Trease
HJ
10
A2
c.2
Page 2
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
Page 3 of 3
Treas. HJ 10 'A2 C.2
BULLETIN
Treasury
OF THE
U.S
TREASURY DEPARTMENT
JULY 1944 - AUGUST 1944
JULY 1 1944
Analysis of Receipts and Expenditures Composition of the Public Debt Prices and Yields of Government Securities Other Treasury Statistics
UNITED STATES
TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
LIBRARY ROOM 5030
JUN 21 1972
TREASURY DEPARTMENT
Change in Release Date of Treasury Bulletin
Because of the increasing difficulty of meeting deadlines as a result of the war, it has become necessary to change the release date of the "Treasury Bulletin". Henceforth the Bulletin will be released at the beginning of each month and will be dated the month in which released. Previously the Bulletin was dated as of the preceding month. In order to effect this transition, the present issue of the "Treasury Bulletin" is dated July 1944 - August 1944.
Release of this issue has also been delayed in order to include the final report of sales in the article on the Fifth War Loan.
July
- August 1944
Cumulative Table of Contents
<table><tr><th></th><th colspan="7">1944</th><th colspan="7">1943</th></tr><tr><th></th><th>July- Aug.</th><th>June</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></tr><tr><td><b>I. Special articles</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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><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><td></td></tr><tr><td>Sales of securities, classified by issues, by types of investor, and by States.</td><td>A-1-A-15</td><td></td><td></td><td></td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans.</td><td></td><td></td><td></td><td></td><td>A-4</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>A-5</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><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>A-1-A-11</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Preliminary report on sales.</td><td></td><td></td><td></td><td></td><td></td><td>A-2</td><td></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>7</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>8-9</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></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></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></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><td>4</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><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by U. S. Government agencies and trust 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><td></td></tr><tr><td>Fifth War Loan.</td><td>A-15</td><td></td><td></td><td></td><td></td><td>A-12</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fourth War Loan.</td><td></td><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>Geographic distribution of bank deposits, December 31, 1941, 1942, and 1943.</td><td></td><td>A-1-A-11</td><td></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></td><td></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></tr><tr><td>Treasury market financing.</td><td>A-16</td><td></td><td>A-4</td><td>A-2</td><td>A-12-A-13</td><td>A-2</td><td></td><td></td><td>7</td><td></td><td>8</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>1-6</td><td></td><td></td><td></td><td></td></tr><tr><td><b>II. Summary of fiscal statistics</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>2</td><td>2</td><td>10</td><td>2</td><td>10</td><td>2</td><td>6</td><td></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>3</td><td>3</td><td>11</td><td>3</td><td>11</td><td>3</td><td>7</td><td></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>3</td><td>3</td><td>11</td><td>3</td><td>11</td><td>3</td><td>7</td><td></td></tr><tr><td><b>III. Receipts and expenditures and appropriations</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Appropriations and not contract authorizations for the war activities program as of month and preceding month of publication.</td><td>5-6</td><td>5-6</td><td>5-6</td><td>5-6</td><td>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></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><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>7</td><td>7</td><td>15</td><td>7</td><td>15</td><td>7</td><td>11</td><td></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>7</td><td>7</td><td>15</td><td>7</td><td>15</td><td>7</td><td>11</td><td></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>8</td><td>8</td><td>15</td><td>8</td><td>15</td><td>8</td><td>12</td><td></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>9</td><td>9</td><td>17</td><td>9</td><td>17</td><td>9</td><td>12</td><td></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>9</td><td>9</td><td>17</td><td>9</td><td>17</td><td>9</td><td>13</td><td></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>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></td></tr><tr><td>Trust accounts, etc. receipts and expenditures.</td><td>12</td><td>12</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></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>13</td><td>13</td><td>21</td><td>13</td><td>21</td><td>13</td><td>16</td><td></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><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><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>14</td><td>14</td><td>22</td><td>14</td><td>22</td><td>14</td><td>17</td><td></td></tr><tr><td>Railroad Retirement Act.</td><td>15</td><td>15</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></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>15</td><td>15</td><td>23</td><td>15</td><td>23</td><td>15</td><td>18</td><td></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><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>16</td><td>16</td><td>24</td><td>16</td><td>24</td><td>16</td><td>19</td><td></td></tr><tr><td>Railroad Retirement Account.</td><td>16</td><td>16</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></td></tr><tr><td>Unemployment Trust Fund.</td><td>16</td><td>16</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></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><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>17</td><td>17</td><td>25</td><td>17</td><td>25</td><td>17</td><td>20</td><td></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><td></td></tr><tr><td>January 1938.</td><td>17</td><td>17</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></td></tr><tr><td>January 1939.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><b>IV. General Fund of the Treasury</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets, liabilities, and balance in General Fund.</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>27</td><td>20</td><td>28</td><td>20</td><td>23</td><td></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>20</td><td>20</td><td>28</td><td>21</td><td>29</td><td>21</td><td>24</td><td></td></tr></table>
(Continued on following page)
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="7">1944</th><th colspan="6">1943</th></tr><tr><th></th><th>July-Aug.</th><th>June</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></tr><tr><td colspan="13">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><td></td></tr><tr><td>Summary.</td><td>22</td><td>22</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></tr><tr><td>Detailed statement</td><td>23-24</td><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>Piscal years, 1935-1944.</td><td>25-26</td><td>23-24</td><td>23-24</td><td>24-24</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></tr><tr><td>Monthly data</td><td>27</td><td>25</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></tr><tr><td>Chart</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt:</td><td></td><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>22</td><td>22</td><td>30</td><td>23</td><td>31</td><td>24</td><td>27</td></tr><tr><td>Interest-bearing debt, composition of</td><td>26</td><td>24</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></tr><tr><td>Guaranteed obligations held by Treasury</td><td>29</td><td>26</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></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>35</td><td></td><td></td></tr><tr><td>September 30, 1943.</td><td></td><td></td><td></td><td>26</td><td></td><td></td><td>26</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1944.</td><td>28</td><td></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, 1944.</td><td></td><td>26</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></tr><tr><td>Computed interest charge and computed interest rate</td><td>29</td><td>26</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></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>30-32</td><td>27-29</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></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>33</td><td></td><td>30</td><td>31</td><td>30</td><td>30</td><td>31</td><td>38</td><td>31</td><td>40</td><td>29</td><td>32</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>34</td><td>30</td><td>30</td><td>31</td><td>30</td><td>30</td><td>31</td><td>38</td><td>31</td><td>40</td><td>29</td><td>32</td></tr><tr><td>Offerings and maturities of Treasury bills</td><td>35-36</td><td>31-32</td><td>31-32</td><td>32-33</td><td>31-32</td><td>31-32</td><td>32-33</td><td>39-40</td><td>32</td><td>41</td><td>30</td><td>33</td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>37-38</td><td>33-34</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></tr><tr><td>Sales by series, classified by denominations</td><td>39</td><td>35</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></tr><tr><td>Sales to investors other than commercial banks by series, classified by States</td><td>40-41</td><td>36-37</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></tr><tr><td>Redemption values and investment yields</td><td>42</td><td>38</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></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><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>42-43</td><td>38-39</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></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><td></td></tr><tr><td>Denomination</td><td>44</td><td>40</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></tr><tr><td>Type of purchaser</td><td>44</td><td>40</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></tr><tr><td>Redemption values and investment yields</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4</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><td></td></tr><tr><td>Summary of sales and redemptions</td><td>45</td><td>41</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></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><td></td></tr><tr><td>Denomination</td><td>45</td><td>41</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></tr><tr><td>States</td><td></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></td></tr><tr><td colspan="13">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>47</td><td>43</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></tr><tr><td>Estimated ownership of interest-bearing securities issued or guaranteed by the United States</td><td>48</td><td>44</td><td>45</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>48</td><td>44</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></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><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>47-52</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>44-49</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></td><td>46-51</td><td>55-60</td><td></td><td></td></tr><tr><td>September 30, 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td>47-52</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1943</td><td></td><td>52-57</td><td></td><td></td><td>46-51</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943</td><td></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></tr><tr><td>January 31, 1944</td><td></td><td>52-57</td><td></td><td></td><td>46-51</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 29, 1944</td><td></td><td>52-57</td><td></td><td></td><td>46-51</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>April 30, 1944</td><td>49-52</td><td>45-48</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 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>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></td><td></td><td>52-63</td><td></td><td></td><td></td><td></td></tr><tr><td>declassification of data on banks, monthly November 30, 1943 through February 29, 1944</td><td></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></tr><tr><td>Ownership by member and nonmember commercial banks, December 31, 1943</td><td></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></tr></table>
(Continued on following page)
July 1944
- August 1944
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="7">Issue and page number 1944</th><th colspan="7">Issue and page number 1943</th></tr><tr><th></th><th>July-Aug.</th><th>June</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></tr><tr><td colspan="13">VII. Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies, as of month-end preceding month of publication</td><td>54-56</td><td>50-52</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></tr><tr><td>Chart showing yield structure of Treasury bonds and notes</td><td>57</td><td>53</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></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 1935.</td><td>58</td><td>54-55</td><td>69-70</td><td>57-61</td><td>58-60</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">VIII. Government corporations and credit agencies of the United States</td></tr><tr><td>Assets and liabilities and proprietary interest: June 30, 1943. July 31, 1943. August 31, 1943. September 30, 1943. October 31, 1943. November 30, 1943. December 31, 1943. January 31, 1944. February 29, 1944. March 31, 1944. April 30, 1944. May 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69-70</td><td>58-59</td><td>61-62</td></tr><tr><td></td><td>61-62</td><td></td><td></td><td>60-61</td><td>62-63</td><td></td><td></td><td></td><td>72-73</td><td></td><td></td><td></td></tr><tr><td>Sources and usage of funds: Fiscal year to date. From inception of organization.</td><td>63-64</td><td>59-60</td><td>74-75</td><td>65-66</td><td>64-65</td><td>62-63</td><td>63-64</td><td>70-71</td><td>74-75</td><td>71-72</td><td>60-61</td><td>63-64</td></tr><tr><td></td><td>65-66</td><td>61-62</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></tr><tr><td colspan="13">IX. Internal revenue statistics</td></tr><tr><td>Collections of internal revenue: Summary data. Comparative details for current periods.</td><td>68-69</td><td>64-65</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></tr><tr><td></td><td>70</td><td>66</td><td>81</td><td>72</td><td>71</td><td>69</td><td>70</td><td>77</td><td>81</td><td>78</td><td>67</td><td>70</td></tr><tr><td colspan="13">X. Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund: June 30, 1943. September 30, 1943. December 31, 1943. March 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>76-77</td><td>84-85</td><td></td><td></td></tr><tr><td></td><td>72-73</td><td></td><td>78-79</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td>74</td><td>68</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></tr><tr><td>Increase from reduction in weight of gold dollar, cumulative to: September 30, 1943. December 31, 1943. March 31, 1944. June 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>80</td><td></td><td></td></tr><tr><td></td><td>74</td><td></td><td>74</td><td></td><td></td><td></td><td></td><td></td><td>72</td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods.</td><td></td><td></td><td>83</td><td></td><td></td><td>71</td><td></td><td></td><td>83</td><td></td><td></td><td>72</td></tr><tr><td>Monetary stocks of gold and silver.</td><td>74</td><td>68</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></tr><tr><td>Components of silver monetary stock.</td><td>75</td><td>69</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></tr><tr><td>Silver of specified classifications acquired by mints and assay offices.</td><td>75</td><td>69</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></tr><tr><td>Silver production: In United States. In foreign countries.</td><td>75</td><td>69</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></tr><tr><td>Seigniorage on silver, by types.</td><td>76</td><td>70</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></tr><tr><td>Capital movement between the United States and foreign countries.</td><td>76</td><td>70</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>76</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.
July 1944 - August 1944
A-1
Sales of Securities in the Fifth War Loan
Summary
Sales of United States Government securities in the Fifth War Loan totaled $20.6 billions — $4.6 billions or 29 percent greater than the goal of $16 billions set for this Loan, and $3.9 billions greater than total sales during the preceding war loan. The total for the Fifth War Loan was divided between $6.4 billions to individuals, including partnerships and personal trust accounts, and $14.3 billions to all other investors, including insurance companies, savings banks, corporations and associations, dealers and brokers, and State and local governments. Sales during the Fifth War Loan to each of these classes of investors are shown in Chart 1, and further details on sales of each issue to each investor class are found in Table 1 at the end of this article. Sales to the major groups of investors (individuals, insurance companies and savings banks, and corporations and other investors) are summarized below, and are further compared with the goals which had been set for these groups prior to the opening of the drive.
In the table below, and throughout the remainder of this article, the term "individuals" will be understood to include partnerships and personal trust accounts. The percentages shown in the table, as well as elsewhere in the article, have been computed on the basis of unrounded figures.
<table><tr><th>Class of investor</th><th>Goal</th><th>Sales</th><th>Percent of goal achieved</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Individuals:</td><td></td><td></td><td></td></tr><tr><td>Series E savings bonds</td><td>3.0</td><td>3.0</td><td>101</td></tr><tr><td>Other securities.....</td><td>3.0</td><td>3.3</td><td>110</td></tr><tr><td>Total.............</td><td>6.0</td><td>6.4</td><td>106</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td></tr><tr><td>Insurance companies and savings banks....</td><td>2.5</td><td>4.3</td><td>172</td></tr><tr><td>Other corporations and associations......</td><td>7.5</td><td>10.0</td><td>133</td></tr><tr><td>Total.............</td><td>10.0</td><td>14.3</td><td>143</td></tr><tr><td>Total for all investors..</td><td>16.0</td><td>20.6</td><td>129</td></tr></table>
It will be noted that the sales figures in the table above, as well as all other sales figures referred to in this article, represent gross sales and not net changes in holdings or in the amount of securities outstanding. Net changes in the holdings of each investor class during any given period are affected by maturities and redemptions and by market operations carried on between investor groups, as well as by purchases of new issues. Data on changes in the net amount of Federal securities held by savings banks, commercial banks, insurance companies, United States Government agencies and trust funds and Federal Reserve banks, and all other investors as a
group are obtainable regularly in the "Treasury Survey of the Ownership of Government Securities" and summary data from the survey are published each month in the "Treasury Bulletin". Information on net holdings as of June 30 is not yet available, but will be published in the "Treasury Bulletin" for September 1944; information on holdings at the end of July will be published in the October 1944 issue of the "Treasury Bulletin".
A comparison of the figures on goals and sales found in the table at the beginning of this article shows that total sales to individuals exceeded the goal set for this group by a small margin -- 6 percent. Sales of Series E savings bonds just passed the quota amount, while sales of other securities to individuals were 10 percent greater than the goal. These facts are brought out in Chart 2, in which goals and sales for the five war loans are shown by investor classes. Table 4, at the end of the article, shows in addition that all of the significant investor groups bought more securities during the Fifth War Loan than during any preceding drive.
Following the practice established during the Fourth War Loan, purchases by Treasury investment accounts as well as the limited purchases which commercial banks were permitted to make concurrently with the drive were excluded from both goals and sales attributable to the Fifth War Loan. During the course of the drive, a deferred payment plan was made available whereby certain institutions and State and local governmental units could have until September 30 to complete payments for subscriptions to the 2 percent and 2-1/2 percent Treasury bonds made during the period of the drive; subscriptions involving $0.3 billion of such deferred payments were entered and are included in the total sales figure of $20.6 billions.
Organization for the Loan
On April 3, 1944, the Secretary of the Treasury announced that the Fifth War Loan would open on June 12 and would run until July 8, 1944. The total goal of $16 billions was announced and it was stated that the major emphasis throughout the entire period of the drive would be placed on the quota of $6 billions for individuals. The eight securities to be offered in the drive were briefly described and the Secretary stated that the securities and the goals had been selected by the Treasury after consultation with a group of chairmen of the State War Finance Committees, officials of the Federal Reserve System, a committee of the American Bankers Association and other investment authorities.
Similar to the practice in prior war loans, it was announced that all subscriptions for Series E, F, and G savings bonds and for savings notes received at the Federal Reserve Banks or
A-2
Treasury Bulletin
Chart 1
SALES DURING FIFTH WAR LOAN
By Investor Classes and by Issues
July 1944 - August 1944
A-3
the Treasury throughout June and July would be credited to the Loan. This allowed time for clearance of sales through issuing agents and the Federal Reserve Banks and made it possible for the local sales units which wished to begin their work prior to the formal opening of the drive to start their activities on June 1.
Sales in the drive were confined to nonbank investore. As in the Fourth War Loan, however, commercial banks were given the opportunity concurrently with the drive but not as a part of it to subscribe to certain issues in limited amounts for the investment of their time deposits. Treasury investment accounts were also excluded from the drive, but invested their available funds in Federal securities concurrently with the drive. The provisions governing purchases by commercial banks as well as the sales figures relating to both commercial banks and Treasury investment accounts during the period of the Fifth War Loan are discussed in a separate article on page A-16 of this issue.
In the Fifth War Loan, the Treasury again asked the cooperation of all banks in declining to make loans for the speculative purchase of Government securities. Loans to enable investors to purchase bonds in anticipation of income were encouraged, however, provided they were made on a short-term or amortization basis fully repayable within six months. The conditions under which bank loans would be desirable followed the principles set forth in the joint statement on the matter by national and State bank supervisory authorities on November 23, 1942. This statement is found on page A-3 of the "Treasury Bulletin" for March 1944.
Figures on State goals for sales of securities during the Fifth War Loan were made available to the State War Finance Chairmen on May 8. These quotas were based on various data, which are of course less comprehensive by States than those available for estimating liquid savings and accumulations in the Nation as a whole. The State quotas for sales of Series E savings bonds were based on estimatea of income payments for the five months' period March-July, 1944, arrived at on the basis of a monthly projection of Department of Commerce figures showing income payments to individuals by States on an annual basis. In setting the State quotas for individuals' purchases of securities other than Series E savings bonds, income figures were again used, but extra weight was given to two factors, namely, (1) that part of income payments which represents a return on invested capital, and (2) bank deposit data relating to individuals. Quotas for insurance companies and for savings banks were arrived at largely on the basis of recent information relating to the State distribution of the assets of these organizations. State quotas for corporations other than insurance companies and savings banks were based mainly on data relating to the demand deposits of business concern.
The organization of workers for the Fifth War Loan followed State, county and town lines and leaned heavily on person-to-person contacts
in both homes and places of business. Over six million volunteer workers enlisted as salesmen and about seventy-five thousand agents issued the securities. This plan of organization was similar to that followed in the Third and Fourth drives. In the Fifth drive, however, a greater effort was made to solicit each potential buyer personally. Women's organizations in many localities did a large share of the house-to-house canvassing; civic associations, foreign language groups, Boy Scouts, members of 4-H Clubs, and others were also active. Most agricultural States had a special farm program which included a farm-to-farm canvass by members of the volunteer organization. Retail stores assumed a quota under which they agreed to sell $300 in bonds per salesperson. Theaters made a particularly intensive effort to sell war bonds, and turned in an outstanding record of sales to individuals during the Fifth War Loan. In connection with these various programs, a greater volume of advertising and publicity was contributed than in any previous drive.
Quotas for employees of individual business firms and particularly for the large plants were relied on even more extensively than in previous drives. As a Fifth War Loan goal, firms were asked to set plant quotas averaging $100 per employee, to be met through a combination of cash purchases and regular payroll allotments. Labor organizations and labor and management committees undertook a large share of the work of canvassing subscribers in individual plants as well as aiding in community campaigns.
The American Bankers Association, through its War Loan Committee, entered the war loan drive on a national level by asking member banks to adopt a program which included assuming responsibility for a canvass of depositors. In many localities also, banks entered into the community program by undertaking to meet quotas for sales to their customers and others. The Army and Navy helped further many local campaigns by furnishing equipment, speakers, etc., and they also conducted special sales drives within their own organizations.
In order to enable the State and county or regional War Finance Chairmen to measure the progress of the campaign in their areas, a statistical reporting system which had been inaugurated during earlier drives was used extensively during the Fifth War Loan. Although only sales to individuals were announced to the public by the Treasury between June 12 and June 26 -- a measure which was intended to emphasize the importance of the quota for this group -- the Federal Reserve Banks compiled daily reports from the beginning of the drive showing subscriptions for each issue made by individuals, and by all other investors as a group, in each county in the United States. More detailed information was supplied for each State as a whole, showing sales of each issue to each investor class. This information made it possible for the War Finance Committees to measure daily progress by comparing the sales figures with charts which had been sent out to them showing how much the cumulative sales should amount
A-4
Treasury Bulletin
to in the area for each day of the drive, if the goals were to be realized. The sales patterns shown in the charts were based on the experience in previous war loans, which had been analyzed with a view to estimating the probable timing of purchases by investor classes during the Fifth War Loan.
As in the Fourth War Loan, a procedure was adopted which made it possible to avoid transfer of funds by subscribers wishing to help local communities make their quotas. Under this procedure, the Treasury and the Federal Reserve Banks undertook to give atatistical credit to the various localities for subscriptions made by individuals with interests in more than one community or for purchases made at the central offices of business firma operating in more than one area. In the case of many large business organizations, Series E bonds bought by employees under payroll savinga plans and during special plant drives are issued from a central office; the procedure worked out for allocating credits made it possible in these cases to transfer the credit to the purchaser's home address or to the place of his employment. Likewise, stubs representing sales by the Federal Reserve Banks, the Office of the Treasurer of the United States, etc., were sorted by counties in order to pass credits to local communities. Sales by issuing agents whose activities are largely confined to one city or county, (such as banks, post offices, etc.) were credited to the county of their location. All subscriptions from insurance companies were assigned to the State of the home office, as in the past.
Types of Securities Offered
The various issues announced for the Fifth War Loan included only one type of security which had not been offered during any one of the four preceding drives. This was a 1-1/4 percent Treasury note due March 15, 1947. A 2 percent Treasury bond of 1952-54 was similar to a 2 percent Treasury bond of approximately the same term which had been included among the offerings in both the Second and Third War Loans; a new one-year 7/8 percent certificate due June 1, 1945, was similar to the certificate offered in each of the earlier loans; and the 2-1/2 percent Treasury bond of 1965-70, which constituted the remaining marketable issue offered for purchase during the Fifth War Loan, had also been among the offerings in the Fourth War Loan, and differed only in maturity date from the long-term 2-1/2 percent Treasury bonds offered during earlier loans.
The four nonmarketable issues announced for the Fifth War Loan were unchanged from offerings in prior war loans. These were: Series E, F, and G savings bonds, and Series C savings notes.
The marketable issues offered during the Fifth War Loan bore interest from June 26. The 2-1/2 percent Treasury bonds of 1965-70, which were a reopening of the issue sold during the Fourth War Loan, were dated February 1, 1944 but had a special coupon attached covering interest
to accrue from June 26 to September 15, 1944. A full description of the various features of all of the securities offered in the Fifth War Loan may be found in the "Treasury Bulletin" for April 1944, pages A-4 and A-5, and descriptions of the securities offered during the Second, Third, and Fourth War Loans are shown in earlier issues of the "Treasury Bulletin" as follows: April 1943, pp. 2-3; August 1943, pp. 2-3; and December 1943, pp. 8-9.
The deferred payment plan, already referred to, for the 8-10 year 2 percent Treasury bonds and for the long-term 2-1/2 percent Treasury bonds allowed certain groups of investors until September 30, 1944, to make full payment for subscriptions to these issues. The securities themselves were delivered only as the payments were received. The investors included under these provisions were: life insurance companies, savings institutions, State and local governmental units, and similar public corporations and agencies. The plan itself represented a broadening of the deferred purchase arrangement used during the Third War Loan, under which insurance companies alone were allowed to subscribe to securities in anticipation of funds which would become available to them for investment during the month following the close of the Third War Loan drive.
All in all, the program of security issues worked out for the Fifth War Loan rested on the experience of the Treasury during prior war loans as well as on the comments and suggestions relating to earlier offerings which had been coming in to the Treasury during the war financing period. Differences between the various bond offerings with respect to interest rates, maturities, marketability, etc., were intended to meet the needs of investors with financial plans calling for medium- or long-term securities. In addition, the redemption features of the savings bonds provided both security and liquidity for individuals with relatively small resources. The certificates and the savings and Treasury notes, on the other hand, were intended to supply an investment outlet for business organizations, State and local governments, and others who were looking for a high degree of liquidity in the placing of shorter term funds.
Sales by Classes of Investors and by Issues
Sales to the various classes of investors are compared with the goals set for these groups in the table at the beginning of this article and in Chart 2. Chart 1 and Table 1 give further details of the sales by classes of investors and by issuee.
As noted above, total sales of $20.6 billion exceeded the total goal of $16 billions by more than one-fourth, and sales to individuals exceeded the $6 billion goal set for this group by $0.4 billion, or 6 percent. Sales of Series E savings bonds were larger than the quota amount, although they were slightly less than sales during the Fourth War Loan. It is possible that a considerable number of the larger investors had
July 1944
- August 1944
A-5
already purchased as many savings bonds as they are allowed to buy in any one calendar year, before the time of the Fifth War Loan drive. This possibility is strengthened by the figures in Table 6 at the end of this article, which show that a larger number of units of the large denomination Series E bonds were sold during the Fourth War Loan than during the Fifth, although more of the smaller denomination Series E bonds were sold during the Fifth Loan than in any preceding drive.
Insurance companies and savings banks passed their sales goal of $2.5 billions by $1.8 billions, or 72 percent, as shown in the table at the beginning of this article. Included in the $4.3 billions of total sales to this group are $0.3 billion of sales for which deferred payment was requested. The combined goal for the remaining group of corporations and other investors, which had been set at $7.5 billions, was exceeded by $2.5 billions, or 33 percent. As in the case of insurance companies and savings banks, total sales of $10.0 billions to these remaining corporations and investors included a small amount ($0.1 billion) of sales under the deferred payment plan (mostly to State and local governmental unite). The total for this remaining group was divided between $8.2 billions to corporations and associations, $0.5 billion to dealers and brokers, and $1.3 billions to State and local governments, as shown in Table 1.
Included in the figure of $3.2 billions for sales to corporations and associations are minor amounts of purchases by Government corporations and credit agencies. These organizations handle their investments themselves rather than through the facilities of the Treasury Department. In the article on the Fourth War Loan in the March 1944 issue of the "Treasury Bulletin", these organizations were designated as U. S. Government field agencies and their purchases of securities were classified separately in all of the tables on the War Loan. Such purchases are so small, however, (amounting to only $32 millions in the Fifth War Loan) that in the present article they have been classified with those of corporations and associations.
It is interesting to note that sales of securities to State and local governments during the Fifth War Loan, amounting to $1.3 billions, were more than 50 percent higher than the $0.8 billion of Federal securities sold to these units during the Fourth War Loan. State and local governmental surpluses have reached new high levels during the recent war period, and the investment of such funds in Federal securities has been increasing steadily.
Sales of securities during the Fifth War Loan, classified by issues, are summarized in the table below. As already noted, a complete classification of sales by classes of investors and by issues is provided in Table 1 at the end of the article, as well as in Chart 1.
<table><tr><th>Security</th><th>Amount (In millions of dollars)</th><th>Percent distribution</th></tr><tr><td>Nonmarketable issues:</td><td></td><td></td></tr><tr><td>Savings bonds:</td><td></td><td></td></tr><tr><td>Series E....................</td><td>3,036</td><td>14.7</td></tr><tr><td>Series F and G................</td><td>818</td><td>4.0</td></tr><tr><td>Savings notes, Series C.....</td><td>2,575</td><td>12.5</td></tr><tr><td>Total nonmarketable issues.</td><td>6,429</td><td>31.1</td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>7/8% Certificates of indebtedness, 6/1/45.........</td><td>4,770</td><td>23.1</td></tr><tr><td>1-1/4% Treasury notes, 3/15/47....................</td><td>1,948</td><td>9.4</td></tr><tr><td>2% Treasury bonds, 6/15/1952-54..................</td><td>5,229</td><td>25.3</td></tr><tr><td>2-1/2% Treasury bonds, 3/15/1965-70...............</td><td>2,263</td><td>11.0</td></tr><tr><td>Total marketable issues...</td><td>14,210</td><td>68.9</td></tr><tr><td>Total.....................</td><td>20,639</td><td>100.0</td></tr></table>
As in prior war loan drives, sales of marketable securities predominated, due to the fact that these issues are particularly well adapted to the needs of institutions, governmental units, and business organizations with large blocks of funds to invest. Only one of the nonmarketable issues -- the Series C savings notes -- was available for unlimited purchase by such investors. Sales of the 8-10 year 2 percent Treasury bonds amounted to $5.2 billions and sales of the 7/8 percent certificates were almost as great, amounting to $4.8 billions. Considerably smaller amounts of the 2-1/2 percent Treasury bonds of 1965-70 and of the new 1-1/4 percent Treasury notes were sold during the drive; sales of the 2-1/2 percent bonds amounted to $2.3 billions, and sales of the 1-1/4 percent notes to $1.9 billions.
The more detailed sales figures by classes of investors and by issues, given in Table 1 at the end of the article, show that insurance companies again preferred the 2-1/2 percent Treasury bonds of 1965-70; almost 50 percent of all purchases by insurance companies were in this issue. Inasmuch as the funds of these institutions are available for long-term investment, the insurance companies were able to take advantage of the higher interest rates offered on the long-term bonds. Savings banks, on the other hand, favored the medium-term 2 percent Treasury bonds, which accounted for more than four-fifths of the sales to these institutions.
The group of corporations and associations, which includes the large business organizations of the country, concentrated its purchases heavily in the 7/8 percent certificates and in the Series C savings notes; $5.6 billions out of total sales of $8.2 billions to this group were in these two issues. In addition, substantial amounts ($2.2 billions altogether) of the 1-1/4 percent Treasury notes due March 15, 1947 and the 8-10 year 2 percent Treasury bonds were purchased
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Treasury Bulletin
TOTAL SALES IN 5TH WAR LOAN
Percent of Quota Reached in Each State
Map 2 SALES TO CORPORATIONS AND OTHER INVESTORS IN 5TH WAR LOAN
Percent of Quota Reached in Each State
U Excluding individuals, partnerships and personal trust accounts
July 1944 - August 1944
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Map 3
SALES TO INDIVIDUALS IN 5TH WAR LOAN
Percent of Quota Reached in Each State
Including partnerships and personal trust accounts
Map 4
SALES OF SERIES E SAVING BONDS IN 5TH WAR LOAN
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Treasury Bulletin
by corporations and associations. The preference shown by this group for the short- and medium-term issues reflects in part the fact that substantial amounts of these business funds are being set aside only temporarily, in anticipation of the time when they will be needed to finance replacement and expansion during the postwar period.
Although sales to dealers and brokers were included in the drive quotas, they were in a somewhat different category from sales to other business organizations, since dealers and brokers were asked by the Treasury to buy only such securities as they expect to sell shortly to nonbank investors. Sales of securities to this group were concentrated in the medium-term 2 percent Treasury bonds, in the 7/8 percent certificates, and--to a lesser extent -- in the new 1-1/4 percent Treasury notes due March 15, 1947.
State and local governments exhibited a marked preference for the 7/8 percent certificate of indebtedness and for the 2 percent Treasury bonds. Legal requirements, the need for investing funds which will be used shortly for debt retirement, and a desire to have ready cash at hand in connection with carrying out postwar plans are the main factors influencing the choice of securities by these governmental units.
Sales by States
On the accompanying maps relating to the Fifth War Loan, various classes of sales are shown as percentages of the corresponding quotas in each State. The maps show total sales to all investors, sales to corporations, sales to individuals, and sales of Series E savings bonds. In Table 2, at the end of this article, sales to individuals and to all other classes of investors as a group are compared with the corresponding goals in each State, and in addition, sales and goals for Series E bonds are shown State-by-State. For purposes of this discussion, the District of Columbia and northern and southern California are counted as separate State units. Alaska and Hawaii and the possessions are discussed separately.
All but one of the States surpassed the goals for total sales to all investors (Map 1), and each State exceeded its goal for sales to corporations and other investors by a substantial margin (Map 2). About one-third of the States fell short of achieving their sales quotas for individuals, however (Map 3), and ten of them failed to make their Series E savings bond quotas (Map 4). As in the case of the Fourth War Loan, a group of the mountain and plains States west of the Mississippi River made a particularly good showing with respect to sales of Series E bonds. Wyoming and North Dakota were well ahead of all of the other States in terms of percentage achievement; North Dakota was also the first State to reach its Series E goal. Four other western or midwestern States, namely, New Mexico, Iowa, South Dakota, and Montana were within the group reaching 120 percent or more of Series E
goals. East of the Mississippi River, only Alabama sold 120 percent or more of the quota amount for Series E bonds. As in the Fourth War Loan, Hawaii was again particularly successful in selling savings bonds, achieving 122 percent of its Series E quota. It may be noted that seven of the ten States which failed to make their Series E goals were in the highly urbanized eastern industrial area.
Table 3 supplies further information on sales by States. In this table, sales to individuals in each State are broken down between Series E savings bonds, Series F and G savings bonds, and savings notes and marketable securities as a whole; total sales to each of the remaining investor classes are also shown for each State. As in prior war loans, the distribution of sales to insurance companies, savings banks, corporations and associations, and dealers and brokers largely reflects the concentration of the funds of these organizations in the various parts of the country. However, as noted above, the State distribution of sales to corporations was also affected by allocations of statistical credits from one State to another, made by the Federal Reserve Banks in accordance with the wishes of subscribers.
A supplement to this article, and to the current "Treasury Bulletin", is being prepared for early release and will be available upon request. This supplement will consist of additional detailed tables on the Fifth War Loan which will show State figures on sales to each investor class, by type of issue.
Comparison of the Results of the Five War Loans
Chart 2, accompanying this article, shows both the sales and the sales goals during each of the five war loans for (1) all investors, (2) individuals, (3) corporations and other investors (excluding commercial banks), and (4) commercial banks (included only during the first two war loans). In Table 4, at the end of the article, further information on sales of securities by investor classes and by issues is shown for each war loan, and in Table 5, details on the sales goals and the dates relating to the five war loan drives are brought together.
Table 4 shows that while each group of non-bank investors (with the minor exception of dealers and brokers) bought more securities during the Fifth War Loan than during any other drive, there were some changes in the preferences shown for the various types of securities. Marketable issues as a whole accounted for close to 70 percent of total sales in both the Third and Fifth drives, as compared with a little over 61 percent in the Fourth. Sales of the new 1-1/4 percent Treasury notes due March 15, 1947, amounted to $1.9 billions during the Fifth War Loan, and it is probable that the introduction of this issue had some effect in reducing sales of the 7/8 percent certificates, which were a little smaller during the Fifth War Loan than during the Fourth. Sales of the Series C savings notes,
July 1944 - August 1944
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Chart 2
GOALS AND SALES FOR FIVE WAR LOANS
By Investor Classes
1 Treasury investment accounts were included only in the first three war loans
2 Combined goal of $4 billion for all investors excluding commercial banks
3 No separate goal was set for Series E bonds.
4 This figure represents the fixed amount which commercial banks were allowed to buy, rather than a goal for such investors
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Treasury Bulletin
however, were slightly higher during the Fifth drive than during preceding war loans, and sales of the 8-10 year 2 percent Treasury bonds came to about the same figure in the Fifth War Loan as sales of the 2 percent medium-term Treasury bonds during the Third War Loan. Sales of the long-term 2-1/2 percent Treasury bonds, offered in each of the five drives, were considerably greater during the Fifth War Loan than during the Fourth, although sales of this issue during each of the first three war loans amounted to more than in the two succeeding drives.
In the table below, both dollar amounts of sales to the major classes of investors and the percentage distribution of the sales among these groups are shown for each of the five war loans.
<table><tr><th>War loan</th><th>Total</th><th>Commercial banks 1/</th><th>Individuals</th><th>Corporations and other investors 2/</th></tr></table>
Amount in billions of dollars
<table><tr><td>First War Loan...</td><td>12.9</td><td>5.1</td><td>1.6</td><td>6.3</td></tr><tr><td>Second War Loan...</td><td>18.6</td><td>5.1</td><td>3.3</td><td>10.2</td></tr><tr><td>Third War Loan...</td><td>18.9</td><td>...</td><td>5.4</td><td>13.6</td></tr><tr><td>Fourth War Loan...</td><td>16.7</td><td>...</td><td>5.3</td><td>11.4</td></tr><tr><td>Fifth War Loan...</td><td>20.6</td><td>...</td><td>6.4</td><td>14.3</td></tr><tr><td>Total............</td><td>87.8</td><td>10.2</td><td>21.9</td><td>55.7</td></tr></table>
Percentage distribution
<table><tr><td>First War Loan...</td><td>100.0</td><td>39.3</td><td>12.3</td><td>48.4</td></tr><tr><td>Second War Loan...</td><td>100.0</td><td>27.4</td><td>17.7</td><td>54.9</td></tr><tr><td>Third War Loan...</td><td>100.0</td><td>...</td><td>28.4</td><td>71.6</td></tr><tr><td>Fourth War Loan...</td><td>100.0</td><td>...</td><td>31.7</td><td>68.3</td></tr><tr><td>Fifth War Loan...</td><td>100.0</td><td>...</td><td>30.8</td><td>69.2</td></tr><tr><td>Total............</td><td>100.0</td><td>11.6</td><td>25.0</td><td>63.5</td></tr></table>
1/ Commercial banks were allowed to buy only $5 billions of Federal securities during each of the first two war loans, and were excluded from direct participation in the Third, Fourth, and Fifth War Loans.
2/ Treasury investment accounts were included in the first three war loans only; during succeeding war loans, sales to these accounts were handled outside of the drive.
Sales to individuals, which accounted for only a small proportion of total sales during the first two drives, are shown to have moved up to 30 percent or more of total sales during the Fourth and Fifth War Loans. The increasing emphasis which the Treasury has put on a wider distribution of securities among individuals is further illustrated in Table 6, which shows that a larger number of units of Series E bonds of all denominations has been sold during each succeeding drive, even though the dollar amount of sales of this issue was smaller during the Fifth War Loan than during the Fourth.
The $10-denomination Series E bond shown in Table 6 was authorized by the Secretary of the Treasury on June 7, 1944, and was made available only to members of the Military and Naval Forces of the United States, through such agencies as might be provided within their respective establishments by the Secretary of War and the Secretary of the Navy. As shown in the table, 204 thousands of units of these bonds were sold during the Fifth War Loan.
July 1944 -
August 1944
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Table 1.- Sales of Securities in the Fifth War Loan, by Classes of Investors and by Issues
<table><tr><th>Class of investor</th><th>Total</th><th colspan="2">Savings bonds 1/</th><th>Savings notes, series C</th><th>7/8% Certificates of indebtedness, 6/1/45</th><th>1-1/4% Treasury notes, 3/15/47</th><th>2% Treasury bonds, 6/15/52-54</th><th>2-1/2% Treasury bonds, 3/15/65-70</th></tr><tr><th></th><th></th><th>Series E</th><th>Series F and G</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td colspan="9">Amounts in millions of dollars</td></tr><tr><td>Individuals, partnerships, and personal trust accounts</td><td>6,351</td><td>3,036</td><td>574</td><td>181</td><td>468</td><td>353</td><td>1,322</td><td>417</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>2,769</td><td>-</td><td>7</td><td>2</td><td>170</td><td>309</td><td>924</td><td>1,357</td></tr><tr><td>Savings banks</td><td>1,525</td><td>-</td><td>2</td><td>*</td><td>84</td><td>121</td><td>1,250</td><td>68</td></tr><tr><td>Corporations and associations 2/</td><td>8,201</td><td>-</td><td>207</td><td>2,271</td><td>3,318</td><td>913</td><td>1,242</td><td>249</td></tr><tr><td>Dealers and brokers</td><td>533</td><td>-</td><td>-</td><td>1</td><td>148</td><td>133</td><td>242</td><td>9</td></tr><tr><td>State and local governments 3/</td><td>1,260</td><td>-</td><td>28</td><td>120</td><td>582</td><td>119</td><td>249</td><td>163</td></tr><tr><td>Total for corporations and other investors</td><td>14,288</td><td>-</td><td>244</td><td>2,394</td><td>4,302</td><td>1,595</td><td>3,907</td><td>1,846</td></tr><tr><td>Total sales</td><td>20,639</td><td>3,036</td><td>818</td><td>2,575</td><td>4,770</td><td>1,948</td><td>5,229</td><td>2,263</td></tr><tr><td colspan="9">Percentage distribution, by investor classes</td></tr><tr><td>Individuals, partnerships, and personal trust accounts</td><td>100.0</td><td>47.8</td><td>9.0</td><td>2.8</td><td>7.4</td><td>5.6</td><td>20.8</td><td>6.6</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>100.0</td><td>-</td><td>.3</td><td>.1</td><td>6.1</td><td>11.2</td><td>33.4</td><td>49.0</td></tr><tr><td>Savings banks</td><td>100.0</td><td>-</td><td>.1</td><td>*</td><td>5.5</td><td>7.9</td><td>82.0</td><td>4.5</td></tr><tr><td>Corporations and associations 2/</td><td>100.0</td><td>-</td><td>2.5</td><td>27.7</td><td>40.5</td><td>11.1</td><td>15.1</td><td>3.0</td></tr><tr><td>Dealers and brokers</td><td>100.0</td><td>-</td><td>-</td><td>.2</td><td>27.8</td><td>25.0</td><td>45.4</td><td>1.7</td></tr><tr><td>State and local governments 3/</td><td>100.0</td><td>-</td><td>2.2</td><td>9.5</td><td>46.2</td><td>9.4</td><td>19.8</td><td>12.9</td></tr><tr><td>Total for corporations and other investors</td><td>100.0</td><td>-</td><td>1.7</td><td>16.8</td><td>30.1</td><td>11.2</td><td>27.3</td><td>12.9</td></tr><tr><td>Total sales</td><td>100.0</td><td>14.7</td><td>4.0</td><td>12.5</td><td>23.1</td><td>9.4</td><td>25.3</td><td>11.0</td></tr><tr><td colspan="9">Percentage distribution, by issues</td></tr><tr><td>Individuals, partnerships, and personal trust accounts</td><td>30.8</td><td>100.0</td><td>70.2</td><td>7.0</td><td>9.8</td><td>18.1</td><td>25.3</td><td>18.4</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>13.4</td><td>-</td><td>.9</td><td>.1</td><td>3.6</td><td>15.9</td><td>17.7</td><td>60.0</td></tr><tr><td>Savings banks</td><td>7.4</td><td>-</td><td>.2</td><td>*</td><td>1.8</td><td>6.2</td><td>23.9</td><td>3.0</td></tr><tr><td>Corporations and associations 2/</td><td>39.7</td><td>-</td><td>25.3</td><td>88.2</td><td>69.6</td><td>46.9</td><td>23.8</td><td>11.0</td></tr><tr><td>Dealers and brokers</td><td>2.6</td><td>-</td><td>-</td><td>*</td><td>3.1</td><td>6.8</td><td>4.6</td><td>.4</td></tr><tr><td>State and local governments 3/</td><td>6.1</td><td>-</td><td>3.4</td><td>4.7</td><td>12.2</td><td>6.1</td><td>4.8</td><td>7.2</td></tr><tr><td>Total for corporations and other investors</td><td>69.2</td><td>-</td><td>29.8</td><td>93.0</td><td>90.2</td><td>81.9</td><td>74.7</td><td>81.6</td></tr><tr><td>Total sales</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Less than $500,000 or .05 percent.
1/ Savings bonds are shown at issue prices.
2/ Includes elseomscinary institutions and United States Government corporations and credit agencies. See Table 4,
3/ Includes their agencies and their trust, sinking, and investment funds.
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Treasury Bulletin
Table 2.- Comparison of Goals and Sales of Securities in the Fifth War Loan, by States
<table><tr><th>State</th><th colspan="3">Total</th><th colspan="3">Individuals, partnerships, and personal trust accounts</th><th colspan="3">Corporations and other investors 1/</th><th colspan="3">Series E savings bonds 2/</th></tr><tr><th></th><th>Goal</th><th>Sales</th><th>Percent of goal accomplished</th><th>Goal</th><th>Sales 3/</th><th>Percent of goal accomplished</th><th>Goal</th><th>Sales 3/</th><th>Percent of goal accomplished</th><th>Goal</th><th>Sales</th><th>Percent of goal accomplished</th></tr><tr><td colspan="13">(In millions of dollars)</td></tr><tr><td>Alabama</td><td>102</td><td>164</td><td>161</td><td>55</td><td>98</td><td>179</td><td>47</td><td>65</td><td>139</td><td>33</td><td>40</td><td>121</td></tr><tr><td>Arizona</td><td>32</td><td>43</td><td>134</td><td>20</td><td>21</td><td>106</td><td>12</td><td>22</td><td>180</td><td>12</td><td>12</td><td>101</td></tr><tr><td>Arkansas</td><td>56</td><td>70</td><td>124</td><td>35</td><td>41</td><td>118</td><td>21</td><td>28</td><td>135</td><td>21</td><td>20</td><td>94</td></tr><tr><td>California (Northern)</td><td>453</td><td>488</td><td>108</td><td>224</td><td>186</td><td>83</td><td>229</td><td>302</td><td>132</td><td>118</td><td>123</td><td>104</td></tr><tr><td>California (Southern)</td><td>512</td><td>582</td><td>114</td><td>246</td><td>224</td><td>91</td><td>266</td><td>358</td><td>135</td><td>137</td><td>137</td><td>100</td></tr><tr><td>Colorado</td><td>84</td><td>103</td><td>123</td><td>45</td><td>48</td><td>108</td><td>39</td><td>55</td><td>141</td><td>23</td><td>24</td><td>103</td></tr><tr><td>Connecticut</td><td>442</td><td>514</td><td>116</td><td>124</td><td>92</td><td>74</td><td>318</td><td>422</td><td>133</td><td>62</td><td>57</td><td>91</td></tr><tr><td>Delaware</td><td>54</td><td>55</td><td>102</td><td>19</td><td>17</td><td>91</td><td>35</td><td>38</td><td>109</td><td>8</td><td>7</td><td>85</td></tr><tr><td>District of Columbia</td><td>107</td><td>152</td><td>142</td><td>61</td><td>57</td><td>93</td><td>46</td><td>95</td><td>207</td><td>34</td><td>37</td><td>110</td></tr><tr><td>Florida</td><td>137</td><td>250</td><td>182</td><td>74</td><td>124</td><td>168</td><td>63</td><td>125</td><td>199</td><td>37</td><td>39</td><td>106</td></tr><tr><td>Georgia</td><td>144</td><td>268</td><td>186</td><td>75</td><td>174</td><td>232</td><td>69</td><td>94</td><td>136</td><td>35</td><td>39</td><td>112</td></tr><tr><td>Idaho</td><td>28</td><td>32</td><td>113</td><td>16</td><td>19</td><td>117</td><td>12</td><td>13</td><td>108</td><td>10</td><td>12</td><td>116</td></tr><tr><td>Illinois</td><td>1,107</td><td>1,470</td><td>133</td><td>405</td><td>408</td><td>101</td><td>702</td><td>1,062</td><td>151</td><td>204</td><td>216</td><td>106</td></tr><tr><td>Indiana</td><td>281</td><td>367</td><td>130</td><td>133</td><td>146</td><td>110</td><td>148</td><td>221</td><td>149</td><td>75</td><td>80</td><td>106</td></tr><tr><td>Iowa</td><td>202</td><td>281</td><td>139</td><td>109</td><td>150</td><td>138</td><td>93</td><td>130</td><td>140</td><td>58</td><td>77</td><td>133</td></tr><tr><td>Kansas</td><td>124</td><td>156</td><td>126</td><td>74</td><td>88</td><td>119</td><td>50</td><td>68</td><td>136</td><td>49</td><td>44</td><td>90</td></tr><tr><td>Kentucky</td><td>118</td><td>211</td><td>179</td><td>61</td><td>117</td><td>191</td><td>57</td><td>95</td><td>166</td><td>31</td><td>32</td><td>105</td></tr><tr><td>Louisiana</td><td>126</td><td>166</td><td>132</td><td>61</td><td>75</td><td>122</td><td>65</td><td>91</td><td>140</td><td>34</td><td>35</td><td>102</td></tr><tr><td>Maloe</td><td>64</td><td>77</td><td>121</td><td>33</td><td>25</td><td>75</td><td>31</td><td>53</td><td>170</td><td>14</td><td>15</td><td>106</td></tr><tr><td>Maryland</td><td>228</td><td>422</td><td>185</td><td>104</td><td>203</td><td>195</td><td>124</td><td>218</td><td>176</td><td>49</td><td>41</td><td>83</td></tr><tr><td>Massachusetts</td><td>828</td><td>921</td><td>111</td><td>258</td><td>175</td><td>68</td><td>570</td><td>746</td><td>131</td><td>112</td><td>99</td><td>88</td></tr><tr><td>Michigan</td><td>526</td><td>678</td><td>129</td><td>276</td><td>277</td><td>100</td><td>250</td><td>401</td><td>160</td><td>169</td><td>169</td><td>100</td></tr><tr><td>Minnesota</td><td>246</td><td>350</td><td>142</td><td>121</td><td>126</td><td>104</td><td>125</td><td>223</td><td>179</td><td>66</td><td>70</td><td>106</td></tr><tr><td>Mississippi</td><td>56</td><td>99</td><td>178</td><td>34</td><td>52</td><td>152</td><td>22</td><td>48</td><td>217</td><td>20</td><td>24</td><td>119</td></tr><tr><td>Missouri</td><td>315</td><td>448</td><td>142</td><td>145</td><td>158</td><td>109</td><td>170</td><td>290</td><td>170</td><td>75</td><td>74</td><td>98</td></tr><tr><td>Montana</td><td>41</td><td>48</td><td>118</td><td>20</td><td>23</td><td>117</td><td>21</td><td>25</td><td>118</td><td>12</td><td>15</td><td>124</td></tr><tr><td>Nebraska</td><td>106</td><td>137</td><td>129</td><td>56</td><td>65</td><td>117</td><td>50</td><td>72</td><td>144</td><td>34</td><td>37</td><td>110</td></tr><tr><td>Nevada</td><td>15</td><td>14</td><td>93</td><td>9</td><td>8</td><td>86</td><td>6</td><td>6</td><td>105</td><td>4</td><td>4</td><td>102</td></tr><tr><td>New Hampshire</td><td>39</td><td>61</td><td>156</td><td>16</td><td>14</td><td>89</td><td>23</td><td>47</td><td>203</td><td>8</td><td>10</td><td>119</td></tr><tr><td>New Jersey</td><td>635</td><td>743</td><td>117</td><td>219</td><td>216</td><td>99</td><td>416</td><td>527</td><td>127</td><td>117</td><td>112</td><td>96</td></tr><tr><td>New Mexico</td><td>21</td><td>24</td><td>116</td><td>11</td><td>12</td><td>112</td><td>10</td><td>12</td><td>121</td><td>6</td><td>8</td><td>133</td></tr><tr><td>New York</td><td>4,501</td><td>5,934</td><td>124</td><td>1,041</td><td>889</td><td>85</td><td>3,760</td><td>5,044</td><td>134</td><td>367</td><td>342</td><td>93</td></tr><tr><td>North Carolina</td><td>148</td><td>235</td><td>159</td><td>71</td><td>82</td><td>116</td><td>77</td><td>153</td><td>199</td><td>39</td><td>39</td><td>100</td></tr><tr><td>North Dakota</td><td>39</td><td>46</td><td>117</td><td>21</td><td>25</td><td>121</td><td>18</td><td>20</td><td>114</td><td>12</td><td>18</td><td>148</td></tr><tr><td>Ohio</td><td>797</td><td>1,110</td><td>139</td><td>347</td><td>354</td><td>102</td><td>450</td><td>756</td><td>166</td><td>174</td><td>177</td><td>102</td></tr><tr><td>Oklahoma</td><td>108</td><td>145</td><td>135</td><td>60</td><td>75</td><td>124</td><td>48</td><td>71</td><td>147</td><td>35</td><td>38</td><td>108</td></tr><tr><td>Oregon</td><td>125</td><td>188</td><td>150</td><td>66</td><td>119</td><td>180</td><td>59</td><td>69</td><td>117</td><td>38</td><td>45</td><td>117</td></tr><tr><td>Pennsylvania</td><td>1,082</td><td>1,251</td><td>116</td><td>442</td><td>428</td><td>97</td><td>640</td><td>823</td><td>128</td><td>224</td><td>218</td><td>97</td></tr><tr><td>Rhode Island</td><td>90</td><td>137</td><td>152</td><td>42</td><td>46</td><td>109</td><td>48</td><td>91</td><td>189</td><td>16</td><td>16</td><td>100</td></tr><tr><td>South Carolina</td><td>58</td><td>83</td><td>144</td><td>30</td><td>34</td><td>112</td><td>28</td><td>50</td><td>178</td><td>18</td><td>21</td><td>119</td></tr><tr><td>South Dakota</td><td>37</td><td>49</td><td>133</td><td>21</td><td>23</td><td>108</td><td>16</td><td>27</td><td>166</td><td>12</td><td>16</td><td>130</td></tr><tr><td>Tennessee</td><td>133</td><td>226</td><td>170</td><td>64</td><td>112</td><td>175</td><td>69</td><td>114</td><td>165</td><td>36</td><td>38</td><td>105</td></tr><tr><td>Texas</td><td>464</td><td>613</td><td>132</td><td>236</td><td>317</td><td>134</td><td>228</td><td>296</td><td>130</td><td>125</td><td>138</td><td>111</td></tr><tr><td>Utah</td><td>46</td><td>58</td><td>127</td><td>20</td><td>24</td><td>118</td><td>26</td><td>35</td><td>134</td><td>13</td><td>15</td><td>118</td></tr><tr><td>Vermont</td><td>30</td><td>32</td><td>107</td><td>11</td><td>9</td><td>86</td><td>19</td><td>23</td><td>119</td><td>5</td><td>5</td><td>102</td></tr><tr><td>Virginia</td><td>157</td><td>220</td><td>140</td><td>81</td><td>91</td><td>113</td><td>76</td><td>129</td><td>170</td><td>46</td><td>54</td><td>117</td></tr><tr><td>Washington</td><td>228</td><td>285</td><td>125</td><td>105</td><td>102</td><td>97</td><td>123</td><td>183</td><td>149</td><td>64</td><td>66</td><td>104</td></tr><tr><td>West Virginia</td><td>81</td><td>158</td><td>195</td><td>47</td><td>67</td><td>143</td><td>34</td><td>91</td><td>267</td><td>24</td><td>25</td><td>104</td></tr><tr><td>Wicocomin</td><td>298</td><td>413</td><td>138</td><td>124</td><td>119</td><td>96</td><td>174</td><td>293</td><td>168</td><td>67</td><td>73</td><td>109</td></tr><tr><td>Wyoming</td><td>17</td><td>19</td><td>109</td><td>9</td><td>8</td><td>99</td><td>8</td><td>10</td><td>120</td><td>4</td><td>6</td><td>158</td></tr><tr><td>Alaska</td><td>3</td><td>4</td><td>128</td><td>2</td><td>2</td><td>118</td><td>1</td><td>1</td><td>149</td><td>24/</td><td>2</td><td>113</td></tr><tr><td>Canal Zone</td><td>-</td><td>2</td><td>-</td><td>12</td><td>2</td><td>117</td><td>10</td><td>18</td><td>179</td><td>10</td><td>12</td><td>122</td></tr><tr><td>Hawaii</td><td>22</td><td>32</td><td>145</td><td>12</td><td>14</td><td>117</td><td>10</td><td>18</td><td>179</td><td>10</td><td>12</td><td>122</td></tr><tr><td>Puerto Rico</td><td>7</td><td>9</td><td>122</td><td>6</td><td>5</td><td>90</td><td>1</td><td>3</td><td>316</td><td>4</td><td>3</td><td>84</td></tr><tr><td>Virgin Islands</td><td>-</td><td>4</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unallocated 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-36</td><td>-</td><td>-</td><td>35</td><td>-</td><td>-</td><td>-41</td><td>-</td></tr><tr><td>Total sales</td><td>16,000</td><td>20,639</td><td>129</td><td>6,000</td><td>6,351</td><td>106</td><td>10,000</td><td>14,288</td><td>143</td><td>3,000</td><td>3,036</td><td>101</td></tr></table>
Less the $500,000.
1/ Comprises insurance companies, savings banks, corporations and associations (including elementary institutions), dealers and brokers, and State and local governments (including their agencies and their trust, sinking, and investment funds).
2/ Savings bonds are shown at issue price.
3/ For further details see Table 3.
4/ Quota for sales of Series E savings bonds in Alaska was $1.5 millions.
5/ Figures do not add to the total because of minor reporting differences.
July 1944 - August 1944
A-13
Table 3.- Sales of Securities in the Fifth War Loan, by States and by Classes of Investors
(In millions of dollars)
<table><tr><th>State</th><th>Total sales</th><th colspan="3">Sales to individuals, partnerships, and personal trust accounts (Classified by securities)</th><th colspan="5">Sales to corporations and other investore (Classified by investor classes)</th></tr><tr><th></th><th></th><th>Total</th><th>Savings bonds 1/ Series E</th><th>Savings notes and marketable securities Series F and G</th><th>Total</th><th>Insurance companies</th><th>Savings banks</th><th>Corporations and associations 2/</th><th>Dealers and brokers</th><th>State and local governments 3/</th></tr><tr><td>Alabama</td><td>164</td><td>98</td><td>40</td><td>5</td><td>65</td><td>2</td><td>1</td><td>51</td><td>•</td><td>11</td></tr><tr><td>Arizona</td><td>43</td><td>21</td><td>12</td><td>2</td><td>22</td><td>•</td><td>2</td><td>16</td><td>•</td><td>3</td></tr><tr><td>Arkansas</td><td>70</td><td>41</td><td>20</td><td>3</td><td>28</td><td></td><td>•</td><td>24</td><td>•</td><td>3</td></tr><tr><td>California (Northern</td><td>488</td><td>186</td><td>123</td><td>24</td><td>302</td><td>16</td><td>18</td><td>189</td><td>26</td><td>54</td></tr><tr><td>Southern</td><td>582</td><td>224</td><td>137</td><td>27</td><td>358</td><td>18</td><td>•</td><td>216</td><td>18</td><td>106</td></tr><tr><td>Colorado</td><td>103</td><td>48</td><td>24</td><td>5</td><td>55</td><td>1</td><td></td><td>41</td><td>•</td><td>12</td></tr><tr><td>Connecticut</td><td>514</td><td>92</td><td>57</td><td>9</td><td>422</td><td>209</td><td>104</td><td>97</td><td>1</td><td>11</td></tr><tr><td>Delaware</td><td>55</td><td>17</td><td>7</td><td>2</td><td>38</td><td>3</td><td>1</td><td>33</td><td>•</td><td>•</td></tr><tr><td>District of Columbia</td><td>152</td><td>57</td><td>37</td><td>5</td><td>95</td><td>9</td><td>•</td><td>86</td><td>•</td><td>–</td></tr><tr><td>Florida</td><td>250</td><td>124</td><td>39</td><td>8</td><td>125</td><td>4</td><td>2</td><td>113</td><td>•</td><td>7</td></tr><tr><td>Georgia</td><td>268</td><td>174</td><td>39</td><td>6</td><td>94</td><td>2</td><td>6</td><td>83</td><td>1</td><td>2</td></tr><tr><td>Idaho</td><td>32</td><td>19</td><td>12</td><td>1</td><td>13</td><td>•</td><td>•</td><td>11</td><td>–</td><td>2</td></tr><tr><td>Illinois</td><td>1,470</td><td>408</td><td>216</td><td>42</td><td>1,062</td><td>64</td><td>•</td><td>874</td><td>59</td><td>64</td></tr><tr><td>Indiana</td><td>367</td><td>146</td><td>80</td><td>15</td><td>221</td><td>32</td><td>1</td><td>184</td><td>•</td><td>4</td></tr><tr><td>Iowa</td><td>281</td><td>150</td><td>77</td><td>19</td><td>130</td><td>41</td><td>–</td><td>84</td><td>1</td><td>4</td></tr><tr><td>Kansas</td><td>156</td><td>88</td><td>44</td><td>9</td><td>68</td><td>2</td><td>–</td><td>63</td><td>•</td><td>3</td></tr><tr><td>Kentucky</td><td>211</td><td>117</td><td>32</td><td>10</td><td>95</td><td>4</td><td></td><td>80</td><td>2</td><td>9</td></tr><tr><td>Louisiana</td><td>166</td><td>75</td><td>35</td><td>6</td><td>91</td><td>2</td><td>–</td><td>81</td><td>•</td><td>8</td></tr><tr><td>Maine</td><td>77</td><td>25</td><td>15</td><td>3</td><td>53</td><td>2</td><td>18</td><td>26</td><td>–</td><td>6</td></tr><tr><td>Maryland</td><td>422</td><td>203</td><td>41</td><td>9</td><td>218</td><td>26</td><td>45</td><td>121</td><td>10</td><td>17</td></tr><tr><td>Massachusetts</td><td>921</td><td>175</td><td>99</td><td>21</td><td>746</td><td>180</td><td>257</td><td>280</td><td>16</td><td>13</td></tr><tr><td>Michigan</td><td>678</td><td>277</td><td>169</td><td>19</td><td>401</td><td>12</td><td>4</td><td>299</td><td>1</td><td>86</td></tr><tr><td>Minnesota</td><td>350</td><td>126</td><td>70</td><td>13</td><td>223</td><td>13</td><td>11</td><td>167</td><td>8</td><td>24</td></tr><tr><td>Missippi</td><td>99</td><td>52</td><td>24</td><td>5</td><td>48</td><td>2</td><td>•</td><td>32</td><td>•</td><td>13</td></tr><tr><td>Missouri</td><td>448</td><td>158</td><td>74</td><td>18</td><td>290</td><td>25</td><td>–</td><td>259</td><td>2</td><td>5</td></tr><tr><td>Montana</td><td>48</td><td>23</td><td>15</td><td>3</td><td>25</td><td>4</td><td>–</td><td>19</td><td>–</td><td>2</td></tr><tr><td>Nebraska</td><td>137</td><td>65</td><td>37</td><td>7</td><td>72</td><td>14</td><td>–</td><td>48</td><td>•</td><td>9</td></tr><tr><td>Nevada</td><td>14</td><td>8</td><td>4</td><td>1</td><td>6</td><td>–</td><td>–</td><td>4</td><td>1</td><td>1</td></tr><tr><td>New Hampshire</td><td>61</td><td>14</td><td>10</td><td>2</td><td>47</td><td>5</td><td>27</td><td>15</td><td>–</td><td>•</td></tr><tr><td>New Jersey</td><td>743</td><td>216</td><td>112</td><td>20</td><td>527</td><td>248</td><td>30</td><td>201</td><td>4</td><td>45</td></tr><tr><td>New Mexico</td><td>24</td><td>12</td><td>8</td><td>1</td><td>12</td><td>•</td><td>–</td><td>8</td><td>–</td><td>4</td></tr><tr><td>New York</td><td>5,934</td><td>889</td><td>342</td><td>78</td><td>5,044</td><td>1,476</td><td>852</td><td>2,207</td><td>319</td><td>191</td></tr><tr><td>North Carolina</td><td>235</td><td>82</td><td>39</td><td>6</td><td>153</td><td>14</td><td>•</td><td>89</td><td>3</td><td>48</td></tr><tr><td>North Dakota</td><td>46</td><td>25</td><td>18</td><td>3</td><td>20</td><td>1</td><td>–</td><td>11</td><td>•</td><td>8</td></tr><tr><td>Ohio</td><td>1,110</td><td>354</td><td>177</td><td>31</td><td>756</td><td>91</td><td>15</td><td>548</td><td>36</td><td>64</td></tr><tr><td>Oklahoma</td><td>145</td><td>75</td><td>38</td><td>5</td><td>71</td><td>1</td><td>–</td><td>55</td><td>•</td><td>14</td></tr><tr><td>Oregon</td><td>188</td><td>119</td><td>45</td><td>5</td><td>69</td><td>1</td><td>•</td><td>52</td><td>3</td><td>13</td></tr><tr><td>Pennsylvania</td><td>1,251</td><td>428</td><td>218</td><td>43</td><td>823</td><td>74</td><td>86</td><td>536</td><td>12</td><td>113</td></tr><tr><td>Rhode Island</td><td>137</td><td>46</td><td>16</td><td>3</td><td>91</td><td>16</td><td>29</td><td>39</td><td>–</td><td>6</td></tr><tr><td>South Carolina</td><td>83</td><td>34</td><td>21</td><td>3</td><td>50</td><td>2</td><td>–</td><td>35</td><td>•</td><td>12</td></tr><tr><td>South Dakota</td><td>49</td><td>23</td><td>16</td><td>2</td><td>27</td><td>•</td><td>–</td><td>10</td><td>–</td><td>16</td></tr><tr><td>Tennessee</td><td>226</td><td>112</td><td>38</td><td>7</td><td>114</td><td>8</td><td>•</td><td>98</td><td>•</td><td>8</td></tr><tr><td>Texas</td><td>613</td><td>317</td><td>138</td><td>21</td><td>296</td><td>40</td><td>–</td><td>211</td><td>2</td><td>43</td></tr><tr><td>Utah</td><td>58</td><td>24</td><td>15</td><td>1</td><td>35</td><td>1</td><td>1</td><td>21</td><td>–</td><td>12</td></tr><tr><td>Vermont</td><td>32</td><td>9</td><td>5</td><td>1</td><td>23</td><td>5</td><td>7</td><td>8</td><td>–</td><td>2</td></tr><tr><td>Virginia</td><td>220</td><td>91</td><td>54</td><td>8</td><td>129</td><td>14</td><td>–</td><td>85</td><td>1</td><td>29</td></tr><tr><td>Washington</td><td>285</td><td>102</td><td>66</td><td>8</td><td>183</td><td>6</td><td>7</td><td>105</td><td>2</td><td>62</td></tr><tr><td>West Virginia</td><td>158</td><td>67</td><td>25</td><td>3</td><td>91</td><td>6</td><td>–</td><td>65</td><td>1</td><td>19</td></tr><tr><td>Wisconsin</td><td>413</td><td>119</td><td>73</td><td>18</td><td>293</td><td>69</td><td>1</td><td>161</td><td>1</td><td>60</td></tr><tr><td>Wyoming</td><td>19</td><td>8</td><td>6</td><td>1</td><td>10</td><td>–</td><td>–</td><td>6</td><td>–</td><td>4</td></tr><tr><td>Alaska</td><td>4</td><td>2</td><td>2</td><td>•</td><td>1</td><td>–</td><td>–</td><td>1</td><td>–</td><td>•</td></tr><tr><td>Canal Zone</td><td>2</td><td>2</td><td>2</td><td>•</td><td>•</td><td>–</td><td>–</td><td>•</td><td>–</td><td>–</td></tr><tr><td>Hawaii</td><td>32</td><td>14</td><td>12</td><td>1</td><td>18</td><td>•</td><td>•</td><td>13</td><td>•</td><td>5</td></tr><tr><td>Puerto Rico</td><td>9</td><td>5</td><td>3</td><td>1</td><td>3</td><td>–</td><td>–</td><td>3</td><td>–</td><td>–</td></tr><tr><td>Virgin Islands</td><td>•</td><td>•</td><td>•</td><td>•</td><td>•</td><td>–</td><td>–</td><td>•</td><td>–</td><td>–</td></tr><tr><td>Unallocated 4/</td><td>–</td><td>–36</td><td>–41</td><td>5</td><td>–</td><td>–</td><td>–</td><td>35</td><td>–</td><td>–</td></tr><tr><td>Total sales</td><td>20,639</td><td>6,351</td><td>3,036</td><td>574</td><td>2,741</td><td>14,288</td><td>2,769</td><td>1,525</td><td>8,201</td><td>533</td><td>1,260</td></tr></table>
Less than $500,000. Savings bonds are shown at issue prices. Includes elsemsynary institutions and United States Government corporations and credit agencies. See Table 4, footnote 2.
3/ Includes their agencies and their trust, sinking, and investment funds.
4/ Figures do no add to the total because of minor reporting differences.
A-14
Treasury Bulletin
Table 4.- Comparison of Sales of Securities in the Five War Loans by Classes of Investors and by Issues
(In millions of dollars)
<table><tr><th>Security and War Loan</th><th>Total sales to all investors</th><th>Sales to commercial banks 1/</th><th>Total</th><th>Individuals, partnerships, and personal trust accounts</th><th>Insurance companies</th><th>Savings banks</th><th>Corporations and associations 2/</th><th>Dealers and brokers 3/</th><th>State and local governments 4/</th><th>Treasury investment accounts 5/</th></tr><tr><td>Savings bonds: 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>Series E:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan</td><td>726</td><td>......</td><td>726</td><td>726</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Second War Loan</td><td>1,473</td><td>......</td><td>1,473</td><td>1,473</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Third War Loan</td><td>2,472</td><td>......</td><td>2,472</td><td>2,472</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Fourth War Loan</td><td>3,187</td><td>......</td><td>3,187</td><td>3,187</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Fifth War Loan</td><td>3,036</td><td>......</td><td>3,036</td><td>3,036</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Series F and G:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan 1/</td><td>288</td><td>......</td><td>288</td><td>216</td><td>-</td><td>-</td><td>72</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Second War Loan 1/</td><td>667</td><td>......</td><td>667</td><td>425</td><td>4</td><td>1</td><td>242</td><td>•</td><td>30</td><td>-</td></tr><tr><td>Third War Loan</td><td>831</td><td>......</td><td>831</td><td>565</td><td>35</td><td>35</td><td>231</td><td>•</td><td>39</td><td>......</td></tr><tr><td>Fourth War Loan</td><td>1,024</td><td>......</td><td>1,024</td><td>573</td><td>7</td><td>2</td><td>341</td><td>......</td><td>28</td><td>......</td></tr><tr><td>Fifth War Loan</td><td>818</td><td>......</td><td>818</td><td>574</td><td>......</td><td>......</td><td>207</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Tax and savings 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>Series A:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan</td><td>87</td><td>......</td><td>87</td><td>66</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Series C:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan 1/</td><td>1,248</td><td>......</td><td>1,248</td><td>122</td><td>-</td><td>-</td><td>1,126</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Second War Loan 1/</td><td>1,652</td><td>......</td><td>1,652</td><td>132</td><td>1</td><td>1</td><td>1,520</td><td>•</td><td>26</td><td>-</td></tr><tr><td>Third War Loan</td><td>2,483</td><td>......</td><td>2,483</td><td>193</td><td>3</td><td>2</td><td>2,262</td><td>•</td><td>47</td><td>......</td></tr><tr><td>Fourth War Loan</td><td>2,232</td><td>......</td><td>2,232</td><td>183</td><td>2</td><td>•</td><td>1,997</td><td>......</td><td>120</td><td>......</td></tr><tr><td>Fifth War Loan</td><td>2,575</td><td>......</td><td>2,575</td><td>181</td><td>......</td><td>......</td><td>2,271</td><td>1</td><td>......</td><td>......</td></tr><tr><td>Treasury bills: 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>First War Loan</td><td>906</td><td>906</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Second War Loan</td><td>810</td><td>810</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>7/8% 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>First War Loan</td><td>3,800</td><td>2,121</td><td>1,679</td><td>121</td><td>76</td><td>51</td><td>899</td><td>450</td><td>82</td><td>......</td></tr><tr><td>Second War Loan</td><td>5,251</td><td>2,147</td><td>3,104</td><td>246</td><td>123</td><td>105</td><td>2,033</td><td>355</td><td>241</td><td>1</td></tr><tr><td>Third War Loan</td><td>4,122</td><td>......</td><td>4,122</td><td>366</td><td>136</td><td>119</td><td>2,803</td><td>322</td><td>376</td><td>......</td></tr><tr><td>Fourth War Loan</td><td>5,036</td><td>......</td><td>5,036</td><td>496</td><td>207</td><td>136</td><td>3,479</td><td>266</td><td>452</td><td>......</td></tr><tr><td>Fifth War Loan</td><td>4,770</td><td>......</td><td>4,770</td><td>468</td><td>170</td><td>84</td><td>3,318</td><td>148</td><td>582</td><td>......</td></tr><tr><td>1-1/4% 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>Fifth War Loan</td><td>1,948</td><td>......</td><td>1,948</td><td>353</td><td>309</td><td>121</td><td>913</td><td>133</td><td>119</td><td>......</td></tr><tr><td>1-3/4% 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>First War Loan</td><td>3,062</td><td>2,061</td><td>1,001</td><td>85</td><td>240</td><td>86</td><td>242</td><td>318</td><td>30</td><td>......</td></tr><tr><td>2% 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>Second War Loan</td><td>4,939</td><td>2,122</td><td>2,817</td><td>472</td><td>703</td><td>539</td><td>832</td><td>189</td><td>82</td><td>•</td></tr><tr><td>Third War Loan</td><td>5,257</td><td>......</td><td>5,257</td><td>1,220</td><td>894</td><td>1,032</td><td>1,357</td><td>480</td><td>123</td><td>151</td></tr><tr><td>Fifth War Loan</td><td>5,229</td><td>......</td><td>5,229</td><td>1,322</td><td>924</td><td>1,250</td><td>1,242</td><td>242</td><td>249</td><td>......</td></tr><tr><td>2-1/4% 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>Fourth War Loan</td><td>3,331</td><td>......</td><td>3,331</td><td>517</td><td>801</td><td>1,028</td><td>722</td><td>158</td><td>104</td><td>......</td></tr><tr><td>2-1/2% 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>First War Loan</td><td>2,831</td><td>......</td><td>2,831</td><td>257</td><td>1,382</td><td>483</td><td>265</td><td>117</td><td>88</td><td>239</td></tr><tr><td>Second War Loan</td><td>3,762</td><td>......</td><td>3,762</td><td>540</td><td>1,582</td><td>550</td><td>560</td><td>......</td><td>181</td><td>349</td></tr><tr><td>Third War Loan</td><td>3,779</td><td>......</td><td>3,779</td><td>561</td><td>1,585</td><td>354</td><td>473</td><td>92</td><td>235</td><td>479</td></tr><tr><td>Fourth War Loan</td><td>1,920</td><td>......</td><td>1,920</td><td>352</td><td>1,095</td><td>61</td><td>256</td><td>8</td><td>147</td><td>......</td></tr><tr><td>Fifth War Loan</td><td>2,263</td><td>......</td><td>2,263</td><td>417</td><td>1,357</td><td>68</td><td>249</td><td>9</td><td>163</td><td>......</td></tr><tr><td>Total - All securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan</td><td>12,947</td><td>5,087</td><td>7,860</td><td>1,593</td><td>1,699</td><td>620</td><td>2,625</td><td>886</td><td>200</td><td>239</td></tr><tr><td>Second War Loan</td><td>18,555</td><td>5,079</td><td>13,476</td><td>3,290</td><td>2,408</td><td>1,195</td><td>5,187</td><td>544</td><td>503</td><td>350</td></tr><tr><td>Third War Loan</td><td>18,944</td><td>......</td><td>18,944</td><td>5,377</td><td>2,620</td><td>1,508</td><td>7,121</td><td>894</td><td>795</td><td>630</td></tr><tr><td>Fourth War Loan</td><td>16,730</td><td>......</td><td>16,730</td><td>5,309</td><td>2,141</td><td>1,262</td><td>6,796</td><td>433</td><td>789</td><td>......</td></tr><tr><td>Fifth War Loan</td><td>20,639</td><td>......</td><td>20,639</td><td>6,351</td><td>2,769</td><td>1,525</td><td>8,201</td><td>533</td><td>1,260</td><td>......</td></tr></table>
Less than $500,000.
Not included in Third, Fourth, and Fifth War Loans.
1/2/ Includes elementary institutions and United States Government corporations and credit agencies. These Government agencies handle their investments themselves rather than through the facilities of the Treasury Department.
In the article on the Fourth War Loan in the March 1944 issue of the "Treasury Bulletin", these organizations were designated as U. S. Government field agencies and their purchases of securities were classified separately in all of the tables. Their purchases are so small, however, that they have been classified in the present article with those of other corporations and associations; such purchases amounted to $32 millions in the First War Loan, $42 millions in the Second, $62 millions in the Third, $49 millions in the Fourth, and $32 millions in the Fifth.
1/ Figures for the Second War Loan exclude amounts distributed or earmarked by dealers and brokers for distribution
to nonbank investors; these amounts have been distributed to appropriate nonbank investor classes. 4/ Includes their agencies and their trust, sinking, and investment funds. 5/ Not included in Fourth and Fifth War Loans. Treasury investment accounts represent those United States Government agencies and trust funds whose investments are handled through the facilities of the Treasury Department. 6/ Savings bonds are shown at issue price. 7/ Sales of F and O savings bonds and Series C tax notes to investors other than individuals, partnerships, and personal trust accounts during the First and Second War Loans have been arbitrarily assigned to "corporations and associations". 8/ Figures shown represent net increases in amount of Treasury bills outstanding during months of December 1942 and April 1943, respectively, and have been arbitrarily assigned to commercial banks.
July 1944 - August 1944
A-15
Table 5.- Dates and Goals Relating to the Five War Loans
<table><tr><th>War Loan</th><th>Sales period for marketable issues 1/</th><th>Sales period for non-marketable issues</th><th>Date interest commenced on marketable issues</th><th colspan="5">Goals (in millions of dollars)</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Commercial banks</th><th colspan="4">Nonbank investors</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th colspan="2">Individuals</th><th>Corporations and other investors</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>Series E savings bonds</th><th>Other securities</th></tr><tr><td>First War Loan</td><td>11/30-12/23/42</td><td>12/1-12/31/42</td><td>12/1/42</td><td>9,000</td><td>5,000 2/</td><td>4,000</td><td>3/</td><td>3/</td><td>3/</td></tr><tr><td>Second War Loan</td><td>4/12-5/1/43</td><td>4/1-5/8/43</td><td>4/15/43</td><td>13,000</td><td>5,000 2/</td><td>8,000</td><td>2,500</td><td>4/</td><td>5,500</td></tr><tr><td>Third War Loan</td><td>9/9-10/2/43</td><td>9/1-10/16/43</td><td>9/15/43</td><td>15,000</td><td>....</td><td>15,000</td><td>5,000</td><td>3,000</td><td>10,000</td></tr><tr><td>Fourth War Loan</td><td>1/18-2/15/44</td><td>1/1-2/29/44</td><td>2/1/44</td><td>14,000</td><td>....</td><td>14,000</td><td>5,500</td><td>3,000</td><td>5,500</td></tr><tr><td>Fifth War Loan</td><td>6/12-7/8/44</td><td>6/1-7/31/44</td><td>6/26/44</td><td>16,000</td><td>....</td><td>16,000</td><td>6,000</td><td>3,000</td><td>10,000</td></tr></table>
1/ Formal opening and closing of the drives. 2/ This amount represents the fixed amount which commercial banks were allowed to buy rather than a goal.
The goal for nonbank investors was not subdivided. No separate goal was set for Series E savings bonds.
Table 6.—Comparison of Sales of Series E Savings Bonds, by Denomination in the Five War Loans
PART A.- AMOUNTS OF SALES
<table><tr><th rowspan="2">War Loan</th><th colspan="6">Sales in millions of dollars at issue price</th><th colspan="6">Percentage distribution</th></tr><tr><th>Total all denominations</th><th>$10 1/</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>Total all denominations</th><th>$10 1/</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th></tr><tr><td>First War Loan</td><td>726</td><td>...</td><td>265</td><td>99</td><td>157</td><td>89</td><td>116</td><td>100.0</td><td>...</td><td>36.5</td><td>13.6</td><td>21.6</td><td>12.3</td><td>16.0</td></tr><tr><td>Second War Loan</td><td>1,473</td><td>...</td><td>426</td><td>171</td><td>314</td><td>225</td><td>338</td><td>100.0</td><td>...</td><td>28.9</td><td>11.6</td><td>21.3</td><td>15.3</td><td>22.9</td></tr><tr><td>Third War Loan</td><td>2,472</td><td>...</td><td>653</td><td>291</td><td>617</td><td>388</td><td>522</td><td>100.0</td><td>...</td><td>26.4</td><td>11.8</td><td>25.0</td><td>15.7</td><td>21.1</td></tr><tr><td>Fourth War Loan</td><td>3,187</td><td>...</td><td>892</td><td>388</td><td>733</td><td>447</td><td>726</td><td>100.0</td><td>...</td><td>28.0</td><td>12.2</td><td>23.0</td><td>14.0</td><td>22.8</td></tr><tr><td>Fifth War Loan</td><td>3,036</td><td>2</td><td>929</td><td>423</td><td>693</td><td>403</td><td>587</td><td>100.0</td><td>0.1</td><td>30.6</td><td>13.9</td><td>22.8</td><td>13.3</td><td>19.3</td></tr></table>
PART B. - NUMBER OF UNITS
<table><tr><th rowspan="2">War Loan</th><th colspan="6">Number of units in thousands</th><th colspan="6">Percentage distribution</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th></tr><tr><td>First War Loan</td><td>19,247</td><td>...</td><td>14,136</td><td>2,630</td><td>2,088</td><td>238</td><td>155</td><td>100.0</td><td>...</td><td>73.4</td><td>13.7</td><td>10.9</td><td>1.2</td><td>.8</td></tr><tr><td>Second War Loan</td><td>32,515</td><td>...</td><td>22,710</td><td>4,568</td><td>4,189</td><td>599</td><td>450</td><td>100.0</td><td>...</td><td>69.8</td><td>14.1</td><td>12.9</td><td>1.8</td><td>1.4</td></tr><tr><td>Third War Loan</td><td>52,577</td><td>...</td><td>34,848</td><td>7,766</td><td>8,232</td><td>1,035</td><td>696</td><td>100.0</td><td>...</td><td>66.3</td><td>14.8</td><td>15.6</td><td>2.0</td><td>1.3</td></tr><tr><td>Fourth War Loan</td><td>69,856</td><td>...</td><td>47,563</td><td>10,355</td><td>9,777</td><td>1,193</td><td>968</td><td>100.0</td><td>...</td><td>68.1</td><td>14.8</td><td>14.0</td><td>1.7</td><td>1.4</td></tr><tr><td>Fifth War Loan</td><td>72,113</td><td>204</td><td>49,530</td><td>11,281</td><td>9,241</td><td>1,075</td><td>782</td><td>100.0</td><td>0.3</td><td>68.7</td><td>15.6</td><td>12.8</td><td>1.5</td><td>1.1</td></tr></table>
1/ The $10 denomination Series E bond was authorized by the Secretary of the Treasury on June 7, 1944, and was made available only to members of the Military and Naval Forces
of the United States, through such agencies as might be provided within their respective establishments by the Secretary of War and the Secretary of the Navy.
A-16
Treasury Bulletin
Security Purchases Outside the Fifth War Loan by Commercial Banks and Treasury Investment Accounts
Commercial Banks
Concurrently with the Fifth War Loan commercial banks were permitted to subscribe in limited amounts to the 2 percent and 2-1/2 percent Treasury bonds offered in the drive, and to Series F and Series G savings bonds. The limit, including subscriptions to the 2-1/4 percent and 2-1/2 percent Treasury bonds offered during the Fourth War Loan, and purchases of savings bonds on or after January 1, 1944, was set at 20 percent of savings deposits and time certificates of deposit of individuals and nonprofit corporations or associations (as of the most recent call statement prior to the date of subscribing for the bonds) but not more than $400,000, for any one bank. Of such subscriptions, no more than $100,000 may consist of Series F or Series G bonds (Series 1944) singly or in combination. Subscriptions by commercial banks for the limited investment of time deposits were not considered as part of the Fifth War Loan drive and were not credited to drive quotas.
Purchases of the four securities by commerc-
cial banks, under the conditions described above, totaled $765 millions during the Fifth War Loan. Details of the purchases by issues are shown in the following table:
<table><tr><th>Description of security</th><th>Amount purchased<br/>(In millions of dollars)</th></tr><tr><td>2% Treasury bonds, 6/15/52-54.......</td><td>599</td></tr><tr><td>2-1/2% Treasury bonds, 3/15/65-70...</td><td>53</td></tr><tr><td>Series F savings bonds................</td><td>39</td></tr><tr><td>Series G savings bonds................</td><td>74</td></tr><tr><td>Total................................</td><td>765</td></tr></table>
Treasury Investment Accounts
During the period of the Fifth War Loan, Treasury investment accounts purchased $593 million of the 2-1/2 percent Treasury bonds offered as part of the War Loan. Here again, however, such purchases were not included in the Fifth War Loan quotas nor credited to Fifth War Loan sales.
Treasury Market Financing: Refunding of August 1 Certificates of Indebtedness
On July 20, 1944, subscription books were opened for the exchange of the 7/8 percent certificates of indebtedness due August 1, 1944, into a new issue of 7/8 percent certificates of indebtedness, to be dated August 1, 1944, and to mature August 1, 1945. The books remained open three days, closing July 22.
The maturing certificates, which had been issued August 2, 1943, to refund an earlier certificate issue and to raise additional cash, were outstanding in the amount of $2,545 millions. Of this amount $2,511 millions were exchanged for the new certificates and $34 millions were left for cash redemptions.
July 1944 - August 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">Actual</th><th rowspan="2">Estimated 1/1945</th><th colspan="2">Change</th></tr><tr><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>Actual 1943 to actual 1944</th><th>Actual 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></tr><tr><td>Internal revenue:</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>3,470</td><td>7,960</td><td>16,094</td><td>34,655</td><td>32,605</td><td>+18,561</td><td>-2,050</td></tr><tr><td>Employment taxes</td><td>925</td><td>1,186</td><td>1,498</td><td>1,739</td><td>3,169</td><td>+241</td><td>+1,430</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>2,967</td><td>3,847</td><td>4,553</td><td>5,291</td><td>5,194</td><td>+738</td><td>-127</td></tr><tr><td>Customs</td><td>392</td><td>389</td><td>324</td><td>431</td><td>438</td><td>+107</td><td>+7</td></tr><tr><td>Other receipts 4/</td><td>515</td><td>286</td><td>916</td><td>3,292</td><td>2,050</td><td>+2,376</td><td>-1,242</td></tr><tr><td>Total receipts</td><td>8,269</td><td>13,668</td><td>23,385</td><td>45,408</td><td>43,425</td><td>+22,024</td><td>-1,983</td></tr><tr><td>Lease:</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>661</td><td>869</td><td>1,103</td><td>1,260</td><td>2,656</td><td>+157</td><td>+1,396</td></tr><tr><td>Net receipts</td><td>7,607</td><td>12,799</td><td>22,282</td><td>44,149</td><td>40,769</td><td>+21,867</td><td>-3,380</td></tr><tr><td>Expenditures: 6/</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></tr><tr><td>War Department</td><td>3,678</td><td>14,070</td><td>42,265</td><td>49,242</td><td>47,597</td><td>+6,977</td><td>-1,645</td></tr><tr><td>Navy Department</td><td>2,313</td><td>8,580</td><td>20,888</td><td>26,538</td><td>28,500</td><td>+5,649</td><td>+1,962</td></tr><tr><td>Miscellaneous war activities</td><td>310</td><td>3,362</td><td>8,955</td><td>11,259</td><td>11,453</td><td>+2,303</td><td>+194</td></tr><tr><td>Anticipated supplemental appropriations</td><td>...</td><td>...</td><td>...</td><td>...</td><td>650</td><td>...</td><td>+650</td></tr><tr><td>Total war activities</td><td>6,301</td><td>26,011</td><td>72,109</td><td>87,039</td><td>88,200</td><td>+14,930</td><td>+1,161</td></tr><tr><td>Veterans' Administration 1/</td><td>563</td><td>556</td><td>602</td><td>730</td><td>1,267</td><td>+127</td><td>+537</td></tr><tr><td>Public Works 8/</td><td>738</td><td>680</td><td>543</td><td>433</td><td>387</td><td>-110</td><td>-46</td></tr><tr><td>Aid to agriculture 9/</td><td>937 10/</td><td>1,225</td><td>1,163</td><td>909</td><td>647</td><td>-254</td><td>-262</td></tr><tr><td>Social Security program 11/</td><td>588</td><td>659</td><td>735</td><td>803</td><td>777</td><td>+63</td><td>-26</td></tr><tr><td>Work Projects Administration</td><td>1,374 12/</td><td>970 12/</td><td>299</td><td>17</td><td>-</td><td>-282</td><td>-17</td></tr><tr><td>Civilian Conservation Corps</td><td>257</td><td>163</td><td>18</td><td>-</td><td>-</td><td>-18</td><td>...</td></tr><tr><td>Excess profits tax refund bonds 13/</td><td>...</td><td>...</td><td>...</td><td>134</td><td>1,000</td><td>+134</td><td>+856</td></tr><tr><td>Other 14/</td><td>841</td><td>873</td><td>901</td><td>1,070</td><td>1,881</td><td>+168</td><td>+811</td></tr><tr><td>Interest on the public debt</td><td>1,111</td><td>1,260</td><td>1,808</td><td>2,609</td><td>3,750</td><td>+801</td><td>+1,141</td></tr><tr><td>Anticipated supplemental appropriations</td><td>...</td><td>...</td><td>...</td><td>...</td><td>45</td><td>...</td><td>+45</td></tr><tr><td>Total expenditures 6/</td><td>12,711</td><td>32,397</td><td>78,179</td><td>93,744</td><td>97,954</td><td>+15,565</td><td>+4,210</td></tr><tr><td>Net budgetary deficit 6/</td><td>5,103</td><td>19,598</td><td>55,897</td><td>49,595</td><td>57,185</td><td>-6,303</td><td>+7,590</td></tr></table>
Source: Daily Treasury Statements, except as noted.
1/ Less than $500,000.
2/ Based upon estimates as shown in the 1945 Budget.
3/ 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.
4/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
5/ Includes deposits 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 during the fiscal years 1943 and 1944 totaled $558 millions and $2,000 millions, respectively. Budget estimates of such deposits for the fiscal year 1945 are $1,212 millions. 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
8/ Life Insurance Fund.
9/ 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.
11/ Includes expenditures classified as transfers to trust account, 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.
12/ Includes National Youth Administration.
13/ Represents transfers to public debt accounts for excess profits tax refund bonds.
14/ Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Government employee retirement and insurance funds.
July 1944 - August 1944
3
Public Debt and Guaranteed Obligations Outstanding
(in millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">Actual</th><th rowspan="2">Estimated 1/ June 30, 1945</th><th colspan="2">Change</th></tr><tr><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>Actual June 30, 1943 to actual June 30, 1944</th><th>Actual June 30, 1944 to estimated June 30, 1945 1/</th></tr><tr><td colspan="8">Securities issued by the United States</td></tr><tr><td>Interest-bearing debt:</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></tr><tr><td>Marketable</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>2/</td><td>+45,092</td><td>3/</td></tr><tr><td>Non-marketable</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td><td>2/</td><td>+15,655</td><td>2/</td></tr><tr><td>Total public issues</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td><td>2/</td><td>+60,747</td><td>2/</td></tr><tr><td>Special issues</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td><td>2/</td><td>+3,416</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>2/</td><td>+64,163</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>574</td><td>454</td><td>1,316</td><td>1,460</td><td>2/</td><td>+144</td><td>2/</td></tr><tr><td>Total public debt outstanding</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</td><td>258,000</td><td>+64,307</td><td>+56,997</td></tr><tr><td colspan="8">Securities guaranteed by the United States 3/</td></tr><tr><td>Interest-bearing debt:</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></tr><tr><td>Marketable</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td><td>2/</td><td>-2,718</td><td>2/</td></tr><tr><td>Non-marketable</td><td>-</td><td>-</td><td>183</td><td>326</td><td>2/</td><td>+142</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>2/</td><td>-2,576</td><td>2/</td></tr><tr><td>Matured debt</td><td>11</td><td>20</td><td>8</td><td>107</td><td>2/</td><td>+99</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td><td>48</td><td>-2,477</td><td>-1,575</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>258,048</td><td>+61,830</td><td>+55,422</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.
Means of Financing Cash Requirements
(in millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="5">Complete fiscal years, 1941 to 1945</th></tr><tr><th colspan="4">Actual</th><th>Estimated 1/</th></tr><tr><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th></tr><tr><td><b>Amount required to be financed:</b></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit 2/</td><td>5,103</td><td>19,598</td><td>55,897</td><td>49,595</td><td>57,185</td></tr><tr><td>Net increase in General Fund balance</td><td>742</td><td>358</td><td>6,515</td><td>10,662</td><td>101</td></tr><tr><td>Net expenditures in trust accounts, increment on gold, etc. 3/</td><td>148</td><td>3,506</td><td>1,861</td><td>4,051</td><td>3,114</td></tr><tr><td>Total amount required to be financed</td><td>5,994</td><td>23,461</td><td>64,274</td><td>64,307</td><td>60,400</td></tr><tr><td><b>Means of financing:</b></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt</td><td>5,994</td><td>23,461</td><td>64,274</td><td>64,307</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></tr><tr><td>Net receipts in trust accounts, increment on gold, etc. 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>5,994</td><td>23,461</td><td>64,274</td><td>64,307</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
July 1944
- August 1944
5
Appropriations and Net Contract Authorizations for the War Activities Program As of June 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>1,376,494,602</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/ 28,400,000 r</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941.</td><td>9,112,021,047</td><td>50,000,000 r</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>$ 678,400,000 r</td></tr><tr><td colspan="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942.</td><td>$ 12,525,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943 4/.</td><td>23,738,865,474</td><td>$ 2,171,000,000 r 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>57,886,885</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>-</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.</td><td>655,074,740 5/</td><td>150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943.</td><td>1,052,812,004</td><td>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Departments Appropriation Act, 1943.</td><td>261,908,180</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department Appropriation Act, 1943.</td><td>8,977,370</td><td>-</td></tr><tr><td>July 2, 1942</td><td>646</td><td>Public Law (Federal Works Agency - public roads).</td><td>-</td><td>35,000,000</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943.</td><td>227,726,864</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943.</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942.</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943.</td><td>1,245,234,990</td><td>-</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943.</td><td>6,299,361,448 7/</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session</td><td>$139,736,203,988</td><td>$ 2,356,000,000 r</td></tr><tr><td colspan="5">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System).</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943.</td><td>4,053,948,984</td><td>$ 30,502,244 r</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943.</td><td>3,835,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program).</td><td>26,100,000</td><td>-</td></tr><tr><td>May 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program).</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944.</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943.</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944.</td><td>1,395,013,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944.</td><td>27,637,226,198 8/</td><td>1,145,346,795 r 5/</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Departments of State, Justice, and Commerce Appropriation Act, 1944.</td><td>67,635,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944.</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944.</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943.</td><td>31,979,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944.</td><td>14,824,000</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>14,000,000 r</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 (sewal 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>$105,916,492,321</td><td>$ 4,240,298,919 r</td></tr></table>
(Continued on following page)
6
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
As of June 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 authorisations 2/</th></tr><tr><td colspan="5">78th Congress. Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers)</td><td>$ 31,359,200</td><td>-</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944</td><td>170,221,080</td><td>$ 40,000,000 r</td></tr><tr><td>Apr. 4, 1944</td><td>288</td><td>Public Law (Federal Works Agency - public roads)</td><td>-</td><td>30,000,000</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care)</td><td>6,700,000</td><td>-</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945</td><td>27,569,798,301 2/</td><td>5,074,931,400</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945</td><td>1,451,840</td><td>-</td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945</td><td>6,836,008,943</td><td>1,034,609,501</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Department of State, Justice and Commerce Appropriation Act, 1945</td><td>47,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945</td><td>1,030,937,242</td><td>2,500,000</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944</td><td>186,266,524 10/</td><td>1,855,000,000 5/</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945</td><td>450,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945</td><td>19,750,000</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$ 55,502,888,954</td><td>$ 8,037,040,901</td></tr><tr><td colspan="5">Summary</td></tr><tr><td>Total, 76th Congress, Third Session 11/</td><td></td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td>Total, 77th Congress, First Session</td><td></td><td>49,396,437,450</td><td>$ 678,400,000 r</td></tr><tr><td>Total, 77th Congress, Second Session</td><td></td><td>139,736,203,988</td><td>2,356,000,000 r</td></tr><tr><td>Total, 78th Congress, First Session</td><td></td><td>105,916,492,321</td><td>4,840,298,919 r</td></tr><tr><td>Total, 78th Congress, Second Session</td><td></td><td>55,502,888,954</td><td>8,037,040,901</td></tr><tr><td>Permanent appropriations and cost transfers from other than war activities appropriations 12/</td><td></td><td>138,601,524</td><td>-</td></tr><tr><td>Total approved</td><td></td><td>$359,684,640,065</td><td>$15,911,739,820</td></tr><tr><td>Liquidations of 1940 and prior contract authorisations</td><td></td><td>-467,872,846</td><td>-</td></tr><tr><td>Total approved appropriations and net contract authorisations 1/</td><td></td><td>$359,216,767,219</td><td>$15,911,739,820</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 authorising 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 1943, 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/ Includes $1,081,000,000 for the fiscal year 1944.
10/ Includes $184,832,448 for the fiscal year 1945.
11/ For details of appropriations made by 76th Congress, Third Session, see "Treasury Bulletin" for March 1944, page 5.
12/ 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 $4,641,332.05 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 $69,211,328.24.
<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>$2,171,000,000</td></tr><tr><td>June 26, 1943</td><td>92</td><td>(Estimated by Navy Department)......... 1,136,346,795</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>(Estimated by Navy Department)......... 3,650,449,880</td></tr><tr><td>June 28, 1943</td><td>375</td><td>55,000,000</td></tr><tr><td>June 28, 1943</td><td>375</td><td>(Estimated by Navy Department)......... 1,800,000,000</td></tr><tr><td></td><td></td><td>Total......... $8,812,796,675</td></tr></table>
July 1944
August 1944
7
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th rowspan="2">Loans net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 1/</th><th colspan="4">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 1/</th><th rowspan="2">Public debt retirement 8/</th></tr><tr><th>Total receipts</th><th>Gross receipts Internal revenue 2/</th><th>Customer</th><th>Other 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>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></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></td><td>5,855</td><td>7,239</td><td>5,854</td><td>1,029</td><td>121</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td></td><td>5,155</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 9/</td><td></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 9/</td><td></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 9/</td><td></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>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 11/</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,188</td><td>87,039</td><td>-39</td><td>556</td><td>49,595</td><td></td></tr><tr><td>1943-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>5,117</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>7,511</td><td>-8</td><td>2</td><td>5,740</td><td>-</td></tr><tr><td>December</td><td>5,737</td><td>5,484</td><td>34</td><td>220</td><td>1</td><td>5,736</td><td>7,452</td><td>740</td><td>6,718</td><td>-8</td><td>2</td><td>1,716</td><td>-</td></tr><tr><td>1944-January</td><td>2,779</td><td>2,188</td><td>40</td><td>551</td><td>32</td><td>2,747</td><td>7,570</td><td>400</td><td>7,138</td><td>-6</td><td>37</td><td>4,823</td><td>-</td></tr><tr><td>February</td><td>2,754</td><td>2,464</td><td>35</td><td>255</td><td>250</td><td>2,503</td><td>7,862</td><td>342</td><td>7,518</td><td>-3</td><td>5</td><td>5,359</td><td>-</td></tr><tr><td>March</td><td>6,576</td><td>6,353</td><td>42</td><td>181</td><td>2</td><td>6,573</td><td>8,525</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><tr><td>May</td><td>3,256</td><td>3,024</td><td>38</td><td>195</td><td>306</td><td>2,950</td><td>8,292</td><td>387</td><td>7,879</td><td>26</td><td>5,342</td><td>2,378</td><td>-</td></tr><tr><td>June</td><td>6,249</td><td>5,734</td><td>28</td><td>486</td><td>2</td><td>6,247</td><td>8,625</td><td>1,018</td><td>7,507</td><td></td><td>40</td><td>2,378</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
• Less than $500,000.
1/ Exclude amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow on the Social Security program.
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5. Also see footnotes 3/ and 4/.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9/ Includes recoveries of U. S. investments in capital funds. Such re-
coveries 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 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 during the fiscal years 1943 and 1944 totaled $558 millions and $2,000 millions respectively.
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="4">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by 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><th>Carriers' Taxing Act of 1937 (Railroad retirement)</th></tr><tr><td>1935</td><td>3,278</td><td>1,099</td><td>-</td><td>1,099</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,657</td><td>521</td></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>-</td><td>1,427</td><td>*</td><td>194</td><td>58</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>514</td><td>90</td><td>150</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>530</td><td>101</td><td>109</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>604</td><td>108</td><td>121</td><td>2,332</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>691</td><td>98</td><td>137</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>896</td><td>120</td><td>170</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>1,130</td><td>158</td><td>209</td><td>3,847</td><td>-</td></tr><tr><td>1943</td><td>22,114</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,292</td><td>180</td><td>267</td><td>4,553</td><td>-</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>-</td><td>-</td><td>-</td><td>5,291</td><td>-</td></tr><tr><td>1943-June</td><td>4,211</td><td>3,803</td><td>-</td><td>3,803</td><td>55</td><td>3</td><td>3</td><td>49</td><td>353</td><td>-</td></tr><tr><td>July</td><td>1,815</td><td>1,255</td><td>19</td><td>1,236</td><td>48</td><td>44</td><td>3</td><td>1</td><td>512</td><td>-</td></tr><tr><td>August</td><td>2,602</td><td>1,564</td><td>548</td><td>1,016</td><td>310</td><td>287</td><td>8</td><td>15</td><td>729</td><td>-</td></tr><tr><td>September</td><td>5,160</td><td>4,765</td><td>674</td><td>4,091</td><td>50</td><td>3</td><td>1</td><td>46</td><td>344</td><td>-</td></tr><tr><td>October</td><td>1,813</td><td>1,303</td><td>557</td><td>746</td><td>46</td><td>12</td><td>3</td><td>1</td><td>464</td><td>-</td></tr><tr><td>November</td><td>2,115</td><td>1,459</td><td>1,010</td><td>419</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>2,464</td><td>1,747</td><td>1,177</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>7</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>56</td><td>1,915</td><td>39</td><td>35</td><td>3</td><td>*</td><td>421</td><td>-</td></tr><tr><td>May</td><td>3,024</td><td>2,167</td><td>1,104</td><td>1,063</td><td>337</td><td>309</td><td>14</td><td>13</td><td>520</td><td>-</td></tr><tr><td>June</td><td>5,734</td><td>5,241</td><td>746</td><td>4,495</td><td>71</td><td>5</td><td>1</td><td>65</td><td>422</td><td>-</td></tr></table>
Source: Daily Treasury Statements. • Less than $500,000. 1/ For further details, see chapter on Internal Revenue Statistics. 2/ Includes unjust enrichment tax and victory tax collections pursuant to Revenue Act of 1942
3/ For the period prior to September 1939, the date 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 5/</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>1935</td><td>5,900</td><td>557</td><td>679</td><td>930</td><td>-</td><td>-</td><td>1,831</td><td>436</td><td>821</td><td>364</td><td>283</td></tr><tr><td>1936</td><td>5,935</td><td>578</td><td>685</td><td>966</td><td>29</td><td>1,264</td><td>495</td><td>486</td><td>719</td><td>424</td><td>256</td></tr><tr><td>1937</td><td>6,437</td><td>581</td><td>803</td><td>988</td><td>184</td><td>1,696</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>457</td><td>1,374</td><td>-</td><td>257</td><td>1,111</td><td>525</td><td>216</td></tr><tr><td>1942</td><td>5,986</td><td>555</td><td>669</td><td>1,091</td><td>515</td><td>970</td><td>-</td><td>163</td><td>1,260</td><td>544</td><td>220</td></tr><tr><td>1943</td><td>5,595</td><td>572</td><td>545</td><td>1,052</td><td>514</td><td>299</td><td>-</td><td>18</td><td>1,808</td><td>590</td><td>197</td></tr><tr><td>1944</td><td>6,188</td><td>629</td><td>434</td><td>950</td><td>529</td><td>17</td><td>-</td><td>*</td><td>2,609</td><td>692</td><td>328</td></tr><tr><td>1943-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><tr><td>May</td><td>387</td><td>59</td><td>25</td><td>102</td><td>44</td><td>*</td><td>-</td><td>*</td><td>52</td><td>43</td><td>60</td></tr><tr><td>June</td><td>1,018</td><td>60</td><td>21</td><td>59</td><td>33</td><td>*</td><td>-</td><td>*</td><td>747</td><td>53</td><td>45</td></tr></table>
Source: Daily Treasury Statements.
1/ Less than $500,000.
2/ Includes public works undertaken by the Veterans' Administration. Does not include expenditures for (1) revolving funds or (2) transfer 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: "Soil Conservation and Domestic Allotment Act" and "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 Works Progress Administration. Beginning with July 1942, expenditures for the National Youth Administration are classified as "war activities expenditures".
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/.
July 1944 - August 1944
9
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditure for War Activities
(in millions of dollars)
<table><tr><th>Fiscal 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</th><th>War Shipping Administration</th><th>Aid to China</th><th>Other war activities expenditures 2/</th></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>62</td><td>-</td><td>45</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>62</td><td>297</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>11,259</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</td><td>991</td></tr><tr><td>1943-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>2,757</td><td>969</td><td>184</td><td>16</td><td>17</td><td>38</td><td>5</td><td>127</td><td>331</td><td>182</td><td>-</td><td>71</td></tr><tr><td>March</td><td>7,726</td><td>4,461</td><td>2,281</td><td>983</td><td>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><tr><td>May</td><td>7,879</td><td>4,334</td><td>2,536</td><td>1,010</td><td>205</td><td>7</td><td>7</td><td>31</td><td>6</td><td>118</td><td>364</td><td>191</td><td>-</td><td>81</td></tr><tr><td>June</td><td>7,567</td><td>4,106</td><td>2,636</td><td>825</td><td>219</td><td>5</td><td>21</td><td>28</td><td>7</td><td>188</td><td>51</td><td>201</td><td>-</td><td>106</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 war public housing functions. 2/ 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 funds (U. S. share)</th><th>Aid to agriculture 6/</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>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>1944</td><td>-39</td><td>-38</td><td>-1</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1944-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>1</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><tr><td>May</td><td>*</td><td>*</td><td>*</td><td>26</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>*</td><td>1</td><td>-1</td><td>40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Additional transactions on Aid to agriculture and Public works are shown in Table 3.
2/ Farm Credit Administration.
3/ Public Works Administration.
4/ 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 I.
Treasury Bulletin
10
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="15">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>578</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>504</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>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>2,950</td><td>6,247</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="15">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>8,292</td><td>8,625</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="15">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>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><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>5,342</td><td>2,378</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statements. 1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements. 3/ Total expenditures less net receipts
July 1944 - August 1944
1
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, net receipts (+) or net expenditures (-)</th><th colspan="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th><th colspan="2">Other trust accounts 1/</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>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>267</td><td>267</td><td>-</td><td>19</td><td>19</td><td>+34</td><td>2,053</td><td>2,020</td></tr><tr><td>1937</td><td>+19</td><td>-</td><td>402</td><td>401</td><td>+12</td><td>763</td><td>751</td><td>+20</td><td>858</td><td>838</td></tr><tr><td>1938</td><td>+11</td><td>+1</td><td>530</td><td>529</td><td>+1</td><td>838</td><td>837</td><td>+4</td><td>123</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>+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>+25</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></tr><tr><td>1942</td><td>+66</td><td>+9</td><td>940</td><td>931</td><td>*</td><td>1,244</td><td>1,243</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>+88</td><td>975</td><td>887</td></tr><tr><td>1944</td><td>+148</td><td>+6</td><td>1,363</td><td>1,357</td><td>+3</td><td>1,567</td><td>1,564</td><td>+141</td><td>1,853</td><td>1,713</td></tr><tr><td>1943-June</td><td>-279</td><td>-287</td><td>84</td><td>371</td><td>-8</td><td>81</td><td>88</td><td>+11</td><td>152</td><td>141</td></tr><tr><td>July</td><td>+92</td><td>+40</td><td>41</td><td>1</td><td>+1</td><td>44</td><td>42</td><td>+55</td><td>316</td><td>261</td></tr><tr><td>August</td><td>+275</td><td>+270</td><td>284</td><td>14</td><td>+4</td><td>313</td><td>308</td><td>+1</td><td>101</td><td>100</td></tr><tr><td>September</td><td>-265</td><td>-289</td><td>1</td><td>289</td><td>-5</td><td>31</td><td>36</td><td>+28</td><td>116</td><td>87</td></tr><tr><td>October</td><td>+52</td><td>+24</td><td>39</td><td>15</td><td>+5</td><td>37</td><td>31</td><td>+22</td><td>139</td><td>117</td></tr><tr><td>November</td><td>+210</td><td>+256</td><td>271</td><td>15</td><td>-1</td><td>291</td><td>291</td><td>+46</td><td>77</td><td>123</td></tr><tr><td>December</td><td>-262</td><td>-292</td><td>3</td><td>295</td><td>+41</td><td>83</td><td>43</td><td>-11</td><td>114</td><td>125</td></tr><tr><td>1944-January</td><td>+50</td><td>+28</td><td>32</td><td>4</td><td>-40</td><td>36</td><td>76</td><td>+63</td><td>164</td><td>101</td></tr><tr><td>February</td><td>+150</td><td>+134</td><td>250</td><td>116</td><td>-3</td><td>264</td><td>267</td><td>+19</td><td>121</td><td>102</td></tr><tr><td>March</td><td>-201</td><td>-158</td><td>3</td><td>161</td><td>-3</td><td>43</td><td>46</td><td>-41</td><td>94</td><td>135</td></tr><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>+95</td><td>202</td><td>108</td></tr><tr><td>May</td><td>+282</td><td>+289</td><td>306</td><td>17</td><td>-8</td><td>278</td><td>286</td><td>+1</td><td>179</td><td>178</td></tr><tr><td>June</td><td>-355</td><td>-313</td><td>102</td><td>414</td><td>+2</td><td>103</td><td>101</td><td>-45</td><td>231</td><td>275</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Includes Government insurance and retirement funds, etc.
Table 2.- Other Funds
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Transactions in checking accounts of Government agencies, etc.</th><th colspan="3">Increment on gold</th><th colspan="3">Seigniorage on silver</th><th colspan="3">Miscellaneous funds and accounts 1/</th></tr><tr><th></th><th>Total all transactions</th><th>Issueance 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>1935</td><td>+637</td><td>3/</td><td>3/</td><td>-111</td><td>2</td><td>113</td><td>+140</td><td>140</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>+108</td><td>3/</td><td>3/</td><td>-403</td><td>1</td><td>404</td><td>+176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>+314</td><td>3/</td><td>3/</td><td>-99</td><td>2</td><td>101</td><td>+40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+204</td><td>3/</td><td>3/</td><td>-51</td><td>1</td><td>52</td><td>+90</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>+768</td><td>+1,106</td><td>-337</td><td>-5</td><td>*</td><td>5</td><td>+90</td><td>90</td><td>-</td><td>+2</td><td>*</td><td>-2</td></tr><tr><td>1940</td><td>+34</td><td>+288</td><td>-254</td><td>*</td><td>*</td><td>*</td><td>+49</td><td>49</td><td>-</td><td>+16</td><td>43</td><td>27</td></tr><tr><td>1941</td><td>-217</td><td>+852</td><td>-1,069</td><td>*</td><td>*</td><td>*</td><td>+20</td><td>20</td><td>-</td><td>+11</td><td>244</td><td>233</td></tr><tr><td>1942</td><td>-3,625</td><td>-1,809</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>1944</td><td>-4,403</td><td>-2,874</td><td>-1,529</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+204</td><td>-3</td><td>-207</td></tr><tr><td>1943-June</td><td>+82</td><td>-2</td><td>+83</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-9</td><td>*</td><td>9</td></tr><tr><td>July</td><td>-726</td><td>-381</td><td>-345</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-1</td><td>*</td></tr><tr><td>August</td><td>-148</td><td>-3</td><td>-145</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+4</td><td>-</td><td>-4</td></tr><tr><td>September</td><td>-146</td><td>+22</td><td>-168</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-</td><td>-2</td></tr><tr><td>October</td><td>-199</td><td>+2</td><td>-201</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+14</td><td>-</td><td>-14</td></tr><tr><td>November</td><td>+64</td><td>-2</td><td>+66</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+16</td><td>-2</td><td>-18</td></tr><tr><td>December</td><td>-427</td><td>-3</td><td>-424</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+22</td><td>-</td><td>-22</td></tr><tr><td>1944-January</td><td>-165</td><td>-18</td><td>-146</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+101</td><td>-</td><td>-101</td></tr><tr><td>February</td><td>-331</td><td>-115</td><td>-216</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+8</td><td>-</td><td>-8</td></tr><tr><td>March</td><td>-2,002</td><td>-95</td><td>-1,907</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>2</td></tr><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><tr><td>May</td><td>-148</td><td>-1,647</td><td>+1,500</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+51</td><td>-</td><td>-51</td></tr><tr><td>June</td><td>-88</td><td>-56</td><td>-31</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-170</td><td>-</td><td>170</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.
food stamp transactions. 2/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. 3/ Details not available.
July 1944
August 1944
13
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="3">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, increment on gold, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, increment on gold, etc. 2/</th></tr><tr><td>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>1944</td><td>64,307</td><td>49,595</td><td>10,662</td><td>4,051</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>1943-June</td><td>3,964</td><td>3,758</td><td>-</td><td>206</td><td>3,964</td><td>784</td><td>3,180</td><td>-</td></tr><tr><td>July</td><td>5,740</td><td>5,105</td><td>-</td><td>635</td><td>5,740</td><td>4,828</td><td>912</td><td>-</td></tr><tr><td>August</td><td>4,896</td><td>4,896</td><td>-</td><td>-</td><td>4,896</td><td>2,534</td><td>2,331</td><td>131</td></tr><tr><td>September</td><td>14,291</td><td>2,087</td><td>11,794</td><td>410</td><td>14,291</td><td>14,291</td><td>-</td><td>-</td></tr><tr><td>October</td><td>6,697</td><td>5,426</td><td>1,139</td><td>132</td><td>6,697</td><td>6,697</td><td>-</td><td>-</td></tr><tr><td>November</td><td>5,740</td><td>5,740</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><tr><td>May</td><td>5,342</td><td>5,342</td><td>-</td><td>-</td><td>5,342</td><td>1,399</td><td>3,757</td><td>185</td></tr><tr><td>June</td><td>14,637</td><td>2,378</td><td>11,646</td><td>613</td><td>14,637</td><td>14,637</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements. 1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
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 amount credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.8</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1943-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>286.5</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>4.3</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>33.3</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><tr><td>May</td><td>323.6</td><td>309.4</td><td>14.3</td><td>306.0</td><td>17.7</td></tr><tr><td>June</td><td>6.2</td><td>5.1</td><td>1.1</td><td>1.7</td><td>4.5</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">Refund of taxes</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public Health Service</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare services</th><th>Office for Emergency Management 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>-</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>-</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>-</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>-</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>-</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>-</td><td>3.5</td><td>357.3</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1943-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>42.5</td></tr><tr><td>February</td><td>33.4</td><td>2.7</td><td>30.4</td><td>24.2</td><td>4.7</td><td>.6</td><td>*</td><td>.2</td><td>.4</td><td>.3</td><td>*</td><td>*</td><td>.2</td><td>25.2</td></tr><tr><td>March</td><td>35.4</td><td>2.8</td><td>32.3</td><td>26.4</td><td>3.0</td><td>.7</td><td>1.6</td><td>.3</td><td>.2</td><td>.2</td><td>*</td><td>*</td><td>.3</td><td>29.8</td></tr><tr><td>April</td><td>53.6</td><td>2.7</td><td>50.7</td><td>35.5</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><tr><td>May</td><td>43.6</td><td>2.9</td><td>40.2</td><td>31.4</td><td>5.5</td><td>.9</td><td>.4</td><td>.2</td><td>.9</td><td>.7</td><td>.3</td><td>*</td><td>.5</td><td>25.9</td></tr><tr><td>June</td><td>32.3</td><td>2.8</td><td>29.0</td><td>25.1</td><td>2.7</td><td>.7</td><td>*</td><td>.1</td><td>.3</td><td>.1</td><td>*</td><td>*</td><td>.5</td><td>27.8</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. Include 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 employee subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfer" 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 11. Table 1.
4/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
5/ Covered by appropriations by Congress.
6/ Second Deficiency Appropriation Act, fiscal year 1938, approved June 25, 1938, carried an appropriation of $40,561,886 for making refund to certain States of portions of Federal employees' tax for 1936 collected under the Social Security Act.
July 1944
- August 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 rowspan="2">Fiscal year or month</th><th colspan="2">Receipts</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Carriers' Taxing Act of 1937</th><th>Total</th><th>Administrative expenses 1/</th><th>Transfer to Railroad Retirement Account (trust account)</th><th>Refund of taxes</th></tr><tr><td>1936</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>1937</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>119.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>118.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1943-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><tr><td>May</td><td>13.4</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-13.2</td></tr><tr><td>June</td><td>64.9</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-64.7</td></tr></table>
Source: Daily Treasury Statements. 
* Less than $50,000. 
1/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad 
2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Adminis- tration Fund) 3/</th><th>Transfer to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>+</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.7</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1943-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><tr><td>May</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>June</td><td>3.5</td><td>.3</td><td>.3</td><td>-</td><td>-3.2</td></tr></table>
Source: Daily Treasury Statements.
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 Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expense 2/</th><th>Total investments</th><th>Unexpended balance in General Fund</th><th>Unexpended balance in disbursing 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>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>19.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>6.1</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>2,380.6</td><td>10.8</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>3,201.6</td><td>20.4</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>24.5</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>5,408.9</td><td>21.4</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>5,408.9</td><td>21.4</td></tr><tr><td>1944-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>May</td><td>6,011.1</td><td>5,706.3</td><td>304.8</td><td>649.0</td><td>526.5</td><td>122.6</td><td>5,362.1</td><td>5,011.9</td><td>327.3</td></tr><tr><td>June</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>5,408.9</td><td>21.4</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000. 1/ Includes transactions effected under the predecessor Old-Age
2/ 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 rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures Benefit payments</th><th colspan="4">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disturbing officer's account</th></tr><tr><td>1936</td><td>46.6</td><td>46.6</td><td>-</td><td>-</td><td>46.6</td><td>-</td><td>46.6</td><td>*</td></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.5</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1944-April</td><td>1,135.7</td><td>1,116.9</td><td>18.8</td><td>783.4</td><td>347.3</td><td>333.5</td><td>.3</td><td>13.4</td></tr><tr><td>May</td><td>1,136.0</td><td>1,116.9</td><td>19.1</td><td>799.9</td><td>336.1</td><td>322.5</td><td>.3</td><td>13.3</td></tr><tr><td>June</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="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 contributions 2/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities With-drawals by States</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account Benefit payments</th><th>Total</th><th>Investments</th><th>In General Fund (Special Deposit Account)</th><th>In dis-bureing offi-cer's account 5/</th></tr><tr><td>1936</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15.9</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</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>834.2</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>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>11.4</td><td>1,065.4</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>3.3</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>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1944-April</td><td>7,799.3</td><td>6,986.7</td><td>352.5</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</td></tr><tr><td>May</td><td>8,077.4</td><td>7,263.9</td><td>352.3</td><td>105.9</td><td>29.1</td><td>2,296.6</td><td>2,146.9</td><td>105.9</td><td>43.8</td><td>5,780.8</td><td>5,774.0</td><td>6.5</td><td>.3</td></tr><tr><td>June</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr></table>
Source: Daily Treasury Statements.
1/ 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 I, Table 3.)
1/ Represents amounts transferred from States to Railroad Unemploy-
1/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 
5/ For railroad unemployment benefits and refunds.
July 1944 -
August 1944
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="7">1943</th><th colspan="7">1944</th></tr><tr><th></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><th>May</th><th>June</th></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>3,803</td><td>1,255</td><td>1,964</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><td>2,167</td><td>5,241</td></tr><tr><td>Employment taxes</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><td>337</td><td>71</td></tr><tr><td>Miscellaneous internal revenue</td><td>353</td><td>512</td><td>729</td><td>344</td><td>464</td><td>363</td><td>346</td><td>412</td><td>344</td><td>375</td><td>421</td><td>520</td><td>422</td></tr><tr><td>Customs</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><td>38</td><td>28</td></tr><tr><td>Other</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><td>194</td><td>480</td></tr><tr><td>Subtotal</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>2,743</td><td>2,753</td><td>6,575</td><td>3,118</td><td>3,256</td><td>6,241</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>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><td>278</td><td>52</td></tr><tr><td>Trust accounts 2/</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><td>152</td><td>90</td></tr><tr><td>Subtotal</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><td>430</td><td>142</td></tr><tr><td>Total cash income</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,714</td><td>5,881</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</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>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>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><td>7,879</td><td>7,567</td></tr><tr><td>Veterans' Administration</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><td>59</td><td>60</td></tr><tr><td>Public Works 3/</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>42</td><td>32</td><td>25</td><td>20</td></tr><tr><td>Aid to agriculture 4/</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><td>102</td><td>59</td></tr><tr><td>Social Security program 5/</td><td>15</td><td>59</td><td>53</td><td>33</td><td>57</td><td>41</td><td>29</td><td>59</td><td>34</td><td>36</td><td>54</td><td>44</td><td>33</td></tr><tr><td>Work Projects Administration</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><td>1</td><td>1</td></tr><tr><td>Civilian Conservation Corps</td><td></td><td></td><td>32</td><td>294r</td><td>117</td><td>35</td><td>429</td><td>59</td><td>400</td><td>428</td><td>95</td><td>33</td><td>461</td></tr><tr><td>Interest on the public debt 6/</td><td>394</td><td>45</td><td>32</td><td>294r</td><td>117</td><td>35</td><td>429</td><td>59</td><td>400</td><td>428</td><td>95</td><td>33</td><td>461</td></tr><tr><td>Other</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><td>70</td><td>62</td></tr><tr><td>Subtotal</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>7,905</td><td>7,839</td><td>8,459</td><td>7,773</td><td>8,213</td><td>8,262</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>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><td>211</td><td>129</td></tr><tr><td>Other</td><td>-137</td><td>-52</td><td>-39</td><td>-11</td><td>-30</td><td>-18</td><td>-25</td><td>-35</td><td>-17</td><td>-25</td><td>-31</td><td>-20</td><td>-7</td></tr><tr><td>Commodity Credit Corporation</td><td>-177</td><td>165</td><td>21</td><td>-32</td><td>37</td><td>-68</td><td>150</td><td>46</td><td>10</td><td>-45</td><td>-14</td><td>-11</td><td>-22</td></tr><tr><td>Unemployment Trust Fund</td><td>6</td><td>4</td><td>5</td><td>4</td><td>3</td><td>4</td><td>5</td><td>6</td><td>7</td><td>7</td><td>7</td><td>6</td><td>5</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>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>17</td><td>16</td><td>17</td><td>17</td></tr><tr><td>Railroad Retirement Account</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Other</td><td>-122</td><td>-154</td><td>-141</td><td>-12</td><td>-15</td><td>-227</td><td>92</td><td>-185</td><td>-50</td><td>-56</td><td>-191</td><td>-756</td><td>131</td></tr><tr><td>Subtotal</td><td>-99</td><td>298</td><td>178</td><td>212</td><td>247</td><td>-29</td><td>469</td><td>62</td><td>193</td><td>116</td><td>-63</td><td>-142</td><td>261</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>8,012</td><td>7,045</td><td>7,766</td><td>7,727</td><td>7,654</td><td>7,795</td><td>7,852</td><td>7,568</td><td>8,032</td><td>8,575</td><td>7,710</td><td>8,071</td><td>8,530</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,138</td><td>5,412</td><td>5,061</td><td>1,971</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,352</td><td>4,334</td><td>2,146</td></tr></table>
Revised. Less than $500,000. These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures 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 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
b/ 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>1,236</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>13,257</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>5,861</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>3,686</td><td>6,384</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>1,955</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>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,359</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>7,766</td><td>7,127</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,350</td></tr><tr><td>1944</td><td>7,568</td><td>8,032</td><td>8,575</td><td>7,710</td><td>8,071</td><td>8,530</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>9,882</td></tr><tr><td>1942</td><td>1,965</td><td>1,949</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>4,364</td><td>2,138</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,105</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,352</td><td>4,184</td><td>2,146</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
r Revised.
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
July 1944
- August 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 sales of Government securities (War Loan accounts)</th><th>Other deposits and collections</th></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>1941</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1943-June</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>July</td><td>9,127</td><td>906</td><td>979</td><td>6,790</td><td>451</td></tr><tr><td>August</td><td>6,845</td><td>905</td><td>1,076</td><td>4,362</td><td>501</td></tr><tr><td>September</td><td>18,734</td><td>883</td><td>1,538</td><td>15,676</td><td>636</td></tr><tr><td>October</td><td>19,838</td><td>900</td><td>1,095</td><td>17,280</td><td>563</td></tr><tr><td>November</td><td>15,492</td><td>908</td><td>1,245</td><td>12,770</td><td>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><tr><td>May</td><td>9,144</td><td>912</td><td>942</td><td>6,766</td><td>524</td></tr><tr><td>June</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</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>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>2,835</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>1944</td><td>20,775</td><td>607</td><td>20,169</td><td>19,406</td><td>619</td><td>144</td></tr><tr><td>1943-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><tr><td>May</td><td>9,144</td><td>622</td><td>8,522</td><td>7,759</td><td>619</td><td>144</td></tr><tr><td>June</td><td>20,775</td><td>607</td><td>20,169</td><td>19,406</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 increases or net decreases (-)
<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, sta.</th><th></th><th>5/</th></tr><tr><td>1935</td><td>-741</td><td>-769 6/</td><td>-3,209</td><td>1,739 7/</td><td>64</td><td>-</td><td>637</td><td>140</td><td>-111 6/</td></tr><tr><td>1936</td><td>840</td><td>1,067 5/</td><td>-4,550</td><td>5,475 7/</td><td>34</td><td>-</td><td>108</td><td>176</td><td>-403 5/</td></tr><tr><td>1937</td><td>-128</td><td>-70</td><td>-3,149</td><td>2,746 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>1944</td><td>10,662</td><td>10,662</td><td>-49,595</td><td>64,307</td><td>148</td><td>205</td><td>4,403</td><td>-</td><td>*</td></tr><tr><td>1943-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>1,606</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><tr><td>May</td><td>-3,757</td><td>-3,757</td><td>-5,342</td><td>1,399</td><td>282</td><td>51</td><td>-148</td><td>-</td><td>*</td></tr><tr><td>June</td><td>11,646</td><td>11,646</td><td>-2,378</td><td>14,637</td><td>-355</td><td>-170</td><td>-88</td><td>-</td><td>*</td></tr></table>
Source: Daily Treasury Statements.
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.
6/ In the fiscal years 1935 and 1936, $91 millions and $554 millions were transferred from increment on gold to the working
balance for retirement of national bank notes. In this statement, however, charges for retirement of national bank notes are reflected directly against increment on gold, in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance general and special accounts for the 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.
July 1944
- August 1944
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
22
Treasury Bulletin
Summary of the Public Debt and Guaranteed Obligations of the United States Government
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total</th><th colspan="4">Public debt</th><th colspan="4">Guaranteed debt 2/</th></tr><tr><th>Total</th><th>Marketable issues</th><th>Non-marketable issues</th><th>Special issues</th><th>Matured debt and debt bearing no interest</th><th>Total</th><th>Marketable issues</th><th>Non-marketable issues</th><th>Matured debt</th></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>1</td></tr><tr><td>1939</td><td>45,890</td><td>40,440</td><td>33,965</td><td>2,151</td><td>3,770</td><td>554</td><td>5,451</td><td>5,450</td><td>-</td><td>1</td></tr><tr><td>1940</td><td>48,496</td><td>42,968</td><td>34,436</td><td>3,166</td><td>4,775</td><td>591</td><td>5,529</td><td>5,498</td><td>-</td><td>31</td></tr><tr><td>1941</td><td>55,332</td><td>48,961</td><td>37,713</td><td>4,555</td><td>6,120</td><td>574</td><td>6,370</td><td>6,360</td><td>-</td><td>11</td></tr><tr><td>1942</td><td>76,991</td><td>72,422</td><td>50,573</td><td>13,510</td><td>7,885</td><td>454</td><td>4,568</td><td>4,549</td><td>-</td><td>20</td></tr><tr><td>1943</td><td>140,796</td><td>136,696</td><td>95,310</td><td>29,200</td><td>10,871</td><td>1,316</td><td>4,100</td><td>3,908</td><td>183</td><td>8</td></tr><tr><td>1944</td><td>202,626</td><td>201,003</td><td>140,401</td><td>44,855</td><td>14,287</td><td>1,460</td><td>1,623</td><td>1,190</td><td>326</td><td>107</td></tr><tr><td>1943-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</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><tr><td>May</td><td>188,035</td><td>186,366</td><td>128,029</td><td>42,724</td><td>14,122</td><td>1,492</td><td>1,669</td><td>1,190</td><td>339</td><td>180</td></tr><tr><td>June</td><td>202,626</td><td>201,003</td><td>140,401</td><td>44,855</td><td>14,287</td><td>1,460</td><td>1,623</td><td>1,190</td><td>326</td><td>107</td></tr></table>
Source: 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/ Includes prepayments in the amount of $2,193 millions on securities dated February 1, 1944 and offered as part of the Fourth War Loan.
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="5">Public debt receipts (Issueance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><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>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Exchanges</th><th>Special issues</th></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>-</td><td>303</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>-</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1943-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>4,529</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><tr><td>May</td><td>186,366</td><td>1,399</td><td>7,700</td><td>5,613</td><td>-</td><td>-</td><td>34</td><td>1,618</td><td>436</td><td>6,301</td><td>4,672</td><td>-</td><td>1,618</td><td>11</td></tr><tr><td>June</td><td>201,003</td><td>14,637</td><td>27,837</td><td>21,406</td><td>-</td><td>-</td><td>37</td><td>-</td><td>6,394</td><td>13,199</td><td>6,971</td><td>-</td><td>-</td><td>6,228</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.
July 1944 - August 1944
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1935-1944
(In millions of dollars)
<table><tr><th></th><th colspan="9">End of fiscal year</th></tr><tr><th></th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th></tr><tr><th colspan="11">Public debt and guaranteed obligations 1/</th></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>27,645</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td></tr><tr><td>Guaranteed obligations</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td></tr><tr><td>Total</td><td>31,768</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,056</td><td>790</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td></tr><tr><td>Total outstanding</td><td>32,824</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</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></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>2,053</td><td>2,354</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,864</td><td>14,734</td></tr><tr><td>Certificates of indebtedness.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td></tr><tr><td>Treasury notes.</td><td>10,023</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td></tr><tr><td>Treasury bonds.</td><td>12,684</td><td>17,168</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>38,085</td><td>57,520</td><td>79,244</td></tr><tr><td>Postal savings and other bonds.</td><td>2,190</td><td>200</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues.</td><td>26,950</td><td>31,102</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</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></tr><tr><td>U. S. savings bonds.</td><td>62</td><td>316</td><td>800</td><td>1,238</td><td>1,868</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</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>3,015</td><td>7,495</td><td>9,557</td></tr><tr><td>Adjusted service bonds.</td><td>-</td><td>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td></tr><tr><td>Depotary bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td></tr><tr><td>Total non-marketable issues.</td><td>62</td><td>1,261</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td></tr><tr><td>Total public issues.</td><td>27,012</td><td>32,363</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</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></tr><tr><td>Adjusted Service Certificate Fund.</td><td>156</td><td>127</td><td>38</td><td>26</td><td>20</td><td>11</td><td>19</td><td>18</td><td>18</td><td>17</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>100</td><td>100</td><td>95</td><td>85</td><td>101</td><td>56</td><td>90</td><td>95</td><td>103</td><td>98</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>-</td><td>-</td><td>267</td><td>662</td><td>1,177</td><td>1,738</td><td>2,381</td><td>3,133</td><td>4,044</td><td>4,766</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>106</td><td>27</td></tr><tr><td>Government Life Insurance Fund.</td><td>-</td><td>-</td><td>500</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>538</td><td>502</td></tr><tr><td>Government Retirement Funds.</td><td>253</td><td>280</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td></tr><tr><td>National Service Life Insurance Fund.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>39</td><td>352</td><td>1,213</td></tr><tr><td>Postal Savings System.</td><td>125</td><td>100</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>55</td><td>197</td><td>264</td></tr><tr><td>Canal Zone, Postal Savings System.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>4</td></tr><tr><td>Railroad Retirement Account.</td><td>-</td><td>-</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</td><td>92</td><td>178</td><td>319</td></tr><tr><td>Unemployment Trust Fund.</td><td>-</td><td>19</td><td>312</td><td>872</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>4,257</td><td>5,610</td></tr><tr><td>Total special issues.</td><td>633</td><td>626</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td></tr><tr><td>Total interest-bearing debt.</td><td>27,645</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td></tr><tr><td>Matured debt on which interest has ceased.</td><td>231</td><td>169</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</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></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>213</td><td>137</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>134</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></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>629</td><td>424</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td></tr><tr><td>Other debt bearing no interest.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest.</td><td>825</td><td>620</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td></tr><tr><td>Total public debt outstanding.</td><td>28,701</td><td>33,779</td><td>36,425</td><td>37,165</td><td>40,440</td><td>42,968</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</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)
PART A - FISCAL YEARS, 1935-1944-(Continued)
(In millions of dollars)
<table><tr><th></th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th></tr><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt: Public issues: Marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,226</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>*</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,647</td><td>3,044</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>250</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td></tr><tr><td>Total marketable issues 2/</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</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></tr><tr><td>Commodity Credit Corporation 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td></tr><tr><td>Total non-marketable issues 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td></tr><tr><td>Total interest-bearing debt</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td></tr><tr><td>Matured debt on which interest has ceased</td><td>-</td><td>-</td><td>-</td><td>*</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td></tr></table>
(Continued on following page)
July 1944 - August 1944
25
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government -
(Continued)
PART B - MONTHS, JULY 1943-JUNE 1944
in millions of dollars)
<table><tr><th colspan="14">End of month</th></tr><tr><th></th><th colspan="5">1943</th><th colspan="8">1944</th></tr><tr><th></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><th>May</th><th>June</th></tr><tr><td colspan="14">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>140,238</td><td>142,721</td><td>157,053</td><td>163,589</td><td>164,781</td><td>164,508</td><td>167,043</td><td>181,709</td><td>183,348</td><td>183,413</td><td>184,874</td><td>199,543</td></tr><tr><td>Guaranteed obligations</td><td>3,782</td><td>3,934</td><td>3,964</td><td>4,113</td><td>4,154</td><td>4,225</td><td>4,269</td><td>4,227</td><td>2,258</td><td>2,258</td><td>1,529</td><td>1,516</td></tr><tr><td>Total</td><td>144,020</td><td>146,655</td><td>161,018</td><td>167,701</td><td>168,935</td><td>168,732</td><td>171,313</td><td>185,936</td><td>185,606</td><td>185,670</td><td>186,403</td><td>201,059</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,296</td><td>1,345</td><td>1,303</td><td>1,464</td><td>1,383</td><td>1,376</td><td>3,621</td><td>1,404</td><td>1,387</td><td>1,570</td><td>1,632</td><td>1,567</td></tr><tr><td>Total outstanding</td><td>145,316</td><td>148,000</td><td>162,321</td><td>169,166</td><td>170,318</td><td>170,108</td><td>174,933</td><td>187,339</td><td>186,993</td><td>187,241</td><td>188,035</td><td>202,626</td></tr><tr><td colspan="14">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>12,460</td><td>12,846</td><td>13,054</td><td>13,064</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><td>13,766</td><td>14,734</td></tr><tr><td>Certificates of indebtedness</td><td>16,561</td><td>17,497</td><td>21,136</td><td>23,199</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><td>25,266</td><td>28,822</td></tr><tr><td>Treasury notes</td><td>11,875</td><td>11,875</td><td>11,596</td><td>11,596</td><td>11,596</td><td>11,175</td><td>11,175</td><td>13,302</td><td>15,244</td><td>16,263</td><td>16,265</td><td>17,405</td></tr><tr><td>Treasury bonds</td><td>57,520</td><td>57,520</td><td>65,444</td><td>67,889</td><td>67,940</td><td>67,944</td><td>67,944</td><td>73,882</td><td>72,813</td><td>72,526</td><td>72,537</td><td>79,244</td></tr><tr><td>Postal savings and 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>98,613</td><td>99,935</td><td>111,426</td><td>115,944</td><td>115,909</td><td>115,230</td><td>115,259</td><td>126,171</td><td>128,080</td><td>127,440</td><td>128,029</td><td>140,401</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds</td><td>22,030</td><td>22,694</td><td>24,478</td><td>26,056</td><td>26,697</td><td>27,353</td><td>28,901</td><td>31,515</td><td>31,974</td><td>32,497</td><td>32,987</td><td>34,606</td></tr><tr><td>Treasury notes - tax and savings series</td><td>7,678</td><td>7,703</td><td>8,551</td><td>9,109</td><td>9,278</td><td>8,586</td><td>9,384</td><td>10,220</td><td>9,116</td><td>9,092</td><td>9,050</td><td>9,557</td></tr><tr><td>Adjusted service bonds</td><td>221</td><td>221</td><td>220</td><td>220</td><td>220</td><td>219</td><td>219</td><td>218</td><td>218</td><td>218</td><td>218</td><td>217</td></tr><tr><td>Depository bonds</td><td>240</td><td>262</td><td>361</td><td>392</td><td>400</td><td>406</td><td>407</td><td>416</td><td>454</td><td>468</td><td>469</td><td>474</td></tr><tr><td>Total non-marketable issues</td><td>30,169</td><td>30,879</td><td>33,910</td><td>35,776</td><td>36,595</td><td>36,574</td><td>38,911</td><td>42,370</td><td>41,762</td><td>42,275</td><td>42,724</td><td>44,855</td></tr><tr><td>Total public issues</td><td>128,782</td><td>130,814</td><td>145,336</td><td>151,720</td><td>152,504</td><td>151,805</td><td>154,170</td><td>168,541</td><td>169,842</td><td>169,715</td><td>170,753</td><td>185,256</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>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><td>17</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>162</td><td>177</td><td>77</td><td>77</td><td>77</td><td>77</td><td>77</td><td>93</td><td>93</td><td>98</td><td>98</td><td>98</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>4,031</td><td>4,031</td><td>4,256</td><td>4,256</td><td>4,256</td><td>4,536</td><td>4,525</td><td>4,525</td><td>4,669</td><td>4,669</td><td>4,669</td><td>4,766</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>107</td><td>107</td><td>8</td><td>8</td><td>9</td><td>10</td><td>16</td><td>11</td><td>24</td><td>25</td><td>25</td><td>27</td></tr><tr><td>Government Life Insurance Fund</td><td>541</td><td>547</td><td>500</td><td>502</td><td>504</td><td>508</td><td>510</td><td>507</td><td>528</td><td>539</td><td>551</td><td>502</td></tr><tr><td>Government Retirement Funds</td><td>1,271</td><td>1,287</td><td>1,302</td><td>1,314</td><td>1,328</td><td>1,341</td><td>1,356</td><td>1,369</td><td>1,382</td><td>1,393</td><td>1,405</td><td>1,469</td></tr><tr><td>National Service Life Insurance Fund</td><td>405</td><td>461</td><td>514</td><td>586</td><td>667</td><td>731</td><td>793</td><td>838</td><td>922</td><td>982</td><td>1,071</td><td>1,213</td></tr><tr><td>Postal Savings System</td><td>292</td><td>357</td><td>100</td><td>115</td><td>150</td><td>185</td><td>185</td><td>165</td><td>200</td><td>253</td><td>295</td><td>264</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>2</td><td>2</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>332</td><td>321</td><td>310</td><td>332</td><td>321</td><td>310</td><td>333</td><td>322</td><td>311</td><td>334</td><td>323</td><td>319</td></tr><tr><td>Unemployment Trust Fund</td><td>4,295</td><td>4,598</td><td>4,630</td><td>4,658</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><td>5,664</td><td>5,610</td></tr><tr><td>Total special issues</td><td>11,456</td><td>11,907</td><td>11,717</td><td>11,868</td><td>12,278</td><td>12,703</td><td>12,873</td><td>13,168</td><td>13,507</td><td>13,697</td><td>14,122</td><td>14,287</td></tr><tr><td>Total interest-bearing debt</td><td>140,238</td><td>142,721</td><td>157,053</td><td>163,589</td><td>164,781</td><td>164,508</td><td>167,043</td><td>181,709</td><td>183,348</td><td>183,413</td><td>184,874</td><td>199,543</td></tr><tr><td>Prepayments on Fourth War Loan securities</td><td></td><td></td><td></td><td></td><td></td><td>2,193</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Matured debt on which interest has ceased</td><td>113</td><td>164</td><td>124</td><td>291</td><td>209</td><td>202</td><td>258</td><td>241</td><td>182</td><td>352</td><td>260</td><td>201</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>207</td><td>204</td><td>201</td><td>198</td><td>202</td><td>203</td><td>205</td><td>201</td><td>196</td><td>196</td><td>198</td><td>191</td></tr><tr><td>Excess profits tax refund bonds</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>United States notes (less gold reserve)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>40</td><td>64</td><td>97</td><td>134</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>769</td><td>774</td><td>774</td><td>773</td><td>770</td><td>768</td><td>762</td><td>758</td><td>752</td><td>746</td><td>740</td><td>732</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>1,173</td><td>1,174</td><td>1,172</td><td>1,167</td><td>1,168</td><td>1,168</td><td>1,164</td><td>1,157</td><td>1,185</td><td>1,202</td><td>1,232</td><td>1,259</td></tr><tr><td>Total public debt outstanding</td><td>141,524</td><td>144,059</td><td>158,349</td><td>165,047</td><td>166,158</td><td>165,877</td><td>170,659</td><td>183,107</td><td>184,715</td><td>184,967</td><td>186,366</td><td>201,003</td></tr></table>
(Continued on following page)
26
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
(Continued)
PART B - MONTHS, JULY 1943-JUNE 1944 (Continued)
($ millions of dollars)
<table><tr><th colspan="12">End of month</th></tr><tr><th colspan="6">1943</th><th colspan="6">1944</th></tr><tr><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><th>May</th><th>June</th></tr></table>
Guaranteed obligations 1/
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>412</td><td>412</td><td>412</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>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><td>-</td></tr><tr><td>Federal Housing Administration</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>23</td><td>23</td><td>23</td><td>23</td><td>24</td></tr><tr><td>Federal Public Housing Authority</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><td>-</td></tr><tr><td>Boas Owners' Loan Corporation</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><td>755</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>571r</td><td>571r</td><td>571</td><td>571</td><td>571</td><td>571</td><td>571</td><td>14</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues 2/</td><td>3,582r</td><td>3,582r</td><td>3,583</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><td>1,190</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></tr><tr><td>Commodity Credit Corporation 3/</td><td>71</td><td>73</td><td>77</td><td>190</td><td>195</td><td>205</td><td>191</td><td>188</td><td>175</td><td>168</td><td>163</td><td>150</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>129r</td><td>279r</td><td>305</td><td>340</td><td>376</td><td>437</td><td>495</td><td>570</td><td>539</td><td>586</td><td>176</td><td>176</td></tr><tr><td>Total non-marketable issues 2/</td><td>200r</td><td>352r</td><td>382</td><td>530</td><td>571</td><td>642</td><td>686</td><td>758</td><td>714</td><td>754</td><td>339</td><td>326</td></tr><tr><td>Total interest-bearing debt</td><td>3,782</td><td>3,934</td><td>3,964</td><td>4,113</td><td>4,154</td><td>4,225</td><td>4,269</td><td>4,227</td><td>2,258</td><td>2,258</td><td>1,529</td><td>1,516</td></tr><tr><td>Matured debt on which interest has ceased</td><td>9</td><td>7</td><td>7</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>20</td><td>16</td><td>140</td><td>107</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>3,791</td><td>3,941</td><td>3,971</td><td>4,119</td><td>4,160</td><td>4,230</td><td>4,275</td><td>4,233</td><td>2,278</td><td>2,274</td><td>1,669</td><td>1,623</td></tr></table>
Source: Daily Treasury Statements.
Revised.
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/ The Reconstruction Finance Corporation notes, Series X-A, X-E, and
I-C, which are held by United States Government agencies, have been classified as non-marketable issues.
Demand obligations.
Includes prepayments on securities dated February 1, 1944 and offered as part of the Youth War Loan.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">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 rowspan="2">Certificates of indebtedness</th><th rowspan="2">Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th rowspan="2">Certificates of indebtedness</th><th rowspan="2">Bills</th><th rowspan="2">Special Issues</th></tr><tr><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th></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>11,804</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>5.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>1943-June</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,804</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>5.8</td><td>8.0</td></tr><tr><td>July</td><td>140,238</td><td>57,716</td><td>22,491</td><td>11,875</td><td>7,678</td><td>16,561</td><td>12,460</td><td>11,456</td><td>100.0</td><td>41.2</td><td>16.0</td><td>8.5</td><td>5.5</td><td>11.8</td><td>8.9</td><td>8.2</td></tr><tr><td>August</td><td>142,721</td><td>57,716</td><td>23,176</td><td>11,875</td><td>7,703</td><td>17,497</td><td>12,846</td><td>11,907</td><td>100.0</td><td>40.4</td><td>16.2</td><td>8.3</td><td>5.4</td><td>12.3</td><td>9.0</td><td>8.3</td></tr><tr><td>September</td><td>157,053</td><td>65,640</td><td>25,060</td><td>11,596</td><td>8,851</td><td>21,136</td><td>13,054</td><td>11,717</td><td>100.0</td><td>41.8</td><td>16.0</td><td>7.4</td><td>5.6</td><td>13.5</td><td>8.3</td><td>7.5</td></tr><tr><td>October</td><td>163,589</td><td>68,085</td><td>26,667</td><td>11,596</td><td>9,109</td><td>23,199</td><td>13,064</td><td>11,868</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>16.6</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>16,244</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>183,423</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><tr><td>May</td><td>184,874</td><td>72,733</td><td>33,674</td><td>16,265</td><td>9,050</td><td>25,266</td><td>13,756</td><td>14,122</td><td>100.0</td><td>39.3</td><td>18.2</td><td>8.8</td><td>4.9</td><td>13.7</td><td>7.4</td><td>7.6</td></tr><tr><td>June</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr></table>
Source: Daily Treasury Statements
July 1944 - August 1944
27
INTEREST - BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
28
Treasury Bulletin
Statement of the Debt Position of the United States Government under Limitations Imposed by Section 21 of the Second Liberty Bond Act, as amended As of June 30, 1944
<table><tr><td>Total face amount which may be outstanding at any one time</td><td>$260,000,000,000</td></tr><tr><td>Face amount outstanding as of June 30, 1944:</td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td></tr><tr><td>Bonds:</td><td></td></tr><tr><td>Treasury</td><td>$79,244,104,350</td></tr><tr><td>Savings (maturity value) 1/</td><td>42,812,097,850</td></tr><tr><td>Depositary</td><td>474,321,750</td></tr><tr><td>Adjusted Service</td><td>717,441,006</td></tr><tr><td>Total bonds</td><td>$123,247,964,956</td></tr><tr><td>Treasury notes</td><td>34,742,010,150</td></tr><tr><td>Certificates of indebtedness</td><td>34,829,306,000</td></tr><tr><td>Treasury bills (maturity value)</td><td>14,734,104,000</td></tr><tr><td>Total interest-bearing securities</td><td>$207,553,385,106</td></tr><tr><td>Matured obligations on which interest has ceased</td><td>193,319,400</td></tr><tr><td>Debt bearing no interest:</td><td></td></tr><tr><td>United States savings stamps</td><td>$196,518,370</td></tr><tr><td>Excess profits tax refund bonds</td><td>134,032,175</td></tr><tr><td>Total debt bearing no interest</td><td>330,550,545</td></tr><tr><td>Total face amount of securities outstanding</td><td>208,077,255,051</td></tr><tr><td>Total amount of authorisation unused as of June 30, 1944</td><td>$51,922,744,949</td></tr></table>
1/ Approximate maturity value. The current redemption value of United States savings bonds amounted to $34,606,141,185 on June 30, 1944.
Reconciliation of the Debt Position under Section 21 of the Second Liberty Bond Act, as amended. With the Gross Public Debt of the United States as shown in the Daily Treasury Statement As of June 30, 1944
<table><tr><td>Gross public debt outstanding.</td><td>$201,003,387.221</td></tr><tr><td>Total face amount of securities outstanding limited by Section 21 of the Second Liberty Bond Act, as amended.</td><td>$208,077,255,051</td></tr><tr><td>Less: Unearned discount on savings bonds (difference between maturity value and current redemption value)</td><td>8,205,956,665</td></tr><tr><td></td><td>$199,871,298,386</td></tr><tr><td>Add: Securities outstanding not subject to limitation under Section 21:</td><td></td></tr><tr><td>Interest-bearing securities.</td><td>$ 195,926,860</td></tr><tr><td>Matured obligations on which interest has ceased.</td><td>7,531,760</td></tr><tr><td>Debt bearing no interest.</td><td>928,630,215</td></tr><tr><td></td><td>1,132,088,835</td></tr><tr><td>Gross public debt outstanding.</td><td>$201,003,387.221</td></tr></table>
July 1944
- August 1944
29
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>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>1944</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>1943-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><tr><td>May</td><td>10,626</td><td>900</td><td>371</td><td>398</td><td>607</td><td>8,294</td><td>57</td></tr><tr><td>June</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</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
(Amounts 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>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>1944</td><td>201,059</td><td>3,868</td><td>1.924</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>19</td><td>1.262</td></tr><tr><td>1943-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>140,236</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><tr><td>May</td><td>186,403</td><td>3,617</td><td>1.941</td><td>184,874</td><td>3,598</td><td>1.946</td><td>1,529</td><td>19</td><td>1.255</td></tr><tr><td>June</td><td>201,059</td><td>3,868</td><td>1.924</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>19</td><td>1.262</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.
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of June 30, 1944
(in millions of dollars)
<table><tr><th>Year and month</th><th>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>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>1944</td><td>Treasury bills</td><td>14,734</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>7/8% Ctf. of indebt. D - 8/1/44</td><td>2,545</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>7/8% Ctf. of indebt. E - 9/1/44</td><td>4,122</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1% Treasury note C - 9/15/44</td><td>283</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>3/4% Treasury note D - 9/15/44</td><td>635</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>7/8% Ctf. of indebt. F - 10/1/44</td><td>3,519</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>7/8% Ctf. of indebt. G - 12/1/44</td><td>3,540</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1/2% Treasury bond - 12/15/44-54</td><td></td><td>1,037</td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>29,378</td><td>1,037</td><td></td><td>30,415</td><td>29,378</td></tr><tr><td>1945-Feb.</td><td>7/8% Ctf. of indebt. A - 2/1/45</td><td>5,048</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>1-1/8% CCC note Q - 2/15/45</td><td>412</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>.90% Treasury note D - 3/1/45</td><td>2,127</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>3/4% Treasury note A - 3/15/45</td><td>718</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/4% Treasury note C - 3/15/45</td><td>1,606</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>7/8% Ctf. of indebt. B - 4/1/45</td><td>4,877</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>7/8% Ctf. of indebt. D - 5/1/45</td><td>1,615</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/2% HOLC bond M - 6/1/45-47</td><td></td><td>755</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>7/8% Ctf. of indebt. C - 6/1/45</td><td>3,557</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/45-47</td><td></td><td>1,214</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond - 12/15/45</td><td>541</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3/4% Treasury note B - 12/15/45</td><td>531</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>21,031</td><td>1,969</td><td></td><td>23,000</td><td>21,031</td></tr><tr><td>1946-Jan.</td><td>3% Conversion bond - 1/1/46</td><td>16</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1% Treasury note A - 3/15/46</td><td>503</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>3-3/4% Treasury bond - 3/15/46-56</td><td></td><td>489</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treasury bond - 6/15/46-48</td><td></td><td>1,036</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3-1/8% Treasury bond - 6/15/46-49</td><td></td><td>819</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Treasury note B - 12/15/46</td><td>3,261</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>3,779</td><td>2,314</td><td></td><td>6,123</td><td>3,779</td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond - 1/1/47</td><td>13</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/2% HOLC bond M - 6/1/45-47</td><td></td><td>755</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/4% Treasury note B - 3/15/47</td><td>1,286</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/47</td><td></td><td>1,214</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/2% Treasury note A - 9/15/47</td><td>2,707</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td></td><td>759</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/47</td><td>701</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>4,708</td><td>759</td><td></td><td>5,467</td><td>6,677</td></tr><tr><td>1948-Mar.</td><td>2% Treasury bond - 3/15/48-50</td><td></td><td>1,115</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2-3/4% Treasury bond - 3/15/48-51</td><td></td><td>1,223</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treasury bond - 6/15/48</td><td></td><td>1,036</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48</td><td>451</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/2% Treasury note A - 9/15/48</td><td>3,748</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td></td><td>571</td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>7,261</td><td>2,910</td><td></td><td>10,171</td><td>8,296</td></tr><tr><td>1949-June.</td><td>3-1/8% Treasury bond - 6/15/46-49</td><td></td><td>819</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2% Treasury bond - 6/15/49-51</td><td></td><td>1,014</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td></td><td>1,292</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/8% Treasury bond - 12/15/49-52</td><td></td><td>491</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond - 12/15/49-53</td><td></td><td>1,786</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3% Treasury bond - 12/15/49-51</td><td></td><td>2,098</td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td></td><td>6,682</td><td></td><td>6,682</td><td>819</td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond - 3/15/48-50</td><td></td><td>1,115</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2% Treasury bond - 3/15/50-52</td><td></td><td>1,963</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td></td><td>1,186</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/50-52</td><td></td><td>4,939</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td></td><td>571</td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td></td><td>8,088</td><td></td><td>8,088</td><td>1,687</td></tr></table>
(Continued on following page)
July 1944
- August 1944
31
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States 1/ As of June 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:</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>1951-Mar....</td><td>2-3/4% Treasury bond</td><td>- 3/15/48-51</td><td>(3/15/36)</td><td></td><td>1,223</td><td></td><td></td></tr><tr><td>June....</td><td>2% Treasury bond</td><td>- 6/15/49-51</td><td>(1/15/42)</td><td>1,627</td><td>1,014</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond</td><td>- 6/15/51-54</td><td>(6/15/36)</td><td></td><td>1,292</td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond</td><td>- 9/15/49-51</td><td>(5/15/42)</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</td><td>(9/15/43)</td><td>755</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond</td><td>- 12/15/51-53</td><td>(12/22/39)</td><td>1,118</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond</td><td>- 12/15/51-55</td><td>(12/15/41)</td><td>510</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond</td><td>- 12/15/49-51</td><td>(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>11,996</td><td>5,628</td><td>11,996</td><td>5,628</td></tr><tr><td>1952-Mar....</td><td>2-1/2% Treasury bond</td><td>- 3/15/52-54</td><td>(3/31/41)</td><td>1,024</td><td></td><td></td><td></td></tr><tr><td>Mar....</td><td>2% Treasury bond</td><td>- 3/15/50-52</td><td>(10/19/42)</td><td></td><td>1,963</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>- 6/15/52-54</td><td>(2/25/42)</td><td>1,501</td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2% Treasury bond</td><td>- 6/15/52-54</td><td>(6/26/44)</td><td>4,207</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond</td><td>- 9/15/50-52</td><td>(9/15/36)</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</td><td>(4/15/43)</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</td><td>(10/16/22)</td><td></td><td>759</td><td></td><td></td></tr><tr><td>Dec....</td><td>3-1/8% Treasury bond</td><td>- 12/15/49-52</td><td>(12/15/34)</td><td></td><td>491</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>6,731</td><td>9,338</td><td>6,731</td><td>9,338</td></tr><tr><td>1953-June....</td><td>2% Treasury bond</td><td>- 6/15/53-55</td><td>(10/7/40)</td><td>725</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond</td><td>- 9/15/51-53</td><td>(9/15/43)</td><td></td><td>7,986</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond</td><td>- 12/15/49-53</td><td>(12/15/36)</td><td></td><td>1,785</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond</td><td>- 12/15/51-53</td><td>(12/22/39)</td><td></td><td>1,118</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>725</td><td>10,890</td><td>725</td><td>10,890</td></tr><tr><td>1954-Mar....</td><td>2-1/2% Treasury bond</td><td>- 3/15/52-54</td><td>(3/31/41)</td><td></td><td>1,024</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond</td><td>- 6/15/51-54</td><td>(6/15/36)</td><td>681</td><td>1,627</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>- 6/15/54-56</td><td>(7/22/40)</td><td></td><td>4,207</td><td></td><td></td></tr><tr><td>June....</td><td>2% Treasury bond</td><td>- 6/15/52-54</td><td>(6/26/44)</td><td></td><td>1,037</td><td></td><td></td></tr><tr><td>Dec....</td><td>4% Treasury bond</td><td>- 12/15/44-54</td><td>(12/15/24)</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>681</td><td>7,894</td><td>681</td><td>7,894</td></tr><tr><td>1955-Mar....</td><td>2-7/8% Treasury bond</td><td>- 3/15/55-60</td><td>(3/15/35)</td><td>2,611</td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>- 6/15/52-55</td><td>(2/25/42)</td><td></td><td>1,501</td><td></td><td></td></tr><tr><td>June....</td><td>2% Treasury bond</td><td>- 6/15/53-55</td><td>(10/7/40)</td><td></td><td>725</td><td></td><td></td></tr><tr><td>Sept....</td><td>3% Treasury bond</td><td>- 9/15/51-55</td><td>(9/15/31)</td><td></td><td>755</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond</td><td>- 12/15/51-55</td><td>(12/15/41)</td><td></td><td>510</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>2,611</td><td>3,491</td><td>2,611</td><td>3,491</td></tr><tr><td>1956-Mar....</td><td>3-3/4% Treasury bond</td><td>- 3/15/46-56</td><td>(3/15/25)</td><td></td><td>489</td><td></td><td></td></tr><tr><td>Mar....</td><td>2-1/2% Treasury bond</td><td>- 3/15/56-58</td><td>(6/2/41)</td><td>1,449</td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>- 6/15/54-56</td><td>(7/22/40)</td><td></td><td>681</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond</td><td>- 9/15/56-59</td><td>(9/15/36)</td><td>982</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/4% Treasury bond</td><td>- 9/15/56-59</td><td>(2/1/44)</td><td>3,823</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>6,253</td><td>1,170</td><td>6,253</td><td>1,170</td></tr><tr><td>1957</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1958-Mar....</td><td>2-1/2% Treasury bond</td><td>- 3/15/56-58</td><td>(6/2/41)</td><td></td><td>1,449</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond</td><td>- 6/15/58-63</td><td>(6/15/38)</td><td>919</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-Sept....</td><td>2-3/4% Treasury bond</td><td>- 9/15/56-59</td><td>(9/15/36)</td><td></td><td>982</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/4% Treasury bond</td><td>- 9/15/56-59</td><td>(2/1/44)</td><td></td><td>3,823</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>4,804</td><td></td><td>4,804</td><td></td></tr></table>
(Continued on following page)
32
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of June 30, 1944 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>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>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</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>4,789</td><td>1,485</td><td>4,789</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>2,831</td><td>....................</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</td><td>....................</td><td>....................</td><td>7,600</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70....(2/1/44)</td><td>....................</td><td>4,789</td><td>....................</td><td>....................</td><td>4,789</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>2,716</td><td>....................</td><td>....................</td><td>2,716</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury. 1/ Exclude postal savings bonds, Federal Housing Administration debentures, and guaranteed securities held by the Treasury. 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 matur
Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities. The abbreviations refer to the following corporations: Home Owners' Loan Corporation and Commodity Credit Corporation.
33
July 1944 - August 1944
Offerings of Marketable Issues of Treasury Bonds, Notes and Certificates of Indebtedness Since December 1, 1941
<table><tr><th>Date terms of offering were announced</th><th>Date subscrip- tion books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th>Earliest date on which commercial banks may own restricted issues</th><th>Amount of cash subscrip- tions tendered</th><th colspan="3">Amount issued</th></tr><tr><th></th><th></th><th></th><th>1/</th><th>2/</th><th>3/</th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td>12/4/41 12/4/41 1/11/42 2/13/42 4/6/42 5/4/42 5/14/42 5/25/42 6/18/42 7/8/42 8/3/42 8/6/42 9/10/42 9/10/42 10/8/42 10/8/42 10/26/42</td><td>12/4/41 12/4/41 1/12/42 2/13/42 4/6/42 5/4/42 5/14/42 5/25/42 6/18/42 7/8/42 8/3/42 8/6/42 9/10/42 9/10/42 10/8/42 10/8/42 10/26/42</td><td>2-1/2% Treas. bond - 9/15/67-72 1/2% Treas. bond - 12/15/51-55 2-1/4% Treas. bond - 6/15/49-51 1/2% Certificate - 11/1/42 2-1/2% Treas. bond - 6/15/62-67 2% Treas. bond - 9/15/49-51 1-1/2% Treas. note - 12/15/46 2% Treas. bond - 12/15/49-51 2-1/2% Treas. bond - 6/15/62-67 1/8% Certificate - 3/1/43 1-1/4% Treas. note - 3/15/45 1-65% Certificate - 5/1/43 2% Treas. bond - 3/15/50-52 1-1/2% Treas. note - 12/15/46 1/8% Certificate - 11/1/43</td><td>30 yr.9 m (25 yr.9 m) 14 yr. (10 yr) 9 yr.5 m (7 yr.5 m) 13 yr.4 m (10 yr.4 m) 7 m 25 yr.1 m (20 yr.1 m) 9 yr.4 m (7 yr.4 m) 4 yr.6 m 7 m 9 yr.5 m (7 yr.5 m) 24 yr.10 m (19.10 m) 1 yr. 2 yr. 6 m 7 m 9 yr.5 m (7 yr.5 m) 4 yr.2 m 1/ 1 yr.</td><td></td><td>6,979 4,728 4,697 3,062 882 3,283 3,114 3,236 3,273 3,637 1,992 1,963 2,142 3,105</td><td>1,120 533 1,014 1,511 1,507 882 1,592 1,118 1,588 2,098 1,236 1,609 1,606 1,506 1,963 2,142 2,035</td><td>1,120 533 1,014 1,511 1,507 882 1,592 1,118 1,588 2,098 1,236 1,609 1,606 1,506 1,963 2,142 2,035</td><td>1,014</td></tr><tr><td>11/30/42</td><td>11/30/42</td><td>First War Loan securities 2-1/2% Treas. bond-12/15/63-68 1-3/4% Treas. bond- 6/15/48 7/8% Certificate - 12/1/43</td><td>26 yr. (21 yr) 5 yr.6 m 1 yr.</td><td>12/1/52</td><td>2,831 3,364 5,184</td><td>2,831 3,062 3,800</td><td>2,831 3,062 3,800</td><td></td></tr><tr><td>1/21/43</td><td>1/21/43</td><td>7/8% Certificate - 2/1/44</td><td>1 yr.</td><td></td><td>6,402</td><td>2,211</td><td>2,211</td><td>8/</td></tr><tr><td>3/12/43</td><td>4/12/43</td><td>Second War Loan securities 2-1/2% Treas. bond- 6/15/64-69 2% Treas. bond- 9/15/50-52 7/8% Certificate - 4/1/44</td><td>26 yr.2 m (21 yr.2 m) 9 yr.5 m (7 yr.5 m) 1 yr.</td><td>4/15/53</td><td>3,762 12,757 12,895</td><td>3,762 4,939 5,251</td><td>3,762 4,939 5,251</td><td></td></tr><tr><td>3/12/43 6/27/43 7/22/43</td><td>4/19/43 6/28/43 7/22/43</td><td>7/8% Certificate - 5/1/44 1-1/2% Treas. note - 9/15/47 7/8% Certificate - 8/1/44</td><td>1 yr. 4 yr.2 m 1 yr.</td><td></td><td>19,544 5,484</td><td>1,655 2,707 2,945 989 1,556</td><td>1,655 2,707 2,945 989 1,556</td><td></td></tr><tr><td>8/16/43</td><td>9/9/43</td><td>Third War Loan securities 2-1/2% Treas. bond-12/15/64-69 2% Treas. bond- 9/15/51-53 7/8% Certificate - 9/1/44</td><td>26 yr.3 m (21 yr.3 m) 10 yr. (8 yr) 1 yr.</td><td>9/15/53</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td></td></tr><tr><td>10/6/43 8/16/43 10/6/43 10/6/43 11/22/43</td><td>10/6/43 8/16/43 10/6/43 10/6/43 11/22/43</td><td>7/8% Certificate - 10/1/44 2-1/2% Treas. bond - 12/15/64-69 2% Treas. bond - 9/15/51-53 7/8% Certificate - 12/1/44</td><td>1 yr. 26 yr.2 m (21 yr.2 m) 9 yr.11 m (7 yr.11 m) 1 yr.</td><td>9/15/53</td><td>5,391 5,532</td><td>3,519 59 2,729 1,627 3,540</td><td>1,580 1,939 59 1,102 3,540</td><td></td></tr><tr><td>11/22/43</td><td>1/18/44</td><td>Fourth War Loan securities 11/ 2-1/2% Treas. bond- 3/15/65-70 2-1/4% Treas. bond- 9/15/56-59 7/8% Certificate - 2/1/45</td><td>26 yr.1 m (21 yr.1 m) 15 yr.7 m (12 yr.7 m) 1 yr.</td><td>2/1/54 9/15/46</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td></td></tr><tr><td>1/24/44 3/2/44 3/2/44 3/2/44 3/22/44 4/24/44</td><td>1/24/44 3/2/44 3/2/44 3/2/44 3/22/44 4/24/44</td><td>.90% Treas. note - 3/1/45 2-1/2% Treas. bond - 3/15/65-70 2-1/4% Treas. bond - 9/15/56-59 1-1/2% Treas. note - 9/15/48 7/8% Certificate - 4/1/45 7/8% Certificate - 5/1/45</td><td>1 yr.1 m (21 yr) 26 yr. (21 yr) 15 yr.6 m (12 yr.6 m) 12/ 4 yr.6 m 1 yr.</td><td>2/1/54 9/15/46</td><td>2,127 77 95 3,748 4,877 1,615</td><td>2,127 77 95 3,748 4,877 1,615</td><td>2,127 77 95 3,748 4,877 1,615</td><td></td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>Fifth War Loan securities 11/ 2-1/2% Treas. bond- 3/15/65-70 2% Treas. bond- 6/15/52-54 1-1/4% Treas. note- 3/15/47 7/8% Certificate - 6/1/45</td><td>25 yr.9 m (20 yr.9 m) 13/ 10 yr. (8 yr) 2 yr.9 m 11 m</td><td>2/1/54</td><td>14/ 14/ 14/ 14/</td><td>14/ 14/ 14/ 14/</td><td>14/ 14/ 14/ 14/</td><td></td></tr><tr><td>7/20/44</td><td>7/20/44</td><td>7/8% Certificate - 8/1/45</td><td>1 yr.</td><td></td><td>15/</td><td>15/</td><td>15/</td><td></td></tr></table>
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Restricted issues are those which commercial banks (defined for this purpose as banks which accept demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the Fourth and Fifth War Loans, commercial banks were permitted to subscribe to the restricted issue offered in the War Loan for limited investment of their savings deposits; (2) commercial banks may temporarily acquire restricted issues through foreclosure when such issues have been used as collateral.
3/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds.
4/ Reopening of previously offered security.
5/ Interest commenced on December 15, 1941.
6/ Interest commenced on August 3, 1942.
7/ Interest commenced on October 15, 1942.
3/ Issued primarily to refund maturing security.
5/ Interest commenced on October 15, 1943.
10/ Announcement of exchange offering was included in announcement of Third War Loan, August 16, 1943.
11/ Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to U. S. Government agencies and trust funds and to commercial banks.
12/ Interest commenced on March 15, 1944.
13/ Interest commenced on June 26, 1944.
14/ For detailed information on amount issued, see the articles at the beginning of this Bulletin on "Sales of United States Government securities in the Fifth War Loan" and "Security Purchases Outside the Fifth War Loan by Commercial Banks and Treasury Investment Accounts".
15/ For information on amounts issued in exchange, see article on "Treasury Market Financing" at the beginning of this Bulletin.
Treasury Bulletin
34
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States Since December 1, 1941
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th>Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount of maturing or called security outstanding</th><th>Amount for cash retirement</th><th>Amount exchanged</th><th>Percent exchanged</th><th>Description of new security offered</th></tr><tr><td>1/15/42</td><td>1-3/4% Treas. note - 3/15/42......(6/15/37) 7/8% RFC note - 1/15/42......(2/15/39) 3% FMC bond - 1/15/42-47......(1/15/35) 2-3/4% FMC bond - 3/1/42-47......(5/1/35)</td><td>426 310 236 103</td><td>20 2 31 7</td><td>406 308 205 96</td><td>95 99 87 93</td><td>2% Treas. bond - 6/15/49-51</td></tr><tr><td></td><td>Totals for exchange transaction of 1/15/42...</td><td>1,075</td><td>60</td><td>1,014</td><td>94</td><td></td></tr><tr><td>6/15/42</td><td>2-1/4% HOLC bond - 7/1/42-44......(7/1/35) 1% RFC note - 7/1/42......(11/10/39)</td><td>875 276</td><td>29 4</td><td>846 272</td><td>97 99</td><td>1-1/2% Treas. note - 12/15/46</td></tr><tr><td></td><td>Totals for exchange transaction of 6/5/42...</td><td>1,151</td><td>33</td><td>1,118</td><td>97</td><td></td></tr><tr><td>9/15/42</td><td>2% Treas. note - 9/15/42......(9/15/37)</td><td>342</td><td>342</td><td>.....</td><td>.....</td><td></td></tr><tr><td>10/15/42</td><td>7/8% RFC note - 10/15/42......(4/17/41)</td><td>320</td><td>320</td><td>.....</td><td>.....</td><td></td></tr><tr><td>11/1/42</td><td>1/2% Certificate - 11/1/42......(4/15/42)</td><td>1,507</td><td>1,507</td><td>.....</td><td>.....</td><td></td></tr><tr><td>12/15/42</td><td>1-3/4% Treas. note - 12/15/42......(12/15/37)</td><td>232</td><td>232</td><td>.....</td><td>.....</td><td></td></tr><tr><td>2/1/43</td><td>5/8% Certificate - 2/1/43......(6/25/42)</td><td>1,588</td><td>1,588</td><td>.....</td><td>.....</td><td></td></tr><tr><td>3/15/43</td><td>3/4% Treas. note - 3/15/43......(3/15/41)</td><td>66</td><td>66</td><td>.....</td><td>.....</td><td></td></tr><tr><td>5/1/43</td><td>.65% Certificate - 5/1/43......(9/21/42) 3/4% CCC note - 5/1/43......(8/1/40)</td><td>1,506 289</td><td>133 7</td><td>1,373 .282</td><td>91 98</td><td>7/8% Certificate - 5/1/44</td></tr><tr><td></td><td>Totals for exchange transaction of 5/1/43...</td><td>1,795</td><td>140</td><td>1,655</td><td>92</td><td></td></tr><tr><td>6/15/43</td><td>3-3/8% Treas. bond - 6/15/43-47......(6/15/27)</td><td>454</td><td>454</td><td>.....</td><td>.....</td><td></td></tr><tr><td>6/15/43</td><td>1-1/8% Treas. note - 6/15/43......(6/15/38)</td><td>629</td><td>629</td><td>.....</td><td>.....</td><td></td></tr><tr><td>7/15/43</td><td>1-1/8% RFC note - 7/15/43......(4/17/41)</td><td>324</td><td>324</td><td>.....</td><td>.....</td><td></td></tr><tr><td>8/2/43</td><td>7/8% Certificate - 8/1/43......(8/15/42)</td><td>1,609</td><td>53</td><td>1,556</td><td>97</td><td>7/8% Certificate - 8/1/44</td></tr><tr><td>9/15/43</td><td>1% Treas. note - 9/15/43......(6/15/40)</td><td>279</td><td>279</td><td>.....</td><td>.....</td><td></td></tr><tr><td>10/15/43</td><td>3-1/4% Treas. bond - 10/15/43-45......(10/15/33)</td><td>1,401</td><td>240</td><td>1,161</td><td>83</td><td>2-1/2% Treas. bond - 12/15/64-69 2% Treas. bond - 9/15/51-53</td></tr><tr><td>10/15/43</td><td>7/8% Certificate - 11/1/43......(11/2/42)</td><td>2,035</td><td>96</td><td>1,939</td><td>95</td><td>7/8% Certificate - 10/1/44</td></tr><tr><td>12/1/43</td><td>7/8% Certificate - 12/1/43......(12/1/42)</td><td>3,800</td><td>260</td><td>3,540</td><td>93</td><td>7/8% Certificate - 12/1/44</td></tr><tr><td>12/15/43</td><td>1-1/8% Treas. note - 12/15/43......(12/15/38)</td><td>421</td><td>421</td><td>.....</td><td>.....</td><td></td></tr><tr><td>2/1/44</td><td>1-3/4% PFRA note - 2/1/44......(2/1/39)</td><td>114</td><td>114</td><td>.....</td><td>.....</td><td></td></tr><tr><td>2/1/44</td><td>7/8% Certificate - 2/1/44......(2/1/43)</td><td>2,211</td><td>84</td><td>2,127</td><td>96</td><td>.90% Treas. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% FMC bond - 3/15/44-64......(3/15/34) 3% FMC bond - 5/15/44-49......(5/15/34) 1% RFC note - 4/15/44......(7/3/41) 3% HOLC bond - 5/1/44-52......(5/1/34) 3-1/4% Treas. bond - 4/15/44-46......(4/15/34) 1% Treas. note - 3/15/44......(11/1/39) 3/4% Treas. note - 6/15/44......(6/15/39)</td><td>95 835 571 779 1,519 515 416</td><td>19 130 12 175 296 32 146</td><td>76 705 259 604 1,223 483 270</td><td>80 84 98 78 81 94 65</td><td>2-1/4% Treas. bond - 9/15/56-59 2-1/2% Treas. bond - 3/15/65-70 1-1/2% Treas. note - 9/15/48</td></tr><tr><td></td><td>Totals for exchange transaction of 3/15/44...</td><td>4,730</td><td>810</td><td>3,920</td><td>83</td><td></td></tr><tr><td>4/1/44</td><td>7/8% Certificate - 4/1/44......(4/15/43)</td><td>5,251</td><td>374</td><td>4,877</td><td>93</td><td>1/8% Certificate - 4/1/45</td></tr><tr><td>5/1/44</td><td>7/8% Certificate - 5/1/44......(5/1/43)</td><td>1,655</td><td>40</td><td>1,615</td><td>98</td><td>7/8% Certificate - 5/1/45</td></tr><tr><td>8/1/44</td><td>7/8% Certificate - 8/1/44......(8/2/43)</td><td>2,545</td><td>2/</td><td>2/</td><td>2/</td><td>7/8% Certificate - 8/1/45</td></tr></table>
1/ Original call and maturity dates are used. 2/ For information on amount exchanged, see article on "Treasury Market Financing" at the beginning of this Bulletin.
July 1944 - August 1944
35
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">Date of issue</th><th colspan="3">Description of new issue</th><th colspan="3">Amount of bids accepted</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th></tr><tr><td>1943-June 2.</td><td>1943-Sept. 2.</td><td>92</td><td>1,321.6</td><td>906.0</td><td>843.7</td><td>62.3</td><td>701.3</td><td>11,057.7</td></tr><tr><td>June 9.</td><td>Sept. 9.</td><td>92</td><td>1,437.2</td><td>908.7</td><td>820.5</td><td>88.1</td><td>705.3</td><td>11,261.1</td></tr><tr><td>June 16.</td><td>Sept. 16.</td><td>92</td><td>1,405.5</td><td>1,000.5</td><td>921.3</td><td>79.2</td><td>802.2</td><td>11,459.1</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>998.7</td><td>932.2</td><td>62.5</td><td>907.0</td><td>12,661.5</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>12,769.0</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>12,886.0</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>12,981.8</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>1,498.2</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><tr><td>May 4.</td><td>Aug. 3.</td><td>91</td><td>2,149.7</td><td>1,017.1</td><td>966.6</td><td>50.5</td><td>1,002.3</td><td>13,164.5</td></tr><tr><td>May 11.</td><td>Aug. 10.</td><td>91</td><td>2,172.7</td><td>1,206.9</td><td>1,148.0</td><td>59.0</td><td>1,005.7</td><td>13,365.8</td></tr><tr><td>May 18.</td><td>Aug. 17.</td><td>91</td><td>2,170.2</td><td>1,206.3</td><td>1,147.0</td><td>59.3</td><td>1,012.7</td><td>13,559.3</td></tr><tr><td>May 25.</td><td>Aug. 24.</td><td>91</td><td>1,958.4</td><td>1,214.1</td><td>1,157.1</td><td>57.0</td><td>1,007.7</td><td>13,765.8</td></tr><tr><td>June 1.</td><td>Aug. 31.</td><td>91</td><td>1,887.1</td><td>1,215.3</td><td>1,164.6</td><td>50.7</td><td>1,007.4</td><td>13,973.7</td></tr><tr><td>June 8.</td><td>Sept. 7.</td><td>91</td><td>1,990.1</td><td>1,202.6</td><td>1,150.0</td><td>52.6</td><td>1,035.5</td><td>14,140.8</td></tr><tr><td>June 15.</td><td>Sept. 14.</td><td>91</td><td>2,193.9</td><td>1,201.0</td><td>1,148.7</td><td>52.3</td><td>1,016.1</td><td>14,325.7</td></tr><tr><td>June 22.</td><td>Sept. 21.</td><td>91</td><td>2,173.8</td><td>1,211.6</td><td>1,156.5</td><td>55.1</td><td>1,001.1</td><td>14,536.2</td></tr><tr><td>June 29.</td><td>Sept. 28.</td><td>91</td><td>2,308.9</td><td>1,207.8</td><td>1,154.9</td><td>52.9</td><td>1,009.7</td><td>14,734.1</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issues and total bills outstanding are on Daily Treasury Statement basis. Back Figures: Annual Reports of the Secretary of the Treasury.
Tenders for bille in the amount of $100,000 or less from any one bidder are accepted in full at a fixed price of 99.905 per hundred. This practice commenced with the offering of Treasury bills dated May 12, 1943.
36
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-June 2</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</td></tr><tr><td>Nov. 12</td><td>99.906</td><td>0.375</td><td>99.915</td><td>0.340</td><td>99.906</td><td>0.375</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>0.375</td></tr><tr><td>Nov. 25</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</td></tr><tr><td>May 4</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.375</td></tr><tr><td>May 11</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.375</td></tr><tr><td>May 18</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.375</td></tr><tr><td>May 25</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.375</td></tr><tr><td>June 1</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.375</td></tr><tr><td>June 8</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.375</td></tr><tr><td>June 15</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.375</td></tr><tr><td>June 22</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.375</td></tr><tr><td>June 29</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.375</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.
July 1944 - August 1944
37
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 value</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>-</td></tr><tr><td>1937</td><td>799.6</td><td>+433.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</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>1.1</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>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>1,492.4</td><td>4/</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>4/</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>4/</td><td>127.6</td><td>848.3</td><td>841.3</td><td>7.0</td></tr><tr><td>1944</td><td>34,606.1</td><td>+13,350.0</td><td>15,497.7</td><td>15,139.5</td><td>358.1</td><td>223.2</td><td>2,370.9</td><td>5/</td><td>5/</td></tr><tr><td>1943-June</td><td>21,256.2</td><td>+748.8</td><td>875.5</td><td>875.5</td><td>4/</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>4/</td><td>22.6</td><td>138.2</td><td>137.5</td><td>.7</td></tr><tr><td>August</td><td>22,693.5</td><td>+663.3</td><td>801.7</td><td>801.7</td><td>4/</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>4/</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>4/</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>4/</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>4/</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>186.7</td><td>1.1</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>183.7</td><td>1.1</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>May</td><td>32,987.0</td><td>+490.2</td><td>750.6</td><td>748.4</td><td>2.2</td><td>18.5</td><td>278.9</td><td>5/</td><td>5/</td></tr><tr><td>June</td><td>34,606.1</td><td>+1,619.2</td><td>1,842.2</td><td>1,765.4</td><td>76.8</td><td>24.5</td><td>247.6</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>-</td></tr><tr><td>1937</td><td>799.6</td><td>+433.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</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>1.1</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>4/</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>4/</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>4/</td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>1944</td><td>3,624.8</td><td>+16.8</td><td>.1</td><td>.1</td><td>4/</td><td>96.0</td><td>79.3</td><td>5/</td><td>5/</td></tr><tr><td>1943-June</td><td>3,608.0</td><td>+1.2</td><td>-</td><td>-</td><td>4/</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>4/</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>4/</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>4/</td><td>7.0</td><td>6.8</td><td>6.2</td><td>.6</td></tr><tr><td>October</td><td>3,615.6</td><td>+1</td><td>-</td><td>-</td><td>4/</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>4/</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>4/</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>4/</td><td>13.8</td><td>6.8</td><td>6.2</td><td>.7</td></tr><tr><td>February</td><td>3,624.2</td><td>+9</td><td>-</td><td>-</td><td>4/</td><td>7.8</td><td>6.8</td><td>6.1</td><td>.7</td></tr><tr><td>March</td><td>3,624.9</td><td>+7</td><td>-</td><td>-</td><td>4/</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>4/</td><td>6.5</td><td>6.5</td><td>5/</td><td>5/</td></tr><tr><td>May</td><td>3,622.9</td><td>-1.9</td><td>-</td><td>-</td><td>4/</td><td>5.3</td><td>7.3</td><td>5/</td><td>5/</td></tr><tr><td>June</td><td>3,624.8</td><td>+1.9</td><td>-</td><td>-</td><td>4/</td><td>8.2</td><td>6.3</td><td>5/</td><td>5/</td></tr></table>
(Continued on following page)
38
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="2">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">Series B</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>5,271.3</td><td>5,271.3</td><td></td><td>33.1</td><td>688.6</td><td>688.0</td><td>.6</td></tr><tr><td>1944</td><td>21,124.8</td><td>+9,838.2</td><td>11,819.7</td><td>11,819.7</td><td></td><td>118.4</td><td>2,099.9</td><td>2,094.6</td><td>5.3</td></tr><tr><td>1943-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>1,064.6</td><td>1,064.6</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>+1,950.8</td><td>2,102.3</td><td>2,102.3</td><td></td><td>9.1</td><td>160.7</td><td>160.3</td><td>.4</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>May</td><td>19,979.5</td><td>+386.7</td><td>624.3</td><td>624.3</td><td></td><td>12.1</td><td>249.7</td><td>248.8</td><td>.8</td></tr><tr><td>June</td><td>21,124.8</td><td>+1,145.3</td><td>1,349.8</td><td>1,349.8</td><td></td><td>15.2</td><td>219.7</td><td>218.9</td><td>.8</td></tr><tr><td colspan="10">Series P</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>2.2</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>1944</td><td>1,995.7</td><td>+753.4</td><td>802.2</td><td>691.2</td><td>111.0</td><td>8.8</td><td>57.7</td><td>5/</td><td>5/</td></tr><tr><td>1943-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>1,277.7</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>1,439.4</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>8.8</td><td>4.7</td><td>*</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>6.3</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>May</td><td>1,885.9</td><td>+10.0</td><td>15.3</td><td>14.6</td><td>.7</td><td>1.0</td><td>6.3</td><td>5/</td><td>5/</td></tr><tr><td>June</td><td>1,995.7</td><td>+109.8</td><td>115.1</td><td>89.1</td><td>26.0</td><td>1.1</td><td>6.4</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series O</td></tr><tr><td>1941</td><td>194.0</td><td>+394.0</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>1944</td><td>7,850.8</td><td>+2,741.6</td><td>2,875.6</td><td>2,628.5</td><td>247.1</td><td></td><td>134.0</td><td>134.0</td><td></td></tr><tr><td>1943-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>+160.8</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>+100.5</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><tr><td>May</td><td>7,498.7</td><td>+95.4</td><td>111.1</td><td>109.6</td><td>1.5</td><td></td><td>15.7</td><td>15.7</td><td></td></tr><tr><td>June</td><td>7,860.8</td><td>+362.1</td><td>377.3</td><td>326.5</td><td>50.7</td><td></td><td>15.1</td><td>15.1</td><td></td></tr></table>
Source: Daily Treasury Statements. Revise. Less than $50,000. At current redemption values except Series O, which is stated at par. Estimated, except for Series O. For details concerning redemption values and investment yields, see "Treasury Bulletin" for August 1943, page 4. Series A-D, sold between March 1935 and April 1941, are 10 year discount bonds 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 calendar year and from April 1, 1940, could be made only by individuals. Series E, F, and O have been on sale since May 1, 1941. Series E is a 10 year discount bond sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any calendar year and may be made only by individuals. Series F is a 12 year discount bond sold at 74% of maturity value, yielding 2.53% per annum if held to maturity. Series O is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/2% per annum, redeemable at par on maturity or at stated prices lose
than par before maturity. Purchases of Series F and G combined in any calendar year are limited to $100,000 issue price ($50,000 in calendar year 1941) and through December 31, 1943 could be made by any investor except commercial banks. Commencing January 1, 1944, commercial banks were permitted to purchase Series F and G bonds for limited investect of savings deposits. Purchases are limited to $100,000 issue price in any calendar year, providing that (commencing June 12, 1944) total holdings of Series F and G bonds, 24 percent Treasury bonds of 1955-70, 24 percent Treasury bonds of 1956-59, and 2 percent Treasury bonds of 1952-54, do not exceed 20 percent of combined savings deposits and time certificates of deposit, or $400,000, which ever is less. Between January 1 and June 12, 1944 the limit was $100,000, providing that total holdings of Series F and G bonds, 24 percent Treasury bonds of 1955-70 and 24 percent Treasury bonds of 1956-59 did not exceed 10 percent of savings deposits, or $200,000 which ever was less. 4/ Commercial banks purchases were permitted prior to April 1, 1940, and are estimated to have aggregated about $300 millions. 5/ Not yet available.
July 1944
- August 1944
39
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="7">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr></table>
Series E
<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>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>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>2,983.2</td><td>1,081.0</td><td>1,713.5</td><td>1,007.3</td><td>1,431.0</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>1944</td><td>11,819.7</td><td>4,149.1</td><td>1,642.5</td><td>2,583.5</td><td>1,396.9</td><td>2,047.8</td><td></td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>11.8</td><td>17.3</td><td></td><td></td></tr><tr><td>1943-June</td><td>696.2</td><td>299.3</td><td>102.9</td><td>133.2</td><td>66.3</td><td>93.8</td><td></td><td>100.0</td><td>43.0</td><td>14.8</td><td>13.1</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>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>100.0</td><td>41.0</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>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>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>100.0</td><td>45.5</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>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>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>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>43.5</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>107.5</td><td>40.3</td><td>59.9</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><tr><td>May</td><td>624.3</td><td>305.9</td><td>110.8</td><td>111.2</td><td>39.9</td><td>56.4</td><td></td><td>100.0</td><td>49.0</td><td>17.8</td><td>17.8</td><td>6.4</td><td>9.0</td><td></td><td></td></tr><tr><td>June</td><td>1,349.8</td><td>402.2</td><td>174.2</td><td>309.0</td><td>186.9</td><td>277.5</td><td></td><td>100.0</td><td>32.5</td><td>12.9</td><td>21.6</td><td>13.0</td><td>19.9</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>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>123.5</td><td>91.7</td><td>171.1</td><td>100.0</td><td>4.5</td><td>6.3</td><td>26.4</td><td>21.1</td><td>39.4</td></tr><tr><td>1943</td><td>757.9</td><td>5.6</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>3.3</td><td>5.4</td><td>27.7</td><td>22.4</td><td>40.7</td></tr><tr><td>1944</td><td>802.2</td><td>5.6</td><td>24.9</td><td>40.9</td><td>213.3</td><td>162.7</td><td>354.8</td><td>100.0</td><td>3.1</td><td>5.1</td><td>26.6</td><td>20.3</td><td>44.2</td></tr><tr><td>1943-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>1.3</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>7.3</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>2.5</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>33.5</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><tr><td>May</td><td>15.3</td><td>.2</td><td>.8</td><td>1.0</td><td>4.7</td><td>3.0</td><td>5.5</td><td>100.0</td><td>1.5</td><td>5.3</td><td>6.3</td><td>30.6</td><td>19.6</td><td>36.1</td></tr><tr><td>June</td><td>115.1</td><td>.7</td><td>2.8</td><td>4.9</td><td>28.5</td><td>24.2</td><td>54.1</td><td>100.0</td><td>.6</td><td>2.5</td><td>4.2</td><td>24.8</td><td>21.0</td><td>46.9</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>41.5</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>13.1</td><td>41.9</td></tr><tr><td>1944</td><td>2,875.6</td><td></td><td>108.8</td><td>249.6</td><td>942.3</td><td>520.7</td><td>1,054.2</td><td>100.0</td><td></td><td>3.8</td><td>8.7</td><td>32.8</td><td>18.1</td><td>36.6</td></tr><tr><td>1943-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>31.8</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>149.3</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>13.1</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>58.5</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>15.3</td><td>44.6</td></tr><tr><td>March</td><td>113.3</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>41.1</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>21.9</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><tr><td>May</td><td>111.1</td><td></td><td>4.0</td><td>10.0</td><td>42.7</td><td>21.9</td><td>32.5</td><td>100.0</td><td></td><td>3.6</td><td>9.0</td><td>38.4</td><td>13.7</td><td>29.3</td></tr><tr><td>June</td><td>377.3</td><td></td><td>14.4</td><td>33.8</td><td>128.4</td><td>70.4</td><td>130.2</td><td>100.0</td><td></td><td>3.8</td><td>9.0</td><td>34.0</td><td>18.7</td><td>34.5</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Figures by denomination 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.
Treasury Bulletin
40
Sales of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART A - SERIES E
(In thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="7">1943</th><th colspan="7">1944</th></tr><tr><th></th><th>1943</th><th>1944 P</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><th>May</th><th>June</th></tr><tr><td>Alabama</td><td>91,272</td><td>139,179</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><td>8,107</td><td>14,342</td></tr><tr><td>Arizona</td><td>27,846</td><td>42,257</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><td>2,096</td><td>4,358</td></tr><tr><td>Arkansas</td><td>52,764</td><td>74,175</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><td>3,718</td><td>8,946</td></tr><tr><td>California</td><td>638,877</td><td>970,808</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><td>53,933</td><td>96,605</td></tr><tr><td>Colorado</td><td>62,132</td><td>90,226</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><td>4,357</td><td>10,016</td></tr><tr><td>Connecticut</td><td>168,258</td><td>220,926</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><td>13,097</td><td>23,139</td></tr><tr><td>Delaware</td><td>21,824</td><td>27,609</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><td>1,391</td><td>3,117</td></tr><tr><td>Diet. of Columbia</td><td>83,143</td><td>135,070</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><td>7,871</td><td>13,991</td></tr><tr><td>Florida</td><td>89,496</td><td>142,675</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><td>8,526</td><td>14,385</td></tr><tr><td>Georgia</td><td>94,524</td><td>145,933</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><td>8,403</td><td>14,232</td></tr><tr><td>Idaho</td><td>27,645</td><td>40,367</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><td>1,935</td><td>5,297</td></tr><tr><td>Illinois</td><td>575,056</td><td>757,247</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><td>42,340</td><td>78,510</td></tr><tr><td>Indiana</td><td>213,813</td><td>316,146</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><td>19,661</td><td>32,071</td></tr><tr><td>Iowa</td><td>176,508</td><td>263,894</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><td>8,877</td><td>35,305</td></tr><tr><td>Kansas</td><td>106,190</td><td>163,077</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>6,646</td><td>7,202</td><td>19,625</td></tr><tr><td>Kentucky</td><td>87,607</td><td>127,954</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><td>6,885</td><td>12,295</td></tr><tr><td>Louisiana</td><td>94,910</td><td>141,105</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><td>8,014</td><td>14,200</td></tr><tr><td>Maine</td><td>37,361</td><td>54,994</td><td>2,874</td><td>2,672</td><td>2,710</td><td>5,500</td><td>6,325</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><td>3,029</td><td>5,095</td></tr><tr><td>Maryland</td><td>108,604</td><td>152,566</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><td>9,045</td><td>16,630</td></tr><tr><td>Massachusetts</td><td>280,091</td><td>390,986</td><td>24,718</td><td>23,653</td><td>23,346</td><td>35,600</td><td>52,616</td><td>23,467</td><td>21,771</td><td>35,929</td><td>76,548</td><td>15,692</td><td>20,881</td><td>23,246</td><td>38,237</td></tr><tr><td>Michigan</td><td>481,637</td><td>688,159</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><td>33,829</td><td>74,137</td></tr><tr><td>Minnesota</td><td>179,108</td><td>249,962</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><td>10,039</td><td>32,193</td></tr><tr><td>Mississippi</td><td>52,870</td><td>82,587</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><td>3,137</td><td>8,940</td></tr><tr><td>Missouri</td><td>195,868</td><td>283,685</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><td>14,751</td><td>35,149</td></tr><tr><td>Montana</td><td>39,432</td><td>55,235</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><td>1,912</td><td>7,835</td></tr><tr><td>Nebraska</td><td>72,211</td><td>128,079</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><td>4,747</td><td>16,098</td></tr><tr><td>Nevada</td><td>11,466</td><td>13,539</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><td>627</td><td>1,395</td></tr><tr><td>New Hampshire</td><td>25,787</td><td>32,722</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><td>1,623</td><td>3,017</td></tr><tr><td>New Jersey</td><td>303,807</td><td>415,338</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><td>23,752</td><td>44,085</td></tr><tr><td>New Mexico</td><td>17,284</td><td>27,989</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><td>1,092</td><td>3,326</td></tr><tr><td>New York</td><td>991,988</td><td>1,290,035</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><td>67,337</td><td>127,955</td></tr><tr><td>North Carolina</td><td>113,869</td><td>149,443</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><td>7,281</td><td>14,021</td></tr><tr><td>North Dakota</td><td>34,349</td><td>58,224</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><td>1,468</td><td>7,970</td></tr><tr><td>Ohio</td><td>506,364</td><td>714,177</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><td>43,338</td><td>71,091</td></tr><tr><td>Oklahoma</td><td>82,143</td><td>135,264</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><td>5,987</td><td>15,551</td></tr><tr><td>Oregon</td><td>107,674</td><td>159,788</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><td>6,940</td><td>16,607</td></tr><tr><td>Pennsylvania</td><td>626,051</td><td>857,399</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><td>46,402</td><td>91,437</td></tr><tr><td>Rhode Island</td><td>53,748</td><td>60,858</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>2,264</td><td>3,460</td><td>3,554</td><td>5,790</td></tr><tr><td>South Carolina</td><td>53,401</td><td>76,075</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><td>3,938</td><td>7,929</td></tr><tr><td>South Dakota</td><td>33,171</td><td>53,813</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>7,124</td><td>10,099</td><td>1,589</td><td>1,625</td><td>1,604</td><td>7,386</td></tr><tr><td>Tennessee</td><td>100,530</td><td>147,295</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><td>7,982</td><td>13,850</td></tr><tr><td>Texas</td><td>306,265</td><td>494,994</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><td>20,791</td><td>63,453</td></tr><tr><td>Utah</td><td>33,242</td><td>56,370</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><td>2,516</td><td>6,220</td></tr><tr><td>Vermont</td><td>14,175</td><td>18,819</td><td>1,089</td><td>1,100</td><td>1,014</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><td>918</td><td>1,947</td></tr><tr><td>Virginia</td><td>145,459</td><td>189,563</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><td>10,264</td><td>18,927</td></tr><tr><td>Washington</td><td>163,924</td><td>257,986</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>13,794</td><td>13,799</td><td>27,836</td></tr><tr><td>West Virginia</td><td>64,583</td><td>92,196</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><td>5,977</td><td>9,588</td></tr><tr><td>Wisconsin</td><td>172,650</td><td>248,135</td><td>12,986</td><td>14,847</td><td>11,890</td><td>2
(Continued on following page)
July 1944 - August 1944
41
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 colspan="7">1943</th><th colspan="8">1944</th></tr><tr><th></th><th>1943</th><th>1944 P</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><th>May</th><th>June P</th></tr><tr><td>Alabama</td><td>32,007</td><td>30,156</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><td>846</td><td>3,851</td></tr><tr><td>Arizona</td><td>8,421</td><td>9,450</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><td>282</td><td>1,497</td></tr><tr><td>Arkansas</td><td>16,578</td><td>17,831</td><td>779</td><td>1,082</td><td>942</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><td>471</td><td>2,940</td></tr><tr><td>California</td><td>224,145</td><td>258,108</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><td>8,823</td><td>31,374</td></tr><tr><td>Colorado</td><td>29,746</td><td>30,678</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><td>1,231</td><td>4,285</td></tr><tr><td>Connecticut</td><td>81,128</td><td>64,437</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><td>2,600</td><td>7,706</td></tr><tr><td>Delaware</td><td>12,326</td><td>10,306</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><td>456</td><td>1,205</td></tr><tr><td>Dist. of Columbia</td><td>33,757</td><td>29,761</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>885</td><td>1,083</td><td>4,276</td></tr><tr><td>Florida</td><td>36,705</td><td>40,496</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><td>1,580</td><td>5,359</td></tr><tr><td>Georgia</td><td>37,831</td><td>41,958</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><td>1,427</td><td>5,514</td></tr><tr><td>Idaho</td><td>8,031</td><td>7,630</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><td>178</td><td>1,183</td></tr><tr><td>Illinois</td><td>272,112</td><td>236,291</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><td>10,752</td><td>27,872</td></tr><tr><td>Indiana</td><td>79,524</td><td>82,311</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><td>4,112</td><td>10,246</td></tr><tr><td>Iowa</td><td>71,432</td><td>106,397</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>15,472</td><td>5,541</td><td>4,260</td><td>3,615</td><td>14,284</td></tr><tr><td>Kansas</td><td>34,897</td><td>44,903</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><td>1,572</td><td>7,314</td></tr><tr><td>Kentucky</td><td>43,755</td><td>47,442</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><td>1,896</td><td>7,888</td></tr><tr><td>Louisiana</td><td>44,461</td><td>38,952</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>1,004</td><td>4,129</td><td>6,210</td><td>1,268</td><td>1,322</td><td>1,184</td><td>5,739</td></tr><tr><td>Maine</td><td>20,245</td><td>20,591</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><td>624</td><td>2,353</td></tr><tr><td>Maryland</td><td>54,252</td><td>52,493</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><td>2,738</td><td>7,024</td></tr><tr><td>Massachusetts</td><td>174,999</td><td>157,625</td><td>7,489</td><td>4,575</td><td>6,622</td><td>14,400</td><td>16,357</td><td>7,554</td><td>5,573</td><td>31,252</td><td>25,356</td><td>5,198</td><td>5,563</td><td>7,288</td><td>17,887</td></tr><tr><td>Michigan</td><td>106,363</td><td>104,768</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><td>4,332</td><td>14,080</td></tr><tr><td>Minnesota</td><td>69,692</td><td>69,836</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><td>2,663</td><td>9,912</td></tr><tr><td>Mississippi</td><td>21,812</td><td>22,296</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><td>380</td><td>3,800</td></tr><tr><td>Missouri</td><td>84,266</td><td>91,689</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><td>4,083</td><td>15,806</td></tr><tr><td>Montana</td><td>10,529</td><td>13,550</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><td>274</td><td>2,672</td></tr><tr><td>Nebraska</td><td>30,414</td><td>39,339</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><td>1,623</td><td>5,241</td></tr><tr><td>Nevada</td><td>4,441</td><td>3,630</td><td>182</td><td>184</td><td>228</td><td>900</td><td>198</td><td>69</td><td>80</td><td>518</td><td>750</td><td>190</td><td>45</td><td>56</td><td>411</td></tr><tr><td>New Hampshire</td><td>14,403</td><td>14,563</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><td>327</td><td>1,768</td></tr><tr><td>New Jersey</td><td>118,761</td><td>106,839</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><td>3,693</td><td>13,295</td></tr><tr><td>New Mexico</td><td>7,025</td><td>6,503</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><td>151</td><td>919</td></tr><tr><td>New York</td><td>627,986</td><td>472,310</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><td>13,960</td><td>51,251</td></tr><tr><td>North Carolina</td><td>44,654</td><td>42,263</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><td>1,603</td><td>5,885</td></tr><tr><td>North Dakota</td><td>10,937</td><td>14,978</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><td>341</td><td>2,890</td></tr><tr><td>Ohio</td><td>203,827</td><td>194,155</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>26,712</td><td>8,565</td><td>9,957</td><td>8,816</td><td>22,341</td></tr><tr><td>Oklahoma</td><td>25,095</td><td>26,042</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>3,772</td><td>722</td><td>884</td><td>611</td><td>3,623</td></tr><tr><td>Oregon</td><td>32,892</td><td>29,326</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><td>811</td><td>3,929</td></tr><tr><td>Pennsylvania</td><td>297,430</td><td>251,120</td><td>15,743</td><td>17,123</td><td>10,315</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><td>8,200</td><td>32,850</td></tr><tr><td>Rhode Island</td><td>30,424</td><td>20,628</td><td>1,358</td><td>800</td><td>1,352</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><td>804</td><td>2,318</td></tr><tr><td>South Carolina</td><td>21,712</td><td>21,988</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><td>571</td><td>3,064</td></tr><tr><td>South Dakota</td><td>10,416</td><td>13,222</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><td>523</td><td>2,186</td></tr><tr><td>Tennessee</td><td>39,140</td><td>39,185</td><td>2,461</td><td>2,770</td><td>1,541</td><td>7,300</td><td>3,850</td><td>1,556</td><td>1,834</td><td>4,745</td><td>6,048</td><td>1,352</td><td>1,604</td><td>1,510</td><td>5,068</td></tr><tr><td>Texas</td><td>110,993</td><td>117,537</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><td>2,374</td><td>19,557</td></tr><tr><td>Utah</td><td>7,474</td><td>8,393</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><td>127</td><td>1,231</td></tr><tr><td>Vermont</td><td>7,504</td><td>8,026</td><td>608</td><td>309</td><td>520</td><td>500</td><td>1,191</td><td>409</td><td>273</td><td>1,568</td><td>1,645</td><td>255</td><td>220</td><td>307</td><td>1,029</td></tr><tr><td>Virginia</td><td>53,701</td><td>51,399</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><td>1,937</td><td>7,221</td></tr><tr><td>Washington</td><td>49,753</td><td>56,253</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><td>1,698</td><td>7,347</td></tr><tr><td>West Virginia</td><td>17,905</td><td>19,552</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><td>1,142</td><td>2,749</td></tr><tr><td>Wisconsin</td><td>86,336</td><td>93,192</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><td>3,497</td><td>13,901</td></tr><tr><td>Wyoming</td><td>6,010</td><td>6,032</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><td>155</td><td>663</td></tr><tr><td>Aleut</td><td>1,297</td><td>1,316</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>56</td><td>19</td><td>129</td></tr><tr><td>Canal Zone</td><td>1,843</td><td>1,425</td><td>86</td><td>135</td><td>44</td><td>263</td><td>154</td><td>55</td><td>245</td><td>324</td><td>99</td><td>154</td><td>41</td><td>33</td><td>215</td></tr><tr><td>Hawaii</td><td>17,367</td><td>10,522</td><td>2,271</td
Sources: (1) Total sales: Daily Treasury Statements: (2) Sales by States: Reports of gross sales. p. 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".
Treasury Bulletin
42
Participation in Payroll Savings Plans for United States Savings Bonds
<table><tr><th rowspan="2"></th><th colspan="2">Fiscal year</th><th colspan="8">1943</th><th colspan="5">1944</th></tr><tr><th>1942</th><th>1941</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><th>May</th></tr><tr><td>Total number of persons participating 2/, as of end of period indicated (in millions)</td><td>3/</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><td>27.3</td><td>27.2p</td></tr><tr><td>Total amount deducted (in millions of dollars)</td><td>5444/</td><td>4.067</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</td><td>495</td><td>475p</td><td>465p</td></tr><tr><td>Percent of participants' pay deducted</td><td>5.244/</td><td>8.3%</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%</td><td>9.8%</td><td>9.7%</td><td>9.6%</td></tr></table>
Preliminary. Estimates based on reports from a large number of participating organizations. Consists of participants in (1) private employment, (2) Federal, State, and local government employment (including their
3/ Not available. The number of participants exclusive of those in the armed forces approximated 16 millions in June 1942.
4/ Consists only of deductions from December 1941 through June 1942. Data on deductions prior to December 1941 are not available.
Sales of Treasury Savings Notes 1/
Table 1.- Summary of Sales and Redemptions, by Series
(Par values - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for oasb</th><th>Exchanged for new series</th></tr><tr><td colspan="8">All series</td></tr><tr><td>1942</td><td>3,014.5</td><td>+3,014.5</td><td>4,138.9</td><td>1,124.4</td><td>1,103.7</td><td>20.7</td><td>.......</td></tr><tr><td>1943</td><td>7,495.4</td><td>+4,480.9</td><td>8,758.5</td><td>4,277.6</td><td>4,094.4</td><td>114.9</td><td>68.3</td></tr><tr><td>1944</td><td>9,582.0</td><td>+2,086.5</td><td>8,953.7</td><td>6,867.2</td><td>6,365.1</td><td>502.1</td><td>.......</td></tr><tr><td>1943-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>114.7</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>May</td><td>7,087.6</td><td>-48.6</td><td>145.1</td><td>193.7</td><td>155.1</td><td>38.6</td><td>.......</td></tr><tr><td>June</td><td>9,582.0</td><td>+494.4</td><td>1,922.3</td><td>1,427.9</td><td>1,354.0</td><td>73.9</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>.3</td><td>.......</td></tr><tr><td>1943</td><td>266.7</td><td>+211.9</td><td>334.7</td><td>122.8</td><td>114.0</td><td>.7</td><td>.1</td></tr><tr><td>1944</td><td>112.1</td><td>-154.6</td><td></td><td>154.6</td><td>136.1</td><td>18.6</td><td>.......</td></tr><tr><td>1943-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>May</td><td>122.1</td><td>-3.1</td><td></td><td>3.1</td><td>2.4</td><td>.7</td><td>.......</td></tr><tr><td>June</td><td>112.1</td><td>-10.0</td><td></td><td>10.0</td><td>8.4</td><td>1.6</td><td>.......</td></tr></table>
(Continued on following page)
July 1944
- August 1944
4
Sales of Treasury Savings Notes1/ - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Par values - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemption 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 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>........</td></tr><tr><td>1943</td><td>764.8</td><td>-2,195.0</td><td>877.1</td><td>3,072.1</td><td>2,933.3</td><td>70.6</td><td>68.2</td></tr><tr><td>1944</td><td>22.1</td><td>-742.6</td><td>........</td><td>742.6</td><td>721.2</td><td>21.5</td><td>........</td></tr><tr><td>1943-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><tr><td>May</td><td>34.1</td><td>-5.6</td><td>........</td><td>5.6</td><td>5.4</td><td>.2</td><td>........</td></tr><tr><td>June</td><td>22.1</td><td>-12.0</td><td>........</td><td>12.0</td><td>11.3</td><td>.6</td><td>........</td></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>1944</td><td>9,447.7</td><td>+2,983.8</td><td>8,953.6</td><td>5,969.9</td><td>5,507.9</td><td>462.0</td><td>........</td></tr><tr><td>1943-June</td><td>6,464.0</td><td>-46.6</td><td>463.6</td><td>510.2</td><td>497.5</td><td>12.8</td><td>........</td></tr><tr><td>July</td><td>6,715.7</td><td>+251.7</td><td>414.0</td><td>162.3</td><td>148.4</td><td>13.9</td><td>........</td></tr><tr><td>August</td><td>6,828.9</td><td>+113.2</td><td>213.5</td><td>100.2</td><td>76.6</td><td>23.7</td><td>........</td></tr><tr><td>September</td><td>8,320.5</td><td>+1,491.6</td><td>2,260.0</td><td>768.4</td><td>738.4</td><td>30.0</td><td>........</td></tr><tr><td>October</td><td>8,611.3</td><td>+290.8</td><td>460.7</td><td>169.9</td><td>149.9</td><td>20.0</td><td>........</td></tr><tr><td>November</td><td>8,797.0</td><td>+185.8</td><td>330.2</td><td>144.4</td><td>106.7</td><td>37.7</td><td>........</td></tr><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><tr><td>May</td><td>8,931.4</td><td>-39.9</td><td>145.1</td><td>185.0</td><td>147.3</td><td>37.7</td><td>........</td></tr><tr><td>June</td><td>9,447.7</td><td>+516.4</td><td>1,922.3</td><td>1,405.9</td><td>1,334.2</td><td>71.7</td><td>........</td></tr></table>
Source: Daily Treasury Statements.
Less than $50,000.
1/ These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax savings notes. Series A notes were designed for the small and moderate taxpayer; series B and series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for series A tax savings notes disappeared and their sale was discontinued. Redemption provisions on series A notes were relaxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnote 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.
2/ Includes matured Treasury savings notes.
3/ 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 par value; this limitation was removed as of that date.
1/ Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately .48 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 notes may be redeemed for cash six months after the date of issue at the tax payment value current at the time of presentation. Prior to July 27, 1943, notice of 30 days was required for cash redemption. See also footnote 1/.
44
Treasury Bulletin
Sales of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="9">Sales in millions of dollars at par</th><th colspan="9">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th colspan="8">Denomination</th><th>Total all denominations</th><th colspan="8">Denomination</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>1,124.4</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>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.9</td><td>1,259.3</td><td>1,808.0</td><td>100.0</td><td>.1</td><td>.3</td><td>4.4</td><td>5.7</td><td>20.7</td><td>34.5</td><td>14.1</td><td>20.2</td></tr><tr><td>1943-June....</td><td>463.6</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>17.8</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>.1</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><tr><td>May</td><td>145.1</td><td>.3</td><td>.4</td><td>4.4</td><td>7.1</td><td>26.7</td><td>50.8</td><td>16.1</td><td>39.3</td><td>100.0</td><td>.2</td><td>.3</td><td>3.0</td><td>4.9</td><td>18.4</td><td>35.0</td><td>11.1</td><td>27.1</td></tr><tr><td>June</td><td>1,922.3</td><td>3.8</td><td>7.7</td><td>71.1</td><td>103.8</td><td>376.8</td><td>682.4</td><td>248.0</td><td>428.7</td><td>100.0</td><td>.2</td><td>.4</td><td>3.7</td><td>5.4</td><td>19.6</td><td>35.5</td><td>12.9</td><td>22.3</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 colspan="2">Type of purchaser</th><th>Total</th><th colspan="2">Type of purchaser</th></tr><tr><th></th><th></th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th></th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td>1943</td><td>7,546.7</td><td>611.3</td><td>6,935.4</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>1944</td><td>8,953.7</td><td>654.9</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1943-June</td><td>463.6</td><td>26.9</td><td>436.7</td><td>100.0</td><td>5.8</td><td>94.2</td></tr><tr><td>July</td><td>414.0</td><td>21.5</td><td>392.5</td><td>100.0</td><td>5.2</td><td>94.8</td></tr><tr><td>August</td><td>213.5</td><td>15.4</td><td>198.1</td><td>100.0</td><td>7.2</td><td>92.8</td></tr><tr><td>September</td><td>2,260.0</td><td>166.9</td><td>2,093.1</td><td>100.0</td><td>7.4</td><td>92.6</td></tr><tr><td>October</td><td>460.7</td><td>51.1</td><td>409.6</td><td>100.0</td><td>11.1</td><td>88.9</td></tr><tr><td>November</td><td>330.2</td><td>16.2</td><td>314.0</td><td>100.0</td><td>4.9</td><td>95.1</td></tr><tr><td>December</td><td>436.8</td><td>20.5</td><td>416.3</td><td>100.0</td><td>4.7</td><td>95.3</td></tr><tr><td>1944-January</td><td>1,216.1</td><td>108.2</td><td>1,107.9</td><td>100.0</td><td>8.9</td><td>91.1</td></tr><tr><td>February</td><td>1,017.1</td><td>75.3</td><td>941.8</td><td>100.0</td><td>7.4</td><td>92.6</td></tr><tr><td>March</td><td>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><tr><td>May</td><td>145.1</td><td>12.5</td><td>132.6</td><td>100.0</td><td>8.6</td><td>91.4</td></tr><tr><td>June</td><td>1,922.3</td><td>126.9</td><td>1,795.4</td><td>100.0</td><td>6.6</td><td>93.4</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.
July 1944
August 1944
45
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 1/</td><td>5,294</td><td>+5,143</td><td>6,087</td><td>943</td><td>4/</td><td>4/</td><td>100.0</td><td>4/</td><td>4/</td></tr><tr><td>1942 {July 1941.................</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,948</td><td>18,468 5/</td><td>100.0</td><td>87.4</td><td>12.5 5/</td></tr><tr><td>1942 (Aug. 1941-June 1942........</td><td>213,350</td><td>+45,620 6/ 1/</td><td>590,268 1/</td><td>544,647</td><td>474,168</td><td>70,480 5/</td><td>100.0</td><td>87.1</td><td>12.9 5/</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1943-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>6,543</td><td>100.0</td><td>81.3</td><td>18.7</td></tr><tr><td>December</td><td>203,004</td><td>+649</td><td>43,585</td><td>42,937</td><td>33,896</td><td>9,040</td><td>100.0</td><td>78.9</td><td>21.1</td></tr><tr><td>1944-January</td><td>204,906</td><td>+1,842</td><td>37,451</td><td>35,610</td><td>30,027</td><td>5,582</td><td>100.0</td><td>84.3</td><td>15.7</td></tr><tr><td>February</td><td>200,577</td><td>+4,329</td><td>34,993</td><td>39,322</td><td>33,625</td><td>5,698</td><td>100.0</td><td>85.5</td><td>14.5</td></tr><tr><td>March</td><td>195,821</td><td>+4,755</td><td>40,029</td><td>44,784</td><td>35,784</td><td>9,000</td><td>100.0</td><td>79.9</td><td>20.1</td></tr><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>19.5</td></tr><tr><td>May</td><td>198,407</td><td>+2,003</td><td>30,748</td><td>28,745</td><td>23,055</td><td>5,690</td><td>100.0</td><td>80.2</td><td>19.8</td></tr><tr><td>June</td><td>196,518</td><td>-1,889</td><td>22,696</td><td>24,584</td><td>20,774</td><td>3,811</td><td>100.0</td><td>84.5</td><td>15.5</td></tr></table>
Source: Daily Treasury Statemente commencing November 1, 1942; prior thereto, Post Office Department.
1/ Figures for perioe prior to November 1, 1942 are not strictly comparable with subsequent date because of the shift to a Daily Treasury Statement basis. Stamps sold prior to October 1, 1942 were known as postal saving stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples conducted by the Post Office Department.
3/ Sales and redemptions commence with May 1, 1941 when the special
defense series of stamps went on sale. The amount of the old series of postal savings stamps outstanding on April 30, 1941 was $150 thousand. Details not available for May, June, and July 1941. Includes minor amounts which were exchanged for postal savings certificate. These aggregated $123 thousand for the period August 1, 1941 through June 30, 1942 and $55 thousand for the period July 1, 1942 through October 31, 1942. Net of sales less redemptions. See footnote 1/. 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>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1943-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>7.5</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>2,511</td><td>3,485</td><td>1,203</td><td>100.0</td><td>29.8</td><td>50.9</td><td>6.8</td><td>9.3</td><td>3.2</td></tr><tr><td>February</td><td>34,993</td><td>10,511</td><td>17,799</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>6.8</td><td>9.6</td><td>2.7</td></tr><tr><td>March</td><td>40,029</td><td>11,174</td><td>20,227</td><td>3,132</td><td>4,167</td><td>1,330</td><td>100.0</td><td>27.9</td><td>50.6</td><td>7.8</td><td>10.4</td><td>3.3</td></tr><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><tr><td>May</td><td>30,748</td><td>7,588</td><td>15,878</td><td>2,437</td><td>3,724</td><td>1,122</td><td>100.0</td><td>24.7</td><td>51.6</td><td>7.9</td><td>12.1</td><td>3.7</td></tr><tr><td>June</td><td>22,696</td><td>4,436</td><td>11,808</td><td>2,438</td><td>3,027</td><td>987</td><td>100.0</td><td>19.6</td><td>52.0</td><td>10.7</td><td>13.3</td><td>4.4</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.
46
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
July 1944
- August 1944
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="3">End of fiscal year or month</th><th colspan="7">Securities issued by United States Government</th><th colspan="5">Securities guaranteed by United States 1/</th></tr><tr><th rowspan="2">Total amount outstanding</th><th colspan="4">U. S. Government agencies and trust funds 2/</th><th colspan="3">Federal Reserve Banks</th><th colspan="3">Private investors 3/</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks 2/</th><th colspan="3">Private investors 3/</th></tr><tr><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total amount unmatured outstanding</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th></tr><tr><td>1935</td><td>27,645</td><td>1,629</td><td>996</td><td>*</td><td>633</td><td>2,433</td><td>23,583</td><td>23,521</td><td>62</td><td>4,123</td><td>362</td><td>-</td><td>3,761</td><td>-</td></tr><tr><td>1936</td><td>32,989</td><td>1,945</td><td>1,319</td><td>*</td><td>626</td><td>2,430</td><td>28,614</td><td>27,353</td><td>1,261</td><td>4,718</td><td>375</td><td>-</td><td>4,343</td><td>-</td></tr><tr><td>1937</td><td>35,800</td><td>3,221</td><td>1,663</td><td>*</td><td>1,558</td><td>2,526</td><td>30,053</td><td>28,865</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,452</td><td>1,776</td><td>*</td><td>2,676</td><td>2,564</td><td>29,560</td><td>28,004</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,600</td><td>1,830</td><td>*</td><td>3,770</td><td>2,551</td><td>31,735</td><td>29,584</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,792</td><td>2,017</td><td>*</td><td>4,775</td><td>2,458</td><td>33,126</td><td>29,961</td><td>3,166</td><td>5,498</td><td>287</td><td>-</td><td>5,211</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,214</td><td>2,093</td><td>1</td><td>6,120</td><td>2,180</td><td>37,993</td><td>33,439</td><td>4,554</td><td>6,360</td><td>273</td><td>-</td><td>6,087</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,330</td><td>2,442</td><td>3</td><td>7,885</td><td>2,640</td><td>58,998</td><td>45,491</td><td>13,507</td><td>4,549</td><td>286</td><td>-</td><td>4,263</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,080</td><td>3,202</td><td>7</td><td>10,871</td><td>7,149</td><td>114,152</td><td>84,959</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,955p</td><td>4,658p</td><td>10p</td><td>14,287</td><td>14,899</td><td>165,690p</td><td>120,845p</td><td>44,845p</td><td>1,516</td><td>5p</td><td>176</td><td>1,185p</td><td>150</td></tr><tr><td>1943-June</td><td>135,380</td><td>14,080</td><td>3,202</td><td>7</td><td>10,871</td><td>7,149</td><td>114,152</td><td>84,959</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>July</td><td>140,238</td><td>14,594</td><td>3,131</td><td>7</td><td>11,456</td><td>8,154</td><td>117,491</td><td>87,328</td><td>30,163</td><td>3,782</td><td>113</td><td>129</td><td>3,469</td><td>71</td></tr><tr><td>Aug.</td><td>142,721</td><td>15,038</td><td>3,125</td><td>7</td><td>11,907</td><td>9,055</td><td>118,628</td><td>87,756</td><td>30,872</td><td>3,934</td><td>46</td><td>279</td><td>3,536</td><td>73</td></tr><tr><td>Sept.</td><td>157,053</td><td>15,471</td><td>3,748</td><td>7</td><td>11,717</td><td>8,886</td><td>132,696</td><td>98,793</td><td>33,904</td><td>3,964</td><td>46</td><td>305</td><td>3,536</td><td>77</td></tr><tr><td>Oct.</td><td>163,589</td><td>15,641</td><td>3,766</td><td>7</td><td>11,868</td><td>9,303</td><td>138,644</td><td>102,875</td><td>35,769</td><td>4,113</td><td>62</td><td>340</td><td>3,520</td><td>190</td></tr><tr><td>Nov.</td><td>164,781</td><td>16,047</td><td>3,762</td><td>7</td><td>12,278</td><td>10,272</td><td>138,462</td><td>101,874</td><td>36,588</td><td>4,154</td><td>88</td><td>376</td><td>3,495</td><td>195</td></tr><tr><td>Dec.</td><td>164,508</td><td>16,493</td><td>3,783</td><td>7</td><td>12,703</td><td>11,450</td><td>136,555</td><td>99,988</td><td>36,567</td><td>4,225</td><td>87</td><td>437</td><td>3,495</td><td>205</td></tr><tr><td>1944-Jan.</td><td>167,043</td><td>16,653</td><td>3,773</td><td>8</td><td>12,873</td><td>11,985</td><td>138,405</td><td>99,501</td><td>38,903</td><td>4,269</td><td>91</td><td>495</td><td>3,492</td><td>191</td></tr><tr><td>Feb.</td><td>181,709</td><td>17,210</td><td>4,034</td><td>9</td><td>13,168</td><td>11,545</td><td>152,954</td><td>110,593</td><td>42,361</td><td>4,227</td><td>91</td><td>570</td><td>3,378</td><td>188</td></tr><tr><td>Mar.</td><td>183,348</td><td>17,563</td><td>4,047</td><td>9</td><td>13,507</td><td>12,111</td><td>153,674</td><td>111,921</td><td>41,752</td><td>2,258</td><td>7</td><td>539</td><td>1,537</td><td>175</td></tr><tr><td>Apr.</td><td>183,413</td><td>17,757</td><td>4,050</td><td>10</td><td>13,697</td><td>13,216</td><td>152,440</td><td>110,174</td><td>42,265</td><td>2,258</td><td>7</td><td>586</td><td>1,497</td><td>168</td></tr><tr><td>May</td><td>184,874</td><td>18,185</td><td>4,054</td><td>10</td><td>14,122</td><td>14,247</td><td>152,442</td><td>109,728</td><td>42,714</td><td>1,529</td><td>7</td><td>176</td><td>1,183</td><td>163</td></tr><tr><td>June</td><td>199,543</td><td>18,955p</td><td>4,658p</td><td>10p</td><td>14,287</td><td>14,899</td><td>165,690p</td><td>120,845p</td><td>44,845p</td><td>1,516</td><td>5p</td><td>176</td><td>1,185p</td><td>150</td></tr></table>
Sources: (1) Total amounts outstanding; Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds; reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks; Federal Reserve System. p * Preliminary. Less than $500,000.
1/ Excludes matured securities, and obligations held by the Treasury. 2/ Excludes Exchange Stabilization Fund. 3/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
48
Treasury Bulletin
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 5/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds 7/</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>5.8</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/ Consists of commercial and stock earning banks in the United States and in territories and insular possessions.
4/ Includes partnerships, personal trust accounts, and unincorporated
business. 5/ Includes dealers and brokers. 6/ Includes their agencies and their trust, sinking, and investment funds, and territories and insular possessions. 7/ Includes Exchange Stabilization Fund.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(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>-10.0</td><td>20.5</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Less than $50,000. 1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilisation Fund.
July 1944 -
August 1944
49
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. May 31, 1944
The following tables present summary data as of May 31, 1944, from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insur-
ance companies covered in the survey account for approximately 95 percent of the amount of such securities owned by all banks and insurance companies in the United States.
Table 1.- Summary: All Interest-Bearing Securities
(in millions of dollars)
<table><tr><th></th><th>Total amount outstanding</th><th colspan="5">Held by banks and insurance companies covered in Treasury Survey</th><th>Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 1/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>6,687 commercial banks</th><th>31 stock savings banks</th><th>544 mutual savings banks</th><th colspan="3">753 insurance companies</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>209 life insurance companies</th><th>544 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>129,218</td><td>58,360</td><td>274</td><td>6,593</td><td>15,649</td><td>13,502</td><td>2,147</td><td>18,307</td><td>30,035</td></tr><tr><td>Non-marketable securities</td><td>43,063</td><td>1,071</td><td>5</td><td>150</td><td>204</td><td>68</td><td>136</td><td>185</td><td>41,448</td></tr><tr><td>Total public securities</td><td>172,281</td><td>59,431</td><td>280</td><td>6,742</td><td>15,853</td><td>13,570</td><td>2,283</td><td>18,492</td><td>71,483</td></tr><tr><td>Special issues</td><td>14,122</td><td></td><td></td><td></td><td></td><td></td><td></td><td>14,122</td><td></td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 2/</td><td>186,403</td><td>59,431</td><td>280</td><td>6,742</td><td>15,853</td><td>13,570</td><td>2,283</td><td>32,614</td><td>71,483</td></tr></table>
1/ Excludes Exchange Stabilisation Fund.
2/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX-EXEMPTION PROVISIONS
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="4">Held by banks and insurance companies covered in Treasury Survey</th><th colspan="3">Held by</th></tr><tr><th></th><th></th><th>6,687 commercial banks</th><th>31 stock savings banks</th><th>544 mutual savings banks</th><th colspan="3">753 insurance companies</th><th>U. S. Government agencies and trust funds, and Federal Reserve Banks 1/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>209 life insurance companies</th><th>544 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td colspan="10">Par values - in millions of dollars</td></tr><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>13,766</td><td>3,627</td><td>*</td><td>10</td><td>8</td><td>2</td><td>6</td><td>8,490</td><td>1,630</td></tr><tr><td>Certificates of indebtedness</td><td>25,266</td><td>12,924</td><td>26</td><td>210</td><td>557</td><td>313</td><td>244</td><td>3,229</td><td>8,320</td></tr><tr><td>Treasury notes</td><td>16,265</td><td>11,485</td><td>14</td><td>274</td><td>301</td><td>147</td><td>154</td><td>1,255</td><td>2,935</td></tr><tr><td>Treasury bonds</td><td>72,537</td><td>29,368</td><td>233</td><td>6,088</td><td>14,718</td><td>12,986</td><td>1,732</td><td>5,293</td><td>16,838</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>14</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>35</td><td>146</td></tr><tr><td>Guaranteed by United States 2/</td><td>1,190</td><td>943</td><td>1</td><td>10</td><td>64</td><td>53</td><td>10</td><td>7</td><td>166</td></tr><tr><td>Total</td><td>129,218</td><td>58,360</td><td>274</td><td>6,593</td><td>15,649</td><td>13,502</td><td>2,147</td><td>18,307</td><td>30,035</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>46,112</td><td>20,722</td><td>28</td><td>296</td><td>753</td><td>425</td><td>327</td><td>12,351</td><td>11,962</td></tr><tr><td>1 to 5 years</td><td>23,515</td><td>15,646</td><td>20</td><td>620</td><td>1,520</td><td>1,088</td><td>432</td><td>1,696</td><td>4,014</td></tr><tr><td>5 to 10 years</td><td>30,015</td><td>17,645</td><td>59</td><td>2,223</td><td>3,222</td><td>2,582</td><td>640</td><td>1,413</td><td>5,454</td></tr><tr><td>10 to 15 years</td><td>10,464</td><td>2,747</td><td>99</td><td>1,490</td><td>2,307</td><td>1,885</td><td>423</td><td>759</td><td>3,061</td></tr><tr><td>15 to 20 years</td><td>6,484</td><td>697</td><td>25</td><td>729</td><td>2,904</td><td>2,781</td><td>183</td><td>578</td><td>1,491</td></tr><tr><td>Over 20 years</td><td>12,605</td><td>897</td><td>43</td><td>1,234</td><td>4,870</td><td>4,728</td><td>142</td><td>1,510</td><td>4,052</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>23</td><td>7</td><td>*</td><td>1</td><td>13</td><td>12</td><td>*</td><td>1</td><td>1</td></tr><tr><td>Total</td><td>129,218</td><td>58,360</td><td>274</td><td>6,593</td><td>15,649</td><td>13,502</td><td>2,147</td><td>18,307</td><td>30,035</td></tr><tr><th>Tax-exemption provisions: 3/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>1,343</td><td>255</td><td>*</td><td>1</td><td>20</td><td>2</td><td>18</td><td>92</td><td>975</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>23,985</td><td>13,221</td><td>115</td><td>496</td><td>2,947</td><td>1,955</td><td>992</td><td>2,395</td><td>1,812</td></tr><tr><td>Subject to Federal income taxes</td><td>103,890</td><td>44,884</td><td>159</td><td>6,095</td><td>12,681</td><td>11,544</td><td>1,137</td><td>15,821</td><td>24,249</td></tr><tr><td>Total</td><td>129,218</td><td>58,360</td><td>274</td><td>6,593</td><td>15,649</td><td>13,502</td><td>2,147</td><td>18,307</td><td>30,035</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, May 31, 1944 - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX-EXEMPTION PROVISIONS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by banks and insurance companies covered in Treasury Survey</th><th rowspan="2">Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 1/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>6,687 commercial banks</th><th>31 stock savings banks</th><th>544 mutual savings banks</th><th colspan="2">753 insurance companies</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Total</td><td>209 life insurance companies</td><td>544 fire, casualty, and marine insurance companies</td><td></td></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>10.7</td><td>6.2</td><td>•</td><td>.2</td><td>.1</td><td>•</td><td>.3</td><td>46.4</td><td>5.4</td></tr><tr><td>Certificates of indebtedness</td><td>19.6</td><td>22.1</td><td>9.5</td><td>3.2</td><td>3.6</td><td>2.3</td><td>11.4</td><td>17.6</td><td>27.7</td></tr><tr><td>Treasury notes</td><td>12.6</td><td>19.7</td><td>5.1</td><td>4.2</td><td>1.9</td><td>1.1</td><td>7.2</td><td>6.9</td><td>9.8</td></tr><tr><td>Treasury bonds</td><td>56.1</td><td>50.3</td><td>85.0</td><td>92.4</td><td>94.0</td><td>96.2</td><td>80.6</td><td>28.9</td><td>56.1</td></tr><tr><td>Postal savings and other bonds</td><td>.2</td><td>•</td><td>•</td><td>•</td><td>•</td><td>•</td><td>•</td><td>.2</td><td>.5</td></tr><tr><td>Guaranteed by United States 2/</td><td>.9</td><td>1.6</td><td>.4</td><td>.1</td><td>.4</td><td>.4</td><td>.5</td><td>•</td><td>.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><td>100.0</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>35.7</td><td>35.5</td><td>10.4</td><td>4.5</td><td>4.8</td><td>3.1</td><td>15.2</td><td>67.5</td><td>39.8</td></tr><tr><td>1 to 5 years</td><td>18.2</td><td>26.8</td><td>7.4</td><td>9.4</td><td>9.7</td><td>8.1</td><td>20.1</td><td>9.3</td><td>13.4</td></tr><tr><td>5 to 10 years</td><td>23.2</td><td>30.2</td><td>21.5</td><td>33.7</td><td>20.6</td><td>19.1</td><td>29.8</td><td>7.7</td><td>18.2</td></tr><tr><td>10 to 15 years</td><td>8.1</td><td>4.7</td><td>35.1</td><td>22.6</td><td>14.7</td><td>14.0</td><td>19.7</td><td>4.1</td><td>10.2</td></tr><tr><td>15 to 20 years</td><td>5.0</td><td>1.2</td><td>9.0</td><td>11.1</td><td>18.9</td><td>20.6</td><td>8.5</td><td>3.2</td><td>5.0</td></tr><tr><td>Over 20 years</td><td>9.8</td><td>1.5</td><td>15.6</td><td>18.7</td><td>31.1</td><td>35.0</td><td>6.6</td><td>8.2</td><td>13.5</td></tr><tr><td>Various (Federal Housing Administration debentures)</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></tr><tr><th>Tax-exemption provisions: 3/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>1.0</td><td>.4</td><td>.1</td><td>•</td><td>.1</td><td>•</td><td>.8</td><td>.5</td><td>3.2</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>18.6</td><td>22.7</td><td>41.8</td><td>7.5</td><td>18.8</td><td>14.5</td><td>46.2</td><td>13.1</td><td>16.0</td></tr><tr><td>Subject to Federal income taxes</td><td>80.4</td><td>76.9</td><td>58.1</td><td>92.5</td><td>81.0</td><td>85.5</td><td>53.0</td><td>86.4</td><td>80.7</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></tr></table>
Percentage distribution by groups of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities Issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>26.3</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>*</td><td>61.7</td><td>11.8</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>51.2</td><td>.1</td><td>.8</td><td>2.2</td><td>1.2</td><td>1.0</td><td>12.8</td><td>32.9</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>70.6</td><td>.1</td><td>1.7</td><td>1.9</td><td>.9</td><td>.9</td><td>7.7</td><td>18.0</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>40.5</td><td>.3</td><td>8.4</td><td>20.3</td><td>17.9</td><td>2.4</td><td>7.3</td><td>23.2</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>7.2</td><td>*</td><td>.1</td><td>.3</td><td>*</td><td>.2</td><td>17.6</td><td>74.7</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>79.3</td><td>.1</td><td>.8</td><td>5.3</td><td>4.5</td><td>.9</td><td>.6</td><td>13.9</td></tr><tr><td>Total</td><td>100.0</td><td>45.2</td><td>.2</td><td>5.1</td><td>12.1</td><td>10.4</td><td>1.7</td><td>14.2</td><td>23.2</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>44.9</td><td>.1</td><td>.6</td><td>1.6</td><td>.9</td><td>.7</td><td>26.8</td><td>25.9</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>66.5</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>17.1</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>58.8</td><td>.2</td><td>7.4</td><td>10.7</td><td>8.6</td><td>2.1</td><td>4.7</td><td>18.2</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>26.3</td><td>.9</td><td>14.2</td><td>22.1</td><td>18.0</td><td>4.0</td><td>7.3</td><td>29.3</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>10.7</td><td>.4</td><td>11.2</td><td>45.7</td><td>42.9</td><td>2.8</td><td>8.9</td><td>23.0</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>7.1</td><td>.3</td><td>9.8</td><td>38.6</td><td>37.5</td><td>1.1</td><td>12.0</td><td>32.1</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>31.2</td><td>.1</td><td>3.7</td><td>54.3</td><td>52.2</td><td>2.1</td><td>5.0</td><td>5.7</td></tr><tr><td>Total</td><td>100.0</td><td>45.2</td><td>.2</td><td>5.1</td><td>12.1</td><td>10.4</td><td>1.7</td><td>14.2</td><td>23.2</td></tr><tr><th>Tax-exempt provision:</th><th>3/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>19.0</td><td>*</td><td>.1</td><td>1.5</td><td>.2</td><td>1.3</td><td>6.8</td><td>72.6</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>55.1</td><td>.5</td><td>2.1</td><td>12.3</td><td>8.2</td><td>4.1</td><td>10.0</td><td>20.1</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>43.2</td><td>.2</td><td>5.9</td><td>12.2</td><td>11.1</td><td>1.1</td><td>15.2</td><td>23.1</td></tr><tr><td>Total</td><td>100.0</td><td>45.2</td><td>.2</td><td>5.1</td><td>12.1</td><td>10.4</td><td>1.7</td><td>14.2</td><td>23.2</td></tr></table>
(Continued on following page)
July 1944
- August 1944
51
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States
May 31, 1944 - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status is shown in parentheses 3/)</th><th>Total amount outstanding</th><th colspan="4">Held by banks and insurance companies covered in Treasury Survey</th><th colspan="3">753 insurance companies</th><th>Held by Government agencies and trust funds, and Federal Reserve Banks 1/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>6,687 commercial banks</th><th>31 stock savings banks</th><th>544 mutual savings banks</th><th>Total</th><th>209 life insurance companies</th><th>544 fire, casualty, and marine insurance companies</th><th></th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>13,766</td><td>3,627</td><td>*</td><td>10</td><td>8</td><td>2</td><td>6</td><td>8,490</td><td>1,630</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/84 August 1944......(taxable)</td><td>2,545</td><td>1,639</td><td>3</td><td>6</td><td>41</td><td>21</td><td>21</td><td>605</td><td>251</td></tr><tr><td>7/84 September 1944......(taxable)</td><td>4,122</td><td>1,429</td><td>8</td><td>48</td><td>98</td><td>47</td><td>51</td><td>425</td><td>2,114</td></tr><tr><td>7/84 October 1944......(taxable)</td><td>3,519</td><td>2,369</td><td>2</td><td>12</td><td>57</td><td>46</td><td>11</td><td>591</td><td>489</td></tr><tr><td>7/84 December 1944......(taxable)</td><td>3,540</td><td>2,411</td><td>1</td><td>10</td><td>41</td><td>30</td><td>11</td><td>402</td><td>675</td></tr><tr><td>7/84 February 1945......(taxable)</td><td>5,048</td><td>898</td><td>8</td><td>87</td><td>275</td><td>152</td><td>123</td><td>98</td><td>3,683</td></tr><tr><td>7/84 April 1945......(taxable)</td><td>4,877</td><td>3,001</td><td>3</td><td>44</td><td>38</td><td>17</td><td>22</td><td>823</td><td>967</td></tr><tr><td>7/84 May 1945......(taxable)</td><td>1,615</td><td>1,177</td><td>1</td><td>4</td><td>6</td><td>1</td><td>6</td><td>285</td><td>141</td></tr><tr><td>Total certificates of indebtedness</td><td>25,266</td><td>12,924</td><td>26</td><td>210</td><td>557</td><td>313</td><td>244</td><td>3,229</td><td>8,320</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% June 1944......(wholly)</td><td>146</td><td>21</td><td>-</td><td>*</td><td>3</td><td>2</td><td>1</td><td>*</td><td>122</td></tr><tr><td>3/4% September 1944......(taxable)</td><td>635</td><td>406</td><td>*</td><td>6</td><td>24</td><td>19</td><td>5</td><td>48</td><td>151</td></tr><tr><td>1/4% September 1944......(wholly)</td><td>283</td><td>43</td><td>*</td><td>*</td><td>2</td><td>-</td><td>2</td><td>24</td><td>214</td></tr><tr><td>3/4% March 1945......(taxable)</td><td>2,127</td><td>1,583</td><td>1</td><td>12</td><td>9</td><td>1</td><td>8</td><td>250</td><td>272</td></tr><tr><td>3/4% March 1945......(wholly)</td><td>718</td><td>177</td><td>*</td><td>1</td><td>15</td><td>*</td><td>15</td><td>74</td><td>492</td></tr><tr><td>1-1/4% March 1945......(taxable)</td><td>1,606</td><td>1,155</td><td>*</td><td>23</td><td>25</td><td>14</td><td>11</td><td>161</td><td>242</td></tr><tr><td>3/4% December 1945......(taxable)</td><td>531</td><td>371</td><td>1</td><td>12</td><td>29</td><td>19</td><td>10</td><td>26</td><td>92</td></tr><tr><td>1/4% March 1946......(taxable)</td><td>503</td><td>357</td><td>1</td><td>8</td><td>31</td><td>24</td><td>7</td><td>1</td><td>104</td></tr><tr><td>1-1/2% December 1946......(taxable)</td><td>3,261</td><td>2,490</td><td>2</td><td>69</td><td>55</td><td>19</td><td>35</td><td>284</td><td>361</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>2,129</td><td>6</td><td>65</td><td>63</td><td>32</td><td>31</td><td>*</td><td>444</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,754</td><td>2</td><td>77</td><td>46</td><td>17</td><td>29</td><td>429</td><td>440</td></tr><tr><td>Total Treasury notes</td><td>16,265</td><td>11,485</td><td>14</td><td>274</td><td>301</td><td>147</td><td>154</td><td>1,855</td><td>2,935</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/4% December 1944-54......(partially)</td><td>1,037</td><td>423</td><td>*</td><td>28</td><td>100</td><td>69</td><td>31</td><td>78</td><td>407</td></tr><tr><td>2-3/4% September 1945-47......(partially)</td><td>1,214</td><td>491</td><td>*</td><td>22</td><td>155</td><td>122</td><td>33</td><td>171</td><td>376</td></tr><tr><td>2-1/2% December 1945......(partially)</td><td>541</td><td>273</td><td>*</td><td>7</td><td>44</td><td>19</td><td>25</td><td>18</td><td>199</td></tr><tr><td>3-3/4% March 1946-56......(partially)</td><td>489</td><td>201</td><td>*</td><td>15</td><td>85</td><td>72</td><td>13</td><td>73</td><td>115</td></tr><tr><td>3/4% June 1946-48......(partially)</td><td>1,036</td><td>429</td><td>1</td><td>37</td><td>146</td><td>117</td><td>30</td><td>210</td><td>212</td></tr><tr><td>3-1/8% June 1946-49......(partially)</td><td>819</td><td>342</td><td>*</td><td>23</td><td>109</td><td>90</td><td>19</td><td>89</td><td>256</td></tr><tr><td>1-1/4% October 1947-52......(partially)</td><td>759</td><td>310</td><td>*</td><td>21</td><td>95</td><td>61</td><td>34</td><td>81</td><td>252</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>564</td><td>*</td><td>3</td><td>34</td><td>5</td><td>28</td><td>*</td><td>100</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>602</td><td>*</td><td>113</td><td>191</td><td>168</td><td>23</td><td>59</td><td>150</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>797</td><td>2</td><td>24</td><td>121</td><td>86</td><td>35</td><td>160</td><td>120</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,164</td><td>2</td><td>111</td><td>212</td><td>171</td><td>41</td><td>50</td><td>524</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>341</td><td>*</td><td>3</td><td>38</td><td>23</td><td>15</td><td>-</td><td>69</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>449</td><td>2</td><td>6</td><td>23</td><td>5</td><td>18</td><td>44</td><td>48</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>687</td><td>*</td><td>91</td><td>127</td><td>113</td><td>14</td><td>22</td><td>85</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,292</td><td>909</td><td>1</td><td>102</td><td>124</td><td>102</td><td>22</td><td>12</td><td>144</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,440</td><td>4</td><td>121</td><td>195</td><td>172</td><td>23</td><td>12</td><td>327</td></tr><tr><td>3-1/8% December 1949-52......(partially)</td><td>491</td><td>305</td><td>1</td><td>19</td><td>69</td><td>44</td><td>26</td><td>40</td><td>57</td></tr><tr><td>2-1/2% December 1949-53......(partially)</td><td>1,786</td><td>1,189</td><td>9</td><td>20</td><td>95</td><td>39</td><td>56</td><td>231</td><td>242</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,431</td><td>5</td><td>155</td><td>205</td><td>176</td><td>29</td><td>25</td><td>142</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>2,610</td><td>6</td><td>358</td><td>621</td><td>550</td><td>70</td><td>130</td><td>1,215</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>934</td><td>2</td><td>25</td><td>90</td><td>37</td><td>53</td><td>117</td><td>18</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>914</td><td>8</td><td>32</td><td>295</td><td>227</td><td>68</td><td>168</td><td>209</td></tr><tr><td>2% September 1951-53......(taxable)</td><td>7,986</td><td>4,090</td><td>18</td><td>666</td><td>837</td><td>693</td><td>145</td><td>301</td><td>2,074</td></tr><tr><td>3/4% September 1951-55......(partially)</td><td>755</td><td>303</td><td>*</td><td>18</td><td>88</td><td>53</td><td>35</td><td>79</td><td>267</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>510</td><td>354</td><td>2</td><td>15</td><td>32</td><td>26</td><td>6</td><td>17</td><td>90</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>851</td><td>2</td><td>10</td><td>48</td><td>17</td><td>32</td><td>107</td><td>99</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>296</td><td>*</td><td>297</td><td>139</td><td>128</td><td>12</td><td>68</td><td>224</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>710</td><td>1</td><td>290</td><td>229</td><td>203</td><td>27</td><td>69</td><td>202</td></tr><tr><td>2/4% June 1953-55......(partially)</td><td>725</td><td>622</td><td>1</td><td>3</td><td>26</td><td>2</td><td>24</td><td>14</td><td>60</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>461</td><td>2</td><td>6</td><td>85</td><td>47</td><td>38</td><td>44</td><td>80</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>2,611</td><td>891</td><td>31</td><td>63</td><td>330</td><td>204</td><td>126</td><td>362</td><td>933</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,449</td><td>272</td><td>9</td><td>298</td><td>528</td><td>500</td><td>28</td><td>59</td><td>281</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>279</td><td>22</td><td>1,065</td><td>863</td><td>770</td><td>92</td><td>96</td><td>1,496</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>982</td><td>450</td><td>16</td><td>36</td><td>212</td><td>145</td><td>67</td><td>127</td><td>140</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>390</td><td>19</td><td>22</td><td>289</td><td>218</td><td>72</td><td>70</td><td>128</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,485</td><td>696</td><td>16</td><td>48</td><td>315</td><td>204</td><td>111</td><td>109</td><td>301</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>217</td><td>1,276</td><td>1,238</td><td>38</td><td>199</td><td>422</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>-</td><td>4</td><td>464</td><td>1,373</td><td>1,340</td><td>34</td><td>270</td><td>719</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,762</td><td>-</td><td>10</td><td>542</td><td>1,593</td><td>1,558</td><td>35</td><td>414</td><td>1,204</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>-</td><td>8</td><td>329</td><td>1,591</td><td>1,545</td><td>46</td><td>515</td><td>1,395</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>2,289</td><td>27</td><td>6</td><td>53</td><td>1,113</td><td>1,087</td><td>25</td><td>257</td><td>833</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>870</td><td>19</td><td>310</td><td>574</td><td>538</td><td>36</td><td>324</td><td>618</td></tr><tr><td>Total Treasury bonds</td><td>72,537</td><td>29,368</td><td>233</td><td>6,088</td><td>14,718</td><td>12,986</td><td>1,732</td><td>5,293</td><td>16,838</td></tr></table>
(Continued on following page)
52
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, May 31, 1944 - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status is shown in parentheses 1/)</th><th>Total amount outstanding</th><th colspan="4">Held by banks and insurance companies covered in Treasury Survey</th><th colspan="3">753 insurance companies</th><th>Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 1/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>6,687 commercial banks</th><th>31 stock savings banks</th><th>544 mutual savings banks</th><th>Total</th><th>209 life insurance companies</th><th>544 fire, casualty, and marine insurance companies</th><th></th><th></th><th></th></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds.........(wholly)</td><td>117</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>35</td><td>69</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>49</td></tr><tr><td>Conversion bonds.........(wholly)</td><td>29</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>*</td><td>*</td><td>28</td></tr><tr><td>Total postal savings and other bonds</td><td>196</td><td>14</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>*</td><td>35</td><td>146</td></tr><tr><td>Guaranteed securities 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>Commodity Credit Corporation 1-1/8% February 1945.....(taxable)</td><td>412</td><td>350</td><td>*</td><td>6</td><td>9</td><td>5</td><td>4</td><td>*</td><td>4</td><td>43</td></tr><tr><td>Federal Housing Administration debentures .........(partially)</td><td>23</td><td>7</td><td>*</td><td>1</td><td>13</td><td>12</td><td>*</td><td>*</td><td>1</td><td>1</td></tr><tr><td>Home Owners' Loan Corporation 1-1/2% June 1945-47...(partially)</td><td>755</td><td>586</td><td>1</td><td>3</td><td>42</td><td>36</td><td>6</td><td>*</td><td>1</td><td>122</td></tr><tr><td>Total guaranteed securities</td><td>1,190</td><td>943</td><td>1</td><td>10</td><td>64</td><td>53</td><td>10</td><td>*</td><td>7</td><td>166</td></tr><tr><td>Total public marketable securities</td><td>129,218</td><td>58,360</td><td>274</td><td>6,593</td><td>15,649</td><td>13,502</td><td>2,147</td><td>*</td><td>18,307</td><td>70,035</td></tr></table>
Back Figures: The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Data on banks were reclassified for the period November 1943 through February 1944 and may be found in the "Treasury Bulletin" for May 1944, pages 52-57. Revisions of data on insurance companies for May 31, 1943
2/ 2/ Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. Wholly tax-exempt securities are exempt from both the normal and surtax rates. Partially tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. Taxable securities are subject to both normal and surtax rates.
and prior months may be found in the "Treasury 1943, pages 52-63."
* Less than $500,000 or less than .05 percent.
1/ Excludes Exchange Stabilization Fund.
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par value 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status is shown in parentheses 2/)</th><th>Total amount outstanding</th><th colspan="4">Held by banks and insurance companies covered in Treasury Survey</th><th colspan="3">753 insurance companies</th><th>Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 3/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>6,687 commercial banks</th><th>31 stock savings banks</th><th>544 mutual savings banks</th><th>Total</th><th>209 life insurance companies</th><th>544 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>United States savings bonds 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>Series A-D.....................4/</td><td>3,623</td><td>170</td><td>*</td><td>5</td><td>9</td><td>3</td><td>6</td><td>*</td><td>3,439</td></tr><tr><td>Series E.....(taxable)</td><td>19,980</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>1</td><td>19,979</td></tr><tr><td>Series F.....(taxable)</td><td>1,886</td><td>75</td><td>1</td><td>6</td><td>19</td><td>8</td><td>11</td><td>1</td><td>1,785</td></tr><tr><td>Series O.....(taxable)</td><td>7,499</td><td>181</td><td>3</td><td>139</td><td>152</td><td>51</td><td>101</td><td>8</td><td>7,017</td></tr><tr><td>Total United States savings bonds</td><td>32,987</td><td>425</td><td>4</td><td>150</td><td>180</td><td>62</td><td>118</td><td>9</td><td>32,220</td></tr><tr><td>Treasury tax and savings notes.....(taxable)</td><td>9,050</td><td>57</td><td>1</td><td>*</td><td>25</td><td>6</td><td>18</td><td>-</td><td>8,967</td></tr><tr><td>Adjusted service bonds.....(wholly)</td><td>218</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>218</td></tr><tr><td>Depositary bonds.....(taxable)</td><td>469</td><td>426</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43</td></tr><tr><td>Guaranteed securities 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 demand obligations.....(taxable)</td><td>163</td><td>163</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation, Series I-B.....(taxable)</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>176</td><td>-</td></tr><tr><td>Total public non-marketable securities</td><td>43,063</td><td>1,071</td><td>5</td><td>150</td><td>204</td><td>68</td><td>136</td><td>185</td><td>41,448</td></tr></table>
Less than $500,000.
United States savings bonds, Series A-D, E, and F are shown at current redemption values. They were reported at par by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
Wholly tax-exempt securities are exempt from both the normal and surtax rates. Partially tax-exempt securities are exempt from
the normal rates except that in the case of partially tax-exempt Treasury bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. Taxable securities are subject to both normal and surtax rates. Excludes Exchange Stabilization Fund. Series A-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date were taxable. (Guaranteed securities held by the Treasury are not included.
July 1944 - August 1944
53
PRICES AND YIELDS OF GOVERNMENT SECURITIES (Including securities issued by Federal agencies)
54
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
June 30, 1944
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price date (Price decimals are thirty-seconds)</th><th rowspan="2">Yield date 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconde)</th><th colspan="4">1944 price range 2/ (Price decimals are thirty-seconde)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from May 31, 1944</th><th>Yield 3/</th><th>Change in yield from May 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></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Issued by U. S. Government
<table><tr><th colspan="13">Treasury bonds</th></tr><tr><td>$1,115</td><td>2/4</td><td>-3/15/48-50</td><td>101.28</td><td>101.30</td><td>101.29</td><td>-.03</td><td>1.47%</td><td>+.01%</td><td>1.65%</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>6/30</td></tr><tr><td>3,052</td><td>1-3/4%</td><td>-6/15/48</td><td>101.07+</td><td>101.09+</td><td>101.08</td><td>-.02</td><td>1.42</td><td>+.01</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>1,014</td><td>2/4</td><td>-6/15/49-51</td><td>101.21</td><td>101.23</td><td>101.22</td><td>-.03</td><td>1.04</td><td>+.02</td><td>1.74</td><td>1/15/42</td><td>101.27</td><td>5/9/44</td><td>100.06</td><td>8/5/42</td><td>101.27</td><td>5/9</td><td>101.18</td><td>4/1</td></tr><tr><td>1,292</td><td>2/4</td><td>-9/15/49-51</td><td>101.17</td><td>101.19</td><td>101.18</td><td>-.03</td><td>1.69</td><td>+.02</td><td>1.77</td><td>5/15/42</td><td>101.22</td><td>5/9/44</td><td>100.04</td><td>10/5/42</td><td>101.22</td><td>5/9</td><td>101.12</td><td>2/1</td></tr><tr><td>2,093</td><td>2/4</td><td>-12/15/49-51</td><td>101.15</td><td>101.17</td><td>101.16</td><td>-.02</td><td>1.71</td><td>+.01</td><td>1.78</td><td>7/15/42</td><td>101.21</td><td>5/9/44</td><td>100.03</td><td>8/5/42</td><td>101.21</td><td>5/9</td><td>101.09</td><td>1/13</td></tr><tr><td>1,963</td><td>2/4</td><td>-3/15/50-52</td><td>101.09</td><td>101.11</td><td>101.10</td><td>.00</td><td>1.76</td><td>.00</td><td>1.82</td><td>10/19/42</td><td>101.12</td><td>5/9/44</td><td>100.01</td><td>11/2/42</td><td>101.12</td><td>5/9</td><td>101.00</td><td>1/13</td></tr><tr><td>4,939</td><td>2/4</td><td>-9/15/50-52</td><td>100.30</td><td>100.10</td><td>100.31</td><td>.00</td><td>1.83</td><td>-.01</td><td>1.87</td><td>4/15/43</td><td>101.01</td><td>5/9/44</td><td>100.08</td><td>5/3/43</td><td>101.01</td><td>5/9</td><td>100.21</td><td>1/13</td></tr><tr><td>7,986</td><td>2/4</td><td>-9/15/51-53</td><td>100.13+</td><td>100.14+</td><td>100.14</td><td>.00</td><td>1.93</td><td>-.01</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>510</td><td>2/4</td><td>-12/15/51-55</td><td>100.17</td><td>100.19</td><td>100.18</td><td>.00</td><td>1.92</td><td>.00</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>1,024</td><td>2-1/2%</td><td>-3/15/52-54</td><td>103.24</td><td>103.26</td><td>103.25</td><td>-.04</td><td>1.97</td><td>+.01</td><td>2.07</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>4,207</td><td>2/4</td><td>-6/15/52-54</td><td>1/4</td><td>1/4</td><td>1/4</td><td>-.00</td><td>1.98</td><td>-.00</td><td>2.05</td><td>6/26/44</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>1,501</td><td>2-1/4%</td><td>-6/15/52-55</td><td>101.30</td><td>102.00</td><td>101.31</td><td>.00</td><td>1.98</td><td>-.00</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>1,449</td><td>2-1/2%</td><td>-3/15/56-58</td><td>103.17</td><td>103.19</td><td>103.18</td><td>-.02</td><td>2.15</td><td>.00</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>103.06</td><td>2/1</td></tr><tr><td>3,823</td><td>2-1/4%</td><td>-9/15/56-59</td><td>100.05</td><td>100.07</td><td>100.06</td><td>-.02</td><td>2.23</td><td>.00</td><td>2.24</td><td>2/1/44</td><td>100.11</td><td>5/9/44</td><td>100.01</td><td>2/29/44</td><td>100.11</td><td>5/9</td><td>100.01</td><td>2/29</td></tr><tr><td>2,118</td><td>2-1/2%</td><td>-6/15/62-67 5/1</td><td>100.12</td><td>100.14</td><td>100.13</td><td>+.01</td><td>2.47</td><td>.00</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>2,831</td><td>2-1/2%</td><td>-12/15/63-68 5/1</td><td>100.00</td><td>100.02</td><td>100.01</td><td>-.01</td><td>2.50</td><td>.00</td><td>2.50</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>3,762</td><td>2-1/2%</td><td>-6/15/64-69 5/1</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>2.50</td><td>.00</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>3,838</td><td>2-1/2%</td><td>-12/15/64-69 5/1</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>2.50</td><td>.00</td><td>2.50</td><td>9/15/43</td><td>100.05</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>4,789</td><td>2-1/2%</td><td>-3/15/65-70 5/1</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>2.50</td><td>.00</td><td>2.50</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>2,716</td><td>2-1/2%</td><td>-9/15/67-72 5/1</td><td>100.10</td><td>100.12</td><td>100.11</td><td>-.04</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>7/1</td></tr><tr><th colspan="13">Treasury notes</th></tr><tr><td>635</td><td>3/4%</td><td>D-9/15/44</td><td>100.00+</td><td>100.01+</td><td>100.01</td><td>.00</td><td>.59</td><td>-.05</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>5/15</td><td>100.00</td><td>4/17</td></tr><tr><td>2,127</td><td>.90%</td><td>D-3/1/45 6/1</td><td>.79%</td><td>.77%</td><td>.78%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>2/1/44</td><td>.74%</td><td>5/12/44</td><td>.85%</td><td>1/24/44</td><td>.74%</td><td>5/12</td><td>.85%</td><td>1/24</td></tr><tr><td>1,606</td><td>1-1/4%</td><td>C-3/15/45</td><td>100.09+</td><td>100.10+</td><td>100.10</td><td>-.01</td><td>.80</td><td>-.01</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>100.10</td><td>6/30</td></tr><tr><td>531</td><td>3/4%</td><td>B-12/15/45</td><td>99.27+</td><td>99.28+</td><td>99.28</td><td>.00</td><td>.84</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>503</td><td>1/4</td><td>A-3/15/46</td><td>100.04</td><td>100.05</td><td>100.04</td><td>-.01</td><td>.93</td><td>+.02</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>100.06</td><td>6/10</td><td>100.00</td><td>3/15</td></tr><tr><td>3,261</td><td>1-1/2%</td><td>B-12/15/46</td><td>100.26</td><td>100.27</td><td>100.26</td><td>-.02</td><td>1.16</td><td>+.01</td><td>-</td><td>6/5/42</td><td>100.29</td><td>5/10/44</td><td>100.01</td><td>1/2/43</td><td>100.29</td><td>5/10</td><td>100.24</td><td>4/1</td></tr><tr><td>1,286</td><td>1-1/4%</td><td>B-3/15/47</td><td>1/4</td><td>1/4</td><td>1/4</td><td>-.00</td><td>1.26</td><td>-.02</td><td>-</td><td>6/26/44</td><td>100.24</td><td>6/30/44</td><td>100.16</td><td>10/14/43</td><td>100.24</td><td>6/30</td><td>100.17</td><td>3/21</td></tr><tr><td>2,707</td><td>1-1/2%</td><td>A-9/15/47</td><td>100.23</td><td>100.24</td><td>100.24</td><td>+.01</td><td>1.26</td><td>-.02</td><td>-</td><td>7/12/43</td><td>100.24</td><td>6/30/44</td><td>100.05</td><td>3/8/44</td><td>100.14</td><td>6/30</td><td>100.05</td><td>3/8</td></tr><tr><td>3,748</td><td>1-1/2%</td><td>A-9/15/48</td><td>100.13</td><td>100.14</td><td>100.14</td><td>+.01</td><td>1.39</td><td>-.01</td><td>-</td><td>3/15/44</td><td>100.14</td><td>6/30/44</td><td>100.05</td><td>3/8/44</td><td>100.14</td><td>6/30</td><td>100.05</td><td>3/8</td></tr><tr><th colspan="13">Certificates of indebtedness 6/1</th></tr><tr><td>2,545</td><td>7/8%</td><td>D-8/1/44</td><td>.28%</td><td>.22%</td><td>.25%</td><td>-.19%</td><td>-</td><td>-</td><td>-</td><td>8/2/43</td><td>.34%</td><td>6/28/44</td><td>.79%</td><td>10/15/43</td><td>.24%</td><td>6/28</td><td>.73%</td><td>1/13</td></tr><tr><td>4,122</td><td>7/8%</td><td>E-9/1/44</td><td>.57%</td><td>.54%</td><td>.56%</td><td>-.03%</td><td>-</td><td>-</td><td>-</td><td>9/15/43</td><td>.54%</td><td>6/20/44</td><td>.83%</td><td>10/15/43</td><td>.54%</td><td>6/20</td><td>.77%</td><td>1/31</td></tr><tr><td>3,519</td><td>7/8%</td><td>F-10/1/44</td><td>.65%</td><td>.63%</td><td>.64%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>10/15/43</td><td>.61%</td><td>5/10/44</td><td>.84%</td><td>10/13/43</td><td>.61%</td><td>5/10</td><td>.78%</td><td>1/31</td></tr><tr><td>3,540</td><td>7/8%</td><td>G-12/1/44</td><td>.73%</td><td>.71%</td><td>.72%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>12/1/43</td><td>.68%</td><td>5/11/44</td><td>.83%</td><td>11/22/43</td><td>.68%</td><td>5/11</td><td>.79%</td><td>1/31</td></tr><tr><td>5,048</td><td>7/8%</td><td>A-2/1/45</td><td>.79%</td><td>.77%</td><td>.78%</td><td>+.01%</td><td>-</td><td>-</td><td>-</td><td>2/1/44</td><td>.73%</td><td>5/11/44</td><td>.81%</td><td>3/21/44</td><td>.73%</td><td>5/11</td><td>.81%</td><td>3/21</td></tr><tr><td>4,877</td><td>7/8%</td><td>B-4/1/45</td><td>.80%</td><td>.78%</td><td>.79%</td><td>-.004</td><td>-</td><td>-</td><td>-</td><td>4/1/44</td><td>.75%</td><td>5/12/44</td><td>.84%</td><td>3/29/44</td><td>.75%</td><td>5/12</td><td>.84%</td><td>3/29</td></tr><tr><td>1,615</td><td>7/8%</td><td>D-5/1/45</td><td>.79%</td><td>.77%</td><td>.78%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>5/1/44</td><td>.75%</td><td>5/13/44</td><td>.79%</td><td>6/23/44</td><td>.75%</td><td>5/13</td><td>.79%</td><td>6/23</td></tr><tr><td>3,557</td><td>7/8%</td><td>C-6/1/45</td><td>1/4</td><td>1/4</td><td>1/4</td><td>-.00</td><td>-</td><td>-</td><td>-</td><td>6/26/44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Guaranteed by U. S. Government
<table><tr><td>$412</td><td>1-1/8% 0 - 2/15/45</td><td>100.04</td><td>100.06</td><td>100.05</td><td>-.02</td><td>.87%</td><td>+.06%</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>100.05</td><td>6/30</td></tr></table>
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount out-standing (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount out-standing (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 May 31, 1944</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from May 31, 1944</th></tr><tr><td>$1.008</td><td>7/6/44</td><td>4/6/44</td><td>.37%</td><td>.20%</td><td>.28%</td><td>-.06%</td><td>$1,206</td><td>8/17/44</td><td>5/18/44</td><td>.37%</td><td>.30%</td><td>.34%</td><td>-.02%</td></tr><tr><td>1.015</td><td>7/13/44</td><td>4/13/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1,214</td><td>8/24/44</td><td>5/25/44</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1.013</td><td>7/20/44</td><td>4/20/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1,215</td><td>8/31/44</td><td>6/1/44</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1.016</td><td>7/27/44</td><td>4/27/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1,203</td><td>9/7/44</td><td>6/8/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1.017</td><td>8/3/44</td><td>5/3/44</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td><td>1,201</td><td>9/14/44</td><td>6/15/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1.207</td><td>8/10/44</td><td>5/11/44</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td><td>1,212</td><td>9/21/44</td><td>6/22/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1,208</td><td>9/28/44</td><td>6/29/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr></table>
(Continued on following page)
July 1944 - August 1944
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies June 30, 1944 - (Continued)
Table 1.- 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 rowspan="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 May 31, 1944</th><th>Yield 1/</th><th>Change in yield from May 31, 1944</th><th>Matu- rity yield</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 colspan="12">Treasury bonds</td></tr><tr><td>$1,037</td><td>1/4</td><td>- 12/15/44-54</td><td>101.19*</td><td>101.20*</td><td>101.20</td><td>-11</td><td>.39%</td><td>+0.5%</td><td>3.81%</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>101.20</td><td>6/30</td></tr><tr><td>1,214</td><td>2-3/4%</td><td>- 9/15/45-47</td><td>102.20</td><td>102.21</td><td>102.20</td><td>-07</td><td>.55</td><td>+0.02</td><td>1.90</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>102.20</td><td>6/30</td></tr><tr><td>541</td><td>2-1/2%</td><td>- 12/15/45</td><td>102.25</td><td>102.27</td><td>102.26</td><td>-09</td><td>.55</td><td>+0.07</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>102.26</td><td>6/30</td></tr><tr><td>489</td><td>3-3/4%</td><td>- 3/15/46-56</td><td>105.10</td><td>105.12</td><td>105.11</td><td>-08</td><td>.59</td><td>-01</td><td>3.20</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>105.11</td><td>6/30</td></tr><tr><td>1,036</td><td>3%</td><td>- 6/15/46-48</td><td>104.20</td><td>104.22</td><td>104.21</td><td>-08</td><td>.60</td><td>+0.02</td><td>1.77</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>104.21</td><td>6/30</td></tr><tr><td>819</td><td>3-1/6%</td><td>- 6/15/46-49</td><td>104.28</td><td>104.30</td><td>104.29</td><td>-08</td><td>.59</td><td>+0.01</td><td>2.08</td><td>6/15/31</td><td>113.19</td><td>12/14/40</td><td>83.05</td><td>1/11/32</td><td>105.18</td><td>1/11</td><td>104.29</td><td>6/30</td></tr><tr><td>759</td><td>4-1/4%</td><td>- 10/15/47-52</td><td>110.29</td><td>110.31</td><td>110.30</td><td>-07</td><td>.86</td><td>+0.02</td><td>2.76</td><td>10/16/22</td><td>122.22</td><td>12/14/40</td><td>98.18</td><td>10/8/23</td><td>111.25</td><td>1/10</td><td>110.30</td><td>6/30</td></tr><tr><td>701</td><td>5%</td><td>- 12/15/47</td><td>104.02</td><td>104.04</td><td>104.03</td><td>-05</td><td>.79</td><td>+0.01</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>104.13</td><td>5/15</td><td>104.03</td><td>6/30</td></tr><tr><td>1,223</td><td>2-3/4%</td><td>- 3/15/48-51</td><td>106.15</td><td>106.17</td><td>106.16</td><td>-04</td><td>.96</td><td>.00</td><td>1.72</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>106.16</td><td>6/30</td></tr><tr><td>451</td><td>2-1/2%</td><td>- 9/15/48</td><td>106.14</td><td>106.16</td><td>106.15</td><td>-02</td><td>.93</td><td>-01</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>5/2</td><td>106.09</td><td>1/3</td></tr><tr><td>571</td><td>2%</td><td>- 12/15/48-50</td><td>104.25</td><td>104.27</td><td>104.26</td><td>+02</td><td>.89</td><td>-04</td><td>1.22</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>104.29</td><td>5/3</td><td>104.09</td><td>1/4</td></tr><tr><td>491</td><td>3-1/8%</td><td>- 12/15/49-52</td><td>110.14</td><td>110.16</td><td>110.15</td><td>-02</td><td>1.14</td><td>-02</td><td>1.79</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%</td><td>- 12/15/49-53</td><td>106.31</td><td>107.01</td><td>107.00</td><td>+02</td><td>1.17</td><td>-03</td><td>1.70</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>107.07</td><td>5/9</td><td>106.16</td><td>2/2</td></tr><tr><td>1,186</td><td>2-1/2%</td><td>- 9/15/50-52</td><td>107.17</td><td>107.19</td><td>107.18</td><td>+02</td><td>1.23</td><td>-03</td><td>1.52</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>107.24</td><td>5/9</td><td>106.30</td><td>2/3</td></tr><tr><td>1,627</td><td>2-3/4%</td><td>- 6/15/51-54</td><td>109.13</td><td>109.15</td><td>109.14</td><td>+03</td><td>1.32</td><td>-03</td><td>1.71</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>108.31</td><td>2/3</td></tr><tr><td>755</td><td>3%</td><td>- 9/15/51-55</td><td>111.04</td><td>111.06</td><td>111.05</td><td>-02</td><td>1.37</td><td>-01</td><td>1.89</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>2/24</td><td>110.31</td><td>2/5</td></tr><tr><td>1,118</td><td>2-1/4%</td><td>- 12/15/51-53</td><td>106.22</td><td>106.24</td><td>106.23</td><td>-02</td><td>1.30</td><td>.00</td><td>1.49</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%</td><td>- 6/15/53-55</td><td>105.10</td><td>105.12</td><td>105.11</td><td>+04</td><td>1.36</td><td>-02</td><td>1.47</td><td>10/1/40</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%</td><td>- 6/15/54-56</td><td>107.09</td><td>107.11</td><td>107.10</td><td>+03</td><td>1.46</td><td>-01</td><td>1.98</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>105.22</td><td>1/3</td></tr><tr><td>2,611</td><td>2-7/8%</td><td>- 3/15/55-60</td><td>112.11</td><td>112.13</td><td>112.12</td><td>+09</td><td>1.61</td><td>-04</td><td>1.96</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%</td><td>- 9/15/56-59</td><td>111.24</td><td>111.26</td><td>111.25</td><td>+13</td><td>1.68</td><td>-04</td><td>1.86</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>5/1</td></tr><tr><td>919</td><td>2-3/4%</td><td>- 6/15/58-63</td><td>111.23</td><td>111.25</td><td>111.24</td><td>+15</td><td>1.79</td><td>-05</td><td>2.00</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>1,455</td><td>2-3/4%</td><td>- 12/15/60-65</td><td>112.00</td><td>112.02</td><td>112.01</td><td>+17</td><td>1.90</td><td>-03</td><td>2.05</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>5/1</td></tr><tr><td colspan="12">Other bonds 9/1</td></tr><tr><td>16</td><td>3% Conversion</td><td>- 1/1/46</td><td>103.24</td><td>104.00</td><td>103.24</td><td>-06</td><td>.40</td><td>+0.02</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>103.28</td><td>6/30</td></tr><tr><td>13</td><td>3% Conversion</td><td>- 1/1/47</td><td>106.08</td><td>106.16</td><td>106.18</td><td>+04</td><td>.43</td><td>-04</td><td>-</td><td>1/1/17</td><td>-</td><td>-</td><td>-</td><td>107.02</td><td>2/21</td><td>106.12</td><td>6/30</td></tr><tr><td>50</td><td>3% Panama Canal</td><td>- 6/1/61</td><td>133.00</td><td>134.16</td><td>133.24</td><td>+1.06</td><td>.86</td><td>-07</td><td>-</td><td>6/1/11</td><td>133.24</td><td>6/30/44</td><td>75.00</td><td>6/18/21</td><td>133.24</td><td>6/30</td><td>130.28</td><td>3/1</td></tr><tr><td colspan="12">Treasury notes</td></tr><tr><td>283</td><td>1%</td><td>0 - 9/15/44</td><td>100.03</td><td>100.04</td><td>100.04</td><td>-02</td><td>.38</td><td>+0.03</td><td>-</td><td>12/22/39</td><td>102.16</td><td>12/9/40</td><td>100.04</td><td>6/30/44</td><td>100.18</td><td>1/4</td><td>100.04</td><td>6/30</td></tr><tr><td>718</td><td>3/4%</td><td>1 - 3/15/45</td><td>100.04</td><td>100.09</td><td>100.08</td><td>-04</td><td>.39</td><td>+0.12</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>100.08</td><td>6/30</td></tr></table>
Guaranteed by U. S. Government 7/
<table><tr><td>Hoeo Owners' Loan Corp.</td><td>8755</td><td>1-1/28 x -</td><td>6/1/45-47</td><td>100.29</td><td>100.31</td><td>100.30</td><td>-.02</td><td>.47%</td><td>-.03%</td><td>1.17%</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>100.30</td><td>6/30</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-eighths.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market except that prices of Treasury 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. Not quoted. Included in the average of long-term taxable Treasury bonds. Quoted on yield basis. Excludes Federal Housing Administration debentures and issues held entirely by Government agencies. Included in the average of long-term partially tax-exempt Treasury bonds. Excludes postal savings bonds.
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
June 30, 1944 - (Continued)
Table II. - Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price date (Price decimals are thirty-secondes)</th><th rowspan="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-secondes)</th><th colspan="4">1944 price range 2/ (Price decimals are thirty-secondes)</th></tr><tr><th>Bid</th><th>Aek</th><th>Mean</th><th>Change in mean from May 31, 1944</th><th>Yield 2/</th><th>Change in yield from May 31, 1944</th><th>Metu- rity yield</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>
Taxable debentures
<table><tr><th rowspan="2">$ 44</th><th colspan="10">Federal Home Loan Banks</th><th rowspan="2">.82%</th><th rowspan="2">6/30</th></tr><tr><th>.85% 1/15/45</th><th>.90%</th><th>.75%</th><th>.82%</th><th>.00%</th><th>-</th><th>-</th><th>6/15/44</th><th>.82%</th><th>6/30/44</th><th>.82%</th><th>6/30/44</th></tr><tr><th colspan="12">Federal Intermediate Credit Banks 5/</th><th>.82%</th><th>6/30</th></tr><tr><td>24</td><td>.85%</td><td>7/1/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.85%</td><td>.00%</td><td>-</td><td>10/1/43</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>15</td><td>3/4%</td><td>7/1/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.75</td><td>.00</td><td>-</td><td>2/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>28</td><td>7/8%</td><td>8/1/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>-</td><td>11/1/43</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>23</td><td>.90%</td><td>9/1/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>12/1/43</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>32</td><td>.90%</td><td>10/2/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>1/3/44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>12</td><td>.80%</td><td>10/2/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.80</td><td>.00</td><td>-</td><td>4/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>29</td><td>.95%</td><td>11/1/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.95</td><td>.00</td><td>-</td><td>11/1/43</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>16</td><td>.90%</td><td>11/1/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>2/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>25</td><td>.90%</td><td>12/1/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>3/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>15</td><td>.80%</td><td>12/1/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.80</td><td>-</td><td>-</td><td>6/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>18</td><td>.90%</td><td>1/2/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>4/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>31</td><td>7/8%</td><td>2/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>-</td><td>5/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>18</td><td>.90%</td><td>3/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>-</td><td>-</td><td>6/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Tax-exempt bonds
<table><tr><th colspan="14">Federal Land Banks 6/</th></tr><tr><td>$125</td><td>4%</td><td>7/1/44-46 7/1/45-55</td><td>8/100.01</td><td>8/100.03</td><td>100.02</td><td>-</td><td>-</td><td>1.74%</td><td>+1.15%</td><td>-</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>100.00</td><td>6/29</td></tr><tr><td>71</td><td>4%</td><td>7/15/44-64 9/5-1/44 - 5/1/45-55</td><td>102.10</td><td>102.13</td><td>102.12</td><td>-</td><td>-</td><td>.35</td><td>-</td><td>2.99%</td><td>7/15/34</td><td>112.02</td><td>12/10/40</td><td>100.02</td><td>6/30/44</td><td>101.30</td><td>1/3</td><td>100.02</td><td>6/30</td></tr><tr><td>157</td><td>3-1/4%</td><td></td><td></td><td></td><td></td><td>-</td><td>-</td><td>1.11</td><td>-</td><td>1.99%</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>102.12</td><td>6/30</td></tr><tr><td>230</td><td>3%</td><td>7/1/45-55</td><td>102.17</td><td>102.20</td><td>102.18</td><td>-</td><td>-</td><td>.40</td><td>-</td><td>2.73</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>102.18</td><td>6/30</td></tr><tr><td>171</td><td>3%</td><td>1/1/46-56</td><td>103.26</td><td>103.30</td><td>103.28</td><td>-</td><td>-</td><td>.39</td><td>-</td><td>2.61</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>103.28</td><td>6/30</td></tr><tr><td>170</td><td>3%</td><td>5/1/46-56</td><td>104.22</td><td>104.26</td><td>104.24</td><td>-</td><td>-</td><td>.38</td><td>-</td><td>2.53</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>104.24</td><td>6/30</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-seconde.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Computed on mean price to call date when mean price is above par and to maturity date when mean price is below par.
4/ Quoted on a yield basis.
5/ Prices quoted are subject to a dealer's commission. Prior to May 15, 1944, these securities were quoted on a yield basis without allowance for dealer's commissions.
6/ Excludes issues completely held by Farm Credit Administration agencies.
7/ Called on June 1, 1944, for redemption on July 1, 1944.
8/ Not quoted.
9/ Called on June 1, 1944, for redemption on July 15, 1944.
July 1944- August 1944
57
YIELDS OF TREASURY SECURITIES JUNE 30, 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 filled by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
58
Treasury Bulletin
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>
Monthly Series 3/
<table><tr><td>1936-Jan.</td><td>2.81</td><td>3.32</td><td>1939-Jan.</td><td>2.54</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>3.26</td><td>Feb.</td><td>2.51</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>3.24</td><td>Mar.</td><td>2.43</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>3.24</td><td>Apr.</td><td>2.38</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>3.22</td><td>May.</td><td>2.27</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>3.19</td><td>June.</td><td>2.22</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>3.18</td><td>July.</td><td>2.23</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>3.18</td><td>Aug.</td><td>2.27</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>3.15</td><td>Sept.</td><td>2.67</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>3.14</td><td>Oct.</td><td>2.60</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>3.11</td><td>Nov.</td><td>2.46</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>3.07</td><td>Dec.</td><td>2.35</td><td>2.86</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>3.09</td><td>1940-Jan.</td><td>2.30</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>3.24</td><td>Feb.</td><td>2.32</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>3.36</td><td>Mar.</td><td>2.26</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>3.43</td><td>Apr.</td><td>2.26</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>3.36</td><td>May.</td><td>2.39</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>3.31</td><td>June.</td><td>2.40</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.67</td></tr><tr><td>July.</td><td>2.78</td><td>3.27</td><td>July.</td><td>2.30</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>3.25</td><td>Aug.</td><td>2.31</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>3.26</td><td>Sept.</td><td>2.25</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>3.26</td><td>Oct.</td><td>2.21</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>3.22</td><td>Nov.</td><td>2.09</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>3.17</td><td>Dec.</td><td>2.01</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>3.17</td><td>1941-Jan.</td><td>2.12</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>3.15</td><td>Feb.</td><td>2.22</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>3.16</td><td>Mar.</td><td>2.12</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>3.25</td><td>Apr.</td><td>2.07</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>3.14</td><td>May.</td><td>2.04</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June.</td><td>2.58</td><td>3.15</td><td>June.</td><td>2.01</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July.</td><td>2.58</td><td>3.12</td><td>July.</td><td>1.98</td><td>2.66</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>2.57</td><td>3.10</td><td>Aug.</td><td>2.01</td><td>2.65</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2.63</td><td>3.12</td><td>Sept.</td><td>2.02</td><td>2.64</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2.55</td><td>3.06</td><td>Oct.</td><td>1.98</td><td>2.74</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>2.56</td><td>3.04</td><td>Nov.</td><td>1.95</td><td>2.74</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.56</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></tr></table>
Weekly Series - Saturday Figures 4/
<table><tr><td>1944-Jan.</td><td>8.....</td><td>1.94</td><td>2.49</td><td>2.62</td><td>1944-Mar.</td><td>4.....</td><td>1.89</td><td>2.49</td><td>2.66</td><td>1944-May</td><td>6.....</td><td>1.95</td><td>2.49</td><td>2.59</td></tr><tr><td></td><td>15.....</td><td>1.95</td><td>2.49</td><td>2.64</td><td></td><td>11.....</td><td>1.90</td><td>2.49</td><td>2.64</td><td></td><td>13.....</td><td>1.95</td><td>2.49</td><td>2.59</td></tr><tr><td></td><td>22.....</td><td>1.95</td><td>2.49</td><td>2.65</td><td></td><td>18.....</td><td>1.91</td><td>2.48</td><td>2.64</td><td></td><td>20.....</td><td>1.94</td><td>2.49</td><td>2.57</td></tr><tr><td></td><td>29.....</td><td>1.95</td><td>2.49</td><td>2.67</td><td></td><td>25.....</td><td>1.93</td><td>2.48</td><td>2.62</td><td></td><td>27.....</td><td>1.94</td><td>2.49</td><td>2.57</td></tr><tr><td>Feb.</td><td>5.....</td><td>1.95</td><td>2.49</td><td>2.66</td><td>Apr.</td><td>1.....</td><td>1.94</td><td>2.48</td><td>2.61</td><td>June</td><td>3.....</td><td>1.91</td><td>2.49</td><td>2.57</td></tr><tr><td></td><td>11.....</td><td>1.94</td><td>2.49</td><td>2.66</td><td></td><td>8.....</td><td>1.93</td><td>2.48</td><td>2.62</td><td></td><td>10.....</td><td>1.92</td><td>2.49</td><td>2.58</td></tr><tr><td></td><td>19.....</td><td>1.92</td><td>2.49 5/</td><td>2.65</td><td></td><td>15.....</td><td>1.93</td><td>2.48</td><td>2.62</td><td></td><td>17.....</td><td>1.91</td><td>2.49</td><td>2.59</td></tr><tr><td></td><td>26.....</td><td>1.90</td><td>2.49</td><td>2.65</td><td></td><td>22.....</td><td>1.93</td><td>2.48</td><td>2.60</td><td></td><td>24.....</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>29.....</td><td>1.96</td><td>2.49</td><td>2.60</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily Series
<table><tr><td>1944-June</td><td>1.....</td><td>1.93</td><td>2.49</td><td>2.57</td><td>1944-June</td><td>12.....</td><td>1.92</td><td>2.49</td><td>2.57</td><td>1944-June</td><td>22.....</td><td>1.91</td><td>2.49</td><td>2.59</td></tr><tr><td></td><td>2.....</td><td>1.91</td><td>2.49</td><td>2.56</td><td></td><td>13.....</td><td>1.92</td><td>2.49</td><td>2.57</td><td></td><td>23.....</td><td>1.90</td><td>2.49</td><td>2.60</td></tr><tr><td></td><td>3.....</td><td>1.91</td><td>2.49</td><td>2.57</td><td></td><td>14.....</td><td>1.92</td><td>2.49</td><td>2.58</td><td></td><td>24.....</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td></td><td>5.....</td><td>1.92</td><td>2.49</td><td>2.56</td><td></td><td>15.....</td><td>1.91</td><td>2.49</td><td>2.58</td><td></td><td>26.....</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td></td><td>6.....</td><td>1.92</td><td>2.49</td><td>2.58</td><td></td><td>16.....</td><td>1.91</td><td>2.49</td><td>2.58</td><td></td><td>27.....</td><td>1.89</td><td>2.49</td><td>2.60</td></tr><tr><td></td><td>7.....</td><td>1.92</td><td>2.49</td><td>2.58</td><td></td><td>17.....</td><td>1.91</td><td>2.49</td><td>2.59</td><td></td><td>28.....</td><td>1.89</td><td>2.49</td><td>2.60</td></tr><tr><td></td><td>8.....</td><td>1.92</td><td>2.49</td><td>2.58</td><td></td><td>19.....</td><td>1.90</td><td>2.49</td><td>2.58</td><td></td><td>29.....</td><td>1.89</td><td>2.49</td><td>2.60</td></tr><tr><td></td><td>9.....</td><td>1.92</td><td>2.49</td><td>2.58</td><td></td><td>20.....</td><td>1.91</td><td>2.49</td><td>2.59</td><td></td><td>30.....</td><td>1.90</td><td>2.49</td><td>2.59</td></tr><tr><td></td><td>10.....</td><td>1.92</td><td>2.49</td><td>2.58</td><td></td><td>21.....</td><td>1.91</td><td>2.49</td><td>2.59</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Basis of Computation: (1) Treasury bond yields are computed on the basis of the mean of 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.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
July 1944 - August 1944
59
Monthly average of daily yields
60
Treasury Bulletin
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES
July 1944 - August 1944
61
Assets and Liabilities of Government Corporations and Credit Agencies
May 31, 1944
(In millions of dollars)
<table><tr><th rowspan="2">Corporation or agency</th><th rowspan="2">Total</th><th rowspan="2">Loans</th><th rowspan="2">Preferred capital stock, etc.</th><th colspan="4">Investments</th><th rowspan="2">Accounts and other receivables 2/</th><th colspan="3">Interagency assets</th></tr><tr><th>Cash 1/</th><th>U.S. Government securities</th><th>Securities guaranteed by United States</th><th>Other</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><td>Bank for cooperatives</td><td>233.3</td><td>151.6</td><td>-</td><td>21.4</td><td>39.3</td><td>-</td><td>19.1</td><td>1.7</td><td>.1</td><td>*</td><td>-</td><td>.1</td></tr><tr><td>Commodity Credit Corporation</td><td>1,725.4</td><td>391.1</td><td>-</td><td>4.7</td><td>-</td><td>-</td><td>-</td><td>587.24/16.9</td><td>18.0</td><td>*</td><td>-</td><td>724.55/1.1</td></tr><tr><td>Disaster Loan Corporation</td><td>20.7</td><td>2.3</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.3</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>279.9</td><td>220.2</td><td>-</td><td>.6</td><td>-</td><td>-</td><td>-</td><td>59.1</td><td>*</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Farm Credit Administration</td><td>419.8</td><td>233.0</td><td>-</td><td>7.2</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>-</td><td>-</td><td>177.0</td><td>1.8</td></tr><tr><td>Farm Security Administration</td><td>508.0</td><td>399.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40.6</td><td>.3</td><td>66.9</td><td>-</td><td>.3</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>8.8</td><td>-</td><td>-</td><td>4.2</td><td>-</td><td>-</td><td>-</td><td>4.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>775.1</td><td>25.7</td><td>-</td><td>18.0</td><td>687.8</td><td>-</td><td>-</td><td>31.3</td><td>.1</td><td>.3</td><td>-</td><td>11.9</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>648.9</td><td>370.1</td><td>-</td><td>66.0</td><td>-</td><td>172.0</td><td>-</td><td>33.1</td><td>-</td><td>1.7</td><td>-</td><td>6.1</td></tr><tr><td>Federal home loan banks</td><td>297.1</td><td>71.6</td><td>-</td><td>29.5</td><td>194.7</td><td>.2</td><td>-</td><td>1.1</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Federal Housing Administration</td><td>140.2</td><td>-</td><td>-</td><td>22.8</td><td>69.0</td><td>-</td><td>*</td><td>39.0</td><td>1.2</td><td>.2</td><td>-</td><td>7.9</td></tr><tr><td>Federal intermediate credit banks</td><td>376.0</td><td>296.8</td><td>-</td><td>21.6</td><td>36.0</td><td>-</td><td>-</td><td>2.1</td><td>-</td><td>19.4</td><td>-</td><td>.2</td></tr><tr><td>Federal land banks 5/</td><td>1,831.8</td><td>1,257.7</td><td>-</td><td>31.3</td><td>225.4</td><td>177.5</td><td>*</td><td>114.5</td><td>4.9</td><td>3.3</td><td>-</td><td>17.1</td></tr><tr><td>Federal National Mortgage Association</td><td>63.0</td><td>60.5</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>-</td><td>1.7</td><td>*</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>19.9</td><td>-</td><td>-</td><td>9.1</td><td>-</td><td>-</td><td>-</td><td>2.6</td><td>6.4</td><td>-</td><td>-</td><td>1.8</td></tr><tr><td>Federal Public Housing Authority</td><td>553.8</td><td>317.6</td><td>-</td><td>37.8</td><td>7.2</td><td>-</td><td>*</td><td>4.9</td><td>186.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>150.9</td><td>-</td><td>-</td><td>1.1</td><td>144.8</td><td>-</td><td>-</td><td>5.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Security Agency - student war loans 7/</td><td>3.4</td><td>3.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Works Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public Works Administration</td><td>72.4</td><td>72.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War Public Works - community facilities</td><td>4.2</td><td>4.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,572.0</td><td>1,239.6</td><td>46.5</td><td>117.6</td><td>15.0</td><td>-</td><td>-</td><td>3.5</td><td>2.6</td><td>-</td><td>100.0</td><td>47.1</td></tr><tr><td>Inland Waterways Corporation 7/</td><td>24.4</td><td>.4</td><td>-</td><td>.9</td><td>6.3</td><td>-</td><td>-</td><td>.8</td><td>16.0</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Interior Department (Indian loans)</td><td>2.9</td><td>2.9</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>71.4</td><td>-</td><td>-</td><td>8.3</td><td>15.5</td><td>-</td><td>*</td><td>.5</td><td>45.1</td><td>1.9</td><td>-</td><td>.1</td></tr><tr><td>Production credit corporations</td><td>123.1</td><td>-</td><td>-</td><td>.4</td><td>57.8</td><td>-</td><td>64.3</td><td>.5</td><td>*</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Puerto Rico Reconstruction Administration</td><td>22.5</td><td>6.6</td><td>-</td><td>3.0</td><td>-</td><td>-</td><td>*</td><td>.3</td><td>-</td><td>*</td><td>-</td><td>12.6</td></tr><tr><td>Reconstruction Finance Corporation 8/</td><td>10,075.0</td><td>1,348.1</td><td>319.4</td><td>2.39/43.0</td><td>71.9</td><td>-</td><td>6.3</td><td>28.49/</td><td>.9</td><td>7,880.7</td><td>360.7</td><td>56.2</td></tr><tr><td>Regional agricultural credit corporations</td><td>64.0</td><td>20.6</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>125.9</td><td>111.6</td><td>-</td><td>*</td><td>-</td><td>.5</td><td>-</td><td>2.5</td><td>6.5</td><td>-</td><td>-</td><td>4.7</td></tr><tr><td>Rural Electrification Administration</td><td>366.6</td><td>350.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.8</td><td>-</td><td>3.6</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>727.7</td><td>-</td><td>-</td><td>16.7</td><td>-</td><td>-</td><td>-</td><td>6.3</td><td>701.0</td><td>3.6</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>8,362.1</td><td>14.1</td><td>-</td><td>*</td><td>-</td><td>113.5</td><td>-</td><td>40.0</td><td>25.5</td><td>4.2</td><td>-</td><td>8,164.8</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>.7</td></tr><tr><td>War corporations (World War II) 11/</td><td>9,139.4</td><td>222.4</td><td>1.1</td><td>158.1</td><td>-</td><td>3.0</td><td>594.0</td><td>136.1</td><td>231.8</td><td>-</td><td>7,792.9</td></tr><tr><td>War Shipping Administration</td><td>1,360.4</td><td>-</td><td>-</td><td>1.5</td><td>-</td><td>-</td><td>744.9</td><td>534.0</td><td>46.0</td><td>-</td><td>34.0</td></tr><tr><td>Other Government agencies 12/</td><td>12,115.6</td><td>25.2</td><td>4.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,058.1</td><td>-</td><td>27.6</td></tr><tr><td>Gross total</td><td>52,290.6</td><td>7,219.6</td><td>371.8</td><td>627.6</td><td>1,570.7</td><td>178.8</td><td>378.2</td><td>2,379.5</td><td>1,685.0</td><td>20,328.3</td><td>637.7</td><td>16,913.4</td></tr><tr><td>Adjustment to eliminate interagency interests</td><td>-20,966.0</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-20,328.3</td><td>-637.7</td><td></td></tr><tr><td>Net total</td><td>31,324.6</td><td>7,219.6</td><td>371.8</td><td>627.6</td><td>1,570.7</td><td>178.8</td><td>378.2</td><td>2,379.5</td><td>1,685.0</td><td>0</td><td>0</td><td>16,913.4</td></tr></table>
(Continued on following page)
62
Treasury Bulletin
Assets and Liabilities of Government Corporations and Credit Agencies
May 31, 1944 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Corporation or agency</th><th colspan="6">Liabilities and reserves</th><th colspan="5">Proprietary interest</th></tr><tr><th>Total</th><th>Guaranteed by United States (includes accrued interest)</th><th>Not guaranteed by United States</th><th colspan="2">Due to Government corporations and agencies</th><th>Reserves</th><th>Excess of assets (total proprietary interest)</th><th>Privately owned</th><th colspan="3">Owned by United States 13/</th></tr><tr><th></th><th></th><th></th><th></th><th>Treasury</th><th>Other</th><th></th><th></th><th></th><th>Total</th><th>Capital stock</th><th>Surplus</th><th>Non-stock</th></tr><tr><td>Bank for cooperatives</td><td>21.6</td><td>-</td><td>1.0</td><td>-</td><td>19.4</td><td>1.1</td><td>211.7</td><td>6.4</td><td>205.3</td><td>177.0</td><td>28.3</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>1,936.4</td><td>579.6</td><td>436.6</td><td>903.7</td><td>.2</td><td>16.3</td><td>-211.0</td><td>-</td><td>-211.0</td><td>100.0</td><td>-311.0</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>83.8</td><td>-</td><td>76.8</td><td>-</td><td>7.0</td><td>-</td><td>196.1</td><td>-</td><td>196.1</td><td>175.0</td><td>21.1</td><td>-</td></tr><tr><td>Farm Credit Administration</td><td>204.0</td><td>-</td><td>*</td><td>-</td><td>-</td><td>204.0</td><td>215.8</td><td>-</td><td>215.8</td><td>-</td><td>-</td><td>215.8</td></tr><tr><td>Farm Security Administration</td><td>176.0</td><td>-</td><td>4.2</td><td>-</td><td>171.8</td><td>-</td><td>332.0</td><td>-</td><td>332.0</td><td>-</td><td>-</td><td>332.0</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>5.6</td><td>-</td><td>2.6</td><td>-</td><td>3.0</td><td>-</td><td>3.2</td><td>-</td><td>3.2</td><td>40.0</td><td>-36.8</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>485.8</td><td>-</td><td>8.4</td><td>-</td><td>-</td><td>477.4</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>538.0</td><td>63.4</td><td>7.5</td><td>370.2</td><td>.6</td><td>96.4</td><td>110.9</td><td>-</td><td>110.9</td><td>100.0</td><td>10.9</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>93.9</td><td>-</td><td>93.9</td><td>-</td><td>-</td><td>-</td><td>203.2</td><td>78.5</td><td>124.7</td><td>124.7</td><td>-</td><td>107.8</td></tr><tr><td>Federal Housing Administration</td><td>32.4</td><td>23.3</td><td>8.8</td><td>-</td><td>-</td><td>.2</td><td>107.8</td><td>-</td><td>107.8</td><td>60.0</td><td>30.0</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>286.1</td><td>-</td><td>286.0</td><td>-</td><td>-</td><td>.1</td><td>90.0</td><td>-</td><td>90.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks 6/</td><td>1,366.2</td><td>-</td><td>1,287.1</td><td>-</td><td>.8</td><td>78.3</td><td>465.7</td><td>210.5</td><td>255.2</td><td>120.1</td><td>135.1</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>49.0</td><td>-</td><td>1.7</td><td>-</td><td>47.4</td><td>-</td><td>13.9</td><td>-</td><td>13.9</td><td>10.0</td><td>3.9</td><td>-</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>.5</td><td>-</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>19.4</td><td>-</td><td>19.4</td><td>-</td><td>14.6</td><td>4.8</td></tr><tr><td>Federal Public Housing Authority</td><td>407.6</td><td>.1</td><td>.1</td><td>399.6</td><td>*</td><td>7.8</td><td>146.2</td><td>-</td><td>146.2</td><td>1.0</td><td>145.2</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2.3</td><td>-</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>148.7</td><td>-</td><td>148.7</td><td>100.0</td><td>48.7</td><td>-</td></tr><tr><td>Federal Security Agency - student war loans 1/</td><td>.1</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>3.3</td><td>-</td><td>3.3</td><td>-</td><td>-1.1</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>4.2</td><td>-</td><td>4.2</td><td>-</td><td>-</td><td>4.2</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,505.4</td><td>838.8</td><td>30.0</td><td>607.5</td><td>.2</td><td>28.9</td><td>66.6</td><td>-</td><td>66.6</td><td>200.0</td><td>-133.4</td><td>-</td></tr><tr><td>Inland Waterway Corporation 1/</td><td>1.4</td><td>-</td><td>1.1</td><td>-</td><td>*</td><td>.3</td><td>23.0</td><td>-</td><td>23.0</td><td>12.0</td><td>11.0</td><td>-</td></tr><tr><td>Interior Department (Indian loans)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.9</td><td>-</td><td>2.9</td><td>-</td><td>-</td><td>2.9</td></tr><tr><td>Panama Railroad Company 1/</td><td>16.3</td><td>-</td><td>11.6</td><td>-</td><td>.2</td><td>4.4</td><td>55.1</td><td>-</td><td>55.1</td><td>7.0</td><td>43.1</td><td>-</td></tr><tr><td>Production credit corporations</td><td>.3</td><td>-</td><td>*</td><td>-</td><td>-</td><td>.3</td><td>122.8</td><td>-</td><td>122.8</td><td>115.0</td><td>7.8</td><td>-</td></tr><tr><td>Puerto Rico Reconstruction Administration</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.5</td><td>-</td><td>22.5</td><td>-</td><td>-</td><td>22.5</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>9,363.8</td><td>176.7</td><td>660.8</td><td>8,325.8</td><td>75.5</td><td>125.0</td><td>711.2</td><td>-</td><td>711.2</td><td>325.0</td><td>386.29</td><td>-</td></tr><tr><td>Regional agricultural credit corporations</td><td>1.7</td><td>-</td><td>1.3</td><td>-</td><td>-</td><td>.4</td><td>62.3</td><td>-</td><td>62.3</td><td>44.5</td><td>17.8</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>97.6</td><td>-</td><td>3.7</td><td>-</td><td>93.9</td><td>-</td><td>28.3</td><td>-</td><td>28.3</td><td>25.0</td><td>3.3</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>233.4</td><td>-</td><td>-</td><td>-</td><td>233.4</td><td>-</td><td>133.3</td><td>-</td><td>133.3</td><td>-</td><td>-</td><td>133.3</td></tr><tr><td>Tennessee Valley Authority</td><td>80.6</td><td>-</td><td>17.0</td><td>56.9</td><td>2.1</td><td>4.5</td><td>647.1</td><td>-</td><td>647.1</td><td>-</td><td>-</td><td>647.1</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc. 1/</td><td>-</td><td>-</td><td>1,364.3</td><td>-</td><td>1.1</td><td>23.3</td><td>6,973.4</td><td>-</td><td>6,973.4</td><td>*</td><td>.3</td><td>6,973.4</td></tr><tr><td>United States Maritime Commission</td><td>1,338.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>-</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>9,954.1</td><td>-</td><td>1,141.3</td><td>-</td><td>8,811.7</td><td>1.2</td><td>-814.7</td><td>-</td><td>-814.7</td><td>186.8</td><td>-1,015.2</td><td>13.7</td></tr><tr><td>War Shipping Administration</td><td>693.6</td><td>-</td><td>439.6</td><td>-</td><td>.4</td><td>253.6</td><td>666.8</td><td>-</td><td>666.8</td><td>-</td><td>-</td><td>666.8</td></tr><tr><td>Other Government agencies 12/</td><td>195.8</td><td>-</td><td>-</td><td>-</td><td>195.8</td><td>-</td><td>11,919.8</td><td>-</td><td>11,919.8</td><td>4.7</td><td>-</td><td>11,915.1</td></tr><tr><td>Cross total</td><td>29,222.1</td><td>1,681.9</td><td>5,888.5</td><td>10,663.6</td><td>9,664.6</td><td>1,323.5</td><td>23,068.5</td><td>434.6</td><td>22,633.9</td><td>2,127.2</td><td>-611.7</td><td>21,118.4</td></tr><tr><td>Adjustment to eliminate interagency interests</td><td>-20,328.3</td><td>-</td><td>-</td><td>-10,663.6</td><td>-9,664.6</td><td>-</td><td>-637.7</td><td>-</td><td>-637.7</td><td>-636.7</td><td>-1.0</td><td>-</td></tr><tr><td>Net total</td><td>8,893.9</td><td>1,681.9</td><td>5,888.5</td><td>0</td><td>0</td><td>1,323.5</td><td>22,430.8</td><td>434.6</td><td>21,996.1</td><td>1,490.5</td><td>-612.7</td><td>21,118.4</td></tr></table><table><tr><td>Source:</td><td colspan="2">Daily Treasury Statement.</td><td>9/</td><td colspan="2">Adjusted for interagency items and items in transit.</td></tr><tr><td>1/</td><td colspan="2">Lease thru $50,000.</td><td>10/</td><td colspan="2">Comprises Navy Department (sale of surplus supplies), U. S. Housing Corporation, U. S. Railroad Administration and U. S. Spruce Production Corporation.</td></tr><tr><td>2/</td><td colspan="2">Excludes unexpended balances of appropriated funds. Includes deposits with the Reconstruction Finance Corporation and interest thereon.</td><td>11/</td><td colspan="2">Comprises Cargoes, Inc., Defense Horse 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.</td></tr><tr><td>3/</td><td colspan="2">Includes real estate and other property held for sale.</td><td>12/</td><td colspan="2">Comprises Treasury Department and other Government agencies not listed in this statement.</td></tr><tr><td>4/</td><td colspan="2">Includes interagency transactions of "land-lease" funds.</td><td>13/</td><td colspan="2">Excludes the interest of the United States represented by obligations held by the Treasury.</td></tr><tr><td>5/</td><td colspan="2">Includes commodities acquired pursuant to guaranty purchase agreement.</td><td></td><td colspan="2"></td></tr><tr><td>6/</td><td colspan="2">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.</td><td></td><td colspan="2"></td></tr><tr><td>7/</td><td colspan="2">Figures shown are as of April 30, 1944, the latest available.</td><td></td><td colspan="2"></td></tr><tr><td>8/</td><td colspan="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.</td><td></td><td colspan="2"></td></tr></table>
63
July 1944 - August 1944
Sources of Funds of Certain Government Corporations and Credit Agencies for the First Eleven 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>$ 4,500,000</td><td>$ -1,250,468</td><td>-</td><td>-</td><td>$-336,200</td></tr><tr><td>Commodity Credit Corporation.</td><td>-</td><td>-</td><td>$-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>3,000,000,</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>370,000,000</td><td>-929,764,200</td><td>-</td></tr><tr><td>Federal home loan banks.</td><td>-</td><td>-</td><td>-</td><td>29,300,000</td><td>-</td></tr><tr><td>Federal National Mortgage Association.</td><td>-</td><td>54,146,895</td><td>-</td><td>-55,548,000</td><td>-</td></tr><tr><td>Federal Public Housing Authority.</td><td>9,148,359</td><td>-</td><td>115,000,000</td><td>-114,157,000</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>-</td><td>-</td><td>411,000,000</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation 2/.</td><td>-</td><td>-</td><td>3,321,290,000</td><td>-895,800,000</td><td>-</td></tr><tr><td>RFC Mortgage Company, The.</td><td>-</td><td>12,310,410</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration.</td><td>3,471,520</td><td>-1,152,436</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 3/.</td><td>4,000,000</td><td>2,621,302,468</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total.</td><td>$21,119,879</td><td>$2,688,356,692</td><td>$3,167,290,000</td><td>$-1,989,926,744</td><td>$-336,200</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Sale of other property acquired</th><th>Repayment of loans 4/</th><th>Interest, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>$ 178,940,259</td><td>$ 1,527,077</td><td>$ 22,748</td><td>$ 183,403,416</td></tr><tr><td>Commodity Credit Corporation</td><td>$3,734,952,938</td><td>51,126,348</td><td>4,003,974</td><td>38,133,804</td><td>2,754,259,520</td></tr><tr><td>Disaster Loan Corporation</td><td>42,691</td><td>1,550,646</td><td>104,602</td><td>-23,716</td><td>1,674,223</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>17,325,660</td><td>10,294,112</td><td>-</td><td>30,619,773</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>23,248,587</td><td>88,400,746</td><td>4,372,929</td><td>116,022,085</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>9,288,153</td><td>122,628,863</td><td>45,755,392</td><td>3,694,417</td><td>-378,397,376</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>176,253,305</td><td>4,207,027</td><td>6,360,347</td><td>216,120,679</td></tr><tr><td>Federal National Mortgage Association</td><td>321,597</td><td>104,878,655</td><td>6,700,551</td><td>-97,883,186</td><td>12,616,512</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>3,648,728</td><td>9,887,619</td><td>40,484</td><td>23,568,191</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>5,800,136</td><td>1,185,477</td><td>6,985,613</td></tr><tr><td>Home Owners' Loan Corporation</td><td>82,177,331</td><td>213,333,491</td><td>65,450,393</td><td>-11,609,728</td><td>760,351,487</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>4,181,093</td><td>362,976,554</td><td>83,212,552</td><td>11,521,198</td><td>2,907,381,397</td></tr><tr><td>RFC Mortgage Company, The</td><td>176,057</td><td>30,177,269</td><td>4,137,901</td><td>1,206,469</td><td>48,008,106</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>10,638,467</td><td>9,968,811</td><td>57</td><td>22,926,419</td></tr><tr><td>War corporations 3/</td><td>1,926,766,149</td><td>17,800,026</td><td>15,346,402</td><td>966,232,715</td><td>5,551,147,761</td></tr><tr><td>Total</td><td>$5,757,906,009</td><td>$1,334,526,858</td><td>$354,797,295</td><td>$923,254,015</td><td>$12,256,987,806</td></tr></table>
Source: Reports received from the corporations and agencies.
1/ Items in this column are the only ones in this statement which constitute a charge against the Federal Budget. They represent amounts of funds drawn against available appropriations.
2/ Includes the Electric Home and Farm Authority, which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942.
3/ Compiles Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplice Corporation.
Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metal Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation. Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property acquired".
64
Treasury Bulletin
Uses of Funds of Certain Government Corporations and Credit Agencies for the First Eleven Months, Fiscal Year 1944
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives.</td><td>$ 106,195</td><td>-</td><td>-</td><td>$216,230,130</td><td>-</td></tr><tr><td>Commodity Credit Corporation.</td><td>5,033,570</td><td>-</td><td>$3,745,520,168</td><td>132,628,552</td><td>-</td></tr><tr><td>Disaster Loan Corporation.</td><td>280,132</td><td>$ -6,260</td><td>-</td><td>345,226</td><td>-</td></tr><tr><td>Export-Import Bank of Washington.</td><td>242,801</td><td>4,980</td><td>-</td><td>30,298,716</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>3,605,478</td><td>-</td><td>-</td><td>7,116,431</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>7,245,409</td><td>-</td><td>1,532,674</td><td>28,067,783</td><td>-</td></tr><tr><td>Federal home loan banks.</td><td>1,178,811</td><td>-</td><td>-</td><td>157,667,559</td><td>-</td></tr><tr><td>Federal National Mortgage Association.</td><td>735,077</td><td>466,462</td><td>-</td><td>328,646</td><td>-</td></tr><tr><td>Federal Public Housing Authority.</td><td>2,425,579</td><td>689,910</td><td>13,236,362</td><td>4,432,350</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>363,310</td><td>23,308</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>8,462,284</td><td>12,906,222</td><td>1,081,753</td><td>2,185,091</td><td>$706,420,200</td></tr><tr><td>Reconstruction Finance Corporation 2/.</td><td>8,407,631</td><td>1,430,889</td><td>-9,087</td><td>221,372,482</td><td>-</td></tr><tr><td>RFC Mortgage Company, The.</td><td>714,522</td><td>499,209</td><td>-106,545</td><td>44,769,356</td><td>-</td></tr><tr><td>Rural Electrification Administration.</td><td>2,341,815</td><td>-</td><td>-</td><td>16,370,179</td><td>-</td></tr><tr><td>War corporations 3/.</td><td>13,162,780</td><td>253,891,733</td><td>4,163,253,636</td><td>41,090,072</td><td>-</td></tr><tr><td>Total.</td><td>$54,305,394</td><td>$269,906,453</td><td>$7,924,508,961</td><td>$902,902,573</td><td>$706,420,200</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net)</th><th>Allocations, re-discounts, and loans to other government corporations and credit agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>$-14,719,579</td><td>-</td><td>$ 647,576</td><td>$ 114,360</td><td>$ 202,378,682</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>$ -92,943,784</td><td>-938,947</td><td>213,242,106</td><td>4,002,541,666</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>1,055,097</td><td>-</td><td>99</td><td>1,674,223</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-9,800,000</td><td>10,812,849</td><td>-</td><td>31,559,347</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>115,537,095</td><td>-</td><td>-</td><td>-925,806</td><td>125,333,199</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-445,880,100</td><td>-</td><td>28,857,505</td><td>2,245,004</td><td>-377,931,725</td></tr><tr><td>Federal home loan banks</td><td>39,912,583</td><td>-</td><td>2,161,260</td><td>475,277</td><td>201,395,495</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>11,103,970</td><td>-17,642</td><td>12,616,512</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>801,449</td><td>9,148,359</td><td>30,734,009</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>7,536,850</td><td>-</td><td>-</td><td>-1,046,424</td><td>6,877,043</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-56,858,135</td><td>-</td><td>30,885,132</td><td>-329,938</td><td>704,752,609</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-2,000,000</td><td>2,610,171,431</td><td>66,458,665</td><td>991,131</td><td>2,906,823,142</td></tr><tr><td>HPC Mortgage Company, The</td><td>-</td><td>-</td><td>1,898,225</td><td>233,338</td><td>48,008,106</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>6,686,604</td><td>-</td><td>25,398,598</td></tr><tr><td>War corporations 3/</td><td>2,000,000</td><td>69,436,803</td><td>1,785,246</td><td>1,036,024,390</td><td>5,580,644,660</td></tr><tr><td>Total</td><td>$-354,471,281</td><td>$2,577,919,477</td><td>$161,159,534</td><td>$1,260,154,254</td><td>$13,502,805,566</td></tr></table>
Source: Reports received from the corporations and agencies. Data on basis of checks issued. 1/ Receipts from the repayment of mortgage loans appear under "Repayment of loans" in the statement of sources of funds. 2/ Includes the Electric Hose and Para Authority, which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942. 3/ Comprises Cargoes, Incorporated, Defense Hoses Corporation, Defense Plant Corporation, Defense Supplies Corporation, Iast
tute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and Var Damage Corporation. Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
July 1944
— August 1944
65
Sources of Funds of Certain Government Corporations and Credit Agencies from Inception of Organization through May 31, 1944
<table><tr><th>Corporation or agency</th><th>Appropriations from General Fund of the Treasury 1/</th><th>Allocations, re-discounts, and loans from other government corporations and credit agencies (net)</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obligations in the market (net) 2/</th><th>Sale of stock to other agencies</th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 76,500,000</td><td>$ 16,305,218</td><td>-</td><td>-</td><td>$ 942,400</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>7,000,000</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>370,000,000</td><td>-</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>45,441,910</td><td>-</td><td>-</td><td>11,000,000</td></tr><tr><td>Federal Public Housing Authority</td><td>33,704,309</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>607,000,000</td><td>3,114,453,550</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation 6/</td><td>325,000,000</td><td>-</td><td>8,469,662,124</td><td>241,000</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>90,560,850</td><td>-</td><td>-</td><td>25,000,000</td></tr><tr><td>Rural Electrification Administration</td><td>143,424,829</td><td>230,397,746</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 7/</td><td>154,000,000</td><td>7,445,374,216</td><td>-</td><td>-</td><td>36,601,000</td></tr><tr><td>Total</td><td>$1,451,579,662</td><td>$7,868,128,369</td><td>$10,744,662,124</td><td>$3,630,555,550</td><td>$611,583,957</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Sale of other property acquired</th><th>Repayment of loans 8/</th><th>Interest, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>$ 594,262,407</td><td>$ 14,059,581</td><td>$ 4,707,561</td><td>$ 706,777,167</td></tr><tr><td>Commodity Credit Corporation</td><td>$ 7,591,836,930</td><td>1,211,869,523</td><td>45,932,492</td><td>119,467,396</td><td>10,504,617,894</td></tr><tr><td>Disaster Loan Corporation</td><td>215,051</td><td>26,308,783</td><td>1,021,154</td><td>36,534</td><td>51,581,522</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>133,782,094</td><td>33,945,601</td><td>9,573</td><td>349,737,268</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>153,718,832</td><td>531,514,970</td><td>5,097,853</td><td>979,830,929</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>41,434,801</td><td>662,107,655</td><td>603,269,900</td><td>27,986,241</td><td>1,804,798,597</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>1,111,341,943</td><td>56,286,079</td><td>93,816,883 9/</td><td>1,450,485,905</td></tr><tr><td>Federal National Mortgage Association</td><td>2,374,418</td><td>208,001,595</td><td>47,236,380</td><td>1,652,056</td><td>315,706,359</td></tr><tr><td>Federal Public Rousing Authority</td><td>974,105</td><td>859,121,531</td><td>62,318,083</td><td>1,630,010</td><td>1,388,596,759</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>57,038,532</td><td>3,494,278</td><td>160,532,810</td></tr><tr><td>Home Owners' Loan Corporation</td><td>329,879,486</td><td>1,593,903,073</td><td>1,141,403,812</td><td>35,053,992</td><td>7,021,693,913</td></tr><tr><td>Reconstruction Finance Corporation 6/</td><td>37,610,297</td><td>6,481,746,005</td><td>861,680,898</td><td>139,636,794</td><td>16,315,577,118</td></tr><tr><td>RFC Mortgage Company, The</td><td>1,304,549</td><td>193,082,528</td><td>23,590,851</td><td>6,701,802</td><td>340,240,579</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>35,311,907</td><td>34,476,617</td><td>339</td><td>443,611,437</td></tr><tr><td>War corporations 1/</td><td>3,202,782,321</td><td>133,280,470</td><td>27,964,853</td><td>2,550,950,083</td><td>13,550,952,943</td></tr><tr><td>Total</td><td>$11,208,411,958</td><td>$13,397,838,346</td><td>$3,541,739,803</td><td>$2,990,241,405</td><td>$55,444,741,170</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 R.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 R.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 B.I.R.A.; $97,000,000 R.F.C. included in notes canceled by the Treasury (See footnote 4/); and $143,950,524 restoration of capital 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 E.F.C. from the proceeds of its notes sold to the Treasury, such amounts being included in
the total of obligations of the corporation canceled by the Secretary of the Treasury pursuant to the Act of February 24, 1938.
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 Cargoe, Incorporated, Defense Romee Corporation, Defense Plant Corporation, Defense Supply Corporation, Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserve Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation.
8/ Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property acquired".
2/ Includes $60,484,650 paid-in capital stock held by member institutions.
66
Treasury Bulletin
Uses of Funds of Certain Government Corporations and Credit Agencies
from Inception of Organization through May 31, 1944
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 1,242,236</td><td>-</td><td>-</td><td>$ 664,542,770</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>20,385,396</td><td>-</td><td>$ 7,434,841,731</td><td>2,579,469,584</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>4,100,169</td><td>$ 132,074</td><td>-</td><td>30,597,464</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>1,157,821</td><td>23,044</td><td>-</td><td>277,273,144</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>35,167,069</td><td>-</td><td>-</td><td>205,001,259</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>101,031,619</td><td>-</td><td>21,232,993</td><td>1,114,598,871</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>13,258,355</td><td>-</td><td>-</td><td>1,182,947,773</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>5,580,168</td><td>5,983,936</td><td>-</td><td>271,409,670</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>25,181,992</td><td>8,429,722</td><td>82,985,523</td><td>1,178,713,663</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2,285,440</td><td>126,327</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>246,965,135</td><td>172,170,738</td><td>149,968,375</td><td>3,275,419,831</td><td>$2,281,364,050 2/</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>110,441,732</td><td>14,346,934</td><td>462,721</td><td>8,266,463,082</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>6,771,328</td><td>5,503,115</td><td>9,699,659</td><td>306,769,562</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>20,168,480</td><td>-</td><td>-</td><td>385,519,400</td><td>-</td></tr><tr><td>War corporations 4/</td><td>26,944,412</td><td>318,604,832</td><td>10,424,585,540</td><td>355,199,973</td><td>-</td></tr><tr><td>Total</td><td>$620,731,352</td><td>$525,320,722</td><td>$18,123,776,542</td><td>$20,093,926,046</td><td>$2,281,364,050</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net) 5/</th><th>Allocations, re-discounts, and loans to other government corporations and credit agencies (net)</th><th>interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 27,039,843</td><td>-</td><td>$ 1,608,810</td><td>$ 3,657,052</td><td>$ 698,090,712</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>$ 223,584,742</td><td>$ 42,793,286</td><td>$ 258,868,840</td><td>$ 10,559,943,578</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>$ 16,750,525</td><td>-</td><td>$ 290</td><td>$ 51,580,522</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>$ 56,950,000</td><td>$ 13,175,178</td><td>$ 593,801</td><td>$ 349,172,988</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>$ 688,931,112</td><td>-</td><td>-</td><td>$ 33,052,738</td><td>$ 962,152,178</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>$ 171,954,700</td><td>-</td><td>$ 366,235,736</td><td>$ 26,353,522</td><td>$ 1,801,457,442</td></tr><tr><td>Federal home loan banks</td><td>$ 194,844,527</td><td>-</td><td>$ 28,943,810</td><td>$ 993,499</td><td>$ 1,420,987,964</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>$ 32,476,653</td><td>$ 255,932</td><td>$ 315,706,359</td></tr><tr><td>Federal Public Housing Authority</td><td>$ 7,070,000</td><td>-</td><td>$ 12,276,445</td><td>$ 33,704,309</td><td>$ 1,348,361,655</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>$ 144,988,843</td><td>-</td><td>$ 3,035,326</td><td>$ 9,016,379 6/</td><td>$ 159,452,316</td></tr><tr><td>Rome Owners' Loan Corporation</td><td>$ 161,529,275</td><td>-</td><td>$ 610,083,784</td><td>$ 6,584,641</td><td>$ 6,904,085,829</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>$ 367,041,001</td><td>$ 7,166,987,884</td><td>$ 368,842,220</td><td>$ 19,717,088</td><td>$ 16,314,302,662</td></tr><tr><td>RPC Mortgage Company, The</td><td>-</td><td>-</td><td>$ 10,853,732</td><td>$ 642,056</td><td>$ 340,239,451</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>$ 25,501,834</td><td>$ 371,526</td><td>$ 431,561,241</td></tr><tr><td>War corporations 1/</td><td>$ 3,000,000</td><td>$ 237,243,446</td><td>$ 3,334,275</td><td>$ 2,043,741,996</td><td>$ 13,412,654,473</td></tr><tr><td>Total</td><td>$1,766,399,301</td><td>$7,701,516,597</td><td>$1,519,161,089</td><td>$2,437,553,669</td><td>$55,069,749,370</td></tr></table>
Source: Reports received from the corporations and agencies. Data on the basis of checks issued.
1/ Receipts from the repayment of mortgage loans appear under "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/ Comprises 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 $855,043,135 as follows: Federal Deposit Insurance Corporation, $590,931,112; Federal Savings and Loan Insurance Corporation, $117,000,000; Federal Public Housing Authority, $7,070,000; Federal home loan banks, $128,992,023; Central Bank for Cooperatives, $11,050,000. 
6/ Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
July 1944 - August 1944
67
INTERNAL REVENUE STATISTICS
68
Treasury Bulletin
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits taxes 4/</th><th>Total</th><th>Social Security taxes 5/ Federal insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taxing Act of 1937</th></tr><tr><td>1935</td><td>3,281,792</td><td>1,105,788</td><td>527,113</td><td>572,115</td><td>6,560</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>3,494,330</td><td>1,427,445</td><td>674,416</td><td>738,520</td><td>14,509</td><td>48</td><td>-</td><td>-</td><td>48</td></tr><tr><td>1937</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,643,848</td><td>2,629,030</td><td>1,285,312</td><td>1,299,932r</td><td>42,785</td><td>742,660</td><td>502,917</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,162,364r</td><td>2,185,114r</td><td>1,028,834</td><td>1,122,540r</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>5,322,771r</td><td>2,129,609r</td><td>982,017</td><td>1,120,562r</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>7,351,533r</td><td>3,471,124r</td><td>1,417,655</td><td>2,016,297r</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>13,029,915r</td><td>8,006,883r</td><td>3,262,800</td><td>4,687,462r</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>22,368,724r</td><td>16,298,886r</td><td>6,629,932</td><td>9,584,715r</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</td><td>40,119,510</td><td>33,027,802</td><td>18,261,006</td><td>14,629,343</td><td>137,453</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1943-June</td><td>4,383,432r</td><td>4,026,507r</td><td>1,813,948</td><td>2,205,596r</td><td>7,363r</td><td>27,747</td><td>2,593</td><td>1,186</td><td>23,968</td></tr><tr><td>July</td><td>1,998,885</td><td>1,231,442</td><td>873,819</td><td>347,376</td><td>10,247</td><td>115,826</td><td>109,533</td><td>4,846</td><td>1,447</td></tr><tr><td>August</td><td>1,672,217</td><td>813,577</td><td>511,977</td><td>298,726</td><td>2,874</td><td>263,723</td><td>222,363</td><td>8,547</td><td>32,813</td></tr><tr><td>September</td><td>4,613,249</td><td>4,191,778</td><td>2,044,725</td><td>2,132,387</td><td>14,676</td><td>27,853</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>1,066,451</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>35,858</td></tr><tr><td>1944-January</td><td>2,088,486</td><td>1,584,390</td><td>1,039,535</td><td>538,653</td><td>6,202</td><td>122,183</td><td>84,530</td><td>36,859</td><td>794</td></tr><tr><td>February</td><td>3,133,366</td><td>2,476,722</td><td>2,075,328</td><td>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><tr><td>May</td><td>3,076,173</td><td>2,289,328</td><td>1,859,230</td><td>420,345</td><td>9,753</td><td>303,859</td><td>254,715</td><td>11,084</td><td>38,060</td></tr><tr><td>June</td><td>5,111,657</td><td>4,568,413</td><td>1,268,599</td><td>3,260,544</td><td>18,970</td><td>44,395</td><td>4,542</td><td>1,165</td><td>38,689</td></tr></table>
<table><tr><th>Fiscal year or month</th><th colspan="7">Miscellaneous internal revenue</th><th></th></tr><tr><th></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>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>2,359,041</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>4,571,131</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>732,332</td><td>-</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,211</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,401</td><td>-</td></tr><tr><td>1943-June</td><td>329,176</td><td>365</td><td>28,673</td><td>115,230</td><td>79,821</td><td>4,993</td><td>39,195</td><td>60,901</td><td>-</td></tr><tr><td>July</td><td>651,617</td><td>135,045</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>42</td><td>36,443</td><td>120,194</td><td>87,101</td><td>3,999</td><td>64,394</td><td>76,204</td><td>-</td></tr><tr><td>1944-January</td><td>381,913</td><td>59</td><td>52,184</td><td>107,886</td><td>77,211</td><td>4,275</td><td>68,029</td><td>72,269</td><td>-</td></tr><tr><td>February</td><td>339,254</td><td>247</td><td>38,449</td><td>108,395</td><td>67,470</td><td>4,122</td><td>62,048</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>423,627</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><tr><td>May</td><td>482,986</td><td>152</td><td>41,862</td><td>182,345</td><td>80,868</td><td>4,321</td><td>76,663</td><td>96,775</td><td>-</td></tr><tr><td>June</td><td>498,849</td><td>1,035</td><td>50,064</td><td>194,863</td><td>81,083</td><td>4,450</td><td>94,444</td><td>102,910</td><td>-</td></tr></table>
Note: Figures on corporation income and excess profit taxes for the fiscal years 1938 through 1943 and for June 1943 have been revised to include income tax collections on Alaskan railroads. Source: Reports of collections. Revised. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. (except for the fiscal years 1929 through 1934, when they aggregated less than $1 million a year). 2/ Includes victory tax collections and collections under the Current Tax Payment Act of 1943.
3/ Excess profits tax imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits tax, the profit limiting provisions of the Vinson Act, and the tax on unjust enrichment.
5/ For the period prior to September 1939 the date in the column entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act represent collections under Titles VIII and IX, respectively, of the Social Security Act.
6/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
July 1944
- August 1944
69
COLLECTIONS OF INTERNAL REVENUE
Fiscal Years 1929 to 1944
* Includes miscellaneous profit taxes
70
Treasury Bulletin
Detailed Analysis of Current Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Sources of revenue</th><th>June 1944</th><th colspan="2">Fiscal year</th><th>Sources of revenue</th><th>June 1944</th><th colspan="2">Fiscal year</th></tr><tr><th></th><th></th><th>1943</th><th>1944</th><th></th><th></th><th>1943</th><th>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>38,065</td><td>-</td><td>7,038,438</td><td>Bond, issues of capital stock, deeds of conveyance, etc.</td><td>2,403</td><td>21,766</td><td>26,243</td></tr><tr><td>Victory tax (Revenue Act of 1942)</td><td>94</td><td>686,015</td><td>784,997</td><td>Transfers of capital stock and similar interest sales</td><td>1,438</td><td>15,584</td><td>17,096</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td>Playing cards</td><td>608</td><td>7,694</td><td>7,414</td></tr><tr><td>Current 3/</td><td>1,244,593</td><td>5,771,001</td><td>10,253,831</td><td>Silver bullions sales or transfers</td><td>1</td><td>111</td><td>47</td></tr><tr><td>Back</td><td>6,147</td><td>172,916</td><td>183,740</td><td>Total stamp taxes</td><td>4,450</td><td>45,155</td><td>50,600</td></tr><tr><td>Total individual income taxes</td><td>1,288,899</td><td>6,629,932</td><td>18,261,006</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>3,808</td><td>43,318</td><td>52,473</td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td>Gasoline</td><td>21,029</td><td>288,786</td><td>271,217</td></tr><tr><td>Current 3/</td><td>1,043,530</td><td>4,136,966</td><td>4,762,714</td><td>Tires and tubes</td><td>3,806</td><td>18,280</td><td>40,309</td></tr><tr><td>Back</td><td>43,108</td><td>383,885</td><td>521,431</td><td>Floor taxes on tires and tubes</td><td>*</td><td>65</td><td>25</td></tr><tr><td>Excise profits taxes (Second Revenue Act of 1940 as amended)</td><td>2,173,906</td><td>5,063,604</td><td>9,345,198</td><td>Automobile trucks and buses</td><td>1,087</td><td>4,230</td><td>3,247</td></tr><tr><td>Total corporation taxes</td><td>3,260,544</td><td>9,584,715</td><td>14,629,343</td><td>Other automobiles and motorcycles</td><td>89</td><td>1,424</td><td>1,222</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td>Parts and accessories for automobiles</td><td>2,881</td><td>20,478</td><td>31,551</td></tr><tr><td>Declared value</td><td>18,962</td><td>82,012</td><td>136,980</td><td>Electrical energy</td><td>4,535</td><td>48,705</td><td>51,239</td></tr><tr><td>Vinson Act</td><td>-</td><td>420</td><td>39</td><td>Electric, gas, and oil appliances</td><td>552</td><td>6,913</td><td>5,027</td></tr><tr><td>Unjust enrichment</td><td>8</td><td>1,808</td><td>434</td><td>Electric light bulbs and tubes</td><td>1,407</td><td>3,657</td><td>5,368</td></tr><tr><td>Total miscellaneous profits taxes</td><td>18,970</td><td>84,241</td><td>137,453</td><td>Electric signs (repealed as of 11/1/42)</td><td>41</td><td>614</td><td>255</td></tr><tr><td>Total income and profits taxes</td><td>4,568,413</td><td>16,298,888</td><td>33,027,802</td><td>Radio sets, phonographs, components, etc.</td><td>155</td><td>5,561</td><td>3,402</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td>Photograph records</td><td>198</td><td>1,817</td><td>1,889</td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td>Musical instruments</td><td>42</td><td>1,280</td><td>633</td></tr><tr><td>Federal Insurance Contributions Act (Old-age insurance)</td><td>4,542</td><td>1,131,546</td><td>1,290,025</td><td>Mechanical refrigerators, air-conditioners, etc.</td><td></td><td></td><td></td></tr><tr><td>Federal Unemployment Tax Act (Unemployment Insurance)</td><td>1,165</td><td>156,008</td><td>183,337</td><td>Watches</td><td>77</td><td>5,966</td><td>2,406</td></tr><tr><td>Total Social Security taxes</td><td>5,706</td><td>1,287,554</td><td>1,473,361</td><td>Floor taxes on matches</td><td>949</td><td>9,367</td><td>8,671</td></tr><tr><td>Carriers' Taring Act of 1937</td><td>38,689</td><td>211,151</td><td>265,011</td><td>Business and store machines</td><td>-</td><td>6</td><td>55</td></tr><tr><td>Total employment taxes</td><td>44,395</td><td>1,498,705</td><td>1,738,372</td><td>Purs - retailers' excise</td><td>322</td><td>6,461</td><td>3,760</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td>Jewelry - retailers' excise</td><td>1,103</td><td>44,223</td><td>58,726</td></tr><tr><td>Capital stock tax</td><td>1,035</td><td>328,795</td><td>380,702</td><td>Luggage - retailers' excise (effective 4/1/44)</td><td>10,551</td><td>88,366</td><td>113,373</td></tr><tr><td>Estate tax</td><td>49,548</td><td>414,531</td><td>473,466</td><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>5,290</td><td>-</td><td>8,343</td></tr><tr><td>Gift tax</td><td>516</td><td>32,955</td><td>37,745</td><td>Optical equipment (repealed as of 11/1/42)</td><td>(-2)*</td><td>5,682</td><td>4,777</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td>Photographic apparatus</td><td>1</td><td>293</td><td>8</td></tr><tr><td>Distilled spirits (imported, excise)</td><td>31,244</td><td>83,407</td><td>286,871</td><td>Rubber articles (repealed as of 11/1/42)</td><td>918</td><td>11,164</td><td>11,907</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>68,042</td><td>698,300</td><td>612,539</td><td>Sporting goods</td><td>5</td><td>14,885</td><td>295</td></tr><tr><td>Distilled spirits rectification tax</td><td>1,739</td><td>18,836</td><td>18,874</td><td>Toilet preparations - retailers' excise</td><td>209</td><td>4,068</td><td>2,498</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>549</td><td>743</td><td>4,027</td><td>Washing machines (repealed as of 11/1/42)</td><td>5,335</td><td>32,677</td><td>44,790</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>3,300</td><td>32,920</td><td>30,068</td><td>Firearms, shells and cartridges</td><td>53</td><td>37</td><td>32</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>11</td><td>6</td><td>12</td><td>Pistols and revolvers</td><td>1</td><td>1,149</td><td>1,061</td></tr><tr><td>Dealers in distilled spirits, rectifiers, manufacturers of stills (special taxes)</td><td>2,129</td><td>7,008</td><td>8,109</td><td>Repealed taxes not listed above</td><td>2</td><td>62</td><td>37</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>64,444</td><td>670,015</td><td>728,694</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>40</td><td>1,299</td><td>1,369</td><td>Miscellaneous taxes:</td><td></td><td></td><td></td></tr><tr><td>Container stamps</td><td>799</td><td>10,549</td><td>8,516</td><td>Bituminous Coal Act of 1937</td><td>7</td><td>5,626</td><td>1,403</td></tr><tr><td>Floor taxes</td><td>27,172</td><td>111,539</td><td>85,131</td><td>Sugar Act of 1937</td><td>5,337</td><td>53,552</td><td>68,789</td></tr><tr><td>Perfumated malt liquors</td><td>59,020</td><td>455,635</td><td>559,152</td><td>Telephone, telegraph, radio and cable, leased wires, etc.</td><td>13,244</td><td>91,174</td><td>141,275</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>818</td><td>3,238</td><td>3,375</td><td>Local telephone service</td><td>7,533</td><td>66,987</td><td>90,199</td></tr><tr><td>Total alcoholic beverage taxes</td><td>194,863</td><td>1,423,481</td><td>1,618,045</td><td>Transportation of oil by pipe line</td><td>1,621</td><td>13,672</td><td>15,851</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td>Transportation of persons, seats, berths</td><td>14,265</td><td>87,132</td><td>153,683</td></tr><tr><td>Cigars (large)</td><td>2,651</td><td>23,075</td><td>30,152</td><td>Transportation of property (effective 12/1/42)</td><td>18,285</td><td>82,556</td><td>215,488</td></tr><tr><td>Cigars (small)</td><td>13</td><td>97</td><td>107</td><td>Use of motor vehicles (effective 2/1/42)</td><td>7,897</td><td>146,289</td><td>134,326</td></tr><tr><td>Cigarettes (large)</td><td>14</td><td>30</td><td>85</td><td>Use of boats (effective 2/1/42)</td><td>135</td><td>378</td><td>352</td></tr><tr><td>Cigarettes (small)</td><td>74,086</td><td>835,231</td><td>903,958</td><td>Leases of safe-deposit boxes</td><td>538</td><td>6,070</td><td>6,594</td></tr><tr><td>Smuff</td><td>653</td><td>7,543</td><td>7,692</td><td>Admissions to theaters, concerts, etc.</td><td>21,319</td><td>138,054</td><td>178,563</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>3,550</td><td>47,849</td><td>45,269</td><td>Admissions to cathedrals, roof gardens, etc.</td><td>4,921</td><td>16,397</td><td>26,126</td></tr><tr><td>Cigarette papers and tubes</td><td>108</td><td>1,472</td><td>1,164</td><td>Club dues and initiation fees</td><td>1,001</td><td>6,520</td><td>9,182</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>*</td><td>4</td><td>2</td><td>Bowling alleys, pool tables, etc.</td><td>529</td><td>1,853</td><td>2,208</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>9</td><td>8,556</td><td>50</td><td>Co-in operated devices</td><td>1,955</td><td>10,487</td><td>18,475</td></tr><tr><td>Total tobacco taxes</td><td>81,083</td><td>923,857</td><td>988,483</td><td>Adulterated and processed or renovated butter, mixed flour 4/ and filled cheese</td><td>1</td><td>59</td><td>18</td></tr><tr><td>Cigars (large)</td><td>2,651</td><td>23,075</td><td>30,152</td><td>Oleomargarine, including special taxes</td><td>605</td><td>2,621</td><td>4,084</td></tr><tr><td>Cigars (small)</td><td>13</td><td>97</td><td>107</td><td>Narcotics, including marihuana and special taxes</td><td>227</td><td>788</td><td>779</td></tr><tr><td>Cigarettes (large)</td><td>14</td><td>30</td><td>85</td><td>Coconut and other vegetable oils processed</td><td>3,307</td><td>1,939</td><td>7,190</td></tr><tr><td>Cigarettes (small)</td><td>74,086</td><td>835,231</td><td>903,958</td><td>National Firearms Act</td><td>3</td><td>20</td><td>16</td></tr><tr><td>Smuff</td><td>653</td><td>7,543</td><td>7,692</td><td>All other, including repealed taxes not listed above</td><td>180</td><td>158</td><td>201</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>3,550</td><td>47,849</td><td>45,269</td><td>Total miscellaneous taxes</td><td>102,910</td><td>732,332</td><td>1,075,401</td></tr><tr><td>Cigarette papers and tubes</td><td>108</td><td>1,472</td><td>1,164</td><td>Total miscellaneous internal revenue</td><td>498,849</td><td>4,571,131</td><td>5,353,336</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>*</td><td>4</td><td>2</td><td>Total internal revenue</td><td>5,111,657</td><td>22,368,724</td><td>40,119,510</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>9</td><td>8,556</td><td>50</td><td></td><td></td><td></td><td></td></tr><tr><td>Total tobacco taxes</td><td>81,083</td><td>923,857</td><td>988,483</td><td></td><td></td><td></td><td></td></tr></table>
Source: Reports of collections. r Revised to include income tax collection on Alaskan railroads. * Less than $500. ** Correction of prior months collections. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Consists only of tax collections under the Current Tax Payment Act of 1943 for which returns have been filed with the Collector of Internal Revenue. Collections as shown in Daily Treasury Statements
consist of withholdings deposited in Government depositories in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
July 1944 - August 1944
71
MONETARY STATISTICS
72
Treasury Bulletin
Balance Sheet of the Exchange Stabilization Fund
As of June 30, 1943 and March 31, 1944
<table><tr><th></th><th>June 30, 1943</th><th>March 31, 1944</th></tr><tr><td><b>Assets</b></td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold</td><td>$1,800,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, checking account</td><td>1,580,734.54</td><td>1,290,975.53</td></tr><tr><td>Federal Reserve Bank of New York, special account</td><td>201,670,431.08</td><td>215,701,003.20</td></tr><tr><td>Disbursing officers' balances and advance accounts</td><td>4,320.56</td><td>8,069.53</td></tr><tr><td>Total cash</td><td>$2,003,255,486.18</td><td>$2,017,000,048.26</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1)</td><td>10,500,529.80</td><td>14,277,104.25</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs</td><td>$991,372.25</td><td>$1,035,022.04</td></tr><tr><td>French francs</td><td>17.88</td><td>17.88</td></tr><tr><td>Belgas</td><td>505.06</td><td>505.06</td></tr><tr><td>Starling</td><td>2,980.05</td><td>2,980.05</td></tr><tr><td>All other</td><td>-</td><td>4,633,089.00</td></tr><tr><td>Foreign depositories</td><td>419,699.37</td><td>676,726.73</td></tr><tr><td>Total due from foreign banks</td><td>1,414,574.61</td><td>6,348,341.36</td></tr><tr><td>Due from the Government of the Republic of Cuba</td><td>5,012,670.78</td><td>-</td></tr><tr><td>Investments in United States Government securities (Schedule 2)</td><td>10,448,723.13</td><td>10,448,723.13</td></tr><tr><td>Accrued interest receivable (Schedule 2)</td><td>9,730.73</td><td>69,412.60</td></tr><tr><td>Other accounts (deferred charges)</td><td>23.07</td><td>30.46</td></tr><tr><td>Commodity sales contracts (deferred charges)</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets</td><td>$2,030,044,374.30</td><td>$2,048,146,296.06</td></tr><tr><td><b>Liabilities and Capital</b></td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable</td><td>$2,465.73</td><td>$1,946.45</td></tr><tr><td>Taxes withheld from salaries of employees:</td><td></td><td></td></tr><tr><td>Victory Tax</td><td>2,277.50</td><td>-</td></tr><tr><td>Withholding Tax</td><td>-</td><td>9,524.60</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds</td><td>532.29</td><td>808.79</td></tr><tr><td>Miscellaneous</td><td>4,507.67</td><td>8,678.18</td></tr><tr><td>Total accounts payable</td><td>$9,783.19</td><td>$20,958.02</td></tr><tr><td>Reserve for expenses and contingencies (net)</td><td>-</td><td>10,768,202.78</td></tr><tr><td>Capital account</td><td>2,000,000,000.00</td><td>2,000,000,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>30,634,591.11</td><td>37,357,135.26</td></tr><tr><td>Total liabilities and capital</td><td>$2,030,044,374.30</td><td>$2,048,146,296.06</td></tr></table>
Back Figures: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the
Treasury for 1940a. Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin".
Schedules for Balance Sheet of the Exchange Stabilization Fund Schedule 1
Location of gold held by and for account of the Exchange Stabilisation Fund 1/
<table><tr><th></th><th colspan="2">June 30, 1943</th><th colspan="2">March 31, 1944</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>92,038.140</td><td>$ 3,221,334.92</td><td>164,098.882</td><td>$ 5,743,460.86</td></tr><tr><td>U. S. Assay Office, New York</td><td>207,976.990</td><td>7,279,194.88</td><td>243,818.376</td><td>8,533,043.39</td></tr><tr><td>Total</td><td>300,015.130</td><td>$10,500,529.80</td><td>407,917.258</td><td>$14,277,104.25</td></tr></table>
1/ Excludes gold held by Treasurer of the United States.
July 1944 - August 1944
73
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued)
Schedule 2
United States Government securities held by the Exchange Stabilisation Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1943</th><th colspan="4">March 31, 1944</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/4% Treasury bonds, 1951-53..</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$9,221.31</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$65,778.69</td></tr><tr><td>2-3/4% Treasury bonds, 1958-63..</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>56.35</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>401.98</td></tr><tr><td>2-3/4% Treasury bonds, 1960-65..</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>453.07</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>3,231.93</td></tr><tr><td>Total United States Government securities.</td><td>$10,452,000</td><td>$10,448,723.13</td><td>................</td><td>$9,730.73</td><td>$10,452,000</td><td>$10,448,723.13</td><td>................</td><td>$69,412.60</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilisation Fund
<table><tr><th>Source</th><th>January 31, 1934 through June 30, 1943</th><th>January 31, 1934 through March 31, 1944</th></tr><tr><td>Profits on British sterling transactions</td><td>$ 310,638.09</td><td>$ 310,638.09</td></tr><tr><td>Profits on French franc transactions</td><td>351,537.99</td><td>351,537.99</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold)</td><td>21,357,999.25</td><td>23,367,562.83</td></tr><tr><td>Profits on other gold and exchange transactions</td><td>-</td><td>5,000,000.00</td></tr><tr><td>Profits on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalised)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>1,019,326.18</td><td>1,019,326.18</td></tr><tr><td>Interest on investments</td><td>3,948,439.14</td><td>4,126,836.01</td></tr><tr><td>Miscellaneous profits</td><td>497.51</td><td>622.68</td></tr><tr><td>Interest earned on foreign balances</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td><b>Total earnings</b></td><td><b>$32,666,377.38</b></td><td><b>$39,854,463.00</b></td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilisation Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1943</th><th>January 31, 1934 through March 31, 1944</th></tr><tr><td>Salaries</td><td>$1,393,816.42</td><td>$1,624,093.76</td></tr><tr><td>Travel</td><td>67,018.04</td><td>75,076.87</td></tr><tr><td>Subsistence</td><td>57,431.02</td><td>65,684.84</td></tr><tr><td>Telephone and telegraph</td><td>357,835.71</td><td>381,583.31</td></tr><tr><td>Stationery, etc.</td><td>19,026.27</td><td>20,866.66</td></tr><tr><td>All other</td><td>136,658.81</td><td>330,022.30</td></tr><tr><td>Total administrative expenses</td><td>$2,031,786.27</td><td>$2,497,327.74</td></tr></table>
74
Treasury Bulletin
Gold Assets and Liabilities of the Treasury
(in millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold Assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold Certificate 1/</th><th>Gold Reserve against D. 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>22,136.1</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-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>194.6</td></tr><tr><td>March</td><td>21,559.9</td><td>19,477.2</td><td>156.0</td><td>1,800.0</td><td>166.7</td></tr><tr><td>April</td><td>21,429.2</td><td>19,319.2</td><td>156.0</td><td>1,800.0</td><td>154.0</td></tr><tr><td>May</td><td>21,263.7</td><td>19,150.9</td><td>156.0</td><td>1,800.0</td><td>156.8</td></tr><tr><td>June p.</td><td>21,173.4</td><td>19,063.5</td><td>156.0</td><td>1,800.0</td><td>153.8</td></tr></table>
Source: Daily Treasury Statements. Preliminary. Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the
Gold Certificate Fund - Board of Governors, Federal Reserve System, and (b) the Redemption Fund - Federal Reserve notes. Reserve against United States notes and Treasury notes of 1890. Excludes gold in active portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944 p</td><td>21,173.4</td><td>3,951.9</td><td>15.7</td></tr><tr><td>1943-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>4,204.4</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>15.5</td></tr><tr><td>November</td><td>22,064.7</td><td>4,213.7</td><td>15.0</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>4,114.5</td><td>16.1</td></tr><tr><td>April</td><td>21,429.2</td><td>4,088.3</td><td>16.0</td></tr><tr><td>May</td><td>21,263.7</td><td>4,083.6</td><td>16.1</td></tr><tr><td>June p</td><td>21,173.4</td><td>3,951.9</td><td>15.7</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p. Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, June 30, 1944
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,113.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,662,750.78</td><td>-</td><td>23,852,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,846,976.25</td><td>328,145.58</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>7,938,121.40</td><td>-</td><td>7,938,121.40</td></tr><tr><td>Total increment</td><td>$2,818,663,516.55</td><td>$2,574,781,252.67</td><td>$143,882,263.88</td></tr></table>
July 1944
- August 1944
75
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><td>1934</td><td>211.6</td><td>508.4</td><td>4.2</td><td>8.8</td><td>89.3</td><td>35.2</td><td>305.3</td><td>1,279.7</td></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>.2</td><td>262.7</td><td>38.4</td><td>323.5</td><td>1,970.1</td></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>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>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1943-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</td><td>1,520.1</td><td>392.6</td><td>18.0</td><td>12.5</td><td>505.2</td><td>101.7</td><td>697.0</td><td>4,088.3</td></tr><tr><td>May</td><td>1,520.1</td><td>390.8</td><td>21.1</td><td>9.7</td><td>499.8</td><td>103.5</td><td>706.0</td><td>4,083.6</td></tr><tr><td>June p</td><td>1,520.1</td><td>389.4</td><td>20.9</td><td>7.8</td><td>450.3</td><td>104.9</td><td>713.6</td><td>3,951.9</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+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounce</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1934</td><td>32.5</td><td>21.8</td><td>14.1</td><td>110.6</td><td>55.3</td><td>172.5</td><td>86.5</td><td>304.9</td><td>155.9</td></tr><tr><td>1935</td><td>45.6</td><td>38.0</td><td>27.3</td><td>2.0</td><td>1.0</td><td>494.4</td><td>318.2</td><td>534.3</td><td>346.5</td></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>....</td><td>....</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3 r</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>71.1 r</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>55.9 r</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</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-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</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</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</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>3.1</td><td>•</td><td>•</td><td>....</td><td>....</td><td>-</td><td>-</td><td>•</td><td>•</td></tr><tr><td>May</td><td>3.5</td><td>•</td><td>•</td><td>....</td><td>....</td><td>-</td><td>-</td><td>•</td><td>•</td></tr></table>
Source: Silver production: Annual Reports of the Director of the Mint for annual figures through 1942; releases of American Bureau of Metal Statistics for all later figures. Revised. Less than $50,000. For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74. Acquired at 64.54¢ cents per fine ounce until April 9, 1935;
at 71.11¢ cents per fine ounce from that date until April 23, 1935; at 77.57¢ cents from April 23, 1935 to December 31, 1937; at 64.64¢ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11¢ cents since July 1, 1939. 3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938. 4/ Acquired at various prices averaging approximately 51 cents per ounce.
76
Treasury Bulletin
Seigniorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on silver and minor coins</th><th colspan="5">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>457.1</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-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><tr><td>May</td><td>315.6</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>878.3</td></tr><tr><td>June</td><td>322.6</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>791.1</td></tr></table>
Basis: Daily Treasury Statements. / These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereof changes.
Net Capital Movement to the United States, 1935 through April 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>964,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>331,268</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>706,380</td><td>852,928</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941 (Jan. 1, 1941-Dec. 31, 1941)</td><td>496,923</td><td>-286,622</td><td>49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942 (Jan. 1, 1942-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-Apr. 30, 1944)</td><td>345,718</td><td>380,620</td><td>513</td><td>-14,893</td><td>-20,522</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 1944)</td><td>7,464,303</td><td>5,754,473</td><td>118,268</td><td>686,204</td><td>905,358</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943-April</td><td>65,206</td><td>58,289</td><td>922</td><td>6,937</td><td>-942</td></tr><tr><td>May</td><td>70,330</td><td>74,311</td><td>-1,027</td><td>-389</td><td>-2,565</td></tr><tr><td>June</td><td>223,795</td><td>224,845</td><td>3,662</td><td>4,537</td><td>-175</td></tr><tr><td>July</td><td>49,592</td><td>58,720</td><td>420</td><td>4,392</td><td>-13,940</td></tr><tr><td>August</td><td>170,342</td><td>59,027</td><td>1,698</td><td>-5,283</td><td>114,900</td></tr><tr><td>September</td><td>45,011</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><tr><td>March</td><td>44,341</td><td>76,736</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,405</td><td>1,038</td><td>-1,289</td><td>411</td><td>1,245</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.
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY WASHINGTON 25, D. C.
OFFICIAL BUSINESS
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FOR VICTORY
BUY
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BONDS
AND
STAMPS
<table><tr><td>Treas. HJ 10 .A2 1944 c. 2</td><td>U.S. Treasury Dept. Treasury Bulletin</td></tr></table>
U.S. TREASURY LIBRARY 1 0031928