td><td>*</td><td>.2</td></tr><tr><td>7/8% February 1945</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>7.8</td><td>.1</td><td>1.9</td></tr><tr><td>Total certificates of indebtedness</td><td>57.0</td><td>.1</td><td>.7</td><td>55.5</td><td>.1</td><td>.9</td><td>58.4</td><td>.1</td><td>.6</td><td>50.7</td><td>.1</td><td>.6</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><td></td></tr><tr><td>3/4% September 1944</td><td>73.8</td><td>*</td><td>1.4</td><td>71.0</td><td>*</td><td>1.5</td><td>71.5</td><td>*</td><td>1.0</td><td>68.7</td><td>*</td><td>1.0</td></tr><tr><td>.90% March 1945</td><td>......</td><td>......</td><td>1.2</td><td>68.7</td><td>*</td><td>1.3</td><td>70.0</td><td>*</td><td>1.1</td><td>75.4</td><td>*</td><td>1.0</td></tr><tr><td>1-1/4% March 1945</td><td>69.7</td><td>*</td><td>1.2</td><td>68.7</td><td>*</td><td>1.3</td><td>70.0</td><td>*</td><td>1.1</td><td>70.6</td><td>*</td><td>1.0</td></tr><tr><td>3/4% December 1945</td><td>75.0</td><td>*</td><td>2.2</td><td>74.0</td><td>*</td><td>2.4</td><td>72.0</td><td>*</td><td>1.9</td><td>71.9</td><td>*</td><td>1.8</td></tr><tr><td>1% March 1946</td><td>77.0</td><td>.1</td><td>2.0</td><td>77.9</td><td>.1</td><td>1.8</td><td>76.2</td><td>.1</td><td>1.5</td><td>74.8</td><td>.2</td><td>1.2</td></tr><tr><td>1-1/2% December 1946</td><td>77.1</td><td>.1</td><td>2.2</td><td>76.5</td><td>.1</td><td>2.2</td><td>76.4</td><td>.1</td><td>2.0</td><td>76.7</td><td>*</td><td>2.1</td></tr><tr><td>1-1/2% September 1947</td><td>77.1</td><td>.2</td><td>2.4</td><td>77.3</td><td>.2</td><td>2.7</td><td>76.7</td><td>.2</td><td>2.2</td><td>78.6</td><td>.2</td><td>2.3</td></tr><tr><td>Total Treasury notes</td><td>75.5</td><td>.1</td><td>2.0</td><td>74.9</td><td>.1</td><td>2.1</td><td>74.8</td><td>.1</td><td>1.8</td><td>75.3</td><td>.1</td><td>1.5</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><td></td><td></td></tr><tr><td>2% March 1945-50</td><td>50.7</td><td>*</td><td>10.7</td><td>51.0</td><td>*</td><td>9.9</td><td>47.6</td><td>*</td><td>10.7</td><td>49.9</td><td>*</td><td>10.6</td></tr><tr><td>1-3/4% June 1943</td><td>72.1</td><td>.1</td><td>2.4</td><td>72.1</td><td>.1</td><td>2.4</td><td>72.4</td><td>.1</td><td>2.3</td><td>72.3</td><td>*</td><td>2.9</td></tr><tr><td>2% June 1949-51</td><td>64.4</td><td>*</td><td>10.7</td><td>67.3</td><td>*</td><td>9.6</td><td>67.8</td><td>*</td><td>9.0</td><td>70.2</td><td>*</td><td>8.9</td></tr><tr><td>2% September 1949-51</td><td>69.9</td><td>.1</td><td>9.5</td><td>69.6</td><td>.1</td><td>8.8</td><td>71.4</td><td>.1</td><td>8.9</td><td>71.5</td><td>.1</td><td>8.6</td></tr><tr><td>2% December 1949-51</td><td>65.8</td><td>.1</td><td>6.0</td><td>66.7</td><td>.1</td><td>6.0</td><td>67.8</td><td>.2</td><td>5.6</td><td>68.8</td><td>.2</td><td>5.6</td></tr><tr><td>2% March 1950-52</td><td>73.5</td><td>.2</td><td>4.9</td><td>74.0</td><td>.2</td><td>5.9</td><td>72.8</td><td>.2</td><td>6.0</td><td>73.5</td><td>.2</td><td>5.9</td></tr><tr><td>2% September 1950-52</td><td>52.1</td><td>.1</td><td>5.6</td><td>52.3</td><td>*</td><td>5.9</td><td>51.7</td><td>.1</td><td>6.1</td><td>52.9</td><td>*</td><td>6.4</td></tr><tr><td>2% September 1951-53</td><td>36.1</td><td>.2</td><td>11.7</td><td>38.4</td><td>.1</td><td>12.2</td><td>43.4</td><td>.2</td><td>10.0</td><td>46.6</td><td>.2</td><td>9.2</td></tr><tr><td>2% December 1951-55</td><td>70.5</td><td>.1</td><td>3.0</td><td>69.6</td><td>.1</td><td>3.7</td><td>69.2</td><td>.1</td><td>2.7</td><td>67.4</td><td>.1</td><td>2.8</td></tr><tr><td>2-1/2% March 1952-54</td><td>26.7</td><td>*</td><td>31.6</td><td>26.6</td><td>*</td><td>31.4</td><td>27.1</td><td>*</td><td>31.1</td><td>27.7</td><td>*</td><td>30.1</td></tr><tr><td>2-1/4% June 1952-55</td><td>43.4</td><td>*</td><td>19.4</td><td>43.8</td><td>*</td><td>20.3</td><td>44.5</td><td>*</td><td>19.6</td><td>44.8</td><td>*</td><td>19.3</td></tr><tr><td>2-1/2% March 1956-58</td><td>16.7</td><td>.6</td><td>21.7</td><td>16.7</td><td>.6</td><td>21.3</td><td>17.1</td><td>.6</td><td>21.3</td><td>17.6</td><td>.6</td><td>20.9</td></tr><tr><td>2-1/4% September 1956-59</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>7.6</td><td>.5</td><td>26.3</td></tr><tr><td>2-1/2% June 1962-67</td><td>-</td><td>.2</td><td>9.1</td><td>-</td><td>.2</td><td>9.2</td><td>-</td><td>.2</td><td>9.2</td><td>-</td><td>.2</td><td>9.4</td></tr><tr><td>2-1/2% December 1963-68</td><td>-</td><td>.2</td><td>17.4</td><td>-</td><td>.2</td><td>17.2</td><td>-</td><td>.2</td><td>16.9</td><td>-</td><td>.2</td><td>16.7</td></tr><tr><td>2-1/2% June 1964-69</td><td>-</td><td>.2</td><td>16.4</td><td>-</td><td>.2</td><td>16.0</td><td>-</td><td>.2</td><td>15.6</td><td>-</td><td>.3</td><td>15.3</td></tr><tr><td>2-1/2% December 1964-69</td><td>-</td><td>.1</td><td>8.7</td><td>-</td><td>.2</td><td>9.2</td><td>-</td><td>.1</td><td>8.8</td><td>-</td><td>.1</td><td>8.9</td></tr><tr><td>2-1/2% March 1965-70</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>1.1</td><td>.2</td><td>2.2</td></tr><tr><td>2-1/2% September 1967-72</td><td>32.3</td><td>.6</td><td>12.0</td><td>31.5</td><td>.6</td><td>12.1</td><td>31.3</td><td>.6</td><td>11.5</td><td>31.7</td><td>.6</td><td>11.5</td></tr><tr><td>Total Treasury bonds</td><td>34.7</td><td>.2</td><td>11.0</td><td>35.3</td><td>.2</td><td>11.2</td><td>36.2</td><td>.2</td><td>10.6</td><td>33.3</td><td>.2</td><td>11.3</td></tr><tr><td>Guaranteed 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>Commodity Credit Corporation 1-1/8% February 1945</td><td>81.2</td><td>*</td><td>1.5</td><td>80.2</td><td>*</td><td>1.4</td><td>85.0</td><td>*</td><td>1.4</td><td>85.7</td><td>*</td><td>1.4</td></tr><tr><td>Reconstruction Finance Corporation 1% April 1944</td><td>85.5</td><td>*</td><td>1.0</td><td>86.9</td><td>*</td><td>.8</td><td>85.8</td><td>*</td><td>.7</td><td>86.0</td><td>*</td><td>.6</td></tr><tr><td>Total guaranteed issues</td><td>60.5</td><td>*</td><td>.9</td><td>58.2</td><td>*</td><td>.7</td><td>56.8</td><td>*</td><td>.7</td><td>85.9</td><td>*</td><td>.9</td></tr><tr><td>Total subject to Federal income taxes</td><td>46.2</td><td>.1</td><td>5.7</td><td>45.0</td><td>.1</td><td>5.8</td><td>46.3</td><td>.1</td><td>5.5</td><td>44.1</td><td>.1</td><td>5.9</td></tr><tr><td>IV. Grand total</td><td>47.4</td><td>.2</td><td>4.9</td><td>46.4</td><td>.2</td><td>5.0</td><td>47.7</td><td>.2</td><td>4.7</td><td>46.1</td><td>.2</td><td>5.0</td></tr></table>
Less than $500,000 or less than .05%
58
Treasury Bulletin
Treasury Survey of Ownership by Member and Nonmember Commercial Banks of Securities Issued or Guaranteed by the United States, December 31, 1943
The following tables were prepared to show particularly the distribution of holdings of United States Government securities among the various classes of Federal Reserve member commercial banks reporting to the Treasury survey and relates these to all commercial banks and to nonmember banks. These tables will henceforth appear semi-annually in the "Treasury Bulletin".
Table I.- Analysis of Ownership by Type of Security, by Cali Classes, and by Tax-Exemption Provisions
PART A - PAR VALUES IN MILLIONS OF DOLLARS
<table><tr><th>Classification</th><th>Total 6,238 commercial banks</th><th>Total 4,252 commercial member banks</th><th colspan="4">Member commercial banks</th><th>1,986 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>349 Reserve City banks</th><th>3,853 country banks</th></tr><tr><td>I. By type of security</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></tr><tr><td>Treasury bills</td><td>4,716</td><td>4,220</td><td>1,527</td><td>1,328</td><td>199</td><td>1,796</td><td>897</td><td>495</td></tr><tr><td>Certificates of indebtedness</td><td>12,684</td><td>11,769</td><td>4,309</td><td>3,432</td><td>877</td><td>4,665</td><td>2,795</td><td>915</td></tr><tr><td>Treasury notes</td><td>7,383</td><td>6,710</td><td>2,308</td><td>1,834</td><td>474</td><td>2,462</td><td>1,940</td><td>672</td></tr><tr><td>Treasury bonds</td><td>28,099</td><td>25,502</td><td>8,413</td><td>6,846</td><td>1,567</td><td>9,494</td><td>7,595</td><td>2,596</td></tr><tr><td>Other bonds</td><td>14</td><td>9</td><td>*</td><td>*</td><td>*</td><td>3</td><td>7</td><td>4</td></tr><tr><td>Guaranteed issues</td><td>2,465</td><td>2,309</td><td>1,054</td><td>980</td><td>74</td><td>745</td><td>510</td><td>155</td></tr><tr><td>Total</td><td>55,359 r</td><td>50,521</td><td>17,613</td><td>14,420</td><td>3,192</td><td>19,164</td><td>13,745</td><td>4,838</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></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></tr><tr><td>Within 1 year</td><td>20,647</td><td>19,063</td><td>7,447</td><td>6,252</td><td>1,195</td><td>7,346</td><td>4,270</td><td>1,584</td></tr><tr><td>1 to 5 years</td><td>14,706</td><td>13,497</td><td>4,977</td><td>4,091</td><td>885</td><td>5,042</td><td>3,478</td><td>1,209</td></tr><tr><td>5 to 10 years</td><td>16,247 r</td><td>14,617</td><td>4,343</td><td>3,606</td><td>737</td><td>5,500</td><td>4,774</td><td>1,631</td></tr><tr><td>10 to 15 years</td><td>2,273</td><td>2,068</td><td>623</td><td>389</td><td>234</td><td>826</td><td>620</td><td>204</td></tr><tr><td>15 to 20 years</td><td>623</td><td>563</td><td>100</td><td>39</td><td>61</td><td>270</td><td>194</td><td>59</td></tr><tr><td>Over 20 years</td><td>856</td><td>706</td><td>124</td><td>44</td><td>80</td><td>176</td><td>406</td><td>150</td></tr><tr><td>Federal Housing Administration debentures</td><td>7</td><td>7</td><td>*</td><td>*</td><td>-</td><td>4</td><td>3</td><td>1</td></tr><tr><td>Total</td><td>55,359 r</td><td>50,521</td><td>17,613</td><td>14,420</td><td>3,192</td><td>19,164</td><td>13,745</td><td>4,838</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></tr><tr><td>Wholly exempt from Federal income taxes 2/</td><td>469</td><td>390</td><td>122</td><td>73</td><td>49</td><td>153</td><td>115</td><td>78</td></tr><tr><td>Partially exempt from Federal income taxes 3/</td><td>14,496</td><td>13,587</td><td>5,165</td><td>4,260</td><td>905</td><td>5,470</td><td>2,952</td><td>909</td></tr><tr><td>Subject to Federal income taxes</td><td>40,395</td><td>36,544</td><td>12,325</td><td>10,087</td><td>2,238</td><td>13,541</td><td>10,678</td><td>3,851</td></tr><tr><td>Total</td><td>55,359 r</td><td>50,521</td><td>17,613</td><td>14,420</td><td>3,192</td><td>19,164</td><td>13,745</td><td>4,838</td></tr></table>
(Continued on following page)
May 1944
59
Treasury Survey of Ownership by Member and Nonmember Commercial Banks of Securities
Issued or Guaranteed by the United States, December 31, 1943 - (Continued)
Table I.- Analysis of Ownership by Type of Security, by Call Classes, and by Tax-Exemption Provisions - (Continued)
PART B - PERCENTAGE DISTRIBUTION BY CLASSES OF SECURITIES
<table><tr><th>Classification</th><th>Total 6,238 commercial banks</th><th>Total 4,252 commercial member banks</th><th colspan="5">Member commercial banks</th><th>1,986 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>349 Reserve City banks</th><th>3,853 country banks</th><th></th></tr><tr><td>I. By type of security</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>8.5</td><td>8.4</td><td>8.7</td><td>9.2</td><td>6.2</td><td>9.4</td><td>6.5</td><td>10.2</td></tr><tr><td>Certificates of indebtedness</td><td>22.9</td><td>23.3</td><td>24.5</td><td>23.8</td><td>27.5</td><td>24.3</td><td>20.3</td><td>18.9</td></tr><tr><td>Treasury notes</td><td>13.3</td><td>13.3</td><td>13.1</td><td>12.7</td><td>14.9</td><td>12.8</td><td>14.1</td><td>13.9</td></tr><tr><td>Treasury bonds</td><td>50.8</td><td>50.5</td><td>47.8</td><td>47.5</td><td>49.1</td><td>49.5</td><td>55.3</td><td>53.7</td></tr><tr><td>Other bonds</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1.1</td></tr><tr><td>Guaranteed issues</td><td>4.5</td><td>4.6</td><td>6.0</td><td>6.8</td><td>2.3</td><td>3.9</td><td>3.7</td><td>3.2</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></tr><tr><td>II. By call classes</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></tr><tr><td>Within 1 year</td><td>37.3</td><td>37.7</td><td>42.3</td><td>43.4</td><td>37.4</td><td>38.3</td><td>31.1</td><td>32.7</td></tr><tr><td>1 to 5 years</td><td>26.6</td><td>26.7</td><td>28.3</td><td>28.4</td><td>27.7</td><td>26.3</td><td>25.3</td><td>25.0</td></tr><tr><td>5 to 10 years</td><td>29.3</td><td>28.9</td><td>24.7</td><td>25.0</td><td>23.1</td><td>28.7</td><td>34.7</td><td>33.7</td></tr><tr><td>10 to 15 years</td><td>4.1</td><td>4.1</td><td>3.5</td><td>2.7</td><td>7.3</td><td>4.3</td><td>4.5</td><td>4.2</td></tr><tr><td>15 to 20 years</td><td>1.1</td><td>1.1</td><td>.6</td><td>.3</td><td>1.9</td><td>1.4</td><td>1.4</td><td>1.2</td></tr><tr><td>Over 20 years</td><td>1.5</td><td>1.4</td><td>.7</td><td>.3</td><td>2.5</td><td>.9</td><td>3.0</td><td>3.1</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></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></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></tr><tr><td>Wholly exempt from Federal income taxes 2/</td><td>.8</td><td>.8</td><td>.7</td><td>.5</td><td>1.5</td><td>.8</td><td>.8</td><td>1.6</td></tr><tr><td>Partially exempt from Federal income taxes 3/</td><td>26.2</td><td>26.9</td><td>29.3</td><td>29.5</td><td>28.3</td><td>28.5</td><td>21.5</td><td>18.8</td></tr><tr><td>Subject to Federal income taxes</td><td>73.0</td><td>72.3</td><td>70.0</td><td>69.9</td><td>70.1</td><td>70.7</td><td>77.7</td><td>79.6</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></tr></table>
PART C - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
<table><tr><th rowspan="2">Classification</th><th colspan="7">Member commercial banks</th></tr><tr><th>Total 6,238 commercial banks</th><th>Total 11,252 commercial member banks</th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>349 Reserve City banks</th><th>3,853 country banks</th><th>1,986 nonmember commercial banks</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></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>89.5</td><td>32.4</td><td>28.2</td><td>4.2</td><td>38.1</td><td>19.0</td><td>10.5</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>92.8</td><td>34.0</td><td>27.1</td><td>6.9</td><td>36.8</td><td>22.0</td><td>7.2</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>90.9</td><td>31.3</td><td>24.8</td><td>6.4</td><td>33.3</td><td>26.3</td><td>9.1</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>90.8</td><td>29.9</td><td>24.4</td><td>5.6</td><td>33.8</td><td>27.0</td><td>9.2</td></tr><tr><td>Other bonds</td><td>100.0</td><td>69.9</td><td>2.4</td><td>.4</td><td>2.1</td><td>19.2</td><td>48.3</td><td>30.1</td></tr><tr><td>Guaranteed issues</td><td>100.0</td><td>93.7</td><td>42.8</td><td>39.8</td><td>3.0</td><td>30.2</td><td>20.7</td><td>6.3</td></tr><tr><td>Total</td><td>100.0</td><td>91.3</td><td>31.8</td><td>26.0</td><td>5.8</td><td>34.6</td><td>24.8</td><td>8.7</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></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></tr><tr><td>Within 1 year</td><td>100.0</td><td>92.3</td><td>36.1</td><td>30.3</td><td>5.8</td><td>35.6</td><td>20.7</td><td>7.7</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>91.8</td><td>33.8</td><td>27.8</td><td>6.0</td><td>34.3</td><td>23.7</td><td>8.2</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>90.0</td><td>26.7</td><td>22.2</td><td>4.5</td><td>33.9</td><td>29.4</td><td>10.0</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>91.0</td><td>27.4</td><td>17.1</td><td>10.3</td><td>36.3</td><td>27.3</td><td>9.0</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>90.5</td><td>16.0</td><td>6.2</td><td>9.8</td><td>43.3</td><td>31.1</td><td>9.5</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>82.5</td><td>14.5</td><td>5.1</td><td>9.4</td><td>20.6</td><td>47.4</td><td>17.5</td></tr><tr><td>Federal Housing Administration debentures</td><td>100.0</td><td>91.3</td><td>.1</td><td>.1</td><td>–</td><td>53.4</td><td>37.8</td><td>8.7</td></tr><tr><td>Total</td><td>100.0</td><td>91.3</td><td>31.8</td><td>26.0</td><td>5.8</td><td>34.6</td><td>24.8</td><td>8.7</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></tr><tr><td>Wholly exempt from Federal income taxes 2/</td><td>100.0</td><td>83.3</td><td>26.1</td><td>15.6</td><td>10.5</td><td>32.7</td><td>24.5</td><td>16.7</td></tr><tr><td>Partially exempt from Federal income taxes 3/</td><td>100.0</td><td>93.7</td><td>35.6</td><td>29.4</td><td>6.2</td><td>37.7</td><td>20.4</td><td>6.3</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>90.5</td><td>30.5</td><td>25.0</td><td>5.5</td><td>33.5</td><td>26.4</td><td>9.5</td></tr><tr><td>Total</td><td>100.0</td><td>91.3</td><td>31.8</td><td>26.0</td><td>5.8</td><td>34.6</td><td>24.8</td><td>8.7</td></tr></table>
Revised in accordance with reclassification shown on pages 52-57. Less than $500,000 or less than .05%. Public marketable interest-bearing securities include all interest-bearing securities outstanding except (1) special issues to U. S. Government agencies and trust funds, (2) adjusted service bonds, (3) depositary bonds, (4) United States savings bonds, (5) Treasury savings notes, (6) Commodity Credit Corporation demand obligations, and (7) Reconstruction Finance Corporation
2/ Securities the income from which is exempt from the normal rates and the surtax rates of the Federal income tax.
3/ Securities the income from which is exempt from the normal rates of the Federal income tax. (In the case of partially tax-exempt Treasury bonds, interest derived from $5,000 of principal amount owned by any single holder is also exempt from the surtax rates of the Federal income tax.)
60
Treasury Bulletin
Treasury Survey of Ownership by Member and Nonmember Commercial Banks of Securities
Issued or Guaranteed by the United States, December 31, 1943 - (Continued)
Table II.- Distribution of Ownership for each Issue Outstanding
PART A - PAR VALUES IN MILLIONS OF DOLLARS
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total 6,238 commercial banks</th><th>Total 4,252 commercial member banks</th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>349 Reserve City banks</th><th>3,853 country banks</th><th>1,986 nonmember commercial banks</th></tr><tr><td>1. Wholly exempt from Federal income taxes 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1% March 1944</td><td>118</td><td>108</td><td>48</td><td>33</td><td>15</td><td>37</td><td>22</td><td>10</td></tr><tr><td>3/4% June 1944</td><td>105</td><td>89</td><td>23</td><td>13</td><td>10</td><td>47</td><td>20</td><td>15</td></tr><tr><td>1% September 1944</td><td>28</td><td>24</td><td>*</td><td>*</td><td>*</td><td>7</td><td>17</td><td>4</td></tr><tr><td>3/4% March 1945</td><td>205</td><td>159</td><td>51</td><td>27</td><td>23</td><td>60</td><td>49</td><td>45</td></tr><tr><td>Total Treasury notes</td><td>455</td><td>381</td><td>122</td><td>73</td><td>49</td><td>151</td><td>108</td><td>74</td></tr><tr><td>Boards</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings</td><td>12</td><td>9</td><td>*</td><td>*</td><td>*</td><td>2</td><td>6</td><td>4</td></tr><tr><td>Panama Canal</td><td>1</td><td>1</td><td>*</td><td>*</td><td>-</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Conversion</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>*</td><td>*</td></tr><tr><td>Total bonds</td><td>14</td><td>9</td><td>*</td><td>*</td><td>*</td><td>3</td><td>7</td><td>4</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>469</td><td>390</td><td>122</td><td>73</td><td>49</td><td>153</td><td>115</td><td>78</td></tr><tr><td>11. Partially exempt from Federal income taxes 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3-1/4% April 1944-46</td><td>583</td><td>558</td><td>275</td><td>249</td><td>25</td><td>185</td><td>98</td><td>25</td></tr><tr><td>4% December 1944-54</td><td>452</td><td>129</td><td>265</td><td>246</td><td>18</td><td>111</td><td>53</td><td>23</td></tr><tr><td>2-3/4% September 1945-47</td><td>559</td><td>527</td><td>295</td><td>271</td><td>24</td><td>163</td><td>68</td><td>32</td></tr><tr><td>2-1/2% December 1945</td><td>356</td><td>335</td><td>128</td><td>105</td><td>23</td><td>137</td><td>70</td><td>21</td></tr><tr><td>3-3/4% March 1946-56</td><td>204</td><td>188</td><td>103</td><td>77</td><td>26</td><td>70</td><td>16</td><td>16</td></tr><tr><td>3% June 1946-48</td><td>425</td><td>397</td><td>196</td><td>169</td><td>27</td><td>121</td><td>79</td><td>28</td></tr><tr><td>3-1/8% June 1946-49</td><td>322</td><td>307</td><td>166</td><td>140</td><td>27</td><td>97</td><td>45</td><td>15</td></tr><tr><td>4-1/4% October 1947-52</td><td>283</td><td>267</td><td>131</td><td>107</td><td>24</td><td>99</td><td>37</td><td>16</td></tr><tr><td>2% December 1947</td><td>561</td><td>535</td><td>188</td><td>157</td><td>31</td><td>228</td><td>119</td><td>26</td></tr><tr><td>2-3/4% March 1948-51</td><td>788</td><td>752</td><td>327</td><td>315</td><td>12</td><td>315</td><td>110</td><td>36</td></tr><tr><td>2-1/2% September 1948</td><td>349</td><td>328</td><td>94</td><td>84</td><td>10</td><td>164</td><td>70</td><td>20</td></tr><tr><td>2% December 1948-50</td><td>443</td><td>417</td><td>174</td><td>155</td><td>19</td><td>160</td><td>82</td><td>27</td></tr><tr><td>3-1/8% December 1949-52</td><td>269</td><td>256</td><td>69</td><td>39</td><td>30</td><td>144</td><td>44</td><td>12</td></tr><tr><td>2-1/2% December 1949-53</td><td>1,173</td><td>1,095</td><td>305</td><td>271</td><td>34</td><td>564</td><td>226</td><td>78</td></tr><tr><td>2-1/2% September 1950-52</td><td>834</td><td>769</td><td>275</td><td>233</td><td>42</td><td>277</td><td>217</td><td>65</td></tr><tr><td>2-3/4% June 1951-54</td><td>883</td><td>843</td><td>334</td><td>286</td><td>48</td><td>351</td><td>159</td><td>39</td></tr><tr><td>3% September 1951-55</td><td>259</td><td>241</td><td>84</td><td>52</td><td>32</td><td>92</td><td>65</td><td>18</td></tr><tr><td>2-1/4% December 1951-53</td><td>846</td><td>793</td><td>216</td><td>145</td><td>71</td><td>378</td><td>198</td><td>53</td></tr><tr><td>2% June 1953-55</td><td>618</td><td>580</td><td>170</td><td>95</td><td>75</td><td>248</td><td>162</td><td>38</td></tr><tr><td>2-1/4% June 1954-56</td><td>446</td><td>415</td><td>91</td><td>57</td><td>34</td><td>197</td><td>127</td><td>31</td></tr><tr><td>2-7/8% March 1955-60</td><td>795</td><td>719</td><td>246</td><td>184</td><td>62</td><td>300</td><td>173</td><td>15</td></tr><tr><td>2-3/4% September 1956-59</td><td>422</td><td>395</td><td>154</td><td>60</td><td>94</td><td>150</td><td>91</td><td>27</td></tr><tr><td>2-3/4% June 1958-63</td><td>368</td><td>336</td><td>83</td><td>43</td><td>40</td><td>128</td><td>125</td><td>32</td></tr><tr><td>2-3/4% December 1960-65</td><td>622</td><td>563</td><td>100</td><td>39</td><td>61</td><td>269</td><td>194</td><td>59</td></tr><tr><td>Total Treasury bonds</td><td>12,858</td><td>12,043</td><td>4,468</td><td>3,579</td><td>889</td><td>4,946</td><td>2,630</td><td>815</td></tr><tr><td>Guaranteed issues</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></tr><tr><td>3-1/4% March 1944-64</td><td>27</td><td>23</td><td>3</td><td>3</td><td>*</td><td>6</td><td>14</td><td>4</td></tr><tr><td>3% May 1944-49</td><td>484</td><td>470</td><td>293</td><td>291</td><td>1</td><td>113</td><td>64</td><td>14</td></tr><tr><td>Federal Housing Administration debentures</td><td>7</td><td>7</td><td>*</td><td>*</td><td>-</td><td>4</td><td>3</td><td>1</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></tr><tr><td>3% May 1944-52</td><td>410</td><td>393</td><td>223</td><td>216</td><td>8</td><td>108</td><td>62</td><td>17</td></tr><tr><td>1-1/2% June 1945-47</td><td>629</td><td>577</td><td>150</td><td>145</td><td>5</td><td>273</td><td>155</td><td>52</td></tr><tr><td>Federal Public Housing Authority</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/8% February 1944</td><td>80</td><td>74</td><td>29</td><td>27</td><td>2</td><td>20</td><td>25</td><td>6</td></tr><tr><td>Total guaranteed issues</td><td>1,638</td><td>1,544</td><td>698</td><td>682</td><td>16</td><td>524</td><td>322</td><td>94</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>14,496</td><td>13,587</td><td>5,165</td><td>4,260</td><td>905</td><td>5,470</td><td>2,952</td><td>909</td></tr></table>
(Continued on following page)
May 1944
61
Treasury Survey of Ownership by Member and Nonmember Commercial Banks of Securities Issued or Guaranteed by the United States, December 31, 1943 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART A - PAR VALUES IN MILLIONS OF DOLLARS - (Continued)
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total 6,238 commercial banks</th><th>Total 4,252 commercial member banks</th><th colspan="4">Member commercial banks</th><th>1,986 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>349 Reserve City banks</th><th>3,853 country banks</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></tr><tr><td>Treasury bills</td><td>4,716</td><td>4,220</td><td>1,527</td><td>1,328</td><td>199</td><td>1,796</td><td>897</td><td>495</td></tr><tr><td>Certificate of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% February 1944</td><td>1,379</td><td>1,263</td><td>305</td><td>248</td><td>58</td><td>605</td><td>352</td><td>116</td></tr><tr><td>7/8% April 1944</td><td>2,568</td><td>2,360</td><td>848</td><td>697</td><td>151</td><td>942</td><td>570</td><td>208</td></tr><tr><td>7/8% May 1944</td><td>1,178</td><td>1,111</td><td>397</td><td>252</td><td>145</td><td>454</td><td>260</td><td>67</td></tr><tr><td>7/8% August 1944</td><td>1,864</td><td>1,734</td><td>594</td><td>418</td><td>176</td><td>701</td><td>439</td><td>130</td></tr><tr><td>7/8% September 1944</td><td>751</td><td>698</td><td>332</td><td>315</td><td>17</td><td>201</td><td>165</td><td>54</td></tr><tr><td>7/8% October 1944</td><td>2,502</td><td>2,327</td><td>897</td><td>732</td><td>165</td><td>873</td><td>556</td><td>175</td></tr><tr><td>7/8% December 1944</td><td>2,443</td><td>2,277</td><td>936</td><td>770</td><td>165</td><td>888</td><td>453</td><td>166</td></tr><tr><td>Total certificates of indebtedness</td><td>12,684</td><td>11,769</td><td>4,309</td><td>3,432</td><td>877</td><td>4,665</td><td>2,795</td><td>915</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% September 1944</td><td>451</td><td>426</td><td>197</td><td>192</td><td>5</td><td>130</td><td>99</td><td>25</td></tr><tr><td>1-1/4% March 1945</td><td>1,104</td><td>1,019</td><td>370</td><td>297</td><td>73</td><td>389</td><td>260</td><td>85</td></tr><tr><td>3/4% December 1945</td><td>393</td><td>370</td><td>198</td><td>197</td><td>*</td><td>90</td><td>81</td><td>23</td></tr><tr><td>1% March 1946</td><td>392</td><td>351</td><td>105</td><td>105</td><td>*</td><td>120</td><td>127</td><td>41</td></tr><tr><td>1-1/2% December 1946</td><td>2,496</td><td>2,327</td><td>894</td><td>648</td><td>245</td><td>824</td><td>609</td><td>168</td></tr><tr><td>1-1/2% September 1947</td><td>2,092</td><td>1,837</td><td>423</td><td>321</td><td>102</td><td>757</td><td>657</td><td>255</td></tr><tr><td>Total Treasury notes</td><td>6,927</td><td>6,330</td><td>2,187</td><td>1,761</td><td>425</td><td>2,311</td><td>1,832</td><td>598</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2% March 1948-50</td><td>569</td><td>509</td><td>176</td><td>168</td><td>7</td><td>187</td><td>147</td><td>59</td></tr><tr><td>1-3/4% June 1948</td><td>2,207</td><td>2,001</td><td>706</td><td>526</td><td>181</td><td>687</td><td>607</td><td>206</td></tr><tr><td>2% June 1949-51</td><td>683</td><td>612</td><td>197</td><td>186</td><td>11</td><td>207</td><td>209</td><td>70</td></tr><tr><td>2% September 1949-51</td><td>899</td><td>818</td><td>288</td><td>172</td><td>116</td><td>298</td><td>232</td><td>81</td></tr><tr><td>2% December 1949-51</td><td>1,398</td><td>1,245</td><td>368</td><td>313</td><td>55</td><td>455</td><td>422</td><td>153</td></tr><tr><td>2% March 1950-52</td><td>1,451</td><td>1,286</td><td>423</td><td>396</td><td>28</td><td>404</td><td>458</td><td>166</td></tr><tr><td>2% September 1950-52</td><td>2,584 r</td><td>2,277</td><td>568</td><td>508</td><td>60</td><td>849</td><td>859</td><td>307</td></tr><tr><td>2% September 1951-53</td><td>3,067</td><td>2,699</td><td>761</td><td>682</td><td>79</td><td>886</td><td>1,052</td><td>368</td></tr><tr><td>2% December 1951-55</td><td>355</td><td>297</td><td>60</td><td>59</td><td>*</td><td>92</td><td>146</td><td>58</td></tr><tr><td>2-1/2% March 1952-54</td><td>272</td><td>240</td><td>95</td><td>66</td><td>29</td><td>63</td><td>83</td><td>32</td></tr><tr><td>2-1/4% June 1952-55</td><td>657</td><td>566</td><td>130</td><td>102</td><td>29</td><td>193</td><td>243</td><td>91</td></tr><tr><td>2-1/2% March 1956-58</td><td>242</td><td>203</td><td>49</td><td>45</td><td>4</td><td>51</td><td>103</td><td>39</td></tr><tr><td>2-1/2% September 1967-72</td><td>856</td><td>706</td><td>124</td><td>44</td><td>80</td><td>176</td><td>406</td><td>150</td></tr><tr><td>Total Treasury bonds</td><td>15,241</td><td>13,459</td><td>3,946</td><td>3,267</td><td>678</td><td>4,548</td><td>4,966</td><td>1,781</td></tr><tr><td>Guaranteed issues</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>330</td><td>295</td><td>103</td><td>77</td><td>26</td><td>101</td><td>91</td><td>35</td></tr><tr><td>Reconstruction Finance Corporation 1% April 1944</td><td>497</td><td>470</td><td>254</td><td>221</td><td>32</td><td>120</td><td>96</td><td>27</td></tr><tr><td>Total guaranteed issues</td><td>827</td><td>765</td><td>357</td><td>298</td><td>58</td><td>221</td><td>187</td><td>62</td></tr><tr><td>Total subject to Federal income taxes</td><td>40,395</td><td>36,544</td><td>12,325</td><td>10,087</td><td>2,238</td><td>13,541</td><td>10,678</td><td>3,851</td></tr><tr><td>IV. Grand total</td><td>55,359 r</td><td>50,521</td><td>17,613</td><td>14,420</td><td>3,192</td><td>19,164</td><td>13,745</td><td>4,838</td></tr></table>
(Continued on following page)
62
Treasury Bulletin
Treasury Survey of Ownership by Member and Nonmember Commercial Banks of Securities Issued or Guaranteed by the United States, December 31, 1943 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART B - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total 6,238 commercial banks</th><th>Total 4,252 commercial member banks</th><th>Total 50 Central Reserve City banks</th><th>Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>349 Reserve City banks</th><th>3,853 country banks</th><th>1,986 nonmember commercial banks</th></tr><tr><td>I. Wholly exempt from Federal income taxes 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1% March 1944</td><td>100.0</td><td>91.7</td><td>40.9</td><td>28.1</td><td>12.8</td><td>31.9</td><td>18.9</td><td>8.3</td></tr><tr><td>3/4% June 1944</td><td>100.0</td><td>85.5</td><td>21.9</td><td>12.0</td><td>9.8</td><td>44.5</td><td>19.1</td><td>14.5</td></tr><tr><td>1% September 1944</td><td>100.0</td><td>85.5</td><td>.9</td><td>.9</td><td>.1</td><td>24.3</td><td>60.3</td><td>14.5</td></tr><tr><td>3/4% March 1945</td><td>100.0</td><td>77.8</td><td>24.7</td><td>13.3</td><td>11.4</td><td>29.3</td><td>23.8</td><td>22.2</td></tr><tr><td>Total Treasury notes</td><td>100.0</td><td>83.7</td><td>26.8</td><td>16.0</td><td>10.7</td><td>33.1</td><td>23.7</td><td>16.3</td></tr><tr><td>Bonds</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>70.4</td><td>2.3</td><td>*</td><td>2.2</td><td>18.2</td><td>49.9</td><td>29.6</td></tr><tr><td>Panama Canal</td><td>100.0</td><td>98.0</td><td>2.8</td><td>2.3</td><td>-</td><td>57.2</td><td>38.0</td><td>2.0</td></tr><tr><td>Conversion</td><td>100.0</td><td>29.7</td><td>5.5</td><td>5.5</td><td>-</td><td>-</td><td>24.2</td><td>70.3</td></tr><tr><td>Total bonds</td><td>100.0</td><td>69.9</td><td>2.4</td><td>.4</td><td>2.1</td><td>19.2</td><td>43.3</td><td>30.1</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>100.0</td><td>83.3</td><td>26.1</td><td>15.6</td><td>10.5</td><td>32.7</td><td>24.5</td><td>16.7</td></tr><tr><td>II. Partially exempt from Federal income taxes 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3-1/4% April 1944-46</td><td>100.0</td><td>95.7</td><td>47.1</td><td>42.8</td><td>4.4</td><td>31.7</td><td>16.9</td><td>4.3</td></tr><tr><td>1% December 1944-54</td><td>100.0</td><td>94.9</td><td>58.6</td><td>54.5</td><td>4.1</td><td>24.5</td><td>11.8</td><td>5.1</td></tr><tr><td>2-3/4% September 1945-47</td><td>100.0</td><td>94.3</td><td>52.9</td><td>48.5</td><td>4.3</td><td>29.2</td><td>12.3</td><td>5.7</td></tr><tr><td>2-1/2% December 1945</td><td>100.0</td><td>94.2</td><td>36.0</td><td>29.5</td><td>6.5</td><td>38.5</td><td>19.7</td><td>5.8</td></tr><tr><td>3-3/4% March 1946-56</td><td>100.0</td><td>92.2</td><td>50.3</td><td>37.6</td><td>12.7</td><td>34.1</td><td>7.8</td><td>7.8</td></tr><tr><td>3% June 1946-48</td><td>100.0</td><td>93.4</td><td>46.3</td><td>39.9</td><td>6.4</td><td>28.4</td><td>18.7</td><td>6.6</td></tr><tr><td>3-1/8% June 1946-49</td><td>100.0</td><td>95.3</td><td>51.5</td><td>43.3</td><td>8.2</td><td>30.0</td><td>13.8</td><td>4.7</td></tr><tr><td>4-1/4% October 1947-52</td><td>100.0</td><td>94.2</td><td>46.2</td><td>37.8</td><td>8.4</td><td>35.1</td><td>13.0</td><td>5.8</td></tr><tr><td>2% December 1947</td><td>100.0</td><td>95.3</td><td>33.4</td><td>28.0</td><td>5.5</td><td>40.6</td><td>21.2</td><td>4.7</td></tr><tr><td>2-3/4% March 1948-51</td><td>100.0</td><td>95.4</td><td>41.5</td><td>39.9</td><td>1.5</td><td>39.9</td><td>14.0</td><td>4.6</td></tr><tr><td>2-1/2% September 1948</td><td>100.0</td><td>94.2</td><td>26.9</td><td>24.0</td><td>2.9</td><td>47.1</td><td>20.2</td><td>5.8</td></tr><tr><td>2% December 1948-50</td><td>100.0</td><td>93.9</td><td>39.3</td><td>34.9</td><td>4.4</td><td>36.0</td><td>18.6</td><td>6.1</td></tr><tr><td>3-1/8% December 1949-52</td><td>100.0</td><td>95.4</td><td>25.5</td><td>14.5</td><td>11.0</td><td>53.6</td><td>16.3</td><td>4.6</td></tr><tr><td>2-1/2% December 1949-53</td><td>100.0</td><td>93.4</td><td>26.0</td><td>23.1</td><td>2.9</td><td>48.1</td><td>19.3</td><td>6.6</td></tr><tr><td>2-1/2% September 1950-52</td><td>100.0</td><td>92.2</td><td>33.0</td><td>27.9</td><td>5.1</td><td>33.2</td><td>26.0</td><td>7.8</td></tr><tr><td>2-3/4% June 1951-54</td><td>100.0</td><td>95.6</td><td>37.8</td><td>32.4</td><td>5.4</td><td>39.8</td><td>18.0</td><td>4.4</td></tr><tr><td>3% September 1951-55</td><td>100.0</td><td>93.1</td><td>32.4</td><td>20.2</td><td>12.2</td><td>35.6</td><td>25.0</td><td>6.9</td></tr><tr><td>2-1/4% December 1951-53</td><td>100.0</td><td>93.7</td><td>25.6</td><td>17.2</td><td>8.4</td><td>44.7</td><td>23.5</td><td>6.3</td></tr><tr><td>2% June 1953-55</td><td>100.0</td><td>93.8</td><td>27.5</td><td>15.3</td><td>12.2</td><td>40.1</td><td>26.2</td><td>6.2</td></tr><tr><td>2-1/4% June 1954-56</td><td>100.0</td><td>93.1</td><td>20.4</td><td>12.7</td><td>7.6</td><td>44.2</td><td>28.5</td><td>6.9</td></tr><tr><td>2-7/8% March 1955-60</td><td>100.0</td><td>90.5</td><td>31.0</td><td>23.2</td><td>7.8</td><td>37.7</td><td>21.8</td><td>9.5</td></tr><tr><td>2-3/4% September 1956-59</td><td>100.0</td><td>93.6</td><td>36.5</td><td>14.2</td><td>22.3</td><td>35.5</td><td>21.6</td><td>8.4</td></tr><tr><td>2-3/4% June 1958-63</td><td>100.0</td><td>91.3</td><td>22.4</td><td>11.6</td><td>10.9</td><td>34.8</td><td>34.1</td><td>8.7</td></tr><tr><td>2-3/4% December 1960-65</td><td>100.0</td><td>90.5</td><td>16.0</td><td>6.2</td><td>9.8</td><td>43.3</td><td>31.1</td><td>9.5</td></tr><tr><td>Total Treasury bonds</td><td>100.0</td><td>93.7</td><td>34.7</td><td>27.8</td><td>6.9</td><td>38.5</td><td>20.5</td><td>6.3</td></tr><tr><td>Guaranteed issues</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></tr><tr><td>3-1/4% March 1944-64</td><td>100.0</td><td>85.2</td><td>11.7</td><td>11.7</td><td>*</td><td>20.8</td><td>52.7</td><td>14.3</td></tr><tr><td>3% May 1944-49</td><td>100.0</td><td>57.2</td><td>60.5</td><td>60.2</td><td>.3</td><td>23.4</td><td>13.3</td><td>2.8</td></tr><tr><td>Federal Housing Administration debentures</td><td>100.0</td><td>91.3</td><td>.1</td><td>.1</td><td>-</td><td>53.4</td><td>37.8</td><td>8.7</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></tr><tr><td>3% May 1944-52</td><td>100.0</td><td>95.8</td><td>54.4</td><td>52.6</td><td>1.8</td><td>26.3</td><td>15.1</td><td>4.2</td></tr><tr><td>1-1/2% June 1945-47</td><td>100.0</td><td>91.7</td><td>23.8</td><td>23.0</td><td>.8</td><td>43.4</td><td>24.6</td><td>8.3</td></tr><tr><td>Federal Public Housing Authority</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/8% February 1944</td><td>100.0</td><td>92.4</td><td>36.3</td><td>33.3</td><td>2.9</td><td>25.2</td><td>30.9</td><td>7.6</td></tr><tr><td>Total guaranteed issues</td><td>100.0</td><td>94.3</td><td>42.6</td><td>41.6</td><td>1.0</td><td>32.0</td><td>19.7</td><td>5.7</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>100.0</td><td>93.7</td><td>35.6</td><td>29.4</td><td>6.2</td><td>37.7</td><td>20.4</td><td>6.3</td></tr></table>
(Continued on following page)
63
May 1944
Treasury Survey of Ownership by Member and Nonmember Commercial Banks of Securities Issued or Guaranteed by the United States, December 31, 1943 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART B - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS - (Continued)
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total 6,238 commercial banks</th><th colspan="6">Member commercial banks</th><th>1,986 nonmember commercial banks</th></tr><tr><th></th><th>Total 4,252 commercial member banks</th><th>Total 50 Central Reserve City banks</th><th>Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>349 Reserve City banks</th><th>3,853 country banks</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></tr><tr><td>Treasury bills</td><td>100.0</td><td>89.5</td><td>32.4</td><td>28.2</td><td>4.2</td><td>38.1</td><td>19.0</td><td>10.5</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% February 1944</td><td>100.0</td><td>91.6</td><td>22.1</td><td>17.9</td><td>4.2</td><td>43.9</td><td>25.5</td><td>8.4</td></tr><tr><td>7/8% April 1944</td><td>100.0</td><td>91.9</td><td>33.0</td><td>27.2</td><td>5.9</td><td>36.7</td><td>22.2</td><td>8.1</td></tr><tr><td>7/8% May 1944</td><td>100.0</td><td>94.3</td><td>33.7</td><td>21.4</td><td>12.3</td><td>38.6</td><td>22.1</td><td>5.7</td></tr><tr><td>7/8% August 1944</td><td>100.0</td><td>93.0</td><td>31.9</td><td>22.4</td><td>9.4</td><td>37.6</td><td>23.6</td><td>7.0</td></tr><tr><td>7/8% September 1944</td><td>100.0</td><td>92.8</td><td>44.2</td><td>41.9</td><td>2.3</td><td>26.7</td><td>22.0</td><td>7.2</td></tr><tr><td>7/8% October 1944</td><td>100.0</td><td>93.0</td><td>35.9</td><td>29.3</td><td>6.6</td><td>34.9</td><td>22.2</td><td>7.0</td></tr><tr><td>7/8% December 1944</td><td>100.0</td><td>93.2</td><td>38.3</td><td>31.5</td><td>6.8</td><td>36.4</td><td>18.5</td><td>6.8</td></tr><tr><td>Total certificate of indebtedness</td><td>100.0</td><td>92.8</td><td>34.0</td><td>27.1</td><td>6.9</td><td>36.8</td><td>22.0</td><td>7.2</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% September 1944</td><td>100.0</td><td>94.4</td><td>43.7</td><td>42.6</td><td>1.1</td><td>28.8</td><td>21.9</td><td>5.6</td></tr><tr><td>1-1/4% March 1945</td><td>100.0</td><td>92.3</td><td>33.5</td><td>26.9</td><td>6.6</td><td>35.2</td><td>23.5</td><td>7.7</td></tr><tr><td>3/4% December 1945</td><td>100.0</td><td>94.0</td><td>50.3</td><td>50.2</td><td>.1</td><td>23.0</td><td>20.7</td><td>6.0</td></tr><tr><td>1% March 1946</td><td>100.0</td><td>89.6</td><td>26.8</td><td>26.7</td><td>.1</td><td>30.5</td><td>32.3</td><td>10.4</td></tr><tr><td>1-1/2% December 1946</td><td>100.0</td><td>93.2</td><td>35.8</td><td>26.0</td><td>9.8</td><td>33.0</td><td>24.4</td><td>6.8</td></tr><tr><td>1-1/2% September 1947</td><td>100.0</td><td>87.8</td><td>20.2</td><td>15.3</td><td>4.9</td><td>36.2</td><td>31.4</td><td>12.2</td></tr><tr><td>Total Treasury notes</td><td>100.0</td><td>91.4</td><td>31.6</td><td>25.4</td><td>6.1</td><td>33.4</td><td>26.5</td><td>8.6</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2% March 1948-50</td><td>100.0</td><td>89.6</td><td>30.9</td><td>29.6</td><td>1.3</td><td>32.9</td><td>25.8</td><td>10.4</td></tr><tr><td>1-3/4% June 1948</td><td>100.0</td><td>90.7</td><td>32.0</td><td>23.8</td><td>8.2</td><td>31.1</td><td>27.5</td><td>9.3</td></tr><tr><td>2% June 1949-51</td><td>100.0</td><td>89.7</td><td>28.8</td><td>27.2</td><td>1.6</td><td>30.3</td><td>30.6</td><td>10.3</td></tr><tr><td>2% September 1949-51</td><td>100.0</td><td>91.0</td><td>32.0</td><td>19.1</td><td>12.9</td><td>33.1</td><td>25.8</td><td>9.0</td></tr><tr><td>2% December 1949-51</td><td>100.0</td><td>89.0</td><td>26.3</td><td>22.4</td><td>3.9</td><td>32.5</td><td>30.2</td><td>11.0</td></tr><tr><td>2% March 1950-52</td><td>100.0</td><td>88.6</td><td>29.2</td><td>27.3</td><td>1.9</td><td>27.8</td><td>31.6</td><td>11.4</td></tr><tr><td>2% September 1950-52</td><td>100.0</td><td>88.1</td><td>22.0</td><td>19.7</td><td>2.3</td><td>32.9</td><td>33.3</td><td>11.9</td></tr><tr><td>2% September 1951-53</td><td>100.0</td><td>88.0</td><td>24.8</td><td>22.2</td><td>2.6</td><td>28.9</td><td>34.3</td><td>12.0</td></tr><tr><td>2% December 1951-55</td><td>100.0</td><td>83.6</td><td>16.8</td><td>16.7</td><td></td><td>25.9</td><td>41.0</td><td>16.4</td></tr><tr><td>2-1/2% March 1952-54</td><td>100.0</td><td>88.4</td><td>35.0</td><td>24.4</td><td>10.6</td><td>23.0</td><td>30.3</td><td>11.6</td></tr><tr><td>2-1/4% June 1952-55</td><td>100.0</td><td>86.2</td><td>19.8</td><td>15.5</td><td>4.3</td><td>29.4</td><td>36.9</td><td>13.8</td></tr><tr><td>2-1/2% March 1956-58</td><td>100.0</td><td>83.9</td><td>20.3</td><td>18.8</td><td>1.5</td><td>21.2</td><td>42.4</td><td>16.1</td></tr><tr><td>2-1/2% September 1967-72</td><td>100.0</td><td>82.5</td><td>14.5</td><td>5.1</td><td>9.4</td><td>20.6</td><td>47.4</td><td>17.5</td></tr><tr><td>Total Treasury bonds</td><td>100.0</td><td>88.3</td><td>25.9</td><td>21.4</td><td>4.4</td><td>29.8</td><td>32.6</td><td>11.7</td></tr><tr><td>Guaranteed issues</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>31.2</td><td>23.3</td><td>7.9</td><td>30.7</td><td>27.5</td><td>10.7</td></tr><tr><td>Reconstruction Finance Corporation 1% April 1944</td><td>100.0</td><td>94.7</td><td>51.1</td><td>44.6</td><td>6.5</td><td>24.2</td><td>19.4</td><td>5.3</td></tr><tr><td>Total guaranteed issues</td><td>100.0</td><td>92.5</td><td>43.1</td><td>36.1</td><td>7.0</td><td>26.8</td><td>22.6</td><td>7.5</td></tr><tr><td>Total subject to Federal income taxes</td><td>100.0</td><td>90.5</td><td>30.5</td><td>25.0</td><td>5.5</td><td>33.5</td><td>26.4</td><td>9.5</td></tr><tr><td>IV. Grand total</td><td>100.0</td><td>91.3</td><td>31.8</td><td>26.0</td><td>5.8</td><td>34.6</td><td>24.8</td><td>8.7</td></tr></table>
r Revised in accordance with reclassification shown on pages 52-57. * Less than $500,000 or less than .05%. 1/ Public marketable interest-bearing securities include all interest-bearing securities outstanding except (1) special license to U. S. Government agencies and trust funds, (2) adjusted service bonds, (3) depository bonds, (4) United States savings bonds, (5) Treasury savings notes, (6) Commerce Credit Corporation demand obligations, and (7) Reconstruction Finance Corporation
2/ Securities the income from which is exempt from the normal rates and the surtax rates of the Federal income tax.
3/ Securitise the income from which is exempt from the normal rates of the Federal income tax. (In the case of partially tax-exempt Treasury bonds, interest derived from $5,000 of principal amount owned by any single holder is also exempt from the surtax rates of the Federal income tax.)
64
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
May 1944
65
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
April 29, 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 (M1-1100e)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="2">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1944 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Yield 3/</th><th>Change in yield from Mar. 31, 1944</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr></table>
issued by U. S. Government
<table><tr><td>Treasury bonds</td><td>1.115</td><td>24 - 3/15/48-50</td><td>102.03</td><td>102.05</td><td>102.04</td><td>+.04</td><td>1.43%</td><td>-.05%</td><td>1.62%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.05</td><td>4/24</td><td>101.29</td><td>2/25</td></tr><tr><td></td><td>3,062</td><td>1-3/46 - 6/15/48</td><td>101.10</td><td>101.12</td><td>101.11</td><td>+.04</td><td>1.41</td><td>-.04</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</td><td>101.06</td><td>4/1</td></tr><tr><td></td><td>1,014</td><td>24 - 6/15/49-51</td><td>101.22+</td><td>101.24+</td><td>101.23</td><td>+.04</td><td>1.65</td><td>-.03</td><td>1.74</td><td>1/15/42</td><td>101.24</td><td>4/28/44</td><td>100.05</td><td>8/5/42</td><td>101.24</td><td>4/28</td><td>101.18</td><td>4/1</td></tr><tr><td></td><td>1,292</td><td>24 - 9/15/49-51</td><td>101.18</td><td>101.20</td><td>101.19</td><td>+.05</td><td>1.69</td><td>-.03</td><td>1.77</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</td><td>101.12</td><td>2/1</td></tr><tr><td></td><td>2,098</td><td>24 - 12/15/49-51</td><td>101.17</td><td>101.19</td><td>101.18</td><td>+.07</td><td>1.71</td><td>-.04</td><td>1.78</td><td>7/15/42</td><td>101.18</td><td>4/29/44</td><td>100.03</td><td>8/5/42</td><td>101.18</td><td>4/29</td><td>101.09</td><td>1/13</td></tr><tr><td></td><td>1,963</td><td>24 - 3/15/50-52</td><td>101.07+</td><td>101.09+</td><td>101.08</td><td>+.04</td><td>1.78</td><td>-.02</td><td>1.83</td><td>10/19/42</td><td>101.10</td><td>4/24/44</td><td>100.01</td><td>11/2/42</td><td>101.10</td><td>4/24</td><td>101.00</td><td>1/13</td></tr><tr><td></td><td>4,939</td><td>24 - 9/15/50-52</td><td>100.29</td><td>100.31</td><td>100.30</td><td>+.03</td><td>1.84</td><td>-.02</td><td>1.88</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</td><td>100.21</td><td>1/13</td></tr><tr><td></td><td>7,986</td><td>24 - 9/15/51-53</td><td>100.13+</td><td>100.14+</td><td>100.14</td><td>.00</td><td>1.94</td><td>.00</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</td><td>100.06</td><td>1/15</td></tr><tr><td></td><td>510</td><td>24 - 12/15/51-55</td><td>100.16</td><td>100.18</td><td>100.17</td><td>-.02</td><td>1.93</td><td>+.01</td><td>1.95</td><td>12/15/41</td><td>101.16</td><td>12/5/41</td><td>100.01</td><td>12/5/42</td><td>100.21</td><td>4/12</td><td>100.08</td><td>1/14</td></tr><tr><td></td><td>1,024</td><td>2-1/24 - 3/15/52-54</td><td>103.28</td><td>103.30</td><td>103.29</td><td>-.08</td><td>1.96</td><td>+.03</td><td>2.06</td><td>3/31/41</td><td>106.16</td><td>8/2/41</td><td>101.04</td><td>3/20/41</td><td>104.05</td><td>4/3</td><td>103.20</td><td>1/3</td></tr><tr><td></td><td>1,501</td><td>2-1/24 - 6/15/52-55</td><td>101.29</td><td>101.31</td><td>101.30</td><td>-.06</td><td>1.99</td><td>+.02</td><td>2.05</td><td>2/25/42</td><td>102.14</td><td>7/19/43</td><td>100.16</td><td>2/18/42</td><td>102.04</td><td>4/3</td><td>101.20</td><td>2/1</td></tr><tr><td></td><td>1,449</td><td>2-1/24 - 3/15/56-58</td><td>103.18</td><td>103.20</td><td>103.19</td><td>-.03</td><td>2.16</td><td>+.01</td><td>2.20</td><td>6/2/41</td><td>105.08</td><td>11/5/41</td><td>101.30</td><td>12/26/41</td><td>103.24</td><td>4/4</td><td>103.05</td><td>2/1</td></tr><tr><td></td><td>3,818</td><td>2-1/24 - 9/15/56-59</td><td>100.07</td><td>100.09</td><td>100.08</td><td>+.03</td><td>2.23</td><td>-.01</td><td>2.23</td><td>2/1/44</td><td>100.11</td><td>4/24/44</td><td>100.01</td><td>2/29/44</td><td>100.11</td><td>4/24</td><td>100.01</td><td>2/29</td></tr><tr><td></td><td>2,118</td><td>2-1/24 - 6/15/62-67</td><td>100.13</td><td>100.15</td><td>100.14</td><td>-.05</td><td>2.47</td><td>+.01</td><td>2.48</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>100.21</td><td>3/27</td><td>100.09</td><td>2/4</td></tr><tr><td></td><td>2,831</td><td>2-1/24 - 12/15/63-68</td><td>100.03</td><td>100.05</td><td>100.04</td><td>-.02</td><td>2.49</td><td>.00</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>100.09</td><td>3/23</td><td>100.00</td><td>2/17</td></tr><tr><td></td><td>3,762</td><td>2-1/24 - 6/15/64-69</td><td>100.01</td><td>100.03</td><td>100.02</td><td>-.01</td><td>2.50</td><td>+.01</td><td>2.50</td><td>4/15/43</td><td>100.20</td><td>6/2/43</td><td>100.00</td><td>3/2/44</td><td>100.05</td><td>3/23</td><td>100.00</td><td>3/2</td></tr><tr><td></td><td>3,838</td><td>2-1/24 - 12/15/64-69</td><td>100.01</td><td>100.03</td><td>100.02</td><td>-.01</td><td>2.50</td><td>+.01</td><td>2.50</td><td>9/15/43</td><td>100.06</td><td>10/30/43</td><td>100.00</td><td>3/2/44</td><td>100.05</td><td>3/23</td><td>100.00</td><td>3/2</td></tr><tr><td></td><td>2,287</td><td>2-1/24 - 3/15/65-70</td><td>100.04</td><td>100.06</td><td>100.05</td><td>.00</td><td>2.49</td><td>.00</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</td><td>100.00</td><td>2/16</td></tr><tr><td></td><td>2,716</td><td>2-1/24 - 9/15/67-72</td><td>100.12</td><td>100.14</td><td>100.13</td><td>-.02</td><td>2.48</td><td>+.01</td><td>2.48</td><td>10/20/41</td><td>103.15</td><td>11/5/41</td><td>100.01</td><td>1/2/42</td><td>100.17</td><td>3/10</td><td>100.11</td><td>2/11</td></tr><tr><td>Treasury notes</td><td>635</td><td>3/46 D - 9/15/44</td><td>100.01</td><td>100.02</td><td>100.02</td><td>+.02</td><td>.58</td><td>-.17</td><td>-</td><td>1/31/41</td><td>100.21</td><td>9/10/41</td><td>99.11</td><td>12/10/41</td><td>100.02</td><td>4/29</td><td>100.00</td><td>4/17</td></tr><tr><td></td><td>2,127</td><td>.90% D - 3/1/45 5/</td><td>.79%</td><td>.77%</td><td>.78%</td><td>-.03%</td><td>-</td><td>-</td><td>-</td><td>2/1/44</td><td>.77%</td><td>4/25/44</td><td>.86%</td><td>1/24/44</td><td>.77%</td><td>4/25</td><td>.86%</td><td>1/24</td></tr><tr><td></td><td>1,606</td><td>1-1/46 C - 3/15/45</td><td>100.12</td><td>100.13</td><td>100.12</td><td>.00</td><td>.82</td><td>-.03</td><td>-</td><td>9/25/42</td><td>100.20</td><td>7/7/43</td><td>100.00</td><td>10/30/42</td><td>100.16</td><td>1/15</td><td>100.12</td><td>4/29</td></tr><tr><td></td><td>531</td><td>3/46 B - 12/15/45</td><td>99.27+</td><td>99.28+</td><td>99.26</td><td>+.01</td><td>.83</td><td>-.01</td><td>-</td><td>12/18/40</td><td>100.18</td><td>9/9/41</td><td>98.28</td><td>10/6/42</td><td>99.29</td><td>4/12</td><td>99.22</td><td>1/21</td></tr><tr><td></td><td>503</td><td>14 A - 3/15/46</td><td>100.03+</td><td>100.04+</td><td>100.04</td><td>+.03</td><td>.93</td><td>-.05</td><td>-</td><td>11/1/41</td><td>100.18</td><td>10/25/41</td><td>99.02</td><td>12/29/42</td><td>100.04</td><td>4/29</td><td>100.00</td><td>3/15</td></tr><tr><td></td><td>3,261</td><td>1-1/26 B - 12/15/46</td><td>100.26</td><td>100.27</td><td>100.26</td><td>+.02</td><td>1.18</td><td>-.04</td><td>-</td><td>6/5/42</td><td>100.29</td><td>8/16/43</td><td>100.01</td><td>1/2/43</td><td>100.28</td><td>1/18</td><td>100.24</td><td>4/1</td></tr><tr><td></td><td>2,707</td><td>1-1/26 A - 9/15/47</td><td>100.22</td><td>100.23</td><td>100.22</td><td>+.04</td><td>1.29</td><td>-.04</td><td>-</td><td>7/12/43</td><td>100.24</td><td>1/13/44</td><td>100.16</td><td>10/14/43</td><td>100.24</td><td>1/13</td><td>100.17</td><td>3/21</td></tr><tr><td></td><td>3,746</td><td>1-1/26 A - 9/15/48</td><td>100.12</td><td>100.13</td><td>100.12</td><td>+.04</td><td>1.41</td><td>-.03</td><td>-</td><td>3/15/44</td><td>100.13</td><td>4/24/44</td><td>100.05</td><td>3/8/44</td><td>100.13</td><td>4/24</td><td>100.05</td><td>3/8</td></tr><tr><td>Certificates of indebtedness 5/</td><td>1,655</td><td>7/85 c - 5/1/44 5/</td><td>1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5/1/43</td><td>.00%</td><td>4/25/44</td><td>.87%</td><td>4/28/44</td><td>.00%</td><td>4/25</td><td>.87%</td><td>4/28</td></tr><tr><td></td><td>2,545</td><td>7/85 D - 8/1/44</td><td>.44%</td><td>.40%</td><td>.42%</td><td>-.24%</td><td>-</td><td>-</td><td>-</td><td>8/2/43</td><td>.41%</td><td>4/26/44</td><td>.79%</td><td>10/15/43</td><td>.41%</td><td>4/26</td><td>.73%</td><td>1/13</td></tr><tr><td></td><td>4,122</td><td>7/85 B - 9/1/44</td><td>.60%</td><td>.57%</td><td>.58%</td><td>-.15%</td><td>-</td><td>-</td><td>-</td><td>9/15/43</td><td>.56%</td><td>4/26/44</td><td>.83%</td><td>10/15/43</td><td>.56%</td><td>4/26</td><td>.77%</td><td>1/11</td></tr><tr><td></td><td>3,519</td><td>7/85 T - 10/1/44</td><td>.65%</td><td>.63%</td><td>.64%</td><td>-.10%</td><td>-</td><td>-</td><td>-</td><td>10/15/43</td><td>.61%</td><td>4/24/44</td><td>.84%</td><td>10/13/43</td><td>.61%</td><td>4/24</td><td>.78%</td><td>1/31</td></tr><tr><td></td><td>3,540</td><td>7/85 O - 12/1/44</td><td>.71%</td><td>.69%</td><td>.70%</td><td>-.06%</td><td>-</td><td>-</td><td>-</td><td>12/1/43</td><td>.68%</td><td>4/24/44</td><td>.83%</td><td>11/22/43</td><td>.68%</td><td>4/24</td><td>.79%</td><td>1/31</td></tr><tr><td></td><td>5,048</td><td>7/85 A - 2/1/45</td><td>.77%</td><td>.75%</td><td>.76%</td><td>-.04%</td><td>-</td><td>-</td><td>-</td><td>2/1/44</td><td>.74%</td><td>4/26/44</td><td>.81%</td><td>3/21/44</td><td>.74%</td><td>4/26</td><td>.81%</td><td>3/21</td></tr><tr><td></td><td>4,877</td><td>7/85 B - 4/1/45</td><td>.79%</td><td>.77%</td><td>.78%</td><td>-.05%</td><td>-</td><td>-</td><td>-</td><td>4/1/44</td><td>.77%</td><td>4/26/44</td><td>.84%</td><td>3/29/44</td><td>.77%</td><td>4/26</td><td>.84%</td><td>3/29</td></tr><tr><td></td><td>8/</td><td>7/85 D - 5/1/45</td><td>.79%</td><td>.77%</td><td>.78%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5/1/44</td><td>.78%</td><td>4/29/44</td><td>.79%</td><td>4/27/44</td><td>.78%</td><td>4/29</td><td>.79%</td><td>4/27</td></tr></table>
Guaranteed by U. S. Government 9/
<table><tr><td>$412</td><td>Commodity Credit Corp.<br>1-1/8%0 - 2/15/45</td><td>100.07</td><td>100.09</td><td>100.08</td><td>.00</td><td>.81%</td><td>-.03%</td><td>-</td><td>7/21/41</td><td>101.00</td><td>9/2/41</td><td>99.25</td><td>12/27/41</td><td>100.09</td><td>4/24</td><td>100.06</td><td>1/20</td></tr></table>
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar. 31, 1944</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar. 31, 1944</th></tr><tr><td>$1.002</td><td>5/4/44</td><td>2/3/44</td><td>.37%</td><td>.20%</td><td>.28%</td><td>-.06%</td><td>$1.001</td><td>6/22/44</td><td>3/23/44</td><td>.37%</td><td>.30%</td><td>.34%</td><td>-.03%</td></tr><tr><td>1.006</td><td>5/11/44</td><td>2/10/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1.010</td><td>6/29/44</td><td>3/30/44</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1.013</td><td>5/18/44</td><td>2/17/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1.008</td><td>7/6/44</td><td>4/6/44</td><td>.37</td><td>.30</td><td>.34</td><td>-</td></tr><tr><td>1.008</td><td>5/25/44</td><td>2/21/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1.015</td><td>7/13/44</td><td>4/13/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1.007</td><td>6/1/44</td><td>3/2/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.08</td><td>1.013</td><td>7/20/44</td><td>4/20/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1.035</td><td>6/8/44</td><td>3/9/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.08</td><td>1.016</td><td>7/27/44</td><td>4/27/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1.016</td><td>6/15/44</td><td>3/16/44</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
66
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
April 29, 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-seconds)</th><th colspan="2">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1944 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar. 31, 1944</th><th>Yield 3/</th><th>Change in yield from Mar. 31, 1944</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="16">Issued by U. S. Government</td></tr><tr><td colspan="16">Treasury bonds</td></tr><tr><td>$1.037</td><td>4% - 12/15/44-54</td><td>102.07+</td><td>102.08+</td><td>102.08</td><td>-.10</td><td>.38%</td><td>+0.5%</td><td>3.74%</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>103.06</td><td>1/11</td><td>102.08</td><td>4/29</td></tr><tr><td>1.214</td><td>2-1/4% - 9/15/45-47</td><td>103.01</td><td>103.03</td><td>103.02</td><td>-.04</td><td>.51</td><td>-.03</td><td>1.81</td><td>9/16/35</td><td>110.12</td><td>12/12/40</td><td>99.27</td><td>9/17/35</td><td>103.14</td><td>1/11</td><td>103.02</td><td>4/29</td></tr><tr><td>541</td><td>2-1/2% - 12/15/45</td><td>103.08</td><td>103.10</td><td>103.09</td><td>-.02</td><td>.47</td><td>-.05</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>103.15</td><td>1/11</td><td>103.07</td><td>3/2</td></tr><tr><td>489</td><td>3-1/4% - 3/15/46-56</td><td>105.23</td><td>105.25</td><td>105.24</td><td>-.03</td><td>.65</td><td>-.07</td><td>3.17</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>106.09</td><td>1/11</td><td>105.24</td><td>4/29</td></tr><tr><td>1.036</td><td>3% - 6/15/46-48</td><td>104.28</td><td>104.30</td><td>104.29</td><td>+.01</td><td>.67</td><td>-.09</td><td>1.76</td><td>6/15/34</td><td>112.28</td><td>12/16/40</td><td>97.28</td><td>9/17/34</td><td>105.09</td><td>1/12</td><td>104.27</td><td>4/15</td></tr><tr><td>819</td><td>3-1/8% - 6/15/46-49</td><td>105.04</td><td>105.06</td><td>105.05</td><td>+.01</td><td>.67</td><td>-.10</td><td>2.06</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>105.18</td><td>1/11</td><td>105.03</td><td>4/10</td></tr><tr><td>759</td><td>4-1/4% - 10/15/47-52</td><td>111.12</td><td>111.14</td><td>111.13</td><td>-.02</td><td>.89</td><td>-.05</td><td>2.73</td><td>10/16/22</td><td>122.22</td><td>12/11/40</td><td>98.18</td><td>10/8/23</td><td>111.25</td><td>1/10</td><td>111.13</td><td>4/29</td></tr><tr><td>701</td><td>2% - 12/15/47</td><td>104.11</td><td>104.13</td><td>104.12</td><td>+.04</td><td>.77</td><td>-.06</td><td></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>104.12</td><td>4/29</td><td>104.03</td><td>2/2</td></tr><tr><td>1.223</td><td>2-3/4% - 3/15/48-51</td><td>106.27</td><td>106.29</td><td>106.28</td><td>+.02</td><td>.94</td><td>-.05</td><td>1.69</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>106.29</td><td>4/25</td><td>106.19</td><td>2/3</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>106.25</td><td>106.27</td><td>106.26</td><td>+.05</td><td>.91</td><td>-.06</td><td></td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>106.27</td><td>4/26</td><td>106.09</td><td>1/3</td></tr><tr><td>571</td><td>2% - 12/15/48-50</td><td>104.26</td><td>104.28</td><td>104.27</td><td>+.05</td><td>.93</td><td>-.05</td><td>1.24</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>4/29</td><td>104.09</td><td>1/4</td></tr><tr><td>491</td><td>3-1/8% - 12/15/49-52</td><td>110.17</td><td>110.19</td><td>110.18</td><td>+.01</td><td>1.18</td><td>-.03</td><td>1.80</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>110.22</td><td>4/21</td><td>110.05</td><td>1/3</td></tr><tr><td>1.786</td><td>2-1/2% - 12/15/49-53</td><td>106.29</td><td>106.31</td><td>106.30</td><td>+.03</td><td>1.22</td><td>-.03</td><td>1.72</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>107.06</td><td>4/12</td><td>106.16</td><td>2/2</td></tr><tr><td>1.186</td><td>2-1/2% - 9/15/50-52</td><td>107.18</td><td>107.20</td><td>107.19</td><td>+.05</td><td>1.26</td><td>-.03</td><td>1.53</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>107.23</td><td>4/12</td><td>106.30</td><td>2/3</td></tr><tr><td>1.627</td><td>2-3/4% - 6/15/51-54</td><td>109.11</td><td>109.13</td><td>109.12</td><td>.00</td><td>1.36</td><td>-.02</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>109.20</td><td>4/12</td><td>106.31</td><td>2/3</td></tr><tr><td>755</td><td>3% - 9/15/51-55</td><td>111.06</td><td>111.08</td><td>111.07</td><td>-.01</td><td>1.39</td><td>-.01</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>111.16</td><td>2/28</td><td>110.31</td><td>2/5</td></tr><tr><td>1.118</td><td>2-1/4% - 12/15/51-53</td><td>106.22</td><td>106.24</td><td>106.23</td><td>.00</td><td>1.32</td><td>-.01</td><td>1.50</td><td>12/22/39</td><td>107.01</td><td>11/22/41</td><td>101.08</td><td>5/24/40</td><td>106.30</td><td>4/12</td><td>106.02</td><td>1/3</td></tr><tr><td>725</td><td>2% - 6/15/53-55</td><td>105.02</td><td>105.04</td><td>105.03</td><td>-.08</td><td>1.40</td><td>+.02</td><td>1.50</td><td>10/7/40</td><td>105.21</td><td>3/7/44</td><td>101.19</td><td>2/15/41</td><td>105.21</td><td>3/7</td><td>104.22</td><td>1/3</td></tr><tr><td>681</td><td>2-1/4% - 6/15/51-56</td><td>107.02</td><td>107.04</td><td>107.03</td><td>-.08</td><td>1.49</td><td>+.02</td><td>1.60</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</td><td>106.22</td><td>1/3</td></tr><tr><td>2.612</td><td>2-7/8% - 3/15/55-60</td><td>111.17</td><td>111.19</td><td>111.18</td><td>-.12</td><td>1.71</td><td>+.03</td><td>2.02</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>112.19</td><td>3/3</td><td>111.17</td><td>4/27</td></tr><tr><td>982</td><td>2-3/4% - 9/15/56-59</td><td>111.00</td><td>111.02</td><td>111.01</td><td>-.09</td><td>1.75</td><td>+.01</td><td>1.92</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>112.02</td><td>3/6</td><td>111.01</td><td>4/29</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>110.31</td><td>111.01</td><td>111.00</td><td>-.10</td><td>1.86</td><td>+.02</td><td>2.05</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>112.03</td><td>3/6</td><td>110.28</td><td>2/3</td></tr><tr><td>1.485</td><td>2-3/4% - 12/15/60-65 10/</td><td>111.02</td><td>111.04</td><td>111.03</td><td>-.14</td><td>1.96</td><td>+.02</td><td>2.11</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>112.10</td><td>3/3</td><td>111.03</td><td>4/29</td></tr><tr><td colspan="16">Other bonds 11/</td></tr><tr><td>16</td><td>3% Conversion - 1/1/46</td><td>104.08</td><td>104.16</td><td>104.12</td><td>.00</td><td>.37</td><td>-.11</td><td></td><td>1/1/16</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>105.04</td><td>1/17</td><td>104.12</td><td>4/29</td></tr><tr><td>13</td><td>3% Conversion - 1/1/47</td><td>106.20</td><td>106.28</td><td>106.24</td><td>-.02</td><td>.45</td><td>-.05</td><td></td><td>1/1/17</td><td></td><td></td><td></td><td></td><td>107.02</td><td>2/21</td><td>106.24</td><td>4/29</td></tr><tr><td>50</td><td>3% Panama Canal - 6/1/61</td><td>132.00</td><td>133.08</td><td>132.20</td><td>-.02</td><td>.93</td><td>-.01</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</td><td>130.28</td><td>3/1</td></tr><tr><td colspan="16">Treasury notes</td></tr><tr><td>146</td><td>3/4% A - 6/15/44</td><td>100.00</td><td></td><td>100.00</td><td>-.01</td><td>.75</td><td>+1.6</td><td></td><td>6/15/39</td><td>101.15</td><td>9/27/41</td><td>97.16</td><td>9/6/39</td><td>100.07</td><td>2/29</td><td>100.00</td><td>4/29</td></tr><tr><td>283</td><td>1% C - 9/15/44</td><td>100.09</td><td>100.10</td><td>100.10</td><td>-.02</td><td>.16</td><td>.00</td><td></td><td>12/22/39</td><td>102.16</td><td>12/9/40</td><td>100.10</td><td>4/29/44</td><td>100.18</td><td>1/4</td><td>100.10</td><td>4/29</td></tr><tr><td>718</td><td>3/4% A - 3/15/45</td><td>100.14+</td><td>100.15+</td><td>100.15</td><td>-.04</td><td>.21</td><td>+0.9</td><td></td><td>3/15/40</td><td>101.16</td><td>8/6/41</td><td>98.26</td><td>6/10/40</td><td>100.20</td><td>3/25</td><td>100.15</td><td>4/29</td></tr><tr><td colspan="16">Guaranteed by U. S. Government 2/</td></tr><tr><td colspan="16">Federal Farm Mortgage Corp.</td></tr><tr><td>$138</td><td>3% - 5/15/44-49 12/</td><td>100.02</td><td></td><td>100.02</td><td>-.06</td><td>1.36%</td><td>+5.4%</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>100.30</td><td>1/3</td><td>100.02</td><td>4/29</td></tr><tr><td colspan="16">Home Owners' Loan Corp.</td></tr><tr><td>176</td><td>3% A - 5/1/44-52 12/</td><td>7/</td><td></td><td></td><td></td><td></td><td></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>100.26</td><td>1/6</td><td>100.00</td><td>4/28</td></tr><tr><td>755</td><td>1-1/2% M - 6/1/45-47</td><td>101.01</td><td>101.03</td><td>101.02</td><td>.00</td><td>.52</td><td>-.06</td><td>1.15</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>101.04</td><td>1/13</td><td>101.00</td><td>3/2</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. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Computed on mean price to call date when mean price is above par and to maturity date when mean price is below par.
4/ Included in the average of long-term taxable Treasury bonds.
5/ Quoted on yield basis.
6/ From April 10 through April 25, 1944, quotations are on basis of zero yield plus premium per thousand dollars. From April 26 through April 28 quoted on a price basis at par.
7/ Not quoted.
8/ This security was issued in the amount of $1.615 millions on May 1, 1944.
9/ Excludes Federal Housing Administration debentures and issues held entirely by Government agencies.
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.
May 1944
67
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies April 29, 1944 - (Continued)
Table II. - Securities Issued by Federal Agencies but not Guaranteed by the United States
PART A - TAXABLE DEBENTURES
<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>Federal Home Loan Banks</th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from March 31, 1944</th></tr><tr><td>$64</td><td>.85% A - 6/15/44</td><td>12/1/43</td><td>.90%</td><td>.75%</td><td>.82%</td><td>.00%</td></tr><tr><td colspan="7">Federal Intermediate Credit Banks</td></tr><tr><td>24</td><td>.80% - 5/1/44</td><td>8/2/43</td><td>.60</td><td>-</td><td>.60</td><td>-.10</td></tr><tr><td>17</td><td>.3/4% - 5/1/44</td><td>12/30/43</td><td>.60</td><td>-</td><td>.60</td><td>-.10</td></tr><tr><td>15</td><td>.80% - 6/1/44</td><td>9/1/43</td><td>.65</td><td>-</td><td>.65</td><td>-.10</td></tr><tr><td>17</td><td>.80% - 6/1/44</td><td>12/1/43</td><td>.65</td><td>-</td><td>.65</td><td>-.10</td></tr><tr><td>24</td><td>.85% - 7/1/44</td><td>10/1/43</td><td>.70</td><td>-</td><td>.70</td><td>-.10</td></tr><tr><td>15</td><td>.3/4% - 7/1/44</td><td>2/1/44</td><td>.70</td><td>-</td><td>.70</td><td>-.10</td></tr><tr><td>28</td><td>.7/8% - 8/1/44</td><td>11/1/43</td><td>.75</td><td>-</td><td>.75</td><td>-.10</td></tr><tr><td>23</td><td>.90% - 9/1/44</td><td>12/1/43</td><td>.75</td><td>-</td><td>.75</td><td>-.10</td></tr><tr><td>32</td><td>.90% - 10/2/44</td><td>1/3/44</td><td>.80</td><td>-</td><td>.80</td><td>-.10</td></tr><tr><td>12</td><td>.80% - 10/2/44</td><td>4/1/44</td><td>.80</td><td>-</td><td>.80</td><td>-</td></tr><tr><td>29</td><td>.95% - 11/1/44</td><td>11/1/43</td><td>.85</td><td>-</td><td>.85</td><td>-.05</td></tr><tr><td>16</td><td>.90% - 11/1/44</td><td>2/1/44</td><td>.85</td><td>-</td><td>.85</td><td>-.05</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>.00</td></tr><tr><td>18</td><td>.90% - 1/2/45</td><td>4/1/44</td><td>.90</td><td>-</td><td>.90</td><td>-</td></tr></table>
PART B - TAX-EXEMPT BONDS
<table><tr><th rowspan="2">Amount out- standing (Mill- lions)</th><th rowspan="2">Description</th><th colspan="4">Price date (Price decimals are thirty-seconds)</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-seconds)</th><th colspan="4">1944 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar. 31, 1944</th><th>Yield 1/</th><th>Change in yield from Mar. 31, 1944</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th colspan="16">Federal Land Banks 4/</th></tr><tr><td>$125</td><td>4 1/4 - 7/1/44-46</td><td>100.18</td><td>100.21</td><td>100.20</td><td>-.08</td><td>.18%</td><td>-.19%</td><td>3.70%</td><td>7/1/34</td><td>114.04</td><td>6/5/39</td><td>94.12</td><td>9/18/34</td><td>101.26</td><td>1/3</td><td>100.20</td><td>4/29</td></tr><tr><td>71</td><td>4 1/2 - 7/15/44-64</td><td>100.23</td><td>100.26</td><td>100.24</td><td>-.10</td><td>.29</td><td>+.08</td><td>3.95</td><td>7/15/34</td><td>112.02</td><td>12/10/40</td><td>100.24</td><td>4/29/44</td><td>101.30</td><td>1/3</td><td>100.24</td><td>4/29</td></tr><tr><td>157</td><td>3-1/4% - 5/1/45-55</td><td>102.28</td><td>103.00</td><td>102.30</td><td>-.06</td><td>.30</td><td>-.04</td><td>2.94</td><td>5/1/35</td><td>111.12</td><td>12/10/40</td><td>99.28</td><td>10/2/35</td><td>103.22</td><td>1/3</td><td>102.30</td><td>4/29</td></tr><tr><td>230</td><td>3 1/2 - 7/1/45-55</td><td>103.00</td><td>103.04</td><td>103.02</td><td>-.06</td><td>.36</td><td>-.01</td><td>2.68</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>103.23</td><td>1/12</td><td>103.02</td><td>4/29</td></tr><tr><td>171</td><td>3 1/2 - 1/1/46-56</td><td>104.12</td><td>104.16</td><td>104.14</td><td>-.04</td><td>.32</td><td>-.05</td><td>2.56</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>105.03</td><td>1/3</td><td>104.13</td><td>4/18</td></tr><tr><td>170</td><td>3 1/2 - 5/1/46-56</td><td>105.10</td><td>105.16</td><td>105.13</td><td>-.04</td><td>.28</td><td>-.04</td><td>2.48</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>106.02</td><td>1/3</td><td>105.11</td><td>4/18</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 is thirty-seconds.
2) Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices are included begin-
ing November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Computed on mean price to call date when 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.
68
Treasury Bulletin
YIELDS OF TREASURY SECURITIES
APR. 29, 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.
May 1944
69
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></table>
<table><tr><td colspan="13">Monthly Series 1/</td></tr><tr><td>1936-Jan.........</td><td>2.81</td><td></td><td>3.32</td><td>1939-Jan.........</td><td>2.54</td><td></td><td>2.96</td><td>1942-Jan.........</td><td>2.10</td><td>2.48</td><td>2.76</td></tr><tr><td>Feb.........</td><td>2.78</td><td></td><td>3.26</td><td>Feb.........</td><td>2.51</td><td></td><td>2.90</td><td>Feb.........</td><td>2.17</td><td>2.48</td><td>2.80</td></tr><tr><td>Mar.........</td><td>2.73</td><td></td><td>3.24</td><td>Mar.........</td><td>2.43</td><td></td><td>2.87</td><td>Mar.........</td><td>2.10</td><td>2.46</td><td>2.80</td></tr><tr><td>Apr.........</td><td>2.70</td><td></td><td>3.24</td><td>Apr.........</td><td>2.38</td><td></td><td>2.92</td><td>Apr.........</td><td>2.07</td><td>2.44</td><td>2.77</td></tr><tr><td>May.........</td><td>2.68</td><td></td><td>3.22</td><td>May.........</td><td>2.27</td><td></td><td>2.86</td><td>May.........</td><td>2.06</td><td>2.45</td><td>2.76</td></tr><tr><td>June.........</td><td>2.69</td><td></td><td>3.19</td><td>June.........</td><td>2.22</td><td></td><td>2.78</td><td>June.........</td><td>2.04</td><td>2.43</td><td>2.75</td></tr><tr><td>July.........</td><td>2.68</td><td></td><td>3.18</td><td>July.........</td><td>2.23</td><td></td><td>2.76</td><td>July.........</td><td>2.04</td><td>2.46</td><td>2.74</td></tr><tr><td>Aug.........</td><td>2.64</td><td></td><td>3.18</td><td>Aug.........</td><td>2.27</td><td></td><td>2.79</td><td>Aug.........</td><td>2.06</td><td>2.47</td><td>2.73</td></tr><tr><td>Sept.........</td><td>2.65</td><td></td><td>3.15</td><td>Sept.........</td><td>2.67</td><td></td><td>3.29</td><td>Sept.........</td><td>2.08</td><td>2.46</td><td>2.73</td></tr><tr><td>Oct.........</td><td>2.68</td><td></td><td>3.14</td><td>Oct.........</td><td>2.60</td><td></td><td>3.14</td><td>Oct.........</td><td>2.09</td><td>2.45</td><td>2.72</td></tr><tr><td>Nov.........</td><td>2.60</td><td></td><td>3.11</td><td>Nov.........</td><td>2.46</td><td></td><td>2.93</td><td>Nov.........</td><td>2.10</td><td>2.47</td><td>2.71</td></tr><tr><td>Dec.........</td><td>2.59</td><td></td><td>3.07</td><td>Dec.........</td><td>2.35</td><td></td><td>2.56</td><td>Dec.........</td><td>2.13</td><td>2.49</td><td>2.72</td></tr><tr><td>1937-Jan.........</td><td>2.56</td><td></td><td>3.09</td><td>1940-Jan.........</td><td>2.30</td><td></td><td>2.81</td><td>1943-Jan.........</td><td>2.11</td><td>2.46</td><td>2.70</td></tr><tr><td>Feb.........</td><td>2.54</td><td></td><td>3.24</td><td>Feb.........</td><td>2.32</td><td></td><td>2.79</td><td>Feb.........</td><td>2.11</td><td>2.46</td><td>2.68</td></tr><tr><td>Mar.........</td><td>2.66</td><td></td><td>3.36</td><td>Mar.........</td><td>2.26</td><td></td><td>2.77</td><td>Mar.........</td><td>2.12</td><td>2.48</td><td>2.70</td></tr><tr><td>Apr.........</td><td>2.83</td><td></td><td>3.43</td><td>Apr.........</td><td>2.26</td><td></td><td>2.74</td><td>Apr.........</td><td>2.05</td><td>2.48</td><td>2.68</td></tr><tr><td>May.........</td><td>2.80</td><td></td><td>3.36</td><td>May.........</td><td>2.39</td><td></td><td>2.87</td><td>May.........</td><td>1.96</td><td>2.46</td><td>2.65</td></tr><tr><td>June.........</td><td>2.81</td><td></td><td>3.31</td><td>June.........</td><td>2.40</td><td></td><td>2.93</td><td>June.........</td><td>1.91</td><td>2.45</td><td>2.63</td></tr><tr><td>July.........</td><td>2.78</td><td></td><td>3.27</td><td>July.........</td><td>2.30</td><td></td><td>2.85</td><td>July.........</td><td>1.91</td><td>2.45</td><td>2.58</td></tr><tr><td>Aug.........</td><td>2.78</td><td></td><td>3.25</td><td>Aug.........</td><td>2.31</td><td></td><td>2.80</td><td>Aug.........</td><td>1.92</td><td>2.46</td><td>2.57</td></tr><tr><td>Sept.........</td><td>2.82</td><td></td><td>3.26</td><td>Sept.........</td><td>2.25</td><td></td><td>2.71</td><td>Sept.........</td><td>1.90</td><td>2.46</td><td>2.59</td></tr><tr><td>Oct.........</td><td>2.82</td><td></td><td>3.26</td><td>Oct.........</td><td>2.21</td><td></td><td>2.70</td><td>Oct.........</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td>Nov.........</td><td>2.78</td><td></td><td>3.22</td><td>Nov.........</td><td>2.09</td><td></td><td>2.65</td><td>Nov.........</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.........</td><td>2.73</td><td></td><td>3.17</td><td>Dec.........</td><td>2.01</td><td></td><td>2.59</td><td>Dec.........</td><td>1.95</td><td>2.49</td><td>2.63</td></tr><tr><td>1938-Jan.........</td><td>2.69</td><td></td><td>3.17</td><td>1941-Jan.........</td><td>2.12</td><td></td><td>2.57</td><td>1944-Jan.........</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.........</td><td>2.68</td><td></td><td>3.15</td><td>Feb.........</td><td>2.32</td><td></td><td>2.71</td><td>Feb.........</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.........</td><td>2.68</td><td></td><td>3.16</td><td>Mar.........</td><td>2.12</td><td></td><td>2.73</td><td>Mar.........</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.........</td><td>2.66</td><td></td><td>3.25</td><td>Apr.........</td><td>2.07</td><td></td><td>2.76</td><td>Apr.........</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May.........</td><td>2.56</td><td></td><td>3.14</td><td>May.........</td><td>2.04</td><td></td><td>2.75</td><td></td><td></td><td></td><td></td></tr><tr><td>June.........</td><td>2.58</td><td></td><td>3.15</td><td>June.........</td><td>2.01</td><td></td><td>2.70</td><td></td><td></td><td></td><td></td></tr><tr><td>July.........</td><td>2.58</td><td></td><td>3.12</td><td>July.........</td><td>1.98</td><td></td><td>2.66</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.........</td><td>2.57</td><td></td><td>3.10</td><td>Aug.........</td><td>2.01</td><td></td><td>2.65</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.........</td><td>2.63</td><td></td><td>3.12</td><td>Sept.........</td><td>2.02</td><td></td><td>2.64</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.........</td><td>2.55</td><td></td><td>3.06</td><td>Oct.........</td><td>1.98</td><td>2.34</td><td>2.61</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.........</td><td>2.56</td><td></td><td>3.04</td><td>Nov.........</td><td>1.95</td><td>2.34</td><td>2.57</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.........</td><td>2.56</td><td></td><td>3.02</td><td>Dec.........</td><td>2.06</td><td>2.47</td><td>2.68</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Weekly Series - Saturday Figures 1/</td></tr><tr><td>1943-Nov. 6......</td><td>1.93</td><td>2.48</td><td>2.59</td><td>1944-Jan. 8......</td><td>1.94</td><td>2.49</td><td>2.62</td><td>1944-Mar. 4......</td><td>1.89</td><td>2.49</td><td>2.66</td></tr><tr><td>13......</td><td>1.94</td><td>2.48</td><td>2.61</td><td>15......</td><td>1.95</td><td>2.49</td><td>2.64</td><td>11......</td><td>1.90</td><td>2.49</td><td>2.64</td></tr><tr><td>20......</td><td>1.95</td><td>2.49</td><td>2.61</td><td>22......</td><td>1.95</td><td>2.49</td><td>2.65</td><td>18......</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>27......</td><td>1.95</td><td>2.49</td><td>2.61</td><td>29......</td><td>1.95</td><td>2.49</td><td>2.67</td><td>25......</td><td>1.93</td><td>2.48</td><td>2.62</td></tr><tr><td>Dec. 4......</td><td>1.95</td><td>2.49</td><td>2.62</td><td>Feb. 5......</td><td>1.95</td><td>2.49</td><td>2.66</td><td>Apr. 1......</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>11......</td><td>1.95</td><td>2.49</td><td>2.62</td><td>11......</td><td>1.94</td><td>2.49</td><td>2.66</td><td>8......</td><td>1.93</td><td>2.48</td><td>2.62</td></tr><tr><td>18......</td><td>1.95</td><td>2.49</td><td>2.63</td><td>19......</td><td>1.92</td><td>2.49 5/</td><td>2.65</td><td>15......</td><td>1.93</td><td>2.48</td><td>2.62</td></tr><tr><td>24......</td><td>1.95</td><td>2.49</td><td>2.64</td><td>26......</td><td>1.90</td><td>2.49</td><td>2.65</td><td>22......</td><td>1.93</td><td>2.48</td><td>2.60</td></tr><tr><td>31......</td><td>1.96</td><td>2.49</td><td>2.65</td><td></td><td></td><td></td><td></td><td>29......</td><td>1.96</td><td>2.49</td><td>2.60</td></tr><tr><td colspan="13">Daily Series</td></tr><tr><td>1944-Apr. 1......</td><td>1.94</td><td>2.48</td><td>2.61</td><td>1944-Apr. 10......</td><td>1.93</td><td>2.48</td><td>2.62</td><td>1944-Apr. 20......</td><td>1.93</td><td>2.48</td><td>2.61</td></tr><tr><td>3......</td><td>1.94</td><td>2.48</td><td>2.62</td><td>11......</td><td>1.92</td><td>2.48</td><td>2.61</td><td>21......</td><td>1.93</td><td>2.48</td><td>2.61</td></tr><tr><td>4......</td><td>1.93</td><td>2.48</td><td>2.61</td><td>12......</td><td>1.92</td><td>2.48</td><td>2.62</td><td>22......</td><td>1.93</td><td>2.48</td><td>2.60</td></tr><tr><td>5......</td><td>1.93</td><td>2.48</td><td>2.62</td><td>13......</td><td>1.93</td><td>2.48</td><td>2.61</td><td>24......</td><td>1.94</td><td>2.48</td><td>2.60</td></tr><tr><td>6......</td><td>1.93</td><td>2.48</td><td>2.61</td><td>14......</td><td>1.93</td><td>2.48</td><td>2.62</td><td>25......</td><td>1.94</td><td>2.48</td><td>2.60</td></tr><tr><td>7......</td><td>1.93 6/</td><td>2.48 6/</td><td>2.61 6/</td><td>15......</td><td>1.93</td><td>2.48</td><td>2.62</td><td>26......</td><td>1.95</td><td>2.49</td><td>2.60</td></tr><tr><td>8......</td><td>1.93</td><td>2.48</td><td>2.62</td><td>17......</td><td>1.93</td><td>2.48</td><td>2.62</td><td>27......</td><td>1.96</td><td>2.49</td><td>2.61</td></tr><tr><td></td><td></td><td></td><td></td><td>18......</td><td>1.93</td><td>2.48</td><td>2.63</td><td>28......</td><td>1.96</td><td>2.49</td><td>2.60</td></tr><tr><td></td><td></td><td></td><td></td><td>19......</td><td>1.93</td><td>2.48</td><td>2.62</td><td>29......</td><td>1.96</td><td>2.49</td><td>2.60</td></tr></table>
Basis of Computation: (1) Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. (2) Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Back Figures: For monthly and weekly figures back to January 1933, see "Treasury Bulletin" for April 1944, pages 57-61. 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 Treasury bonds and United States savings bonds 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. For discussion of composition of high-grade corporate bond average, see "Treasury Bulletin" for April 1943, page 61. Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures. On days when the exchanges are closed, the date and prices of the previous day are used. Indicates change in composition of average. Holiday.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series 1/
70
Treasury Bulletin
May 1944
1
GOVERNMENTAL CORPORATIONS AND CREDIT
AGENCIES OF THE UNITED STATES
72
Treasury Bulletin
Assets and Liabilities of Government Corporations and Credit Agencies
March 31, 1944
(In millions of dollars)
<table><tr><th rowspan="2">Corporation or agency</th><th colspan="8">Assets</th></tr><tr><th>Total</th><th>Loans</th><th>Preferred capital stock, etc.</th><th>Cash 1/</th><th colspan="3">Investments</th><th>Accounts and other receivables 2/</th><th>Real estate and other business property</th><th>Due from Government corporations and agencies</th><th>Capital stock 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>273.7</td><td>196.7</td><td>-</td><td>15.9</td><td>33.8</td><td>-</td><td>25.3</td><td>1.9</td><td>.1</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Commodity Credit Corporation</td><td>1,800.6</td><td>408.1</td><td>-</td><td>5.4</td><td>-</td><td>-</td><td>-</td><td>607.24/ 16.6</td><td>19.5</td><td>1.6</td><td>-</td><td>760.45/ .1</td></tr><tr><td>Disaster Loan Corporation</td><td>20.7</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>200.9</td><td>142.3</td><td>-</td><td>.6</td><td>-</td><td>-</td><td>-</td><td>57.9</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Farm Credit Administration</td><td>422.0</td><td>230.6</td><td>-</td><td>14.6</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>-</td><td>-</td><td>174.0</td><td>1.8</td></tr><tr><td>Farm Security Administration</td><td>513.4</td><td>418.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36.2</td><td>.3</td><td>57.9</td><td>-</td><td>.4</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>20.6</td><td>-</td><td>-</td><td>5.5</td><td>686.4</td><td>-</td><td>-</td><td>15.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>772.9</td><td>26.7</td><td>-</td><td>17.6</td><td>-</td><td>245.0</td><td>380.1</td><td>29.0</td><td>.1</td><td>.3</td><td>-</td><td>12.8</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,076.0</td><td>380.8</td><td>-</td><td>24.5</td><td>-</td><td>-</td><td>-</td><td>36.1</td><td>-</td><td>2.5</td><td>-</td><td>7.0</td></tr><tr><td>Federal home loan banks</td><td>292.5</td><td>99.4</td><td>-</td><td>27.7</td><td>164.6</td><td>.2</td><td>-</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Federal Housing Administration</td><td>132.3</td><td>-</td><td>-</td><td>18.9</td><td>69.0</td><td>-</td><td>-</td><td>40.0</td><td>1.3</td><td>.2</td><td>-</td><td>2.9</td></tr><tr><td>Federal intermediate credit banks</td><td>405.4</td><td>300.9</td><td>-</td><td>20.0</td><td>36.0</td><td>-</td><td>-</td><td>1.8</td><td>-</td><td>46.5</td><td>-</td><td>.2</td></tr><tr><td>Federal land banks 6/</td><td>1,902.9</td><td>1,290.3</td><td>-</td><td>34.2</td><td>236.9</td><td>176.6</td><td>17.0</td><td>116.5</td><td>5.0</td><td>5.3</td><td>-</td><td>21.1</td></tr><tr><td>Federal National Mortgage Association</td><td>64.5</td><td>62.1</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>-</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>19.5</td><td>-</td><td>-</td><td>8.5</td><td>-</td><td>-</td><td>-</td><td>2.7</td><td>6.4</td><td>-</td><td>-</td><td>2.0</td></tr><tr><td>Federal Public Housing Authority</td><td>554.2</td><td>319.3</td><td>-</td><td>38.2</td><td>7.2</td><td>-</td><td>-</td><td>5.2</td><td>184.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>149.8</td><td>-</td><td>-</td><td>.9</td><td>144.3</td><td>-</td><td>-</td><td>4.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Security Agency - student war loans 7/</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 families</td><td>4.1</td><td>4.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,681.5</td><td>1,279.1</td><td>46.6</td><td>47.7</td><td>15.0</td><td>120.0</td><td>-</td><td>3.9</td><td>2.6</td><td>-</td><td>100.0</td><td>66.5</td></tr><tr><td>Inland Waterways Corporation 7/</td><td>24.6</td><td>.4</td><td>-</td><td>1.0</td><td>6.3</td><td>-</td><td>-</td><td>.7</td><td>16.1</td><td>-</td><td>-</td><td>.1</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 7/</td><td>69.9</td><td>-</td><td>-</td><td>9.0</td><td>15.5</td><td>-</td><td>-</td><td>.4</td><td>42.7</td><td>2.2</td><td>-</td><td>.1</td></tr><tr><td>Production credit corporations</td><td>127.6</td><td>-</td><td>-</td><td>.7</td><td>61.3</td><td>-</td><td>65.1</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Puerto Rico Reconstruction Administration</td><td>22.6</td><td>6.6</td><td>-</td><td>3.1</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>12.6</td></tr><tr><td>Reconstruction Finance Corporation 8/</td><td>9,787.3</td><td>1,378.9</td><td>324.8</td><td>4.19/ 42.1</td><td>71.1</td><td>-</td><td>6.3</td><td>27.19/ .1</td><td>.9</td><td>7,559.5</td><td>360.7</td><td>53.8</td></tr><tr><td>Regional agricultural credit corporations</td><td>64.2</td><td>21.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>RFC Mortgage Company, The</td><td>123.7</td><td>109.6</td><td>-</td><td>-</td><td>-</td><td>.5</td><td>-</td><td>2.3</td><td>6.5</td><td>-</td><td>-</td><td>4.7</td></tr><tr><td>Rural Electrification Administration</td><td>362.3</td><td>348.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.1</td><td>-</td><td>5.3</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>712.3</td><td>-</td><td>-</td><td>13.2</td><td>-</td><td>-</td><td>-</td><td>6.4</td><td>690.2</td><td>2.5</td><td>-</td><td>.1</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc. 7/</td><td>.3</td><td>.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>7,565.9</td><td>14.1</td><td>-</td><td>-</td><td>-</td><td>116.4</td><td>-</td><td>39.5</td><td>22.7</td><td>8.8</td><td>-</td><td>7,364.4</td></tr><tr><td>War corporations and activities (World War I) 10/</td><td>4.8</td><td>-</td><td>-</td><td>.5</td><td>.1</td><td>-</td><td>-</td><td>3.5</td><td>-</td><td>-</td><td>-</td><td>.6</td></tr><tr><td>War corporations (World War II) 11/</td><td>8,897.7</td><td>221.2</td><td>1.1</td><td>168.8</td><td>-</td><td>-</td><td>3.0</td><td>629.3</td><td>134.0</td><td>276.7</td><td>-</td><td>7,463.5</td></tr><tr><td>War Shipping Administration</td><td>1,085.7</td><td>-</td><td>-</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>443.8</td><td>544.1</td><td>45.6</td><td>-</td><td>49.2</td></tr><tr><td>Other Government agencies 12/</td><td>11,787.7</td><td>25.2</td><td>4.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,730.3</td><td>-</td><td>27.6</td></tr><tr><td>Gross total</td><td>51,022.9</td><td>7,366.3</td><td>377.3</td><td>525.9</td><td>1,547.5</td><td>542.9</td><td>613.3</td><td>2,140.0</td><td>1,677.0</td><td>19,745.1</td><td>634.7</td><td>15,852.9</td></tr><tr><td>Adjustment to eliminate interagency interests</td><td>-20,379.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-19,745.1</td><td>-634.7</td><td>-</td></tr><tr><td>Net total</td><td>30,643.0</td><td>7,366.3</td><td>377.3</td><td>525.9</td><td>1,547.5</td><td>542.9</td><td>613.3</td><td>2,140.0</td><td>1,677.0</td><td>0</td><td>0</td><td>15,852.9</td></tr></table>
(Continued on following page)
May 1944
73
Assets and Liabilities of Government Corporations and Credit Agencies
March 31, 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>Hot 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>Owned by United States 13/</th><th>Total</th><th>Capital stock</th><th>Surplus</th><th>Non-stock</th></tr><tr><td>Banks for cooperatives</td><td>64.6</td><td>-</td><td>17.0</td><td>-</td><td>46.5</td><td>1.1</td><td>209.1</td><td>7.4</td><td>201.7</td><td>174.0</td><td>27.7</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>1,935.4</td><td>581.8</td><td>436.2</td><td>902.2</td><td>.2</td><td>15.1</td><td>-134.8</td><td>-</td><td>-134.8</td><td>100.0</td><td>-234.8</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>194.7</td><td>-</td><td>194.7</td><td>175.0</td><td>19.7</td><td>-</td></tr><tr><td>Farm Credit Administration</td><td>204.0</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>204.0</td><td>217.9</td><td>-</td><td>217.9</td><td>-</td><td>-</td><td>217.9</td></tr><tr><td>Farm Security Administration</td><td>185.7</td><td>-</td><td>4.7</td><td>-</td><td>181.0</td><td>-</td><td>327.7</td><td>-</td><td>327.7</td><td>-</td><td>-</td><td>327.7</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>15.7</td><td>-</td><td>8.7</td><td>-</td><td>7.0</td><td>-</td><td>4.8</td><td>-</td><td>4.8</td><td>40.0</td><td>-35.2</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>483.6</td><td>-</td><td>21.4</td><td>-</td><td>-</td><td>462.3</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>966.2</td><td>177.1</td><td>7.9</td><td>684.7</td><td>.6</td><td>95.8</td><td>109.8</td><td>-</td><td>109.8</td><td>100.0</td><td>9.8</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>90.8</td><td>-</td><td>90.8</td><td>-</td><td>-</td><td>-</td><td>201.7</td><td>76.9</td><td>124.7</td><td>124.7</td><td>-</td><td>105.6</td></tr><tr><td>Federal Housing Administration</td><td>26.7</td><td>23.0</td><td>3.5</td><td>-</td><td>-</td><td>.2</td><td>105.6</td><td>-</td><td>105.6</td><td>-</td><td>-</td><td>105.6</td></tr><tr><td>Federal intermediate credit banks</td><td>315.7</td><td>-</td><td>315.5</td><td>-</td><td>*</td><td>.1</td><td>89.8</td><td>-</td><td>89.8</td><td>60.0</td><td>29.8</td><td>-</td></tr><tr><td>Federal land banks 6/</td><td>1,436.4</td><td>-</td><td>1,354.8</td><td>-</td><td>.9</td><td>80.7</td><td>466.5</td><td>209.3</td><td>297.2</td><td>120.1</td><td>137.1</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>50.7</td><td>-</td><td>1.6</td><td>-</td><td>49.1</td><td>-</td><td>13.8</td><td>-</td><td>13.8</td><td>10.0</td><td>3.8</td><td>-</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>.7</td><td>-</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>18.8</td><td>-</td><td>18.8</td><td>-</td><td>14.1</td><td>4.7</td></tr><tr><td>Federal Public Housing Authority</td><td>406.5</td><td>.1</td><td>.2</td><td>398.9</td><td>.1</td><td>7.2</td><td>147.7</td><td>-</td><td>147.7</td><td>1.0</td><td>146.7</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>147.5</td><td>-</td><td>147.5</td><td>100.0</td><td>47.5</td><td>-</td></tr><tr><td>Federal Security Agency - student war loans 7/</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></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public Works Administration</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>72.4</td><td>-</td><td>72.4</td><td>-</td><td>-</td><td>72.4</td></tr><tr><td>War Public Works - community facilities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.1</td><td>-</td><td>4.1</td><td>-</td><td>-</td><td>4.1</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,612.6</td><td>948.0</td><td>29.3</td><td>604.0</td><td>.3</td><td>31.0</td><td>68.9</td><td>-</td><td>68.9</td><td>200.0</td><td>-131.1</td><td>-</td></tr><tr><td>Inland Waterways Corporation 1/</td><td>1.2</td><td>-</td><td>.9</td><td>-</td><td>*</td><td>.3</td><td>23.4</td><td>-</td><td>23.4</td><td>12.0</td><td>11.4</td><td>-</td></tr><tr><td>Interior Department (Indian loans)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.8</td><td>-</td><td>2.8</td><td>-</td><td>-</td><td>2.8</td></tr><tr><td>Panama Railroad Company 1/</td><td>15.1</td><td>-</td><td>10.6</td><td>-</td><td>.2</td><td>4.3</td><td>54.7</td><td>-</td><td>54.7</td><td>7.0</td><td>47.7</td><td>-</td></tr><tr><td>Production credit corporations</td><td>.3</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>22.6</td><td>-</td><td>22.6</td><td>-</td><td>-</td><td>22.6</td></tr><tr><td>Reconstruction Finance Corporation 8/</td><td>9,086.3</td><td>553.7 9/</td><td>627.3 9/</td><td>7,717.1</td><td>63.2</td><td>125.0</td><td>701.0</td><td>-</td><td>701.0</td><td>325.0</td><td>376.09/</td><td>-</td></tr><tr><td>Regional agricultural credit corporations</td><td>2.1</td><td>-</td><td>1.7</td><td>-</td><td>*</td><td>.3</td><td>62.1</td><td>-</td><td>62.1</td><td>44.5</td><td>17.6</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>95.7</td><td>-</td><td>3.7</td><td>-</td><td>92.0</td><td>*</td><td>28.1</td><td>-</td><td>28.1</td><td>25.0</td><td>3.1</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>229.7</td><td>-</td><td>-</td><td>-</td><td>229.7</td><td>-</td><td>132.6</td><td>-</td><td>132.6</td><td>-</td><td>-</td><td>132.6</td></tr><tr><td>Tennessee Valley Authority</td><td>80.1</td><td>-</td><td>16.4</td><td>56.8</td><td>2.4</td><td>4.5</td><td>632.2</td><td>-</td><td>632.2</td><td>-</td><td>-</td><td>632.2</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc. 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>.3</td><td>*</td><td>.3</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>1,204.6</td><td>-</td><td>1,180.0</td><td>-</td><td>1.3</td><td>23.3</td><td>6,361.3</td><td>-</td><td>6,361.3</td><td>-</td><td>-</td><td>6,361.3</td></tr><tr><td>War corporations and activities (World War I) 10/</td><td>.1</td><td>-</td><td>*</td><td>-</td><td>.1</td><td>*</td><td>4.7</td><td>-</td><td>4.7</td><td>25.3</td><td>-23.9</td><td>3.3</td></tr><tr><td>War corporations (World War II) 11/</td><td>9,525.3</td><td>-</td><td>1,015.5</td><td>-</td><td>8,508.8</td><td>1.1</td><td>-627.6</td><td>-</td><td>-627.6</td><td>186.8</td><td>-631.1</td><td>16.7</td></tr><tr><td>War Shipping Administration</td><td>441.3</td><td>-</td><td>151.3</td><td>-</td><td>3.1</td><td>287.0</td><td>644.4</td><td>-</td><td>644.4</td><td>-</td><td>-</td><td>644.4</td></tr><tr><td>Other Government agencies 12/</td><td>188.8</td><td>-</td><td>-</td><td>188.8</td><td>-</td><td>-</td><td>11,598.9</td><td>-</td><td>11,598.9</td><td>4.7</td><td>-</td><td>11,594.2</td></tr><tr><td>Gross total</td><td>28,674.9</td><td>2,283.7</td><td>5,302.5</td><td>10,363.7</td><td>9,381.4</td><td>1,343.6</td><td>22,347.9</td><td>432.9</td><td>21,915.0</td><td>2,129.2</td><td>-359.9</td><td>20,145.7</td></tr><tr><td>Adjustment to eliminate interagency interests</td><td>-19,745.1</td><td>-</td><td>-</td><td>-10,363.7</td><td>-9,381.4</td><td>-</td><td>-634.7</td><td>-</td><td>-634.7</td><td>-633.7</td><td>-1.0</td><td>-</td></tr><tr><td>Net total</td><td>8,929.8</td><td>2,283.7</td><td>5,302.5</td><td>0</td><td>0</td><td>1,343.6</td><td>21,713.2</td><td>432.9</td><td>21,280.3</td><td>1,495.5</td><td>-360.9</td><td>20,145.7</td></tr></table>
Source: Daily Treasury Statement. Less than $50,000. 
1/ Excludes unexpended balances of appropriated funds.
2/ Includes deposits with the Reconstruction Finance Corporation and interest thereon.
3/ Includes real estate and other property held for sale.
4/ Includes interagency transactions of "lend-lease" funds.
5/ Includes commodities acquired pursuant to guaranty purchase agreement.
6/ Includes the assets and liabilities of the Federal Land Banks of Louisville and Houston which have retired stock and paid-in surplus previously held by the Federal Government.
1/ Figures shown are as of February 29, 1944, the latest available.
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.
9/ Adjusted for interagency items and items in transit.
10/ Comprises Navy Department (sale of surplus supplies), U. S. Housing Corporation, U. S. Railroad Administration and U. S. Spruce Production Corporation.
11/ Comprises Cargoes, Inc., Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institutes 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 War Damage Corporation.
12/ Comprises 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.
74
Treasury Bulletin
Sources of Funds of Certain Government Corporations and Credit Agencies for the First Nine 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>$ 31,128,309</td><td>-</td><td>-</td><td>$195,700</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>$-1,050,000,000</td><td>$-23,957,544</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>-94,678,600</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>56,133,196</td><td>-</td><td>-55,542,000</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>5,600,540</td><td>-</td><td>115,000,000</td><td>-114,157,000</td><td>-</td></tr><tr><td>Federal Saviage 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>2,529,990,000</td><td>-324,657,000</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>11,067,477</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>2,979,020</td><td>-4,181,413</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 3/</td><td>4,000,000</td><td>2,306,080,278</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>$17,079,560</td><td>$2,402,227,670</td><td>$1,398,990,000</td><td>$-553,692,144</td><td>$195,700</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Sale of other property acquired</th><th>Repayment of loans 4/</th><th>Interest, dividends, assessments, and property incomm</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Central Bank for Cooperatives.</td><td>-</td><td>$ 139,898,835</td><td>$ 1,165,441</td><td>$ 21,432</td><td>$ 173,909,718</td></tr><tr><td>Commodity Credit Corporation.</td><td>$2,598,823,659</td><td>41,724,975</td><td>2,210,342</td><td>36,301,887</td><td>1,605,103,320</td></tr><tr><td>Disaster Loan Corporation.</td><td>23,278</td><td>1,206,671</td><td>89,389</td><td>-23,635</td><td>1,295,704</td></tr><tr><td>Export-Import Bank of Washington.</td><td>-</td><td>15,710,379</td><td>8,955,832</td><td>-</td><td>26,666,211</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>-</td><td>19,785,203</td><td>87,998,068</td><td>4,506,040</td><td>112,289,134</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>8,062,731</td><td>106,302,564</td><td>36,646,157</td><td>3,512,077</td><td>59,444,929</td></tr><tr><td>Federal home loan banks.</td><td>-</td><td>141,074,134</td><td>3,979,543</td><td>213,504</td><td>174,567,181</td></tr><tr><td>Federal National Mortgage Association.</td><td>298,761</td><td>103,242,715</td><td>6,222,174</td><td>-97,944,460</td><td>12,410,387</td></tr><tr><td>Federal Public Housing Authority.</td><td>-</td><td>1,297,220</td><td>7,763,744</td><td>40,854</td><td>18,544,988</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>-</td><td>-</td><td>4,904,105</td><td>1,176,561</td><td>6,080,667</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>67,648,471</td><td>176,370,022</td><td>55,274,756</td><td>-5,742,934</td><td>97,550,315</td></tr><tr><td>Reconstruction Finance Corporation 2/.</td><td>3,408,375</td><td>307,534,458</td><td>78,795,219</td><td>14,182,561</td><td>2,609,253,612</td></tr><tr><td>RFC Mortgage Company, The.</td><td>137,133</td><td>24,478,658</td><td>3,390,532</td><td>978,636</td><td>40,052,436</td></tr><tr><td>Rural Electrification Administration.</td><td>-</td><td>9,078,400</td><td>8,161,861</td><td>-2</td><td>16,037,865</td></tr><tr><td>Var corporations 3/.</td><td>1,331,891,996</td><td>1,876,541</td><td>12,928,350</td><td>783,154,978</td><td>4,439,932,143</td></tr><tr><td>Total.</td><td>$4,010,294,404</td><td>$1,089,580,776</td><td>$318,485,513</td><td>$740,377,129</td><td>$9,393,538,610</td></tr></table>
Source: Reports received from the corporations and agencies.
1) Items in this column are the only ones in this statement which constitute a charge against the Federal Budget. They represent amounts of funds drawn against available appropriations.
2) Includes the Electric Rome and Farm Authority, which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942.
3) Comprises Cargoes, Incorporated. Defense House Corporation, Defense Plant Corporation, Defense Supplies Corporation,
Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation. Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property acquired".
5
May 1944
Uses of Funds of Certain Government Corporations and Credit Agencies for the First Nine Months, Fiscal Year 1944
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgagee 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives.</td><td>$ 108,901</td><td>-</td><td>-</td><td>$207,427,238</td><td>-</td></tr><tr><td>Commodity Credit Corporation.</td><td>4,135,002</td><td>-</td><td>$2,703,518,388</td><td>138,144,528</td><td>-</td></tr><tr><td>Disaster Loan Corporation.</td><td>233,290</td><td>$ -14,962</td><td>-</td><td>264,630</td><td>-</td></tr><tr><td>Export-Import Bank of Washington.</td><td>190,483</td><td>4,748</td><td>-</td><td>27,463,010</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>2,965,996</td><td>-</td><td>-</td><td>5,338,579</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>5,948,679</td><td>-</td><td>1,353,838</td><td>22,912,723</td><td>-</td></tr><tr><td>Federal home loan banks.</td><td>1,024,234</td><td>-</td><td>-</td><td>150,260,968</td><td>-</td></tr><tr><td>Federal National Mortgage Association.</td><td>627,783</td><td>396,720</td><td>-</td><td>299,272</td><td>-</td></tr><tr><td>Federal Public Housing Authority.</td><td>1,428,419</td><td>563,287</td><td>11,327,568</td><td>3,732,129</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>237,370</td><td>18,870</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rome Owners' Loan Corporation.</td><td>7,096,767</td><td>11,730,838</td><td>967,037</td><td>1,822,740</td><td>$2,001,725</td></tr><tr><td>Reconstruction Finance Corporation 2/.</td><td>6,743,639</td><td>740,231</td><td>-6,609</td><td>180,862,475</td><td>-</td></tr><tr><td>RFC Mortgage Company, The.</td><td>592,875</td><td>404,171</td><td>-85,926</td><td>37,032,054</td><td>-</td></tr><tr><td>Rural Electrification Administration.</td><td>1,910,551</td><td>-</td><td>-</td><td>13,480,603</td><td>-</td></tr><tr><td>War corporations 3/.</td><td>10,710,313</td><td>197,082,486</td><td>3,348,113,732</td><td>23,648,767</td><td>-</td></tr><tr><td>Total.</td><td>$43,954,302</td><td>$210,926,389</td><td>$6,065,188,028</td><td>$812,689,716</td><td>$2,001,725</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net)</th><th>Allocations, re-discounts, and loans to other government corporations and credit agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, usage of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>$-14,262,354</td><td>-</td><td>$ 347,604</td><td>$ 5,441</td><td>$ 193,626,831</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>$ -145,893,756</td><td>-88,256</td><td>152,831,346</td><td>2,852,647,252</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>812,825</td><td>-</td><td>-79</td><td>1,295,704</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-10,900,000</td><td>10,812,849</td><td>-</td><td>27,571,090</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>114,313,720</td><td>-</td><td>-</td><td>-568,329</td><td>122,049,966</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>7,250,000</td><td>-</td><td>16,123,977</td><td>1,949,734</td><td>55,538,950</td></tr><tr><td>Federal home loan banks</td><td>7,772,034</td><td>-</td><td>2,138,161</td><td>406,002</td><td>161,601,399</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>11,103,940</td><td>-17,329</td><td>12,410,387</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>799,338</td><td>8,600,540</td><td>26,451,282</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>7,036,850</td><td>-</td><td>-</td><td>-1,101,757</td><td>6,191,333</td></tr><tr><td>Rome Owners' Loan Corporation</td><td>63,215,340</td><td>-</td><td>18,253,540</td><td>-332,026</td><td>104,755,960</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-2,000,000</td><td>2,356,982,474</td><td>62,964,781</td><td>-122,455</td><td>2,606,164,536</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>-</td><td>1,930,779</td><td>178,484</td><td>40,052,436</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>6,686,604</td><td>-</td><td>22,077,758</td></tr><tr><td>War corporations 1/</td><td>2,000,000</td><td>68,084,908</td><td>930,649</td><td>806,023,263</td><td>4,456,594,116</td></tr><tr><td>Total</td><td>$185,325,590</td><td>$2,269,086,451</td><td>$132,003,966</td><td>$967,852,835</td><td>$10,689,029,000</td></tr></table>
Source: Reports received from the corporations and agencies. Data on basis of checks issued.
1/ Receipts from the repayment of mortgage loans appear under "Repayment of loans" in the statement of sources of funds.
2/ Includes the Electric Home and Farm Authority, which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942.
3/ Comprises Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Insti-
tute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation. 4/ Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
76
Treasury Bulletin
Sources of Funds of Certain Government Corporations and Credit Agencies from Inception of Organization through March 31, 1944
<table><tr><th>Corporation or agency</th><th>Appropriations from General Fund of the Treasury 1/</th><th>Allocations, re-discounts, and loans from other government corporations and credit agencies (net)</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obligations in the market (net) 2/</th><th>Sale of stock to other agencies</th></tr><tr><td>Central Bank for Cooperatives......</td><td>$ 73,500,000</td><td>$ 48,683,995</td><td>-</td><td>-</td><td>$ 1,474,300</td></tr><tr><td>Commodity Credit Corporation......</td><td>243,950,524 3/</td><td>-</td><td>$ 900,000,000</td><td>$ 451,561,000</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 4/</td><td>-</td><td>-</td><td>835,085,600</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>47,428,211</td><td>-</td><td>6,000</td><td>11,000,000</td></tr><tr><td>Federal Public Housing Authority......</td><td>33,156,489</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 4/</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>7,678,362,124</td><td>571,384,000</td><td>-</td></tr><tr><td>RFC Mortgage Company, The......</td><td>-</td><td>89,317,917</td><td>-</td><td>-</td><td>25,000,000</td></tr><tr><td>Rural Electrification Administration......</td><td>142,932,328</td><td>227,368,769</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 7/......</td><td>154,000,000</td><td>7,130,152,026</td><td>-</td><td>-</td><td>36,601,000</td></tr><tr><td>Total......</td><td>$1,447,539,341</td><td>$7,581,999,347</td><td>$8,976,362,124</td><td>$5,036,790,150</td><td>$612,115,857</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Sale of other property acquired</th><th>Repayment of loans</th><th>Interest, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>$ 555,220,983</td><td>$ 13,697,946</td><td>$ 4,706,246</td><td>$ 697,283,469</td></tr><tr><td>Commodity Credit Corporation</td><td>$6,455,707,652</td><td>1,202,468,150</td><td>44,138,860</td><td>117,635,478</td><td>9,415,461,664</td></tr><tr><td>Disaster Loan Corporation</td><td>195,638</td><td>25,964,808</td><td>1,005,942</td><td>36,615</td><td>51,203,003</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>151,585,743</td><td>31,909,774</td><td>707,119</td><td>365,202,637</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>150,255,448</td><td>531,112,292</td><td>5,230,974</td><td>976,097,978</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>40,209,380</td><td>645,781,356</td><td>594,160,665</td><td>27,803,901</td><td>2,243,040,901</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>1,076,162,772</td><td>56,058,595</td><td>87,670,040</td><td>1,408,932,407</td></tr><tr><td>Federal National Mortgage Association</td><td>2,351,583</td><td>206,365,656</td><td>46,758,002</td><td>1,590,782</td><td>315,500,233</td></tr><tr><td>Federal Public Housing Authority</td><td>974,105</td><td>856,770,023</td><td>60,194,208</td><td>1,630,010</td><td>1,383,573,557</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>56,142,501</td><td>3,485,362</td><td>159,627,863</td></tr><tr><td>Home Owners' Loan Corporation</td><td>315,350,625</td><td>1,556,939,604</td><td>1,131,228,175</td><td>33,839,365</td><td>6,351,811,320</td></tr><tr><td>Reconstruction Finance Corporation</td><td>36,837,579</td><td>6,406,303,909</td><td>857,263,564</td><td>142,298,157</td><td>16,017,449,333</td></tr><tr><td>RFC Mortgage Company, The</td><td>1,265,625</td><td>187,383,917</td><td>22,843,482</td><td>6,473,968</td><td>332,284,909</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>33,751,839</td><td>32,669,666</td><td>280</td><td>436,722,883</td></tr><tr><td>War corporation I</td><td>2,607,911,817</td><td>117,356,985</td><td>25,541,003</td><td>2,367,917,246</td><td>12,439,480,078</td></tr><tr><td>Total</td><td>$9,460,804,004</td><td>$13,172,311,193</td><td>$3,504,724,675</td><td>$2,801,025,543</td><td>$52,593,672,235</td></tr></table>
Source: Reports received from the corporations and agencies.
1/ Items in this column are the only ones in this statement which constitute a charge against the Federal Budget. They represent amounts of funds drawn against available appropriations.
2/ Except for the H.O.L.C., sales of obligations in the market, as shown in this column, are reduced by the amount of obligations which have been retired (including those which have in effect been refunded through the sale of obligations to the Treasury). In the case of the H.O.L.C., the original amount of obligations sold in the market is shown in this column and the retirement and refunding of these obligations are shown as "Retirement of obligations issued in exchange for mortgages" in the statement of uses of funds.
3/ Includes $3,000,000 N.I.R.A.; $97,000,000 R.F.C. included in notes canceled by the Treasury (See footnote k); and $113,950,524 restoration of capital impairment, which is net of repayments to the Treasury of $43,756,731 on the basis of March 31, 1940 appraisal, and $27,815,514 on the basis of March 31, 1942 appraisal of the corporation, pursuant to Public Law No. 442 - 75th Congress, approved March 8, 1938.
4/ These funds were furnished by the R.P.C. from the proceeds of its notes sold to the Treasury, such amounts being included in
the total of obligations of the corporation canceled by the Secretary of the Treasury pursuant to the Act of February 24, 1918. 
5/ The R.F.C. purchased the stock of the Federal home loan banks from the Treasury Department on February 20, 1941. The net effect of this transaction is the same as a sale of stock to other agencies, and is shown as such for purposes of this report. 
6/ Includes the Electric Home and Farm Authority which was transferred for purposes of liquidation to the R.F.C. by Executive order effective October 31, 1942. 
1/ Comprises Cargoes, Incorporated, Defense Romatic 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, Metale 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 $59,442,600 paid-in capital stock held by member institutions.
May 1944
77
Uses of Funds of Certain Government Corporations and Credit Agencies from Inception of Organization through March 31, 1944
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 1,244,943</td><td>-</td><td>-</td><td>$ 655,739,878</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>19,486,828</td><td>-</td><td>$ 6,392,839,951</td><td>2,584,985,560</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>4,053,327</td><td>$ 123,372</td><td>-</td><td>30,516,868</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>1,105,502</td><td>22,812</td><td>-</td><td>293,856,369</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>34,527,587</td><td>-</td><td>-</td><td>203,223,407</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>99,784,889</td><td>-</td><td>21,054,157</td><td>1,109,443,811</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>13,103,778</td><td>-</td><td>-</td><td>1,175,541,182</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>5,472,875</td><td>5,914,194</td><td>-</td><td>271,380,296</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>24,184,832</td><td>8,303,100</td><td>81,076,730</td><td>1,178,013,442</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2,159,500</td><td>121,889</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>245,599,617</td><td>170,995,354</td><td>149,853,659</td><td>3,275,057,479</td><td>$1,576,945,575 2/</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>108,777,740</td><td>13,656,276</td><td>465,200</td><td>8,225,953,075</td><td>-</td></tr><tr><td>RFC Mortgage Company. The</td><td>6,649,681</td><td>5,408,076</td><td>9,720,278</td><td>299,032,260</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>19,737,216</td><td>-</td><td>-</td><td>382,633,185</td><td>-</td></tr><tr><td>War corporations 4/</td><td>24,797,086</td><td>261,792,825</td><td>9,608,981,477</td><td>337,758,668</td><td>-</td></tr><tr><td>Total</td><td>$610,685,401</td><td>$466,337,898</td><td>$16,263,991,452</td><td>$20,023,135,480</td><td>$1,576,945,575</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net) 5/</th><th>Allocations, re-discounts, and loans to other government corporations and credit agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperative</td><td>$ 27,497,068</td><td>-</td><td>$ 1,308,838</td><td>$ 3,548,134</td><td>$ 689,338,861</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>$ 170,634,769</td><td>43,643,977</td><td>198,458,080</td><td>9,410,049,164</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>16,508,323</td><td>-</td><td>112</td><td>51,202,003</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>55,850,000</td><td>13,175,178</td><td>593,801</td><td>364,603,662</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>687,707,738</td><td>-</td><td>-</td><td>33,410,215</td><td>958,868,946</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>625,084,800</td><td>-</td><td>353,502,207</td><td>26,058,252</td><td>2,234,928,116</td></tr><tr><td>Federal home loan banks</td><td>162,703,973</td><td>-</td><td>28,920,711</td><td>924,224</td><td>1,381,193,868</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>32,476,623</td><td>256,245</td><td>315,500,233</td></tr><tr><td>Federal Public Housing Authority</td><td>7,070,000</td><td>-</td><td>12,274,334</td><td>33,156,489</td><td>1,344,078,927</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>144,488,843</td><td>-</td><td>3,035,326</td><td>8,961,047 6/</td><td>158,766,605</td></tr><tr><td>Home Owners' Loan Corporation</td><td>281,602,750</td><td>-</td><td>597,452,193</td><td>6,582,553</td><td>6,304,089,180</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>367,041,001</td><td>6,913,798,927</td><td>365,348,336</td><td>18,603,502</td><td>16,013,644,056</td></tr><tr><td>RTC Mortgage Company, The</td><td>-</td><td>-</td><td>10,886,285</td><td>587,203</td><td>332,283,782</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>25,501,834</td><td>371,526</td><td>428,243,762</td></tr><tr><td>War corporations 4/</td><td>3,000,000</td><td>235,891,550</td><td>2,479,677</td><td>1,813,938,789</td><td>12,288,640,073</td></tr><tr><td>Total</td><td>$2,306,196,173</td><td>$7,392,683,569</td><td>$1,490,005,519</td><td>$2,145,450,172</td><td>$52,275,431,338</td></tr></table>
Source: Reports received from the corporations and agencies. Date on the basis of checks issued.
1/ Receipts from the repayment of mortgage loans appear under "Re-payment of loans" in the statement of sources of funds.
2/ Includes the retirement of those obligations which were in effect refunded through sale of securities to the Treasury.
3/ Includes the Electric Home and Farm Authority which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942.
4/ Compriees Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Institute of Inter-American Trans-
5/ Includes U. S. Government bonds in the amount of $851,878,028 as follows: Federal Deposit Insurance Corporation, $594,107,738; Federal Savings and Loan Insurance Corporation, $117,000,000; Federal Public Housing Authority, $7,070,000; Federal home loan banks, $127,550,290; Cooctal Bank for Cooperatives, $5,550,000.
6/ Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
Treasury Bulletin
78
INTERNAL REVENUE STATISTICS
May 1944
79
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="4">Income and profits 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 excess profits 3/</th><th>Miscellaneous profits taxes 4/</th><th>Total</th><th colspan="2">Social Security taxes 5/</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>Federal Unemployment Tax Act (Unemployment insurance)</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>48</td><td>-</td><td>-</td><td>48</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>265,745</td><td>207,339</td><td>56,119</td><td>287</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>742,660</td><td>502,917</td><td>90,267</td><td>149,476</td></tr><tr><td>1938</td><td>5,643,834</td><td>2,629,016</td><td>1,266,312</td><td>1,299,918</td><td>42,786</td><td></td><td></td><td></td><td></td></tr><tr><td>1939</td><td>5,162,355</td><td>2,185,105</td><td>1,028,834</td><td>1,122,531</td><td>33,740</td><td>740,429</td><td>529,835</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,322,768</td><td>2,129,606</td><td>962,017</td><td>1,120,579</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,351,531</td><td>3,471,122</td><td>1,417,655</td><td>2,016,295</td><td>37,172</td><td>925,856</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>3,262,600</td><td>4,687,459</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,368,713</td><td>16,298,876</td><td>6,629,932</td><td>9,584,703</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944-April</td><td>1,472,335</td><td>1,007,599</td><td>681,617</td><td>325,154</td><td>828</td><td>120,034</td><td>107,038</td><td>5,849</td><td>7,147</td></tr><tr><td>May</td><td>1,364,980</td><td>753,477</td><td>511,407</td><td>239,127</td><td>2,943</td><td>238,910</td><td>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>1,813,548</td><td>2,205,584</td><td>7,362</td><td>27,747</td><td>2,593</td><td>1,186</td><td>23,968</td></tr><tr><td>July</td><td>1,998,885</td><td>1,231,442</td><td>873,819</td><td>347,376</td><td>10,247</td><td>115,826</td><td>109,533</td><td>4,846</td><td>1,447</td></tr><tr><td>August</td><td>1,672,217</td><td>813,577</td><td>511,977</td><td>296,726</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>1,086,451</td><td>548,414</td><td>8,713</td><td>114,661</td><td>108,405</td><td>5,486</td><td>770</td></tr><tr><td>November</td><td>2,089,229</td><td>1,470,850</td><td>1,147,554</td><td>307,579</td><td>15,717</td><td>242,827</td><td>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>2,410,218</td><td>4,832</td><td>38,450</td><td>1,496</td><td>1,086</td><td>35,868</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>76,859</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>396,189</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>3,415,956</td><td>28,012</td><td>49,590</td><td>3,484</td><td>3,049</td><td>43,057</td></tr><tr><td>April</td><td>3,330,435</td><td>2,809,003</td><td>2,243,793</td><td>552,960</td><td>12,250</td><td>97,605</td><td>91,109</td><td>4,602</td><td>1,894</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes 6/</th><th>Agricultural adjustment taxes</th></tr><tr><td>1934</td><td>1,481,160</td><td>80,168</td><td>113,138</td><td>258,911</td><td>425,169</td><td>66,580</td><td>390,038</td><td>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>500,786</td><td>68,990</td><td>379,540</td><td>76,172</td><td>62,323</td></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,670</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,501</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,072</td><td>38,681</td><td>447,088</td><td>148,926</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td><td>-</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td><td>-</td></tr><tr><td>1943</td><td>4,571,132</td><td>328,795</td><td>447,496</td><td>1,423,481</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,333</td><td>-</td></tr><tr><td>1943-April</td><td>344,702</td><td>888</td><td>36,659</td><td>112,757</td><td>76,684</td><td>5,115</td><td>48,793</td><td>63,806</td><td>-</td></tr><tr><td>May</td><td>372,593</td><td>193</td><td>46,240</td><td>109,274</td><td>71,339</td><td>5,127</td><td>60,439</td><td>79,981</td><td>-</td></tr><tr><td>June</td><td>329,179</td><td>365</td><td>28,672</td><td>115,231</td><td>79,821</td><td>4,993</td><td>39,195</td><td>60,902</td><td>-</td></tr><tr><td>July</td><td>651,617</td><td>135,645</td><td>47,910</td><td>125,168</td><td>86,771</td><td>4,021</td><td>59,488</td><td>192,614</td><td>-</td></tr><tr><td>August</td><td>594,917</td><td>187,876</td><td>24,847</td><td>128,869</td><td>89,965</td><td>4,510</td><td>55,538</td><td>103,312</td><td>-</td></tr><tr><td>September</td><td>393,608</td><td>34,636</td><td>28,012</td><td>117,315</td><td>86,354</td><td>3,841</td><td>52,751</td><td>70,699</td><td>-</td></tr><tr><td>October</td><td>421,328</td><td>20,063</td><td>40,718</td><td>122,374</td><td>90,013</td><td>3,939</td><td>58,568</td><td>85,653</td><td>-</td></tr><tr><td>November</td><td>375,552</td><td>366</td><td>34,253</td><td>117,303</td><td>93,058</td><td>3,934</td><td>56,156</td><td>70,482</td><td>-</td></tr><tr><td>December</td><td>388,293</td><td>442</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>38,449</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><tr><td>April</td><td>423,827</td><td>193</td><td>56,102</td><td>169,334</td><td>71,893</td><td>4,800</td><td>51,297</td><td>70,208</td><td>-</td></tr></table>
Source: Reports of collections.
1/ Includes 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 lietiting provisions of the Vinson Act, and the tax on unjust enrichment.
5/ For the period prior to September 1939 the data in the column entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act represent collections under Titles VIII and IX, respectively, of the Social Security Act.
6/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
80
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Fiscal Years 1929 to 1943
First 10 Months Fiscal Year 1944
Includes miscellaneous profit taxes
81
May 1944
Detailed Analysis of Current Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Sources of revenue</th><th>April 1944</th><th colspan="2">First 10 months</th><th>Sources of revenue</th><th>April 1944</th><th colspan="2">First 10 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>Individual:</td><td></td><td></td><td></td><td>Stamp taxes:</td><td></td><td></td><td></td></tr><tr><td>Withheld by employers (Current Tax Payment Act of 1943) 2/</td><td>804,453</td><td>-</td><td>5,455,850</td><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>2,206</td><td>17,245</td><td>21,484</td></tr><tr><td>Victory tax (Revenue Act of 1942)</td><td>467</td><td>300,220</td><td>784,720</td><td>Transfers of capital stock and similar interest sales.</td><td>1,975</td><td>11,272</td><td>14,318</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td>Playing cards.</td><td>615</td><td>6,411</td><td>6,188</td></tr><tr><td>Current 3/</td><td>1,426,826</td><td>3,868,032</td><td>8,700,153</td><td>Silver bullion sales or transfers.</td><td>4</td><td>107</td><td>42</td></tr><tr><td>Back</td><td>12,047</td><td>136,725</td><td>172,152</td><td>Total stamp taxes.</td><td>4,800</td><td>35,035</td><td>42,028</td></tr><tr><td>Total individual income taxes</td><td>2,243,793</td><td>4,304,977</td><td>15,112,875</td><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td>Lubricating oils.</td><td>3,496</td><td>34,427</td><td>43,406</td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td>Gasoline.</td><td>15,953</td><td>246,019</td><td>223,400</td></tr><tr><td>Current 3/</td><td>152,094</td><td>3,078,455</td><td>3,633,157</td><td>Tires and tubes.</td><td>3,708</td><td>15,108</td><td>32,468</td></tr><tr><td>Back</td><td>31,254</td><td>304,325</td><td>455,654</td><td>Floor taxes on tires and tubes.</td><td>*</td><td>64</td><td>25</td></tr><tr><td>Excise profits taxes (Second Revenue Act of 1940 as amended).</td><td>369,612</td><td>3,757,212</td><td>6,859,045</td><td>Automobile trucks and buses.</td><td>203</td><td>3,965</td><td>1,450</td></tr><tr><td>Total corporation taxes</td><td>552,960</td><td>7,139,992</td><td>10,948,856</td><td>Other automobiles and motorcycles.</td><td>55</td><td>1,296</td><td>998</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td>Parts and accessories for automobiles.</td><td>2,880</td><td>16,597</td><td>25,318</td></tr><tr><td>Declared value.</td><td>12,245</td><td>72,058</td><td>108,272</td><td>Electrical energy.</td><td>4,283</td><td>41,357</td><td>41,713</td></tr><tr><td>Vinson Act.</td><td>-</td><td>212</td><td>39</td><td>Electric, gas, and oil appliances.</td><td>478</td><td>6,291</td><td>3,847</td></tr><tr><td>Unjust enrichment.</td><td>5</td><td>1,665</td><td>419</td><td>Electric light bulbs and tubes.</td><td>469</td><td>3,049</td><td>3,298</td></tr><tr><td>Total miscellaneous profits taxes</td><td>12,250</td><td>73,935</td><td>108,730</td><td>Electric signs (repealed as of 11/1/42).</td><td>27</td><td>540</td><td>209</td></tr><tr><td>Total income and profits taxes</td><td>2,809,003</td><td>11,518,904</td><td>26,170,061</td><td>Radio sets, phonographs, components, etc.</td><td>249</td><td>5,024</td><td>2,592</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td>Phonograph records.</td><td>85</td><td>1,507</td><td>1,494</td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td>Musical instruments.</td><td>35</td><td>1,177</td><td>534</td></tr><tr><td>Federal Insurance Contributions Act (Old-age insurance).</td><td>91,109</td><td>928,839</td><td>1,030,768</td><td>Mechanical refrigerators, air-conditioners, etc.</td><td>83</td><td>4,668</td><td>2,208</td></tr><tr><td>Federal Unemployment Tax Act (Unemployment Insurance).</td><td>4,602</td><td>145,774</td><td>171,088</td><td>Matches.</td><td>836</td><td>7,771</td><td>7,077</td></tr><tr><td>Total Social Security taxes</td><td>95,711</td><td>1,074,613</td><td>1,201,856</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>1,894</td><td>157,434</td><td>188,262</td><td>Business and store machines.</td><td>466</td><td>6,017</td><td>2,994</td></tr><tr><td>Total employment taxes</td><td>97,605</td><td>1,232,047</td><td>1,390,118</td><td>Furs - retailers' excise.</td><td>4,843</td><td>39,607</td><td>51,580</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td>Jewelry - retailers' excise.</td><td>7,976</td><td>75,491</td><td>91,259</td></tr><tr><td>Capital stock tax</td><td>193</td><td>328,236</td><td>379,515</td><td>Luggage - retailers' excise (effective 4/1/44).</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Estate tax</td><td>53,002</td><td>341,513</td><td>383,153</td><td>Luggage - manufacturers' excise (suspended as of 4/1/44).</td><td>345</td><td>4,548</td><td>4,578</td></tr><tr><td>Gift tax</td><td>3,100</td><td>31,070</td><td>36,132</td><td>Optical equipment (repealed as of 11/1/42)</td><td>*</td><td>289</td><td>7</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td>Photographic apparatus.</td><td>987</td><td>8,961</td><td>9,881</td></tr><tr><td>Distilled spirits (imported, excise)</td><td>42,728</td><td>64,696</td><td>227,139</td><td>Rubber articles (repealed as of 11/1/42).</td><td>17</td><td>13,735</td><td>286</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>61,165</td><td>603,189</td><td>475,336</td><td>Sporting goods.</td><td>234</td><td>3,623</td><td>1,983</td></tr><tr><td>Distilled spirits rectification tax.</td><td>1,597</td><td>16,219</td><td>15,477</td><td>Toilet preparations - retailers' excise.</td><td>3,564</td><td>27,585</td><td>34,014</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>598</td><td>576</td><td>2,853</td><td>Washing machines (repealed as of 11/1/42).</td><td>-</td><td>37</td><td>32</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>3,487</td><td>28,707</td><td>23,394</td><td>Firearm . shells and cartridges.</td><td>19</td><td>1,092</td><td>750</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>Pistols and revolvers.</td><td>*</td><td>59</td><td>35</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes).</td><td>90</td><td>5,569</td><td>5,812</td><td>Repealed taxes not listed above.</td><td>4</td><td>471</td><td>94</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>*</td><td>1</td><td>2</td><td>Total manufacturers' and retailers' excise taxes.</td><td>51,297</td><td>570,381</td><td>587,587</td></tr><tr><td>Case stamps for distilled spirits bottled in bond.</td><td>48</td><td>1,182</td><td>1,287</td><td>Miscellaneous taxes:</td><td></td><td></td><td></td></tr><tr><td>Container stamps.</td><td>782</td><td>9,287</td><td>6,997</td><td>Bituminous Coal Act of 1937.</td><td>11</td><td>4,680</td><td>1,383</td></tr><tr><td>Floor taxes.</td><td>10,056</td><td>104,337</td><td>35,975</td><td>Sugar Act of 1937.</td><td>6,263</td><td>45,030</td><td>57,805</td></tr><tr><td>Permented malt liquors.</td><td>48,729</td><td>362,499</td><td>444,045</td><td>Telephone, telegraph, radio and cable, leased wires, etc.</td><td>11,916</td><td>70,055</td><td>115,137</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>54</td><td>2,708</td><td>2,521</td><td>Local telephone service.</td><td>7,464</td><td>52,891</td><td>73,861</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>169,334</td><td>1,198,976</td><td>1,240,838</td><td>Transportation of oil by pipe line.</td><td>943</td><td>11,527</td><td>12,653</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td>Transportation of persons, seats, berths.</td><td>9,933</td><td>66,180</td><td>123,734</td></tr><tr><td>Cigars (large).</td><td>2,442</td><td>18,576</td><td>24,778</td><td>Transportation of property (effective 12/1/42).</td><td>15,997</td><td>48,023</td><td>176,550</td></tr><tr><td>Cigars (small).</td><td>10</td><td>80</td><td>85</td><td>Use of motor vehicles (effective 2/1/42).</td><td>106</td><td>138,095</td><td>126,375</td></tr><tr><td>Cigarettes (large).</td><td>9</td><td>22</td><td>61</td><td>Use of boats (effective 2/1/42).</td><td>13</td><td>310</td><td>208</td></tr><tr><td>Cigarettes (small).</td><td>65,725</td><td>697,430</td><td>756,143</td><td>Leases of safe-deposit boxes.</td><td>628</td><td>5,158</td><td>5,506</td></tr><tr><td>Souff.</td><td>560</td><td>6,408</td><td>6,373</td><td>Admissions to theaters, concerts, cabarets, etc.</td><td>14,908</td><td>128,716</td><td>150,432</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>3,047</td><td>40,495</td><td>38,071</td><td>Club dues and initiation fees.</td><td>1,200</td><td>5,276</td><td>6,907</td></tr><tr><td>Cigarette papers and tubes.</td><td>97</td><td>1,175</td><td>982</td><td>Bowling alleys, pool tables, etc.</td><td>21</td><td>1,629</td><td>1,637</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>*</td><td>3</td><td>2</td><td>Coal operated devices.</td><td>212</td><td>9,280</td><td>16,221</td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>3</td><td>8,508</td><td>37</td><td>Adulterated and processed or renovated butter, mixed flour h/and filled cheese.</td><td>1</td><td>58</td><td>15</td></tr><tr><td>Total tobacco taxes.</td><td>71,893</td><td>772,697</td><td>826,532</td><td>Oleomargarine, including special taxes.</td><td>244</td><td>2,261</td><td>3,283</td></tr><tr><td></td><td></td><td></td><td></td><td>Narcotics, including marijuana and special taxes.</td><td>45</td><td>543</td><td>513</td></tr><tr><td></td><td></td><td></td><td></td><td>Coconut and other vegetable oils processed</td><td>302</td><td>1,675</td><td>3,460</td></tr><tr><td></td><td></td><td></td><td></td><td>National Firearms Act.</td><td>*</td><td>16</td><td>13</td></tr><tr><td></td><td></td><td></td><td></td><td>All other, including repealed taxes not listed above.</td><td>1</td><td>50</td><td>20</td></tr><tr><td></td><td></td><td></td><td></td><td>Total miscellaneous taxes.</td><td>70,208</td><td>591,453</td><td>875,716</td></tr><tr><td></td><td></td><td></td><td></td><td>Total miscellaneous internal revenue.</td><td>423,827</td><td>3,869,361</td><td>4,371,501</td></tr><tr><td></td><td></td><td></td><td></td><td>Total internal revenue.</td><td>3,330,435</td><td>16,620,312</td><td>31,931,680</td></tr></table>
Source: Reports of collections.
1/ Less than $500.
1/ Includes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Consists only of tax collections under the Current Tax Payment Act of 1943 for which returns have been filed with the Collector of Internal Revenue. Collections as shown in Daily Treasury Statements consist of withholdings deposited in Government depositaries in
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
Treasury Bulletin
GOLD AND SILVER STATISTICS
May 1944
83
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold Assets</th><th>Gold Certificates 1/</th><th>Gold Reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1934</td><td>8,238.6</td><td>5,274.0</td><td>156.0</td><td>1,800.0</td><td>1,008.6</td></tr><tr><td>1935</td><td>10,122.9</td><td>7,679.5</td><td>156.0</td><td>1,800.0</td><td>487.4</td></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>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-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</td><td>21,599.9</td><td>19,477.2</td><td>156.0</td><td>1,800.0</td><td>166.7</td></tr><tr><td>April p</td><td>21,429.1</td><td>19,319.2</td><td>156.0</td><td>1,800.0</td><td>153.9</td></tr></table>
Source: Daily Treasury Statements. Preliminary. p 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the
2/ Gold Certificate Fund - Board of Governors, Federal Reserve System, and (b) the Redemption Fund - Federal Reserve notes.
3/ Excludes gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(in millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1939 - Jan.-Mar.</td><td>44.40</td><td>699.30</td><td>3.31</td><td>747.01</td></tr><tr><td>Apr.-June</td><td>43.69</td><td>804.96</td><td>3.11</td><td>851.76</td></tr><tr><td>July-Sept.</td><td>52.34</td><td>765.95</td><td>3.24</td><td>821.53</td></tr><tr><td>Oct.-Dec.</td><td>51.62</td><td>657.47</td><td>2.84</td><td>711.93</td></tr><tr><td>1940 - Jan.-Mar.</td><td>46.77</td><td>739.62</td><td>2.93</td><td>789.32</td></tr><tr><td>Apr.-June</td><td>46.37</td><td>1,480.79</td><td>3.14</td><td>1,530.30</td></tr><tr><td>July-Sept.</td><td>52.27</td><td>1,225.88</td><td>3.16</td><td>1,281.31</td></tr><tr><td>Oct.-Dec.</td><td>73.63</td><td>674.04</td><td>2.50</td><td>750.17</td></tr><tr><td>1941 - Jan.-Mar.</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr.-June</td><td>30.91</td><td>224.76</td><td>1.40</td><td>257.07</td></tr><tr><td>July-Sept.</td><td>57.05</td><td>76.11</td><td>3.27</td><td>136.43</td></tr><tr><td>Oct.-Dec.</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan.-Mar.</td><td>36.19</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept.</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec.</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar.</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept.</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec.</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar.</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1934</td><td>7,856.2</td><td>898.2</td><td>10.3</td></tr><tr><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>5,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944-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>22,064.7</td><td>4,213.7</td><td>16.0</td></tr><tr><td>December</td><td>21,937.8</td><td>4,208.6</td><td>16.1</td></tr><tr><td>1944-January</td><td>21,918.2</td><td>4,174.9</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</td><td>21,599.9</td><td>4,142.6</td><td>16.1</td></tr><tr><td>April p</td><td>21,429.1</td><td>4,088.6</td><td>16.0</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
Treasury Bulletin
84
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="3">Silver held in Treasury</th><th colspan="3">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th colspan="2">Securing silver certificates 1/</th><th colspan="2">In General Fund</th><th colspan="2"></th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for racoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><td>1934</td><td>211.6</td><td>508.4</td><td>4.2</td><td>8.8</td><td>89.3</td><td>35.2</td><td>305.3</td><td>1,279.7</td></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>.2</td><td>262.7</td><td>38.4</td><td>323.5</td><td>1,970.1</td></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>*</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</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>4,241.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</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>400.8</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-April</td><td>1,517.9</td><td>463.6</td><td>36.9</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>1,518.8</td><td>458.7</td><td>42.2</td><td>*</td><td>593.6</td><td>84.3</td><td>612.7</td><td>4,258.9</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>4,208.6</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</td><td>1,520.1</td><td>394.2</td><td>18.8</td><td>15.1</td><td>525.6</td><td>100.2</td><td>691.8</td><td>4,142.6</td></tr><tr><td>April p</td><td>1,520.1</td><td>393.0</td><td>18.0</td><td>13.0</td><td>505.2</td><td>101.4</td><td>697.3</td><td>4,088.6</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary. * Less than $50,000.
1 Valued at $1.29+ per ounce.
2 Valued at $1.38+ per ounce.
3 Valued at $1.38+ par 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 rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 1/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1934</td><td>32.5</td><td>21.8</td><td>14.1</td><td>110.6</td><td>55.3</td><td>172.5</td><td>86.5</td><td>304.9</td><td>155.9</td></tr><tr><td>1935</td><td>45.6</td><td>38.0</td><td>27.3</td><td>2.0</td><td>1.0</td><td>494.1</td><td>318.2</td><td>534.3</td><td>346.5</td></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>.....</td><td>.....</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>67.0</td><td>68.3</td><td>48.5</td><td>.....</td><td>.....</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>69.1</td><td>70.5</td><td>50.1</td><td>.....</td><td>.....</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>54.5</td><td>47.9</td><td>34.0</td><td>.....</td><td>.....</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>44.8 r</td><td>5.5</td><td>3.9</td><td>.....</td><td>.....</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1943-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>4.0 r</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>2.8 r</td><td>.</td><td>.</td><td>.....</td><td>.....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>February</td><td>3.8 r</td><td>.</td><td>.</td><td>.....</td><td>.....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>March</td><td>4.0</td><td>.</td><td>.</td><td>.....</td><td>.....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>April</td><td>5/</td><td>.</td><td>.</td><td>.....</td><td>.....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr></table>
Sources: 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. Revied. Less than $50,000. 1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74. 2/ Acquired at 61.64¢ cents per fine ounce until April 9, 1935;
1/ 11.11 cents per fine ounce from that date until April 23, 1935; at 17.57 cents from April 23, 1935 to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11 cents since July 1, 1939.
2/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938.
3/ Acquired at various prices averaging approximately 51 cents per ounce.
4/ Not yet available.
May 1944
85
Seigniorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on silver and minor coins</th><th colspan="6">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>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 revalued</th><th></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-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><tr><td>April</td><td>308.8</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>887.0</td></tr></table>
silver certificates
Basic: Daily Treasury Statements. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
86
Treasury Bulletin
OTHER TREASURY STATISTICS
May 1944
87
Net Capital Movement to the United States, 1935 through February 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>1,412,486</td><td>904,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>331,263</td><td>34</td><td>57,196</td><td>26,753</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>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>-286,622</td><td>49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942 (Jan. 1, 1942-Dec. 31, 1942)</td><td>604,321</td><td>561,573</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943 (Jan. 1, 1943-Dec. 31, 1943)</td><td>1,283,593</td><td>1,164,758</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944 (Jan. 1, 1944-Feb. 29, 1944)</td><td>299,972</td><td>302,846</td><td>1,118</td><td>-2,319</td><td>-1,673</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 29, 1944)</td><td>7,418,557</td><td>5,676,699</td><td>118,873</td><td>698,778</td><td>924,207</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943-February</td><td>107,175</td><td>119,683</td><td>-600</td><td>-2,503</td><td>-9,405</td></tr><tr><td>March</td><td>132,152</td><td>61,505</td><td>2,134</td><td>9,881</td><td>58,632</td></tr><tr><td>April</td><td>65,206</td><td>53,289</td><td>922</td><td>6,937</td><td>-942</td></tr><tr><td>May</td><td>70,330</td><td>74,311</td><td>-1,027</td><td>-339</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>1,693</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>135,679</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><tr><td>February</td><td>145,622</td><td>147,637</td><td>1,831</td><td>3,686</td><td>-7,532</td></tr></table>
Back Figures: Monthly data for the period January 1941 through June 1942 may be found in the "Treasury Bulletin" for September 1943, page 73.
FOR VICTORY
BUY UNITED STATES WAR BONDS AND STAMPS
UNITED STATES TREASURY DEPARTMENT
PENALTY FOR PRIVATE USE TO AVOID PAYMENT OF POSTAGE, $300
OFFICE OF THE SECRETARY
WASHINGTON 25, D. C.
OFFICIAL BUSINESS
Treas. HJ 10 .A2 1944 c.2
U.S. TREASURY LIBRARY
1 0031926