Treas.
HJ
10
A2
c.2
of 2
LIBRARY
ROOM 5030
JUN 2 1 1972
TREASURY DEPARTMENT
BULLETIN OF THE TREASURY DEPARTMENT
SEPTEMBER 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
September 1944
Cumulative Table of Contents
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th colspan="6">1944</th><th colspan="6">1943</th></tr><tr><th></th><th>Sept.</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></tr><tr><td><b>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></td><td>A-1—A-15</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 plan.</td><td></td><td></td><td></td><td></td><td>A-4—A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>A-1—A-11</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>A-2</td><td></td><td></td><td>7</td><td></td><td></td><td></td></tr><tr><td>Preliminary report on sales.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>8-9</td><td></td><td></td><td></td></tr><tr><td>Outline of plan.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4</td><td></td><td>1-7</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></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></td><td>A-16</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>Financial operations of the United States Government during fiscal year 1944.</td><td>A-1—A-8</td><td></td><td></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, 1935-1944.</td><td></td><td>A-2—A-3</td><td></td><td></td><td>A-2</td><td>A-12—A-13</td><td>A-2</td><td></td><td></td><td>7</td><td>8</td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>A-8</td><td>A-16</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></tr><tr><td>Financing the war and the post-war readjustment.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><b>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>2</td><td>10</td><td>2</td><td>10</td><td>2</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>3</td><td>11</td><td>3</td><td>11</td><td>3</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>3</td><td>11</td><td>3</td><td>11</td><td>3</td></tr><tr><td><b>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>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>5</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></tr><tr><td>Analysis of receipts from internal revenue.</td><td>5</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></tr><tr><td>Analysis of general expenditures.</td><td>6</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>16</td><td>8</td><td>16</td><td>8</td></tr><tr><td>Analysis of expenditures for war activities.</td><td>7</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></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>7</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></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years.</td><td>8-9</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></tr><tr><td>Trust accounts, etc. receipts and expenditures.</td><td>10</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></tr><tr><td>Means of financing cash requirements.</td><td>11</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></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>12</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></tr><tr><td>Railroad Retirement Act.</td><td>13</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></tr><tr><td>Railroad Unemployment Insurance Act.</td><td>13</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></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>14</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></tr><tr><td>Railroad Retirement Account.</td><td>14</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></tr><tr><td>Unemployment Trust Fund.</td><td>14</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></tr><tr><td>Appropriations and net contract authorizations for the war activities program as of month-end preceding month of publication.</td><td>15-16</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></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>17</td><td>25</td><td>17</td><td>25</td><td>17</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>17</td><td>25</td><td>17-18</td><td>25-26</td><td>17-18</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>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>19</td><td>27</td><td>20</td><td>28</td><td>20</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>20</td><td>28</td><td>21</td><td>29</td><td>21</td></tr></table>
(Continued on following page)
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="10">Issue and page number</th></tr><tr><th colspan="5">1944</th><th colspan="5">1941</th></tr><tr><th></th><th>Sept.</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></tr><tr><td colspan="12">Public debt and guaranteed obligations of United States Government</td></tr><tr><td>Public debt and guaranteed obligations</td><td></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>2</td><td>31</td><td></td></tr><tr><td>Summary</td><td>23-24</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></tr><tr><td>Detailed statement</td><td>24-25</td><td>25-26</td><td>23-24</td><td>21-24</td><td>23-24</td><td>23</td><td>23</td><td>23</td><td>31</td><td>24</td><td>32</td><td>21</td></tr><tr><td>Piecals years, 1935-1944</td><td>26</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></tr><tr><td>Monthly data</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart</td><td></td><td></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></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>22</td><td>30</td><td>2</td><td>31</td><td></td></tr><tr><td>Interest-bearing debt, composition of</td><td>22</td><td>26</td><td>24</td><td>24</td><td>24</td><td>25</td><td>25</td><td>25</td><td>31</td><td>26</td><td>34</td><td>24</td></tr><tr><td>Guaranteed obligations held by Treasury</td><td>27</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></tr><tr><td>Debt position of United States Government under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>35</td><td></td></tr><tr><td>September 30, 1941</td><td></td><td></td><td></td><td></td><td></td><td>26</td><td></td><td>26</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1941</td><td></td><td></td><td></td><td></td><td>26</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1942</td><td></td><td>28</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, 1942</td><td></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></tr><tr><td>Computed interest charge and computed interest rate</td><td>27</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></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or Guaranteed by the United States, as of month-end preceding month of publication</td><td>28-30</td><td>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>23-30</td><td>37-39</td><td>27-28</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>31</td><td>33</td><td></td><td>30</td><td>30</td><td>31</td><td>30</td><td>31</td><td>38</td><td>31</td><td>40</td><td>29</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>32</td><td>34</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></tr><tr><td>Offerings and maturities of Treasury bills</td><td>33-34</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>33-40</td><td>32</td><td>41</td><td>30</td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>35-36</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></tr><tr><td>Sales by series, classified by denominations</td><td>37</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></tr><tr><td>Sales to investors other than commercial banks by series, classified by States</td><td>38-39</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>41-43</td><td>36-37</td><td>45-46</td><td>31-35</td></tr><tr><td>Payroll service plans</td><td>40</td><td>42</td><td>38</td><td>38</td><td>39</td><td>39</td><td>38</td><td>39</td><td>39</td><td>46</td><td>38</td><td>47</td><td>35</td></tr><tr><td>Treasury notes - tax and savings series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>40-41</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></tr><tr><td>Sales, classified by:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Denomination</td><td>42</td><td>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></tr><tr><td>Type of purchaser</td><td>42</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></tr><tr><td>United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions</td><td>43</td><td>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></tr><tr><td>Sales, classified by:</td><td>43</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></tr><tr><td>Denomination</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51</td><td>43</td><td>52</td><td>41</td></tr><tr><td>States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Ownership of United States Government securities</td></tr><tr><td>Summary distribution, by holders</td><td>45</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>44</td><td>47</td></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors</td><td>46</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937</td><td>46</td><td>48</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>47</td><td></td></tr><tr><td>Treasury Survey of Ownership:</td><td></td><td></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 banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>45-60</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></td><td>45-59</td><td>46-51</td><td></td></tr><tr><td>September 30, 1943</td><td></td><td></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></tr><tr><td>October 31, 1943</td><td></td><td></td><td></td><td>52-57</td><td></td><td>52-57</td><td>56-51</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1943</td><td></td><td></td><td></td><td>52-57</td><td></td><td>57-52</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943</td><td></td><td></td><td></td><td>52-57</td><td></td><td>57-52</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1944</td><td></td><td></td><td></td><td>52-57</td><td></td><td>56-51</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 29, 1944</td><td></td><td></td><td></td><td>52-57</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>45-46</td><td></td><td></td><td>56-51</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 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>May 31, 1944</td><td></td><td>47-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944</td><td>47-50</td><td></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</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>52-61</td><td></td></tr><tr><td>March 31, 1941 through March 31, 1941, and April 30 and May 31, 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reclassification of data on banks, monthly November 10, 1943 through February 29, 1944</td><td></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></tr><tr><td>Ownership by various classes of Federal Reserve member and nonmember commercial banks</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1941</td><td></td><td></td><td>58-61</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1942</td><td>51-54</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
September 1944
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="12">Issue and page number</th></tr><tr><th>Sept.</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></tr><tr><td colspan="13"><b>Prices and yields of Government securities (including securities issued by Federal agencies)</b></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>56-58</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></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td>59</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></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds: Discussion of revision of long-term Treasury bond average. Yields, monthly and weekly, beginning with January 1933. Yields beginning with 1936.</td><td>60-61</td><td>58</td><td>54-55</td><td>69-70</td><td>57-61</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13"><b>Government corporations and credit agencies of the United States</b></td></tr><tr><td>Assets and liabilities and proprietary interest: 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. June 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td>62-63</td><td>60-61</td><td>61-62</td><td>68-69</td><td>72-73</td><td>69-70</td><td>58-59</td></tr><tr><td>Sources and uses of funds: Fiscal year to date. From inception of organization.</td><td>65-66</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></tr><tr><td></td><td>67-68</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>71-72</td><td>62-63</td></tr><tr><td colspan="13"><b>Internal revenue statistics</b></td></tr><tr><td>Collections of internal revenue: Summary data. Comparative details for current periods.</td><td>70-71</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></tr><tr><td></td><td>72</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></tr><tr><td colspan="13"><b>Monetary statistics</b></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>76-77</td><td></td><td></td><td>84-85</td><td></td><td></td></tr><tr><td></td><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></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td>74</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></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>74</td><td></td><td></td><td></td><td>72</td><td></td><td>80</td><td></td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods.</td><td>74</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></td></tr><tr><td>Monetary stocks of gold and silver.</td><td>74</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></tr><tr><td>Components of silver monetary stock.</td><td>75</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></tr><tr><td>Silver of specified classifications acquired by minte and assay offices.</td><td>75</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></tr><tr><td>Silver production in United States.</td><td>75</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></tr><tr><td>Settlement on silver, by types.</td><td>76</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></tr><tr><td>Capital movement between the United States and foreign countries.</td><td>76</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></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.
September 1944
A-1
Financial Operations of the United States Government
During the Fiscal Year 1944
The July 3, 1944 press release of the Treasury reviewing receipts, expenditure, and changes in the public debt during the fiscal year 1944, offers a convenient review of the material in various tables in the "Treasury Bulletin". Accordingly, the press release with minor revisions is presented below. The revisions have been made primarily to bring out the relationship between "Bulletin" tables and material in the press release, and in some cases to add June 30 data which were not available when the press release was issued. Throughout the article figures are presented in millions of dollars and differences have been computed on the basis of these rounded figures instead of following the usual "Bulletin" procedure of making all calculations from unrounded figures. Percentages have also been calculated on the basis of rounded figures.
Summary
Government receipts and expenditures for the fiscal year 1944 reached unprecedented peaks.
Receipts for the fiscal year 1944 (exclusive of amounts set aside for account of Federal Old-age and Survivors Insurance Trust Fund) amounted to $44,149 millions, an increase of $21,867 millions, or nearly double the amount of net receipts for the fiscal year 1943, the previous record year.
Total budgetary expenditures (exclusive of public debt retirements) amounted to $93,744 millions for the fiscal year 1944, an increase of $15,565 millions over the previous year.
Expenditures for war activities amounted to $87,039 millions. In addition, the Reconstruction Finance Corporation and its subsidiaries spent $2,682 millions for war activities during the year. These items together with interest on the war debt accounted for more than 95% of total expenditures.
The net budgetary deficit for the year was $49,595 millions, as compared with $55,897 millions for the preceding year. Although total budgetary expenditures were $15,565 millions more than in the fiscal year 1943, the deficit was $6,302 millions smaller due to the fact that tax collections were substantially greater.
The following table shows the sources which provided the funds to finance the net deficit of $49,595 millions, the excess of expenditures of trust accounts and Government corporations, etc., of $4,051 millions, and the increases in the General Fund balance of $10,662 millions, or a total of $64,307 millions.
<table><tr><td colspan="2">(In millions of dollars)</td></tr><tr><td>Cash requirements:</td><td></td></tr><tr><td>Net budgetary deficit, excluding debt retirements</td><td>49,595</td></tr><tr><td>Excess of receipts (-) or expenditures (+) in:</td><td></td></tr><tr><td>Checking accounts of Government corporations, etc.:</td><td></td></tr><tr><td>General</td><td>+1,529</td></tr><tr><td>Sales and redemptions of obligations in the market (net)</td><td>+2,874</td></tr><tr><td>Trust and other accounts</td><td>-352 +4,051</td></tr><tr><td>Increase in General Fund balance</td><td>+10,662</td></tr><tr><td>Total cash requirements</td><td>64,307</td></tr></table>
<table><tr><td colspan="2">Means of financing:</td></tr><tr><td>Public debt receipts (net) from:</td><td></td></tr><tr><td>Public issues</td><td>60,891</td></tr><tr><td>Special issues</td><td>3,416</td></tr><tr><td>Total means of financing</td><td>64,307</td></tr></table>
Receipts
Table 1 compares budgetary receipts and expenditures for the fiscal years 1943 and 1944 and shows the increase or decrease for each classification.
Total receipts of the Federal Government in the fiscal year 1944 amounted to $145,408 millions as compared with $23,385 millions in 1943, an increase of $22,023 millions. Income and profits taxes increased $18,561 millions, of which $8,393 millions represented receipts of individual income taxes withheld by employers under the Current Tax Payment Act of 1943. Miscellaneous internal revenue increased $738 millions; social security taxes and taxes upon carriers and their employees increased $241 millions; customs receipts increased $107 millions; and miscellaneous receipts increased $2,374 millions. For a detailed analysis of internal revenue collections on the basis of reports from the collectors of internal revenue, see pages 68-70 of the July 1944-August 1944 issue of the "Treasury Bulletin".
Despite the war, customs collections amounting to $431 millions were the highest since 1937. This increase is accounted for, in large part, because of increased importations of alcoholic beverages and wool.
Receipts under renegotiation of war contracts have accounted for the greater part of miscellaneous receipts during the last two years. In the fiscal year just ended there was paid into
A-2
Treasury Bulletin
the Treasury more than $2,000 millions of cash recoveries compared with $558 millions in 1943. Substantial additional amounts have been saved on account of downward adjustments in contract prices, etc.
The Current Tax Payment Act of 1943 became effective July 1, 1943, introducing several changes relating to the collection and payment of individual income taxes. The Act provides for the collection at the sources of income taxes on sales and wages. Under regulations issued by the Treasury, the major proportion of the accumulated funds are deposited monthly by employers in certain designated depository banks, against which the depositaries issue their receipts to the employers. These receipts are transmitted with quarterly tax returns filed with Collectors of Internal Revenue. Amounts deposited in the depositories are promptly remitted to the Federal Reserve Banks for credit in the Treasurer's account. This procedure has made these funds available to the Treasury on a more current basis, as compared with the previous method of quarterly tax payments, as indicated by the following table on individual and corporate income and profits taxes.
<table><tr><th></th><th colspan="3">Income and profit taxes</th></tr><tr><th></th><th>Total, fiscal year 1943</th><th colspan="2">Fiscal year 1944</th></tr><tr><th></th><th></th><th>Withheld</th><th>Other</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>July</td><td>273</td><td>19</td><td>1,236</td></tr><tr><td>August</td><td>155</td><td>548</td><td>1,016</td></tr><tr><td>September</td><td>2,126</td><td>674</td><td>4,091</td></tr><tr><td>October</td><td>206</td><td>557</td><td>746</td></tr><tr><td>November</td><td>199</td><td>1,010</td><td>449</td></tr><tr><td>December</td><td>1,972</td><td>713</td><td>4,327</td></tr><tr><td>January</td><td>306</td><td>574</td><td>1,153</td></tr><tr><td>February</td><td>380</td><td>1,137</td><td>610</td></tr><tr><td>March</td><td>4,732</td><td>750</td><td>5,161</td></tr><tr><td>April</td><td>1,000</td><td>560</td><td>1,915</td></tr><tr><td>May</td><td>940</td><td>1,104</td><td>1,063</td></tr><tr><td>June</td><td>3,803</td><td>746</td><td>4,495</td></tr><tr><td>Total</td><td>16,094</td><td>8,393</td><td>26,262</td></tr></table>
The current withholding of taxes is not only beneficial to the taxpayer but results in substantial savings to the Government inasmuch as the amount borrowed by the Treasury during the interim between quarterly dates may be reduced because of the earlier receipt of the taxes.
Expeditures
The continued acceleration of the war program accounted for an increase in budgetary expenditures for war activities of $14,930 million over the preceding fiscal year as shown in Table 1. Expenditures of all major war agencies increased, the War Department accounting for $6,985 millions of the increase; the Navy Depart-
ment, $5,650 millions; the Maritime Commission, $1,036 millions; the War Shipping Administration, $817 millions; the Treasury Department, principally for the Lend-Lease program of the Procurement Division, $231 millions; and the Department of Agriculture, mainly the Lend-Lease food program, $132 millions. There were small offsetting decreases under Federal Security and National Housing Agencies, indicating that these agencies probably have passed the peaks of their war programs.
General expenditures, excluding revolving funds and transfers to trust accounts, increased $593 millions in the fiscal year just ended over those made in the preceding year. However, excluding interest on the public debt, which increased $301 millions; and refunds of taxes and duties, which increased $188 millions, all other categories of general expenditures combined reflect a net reduction of $396 millions.
The $267 millions paid out in 1944 as refunds of taxes and duties reflects the effects of the provisions of the new tax law under which individuals who overestimated their income tax payments receive cash refunds. Also, this amount includes refunds of $134 millions in the form of excess profits tax refund bonds, which are not redeemable until after the war.
The outtailment of certain non-war activities was reflected in reduced expenditures of a number of agencies. Under the Department of Agriculture, for example, expenditures were $61 millions less than in the preceding year. The Federal Works Agency expenditures declined by $308 millions, the major portion of which was accounted for by the termination of the Work Projects Administration. Also, the Public Roads Administration expenditures were reduced by $21 millions. The Public Works Administration spent $9 millions less than last year, while on the other hand expenditures of the Public Buildings Administration increased $4 millions.
Further reductions in the general expenditures of the Government during the fiscal year 1944 were accounted for as follows: Reclamation projects, $15 millions; The Panama Canal, $19 millions; river and harbor work and flood control, $24 millions; the Tennessee Valley Authority, $46 millions; and the net decrease of $44 millions under the caption "Post Office Department (deficiency)", was due to a net repayment of $29 millions during the fiscal year 1944, on account of grants made in prior years, as compared with a net expenditure of $15 millions for the fiscal year 1943.
In view of the fact that most Government agencies have assumed additional activities as a result of the war effort, expenditures classified as "Departmental" were increased by $61 millions in 1944 over those for 1943. The expenditures of the Veterans' Administration increased $57 millions.
Certain Government corporations and credit
September 1944
A-3
agencies which do not operate on funds received from appropriations maintain checking accounts with the Treasurer of the United States. Net expenditures in these accounts amounted to $4,403 millions, as compared with $2,194 millions for the fiscal year 1943. Net redemptions in the market of obligations for these Government agencies during 1944 amounted to $2,874 millions and other transactions amounted to $1,529 millions.
Table 2 shows the trend of Government expenditures in recent years. It will be noted that substantial reductions have been made in expenditures for activities other than those for "war activities" and for interest on the public debt. Table 3 shows in greater detail the expenditures classified as "All other".
The monthly trend of defense and war expenditures from appropriated funds, and net expenditures for war activities by the Reconstruction Finance Corporation and its subsidiaries, during the fiscal years 1941 to 1944 are shown in the following table:
<table><tr><th></th><th colspan="4">Fiscal years</th></tr><tr><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th></tr><tr><td colspan="5">(In millions of dollars)</td></tr><tr><td>From appropriated funds:</td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>199</td><td>969</td><td>4,498</td><td>6,432</td></tr><tr><td>August</td><td>223</td><td>1,131</td><td>4,884</td><td>7,232</td></tr><tr><td>September</td><td>241</td><td>1,330</td><td>5,384</td><td>6,952</td></tr><tr><td>October</td><td>311</td><td>1,537</td><td>5,481</td><td>6,989</td></tr><tr><td>November</td><td>393</td><td>1,448</td><td>6,042</td><td>7,541</td></tr><tr><td>December</td><td>495</td><td>1,850</td><td>5,825</td><td>6,718</td></tr><tr><td>January</td><td>589</td><td>2,104</td><td>5,947</td><td>7,138</td></tr><tr><td>February</td><td>610</td><td>2,208</td><td>5,770</td><td>7,518</td></tr><tr><td>March</td><td>769</td><td>2,809</td><td>6,744</td><td>7,726</td></tr><tr><td>April</td><td>782</td><td>3,238</td><td>6,974</td><td>7,346</td></tr><tr><td>May</td><td>857</td><td>3,560</td><td>7,092</td><td>7,879</td></tr><tr><td>June</td><td>832</td><td>3,829</td><td>7,469</td><td>7,567</td></tr><tr><td>Total, fiscal years</td><td>6,301</td><td>26,011</td><td>72,109</td><td>87,039</td></tr><tr><td>By RFC and subsidiaries:</td><td></td><td></td><td></td><td></td></tr><tr><td>Total, fiscal years</td><td>354</td><td>2,255</td><td>3,189</td><td>2,682</td></tr><tr><td>Grand total, fiscal years</td><td>6,655</td><td>28,266</td><td>75,298</td><td>89,721</td></tr></table>
1/ Month of United States entry into the war, December 1941.
Public Debt
The gross public debt on June 30, 1944, amounted to $201 billions, as compared with $137 billions on June 30, 1943, an increase of $64 billions. Of the increase in the public debt $10.7 billions represents an increase in the General Fund balance largely as a result of the Fifth War Loan drive which ran from June 12 through July 8 and was in progress at the end of the fiscal year.
The computed rate of interest on the total interest-bearing public debt was 1.92% on June
30, 1944, as compared with 1.97% on June 30, 1943. For information on the computed rate of interest for earlier years, see page 27.
Table 4 shows the public debt outstanding as of June 30, 1943 and 1944, classified by character of issues, as between public issues and special issues for account of Government agencies and trust funds. The amount of outstanding public issues increased $60,891 millions during the year, and special issues increased $3,416 millions. A more detailed classification of the public debt may be found in the statistical section of this Bulletin; data for the fiscal years 1935 through 1944 and for the months July 1943 through July 1944 appear on pages 23-26.
Under the Public Debt Act of 1944, approved June 9, 1944, the limitation on the general borrowing power under the Second Liberty Bond Act, as amended, was increased from $210 billions to $260 billions. As of June 30, 1944, the unused borrowing authorization under the limitation was $52 billions. Further details may be found in the July 1944-August 1944 issue of the "Treasury Bulletin", page 28.
Guaranteed Debt
The contingent liabilities of the Federal Government on account of outstanding market issues of obligations of Government corporations and credit agencies, guaranteed as to principal and interest, decreased from $4,100 millions on June 30, 1943, to $1,623 millions on June 30, 1944, a decrease of $2,477 millions. This decrease is largely due to the continuation of the policy announced in October 1941, under which the funds needed by Government corporations are provided by the Treasury in lieu of having such corporations sell their obligations in the market. During the year, the securities of Government corporations and credit agencies held directly by the Treasury increased from $7,535 millions to $10,717 millions, an increase of $3,182 millions.
A statement of guaranteed obligations outstanding as of June 30, 1943 and 1944 appears in Table 5. Additional information may be found on pages 24, 25, and 27.
Loans and Investments
The Government's interest in the net assets (excluding cash on deposit with the Treasurer of the United States) represented by loans, other investments and properties of Government corporations and credit agencies amounted to $21,365 millions as of June 30, 1944, as compared with $14,409 millions as of June 30, 1943, a net increase of $6,955 millions during the year. For a statement of the assets and liabilities of Government corporations and credit agencies as of June 30, 1944, see pages 63-64.
Treasury Financing Operations
During the fiscal year 1944, public issues for cash and for exchanges of Treasury bills (net
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Treasury Bulletin
increase only), certificates of indebtedness, Treasury notes, Treasury bonds and United States savings bonds (including discount accrued during the year) aggregated $90,870 millions as compared with $71,721 millions during 1943 as follows:
<table><tr><th></th><th>Fiscal year 1943</th><th>Fiscal year 1944</th></tr><tr><td colspan="3">(In millions of dollars)</td></tr><tr><td>Treasury bills (net increase)</td><td>9,340</td><td>2,862</td></tr><tr><td>Certificates of indebtedness</td><td>18,067</td><td>28,822</td></tr><tr><td>Treasury notes</td><td>3,749</td><td>9,868</td></tr><tr><td>Treasury notes (tax and savings series)</td><td>8,759</td><td>8,954</td></tr><tr><td>Treasury bonds</td><td>19,890</td><td>24,643</td></tr><tr><td>United States savings bonds</td><td>11,916</td><td>15,721</td></tr><tr><td>Total</td><td>71,721</td><td>90,870</td></tr></table>
For every direct Treasury marketable security, except Treasury bills and two issues of Treasury notes, and for four out of six issues of guaranteed obligations called or maturing during the fiscal year 1944, new Treasury issues were offered to the holders thereof. Of the $22,691 millions called or maturing securities eligible for exchange, $20,734 millions were exchanged for new issues, leaving only $1,957 millions, or 8-2/3%, to be redeemed in cash. For information on the disposition of each of the called or maturing securities, see page 32.
Included in the above total was the most extensive exchange operation in the history of Treasury financing. On March 15, 1944, seven separate Treasury and guaranteed issues becoming due or callable between March 15 and June 15, 1944 were refunded in a single large-scale operation. For these securities, which were outstanding in the amount of $4,730 millions, three Treasury issues were offered in exchange. In this one operation, 83% of the old securities were exchanged for the new issues. For additional information on this refunding operation, see page 32.
The Treasury and guaranteed obligations redeemed in cash at maturity during the fiscal year 1944 were as follows:
<table><tr><th></th><th>In millions of dollars</th></tr><tr><td>Treasury issues:</td><td></td></tr><tr><td>1% Treas. note, 9/15/43....................</td><td>279</td></tr><tr><td>1-1/8% Treas. note, 12/15/43.............</td><td>421</td></tr><tr><td>Total....................................</td><td>700</td></tr><tr><td>Guaranteed obligations:</td><td></td></tr><tr><td>1-1/8% RFC note, 7/15/43..................</td><td>324</td></tr><tr><td>1-3/8% FPHA note, 2/1/44..................</td><td>114</td></tr><tr><td>Total....................................</td><td>439</td></tr></table>
The table appearing on page 31 shows details of public issues (including issues for exchange purposes) of Treasury certificates of indebtedness, Treasury notes, and Treasury bonds offered by the Treasury during the fiscal year 1944.
The introduction of the pay-as-you-go system of individual income taxes eliminated the need for issuing Series A tax notes. Their sale was, therefore, terminated June 22, 1943. At the same time provision was made for payment of accrued interest on the cash redemption of such notes, and also the designation of Treasury notes of tax Series C was changed to Treasury savings notes of Series C. Comparative sales and redemptions of Treasury tax and savings notes during the fiscal years 1943 and 1944 may be found in the tables appearing on pages 40-42.
War Loan Drives
Following the procedure of the previous year the continuous sales campaign for non-marketable savings bonds and Treasury savings notes were supplemented by three special periodic War Loan drives in September 1943, January-February 1944, and June-July 1944, at which times additional issues were offered for sale to the public.
Sales of securities in the Third War Loan totaled $18.9 billions, as compared with a goal of $15 billions. Aggregate sales in the Fourth War Loan amounted to $16.7 billions, exceeding the goal of $14 billions by 20%. Sales in the Fifth War Loan totaled $20.6 billions, or $4.6 billions, or more than 20%, in excess of the goal of $16 billions. Part of these sales were made in July 1944 and, of course, do not enter into the figures on outstanding debt as of June 30, 1944. For a complete discussion of the Fifth War Loan, as well as a comparison with previous War Loan drives, see pages A-1—A-15 of the July 1944—August 1944 issue of the "Treasury Bulletin".
Concurrently with the Fourth and Fifth War Loans commercial banks holding savings deposits were permitted within certain limits to subscribe to Series F and Series G savings bonds on and after January 1, 1944, and to the 2-1/2, 2-1/4, and 2% marketable Treasury bonds.
Purchases of the securities by commercial banks holding savings deposits totaled $618 million during the Fourth War Loan and $765 million during the Fifth War Loan. These purchases were not included in the respective War Loan quotas nor credited to War Loan sales.
During the period of the Fourth and Fifth War Loans, the Treasury purchased for Government investment accounts $350 millions and $593 millions, respectively, of the marketable securities offered as part of the Loans. These purchases also were not included in the quotas or credited to the sales in these Loans. For a more complete discussion of the sales which were made outside of the War Loans, see the "Treasury Bulletin" for March 1944, page A-12 and for July 1944-August 1944, page A-16.
The main emphasis in the Third, Fourth, and Fifth War Loan drives was placed on a wider distribution of Government securities among individuals, and in each of these campaigns the quotas were confined to subscriptions by non-bank investors.
September 1944
A-5
Savings Bonds
Payroll savings plans continued to account for a large volume of sales of savings bonds. The number of persons participating, including those in the armed forces, and the total allotment from their pay have increased during the past three years as shown in the following table. For a monthly record of participation in payroll savings plans, see page 40.
<table><tr><th></th><th>August 1942</th><th>June 1943</th><th>June 1944</th></tr><tr><td>Number of persons participating at end of month (in millions)....</td><td>19.4</td><td>26.8</td><td>27.6</td></tr><tr><td>Allotments from pay during month (in millions of dollars).........</td><td>230</td><td>415</td><td>510p</td></tr><tr><td>Percent of participants' pay deducted.....................</td><td>7.1%</td><td>9.0%</td><td>10.1%p</td></tr></table>
p Preliminary.
United States savings bonds, by their express terms, may be redeemed at the option of the owner, at certain fixed times after the date of issue. Although emergency needs have caused many purchasers to take advantage of this provision, in view of the tremendous increase in sales, it is encouraging to know that as of June 30, 1944, 90% of all series sold were still in the hands of the original owners, only 10% of the total amount issued having been redeemed. The largest dollar amount of redemptions has been in the Series E bond. Sales of Series E bonds (including accrued discount) from their beginning, May 1, 1941, through June 30, 1944, totaled $23,973 millions and redemptions amounted to $2,849 millions. The grand total of all United States savings bonds issued and redeemed and the 'percent' of such redemptions by series and year of issue are summarized in Table 6. For further information on sales and redemptions of savings bonds, see pages 35-39.
Table 1.- Budgetary Receipts and Expenditures, Fiscal Years 1943 and 1944
(In millions of dollars)
<table><tr><th></th><th>1943</th><th>1944</th><th>Increase (+) Decrease (-)</th><th></th><th>1943</th><th>1944</th><th>Increase (+) Decrease (-)</th></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td>Expenditures (continued):</td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td>War activities:</td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td>War Department</td><td>42,317</td><td>49,302</td><td>+6,985</td></tr><tr><td>Withheld by employers (Current</td><td>-</td><td></td><td></td><td>Navy Department</td><td>20,888</td><td>26,538</td><td>+5,650</td></tr><tr><td>Tax Payment Act of 1943)</td><td>16,094</td><td>8,393</td><td>+8,393</td><td>Agriculture Department</td><td>2,011</td><td>2,143</td><td>+132</td></tr><tr><td>Other</td><td>4,553</td><td>26,262</td><td>+10,168</td><td>Federal Security Agency</td><td>153</td><td>133</td><td>-20</td></tr><tr><td>Miscellaneous internal revenue</td><td>1,289</td><td>5,291</td><td>+738</td><td>Federal Works Agency</td><td>215</td><td>228</td><td>+13</td></tr><tr><td>Social security taxes</td><td></td><td>1,472</td><td>+183</td><td>National Housing Agency</td><td>608</td><td>539</td><td>-69</td></tr><tr><td>Taxes upon carriers and their am-</td><td>209</td><td>267</td><td>+58</td><td>Treasury Department</td><td>1,201</td><td>1,432</td><td>+231</td></tr><tr><td>ployees</td><td></td><td></td><td></td><td>United States Maritime Commission</td><td>2,776</td><td>3,812</td><td>+1,036</td></tr><tr><td>Railroad unemployment insurance con-</td><td>10</td><td>12</td><td>+2</td><td>War Shipping Administration</td><td>1,105</td><td>1,922</td><td>+817</td></tr><tr><td>tributions</td><td>324</td><td>431</td><td>+107</td><td>Aid to China</td><td>40</td><td>-</td><td>-40</td></tr><tr><td>Customs</td><td>906</td><td>3,280</td><td>+2,374</td><td>Other</td><td>795</td><td>991</td><td>+196</td></tr><tr><td>Miscellaneous receipts</td><td></td><td></td><td></td><td>Total war activities expenditures</td><td>72,109</td><td>87,039</td><td>+14,930</td></tr><tr><td>Total receipts</td><td>23,385</td><td>45,408</td><td>+22,023</td><td>Revolving funds (net):</td><td></td><td></td><td></td></tr><tr><td>Lease:</td><td></td><td></td><td></td><td>Farm Credit Administration</td><td>41</td><td>-38</td><td>-79</td></tr><tr><td>Amounts transferred to Federal</td><td></td><td></td><td></td><td>Public Works Administration</td><td>-1</td><td>-1</td><td>-2</td></tr><tr><td>Old-Age and Survivors Insurance</td><td>1,103</td><td>1,260</td><td>+157</td><td>Total revolving funds (net)</td><td>40</td><td>-39</td><td>-79</td></tr><tr><td>Trust Fund</td><td></td><td></td><td></td><td>Transfers to trust accounts, etc.:</td><td></td><td></td><td></td></tr><tr><td>Net receipts</td><td>22,282</td><td>44,149</td><td>+21,867</td><td>Agricultural Marketing Adminis-</td><td>71</td><td>-3</td><td>-74</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td><td>tration (surplus commodity</td><td></td><td></td><td></td></tr><tr><td>General:</td><td></td><td></td><td></td><td>stamps)</td><td></td><td></td><td></td></tr><tr><td>Departmental (not otherwise clas-</td><td>732</td><td>793</td><td>+61</td><td>Federal contribution to District</td><td>6</td><td>6</td><td>-</td></tr><tr><td>sified)</td><td></td><td></td><td></td><td>of Columbia (United States</td><td></td><td></td><td></td></tr><tr><td>Agriculture Department:</td><td>810</td><td>832</td><td>+22</td><td>share)</td><td></td><td></td><td></td></tr><tr><td>War Food Administration</td><td>124</td><td>41</td><td>-83</td><td>Government employees' retirement</td><td>107</td><td>177</td><td>+70</td></tr><tr><td>Other</td><td></td><td></td><td></td><td>funds (United States share)</td><td></td><td></td><td></td></tr><tr><td>Federal Security Agency:</td><td>474</td><td>488</td><td>+14</td><td>National service life insurance</td><td>30</td><td>101</td><td>+71</td></tr><tr><td>Social Security Board</td><td>98</td><td>88</td><td>-10</td><td>fund</td><td>215</td><td>263</td><td>+48</td></tr><tr><td>Other</td><td></td><td></td><td></td><td>Railroad retirement account</td><td></td><td></td><td></td></tr><tr><td>Federal Works Agency:</td><td>299</td><td>17</td><td>-282</td><td>Railroad unemployment insurance</td><td></td><td></td><td></td></tr><tr><td>Work Projects Administration</td><td>149</td><td>123</td><td>-26</td><td>administration fund transfers</td><td></td><td></td><td></td></tr><tr><td>Other</td><td></td><td></td><td></td><td>to unemployment trust fund</td><td>6</td><td>12</td><td>+6</td></tr><tr><td>Interior Department:</td><td>69</td><td>54</td><td>-15</td><td>(Act Oct. 10, 1940)</td><td></td><td></td><td></td></tr><tr><td>Reclamation projects</td><td>15</td><td>15</td><td>-</td><td>Total transfers to trust accounts,</td><td>435</td><td>556</td><td>+121</td></tr><tr><td>National Housing Agency</td><td>31</td><td>12</td><td>-19</td><td>etc.</td><td></td><td></td><td></td></tr><tr><td>Panama Canal</td><td>15</td><td>-29</td><td>-44</td><td>Total expenditures (excluding public</td><td>78,179</td><td>93,744</td><td>+15,565</td></tr><tr><td>Post Office Department (deficiency</td><td>8</td><td>6</td><td>-2</td><td>debt retirements)</td><td></td><td></td><td></td></tr><tr><td>Railroad Retirement Board</td><td></td><td></td><td></td><td>Net budgetary deficit</td><td>55,897</td><td>49,595</td><td>-6,302</td></tr><tr><td>River and harbor work and flood</td><td>201</td><td>177</td><td>-24</td><td></td><td></td><td></td><td></td></tr><tr><td>control</td><td>111</td><td>65</td><td>-46</td><td></td><td></td><td></td><td></td></tr><tr><td>Tennessee Valley Authority</td><td>1,808</td><td>2,609</td><td>+801</td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury Department:</td><td>79</td><td>267</td><td>+188</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on the public debt</td><td>572</td><td>629</td><td>+57</td><td></td><td></td><td></td><td></td></tr><tr><td>Refunds of taxes and duties</td><td></td><td></td><td></td><td>Total general expenditures</td><td>5,595</td><td>6,188</td><td>+593</td></tr><tr><td>Veterans' Administration</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Includes $134 millions refunded in the form of excess profits tax refund bonds.
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Treasury Bulletin
Table 2.- Total Budgetary Expenditures and Net Outlays of Government Corporations, Fiscal Years 1939-1944
(In millions of dollars)
<table><tr><th>Fiscal year</th><th>Total</th><th colspan="4">Budgetary items</th><th>Government corporations (net), excluding sales and redemptions of market obligations</th></tr><tr><th></th><th></th><th>Total</th><th>War activities</th><th>Interest</th><th>All other</th><th></th></tr><tr><td>1939</td><td>9,044</td><td>8,707</td><td>1,206</td><td>941</td><td>6,560</td><td>337</td></tr><tr><td>1940</td><td>9,252</td><td>8,998</td><td>1,657</td><td>1,041</td><td>6,300</td><td>254</td></tr><tr><td>1941</td><td>13,780</td><td>12,711</td><td>6,301</td><td>1,111</td><td>5,298 1/</td><td>1,069</td></tr><tr><td>1942</td><td>14,212</td><td>32,397</td><td>26,011</td><td>1,260</td><td>5,125</td><td>1,815</td></tr><tr><td>1943</td><td>79,679</td><td>78,179</td><td>72,109</td><td>1,808</td><td>4,262</td><td>1,500</td></tr><tr><td>1944</td><td>95,273</td><td>93,744</td><td>87,039</td><td>2,609</td><td>4,096 2/</td><td>1,529</td></tr></table>
1/ Reduced by $329 millions return of surplus funds from Government corporations repaid to appropriations.
2/ Includes $134 millions representing refunds of taxes in the form of excess profits tax refund bonds.
Table 3.- Summary of Budgetary Expenditures Other Than War Activities and Interest on Public Debt, Fiscal Years 1939-1944
(In millions of dollars)
<table><tr><th>Classification</th><th>1939</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th></tr><tr><td>Departmental (not otherwise classified).</td><td>680</td><td>711</td><td>676</td><td>685</td><td>732</td><td>793</td></tr><tr><td>Agriculture Department.</td><td>1,095</td><td>1,425</td><td>811 1/</td><td>1,109</td><td>1,046</td><td>833</td></tr><tr><td>Federal Emergency Relief Administration.</td><td>2</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Security Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Civilian Conservation Corps.</td><td>290</td><td>283</td><td>257</td><td>163</td><td>18</td><td>-</td></tr><tr><td>National Youth Administration.</td><td>78</td><td>95</td><td>90</td><td>88</td><td>2/</td><td>-</td></tr><tr><td>Social Security Board.</td><td>331</td><td>364</td><td>423</td><td>473</td><td>474</td><td>488</td></tr><tr><td>Other.</td><td>59</td><td>63</td><td>66</td><td>75</td><td>81</td><td>88</td></tr><tr><td>Federal Works Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public Buildings Administration.</td><td>66</td><td>75</td><td>69</td><td>60</td><td>48</td><td>52</td></tr><tr><td>Public Roads Administration.</td><td>191</td><td>165</td><td>174</td><td>153</td><td>87</td><td>66</td></tr><tr><td>Public Works Administration.</td><td>408</td><td>348</td><td>126 3/</td><td>40</td><td>12</td><td>4</td></tr><tr><td>Work Projects Administration.</td><td>2,162</td><td>1,478</td><td>1,285</td><td>882</td><td>299</td><td>17</td></tr><tr><td>Government employees retirement funds.</td><td>75</td><td>87</td><td>93</td><td>103</td><td>107</td><td>177</td></tr><tr><td>National Housing Agency.</td><td>19</td><td>10</td><td>17</td><td>18</td><td>15</td><td>15</td></tr><tr><td>Railroad Retirement Board 4/.</td><td>110</td><td>128</td><td>139</td><td>155</td><td>228</td><td>280</td></tr><tr><td>Refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Excess profits tax refund bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td></tr><tr><td>Other.</td><td>68</td><td>91</td><td>90</td><td>94</td><td>79</td><td>133</td></tr><tr><td>River and harbor work and flood control.</td><td>193</td><td>213</td><td>219</td><td>131</td><td>201</td><td>177</td></tr><tr><td>Tennessee Valley Authority.</td><td>41</td><td>39</td><td>51</td><td>127</td><td>111</td><td>65</td></tr><tr><td>Veterans Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund.</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Service Life Insurance Fund.</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30</td><td>101</td></tr><tr><td>Other.</td><td>557</td><td>557</td><td>553</td><td>555</td><td>572</td><td>629</td></tr><tr><td>Other.</td><td>136</td><td>166</td><td>151</td><td>154</td><td>120</td><td>44</td></tr><tr><td>Total.</td><td>6,560</td><td>6,300</td><td>5,299</td><td>5,125</td><td>4,262</td><td>4,096</td></tr></table>
1/ Reduced by $315 millions return of surplus funds from Government corporations, repaid to appropriations. 2/ Some functions abolished and other functions transferred to other agencies.
3/ Reduced by $14 millions return of surplus funds, repaid to appropriations.
4/ Includes transfers to Railroad Retirement Account and to Rail- Unemployment Insurance Account.
September 1944
A-7
Table 4.- Statement of the Public Debt Outstanding June 30, 1943 and 1944
(In millions of dollars)
<table><tr><th></th><th>June 30, 1943</th><th>June 30, 1944</th><th>Change during fiscal year 1944</th></tr><tr><td>Public issues:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>11,864</td><td>14,734</td><td>+2,870</td></tr><tr><td>Certificate of indebtedness</td><td>16,561</td><td>28,822</td><td>+12,261</td></tr><tr><td>Treasury notes</td><td>9,168</td><td>17,405</td><td>+8,237</td></tr><tr><td>Treasury bonds</td><td>57,520</td><td>79,244</td><td>+21,724</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>196</td><td>-</td></tr><tr><td>Total marketable issues</td><td>95,310</td><td>140,401</td><td>+45,091</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td></tr><tr><td>U. S. saving bonds</td><td>21,256</td><td>34,606</td><td>+13,350</td></tr><tr><td>Treasury notes - tax and savings series</td><td>7,495</td><td>9,557</td><td>+2,062</td></tr><tr><td>Adjusted service bonds</td><td>222</td><td>217</td><td>-5</td></tr><tr><td>Depositary bonds</td><td>226</td><td>474</td><td>+248</td></tr><tr><td>Total non-marketable issues</td><td>29,200</td><td>44,855</td><td>+15,655</td></tr><tr><td>Total interest-bearing public issues</td><td>124,509</td><td>185,256</td><td>+60,747</td></tr><tr><td>Matured debt on which interest has ceased</td><td>141</td><td>201</td><td>+60</td></tr><tr><td>Debt bearing no interest</td><td>1,175</td><td>1,259</td><td>+84</td></tr><tr><td>Total public issues</td><td>125,825</td><td>186,716</td><td>+60,891</td></tr><tr><td>Special issues</td><td>10,871</td><td>14,287</td><td>+3,416</td></tr><tr><td>Total public debt outstanding</td><td>136,696</td><td>201,003</td><td>+64,307</td></tr></table>
Table 5.- Statement of Obligations Guaranteed by the United States Outstanding June 30, 1943 and 1944
(In millions of dollars)
<table><tr><th></th><th>June 30, 1943</th><th>June 30, 1944</th><th>Increase (+) Decrease (-)</th></tr><tr><td><b>Public issues:</b></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation.</td><td>480</td><td>561</td><td>+81</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>932</td><td>43</td><td>-889</td></tr><tr><td>Federal Housing Administration.</td><td>23</td><td>24</td><td>+1</td></tr><tr><td>Federal Public Housing Authority.</td><td>114</td><td>-</td><td>-114</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>1,539</td><td>819</td><td>-720</td></tr><tr><td>Reconstruction Finance Corporation.</td><td>1,011</td><td>176</td><td>-835</td></tr><tr><td>Total public issues.</td><td>4,100</td><td>1,623</td><td>-2,477</td></tr><tr><td><b>Issues held by the Treasury:</b></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation.</td><td>1,950</td><td>900</td><td>-1,050</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>-</td><td>366</td><td>+366</td></tr><tr><td>Federal Public Housing Authority.</td><td>283</td><td>398</td><td>+115</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>212</td><td>580</td><td>+368</td></tr><tr><td>Reconstruction Finance Corporation.</td><td>5,033</td><td>8,416</td><td>+3,383</td></tr><tr><td>Tennessee Valley Authority.</td><td>57</td><td>57</td><td>-</td></tr><tr><td>Total issues held by the Treasury.</td><td>7,535</td><td>10,717</td><td>+3,182</td></tr><tr><td>Total.</td><td>11,635</td><td>12,340</td><td>+705</td></tr></table>
A-8
Treasury Bulletin
Table 6.- United States Savings Bonds Issued and Redeemed Through
June 30, 1944
<table><tr><th></th><th colspan="4">As of June 30, 1944</th></tr><tr><th></th><th>Amount issued 1/</th><th>Amount redeemed 1/</th><th>Amount outstanding 2/</th><th>Percent redeemed of amount issued</th></tr><tr><th colspan="5">(In millions of dollars)</th></tr><tr><td>Series A-D:</td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-1935</td><td>246</td><td>67</td><td>179</td><td>27.24</td></tr><tr><td>Series B-1936</td><td>432</td><td>113</td><td>319</td><td>26.16</td></tr><tr><td>Series C-1937</td><td>534</td><td>128</td><td>406</td><td>23.97</td></tr><tr><td>Series C-1938</td><td>606</td><td>118</td><td>488</td><td>19.47</td></tr><tr><td>Series D-1939</td><td>949</td><td>148</td><td>800</td><td>15.60</td></tr><tr><td>Series D-1940</td><td>1,130</td><td>140</td><td>990</td><td>12.39</td></tr><tr><td>Series D-1941</td><td>487</td><td>44</td><td>443</td><td>9.03</td></tr><tr><td>Total Series A-D</td><td>4,383</td><td>758</td><td>3,625</td><td>17.29</td></tr><tr><td>Series E:</td><td></td><td></td><td></td><td></td></tr><tr><td>Series E-1941</td><td>1,374</td><td>133</td><td>1,241</td><td>9.68</td></tr><tr><td>Series E-1942</td><td>6,297</td><td>946</td><td>5,351</td><td>15.02</td></tr><tr><td>Series E-1943</td><td>10,428</td><td>1,522</td><td>8,906</td><td>14.60</td></tr><tr><td>Series E-1944</td><td>5,875</td><td>248</td><td>5,627</td><td>4.22</td></tr><tr><td>Total Series E</td><td>23,973</td><td>2,849</td><td>21,125</td><td>11.88</td></tr><tr><td>Series F and G:</td><td></td><td></td><td></td><td></td></tr><tr><td>Series F and O-1941</td><td>1,514</td><td>77</td><td>1,437</td><td>5.09</td></tr><tr><td>Series F and O-1942</td><td>3,149</td><td>130</td><td>3,019</td><td>4.13</td></tr><tr><td>Series F and O-1943</td><td>3,329</td><td>69</td><td>3,260</td><td>2.07</td></tr><tr><td>Series F and O-1944</td><td>2,144</td><td>2</td><td>2,141</td><td>.09</td></tr><tr><td>Total Series F and O</td><td>10,135</td><td>278</td><td>9,857</td><td>2.74</td></tr><tr><td>Total all series</td><td>38,492</td><td>3,885</td><td>34,606</td><td>10.09</td></tr></table>
1/ Includes accrual of redemption values.
2/ Current redemption value.
Treasury Market Financing: Refunding of Certificates and Treasury Notes
On August 24, 1944, the Treasury announced exchange offerings for the issue of certificates of indebtedness due September 1, and for the two Treasury note issues maturing September 15. Subscription books for these exchanges opened on August 24, and closed August 26.
The maturing certificate issue, outstanding in the amount of $4,122 millions, was one of the securities issued in the Third War Loan. Holders were offered new 7/8%, one-year certificates of indebtedness to be dated September 1, 1944, and maturing September 1, 1945.
The two Treasury notes maturing September 15 consist of the taxable 3/4% issue, outstanding in the amount of $635 millions, and the wholly tax-exempt 1% issue, outstanding in the amount of $283 millions.
Holders of both note issues were offered the opportunity to exchange for an additional issue of the 1% taxable Treasury notes due March 15, 1946, originally issued on November 1, 1941. A total of $503 millions of these notes are already outstanding. Exchanges will be made par for par as of September 15.
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
(in millions of dollars)
<table><tr><th></th><th colspan="4">First month, fiscal years 1943 to 1945</th><th colspan="7">Complete fiscal years, 1941 to 1945</th></tr><tr><th></th><th>1943</th><th>1944</th><th>1945</th><th>Change 1944 to 1945</th><th colspan="3">Actual</th><th colspan="2">Estimated</th><th colspan="2">Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</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><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes 2/</td><td>273</td><td>1,255</td><td>1,247</td><td>-8</td><td>3,470</td><td>7,960</td><td>16,094</td><td>34,655</td><td>34,645</td><td>+18,561</td><td>-9</td></tr><tr><td>Employment taxes</td><td>53</td><td>48</td><td>56</td><td>+8</td><td>925</td><td>1,185</td><td>1,498</td><td>1,739</td><td>2,069</td><td>+241</td><td>+330</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>416</td><td>512</td><td>681</td><td>+170</td><td>2,967</td><td>3,847</td><td>4,553</td><td>5,291</td><td>6,514</td><td>+738</td><td>+1,273</td></tr><tr><td>Customs</td><td>24</td><td>33</td><td>28</td><td>-5</td><td>392</td><td>339</td><td>324</td><td>431</td><td>362</td><td>+107</td><td>-69</td></tr><tr><td>Other receipts 4/</td><td>28</td><td>201</td><td>199</td><td>-1</td><td>515</td><td>286</td><td>916</td><td>3,292</td><td>3,655</td><td>+2,375</td><td>+363</td></tr><tr><td>Total receipts</td><td>794</td><td>2,048</td><td>2,212</td><td>+164</td><td>8,269</td><td>13,668</td><td>23,385</td><td>45,408</td><td>47,246</td><td>+22,024</td><td>+1,838</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 5/</td><td>47</td><td>41</td><td>49</td><td>+9</td><td>661</td><td>869</td><td>1,103</td><td>1,260</td><td>1,583</td><td>+157</td><td>+323</td></tr><tr><td>Net receipts</td><td>747</td><td>2,007</td><td>2,163</td><td>+155</td><td>7,607</td><td>12,799</td><td>22,282</td><td>44,149</td><td>45,663</td><td>+21,861</td><td>+1,514</td></tr><tr><td>Expenditures: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>2,861</td><td>3,808</td><td>3,928</td><td>+120</td><td>3,678</td><td>14,070</td><td>42,265</td><td>49,242</td><td>47,900</td><td>+6,977</td><td>-1,342</td></tr><tr><td>Navy Department</td><td>1,103</td><td>1,898</td><td>2,591</td><td>+693</td><td>2,313</td><td>8,580</td><td>20,888</td><td>26,538</td><td>25,500</td><td>+5,049</td><td>+1,962</td></tr><tr><td>Miscellaneous war activities</td><td>534</td><td>726</td><td>682</td><td>-44</td><td>0</td><td>3,362</td><td>8,955</td><td>11,259</td><td>12,500</td><td>+2,303</td><td>+1,241</td></tr><tr><td>Total war activities</td><td>4,498</td><td>6,432</td><td>7,201</td><td>+769</td><td>6,301</td><td>26,011</td><td>72,109</td><td>87,039</td><td>88,900</td><td>+14,930</td><td>+1,861</td></tr><tr><td>Veterans Administration 7/</td><td>52</td><td>45</td><td>106</td><td>+61</td><td>563</td><td>556</td><td>602</td><td>730</td><td>1,285</td><td>+127</td><td>+555</td></tr><tr><td>Public Works 8/</td><td>54</td><td>33</td><td>33</td><td>-0</td><td>738</td><td>680</td><td>543</td><td>433</td><td>422</td><td>-110</td><td>-11</td></tr><tr><td>Aid to agriculture 9/</td><td>93</td><td>70</td><td>62</td><td>-8</td><td>937</td><td>1,225</td><td>1,163</td><td>909</td><td>649</td><td>-254</td><td>-260</td></tr><tr><td>Social Security program 10/</td><td>92</td><td>220</td><td>258</td><td>38</td><td>588</td><td>659</td><td>735</td><td>803</td><td>808</td><td>+68</td><td>+5</td></tr><tr><td>Work Projects Administration</td><td>54</td><td>4</td><td>0</td><td>-4</td><td>1,374 11/</td><td>970 11/</td><td>299</td><td>17</td><td>0</td><td>-282</td><td>-17</td></tr><tr><td>Civilian Conservation Corps</td><td>7</td><td>0</td><td>0</td><td>-7</td><td>257</td><td>163</td><td>18</td><td>0</td><td>0</td><td>-18</td><td>0</td></tr><tr><td>Excess profits tax refund bonds 12/</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>134</td><td>700</td><td>+134</td><td>+566</td></tr><tr><td>Other 13/</td><td>176</td><td>240</td><td>319</td><td>+79</td><td>841</td><td>873</td><td>901</td><td>1,070</td><td>1,890</td><td>+168</td><td>+820</td></tr><tr><td>Interest on the public debt</td><td>35</td><td>68</td><td>86</td><td>+18</td><td>1,111</td><td>1,260</td><td>1,808</td><td>2,609</td><td>3,750</td><td>+301</td><td>+1,141</td></tr><tr><td>Total expenditures</td><td>5,160</td><td>7,112</td><td>8,110</td><td>+997</td><td>12,711</td><td>32,397</td><td>78,179</td><td>93,744</td><td>98,404</td><td>+15,565</td><td>+4,660</td></tr><tr><td>Net budgetary deficit</td><td>4,413</td><td>5,105</td><td>5,947</td><td>+842</td><td>5,103</td><td>19,598</td><td>55,897</td><td>49,595</td><td>52,741</td><td>-6,301</td><td>-3,146</td></tr></table>
Source: Daily Treasury Statements, except as noted.
1/ Based upon Budget estimates revised as of August 1, 1944.
2/ Includes unjust enrichment tax and victory tax. Beginning July 1943, includes collections of taxes withheld by employers under the Current Tax Payment Act of 1943. For details see following chapter on Receipts and Expenditures and Appropriations, Table 2.
3/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
4/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits totaled $558 millions during the fiscal year 1943 and in excess of $2,000 millions during the fiscal year 1944. Budget estimates of such deposits for the fiscal year 1945 are $1,212 millions.
5/ For explanation, see tables in next chapter on Social Security program.
6/ Excludes expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
7/ Includes expenditures classified as transfers to trust accounts, etc.
for the Adjusted Service Certificate Fund and the National Service Life Insurance Fund.
8/ Includes Public Works transactions classified as Revolving Funds (est).
9/ Includes Aid to agriculture transactions classified as Revolving Funds (est); expenditures of the Department of Agriculture classified as Departmental in the Daily Treasury Statement; and Office of Distribution transactions classified as transfers to trust accounts, etc.
10/ Includes expenditure 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. Employess Service) under authority of the Social Security Act.
11/ Includes National Youth Administration.
12/ Represents transfers to public debt accounts for excess profits tax refund bonds.
13/ Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc. for Government employees retirement and insurance funds.
September 1944
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">End of first month, fiscal years 1943 to 1945</th><th colspan="4">End of fiscal years, 1941 to 1945</th><th colspan="2">Change</th></tr><tr><th>July 31, 1942</th><th>July 31, 1943</th><th>July 31, 1944</th><th>Change July 31, 1943 to July 31, 1944</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>Estimated 1/ June 30, 1945</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="11">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><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>53,826</td><td>98,613</td><td>144,919</td><td>+46,306</td><td>37,713</td><td>50,573</td><td>95,310</td><td>180,401</td><td>2/</td><td>+45,092</td><td>2/</td></tr><tr><td>Non-marketable</td><td>14,743</td><td>30,169</td><td>47,237</td><td>+17,068</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>68,569</td><td>128,782</td><td>192,156</td><td>+63,374</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>8,125</td><td>11,456</td><td>14,961</td><td>+3,505</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>76,694</td><td>140,238</td><td>207,117</td><td>+66,879</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>442</td><td>1,286</td><td>1,456</td><td>+170</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>77,136</td><td>141,524</td><td>208,574</td><td>+67,049</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</td><td>251,286</td><td>+64,307</td><td>+50,283</td></tr><tr><td colspan="11">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><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>4,514</td><td>3,582</td><td>1,191</td><td>-2,391</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>37</td><td>200</td><td>277</td><td>+77</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>4,551</td><td>3,782</td><td>1,468</td><td>-2,314</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>30</td><td>9</td><td>97</td><td>+88</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>4,581</td><td>3,791</td><td>1,565</td><td>-2,227</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>81,718</td><td>145,316</td><td>210,138</td><td>+64,822</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>251,334</td><td>+61,830</td><td>+48,708</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon Budget estimates revised as of August 1, 1944.
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="3">First month, fiscal years 1943 to 1945</th><th colspan="5">Complete fiscal years, 1941 to 1945</th></tr><tr><th>1943</th><th>1944</th><th>1945</th><th colspan="3">Actual</th><th colspan="2">Estimated 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th></tr><tr><td><b>Amount required to be financed:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit 2/.</td><td>4,413</td><td>5,105</td><td>5,947</td><td>5,103</td><td>19,598</td><td>55,897</td><td>49,595</td><td>52,741</td></tr><tr><td>Net increase in General Fund balance.</td><td>296</td><td>-</td><td>1,756</td><td>742</td><td>358</td><td>6,515</td><td>10,662</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, increment on gold, etc. 3/.</td><td>4</td><td>635</td><td>-</td><td>148</td><td>3,506</td><td>1,861</td><td>4,051</td><td>2,042</td></tr><tr><td><b>Total amount required to be financed.</b></td><td>4,714</td><td>5,740</td><td>7,703</td><td>5,994</td><td>23,461</td><td>64,274</td><td>64,307</td><td>54,783</td></tr><tr><td><b>Means of financing:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt.</td><td>4,714</td><td>4,828</td><td>7,570</td><td>5,994</td><td>23,461</td><td>64,274</td><td>64,307</td><td>50,283</td></tr><tr><td>Net decrease in General Fund balance.</td><td>-</td><td>912</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,500</td></tr><tr><td>Net receipts in trust accounts, increment on gold, etc. 3/.</td><td>-</td><td>-</td><td>133</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td><b>Total amount financed.</b></td><td>4,714</td><td>5,740</td><td>7,703</td><td>5,994</td><td>23,461</td><td>64,274</td><td>64,307</td><td>54,783</td></tr></table>
Source: Daily Treasury Statements, except as noted.
1/ Based upon Budget estimates revised as of August 1, 1944.
2/ Excludes amounts for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
3/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
Treasury Bulletin
September 1944
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classification
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or mouth</th><th colspan="5">Receipts</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Net budget- ary deficit 1/</th><th rowspan="2">Public debt retire- ments 9/</th></tr><tr><th>Total receipts</th><th>Gross receipts Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expend- itures</th><th>General 4/</th><th>War ac- tivities 5/</th><th>Revolving funds (net) 6/</th><th>Transfere 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>265</td><td>5,029</td><td>8,177</td><td>6,437</td><td>929</td><td>204</td><td>608</td><td>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,574</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,864</td><td>1,029</td><td>121</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,707</td><td>7,221</td><td>1,206</td><td>92</td><td>187</td><td>3,542</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 9/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,055</td><td>1,657</td><td>54</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 9/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,215 10/</td><td>6,301</td><td>-136 10/</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>266 9/</td><td>869</td><td>12,799</td><td>32,397</td><td>5,986</td><td>26,011</td><td>18</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 9/ 11/</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,595</td><td>72,109</td><td>40</td><td>435</td><td>55,897</td><td>3</td></tr><tr><td>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>1944-July</td><td>2,048</td><td>1,815</td><td>33</td><td>201</td><td>41</td><td>2,007</td><td>7,112</td><td>337</td><td>6,432</td><td>-1</td><td>344</td><td>5,105</td><td>-</td></tr><tr><td>August</td><td>3,005</td><td>2,602</td><td>39</td><td>364</td><td>284</td><td>2,721</td><td>7,617</td><td>365</td><td>7,232</td><td>5</td><td>15</td><td>4,896</td><td>-</td></tr><tr><td>September</td><td>5,448</td><td>5,160</td><td>31</td><td>257</td><td>•</td><td>5,447</td><td>7,535</td><td>583</td><td>6,952</td><td>-2</td><td>2</td><td>2,087</td><td>-</td></tr><tr><td>October</td><td>2,069</td><td>1,813</td><td>38</td><td>218</td><td>39</td><td>2,030</td><td>7,456</td><td>438</td><td>6,989</td><td>-7</td><td>36</td><td>5,426</td><td>-</td></tr><tr><td>November</td><td>2,370</td><td>2,115</td><td>34</td><td>221</td><td>271</td><td>2,099</td><td>7,839</td><td>304</td><td>7,541</td><td>-8</td><td>2</td><td>5,740</td><td>•</td></tr><tr><td>December</td><td>5,737</td><td>5,484</td><td>34</td><td>220</td><td>1</td><td>5,736</td><td>7,452</td><td>740</td><td>6,718</td><td>-8</td><td>2</td><td>1,716</td><td>-</td></tr><tr><td>1944-January</td><td>2,779</td><td>2,188</td><td>40</td><td>551</td><td>32</td><td>2,747</td><td>7,570</td><td>400</td><td>7,138</td><td>-6</td><td>37</td><td>4,823</td><td>•</td></tr><tr><td>February</td><td>2,754</td><td>2,464</td><td>35</td><td>255</td><td>250</td><td>2,503</td><td>7,862</td><td>342</td><td>7,518</td><td>-3</td><td>5</td><td>5,359</td><td>-</td></tr><tr><td>March</td><td>6,576</td><td>6,353</td><td>42</td><td>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>46</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>•</td><td>26</td><td>5,342</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>7,567</td><td>•</td><td>40</td><td>2,378</td><td>•</td></tr><tr><td>July</td><td>2,212</td><td>1,985</td><td>28</td><td>199</td><td>49</td><td>2,163</td><td>8,110</td><td>458</td><td>7,201</td><td>•</td><td>451</td><td>5,947</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/ 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; $119 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 totaled $558 millions during the fiscal year 1943 and in excess of $2,000 millions during the fiscal year 1944.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th rowspan="2">Piecel 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>22,144</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-July</td><td>1,815</td><td>1,255</td><td>19</td><td>1,236</td><td>48</td><td>44</td><td>3</td><td>1</td><td>512</td><td>-</td></tr><tr><td>August</td><td>2,602</td><td>1,564</td><td>548</td><td>1,016</td><td>310</td><td>287</td><td>8</td><td>15</td><td>729</td><td>-</td></tr><tr><td>September</td><td>5,160</td><td>4,765</td><td>674</td><td>4,091</td><td>50</td><td>3</td><td>1</td><td>46</td><td>344</td><td>-</td></tr><tr><td>October</td><td>1,813</td><td>1,303</td><td>557</td><td>746</td><td>46</td><td>42</td><td>3</td><td>1</td><td>464</td><td>-</td></tr><tr><td>November</td><td>2,115</td><td>1,459</td><td>1,010</td><td>449</td><td>292</td><td>274</td><td>10</td><td>8</td><td>363</td><td>-</td></tr><tr><td>December</td><td>5,484</td><td>5,040</td><td>713</td><td>4,327</td><td>58</td><td>4</td><td>1</td><td>53</td><td>386</td><td>-</td></tr><tr><td>1944-January</td><td>2,188</td><td>1,727</td><td>574</td><td>1,153</td><td>49</td><td>34</td><td>14</td><td>1</td><td>412</td><td>-</td></tr><tr><td>February</td><td>2,464</td><td>1,747</td><td>1,137</td><td>610</td><td>373</td><td>252</td><td>117</td><td>4</td><td>344</td><td>-</td></tr><tr><td>March</td><td>6,353</td><td>5,911</td><td>750</td><td>5,161</td><td>67</td><td>4</td><td>4</td><td>59</td><td>375</td><td>-</td></tr><tr><td>April</td><td>2,935</td><td>2,475</td><td>560</td><td>1,915</td><td>39</td><td>35</td><td>3</td><td>*</td><td>421</td><td>-</td></tr><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><tr><td>July</td><td>1,985</td><td>1,247</td><td>594</td><td>654</td><td>56</td><td>52</td><td>3</td><td>1</td><td>681</td><td>-</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. For further details, see chapter on Internal Revenue Statistics. Includes unjust enrichment tax and victory tax collections pursuant to Revenue Act of 1942.
For the period prior to September 1939, the data in the columns entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act represent collections under Titles VIII and IX, respectively, of the Social Security Act.
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th> Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/ 2/</th><th>Public Works 2/ 3/</th><th>Aid to agriculture 2/ 4/</th><th>Social Security program 2/ 5/</th><th colspan="2">Direct and work relief</th><th>Civilian Conservation Corps</th><th>Interest on the public debt</th><th>Other departmental 8/</th><th>Other general expenditures 9/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Work Projects Administration and National Youth Administration 6/</th><th>Federal Emergency Relief Administration and Civil Works Administration 1/</th><th></th><th></th><th></th><th></th></tr><tr><td>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>749</td><td>124</td><td>258</td></tr><tr><td>1937</td><td>6,437</td><td>581</td><td>803</td><td>988</td><td>184</td><td>1,896</td><td>-1</td><td>386</td><td>866</td><td>510</td><td>223</td></tr><tr><td>1938</td><td>5,864</td><td>582</td><td>670</td><td>866</td><td>335</td><td>1,472</td><td>4</td><td>326</td><td>926</td><td>481</td><td>200</td></tr><tr><td>1939</td><td>7,221</td><td>557</td><td>900</td><td>1,237</td><td>347</td><td>2,240</td><td>2</td><td>290</td><td>941</td><td>517</td><td>191</td></tr><tr><td>1940</td><td>7,055</td><td>557</td><td>890</td><td>1,546</td><td>392</td><td>1,572</td><td>1</td><td>283</td><td>1,041</td><td>546</td><td>227</td></tr><tr><td>1941</td><td>6,215</td><td>553</td><td>715</td><td>1,006 10/</td><td>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-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>78</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>1</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>1</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>1</td><td>-</td><td>-</td><td>117</td><td>70</td><td>20</td></tr><tr><td>May</td><td>387</td><td>59</td><td>25</td><td>102</td><td>44</td><td>1</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>1</td><td>-</td><td>-</td><td>747</td><td>53</td><td>45</td></tr><tr><td>July</td><td>458</td><td>63</td><td>34</td><td>62</td><td>54</td><td>1</td><td>-</td><td>-</td><td>86</td><td>65</td><td>96</td></tr></table>
Source: Daily Treasury Statements.
1/ Less than $500,000.
2/ Includes public works undertaken by the Veterans' Administration.
3/ Does not include expenditures for (1) revolving funds or (2) transfers to trust accounts, etc. These are shown in Table 5.
1/ 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/ Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, War Food Administration, and Department of Agriculture departmental expenditures. (War Food Administration comprises Agricultural Adjustment Agency, Farm Security Administration, Office of Distributive, Soil Conservation and Extension Service, and Other).
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 fol-
law 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".
7/ 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/.
September 1944
7
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 Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Admin.</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><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><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><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><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><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</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>-</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>-</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>-</td><td>991</td></tr><tr><td>1943-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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</td><td>106</td></tr><tr><td>July</td><td>7,201</td><td>3,928</td><td>2,591</td><td>682</td><td>56</td><td>6</td><td>15</td><td>22</td><td>8</td><td>124</td><td>130</td><td>194</td><td>-</td><td>4</td><td>122</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: For monthly figures commencing July 1940, see "Treasury Bulletin" for May 1943, page 7.
1/ Include war public housing functions.
2/ Similar items for período prior to fiscial 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 employees' retirement funds (U. S. share)</th><th>Aid to agriculture 6/</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>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>222</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>121</td><td>-13</td><td>134</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>92</td><td>-8</td><td>101</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>54</td><td>-6</td><td>59</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>-136</td><td>-159 1/</td><td>23</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>18</td><td>7</td><td>11</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>40</td><td>41</td><td>-1</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>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>1943-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>1</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>1</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>-4</td><td>1</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-3</td><td>-3</td><td>-</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><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>1</td></tr><tr><td>May</td><td>*</td><td>*</td><td>-1</td><td>26</td><td>26</td><td>-</td><td>-</td><td>-</td><td>1</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>1</td></tr><tr><td>July</td><td>*</td><td>*</td><td>-1</td><td>451</td><td>44</td><td>205</td><td>197</td><td>-</td><td>6</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/ Office of Distribution (formerly Agricultural Marketing Administration) - surplus commodity stamps.
7/ Groce expenditures have been reduced $155 millions representing the repayment of capital funds by certain United States Government agencies. For details see footnotes to Table 1.
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1935
(in millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1935</td><td>203</td><td>214</td><td>601</td><td>228</td><td>246</td><td>404</td><td>279</td><td>299</td><td>421</td><td>235</td><td>234</td><td>434</td><td>3,857</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>644</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,949</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>1,680</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>2,163</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures 2/</td></tr><tr><td>1935</td><td>482</td><td>528</td><td>570</td><td>599</td><td>527</td><td>693</td><td>561</td><td>424</td><td>570</td><td>632</td><td>489</td><td>607</td><td>6,682</td></tr><tr><td>1936</td><td>521</td><td>480</td><td>636</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>674</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>945</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>857</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>1,799</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>8,127</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>8,110</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit 3/</td></tr><tr><td>1935</td><td>279</td><td>314</td><td>-31</td><td>371</td><td>282</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>5,104</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>5,947</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source:
Daily Treasury Statements. Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements. 3/ Total expenditures less net receipts.
September 1944
9
BUDGETARY RECEIPTS AND EXPENDITURES
Treasury Bulletin
10
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="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th><th colspan="3">Other trust accounts 1/</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1935</td><td>+64</td><td>-</td><td>-</td><td>-</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>+31</td><td>-</td><td>267</td><td>267</td><td>-</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>+31</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>753</td><td>751</td><td>+2</td><td>148</td><td>146</td><td>+20</td><td>858</td><td>838</td></tr><tr><td>1938</td><td>+11</td><td>+1</td><td>530</td><td>529</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td><td>+24</td><td>349</td><td>325</td></tr><tr><td>1939</td><td>+29</td><td>+1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>+37</td><td>+3</td><td>580</td><td>577</td><td>+1</td><td>959</td><td>957</td><td>+2</td><td>123</td><td>125</td><td>+35</td><td>366</td><td>331</td></tr><tr><td>1941</td><td>+17</td><td>+10</td><td>717</td><td>707</td><td>+4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td><td>+20</td><td>409</td><td>389</td></tr><tr><td>1942</td><td>+66</td><td>+9</td><td>940</td><td>931</td><td>-</td><td>1,244</td><td>1,243</td><td>-</td><td>144</td><td>144</td><td>+57</td><td>512</td><td>455</td></tr><tr><td>1943</td><td>+92</td><td>+6</td><td>1,190</td><td>1,185</td><td>+6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td><td>+88</td><td>975</td><td>857</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>-2</td><td>273</td><td>275</td><td>+141</td><td>1,853</td><td>1,713</td></tr><tr><td>1941-July</td><td>+92</td><td>+40</td><td>41</td><td>1</td><td>+1</td><td>44</td><td>42</td><td>+4</td><td>161</td><td>165</td><td>+55</td><td>316</td><td>261</td></tr><tr><td>August</td><td>+275</td><td>+270</td><td>284</td><td>14</td><td>+4</td><td>313</td><td>308</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>101</td><td>100</td></tr><tr><td>September</td><td>+265</td><td>+283</td><td>1</td><td>289</td><td>-5</td><td>31</td><td>16</td><td>-</td><td>-</td><td>-</td><td>+28</td><td>116</td><td>87</td></tr><tr><td>October</td><td>+52</td><td>+24</td><td>19</td><td>15</td><td>+5</td><td>17</td><td>11</td><td>-</td><td>14</td><td>33</td><td>+22</td><td>119</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>-</td><td>-</td><td>-</td><td>+16</td><td>77</td><td>123</td></tr><tr><td>December</td><td>+262</td><td>+292</td><td>7</td><td>295</td><td>+41</td><td>83</td><td>47</td><td>-</td><td>-</td><td>-</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>16</td><td>76</td><td>-</td><td>14</td><td>14</td><td>+61</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>-</td><td>-</td><td>-</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>-7</td><td>43</td><td>46</td><td>-</td><td>-</td><td>-</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>15</td><td>+1</td><td>35</td><td>34</td><td>+95</td><td>202</td><td>108</td></tr><tr><td>May</td><td>+282</td><td>+289</td><td>106</td><td>17</td><td>+6</td><td>278</td><td>286</td><td>-</td><td>-</td><td>-</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>+1</td><td>8</td><td>7</td><td>+45</td><td>231</td><td>275</td></tr><tr><td>July</td><td>+102</td><td>+45</td><td>49</td><td>5</td><td>+4</td><td>51</td><td>47</td><td>-</td><td>205</td><td>205</td><td>+53</td><td>415</td><td>362</td></tr></table>
Sources: Daily Treasury Statements. Less than $500,000. Includes Government insurance and retirement funds, etc.
Table 2.- Other Funds
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Transactions in checking accounts of Government agencies, etc.</th><th colspan="3">Increment on gold</th><th colspan="3">Seigniorage on silver</th><th colspan="3">Miscellaneous funds and accounts 1/</th></tr><tr><th>Total all transactions</th><th>Issuance of obligations 2/</th><th>Other transactions</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>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>+105</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>1935</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>+19</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>+261</td><td>155</td><td>-66</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-July</td><td>-726</td><td>-381</td><td>-145</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><tr><td>July</td><td>-193</td><td>-211</td><td>+18</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>+223</td><td>*</td><td>-223</td></tr></table>
Source: Daily Treasury Statements.
Less than $500,000.
1/ Comprises PVA revolving fund, and special deposits (net). Also includes Agricultural Marketing Administration commodity
2) Not receipts in this column constitute net sales, and not expenditures constitute net redemptions of obligations.
3) Details not available.
September 1944
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th></th><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, 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, 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-July</td><td>5,740</td><td>5,105</td><td>-</td><td>635</td><td>5,740</td><td>4,828</td><td>912</td><td>-</td></tr><tr><td>August</td><td>4,896</td><td>4,896</td><td>-</td><td>-</td><td>4,896</td><td>2,534</td><td>2,231</td><td>131</td></tr><tr><td>September</td><td>14,291</td><td>2,087</td><td>11,794</td><td>410</td><td>14,291</td><td>14,291</td><td>-</td><td>-</td></tr><tr><td>October</td><td>6,697</td><td>5,426</td><td>1,139</td><td>132</td><td>6,697</td><td>6,697</td><td>-</td><td>-</td></tr><tr><td>November</td><td>5,740</td><td>5,740</td><td>-</td><td>-</td><td>5,740</td><td>1,112</td><td>4,338</td><td>290</td></tr><tr><td>December</td><td>2,383</td><td>1,716</td><td>-</td><td>667</td><td>2,383</td><td>-281</td><td>2,664</td><td>-</td></tr><tr><td>1944-January</td><td>4,837</td><td>4,823</td><td>-</td><td>14</td><td>4,837</td><td>4,781</td><td>55</td><td>-</td></tr><tr><td>February</td><td>12,448</td><td>5,359</td><td>6,916</td><td>173</td><td>12,448</td><td>12,448</td><td>-</td><td>-</td></tr><tr><td>March</td><td>4,157</td><td>1,952</td><td>-</td><td>2,205</td><td>4,157</td><td>1,608</td><td>2,549</td><td>-</td></tr><tr><td>April</td><td>4,772</td><td>4,772</td><td>-</td><td>-</td><td>4,772</td><td>252</td><td>4,327</td><td>193</td></tr><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>165</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><tr><td>July</td><td>7,703</td><td>5,947</td><td>1,756</td><td>-</td><td>7,703</td><td>7,570</td><td>-</td><td>133</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, assignorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program
Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 1/</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>194.1</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>577.7</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>858.9</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-July.</td><td>46.8</td><td>43.5</td><td>3.2</td><td>40.8</td><td>6.0</td></tr><tr><td>August.</td><td>294.7</td><td>286.6</td><td>8.1</td><td>283.5</td><td>10.9</td></tr><tr><td>September.</td><td>4.1</td><td>3.0</td><td>1.1</td><td>.2</td><td>3.9</td></tr><tr><td>October.</td><td>44.6</td><td>41.5</td><td>3.0</td><td>38.9</td><td>5.7</td></tr><tr><td>November.</td><td>284.1</td><td>273.6</td><td>10.5</td><td>271.0</td><td>13.1</td></tr><tr><td>December.</td><td>4.8</td><td>3.7</td><td>1.1</td><td>1.1</td><td>3.8</td></tr><tr><td>1944-January.</td><td>48.1</td><td>33.8</td><td>14.2</td><td>31.5</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><tr><td>July.</td><td>54.7</td><td>51.8</td><td>2.9</td><td>49.3</td><td>5.4</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Total</th><th colspan="6">Grants to States</th><th rowspan="2">Office for Emergency Management Var Manpower Commission (U. S. Employment Service)</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Administrative expense</th><th>Total</th><th>Old-age and social insurance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public Health Services</th><th>Maternal and child health services</th><th>Department of Labor Services for crippled children</th><th>Child welfare services</th></tr><tr><td>1936</td><td>28.4</td><td>.6</td><td>27.8</td><td>19.7</td><td>2.0</td><td>1.0</td><td>.9</td><td>2.4</td><td>1.0</td><td>.6</td><td>.2</td><td>-</td><td>-</td><td>28.4</td></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>195.5</td></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>41.0 6/</td><td>115.1</td></tr><tr><td>1939</td><td>341.3</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>364.2</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>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>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>1944-July</td><td>59.9</td><td>2.8</td><td>56.8</td><td>41.1</td><td>7.1</td><td>1.2</td><td>3.6</td><td>2.2</td><td>.3</td><td>.1</td><td>•</td><td>1.0</td><td>.3</td><td>53.8</td></tr><tr><td>August</td><td>52.6</td><td>2.5</td><td>49.8</td><td>32.8</td><td>6.5</td><td>.9</td><td>7.0</td><td>1.1</td><td>.7</td><td>.4</td><td>.3</td><td>.2</td><td>.3</td><td>41.7</td></tr><tr><td>September</td><td>32.9</td><td>2.9</td><td>29.7</td><td>25.3</td><td>2.8</td><td>.5</td><td>•</td><td>•</td><td>.6</td><td>.4</td><td>•</td><td>.1</td><td>.3</td><td>29.0</td></tr><tr><td>October</td><td>56.9</td><td>2.9</td><td>53.7</td><td>36.1</td><td>6.1</td><td>1.0</td><td>7.5</td><td>2.0</td><td>.5</td><td>.2</td><td>.2</td><td>•</td><td>.3</td><td>51.3</td></tr><tr><td>November</td><td>40.8</td><td>2.2</td><td>38.3</td><td>29.2</td><td>5.2</td><td>1.2</td><td>.6</td><td>.4</td><td>.9</td><td>.5</td><td>.2</td><td>•</td><td>.3</td><td>27.7</td></tr><tr><td>December</td><td>24.1</td><td>2.8</td><td>21.0</td><td>18.2</td><td>2.1</td><td>.5</td><td>•</td><td>-</td><td>.1</td><td>.1</td><td>•</td><td>•</td><td>.3</td><td>20.4</td></tr><tr><td>1944-January</td><td>58.8</td><td>2.2</td><td>56.1</td><td>35.2</td><td>6.2</td><td>1.1</td><td>9.7</td><td>2.2</td><td>.9</td><td>.5</td><td>.3</td><td>•</td><td>.5</td><td>42.6</td></tr><tr><td>February</td><td>33.4</td><td>2.7</td><td>30.4</td><td>24.2</td><td>4.7</td><td>.6</td><td>•</td><td>.2</td><td>.4</td><td>.3</td><td>•</td><td>•</td><td>.2</td><td>-85.2</td></tr><tr><td>March</td><td>35.4</td><td>2.8</td><td>32.3</td><td>26.4</td><td>3.0</td><td>.7</td><td>1.6</td><td>.3</td><td>.2</td><td>.2</td><td>•</td><td>•</td><td>.3</td><td>29.8</td></tr><tr><td>April</td><td>53.6</td><td>2.7</td><td>50.7</td><td>35.6</td><td>5.3</td><td>1.0</td><td>5.8</td><td>2.2</td><td>.3</td><td>.4</td><td>.1</td><td>•</td><td>.2</td><td>46.9</td></tr><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><tr><td>July</td><td>53.1</td><td>2.4</td><td>50.3</td><td>30.6</td><td>5.6</td><td>1.0</td><td>9.6</td><td>3.1</td><td>.2</td><td>.1</td><td>•</td><td>.1</td><td>.4</td><td>47.8</td></tr></table>
Sources: Daily Treasury Statements.
1/ Less than $50,000.
2/ Formerly Title VIII of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section 1).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section 11, Table 1.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses payable under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
Covered by appropriations by Congress.
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 employers' tax for 1936 collected under the Social Security Act.
September 1944
13
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 rowspan="2">Receipts Carriers' Taxing Act of 1937</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Total</th><th>Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>1936.</td><td>·</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>1937.</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938.</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939.</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940.</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>·</td><td>2.3</td></tr><tr><td>1941.</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942.</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>·</td><td>-21.6</td></tr><tr><td>1943.</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>·</td><td>11.4</td></tr><tr><td>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-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><tr><td>July.</td><td>1.4</td><td>205.0</td><td>.2</td><td>204.8</td><td>·</td><td>203.6</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/ Retirement Act. Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or Month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1939</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1940</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1942</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1943</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1944-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><tr><td>July</td><td>-</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers' subject to the Railroad Unemployment Insurance Act, as follows
(in millions): Calendar year 1936 - $2.7, 1937 - $5.3, 1938 - $6.8, and for the first six months of the calendar year 1939 - $2.9, aggregating $17.7. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance).
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.
14
Treasury Bulleti
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1. Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total investments</th><th>Unexpended balance In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>267.1</td><td>265.0</td><td>2.1</td><td>-</td><td>-</td><td>-</td><td>267.2</td><td>1.1</td><td>.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>177.2</td><td>111.0</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>19.3</td><td>19.3</td><td>-</td><td>1,180.1</td><td>1.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>2,516.2</td><td>2,393.1</td><td>114.1</td><td>118.5</td><td>99.5</td><td>19.1</td><td>2,197.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>159.1</td><td>91.4</td><td>4,268.3</td><td>7.0</td><td>24.5</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>16.1</td><td>21.4</td></tr><tr><td>1944-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>5,782.1</td><td>127.3</td><td>22.8</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>16.1</td><td>21.4</td></tr><tr><td>July</td><td>6,167.8</td><td>5,763.1</td><td>404.7</td><td>688.7</td><td>560.3</td><td>128.4</td><td>5,479.1</td><td>57.5</td><td>24.7</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 organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures Benefit payments</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1936</td><td>46.6</td><td>46.6</td><td>-</td><td>-</td><td>46.6</td><td>46.6</td><td>•</td></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</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>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>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></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></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>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></tr><tr><td>1944-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></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></tr><tr><td>July</td><td>1,452.9</td><td>1,425.7</td><td>27.2</td><td>821.7</td><td>631.2</td><td>512.5</td><td>105.0</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>13.7</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organisation - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="2">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities Deposits by States</th><th>Railroad Unemployment Insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 1/</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 1/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total investments</th><th>Unexpended balance In dis-bursing of General Fund (Special Deposit account Account)</th><th>Benefit payments</th></tr><tr><td>1936</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td><td>1.1</td><td>1.0</td><td>1.0</td><td>-</td><td>-</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>311.4</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>-</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>884.2</td><td>872.0</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,914.1</td><td>1,869.5</td><td>-</td><td>-</td><td>44.6</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.6</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>11.6</td><td>1,724.9</td><td>1,710.0</td><td>1.8</td><td>1.4</td></tr><tr><td>1941</td><td>1,971.9</td><td>1,621.4</td><td>105.5</td><td>105.9</td><td>7.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.1</td><td>2,281.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>11.4</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,119.0</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>2,201.5</td><td>2,092.4</td><td>105.9</td><td>83.2</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>7,224.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>2,702.1</td><td>2,152.4</td><td>105.9</td><td>41.4</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>1.3</td></tr><tr><td>1945-May</td><td>8,077.4</td><td>7,263.9</td><td>152.3</td><td>105.9</td><td>29.1</td><td>2,296.6</td><td>2,146.9</td><td>105.9</td><td>41.8</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>2,702.1</td><td>2,152.4</td><td>105.9</td><td>41.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.1</td></tr><tr><td>July</td><td>8,231.7</td><td>7,175.0</td><td>383.7</td><td>106.0</td><td>29.1</td><td>2,306.1</td><td>2,156.2</td><td>106.0</td><td>41.9</td><td>5,925.6</td><td>5,911.0</td><td>12.8</td><td>.2</td></tr></table>
Sources: Daily Treasury Statements. Less than $50,000. 1/ Includes advance of $15 millions from the Treasury and subsequent repayment, both taking place in the fiscal year 1940. 2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 1.) 3/ Represents amounts transferred from States to Railroad Unemploy-
ment Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act. Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct.10, 1940). For railroad unemployment benefits and refunds.
September 1944
15
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of July 31, 1944
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorisations 2/</th></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction).</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (clothing and equiptage - War Department).</td><td>175,000,000</td><td>-</td></tr><tr><td>Mar. 1, 1941</td><td>9</td><td>Urgent Deficiency Appropriation Act, 1941.</td><td>6,047,775</td><td>-</td></tr><tr><td>Mar. 17, 1941</td><td>13</td><td>Fourth Supplemental National Defense Appropriation Act, 1941.</td><td>1,376,464,602</td><td>-</td></tr><tr><td>Mar. 27, 1941</td><td>23</td><td>Defense Aid Supplemental Appropriation Act, 1941.</td><td>7,000,000,000</td><td>-</td></tr><tr><td>Apr. 1, 1941</td><td>25</td><td>First Deficiency Appropriation Act, 1941.</td><td>114,458,468</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>28</td><td>Independent Offices Appropriation Act, 1942.</td><td>393,360,000</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>998,594,561</td><td>-</td></tr><tr><td>Aug. 25, 1941</td><td>247</td><td>First Supplemental National Defense Appropriation Act, 1942.</td><td>6,580,012,548</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</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941.</td><td>-</td><td>50,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>9,112,021,947</td><td>-</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippines relief, and defense housing).</td><td>510,000,000</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>$ 99,396,437,450</td><td>$ 678,400,000</td></tr><tr><td colspan="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942.</td><td>$ 12,525,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943 4/.</td><td>23,738,865,474</td><td>$ 2,171,000,000 5/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China).</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942.</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943.</td><td>57,886,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942.</td><td>18,932,124,093</td><td>-</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 6/</td><td>150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943.</td><td>1,052,512,004</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>647</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>648</td><td>Labor - Federal Security Appropriation Act, 1943.</td><td>227,726,854</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>Military Appropriation Act, 1943.</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>659</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>1,545,234,990</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 1/</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</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>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943.</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program).</td><td>26,100,000</td><td>-</td></tr><tr><td>May 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program).</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944.</td><td>1,457,898</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 Officers 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>$ 956,134,523 r 5/</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Department of State, Justice, and Commerce Appropriation Act, 1944.</td><td>67,635,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944.</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944.</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943.</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944.</td><td>14,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944.</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>National War Agencies Appropriation Act, 1944.</td><td>2,911,697,224</td><td>14,000,000</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943.</td><td>151,340,068</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department).</td><td>18,620,000</td><td>-</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>Public Law (naval expansion program).</td><td>-</td><td>3,650,449,880 5/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944.</td><td>61,283,468</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>$105,916,492,321</td><td>$ 4,620,584,403 r</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
As of July 31, 1944 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>1st contract authorizations 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</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>301</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 9/</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>903,733,183 r</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>166,266,524 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>3,538,869,000 r</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>$50,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945.</td><td>19,750,000</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$ 55,591,187,954</td><td>$ 7,906,164,583</td></tr><tr><td colspan="5">Summary</td></tr><tr><td>Total, 76th Congress, Third Session 11/</td><td colspan="2"></td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td>Total, 77th Congress, First Session</td><td colspan="2"></td><td>49,396,437,450</td><td>$ 678,400,000</td></tr><tr><td>Total, 77th Congress, Second Session</td><td colspan="2"></td><td>139,716,203,988</td><td>2,356,000,000</td></tr><tr><td>Total, 78th Congress, First Session</td><td colspan="2"></td><td>105,916,492,321</td><td>4,620,584,403 r</td></tr><tr><td>Total, 78th Congress, Second Session</td><td colspan="2"></td><td>55,591,187,954</td><td>7,906,164,583</td></tr><tr><td>Permanent appropriations and net transfers from other than war activities appropriations 12/</td><td colspan="2"></td><td>140,049,269</td><td>-</td></tr><tr><td>Total approved</td><td colspan="2"></td><td>$359,774,386,810</td><td>$15,561,148,986</td></tr><tr><td>Liquidations of 1940 and prior contract authorizations</td><td colspan="2"></td><td>-467,872,846</td><td>-</td></tr><tr><td>Total approved appropriations and net contract authorizations 1/</td><td colspan="2"></td><td>$359,306,513,964</td><td>$15,561,148,986</td></tr></table>
Revised.
1/ Consists of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Reconstruction Finance Corporation and its affiliates for war purposes, and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations) available for expenditure in the fiscal year 1941.
2/ Contract authorizations have been reduced by later appropriations which were earmarked in authorizing acts for this purpose.
3/ Represents the net amount of contractual authority that the President may authorize the head of any department or agency of the Government to enter into for the procurement of defense articles, information or services for the government of any country whose defense the President deems vital to the defense of the United States.
4/ Includes $9,693,525,500 appropriated for the fiscal year 1942.
5/ Unappropriated contract authorizations for the naval expansion program are as follows:
6/ Includes $650,000 for the fiscal year 1941 and $209,440,000 for the fiscal year 1942, of which $440,000 was made immediately available. 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 $4,678,749.22 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 $70,568,283.24.
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Amount</th></tr><tr><td>Feb. 7, 1942</td><td>41</td><td>$2,171,000,000</td></tr><tr><td>June 26, 1943</td><td>92</td><td>(Estimated by Navy Department)</td><td>$947,134,523</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>(Estimated by Navy Department)</td><td>$3,650,449,880</td></tr><tr><td>June 28, 1943</td><td>175</td><td></td><td>$55,000,000</td></tr><tr><td>June 28, 1943</td><td>375</td><td>(Estimated by Navy Department)</td><td>$1,800,000,000</td></tr><tr><td></td><td>Total</td><td></td><td>$8,623,584,403</td></tr></table>
September 1944
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="6">1943</th><th colspan="7">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><th>July</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>1,255</td><td>1,564</td><td>4,765</td><td>1,303</td><td>1,459</td><td>5,040</td><td>1,727</td><td>1,747</td><td>5,911</td><td>2,475</td><td>2,167</td><td>5,241</td><td>1,247</td></tr><tr><td>Employment taxes</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><td>56</td></tr><tr><td>Miscellaneous internal revenue</td><td>512</td><td>729</td><td>344</td><td>464</td><td>363</td><td>386</td><td>412</td><td>344</td><td>375</td><td>421</td><td>520</td><td>422</td><td>681</td></tr><tr><td>Customer</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><td>28</td></tr><tr><td>Other</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><td>160</td></tr><tr><td>Subtotal</td><td>2,023</td><td>3,004</td><td>5,447</td><td>2,069</td><td>2,370</td><td>5,732</td><td>2,749</td><td>2,753</td><td>6,575</td><td>3,118</td><td>3,256</td><td>6,243</td><td>2,173</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>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><td>51</td></tr><tr><td>Trust accounts 2/</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><td>169</td></tr><tr><td>Subtotal</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><td>220</td></tr><tr><td>Total cash income</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,393</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>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><td>7,201</td></tr><tr><td>Veterans' Administration</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><td>63</td></tr><tr><td>Public Works 3/</td><td>33</td><td>61</td><td>43</td><td>43</td><td>26</td><td>43</td><td>37</td><td>30</td><td>41</td><td>32</td><td>25</td><td>20</td><td>33</td></tr><tr><td>Aid to agriculture 4/</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><td>62</td></tr><tr><td>Social Security program 5/</td><td>59</td><td>53</td><td>33</td><td>57</td><td>41</td><td>25</td><td>59</td><td>34</td><td>36</td><td>54</td><td>44</td><td>33</td><td>54</td></tr><tr><td>Work Projects Administration</td><td>4</td><td>1</td><td>1</td><td>2</td><td>1</td><td></td><td>6</td><td>1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Civilian Conservation Corps</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on the public debt 6/</td><td>45</td><td>32</td><td>294</td><td>117</td><td>35</td><td>429</td><td>59</td><td>40</td><td>428</td><td>95</td><td>33</td><td>461</td><td>52</td></tr><tr><td>Other</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><td>116</td></tr><tr><td>Subtotal</td><td>6,746</td><td>7,588</td><td>7,515</td><td>7,407</td><td>7,824</td><td>7,382</td><td>7,505</td><td>7,839</td><td>8,459</td><td>7,773</td><td>8,213</td><td>8,262</td><td>7,580</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>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><td>47</td></tr><tr><td>Other</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><td>-56</td></tr><tr><td>Commodity Credit Corporation</td><td>165</td><td>21</td><td>-32</td><td>37</td><td>-88</td><td>150</td><td>46</td><td>10</td><td>-45</td><td>-14</td><td>-11</td><td>-22</td><td>13</td></tr><tr><td>Unemployment Trust Fund</td><td>4</td><td>5</td><td>4</td><td>3</td><td>4</td><td>4</td><td>5</td><td>6</td><td>7</td><td>7</td><td>6</td><td>5</td><td>4</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><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>-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>-356</td><td>133</td><td>-316</td></tr><tr><td>Subtotal</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>267</td><td>-280</td></tr><tr><td>Redemption of adjusted service bonds</td><td>1</td><td>1</td><td>1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1</td><td>1</td></tr><tr><td>Total cash outgo</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><td>7,301</td></tr><tr><td>EXCESS OF CASH OUTGO</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>4,384</td><td>2,146</td><td>4,908</td></tr></table>
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939.
2/ Includes sale of commodity food stamps, Office of Distribution (formerly Agricultural Marketing Administration).
3/ Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing
4/ Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Adminis-tration, War Food Administration, and Department of Agriculure departmental expenditures. (War Food Administration comprises Agricultural Adjustment Agency, Farm Security Administration, Office of Distribution, Soil Conservation and Extension Service, and Other).
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>1,076</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,393</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1939</td><td>728</td><td>669</td><td>834</td><td>730</td><td>750</td><td>844</td><td>652</td><td>989</td><td>892</td><td>781</td><td>667</td><td>947</td><td>9,483</td></tr><tr><td>1940</td><td>727</td><td>679</td><td>851</td><td>793</td><td>691</td><td>886</td><td>806</td><td>870</td><td>832</td><td>976</td><td>962</td><td>1,244</td><td>10,317</td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,508</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,727</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>7,301</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>9,987</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</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>4,384</td><td>2,146</td><td>4,908</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
September 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>561</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,579</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>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1943-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>4,762</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><tr><td>July</td><td>22,513</td><td>807</td><td>1,269</td><td>19,850</td><td>587</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>2,838</td><td>2,160</td><td>536</td><td>142</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td><td>1,163</td><td>585</td><td>143</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td><td>1,885</td><td>605</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td><td>2,229</td><td>619</td><td>143</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td><td>8,744</td><td>619</td><td>144</td></tr><tr><td>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-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>18,574</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><tr><td>July</td><td>22,513</td><td>588</td><td>21,924</td><td>21,162</td><td>619</td><td>144</td></tr></table>
Source: Daily Treasury Statements.
1/ In the fiscal years 1935 and 1936, $91 millions and $54 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 oo gold in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the 'local year 1937 is considered as a part of the working balance.
20
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
(In millions of dollars - Net increase or net decrease (-))
<table><tr><th>Change during fiscal year or month</th><th>Total change in General Fund balance</th><th colspan="7">Working balance</th><th>Seizmtorage on silver</th><th>Increment on gold</th></tr><tr><th></th><th></th><th>Total working balance</th><th>General and special accounts 1/</th><th>Public debt accounts 2/</th><th>Trust accounts 3/</th><th>Miscellaneous funds and accounts 4/</th><th>Checking accounts of Government agencies, etc.</th><th></th><th></th></tr><tr><td>1935</td><td>-741</td><td>-769 6/</td><td>-3,209</td><td>1,739 1/</td><td>64</td><td>-</td><td>63;</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>-463 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 1/</td><td>29</td><td>2</td><td>768</td><td>90</td><td>-5</td></tr><tr><td>1940</td><td>-947</td><td>-997</td><td>-3,611</td><td>2,528</td><td>37</td><td>16</td><td>34</td><td>49</td><td>.</td></tr><tr><td>1941</td><td>742</td><td>722</td><td>-5,103</td><td>5,994</td><td>37</td><td>11</td><td>-217</td><td>20</td><td>.</td></tr><tr><td>1942</td><td>358</td><td>344</td><td>-19,598</td><td>23,461</td><td>66</td><td>39</td><td>-3,625</td><td>14</td><td>.</td></tr><tr><td>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-July</td><td>-912</td><td>-912</td><td>-5,105</td><td>4,828</td><td>92</td><td>-1</td><td>-726</td><td>-</td><td>.</td></tr><tr><td>August</td><td>-2,231</td><td>-2,231</td><td>4,896</td><td>2,534</td><td>275</td><td>4</td><td>-148</td><td>-</td><td>.</td></tr><tr><td>September</td><td>11,794</td><td>11,794</td><td>-2,087</td><td>14,291</td><td>-265</td><td>2</td><td>-146</td><td>-</td><td>.</td></tr><tr><td>October</td><td>1,139</td><td>1,139</td><td>-5,426</td><td>6,697</td><td>52</td><td>14</td><td>-199</td><td>-</td><td>.</td></tr><tr><td>November</td><td>4,338</td><td>4,338</td><td>-5,740</td><td>1,112</td><td>210</td><td>16</td><td>64</td><td>-</td><td>.</td></tr><tr><td>December</td><td>-2,604</td><td>-2,604</td><td>-1,716</td><td>-281</td><td>-262</td><td>22</td><td>427</td><td>-</td><td>.</td></tr><tr><td>1944-January</td><td>-55</td><td>-55</td><td>-4,823</td><td>4,781</td><td>50</td><td>101</td><td>-165</td><td>-</td><td>.</td></tr><tr><td>February</td><td>6,916</td><td>6,916</td><td>-5,359</td><td>12,448</td><td>150</td><td>8</td><td>-331</td><td>-</td><td>.</td></tr><tr><td>March</td><td>-2,549</td><td>-2,549</td><td>-1,952</td><td>1,608</td><td>-201</td><td>-2</td><td>-2,002</td><td>-</td><td>.</td></tr><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>-3,751</td><td>-3,751</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>11,046</td><td>11,046</td><td>-2,378</td><td>14,637</td><td>-355</td><td>-170</td><td>-88</td><td>-</td><td>.</td></tr><tr><td>July</td><td>1,756</td><td>1,756</td><td>-5,947</td><td>7,570</td><td>102</td><td>223</td><td>-193</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 Office of Distribution (forestry 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 year during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance general and special accounts for the purpose of this table.
Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1935 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1935 - $91 millions, 1936 - $97 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.
September 1944
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
22
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issuance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebted-ness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profit tax refund bonds</th><th>Ex-changes</th><th>Special leases</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebted-ness, special series 2/</th><th>Ex-changes</th><th>Special leases</th></tr><tr><td>1915</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>1916</td><td>11,779</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>527</td></tr><tr><td>1917</td><td>16,425</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>1918</td><td>17,165</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>1919</td><td>10,140</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>1920</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>1921</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>1922</td><td>72,422</td><td>23,451</td><td>37,164</td><td>30,358</td><td>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1923</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>13,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1924</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>13</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>1923-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>36</td><td>421</td><td>4,570</td><td>4,525</td><td>-</td><td>36</td><td>11</td></tr><tr><td>December</td><td>165,877</td><td>-261</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>1924-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>-</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>36</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><tr><td>July</td><td>208,574</td><td>7,570</td><td>12,162</td><td>11,422</td><td>-</td><td>-</td><td>44</td><td>-</td><td>696</td><td>4,592</td><td>4,570</td><td>-</td><td>-</td><td>22</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.
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="7">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 rowspan="2">Special issues</th><th colspan="5">Public Issues</th></tr><tr><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Total</th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Special issues</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>63</td><td>100.0</td><td>53.8</td><td>.2</td><td>36.3</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>3.5</td><td>34.5</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>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>3.2</td><td>7.1</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>5.6</td><td>18.2</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>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48.347</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>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>11.0</td></tr><tr><td>1943</td><td>135.180</td><td>57.716</td><td>21.704</td><td>9.168</td><td>7.495</td><td>16.561</td><td>11.864</td><td>10.871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.0</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>7.2</td></tr><tr><td>1941-July</td><td>140.236</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>9.5</td><td>11.6</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>163.549</td><td>68.085</td><td>26.667</td><td>11.596</td><td>9.109</td><td>23.199</td><td>13.064</td><td>11.668</td><td>100.0</td><td>41.6</td><td>16.3</td><td>7.1</td><td>5.6</td><td>14.2</td><td>8.0</td><td>7.3</td></tr><tr><td>November</td><td>164.781</td><td>68.136</td><td>27.316</td><td>11.596</td><td>9.278</td><td>23.103</td><td>13.074</td><td>12.278</td><td>100.0</td><td>41.4</td><td>16.6</td><td>7.0</td><td>5.6</td><td>14.0</td><td>7.9</td><td>7.5</td></tr><tr><td>December</td><td>164.508</td><td>68.140</td><td>27.906</td><td>11.175</td><td>8.566</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>183.318</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>183.413</td><td>72.722</td><td>33.183</td><td>16.263</td><td>9.092</td><td>25.306</td><td>13.150</td><td>13.697</td><td>100.0</td><td>39.6</td><td>18.1</td><td>8.9</td><td>8.0</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>13.766</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><tr><td>July</td><td>201.117</td><td>81.293</td><td>37.237</td><td>18.067</td><td>10.000</td><td>30.035</td><td>15.524</td><td>14.961</td><td>100.0</td><td>39.2</td><td>18.0</td><td>8.7</td><td>4.8</td><td>14.5</td><td>7.5</td><td>7.2</td></tr></table>
Source: Daily Treasury Statement
September 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 colspan="10">End of fiscal year</th></tr><tr><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></table>
Public debt and guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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><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>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>5,689</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>32,343</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>Depository 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 Saving System</td><td>-</td><td>-</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</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 an 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>197</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 rowspan="2"></th><th colspan="9">End of fiscal year</th></tr><tr><th>1915</th><th>1916</th><th>1917</th><th>1918</th><th>1919</th><th>1920</th><th>1921</th><th>1922</th><th>1923</th><th>1924</th></tr><tr><td colspan="10">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt: 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>1,226</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,719</td><td>1,269</td><td>1,269</td><td>910</td><td>910</td><td>412</td></tr><tr><td>Federal Farm Mortgage Corporation</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 Housing Administration</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>Federal Public Housing Authority</td><td>2,647</td><td>1,041</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,567</td><td>1,573</td><td>752</td></tr><tr><td>Home Owners' Loan Corporation</td><td>250</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,095</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</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>6,160</td><td>4,519</td><td>3,908</td><td>1,190</td></tr><tr><td>Total marketable issues</td><td>8,293</td><td>7,633</td><td>9,133</td><td>9,598</td><td>10,019</td><td>9,543</td><td>9,912</td><td>7,710</td><td>6,386</td><td>2,476</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 2/</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 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>119</td><td>176</td></tr><tr><td>Total non-marketable issues 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>187</td><td>326</td></tr><tr><td>Total interest-bearing debt</td><td>8,293</td><td>7,633</td><td>9,133</td><td>9,598</td><td>10,019</td><td>9,543</td><td>9,912</td><td>7,710</td><td>6,573</td><td>2,802</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>197</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>8,293</td><td>7,633</td><td>9,133</td><td>9,598</td><td>10,020</td><td>9,574</td><td>9,923</td><td>7,730</td><td>6,781</td><td>2,999</td></tr></table>
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="5">1943</th><th colspan="7">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><th>July</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt.</td><td>140,238</td><td>142,721</td><td>157,053</td><td>161,589</td><td>164,781</td><td>164,508</td><td>167,043</td><td>181,709</td><td>183,148</td><td>183,413</td><td>184,874</td><td>199,543</td><td>207,117</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><td>1,468</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>186,401</td><td>201,059</td><td>208,585</td></tr><tr><td>Natured debt and debt bearing no interest.</td><td>1,295</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><td>1,557</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><td>210,142</td></tr><tr><td colspan="13">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>12,460</td><td>12,846</td><td>13,054</td><td>13,064</td><td>11,074</td><td>13,072</td><td>11,101</td><td>11,112</td><td>11,147</td><td>11,150</td><td>11,756</td><td>14,734</td><td>15,524</td></tr><tr><td>Certificates of indebtedness.</td><td>16,561</td><td>17,497</td><td>21,116</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>25,106</td><td>25,266</td><td>28,822</td><td>30,035</td></tr><tr><td>Treasury notes.</td><td>11,575</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>16,244</td><td>16,261</td><td>16,265</td><td>17,405</td><td>18,067</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>77,882</td><td>72,813</td><td>72,526</td><td>72,517</td><td>79,244</td><td>81,097</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><td>196</td></tr><tr><td>Total marketable issues.</td><td>98,613</td><td>99,915</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><td>144,919</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds.</td><td>22,030</td><td>22,694</td><td>24,478</td><td>26,056</td><td>26,697</td><td>27,163</td><td>28,901</td><td>21,515</td><td>11,974</td><td>32,497</td><td>32,987</td><td>44,606</td><td>36,578</td></tr><tr><td>Treasury notes - tax and savings series.</td><td>7,678</td><td>7,703</td><td>8,851</td><td>9,109</td><td>9,278</td><td>8,586</td><td>9,784</td><td>10,220</td><td>9,116</td><td>9,092</td><td>9,050</td><td>9,557</td><td>10,003</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><td>217</td></tr><tr><td>Imperial bonds.</td><td>240</td><td>262</td><td>361</td><td>192</td><td>400</td><td>406</td><td>407</td><td>416</td><td>454</td><td>468</td><td>469</td><td>478</td><td>482</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>42,170</td><td>41,762</td><td>42,275</td><td>42,724</td><td>44,855</td><td>47,277</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>170,751</td><td>185,256</td><td>192,196</td></tr></table>
(Continued on following page)
September 1944
25
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government -
(Continued)
PART B - MONTHLY DATA-(Continued)
(Io millions of dollars)
<table><tr><th colspan="2"></th><th colspan="6">End of month</th><th colspan="6"></th></tr><tr><th colspan="2"></th><th colspan="5">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><th>July</th></tr></table>
Public debt - (Continued)
<table><tr><td>Interest-bearing debt (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>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><td>26</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>158</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>4,766</td><td>4,754</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>27</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>519</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>1,668</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>797</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>319</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>513</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>5,657</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>14,961</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>183,748</td><td>183,413</td><td>184,874</td><td>207,117</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>175</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>180</td></tr><tr><td>Excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td><td>40</td><td>64</td><td>97</td><td>174</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>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>726</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>208,574</td></tr></table>
Guaranteed obligations 1/
<table><tr><th>Interest-bearing debt: Public Issues:</th><th>412</th><th>412</th><th>412</th><th>412</th><th>412</th><th>412</th><th>412</th><th>412</th><th>412</th><th>412</th><th>412</th></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>Commodity Credit 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><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</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>.23</td><td>24</td><td>24</td></tr><tr><td>Federal Housing Administration</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><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority</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><td>755</td><td>755</td></tr><tr><td>Rome Owners' Loan Corporation</td><td>571</td><td>571</td><td>571</td><td>571</td><td>571</td><td>571</td><td>571</td><td>14</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></tr><tr><td>Total marketable issues</td><td>3,582</td><td>3,582</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><td>1,190</td><td>1,191</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>Commodity Credit Corporation 2/</td><td>71</td><td>73</td><td>77</td><td>190</td><td>195</td><td>205</td><td>191</td><td>185</td><td>175</td><td>168</td><td>167</td><td>150</td><td>277</td></tr><tr><td>Reconstruction Finance Corporation 1/</td><td>129</td><td>279</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><td>-</td></tr><tr><td>Total non-marketable issues 1/</td><td>200</td><td>352</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><td>277</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><td>1,468</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><td>97</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><td>1,565</td></tr></table>
Source: Daily Treasury Statements.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Demand obligations.
3/ Consists of Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.
1/ Includes prepayments on securities dated February 1, 1944 and offered as part of the Fourth War Loan.
26
Treasury Bulletin
INTEREST - BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
September 1944
27
Guaranteed Obligations Held by the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>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-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>6,805</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><tr><td>July</td><td>10,993</td><td>900</td><td>359</td><td>398</td><td>549</td><td>8,730</td><td>57</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000.
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>2.552</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>1.851</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,668</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-July</td><td>144,020</td><td>2,840</td><td>1.972</td><td>140,238</td><td>2,763</td><td>1.971</td><td>3,782</td><td>77</td><td>2.035</td></tr><tr><td>August</td><td>146,655</td><td>2,831</td><td>1.954</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>1.935</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>1,523</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><tr><td>July</td><td>208,585</td><td>4,008</td><td>1.922</td><td>207,117</td><td>3,990</td><td>1.927</td><td>1,468</td><td>18</td><td>1.228</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-B 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.
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States 1/ As of July 31, 1944
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/ (Date of issue is shown in parentheses)</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1944</td><td>Treasury bills</td><td>15,524</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>7/84 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>7/84 Ctf. of Indebt. I - 9/1/44</td><td>4,122</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>14 Treasury note C - 9/15/44</td><td>283</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>3/44 Treasury note D - 9/15/44</td><td>635</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>7/84 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>7/84 Ctf. of Indebt. O - 12/1/44</td><td>3,540</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>44 Treasury bond - 12/15/44-54</td><td></td><td>1,037</td><td></td><td>31,205</td><td>30,168</td></tr><tr><td></td><td>Total</td><td>30,168</td><td>1,037</td><td></td><td></td><td></td></tr><tr><td>1945-Jan.</td><td>7/84 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>1-1/84 CCC note O - 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>3/44 Treasury note A - 3/15/45</td><td>718</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/44 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>7/84 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>7/84 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>1-1/24 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>7/84 Ctf. of Indebt. C - 6/1/45</td><td>4,770</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/44 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>2-1/24 Treasury bond - 12/15/45</td><td>541</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3/44 Treasury note B - 12/15/45</td><td>531</td><td></td><td></td><td>24,213</td><td>22,244</td></tr><tr><td></td><td>Total</td><td>22,244</td><td>1,969</td><td></td><td></td><td></td></tr><tr><td>1946-Jan.</td><td>34 Deaverson bond - 1/1/46</td><td>16</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>14 Treasury note A - 3/15/46</td><td>503</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>3-3/44 Treasury bond - 3/15/46-56</td><td></td><td>489</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>34 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>3-1/84 Treasury bond - 6/15/46-49</td><td></td><td>819</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/24 Treasury note B - 12/15/46</td><td>3,261</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>3,779</td><td>2,344</td><td></td><td>6,123</td><td>3,779</td></tr><tr><td>1947-Jan.</td><td>34 Conversion bond - 1/1/47</td><td>13</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/24 HOLC bond M - 6/1/47-47</td><td></td><td>755</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/44 Treasury note S - 3/15/47</td><td>1,948</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/44 Treasury bond - 9/15/47-47</td><td></td><td>1,214</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/24 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>4-1/44 Treasury bond - 10/15/47-52</td><td></td><td>759</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>24 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>5,370</td><td>759</td><td>1,969</td><td>6,129</td><td>7,339</td></tr><tr><td>1948-Mar.</td><td>24 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>2-3/44 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>34 Treasury bond - 6/15/48-48</td><td></td><td>1,036</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-3/44 Treasury bond - 6/15/48</td><td>3,062</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/24 Treasury bond - 9/15/48</td><td>451</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/24 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>24 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>1,036</td><td>10,171</td><td>8,296</td></tr><tr><td>1949-June.</td><td>1-1/84 Treasury bond - 6/15/46-49</td><td></td><td>819</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>24 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>24 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>3-1/84 Treasury bond - 12/15/49-52</td><td></td><td>491</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/24 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>24 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>819</td><td>6,682</td><td>19</td></tr><tr><td>1950-Mar.</td><td>24 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>24 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>2-1/24 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>24 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>24 Treasury bond - 12/15/48-50</td><td></td><td>971</td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>8,088</td><td>1,687</td><td></td><td>8,088</td><td>1,687</td></tr></table>
(Continue on following page)
September 1944
29
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States
As of July 31, 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>(3/16/36)</td><td>1,223</td><td></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>Sept.</td><td>3% Treasury bond</td><td>- 9/15/51-55</td><td>(9/15/31)</td><td>1,118</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treasury bond</td><td>- 12/15/51-53</td><td>(12/22/39)</td><td>510</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond</td><td>- 12/15/51-55</td><td>(12/15/41)</td><td></td><td>2,098</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></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>- 6/15/52-55</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>5,675</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>(9/15/38)</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>8,199</td><td>9,338</td><td>8,199</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>1,786</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treasury bond</td><td>- 12/15/51-53</td><td>(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>1,024</td><td></td><td></td><td></td></tr><tr><td>June</td><td>2-3/4% Treasury bond</td><td>- 6/15/51-54</td><td>(6/15/36)</td><td></td><td>1,627</td><td></td><td></td></tr><tr><td>June</td><td>2-1/4% Treasury bond</td><td>- 6/15/54-56</td><td>(7/22/40)</td><td>681</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></td><td>5,675</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>1,037</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>681</td><td>9,362</td><td>681</td><td>9,362</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>(3/15/26)</td><td>1,449</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2-1/2% Treasury bond</td><td>- 3/15/56-58</td><td>(6/2/41)</td><td></td><td>489</td><td></td><td></td></tr><tr><td>June</td><td>2-1/4% Treasury bond</td><td>- 6/15/54-56</td><td>(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>1,449</td><td></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>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>4,804</td><td></td><td></td><td>4,804</td></tr></table>
(Continued on following page)
Treasury Bulletin
30
Maturity Schedule of Interest-Bearing Public Marketable Securities
sued or Guaranteed by the United States
As of July 31, 1944 - (Continued)
(in millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/ (Date of lease is shown in parentheses)</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1960-Mar. Dec.</td><td>2-7/6 Treasury bond - 1/15/55-60.....(1/15/35) 2-1/4 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>36 Panama Canal bond - 6/1/61.....(6/1/11) 50</td><td>50</td><td></td><td></td><td>50</td><td>50</td></tr><tr><td>1962-June</td><td>2-1/24 Treasury bond - 6/15/62-67.....(5/15/42) 2,118</td><td>2,118</td><td></td><td></td><td>2,118</td><td></td></tr><tr><td>1963-June Dec.</td><td>2-1/4 Treasury bond - 6/15/53-63.....(6/15/38) 2-1/24 Treasury bond - 12/15/61-68.....(12/15/42) 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>2-1/24 Treasury bond - 6/15/64-69.....(4/15/43) 2-1/24 Treasury bond - 12/15/64-69.....(9/15/43) Total</td><td></td><td>3,762 3,838 7,600</td><td></td><td>7,600</td><td></td></tr><tr><td>1965-Dec. Mar.</td><td>2-1/4 Treasury bond - 12/15/60-65.....(12/15/38) 2-1/24 Treasury bond - 3/15/65-70.....(2/1/44) Total</td><td></td><td>5,174</td><td>1,485</td><td>5,174</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>2-1/24 Treasury bond - 6/15/62-67.....(5/15/42) 2-1/24 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>2-1/24 Treasury bond - 12/15/63-68.....(12/1/42) 2,831</td><td></td><td></td><td></td><td></td><td>2,831</td></tr><tr><td>1969-June Dec.</td><td>2-1/24 Treasury bond - 6/15/64-69.....(4/15/43) 2-1/24 Treasury bond - 12/15/64-69.....(9/15/43) Total</td><td></td><td>3,762 3,838 7,600</td><td></td><td>7,600</td><td></td></tr><tr><td>1970-Mar.</td><td>2-1/24 Treasury bond - 3/15/65-70.....(2/1/44) 5,174</td><td></td><td></td><td>5,174</td><td></td><td>5,174</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>2-1/24 Treasury bond - 9/15/67-72.....(10/20/41) 2,716</td><td></td><td></td><td>2,716</td><td></td><td>2,716</td></tr></table>
Source 1/ Daily Treasury Statement, and reports to the Treasury. Excludes postal savings bonds, Federal Housing Administration de- beatures, 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-
ity. 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.
September 1944
31
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 subscription 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 2/</th><th>Amount of cash subscriptions tendered 3/</th><th colspan="3">Amount issued (In millions of dollars)</th></tr><tr><th></th><th></th><th></th><th>1/</th><th></th><th></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 5/25/42 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 5/25/42 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>2-1/24 Treas. bond - 9/15/67-12 1/2/44 (10/20/41) 24 Treas. bond - 12/15/51-55 (12/15/41) 24 Treas. bond - 6/15/49-51 (1/15/42) 2-1/44 Treas. bond - 6/15/52-55 (2/25/42) 1/24 Certificate - 11/1/42 (4/15/42) 2-1/24 Treas. bond - 6/15/62-67 (5/15/42) 2-1/24 Treas. bond - 9/15/49-51 (5/15/42) 1-1/24 Treas. note - 12/15/46 (6/15/42) 1/8% Certificate - 2/1/43 (6/25/42) 2-1/24 Treas. bond - 12/15/49-51 (7/15/42) 2-1/24 Treas. bond - 6/15/62-67 (5/15/42) 1/8% Certificate - 8/1/43 (8/15/42) 1-1/44 Treas. note - 3/15/45 (9/25/42) 1-65% Certificate - 5/1/43 (9/21/42) 2-1/24 Treas. bond - 3/15/50-52 (10/19/42) 1-1/24 Treas. note - 12/15/46 (6/15/42) 1/8% Certificate - 11/1/43 (11/2/42)</td><td>30 yr. 9 a (25 yr. 9 m) 5/ 14 yr. (10 yr.) 9 yr. 5 m (7 yr. 5 m) 13 yr. 4 a (10 yr. 4 m) 7 a 25 yr. 1 a (20 yr. 1 a) 9 yr. 1 a (7 yr. 4 a) 4 yr. 6 a 7 a 9 yr. 5 m (7 yr. 5 m) 21 yr. 10 a (19 yr. 10 m) 6/ 1 yr. 6 m 7 a 9 yr. 5 m (7 yr. 5 m) 4 yr. 2 m 7/</td><td>...... 4,728 4,691 3,062 882 3,283 3,114 3,849 1,236 3,273 3,637 1,992 1,963 2,142 3,105</td><td>6,979 4,728 4,691 3,062 882 3,283 3,114 3,849 1,236 3,273 3,637 1,992 1,963 2,142 3,105</td><td>1,120 533 1,014 1,511 1,507 882 1,292 1,118 1,118 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 1,292 1,118 1,118 2,098 1,236 1,609 1,606 1,506 1,963 2,142 2,035</td><td>...... 1,014 ...... 1,507 ...... 882 ...... 1,292 ...... 1,118 ...... 1,118 ...... 2,098 ...... 1,236 ...... 1,609 ...... 1,606 ...... 1,963 ...... 2,142 ...... 2,035</td></tr><tr><td>11/30/42</td><td>11/30/42</td><td>First War Loan securities 2-1/24 Treas. bond-12/15/63-68 (12/1/42) 1-3/4% Treas. bond - 6/15/48 (12/1/42) 7/8% Certificate - 12/1/43 (12/1/42)</td><td>26 yr (21 yr) 5 yr. 6 m 1 yr</td><td>12/1/52</td><td>2,831 3,354 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 (2/1/43)</td><td>1 yr</td><td>......</td><td>6,402</td><td>2,211</td><td>2,211</td><td>......</td></tr><tr><td>3/12/43</td><td>4/12/43</td><td>Second War Loan securities 2-1/24 Treas. bond - 6/15/64-69 (4/15/43) 2% Treas. bond - 9/15/50-52 (4/15/43) 7/8% Certificate - 4/1/44 (4/15/43)</td><td>26 yr. 2 m (21 yr. 2 a) 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 6/21/43 7/22/43</td><td>4/19/43 6/28/43 7/22/43</td><td>7/8% Certificate - 5/1/44 (5/1/43) 1-1/2% Treas. note - 9/15/47 (7/12/43) 7/8% Certificate - 8/1/44 (8/2/43)</td><td>1 yr 4 yr. 2 a 1 yr</td><td>......</td><td>19,944 5,484</td><td>1,655 2,707 989 1,556</td><td>1,655 2,707 989 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 (9/15/43) 2% Treas. bond - 9/15/51-53 (9/15/43) 7/8% Certificate - 9/1/44 (9/15/43)</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 10/6/43 10/6/43 11/22/43</td><td>7/8% Certificate - 10/1/44 (10/15/43) 2-1/2% Treas. bond - 12/15/64-69 (9/15/43) 2% Treas. bond - 9/15/51-53 (9/15/43) 7/8% Certificate - 12/1/44 (12/1/43)</td><td>1 yr 26 yr. 2 a (21 yr. 2 a) 9 yr. 11 a (7 yr. 11 a) 9/ 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>1,939 59 1,102 1,540</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 (2/1/44) 2-1/4% Treas. bond - 9/15/56-59 (2/1/44) 7/8% Certificate - 2/1/44 (2/1/44)</td><td>26 yr. 1 m (21 yr. 1 m) 15 yr. 7 a (12 yr. 7 a) 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 (2/1/44) 2-1/2% Treas. bond - 3/15/65-70 (2/1/44) 2-1/4% Treas. bond - 9/15/56-59 (2/1/44) 1-1/2% Treas. note - 9/15/48 (3/15/44) 7/8% Certificate - 4/1/45 (4/1/44) 7/8% Certificate - 5/1/45 (5/1/44)</td><td>1 yr. 1 m (21 yr) 15 yr. 6 a (12 yr. 6 a) 12/ 4 yr. 6 m 1 yr 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 (2/1/44) 2% Treas. bond - 6/15/52-54 (6/26/44) 1-1/4% Treas. note - 3/15/47 (6/26/44) 7/8% Certificate - 6/1/45 (6/26/44)</td><td>25 yr. 9 a (20 yr. 9 m) 13/ 10 yr (5 yr) 2 yr. 9 a 11 m</td><td>2/1/54</td><td>2,901 p 5,797 p 1,948 p 4,770 p</td><td>2,901 p 5,797 p 1,948 p 4,770 p</td><td>2,901 p 5,797 p 1,948 p 4,770 p</td><td>......</td></tr><tr><td>7/20/44 8/24/44 8/24/44</td><td>7/20/44 8/24/44 8/24/44</td><td>7/8% Certificate - 8/1/45 (8/1/44) 7/8% Certificate - 9/1/45 (9/1/44) 1% Treas. note - 3/15/46 (11/1/41)</td><td>1 yr 1 yr 1 yr. 6 m 15/</td><td>......</td><td>2,511 14/ 14/</td><td>2,511 14/ 14/</td><td>2,511 14/ 14/</td><td>......</td></tr></table>
p Preliminary
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.
8/ Issued primarily to refund maturing security.
9/ 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/ Amounts not yet available.
15/ Interest commences on September 15, 1944.
32
Treasury Bulletin
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% RPC note - 1/15/42......(2/15/39) 14 1/2% PNC bond - 1/15/42-47......(1/15/35) 2-3/4% PNC bond - 3/1/42-47......(3/1/35)</td><td>426 310 236 103</td><td>20 2 31 7</td><td>406 303 205 96</td><td>95 99 87 93</td><td>2% Treas. bond - 6/15/49-51</td></tr><tr><td></td><td>Total 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>6/5/42</td><td>2-1/4% HOLL bond - 7/1/42-44......(7/1/35) 16 8% RPC 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 - 1/15/46</td></tr><tr><td></td><td>Total 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% RPC 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>6.5% 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>Total 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% RPC 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 - 12/15/44-69 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>1,539</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>1-5/8% PPEA 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% PNC bond - 3/15/44-64......(3/15/34) 3% PNC bond - 5/15/44-49......(5/15/44) 16 RPC note - 4/15/44......(7/3/41) 3% HOLL bond - 5/1/44-52......(5/1/34) 3-1/4% Treas. bond - 4/15/44-46......(4/16/34) 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 12 186</td><td>76 705 559 604 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>Total 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>7/8% 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>34</td><td>2,511</td><td>99</td><td>7/8% Certificate - 8/1/45</td></tr></table>
Note: The US treasury bonds of 1944-54 outstanding in the amount of $1,037 millions, have been called for redemption on December 15, 1944. 1/ Original call and maturity dates are used.
September 1944
33
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="5">Description of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th></tr><tr><td>1943-July 7.</td><td>1943-Oct. 7.</td><td>92</td><td>1,176.4</td><td>1,003.1</td><td>962.5</td><td>40.6</td><td>804.7</td><td>12,062.5</td></tr><tr><td>July 14.</td><td>Oct. 14.</td><td>92</td><td>1,345.5</td><td>1,001.2</td><td>932.8</td><td>68.4</td><td>804.0</td><td>12,259.7</td></tr><tr><td>July 21.</td><td>Oct. 21.</td><td>92</td><td>1,520.3</td><td>1,003.7</td><td>933.0</td><td>70.7</td><td>904.7</td><td>12,358.7</td></tr><tr><td>July 28.</td><td>Oct. 28.</td><td>92</td><td>1,373.8</td><td>1,002.8</td><td>954.0</td><td>48.8</td><td>901.8</td><td>12,459.8</td></tr><tr><td>Aug. 4.</td><td>Nov. 4.</td><td>92</td><td>1,408.9</td><td>1,005.8</td><td>948.5</td><td>57.4</td><td>901.8</td><td>12,563.8</td></tr><tr><td>Aug. 12.</td><td>Nov. 12.</td><td>92</td><td>1,419.0</td><td>994.7</td><td>932.2</td><td>62.5</td><td>907.0</td><td>12,651.5</td></tr><tr><td>Aug. 19.</td><td>Nov. 18.</td><td>91</td><td>1,420.5</td><td>1,005.3</td><td>929.4</td><td>75.9</td><td>907.8</td><td>12,749.0</td></tr><tr><td>Aug. 26.</td><td>Nov. 26.</td><td>92</td><td>1,277.9</td><td>1,002.3</td><td>934.0</td><td>68.3</td><td>905.4</td><td>12,846.0</td></tr><tr><td>Sept. 2.</td><td>Dec. 2.</td><td>91</td><td>1,177.6</td><td>1,001.8</td><td>942.3</td><td>59.5</td><td>906.0</td><td>12,941.8</td></tr><tr><td>Sept. 9.</td><td>Dec. 9.</td><td>91</td><td>1,281.2</td><td>1,004.9</td><td>950.4</td><td>54.5</td><td>908.7</td><td>13,038.0</td></tr><tr><td>Sept. 16.</td><td>Dec. 16.</td><td>91</td><td>1,535.6</td><td>1,008.6</td><td>932.2</td><td>76.4</td><td>1,000.5</td><td>13,045.2</td></tr><tr><td>Sept. 23.</td><td>Dec. 23.</td><td>91</td><td>1,498.8</td><td>1,017.7</td><td>940.5</td><td>77.3</td><td>1,006.1</td><td>13,057.8</td></tr><tr><td>Sept. 30.</td><td>Dec. 30.</td><td>91</td><td>1,337.7</td><td>1,003.0</td><td>943.2</td><td>59.8</td><td>1,005.8</td><td>13,054.1</td></tr><tr><td>Oct. 7.</td><td>1944-Jan. 6.</td><td>91</td><td>1,239.5</td><td>1,006.9</td><td>955.1</td><td>51.9</td><td>1,003.1</td><td>13,058.9</td></tr><tr><td>Oct. 14.</td><td>Jan. 13.</td><td>91</td><td>1,184.8</td><td>1,004.7</td><td>951.3</td><td>53.4</td><td>1,001.2</td><td>13,062.4</td></tr><tr><td>Oct. 21.</td><td>Jan. 20.</td><td>91</td><td>1,413.9</td><td>1,000.8</td><td>928.9</td><td>71.8</td><td>1,003.7</td><td>13,059.5</td></tr><tr><td>Oct. 28.</td><td>Jan. 27.</td><td>91</td><td>1,286.5</td><td>1,008.1</td><td>940.3</td><td>67.8</td><td>1,002.8</td><td>13,064.4</td></tr><tr><td>Nov. 4.</td><td>Feb. 3.</td><td>91</td><td>1,142.7</td><td>1,002.6</td><td>934.8</td><td>67.8</td><td>1,005.8</td><td>13,061.5</td></tr><tr><td>Nov. 12.</td><td>Feb. 10.</td><td>90</td><td>1,247.1</td><td>1,004.7</td><td>929.1</td><td>75.6</td><td>994.7</td><td>13,071.5</td></tr><tr><td>Nov. 18.</td><td>Feb. 17.</td><td>91</td><td>1,221.6</td><td>1,001.3</td><td>927.3</td><td>74.0</td><td>1,005.3</td><td>13,067.5</td></tr><tr><td>Nov. 26.</td><td>Feb. 24.</td><td>90</td><td>1,621.6</td><td>1,008.7</td><td>930.5</td><td>78.1</td><td>1,002.3</td><td>13,073.8</td></tr><tr><td>Dec. 2.</td><td>Mar. 2.</td><td>91</td><td>1,544.0</td><td>1,006.4</td><td>942.5</td><td>63.9</td><td>1,001.8</td><td>13,078.3</td></tr><tr><td>Dec. 9.</td><td>Mar. 9.</td><td>91</td><td>1,694.3</td><td>1,011.4</td><td>947.6</td><td>63.8</td><td>1,004.9</td><td>13,084.8</td></tr><tr><td>Dec. 16.</td><td>Mar. 16.</td><td>91</td><td>1,815.0</td><td>1,000.2</td><td>934.4</td><td>65.8</td><td>1,008.6</td><td>13,076.3</td></tr><tr><td>Dec. 23.</td><td>Mar. 23.</td><td>91</td><td>1,791.7</td><td>1,005.5</td><td>944.8</td><td>60.7</td><td>1,017.7</td><td>13,084.2</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>2,115.7</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><tr><td>July 6.</td><td>Oct. 5.</td><td>91</td><td>2,215.1</td><td>1,216.3</td><td>1,167.4</td><td>48.8</td><td>1,007.7</td><td>14,943.0</td></tr><tr><td>July 13.</td><td>Oct. 13.</td><td>92</td><td>2,042.3</td><td>1,203.8</td><td>1,149.4</td><td>54.4</td><td>1,014.5</td><td>15,132.3</td></tr><tr><td>July 20.</td><td>Oct. 19.</td><td>91</td><td>2,074.3</td><td>1,206.6</td><td>1,146.9</td><td>59.7</td><td>1,013.4</td><td>15,325.4</td></tr><tr><td>July 27.</td><td>Oct. 26.</td><td>91</td><td>2,177.4</td><td>1,214.4</td><td>1,158.2</td><td>56.2</td><td>1,015.9</td><td>15,523.9</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issue and total bills outstanding are on Daily Treasury Statement basis. Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Tenders for bills 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.
34
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 bide accepted</th><th colspan="4">Competitive bide accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th>High Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Low Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1943-July 7</td><td>99.904</td><td>0.375</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>July 14</td><td>99.904</td><td>0.374</td><td>99.925</td><td>0.293</td><td>99.904</td><td>0.376</td></tr><tr><td>July 21</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>July 28</td><td>99.904</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 4</td><td>99.904</td><td>0.374</td><td>99.909</td><td>0.356</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 12</td><td>99.904</td><td>0.374</td><td>99.912</td><td>0.344</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 19</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 26</td><td>99.904</td><td>0.374</td><td>99.911</td><td>0.348</td><td>99.904</td><td>0.376</td></tr><tr><td>Sept. 2</td><td>99.905</td><td>0.375</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 9</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 16</td><td>99.905</td><td>0.374</td><td>99.911</td><td>0.352</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 23</td><td>99.906</td><td>0.374</td><td>99.924</td><td>0.301</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 30</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 7</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 14</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 21</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 28</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.906</td><td>0.376</td></tr><tr><td>Nov. 4</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.340</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 12</td><td>99.906</td><td>0.376</td><td>99.915</td><td>0.340</td><td>99.906</td><td>0.376</td></tr><tr><td>Nov. 18</td><td>99.905</td><td>0.375</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 26</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr><tr><td>Dec. 2</td><td>99.905</td><td>0.375</td><td>99.925 2/</td><td>0.291</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 9</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 16</td><td>99.905</td><td>0.375</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 23</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 30</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>1944-Jan. 6</td><td>99.906</td><td>0.373</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 13</td><td>99.905</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 20</td><td>99.905</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 27</td><td>99.905</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 3</td><td>99.906</td><td>0.374</td><td>99.920</td><td>0.316</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 10</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 17</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 24</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 2</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 9</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 16</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 23</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 30</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 6</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 13</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 20</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 27</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><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>0.376</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>0.376</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>0.376</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>0.376</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>0.376</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>0.376</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>0.376</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>0.376</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>0.376</td></tr><tr><td>July 6</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>July 13</td><td>99.904</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>July 20</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>July 27</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Bank discount basis.
2/ Except $10,000 at 99.956.
September 1944
35
Sales of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 1/</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Sales</th><th rowspan="2">Accrual of redemption values</th><th colspan="3">Redemptions</th></tr><tr><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr></table>
All series 3/
<table><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>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>+483.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>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></td><td>65.0</td><td>148.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>5,994.1</td><td></td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1943</td><td>21,256.2</td><td>+11,068.0</td><td>11,788.7</td><td>11,788.7</td><td></td><td>127.6</td><td>848.3</td><td>841.3</td><td>7.0</td></tr><tr><td>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-July</td><td>22,030.2</td><td>+774.1</td><td>889.7</td><td>889.7</td><td></td><td>22.6</td><td>138.2</td><td>137.5</td><td>.7</td></tr><tr><td>August</td><td>22,693.5</td><td>+663.3</td><td>801.7</td><td>801.7</td><td></td><td>13.6</td><td>152.0</td><td>151.2</td><td>.8</td></tr><tr><td>September</td><td>24,478.4</td><td>+1,784.9</td><td>1,926.6</td><td>1,926.6</td><td></td><td>13.6</td><td>155.3</td><td>154.4</td><td>.8</td></tr><tr><td>October</td><td>26,056.0</td><td>+1,577.6</td><td>1,708.2</td><td>1,708.2</td><td></td><td>13.1</td><td>143.7</td><td>142.9</td><td>.8</td></tr><tr><td>November</td><td>26,697.0</td><td>+641.0</td><td>798.1</td><td>798.1</td><td></td><td>13.4</td><td>170.5</td><td>169.6</td><td>.9</td></tr><tr><td>December</td><td>27,362.8</td><td>+665.8</td><td>853.0</td><td>853.0</td><td></td><td>19.6</td><td>206.9</td><td>205.9</td><td>1.0</td></tr><tr><td>1944-January</td><td>28,901.0</td><td>+1,538.2</td><td>1,698.4</td><td>1,505.4</td><td>193.0</td><td>27.7</td><td>187.8</td><td>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>266.8</td><td>1.3</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>July</td><td>36,537.8</td><td>+1,931.6</td><td>2,125.1</td><td>2,089.0</td><td>36.1</td><td>33.5</td><td>226.9</td><td>5/</td><td>5/</td></tr></table>
Series A-D
<table><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>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>5/</td><td>5/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>*</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>5/</td><td>5/</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>5/</td><td>5/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>5/</td><td>5/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,105.7</td><td>828.0</td><td>5/</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>.8</td><td></td><td>65.0</td><td>117.5</td><td>112.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>+6.1</td><td>.1</td><td>.1</td><td></td><td>85.9</td><td>132.7</td><td>126.2</td><td>6.5</td></tr><tr><td>1943</td><td>3,608.0</td><td>+3.8</td><td>.1</td><td>.1</td><td></td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>1944</td><td>3,624.8</td><td>+16.8</td><td>.1</td><td></td><td></td><td>96.0</td><td>79.3</td><td>5/</td><td>5/</td></tr><tr><td>1943-July</td><td>3,614.8</td><td>+6.8</td><td>-</td><td>-</td><td></td><td>13.6</td><td>6.8</td><td>6.2</td><td>.6</td></tr><tr><td>August</td><td>3,615.3</td><td>+5</td><td>*</td><td>*</td><td></td><td>7.6</td><td>7.1</td><td>6.5</td><td>.6</td></tr><tr><td>September</td><td>3,615.6</td><td>+3</td><td>*</td><td>*</td><td></td><td>7.0</td><td>6.8</td><td>6.2</td><td>.6</td></tr><tr><td>October</td><td>3,615.6</td><td>+1.1</td><td>*</td><td>*</td><td></td><td>6.3</td><td>6.2</td><td>5.7</td><td>.6</td></tr><tr><td>November</td><td>3,614.7</td><td>-9</td><td>*</td><td>*</td><td></td><td>5.1</td><td>6.1</td><td>5.5</td><td>.6</td></tr><tr><td>December</td><td>3,616.3</td><td>+1.6</td><td>*</td><td>*</td><td></td><td>7.7</td><td>6.0</td><td>5.5</td><td>.6</td></tr><tr><td>1944-January</td><td>3,623.3</td><td>+6.9</td><td>*</td><td>*</td><td></td><td>13.8</td><td>6.8</td><td>6.2</td><td>.7</td></tr><tr><td>February</td><td>3,624.2</td><td>+9</td><td>*</td><td>*</td><td></td><td>7.6</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></td><td>7.2</td><td>6.5</td><td>5.9</td><td>.7</td></tr><tr><td>April</td><td>3,624.8</td><td>*</td><td>*</td><td>*</td><td></td><td>6.5</td><td>6.5</td><td>5/</td><td>5/</td></tr><tr><td>May</td><td>3,622.9</td><td>-1.9</td><td>*</td><td>*</td><td></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></td><td>8.2</td><td>6.3</td><td>5/</td><td>5/</td></tr><tr><td>July</td><td>3,632.7</td><td>+7.9</td><td>*</td><td>*</td><td></td><td>14.7</td><td>6.8</td><td>5/</td><td>5/</td></tr></table>
(Continued on following page)
36
Treasury Bulletin
Sales of United States Savings Bonds - (Continued)
Table 1. Summary of Sales and Redemptions, by Series - (Continued)
in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month</th><th colspan="3">Sales</th><th>Accrual of redemption values</th><th colspan="3">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>201.1</td><td>+23.1</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>1,670.3</td><td>+1,667.7</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>11,265.6</td><td>+7,615.5</td><td>8,271.3</td><td>8,271.3</td><td></td><td>33.1</td><td>686.6</td><td>686.0</td><td>6.6</td></tr><tr><td>1944</td><td>21,124.8</td><td>+9,838.2</td><td>11,619.7</td><td>11,619.7</td><td></td><td>116.4</td><td>2,099.9</td><td>2,094.6</td><td>5.3</td></tr><tr><td>1943-July</td><td>11,857.3</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>+532.5</td><td>661.2</td><td>661.2</td><td></td><td>5.5</td><td>134.0</td><td>133.3</td><td>.2</td></tr><tr><td>September</td><td>13,060.0</td><td>+1,269.5</td><td>1,400.2</td><td>1,400.2</td><td></td><td>6.1</td><td>136.5</td><td>135.5</td><td>.2</td></tr><tr><td>October</td><td>14,861.6</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>124.5</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>727.5</td><td>727.5</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>16,691.0</td><td>+933.8</td><td>1,084.5</td><td>1,084.6</td><td></td><td>12.7</td><td>153.6</td><td>153.2</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>+366.7</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>1,349.3</td><td>1,349.3</td><td></td><td>15.2</td><td>219.7</td><td>218.9</td><td>.8</td></tr><tr><td>July</td><td>22,512.3</td><td>+1,507.5</td><td>1,686.5</td><td>1,686.5</td><td></td><td>17.3</td><td>196.3</td><td>195.5</td><td>.8</td></tr><tr><td colspan="10">Series I</td></tr><tr><td>1941</td><td>66.6</td><td>+66.5</td><td>66.7</td><td>66.7</td><td></td><td>-</td><td>·</td><td>·</td><td>·</td></tr><tr><td>1942</td><td>498.9</td><td>+432.3</td><td>434.9</td><td>434.9</td><td></td><td>.2</td><td>2.9</td><td>2.9</td><td>·</td></tr><tr><td>1943</td><td>1,242.3</td><td>+743.4</td><td>757.9</td><td>757.9</td><td></td><td>2.5</td><td>17.0</td><td>17.0</td><td>·</td></tr><tr><td>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-July</td><td>1,277.7</td><td>+15.4</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>1.5</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>1,529.5</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>1,545.7</td><td>+19.1</td><td>23.4</td><td>23.4</td><td></td><td>.7</td><td>5.1</td><td>5.0</td><td>·</td></tr><tr><td>December</td><td>1,568.7</td><td>+20.0</td><td>24.1</td><td>24.1</td><td></td><td>.8</td><td>4.8</td><td>4.8</td><td>·</td></tr><tr><td>1944-January</td><td>1,691.9</td><td>+123.2</td><td>126.8</td><td>68.7</td><td>58.1</td><td>1.1</td><td>4.8</td><td>4.7</td><td>·</td></tr><tr><td>February</td><td>1,831.7</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>·</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>6.5</td><td>6.6</td><td>·</td></tr><tr><td>April</td><td>1,875.5</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>1,855.9</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>July</td><td>2,091.2</td><td>+95.5</td><td>101.1</td><td>88.3</td><td>12.8</td><td>1.5</td><td>7.1</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series O</td></tr><tr><td>1941</td><td>394.0</td><td>+394.0</td><td>394.6</td><td>394.6</td><td></td><td></td><td>.5</td><td>.5</td><td></td></tr><tr><td>1942</td><td>2,814.3</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>7,850.6</td><td>+2,741.6</td><td>2,875.5</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>1944-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>6,270.5</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>+96.5</td><td>110.3</td><td>107.6</td><td>2.8</td><td></td><td>13.5</td><td>13.5</td><td></td></tr><tr><td>April</td><td>7,403.3</td><td>+100.8</td><td>113.5</td><td>112.2</td><td>1.3</td><td></td><td>12.7</td><td>12.7</td><td></td></tr><tr><td>May</td><td>7,494.7</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><tr><td>July</td><td>8,181.6</td><td>+320.8</td><td>337.5</td><td>314.2</td><td>23.3</td><td></td><td>16.7</td><td>16.7</td><td></td></tr></table>
Source: Emily Treasury Statements.
1/ Less than $50,000.
1/ At current redemption values except Series O, which is stated at par.
2/ Estimated, except for Series O.
1/ For details concerning redemption values and investment yields, see "Treasury Bulletin" for August 1933, 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 G have been on sale since May 1, 1941. Series E is a 10 year discount bond sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any calendar year and may be made only by individuals. Series F is a 12 year discount bond sold at 76% of maturity value, yielding 2.57% per annum if held to maturity. Series G is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/4% per annum, redeemable at par on maturity or at stated prices less than par before maturity. Purchases of Series F and G combined to
any calendar year are limited to $100,000 issue price ($50,000 is calendar year 1931) and through December 31, 1933 could be made by any investor except commercial banks. Commencing January 1, 1934, commercial banks were permitted to purchase Series Y and O bonds for limited investment 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 Y and O bonds, 24 percent Treasury bonds of 1965-70, 24 percent Treasury bonds of 1956-59, and 2 percent Treasury bonds of 1952-54, do not exceed 50 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 Y and O bonds, 24 percent Treasury bonds of 1965-70 and 24 percent Treasury bonds of 1956-59 did not exceed 10 percent of savings deposits, or $200,000 which ever was less. Commercial banks purchases were permitted prior to April 1, 1940, and are estimated to have aggregated about $100 millions. Not yet available.
September 1944
37
Sales of United States Savings Bonds - (Continued)
Table 2.- Total Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="8">Sales in millions of dollars at issue price</th><th colspan="8">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</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>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><th colspan="18">Series B</th></tr><tr><td>1941 2/</td><td>203.1</td><td>14.4</td><td>13.3</td><td>41.4</td><td>40.7</td><td>93.4</td><td>......</td><td>......</td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>20.0</td><td>46.0</td><td>......</td><td>......</td></tr><tr><td>1942</td><td>3,526.3</td><td>615.6</td><td>341.5</td><td>612.7</td><td>636.9</td><td>1,119.5</td><td>......</td><td>......</td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>18.1</td><td>31.7</td><td>......</td><td>......</td></tr><tr><td>1943</td><td>5,271.3</td><td>2,988.2</td><td>1,081.0</td><td>1,713.8</td><td>1,007.3</td><td>1,481.0</td><td>......</td><td>......</td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>12.2</td><td>17.9</td><td>......</td><td>......</td></tr><tr><td>1944</td><td>11,519.7</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>......</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-July</td><td>682.9</td><td>290.3</td><td>99.2</td><td>129.2</td><td>67.2</td><td>96.9</td><td>......</td><td>......</td><td>100.0</td><td>42.5</td><td>14.5</td><td>18.9</td><td>9.9</td><td>14.2</td><td>......</td><td>......</td></tr><tr><td>August</td><td>661.2</td><td>290.8</td><td>102.1</td><td>125.6</td><td>60.1</td><td>82.6</td><td>......</td><td>......</td><td>100.0</td><td>44.0</td><td>15.4</td><td>19.0</td><td>9.1</td><td>12.5</td><td>......</td><td>......</td></tr><tr><td>September</td><td>1,400.2</td><td>376.5</td><td>158.8</td><td>340.1</td><td>220.5</td><td>304.1</td><td>......</td><td>......</td><td>100.0</td><td>26.9</td><td>11.3</td><td>24.3</td><td>15.8</td><td>21.7</td><td>......</td><td>......</td></tr><tr><td>October</td><td>1,340.1</td><td>394.3</td><td>173.7</td><td>334.9</td><td>190.3</td><td>246.9</td><td>......</td><td>......</td><td>100.0</td><td>29.4</td><td>13.0</td><td>25.0</td><td>14.2</td><td>18.4</td><td>......</td><td>......</td></tr><tr><td>November</td><td>665.3</td><td>303.0</td><td>108.3</td><td>127.3</td><td>54.2</td><td>72.4</td><td>......</td><td>......</td><td>100.0</td><td>45.6</td><td>16.3</td><td>19.1</td><td>8.1</td><td>10.9</td><td>......</td><td>......</td></tr><tr><td>December</td><td>727.6</td><td>328.7</td><td>117.4</td><td>140.1</td><td>60.4</td><td>81.0</td><td>......</td><td>......</td><td>100.0</td><td>45.2</td><td>16.1</td><td>19.3</td><td>8.3</td><td>11.1</td><td>......</td><td>......</td></tr><tr><td>1944-January</td><td>1,084.6</td><td>342.9</td><td>140.8</td><td>224.6</td><td>135.2</td><td>241.1</td><td>......</td><td>......</td><td>100.0</td><td>31.6</td><td>13.0</td><td>20.7</td><td>12.5</td><td>22.2</td><td>......</td><td>......</td></tr><tr><td>February</td><td>2,102.3</td><td>548.9</td><td>247.5</td><td>508.7</td><td>312.0</td><td>485.3</td><td>......</td><td>......</td><td>100.0</td><td>26.1</td><td>11.8</td><td>24.2</td><td>14.8</td><td>23.1</td><td>......</td><td>......</td></tr><tr><td>March</td><td>575.8</td><td>274.3</td><td>102.9</td><td>125.3</td><td>29.7</td><td>43.6</td><td>......</td><td>......</td><td>100.0</td><td>47.6</td><td>17.9</td><td>21.7</td><td>5.2</td><td>7.6</td><td>......</td><td>......</td></tr><tr><td>April</td><td>605.7</td><td>291.3</td><td>106.7</td><td>107.6</td><td>40.3</td><td>59.9</td><td>......</td><td>......</td><td>100.0</td><td>48.1</td><td>17.6</td><td>17.7</td><td>6.7</td><td>9.9</td><td>......</td><td>......</td></tr><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>......</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>......</td><td>100.0</td><td>32.6</td><td>12.9</td><td>21.6</td><td>13.0</td><td>19.9</td><td>......</td><td>......</td></tr><tr><td>July</td><td>1,686.5</td><td>1.5</td><td>526.5</td><td>248.8</td><td>384.1</td><td>216.4</td><td>309.2</td><td>......</td><td>100.0</td><td>.1</td><td>31.2</td><td>14.8</td><td>22.8</td><td>12.8</td><td>18.3</td><td>......</td></tr><tr><th colspan="18">Series F</th></tr><tr><td>1941 2/</td><td>66.7</td><td>......</td><td>......</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>......</td><td>......</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 3/</td><td>434.9</td><td>1.3</td><td>......</td><td>19.6</td><td>27.5</td><td>123.6</td><td>91.7</td><td>171.1</td><td>100.0</td><td>.3</td><td>......</td><td>4.5</td><td>6.3</td><td>28.4</td><td>21.1</td><td>39.4</td></tr><tr><td>1943</td><td>757.9</td><td>4.0</td><td>......</td><td>24.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>306.3</td><td>100.0</td><td>.5</td><td>......</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>......</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>.7</td><td>......</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-July</td><td>37.6</td><td>.3</td><td>......</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>......</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>......</td><td>1.1</td><td>2.0</td><td>9.8</td><td>6.5</td><td>6.5</td><td>100.0</td><td>.7</td><td>......</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>......</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>......</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>......</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>......</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>......</td><td>1.3</td><td>1.8</td><td>8.7</td><td>4.9</td><td>6.5</td><td>100.0</td><td>1.3</td><td>......</td><td>5.3</td><td>7.8</td><td>37.1</td><td>21.0</td><td>27.5</td></tr><tr><td>December</td><td>24.1</td><td>.3</td><td>......</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>......</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>......</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>......</td><td>1.6</td><td>2.6</td><td>14.1</td><td>13.9</td><td>67.5</td></tr><tr><td>February</td><td>157.4</td><td>1.1</td><td>......</td><td>4.7</td><td>7.1</td><td>33.6</td><td>28.3</td><td>82.5</td><td>100.0</td><td>.7</td><td>......</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>......</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>......</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>......</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>......</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>......</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>1.6</td><td>......</td><td>5.3</td><td>6.8</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>......</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>......</td><td>2.5</td><td>4.2</td><td>24.8</td><td>21.0</td><td>46.9</td></tr><tr><td>July</td><td>101.1</td><td>.8</td><td>......</td><td>3.0</td><td>5.7</td><td>29.9</td><td>22.3</td><td>39.4</td><td>100.0</td><td>.8</td><td>......</td><td>3.0</td><td>5.6</td><td>29.6</td><td>22.0</td><td>39.0</td></tr><tr><th colspan="18">Series O</th></tr><tr><td>1941 2/</td><td>394.6</td><td>......</td><td>......</td><td>4.8</td><td>11.2</td><td>82.4</td><td>71.8</td><td>224.3</td><td>100.0</td><td>......</td><td>......</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>......</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>......</td><td>2.5</td><td>5.6</td><td>28.4</td><td>20.0</td><td>43.5</td></tr><tr><td>1943</td><td>2,759.5</td><td>......</td><td>......</td><td>81.5</td><td>168.7</td><td>805.7</td><td>526.3</td><td>1,157.3</td><td>100.0</td><td>......</td><td>......</td><td>3.0</td><td>6.8</td><td>29.2</td><td>19.1</td><td>41.9</td></tr><tr><td>1944</td><td>2,875.6</td><td>......</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>......</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-July</td><td>169.2</td><td>......</td><td>......</td><td>5.6</td><td>14.8</td><td>62.9</td><td>36.3</td><td>49.6</td><td>100.0</td><td>......</td><td>......</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>......</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>......</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>......</td><td>17.3</td><td>38.7</td><td>149.9</td><td>85.8</td><td>95.6</td><td>100.0</td><td>......</td><td>......</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>......</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>......</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>......</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>......</td><td>4.3</td><td>10.1</td><td>40.5</td><td>19.1</td><td>26.0</td></tr><tr><td>December</td><td>101.4</td><td>......</td><td>......</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>......</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>456.9</td><td>......</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>......</td><td>2.3</td><td>5.7</td><td>20.5</td><td>12.9</td><td>58.6</td></tr><tr><td>February</td><td>521.7</td><td>......</td><td>......</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>......</td><td>3.7</td><td>8.2</td><td>27.7</td><td>15.8</td><td>44.6</td></tr><tr><td>March</td><td>110.3</td><td>......</td><td>......</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>......</td><td>3.6</td><td>8.6</td><td>34.7</td><td>19.0</td><td>34.1</td></tr><tr><td>April</td><td>113.5</td><td>......</td><td>......</td><td>4.0</td><td>10.3</td><td>41.5</td><td>21.8</td><td>36.0</td><td>100.0</td><td>......</td><td>......</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>......</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>......</td><td>3.6</td><td>9.0</td><td>38.4</td><td>19.7</td><td>29.3</td></tr><tr><td>June</td><td>377.3</td><td>......</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>......</td><td>3.8</td><td>9.0</td><td>34.0</td><td>18.7</td><td>34.5</td></tr><tr><td>July</td><td>337.5</td><td>......</td><td>......</td><td>14.6</td><td>34.4</td><td>123.1</td><td>65.8</td><td>99.5</td><td>100.0</td><td>......</td><td>......</td><td>4.3</td><td>10.2</td><td>36.5</td><td>19.5</td><td>29.5</td></tr></table>
1944 and was made available only to members of the military and naval forces of the United States. 2/3 Sale of Series E, F, and G bonds commenced May 1, 1941. 3/3 Sale of $25 denomination Series P bonds began in January 1942.
Source: (1) Total sales: Daily Treasury Statements; (2) Figures by denominations are estimated on the basis of reports received by the Treasury. 1/ Sale of $10 denomination Series E bonds was authorised on June 7.
38
Treasury Bulletin
Sales of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART A - SERIES E
(In thousands of dollars at issue price)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="6">1943</th><th colspan="9">1944</th></tr><tr><th></th><th>1943</th><th>1944</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><th>July</th></tr><tr><td>Alabama</td><td>91,272</td><td>119,180</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>14,343</td><td>25,560</td></tr><tr><td>Arizona</td><td>27,846</td><td>42,252</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>4,353</td><td>7,163</td></tr><tr><td>Arkansas</td><td>52,764</td><td>74,176</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>8,947</td><td>10,697</td></tr><tr><td>California</td><td>638,877</td><td>970,414</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>96,211</td><td>163,598</td></tr><tr><td>Colorado</td><td>62,132</td><td>90,226</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>10,011</td><td>13,620</td></tr><tr><td>Connecticut</td><td>168,258</td><td>220,926</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><td>33,582</td></tr><tr><td>Delaware</td><td>21,824</td><td>27,609</td><td>1,524</td><td>1,596</td><td>3,500</td><td>3,155</td><td>1,563</td><td>1,602</td><td>2,739</td><td>4,205</td><td>1,574</td><td>1,383</td><td>1,391</td><td>3,177</td><td>3,610</td></tr><tr><td>Dist. of Columbia</td><td>23,143</td><td>135,069</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>7,671</td><td>13,991</td><td>23,261</td></tr><tr><td>Florida</td><td>89,496</td><td>142,682</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>14,392</td><td>24,986</td></tr><tr><td>Georgia</td><td>94,524</td><td>145,933</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><td>24,987</td></tr><tr><td>Idaho</td><td>27,845</td><td>40,230</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>5,159</td><td>6,550</td></tr><tr><td>Illinois</td><td>575,056</td><td>735,362</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>76,625</td><td>139,574</td></tr><tr><td>Indiana</td><td>213,613</td><td>313,594</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>21,864</td><td>58,283</td><td>19,538</td><td>19,232</td><td>19,661</td><td>29,519</td><td>50,236</td></tr><tr><td>Iowa</td><td>176,508</td><td>263,445</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>61,579</td><td>9,538</td><td>9,773</td><td>8,877</td><td>34,856</td><td>42,482</td></tr><tr><td>Kansas</td><td>106,190</td><td>163,077</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><td>24,485</td></tr><tr><td>Kentucky</td><td>87,607</td><td>127,956</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>12,297</td><td>20,168</td></tr><tr><td>Louisiana</td><td>94,910</td><td>141,106</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><td>20,530</td></tr><tr><td>Maine</td><td>37,361</td><td>54,994</td><td>2,672</td><td>2,710</td><td>5,500</td><td>8,325</td><td>3,595</td><td>2,814</td><td>4,761</td><td>11,530</td><td>2,545</td><td>2,418</td><td>3,029</td><td>5,095</td><td>9,791</td></tr><tr><td>Maryland</td><td>108,604</td><td>152,566</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><td>23,996</td></tr><tr><td>Massachusetts</td><td>280,091</td><td>390,986</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>76,542</td><td>15,692</td><td>20,881</td><td>23,246</td><td>38,237</td><td>60,670</td></tr><tr><td>Michigan</td><td>481,637</td><td>688,159</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><td>95,048</td></tr><tr><td>Minnesota</td><td>179,108</td><td>249,962</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><td>37,571</td></tr><tr><td>Mississippi</td><td>52,870</td><td>82,568</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>8,941</td><td>14,816</td></tr><tr><td>Missouri</td><td>195,868</td><td>283,681</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>35,145</td><td>38,657</td></tr><tr><td>Montana</td><td>39,432</td><td>55,230</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>7,830</td><td>7,105</td></tr><tr><td>Nebraska</td><td>72,211</td><td>128,079</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><td>21,248</td></tr><tr><td>Nevada</td><td>11,466</td><td>13,468</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>1,323</td><td>2,756</td></tr><tr><td>New Hampshire</td><td>25,787</td><td>32,722</td><td>1,960</td><td>2,212</td><td>2,800</td><td>5,018</td><td>2,012</td><td>1,704</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><td>6,529</td></tr><tr><td>New Jersey</td><td>303,807</td><td>415,338</td><td>26,599</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><td>67,584</td></tr><tr><td>New Mexico</td><td>17,284</td><td>27,990</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>3,327</td><td>4,649</td></tr><tr><td>New York</td><td>991,988</td><td>1,290,035</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><td>214,362</td></tr><tr><td>North Carolina</td><td>113,859</td><td>149,443</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><td>25,034</td></tr><tr><td>North Dakota</td><td>34,349</td><td>58,224</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><td>9,822</td></tr><tr><td>Ohio</td><td>506,364</td><td>714,177</td><td>43,641</td><td>43,564</td><td>72,900</td><td>85,682</td><td>42,309</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><td>106,343</td></tr><tr><td>Oklahoma</td><td>82,143</td><td>135,264</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>5,355</td><td>5,987</td><td>15,551</td><td>22,289</td></tr><tr><td>Oregon</td><td>107,674</td><td>159,752</td><td>9,983</td><td>9,239</td><td>15,600</td><td>24,854</td><td>9,283</td><td>9,286</td><td>14,461</td><td>29,055</td><td>6,606</td><td>7,643</td><td>6,940</td><td>16,571</td><td>28,058</td></tr><tr><td>Pennsylvania</td><td>626,051</td><td>857,400</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>91,438</td><td>126,273</td></tr><tr><td>Rhode Island</td><td>53,748</td><td>60,858</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><td>10,286</td></tr><tr><td>South Carolina</td><td>53,401</td><td>76,058</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>7,912</td><td>13,452</td></tr><tr><td>South Dakota</td><td>33,171</td><td>53,813</td><td>2,231</td><td>1,713</td><td>9,200</td><td>7,212</td><td>2,008</td><td>1,962</td><td>7,184</td><td>10,099</td><td>1,589</td><td>1,625</td><td>1,604</td><td>7,366</td><td>8,224</td></tr><tr><td>Tennessee</td><td>100,530</td><td>147,296</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>13,852</td><td>23,955</td></tr><tr><td>Texas</td><td>306,265</td><td>494,993</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>63,455</td><td>74,871</td></tr><tr><td>Utah</td><td>33,242</td><td>56,357</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>6,207</td><td>9,080</td></tr><tr><td>Vermont</td><td>14,175</td><td>18,819</td><td>1,100</td><td>1,034</td><td>2,000</td><td>2,844</td><td>1,040</td><td>862</td><td>1,641</td><td>4,021</td><td>645</td><td>766</td><td>918</td><td>1,947</td><td>3,164</td></tr><tr><td>Virginia</td><td>145,459</td><td>189,563</td><td>11,166</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><td>34,789</td></tr><tr><td>Washington</td><td>163,924</td><td>257,789</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>13,854</td><td>13,799</td><td>27,579</td><td>38,956</td></tr><tr><td>West Virginia</td><td>64,383</td><td>92,197</td><td>5,378</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>9,589</td><td>15,368</td></tr><tr><td>Wisconsin</td><td>172,650</td><td>248,280</td><td>14,847</td><td>
(Continued on following page)
September 1944
39
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</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Sov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July P</th></tr><tr><td>Alabama</td><td>32,007</td><td>30,156</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><td>4,009</td></tr><tr><td>Arizona</td><td>8,421</td><td>9,450</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><td>1,394</td></tr><tr><td>Arkansas</td><td>16,578</td><td>17,831</td><td>1,082</td><td>542</td><td>4,400</td><td>1,398</td><td>443</td><td>385</td><td>2,434</td><td>2,442</td><td>600</td><td>694</td><td>471</td><td>2,940</td><td>1,719</td></tr><tr><td>California</td><td>224,145</td><td>258,108</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><td>34,840</td></tr><tr><td>Colorado</td><td>29,746</td><td>30,678</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>4,286</td><td>4,096</td></tr><tr><td>Connecticut</td><td>81,128</td><td>64,437</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><td>6,246</td></tr><tr><td>Delaware</td><td>12,326</td><td>10,306</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><td>1,804</td></tr><tr><td>Diet. of Columbia</td><td>33,757</td><td>29,761</td><td>1,595</td><td>1,041</td><td>5,300</td><td>2,326</td><td>1,021</td><td>1,415</td><td>4,681</td><td>5,028</td><td>1,108</td><td>886</td><td>1,043</td><td>4,276</td><td>3,517</td></tr><tr><td>Florida</td><td>36,705</td><td>40,496</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><td>6,276</td></tr><tr><td>Georgia</td><td>37,831</td><td>41,958</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>5,544</td><td>4,149</td></tr><tr><td>Idaho</td><td>8,031</td><td>7,630</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><td>935</td></tr><tr><td>Illinois</td><td>272,112</td><td>236,291</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><td>27,645</td></tr><tr><td>Indiana</td><td>79,524</td><td>82,311</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><td>10,381</td></tr><tr><td>Iowa</td><td>71,432</td><td>106,397</td><td>5,031</td><td>3,360</td><td>13,800</td><td>26,443</td><td>3,002</td><td>1,560</td><td>10,030</td><td>15,471</td><td>5,541</td><td>4,260</td><td>3,615</td><td>14,284</td><td>9,494</td></tr><tr><td>Kansas</td><td>34,897</td><td>44,903</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><td>4,749</td></tr><tr><td>Kentucky</td><td>43,755</td><td>47,442</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><td>4,169</td></tr><tr><td>Louisiana</td><td>44,461</td><td>38,952</td><td>2,533</td><td>1,330</td><td>9,600</td><td>3,140</td><td>1,431</td><td>1,064</td><td>4,129</td><td>6,210</td><td>1,268</td><td>1,322</td><td>1,184</td><td>5,739</td><td>4,436</td></tr><tr><td>Maine</td><td>20,245</td><td>20,591</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><td>2,617</td></tr><tr><td>Maryland</td><td>54,252</td><td>52,493</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><td>5,759</td></tr><tr><td>Massachusetts</td><td>174,999</td><td>147,625</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><td>15,469</td></tr><tr><td>Michigan</td><td>106,363</td><td>104,768</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><td>12,124</td></tr><tr><td>Minnesota</td><td>69,692</td><td>69,836</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><td>9,345</td></tr><tr><td>Mississippi</td><td>21,812</td><td>22,296</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><td>2,600</td></tr><tr><td>Missouri</td><td>84,266</td><td>91,689</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><td>7,866</td></tr><tr><td>Montana</td><td>10,529</td><td>13,550</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>2,671</td><td>1,321</td></tr><tr><td>Nebraska</td><td>30,414</td><td>39,339</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>5,177</td><td>2,153</td><td>1,965</td><td>1,623</td><td>5,241</td><td>4,964</td></tr><tr><td>Nevada</td><td>4,441</td><td>3,630</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><td>694</td></tr><tr><td>New Hampshire</td><td>14,403</td><td>14,563</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><td>1,796</td></tr><tr><td>New Jersey</td><td>118,761</td><td>106,839</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><td>13,469</td></tr><tr><td>New Mexico</td><td>7,025</td><td>6,503</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><td>1,121</td></tr><tr><td>New York</td><td>627,986</td><td>472,310</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><td>59,856</td></tr><tr><td>North Carolina</td><td>44,654</td><td>42,263</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><td>4,591</td></tr><tr><td>North Dakota</td><td>10,937</td><td>14,978</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><td>2,117</td></tr><tr><td>Ohio</td><td>203,827</td><td>194,155</td><td>13,100</td><td>8,166</td><td>34,300</td><td>16,802</td><td>8,935</td><td>8,432</td><td>28,030</td><td>26,711</td><td>8,565</td><td>9,957</td><td>8,816</td><td>22,341</td><td>21,893</td></tr><tr><td>Oklahoma</td><td>25,095</td><td>26,042</td><td>1,718</td><td>880</td><td>5,100</td><td>3,264</td><td>851</td><td>1,423</td><td>3,195</td><td>3,771</td><td>722</td><td>884</td><td>611</td><td>3,623</td><td>3,410</td></tr><tr><td>Oregon</td><td>32,892</td><td>29,326</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><td>3,065</td></tr><tr><td>Pennsylvania</td><td>297,430</td><td>251,120</td><td>17,123</td><td>10,335</td><td>46,300</td><td>23,184</td><td>10,233</td><td>10,240</td><td>31,108</td><td>43,976</td><td>7,893</td><td>9,680</td><td>8,200</td><td>32,850</td><td>28,482</td></tr><tr><td>Rhode Island</td><td>30,424</td><td>20,628</td><td>800</td><td>1,362</td><td>2,300</td><td>2,450</td><td>1,078</td><td>656</td><td>3,036</td><td>3,337</td><td>1,476</td><td>1,012</td><td>804</td><td>2,318</td><td>2,181</td></tr><tr><td>South Carolina</td><td>21,712</td><td>21,988</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>572</td><td>3,064</td><td>2,498</td></tr><tr><td>South Dakota</td><td>10,416</td><td>13,222</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>553</td><td>2,186</td><td>1,666</td></tr><tr><td>Tennessee</td><td>39,140</td><td>39,186</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><td>5,243</td></tr><tr><td>Texas</td><td>110,993</td><td>117,537</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><td>10,783</td></tr><tr><td>Utah</td><td>7,474</td><td>8,393</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><td>665</td></tr><tr><td>Vermont</td><td>7,504</td><td>8,026</td><td>309</td><td>520</td><td>500</td><td>1,191</td><td>409</td><td>273</td><td>1,358</td><td>1,645</td><td>255</td><td>220</td><td>307</td><td>1,029</td><td>1,072</td></tr><tr><td>Virginia</td><td>53,701</td><td>51,399</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><td>4,768</td></tr><tr><td>Washington</td><td>49,753</td><td>56,253</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><td>5,636</td></tr><tr><td>West Virginia</td><td>17,905</td><td>19,552</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>2,658</td><td>866</td><td>966</td><td>1,142</td><td>2,749</td><td>2,063</td></tr><tr><td>Wisconsin</td><td>86,336</td><td>93,192</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><td>11,588</td></tr><tr><td>Wyoming</td><td>6,010</td><td>6,032</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><td>1,204</td></tr><tr><td>Alaska</td><td>1,297</td><td>1,316</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><td>216</td></tr><tr><td>Canal Zone</td><td>1,843</td><td>1,825</td><td>135</td><td>44</td><td>263</td><td>154</td><td>55</td><td>246</td><td>324</td><td>99</td><td>154</td><td>41</td><td>33</td><td>275</td><td>79</td></tr><tr><td>Hawaii</td><td>1
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reports of gross sales. p Preliminary. r Revised. * 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".
40
Treasury Bulletin
Participation in Payroll Savings Plans for United States Savings Bonds
<table><tr><th rowspan="2"></th><th colspan="2">Fiscal year</th><th colspan="7">1943</th><th colspan="7">1944</th></tr><tr><th>1943</th><th>1944</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>Total number of persons participating 2/. as of end of period indicated (in millions).......</td><td>26.5</td><td>27.6</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>27.2</td><td>27.6</td></tr><tr><td>Total amount deducted (in millions of dollars)....</td><td>4,067</td><td>5,516p</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>495r</td><td>475</td><td>460p</td><td>510p</td></tr><tr><td>Percent of participants' pay deducted.</td><td>8.18</td><td>9.54p</td><td>9.01</td><td>9.18</td><td>9.04</td><td>9.43</td><td>9.31</td><td>9.28</td><td>9.54</td><td>9.81</td><td>9.64</td><td>9.85</td><td>9.73</td><td>9.54p</td><td>10.14p</td></tr></table>
Preliminary. Revise. Estimates based on reports from a large number of participating organizations.
2/ Consists of participants in (1) private employment, (2) Federal, State, and local government employment (including their agencies), and (3) the armed forces.
Sales of Treasury Savings Notes
Table 1.- Summary of Sales and Redemptions, by Series
(Per 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>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">All series</td></tr><tr><td>1942</td><td>3,014.5</td><td>+3,014.5</td><td>4,138.9</td><td>1,124.4</td><td>1,103.7</td><td>20.7</td><td></td></tr><tr><td>1941</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>1941-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>8,876.5</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>8,593.3</td><td>-702.6</td><td>436.8</td><td>1,139.5</td><td>1,068.3</td><td>71.2</td><td></td></tr><tr><td>1944-January</td><td>9,502.9</td><td>+903.7</td><td>1,216.1</td><td>312.5</td><td>275.4</td><td>37.1</td><td></td></tr><tr><td>February</td><td>10,329.4</td><td>+826.5</td><td>1,017.1</td><td>190.6</td><td>144.7</td><td>45.9</td><td></td></tr><tr><td>March</td><td>9,169.7</td><td>-1,159.6</td><td>238.1</td><td>1,397.8</td><td>1,344.9</td><td>52.9</td><td></td></tr><tr><td>April</td><td>9,136.2</td><td>-33.6</td><td>299.7</td><td>333.3</td><td>293.8</td><td>39.5</td><td></td></tr><tr><td>May</td><td>9,087.6</td><td>-42.6</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>July</td><td>10,022.5</td><td>+440.5</td><td>665.5</td><td>225.0</td><td>187.8</td><td>37.2</td><td></td></tr><tr><td colspan="8">Series A 3/</td></tr><tr><td>1942</td><td>54.8</td><td>+54.8</td><td>72.2</td><td>17.4</td><td>16.6</td><td>.8</td><td></td></tr><tr><td>1941</td><td>266.7</td><td>+211.9</td><td>334.7</td><td>122.8</td><td>114.0</td><td>8.7</td><td>.1</td></tr><tr><td>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>1941-July</td><td>251.2</td><td>-15.5</td><td></td><td>15.5</td><td>14.3</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>207.1</td><td>-40.2</td><td></td><td>40.2</td><td>37.2</td><td>1.0</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>117.2</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><tr><td>July</td><td>110.4</td><td>-1.7</td><td></td><td>1.7</td><td>1.3</td><td>.4</td><td></td></tr></table>
(Continued on following page)
September 1944
41
Sales of Treasury Savings Notes - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Par value - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">Series 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-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>July</td><td>19.1</td><td>-3.0</td><td>....................</td><td>3.0</td><td>2.9</td><td>.2</td><td>....................</td></tr><tr><td colspan="8">Series O 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-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>856.9</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><tr><td>July</td><td>9,893.0</td><td>+445.2</td><td>665.5</td><td>220.2</td><td>183.6</td><td>36.6</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 saving 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 per value; this limitation was removed as of that date. 
4/ 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.
12
Treasury Bulletin
Sales of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total all denominations</th><th colspan="9">Sales in millions of dollars at par</th><th colspan="9">Percentage distribution of sales</th></tr><tr><th>$100 2/</th><th>$500 2/</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th>Total all denominations</th><th>$100 2/</th><th>$500 2/</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th></tr><tr><td>1941</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>25.1</td><td></td></tr><tr><td>1944</td><td>8,951.7</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-July</td><td>413.0</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>17.5</td><td>23.2</td><td></td></tr><tr><td>Aug.</td><td>213.5</td><td></td><td>8.1</td><td>9.6</td><td>43.6</td><td>82.5</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><td></td></tr><tr><td>Sept.</td><td>2,260.0</td><td></td><td>119.3</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><td></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>30.3</td><td>13.7</td><td>17.1</td><td></td></tr><tr><td>Nov</td><td>110.2</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>-</td><td>2.6</td><td>3.9</td><td>18.4</td><td>34.1</td><td>14.8</td><td>26.0</td></tr><tr><td>Dec.</td><td>416.8</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>-</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>1940-Jan</td><td>1,215.1</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>213.1</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>4.6</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>21.1</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><tr><td>July</td><td>665.5</td><td>2.7</td><td>5.3</td><td>38.6</td><td>52.6</td><td>159.7</td><td>224.9</td><td>85.9</td><td>95.8</td><td>100.0</td><td>.4</td><td>.8</td><td>5.8</td><td>7.9</td><td>24.0</td><td>33.8</td><td>12.9</td><td>14.4</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 denominations, of Series A and B tax savings notes may be found in the "Treasury Bulletin" for July 1943, page 46.
2/ Denominations of $100 and $500 were first offered in November, 1943.
Table 3.- Sales of Series C Notes, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars at par</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td>1941</td><td>7.546.7</td><td>611.3</td><td>6,935.4</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>1942</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-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>92.5</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>92.5</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><tr><td>July</td><td>665.5</td><td>50.6</td><td>614.9</td><td>100.0</td><td>7.6</td><td>92.4</td></tr></table>
Source (1) Total sales: Daily Treasury Statement; (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 1941, page 47.
September 1944
43
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month 1/</th><th>Sales 1/</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total 1/</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1941 3/</td><td>5,294</td><td>+5,113</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>12.6 5/</td></tr><tr><td>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>1943</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-July....................</td><td>207,275</td><td>-6,075</td><td>30,770</td><td>36,845</td><td>31,371</td><td>5,474</td><td>100.0</td><td>85.1</td><td>14.9</td></tr><tr><td>August....................</td><td>204,158</td><td>-3,117</td><td>29,313</td><td>32,430</td><td>27,427</td><td>5,004</td><td>100.0</td><td>84.6</td><td>15.4</td></tr><tr><td>September....................</td><td>201,453</td><td>-2,705</td><td>28,600</td><td>31,306</td><td>27,098</td><td>4,207</td><td>100.0</td><td>86.6</td><td>13.4</td></tr><tr><td>October....................</td><td>197,942</td><td>-3,511</td><td>35,462</td><td>38,973</td><td>32,771</td><td>6,202</td><td>100.0</td><td>84.1</td><td>15.9</td></tr><tr><td>November....................</td><td>202,415</td><td>+4,473</td><td>39,565</td><td>35,091</td><td>28,543</td><td>6,548</td><td>100.0</td><td>81.3</td><td>18.7</td></tr><tr><td>December....................</td><td>203,064</td><td>+649</td><td>43,585</td><td>42,937</td><td>33,896</td><td>9,040</td><td>100.0</td><td>78.9</td><td>21.1</td></tr><tr><td>1944-January....................</td><td>204,906</td><td>+1,842</td><td>37,451</td><td>35,610</td><td>30,027</td><td>5,582</td><td>100.0</td><td>84.3</td><td>15.7</td></tr><tr><td>February....................</td><td>200,577</td><td>-4,329</td><td>34,993</td><td>39,322</td><td>33,625</td><td>5,698</td><td>100.0</td><td>85.5</td><td>14.5</td></tr><tr><td>March....................</td><td>195,821</td><td>-4,755</td><td>40,029</td><td>44,784</td><td>35,784</td><td>9,000</td><td>100.0</td><td>79.9</td><td>20.1</td></tr><tr><td>April....................</td><td>196,404</td><td>+582</td><td>35,717</td><td>35,134</td><td>28,261</td><td>6,873</td><td>100.0</td><td>80.4</td><td>19.6</td></tr><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><tr><td>July....................</td><td>180,399</td><td>-16,119</td><td>16,566</td><td>32,685</td><td>27,553</td><td>5,132</td><td>100.0</td><td>84.3</td><td>15.7</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ Figures for periods prior to November 1, 1942 are not strictly comparable with subsequent data because of the shift to a Daily Treasury Statement basis. Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Saving System but subsequently became public debt obligations.
2/ Estimated on the basis of samples conducted by the Post Office Department.
3/ Sales and redemptions commence with May 1, 1941 when the special defense series of stamps went on sale. The amount of the old
series of postal savings stamps outstanding on April 30, 1941 was $150 thousands.
4/ Details not available for May, June, and July 1941.
5/ Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousands for the period August 1, 1941 through June 30, 1942 and $55 thousands for the period July 1, 1942 through October 31, 1942.
6/ Net of sales lease redemptions. See footnote 1/.
7/ Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1941</td><td>6,087</td><td>400</td><td>2,691</td><td>1,012</td><td>1,130</td><td>854</td><td>100.0</td><td>6.6</td><td>44.2</td><td>16.6</td><td>18.6</td><td>14.0</td></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>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-July</td><td>30,770</td><td>5,462</td><td>15,783</td><td>2,990</td><td>4,425</td><td>2,110</td><td>100.0</td><td>17.7</td><td>51.3</td><td>9.7</td><td>14.4</td><td>6.9</td></tr><tr><td>August</td><td>29,313</td><td>5,409</td><td>15,361</td><td>2,803</td><td>4,190</td><td>1,550</td><td>100.0</td><td>18.4</td><td>52.4</td><td>9.6</td><td>14.3</td><td>5.3</td></tr><tr><td>September</td><td>28,600</td><td>6,564</td><td>15,053</td><td>2,410</td><td>3,382</td><td>1,192</td><td>100.0</td><td>23.0</td><td>52.6</td><td>8.4</td><td>11.8</td><td>4.2</td></tr><tr><td>October</td><td>35,462</td><td>9,106</td><td>17,494</td><td>2,556</td><td>3,599</td><td>2,708</td><td>100.0</td><td>25.7</td><td>49.3</td><td>7.2</td><td>10.2</td><td>7.6</td></tr><tr><td>November</td><td>39,565</td><td>10,443</td><td>20,330</td><td>2,987</td><td>4,446</td><td>1,359</td><td>100.0</td><td>26.4</td><td>51.4</td><td>7.6</td><td>11.2</td><td>3.4</td></tr><tr><td>December</td><td>43,585</td><td>11,235</td><td>22,129</td><td>3,187</td><td>5,038</td><td>1,997</td><td>100.0</td><td>25.8</td><td>50.8</td><td>7.3</td><td>11.5</td><td>4.6</td></tr><tr><td>1944-January</td><td>37,451</td><td>11,150</td><td>19,072</td><td>2,541</td><td>3,485</td><td>1,203</td><td>100.0</td><td>29.8</td><td>50.9</td><td>6.8</td><td>9.3</td><td>3.2</td></tr><tr><td>February</td><td>34,993</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><tr><td>July</td><td>16,566</td><td>3,731</td><td>8,370</td><td>1,464</td><td>2,298</td><td>702</td><td>100.0</td><td>22.5</td><td>50.5</td><td>8.8</td><td>13.9</td><td>4.3</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statements commencing November 1, 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Office Department data.
Treasury Bulletin
44
OWNERSHIP OF GOVERNMENT SECURITIES
September 1944
45
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Distribution by classes of holders</th><th colspan="6">Distribution by classes of holders</th></tr><tr><th colspan="4">U. S. Government agencies and trust funds 2/</th><th colspan="3">Federal Reserve Banks</th><th colspan="3">Private investors 3/</th><th colspan="4">Securities guaranteed by United States 1/</th></tr><tr><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>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>28,514</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>2,504</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>18,899</td><td>4,602</td><td>10</td><td>14,287</td><td>14,899</td><td>165,746</td><td>120,901</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1943-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>16,193</td><td>3,783</td><td>7</td><td>12,703</td><td>11,460</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>13,215</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>18,899</td><td>4,602</td><td>10</td><td>14,287</td><td>14,899</td><td>165,746</td><td>120,901</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>July</td><td>207,117</td><td>19,569p</td><td>4,598p</td><td>10p</td><td>14,961</td><td>14,912</td><td>172,636p</td><td>125,409p</td><td>47,227p</td><td>1,468</td><td>4p</td><td>-</td><td>1,186p</td><td>277</td></tr></table>
Source: (1) Total amounts outstanding: Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds, reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks: Federal Reserve System. * 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.
46
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 savings banke in the United States and in territories and insular possessions.
4/ Include partnerships, personal trust accounts, and unincorporated
5/ Includes dealers and brokers.
6/ Includes their agencies and their trust, sinking, and investment funds, and territories and insular possessions.
7/ Excludes Exchange Stabilization Fund.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="12">Net market purchases or sales (-)</th></tr><tr><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1937</td><td>14.4</td><td>5.7</td><td>119.6</td><td>11.9</td><td>3.9</td><td>24.4</td><td>4.8</td><td>12.5</td><td>8.9</td><td>3.7</td><td>2.0</td><td>-15.4</td></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-.3</td><td>-4.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-.2</td><td>.4</td><td>.</td><td>-</td><td>.</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>.</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Less than $50,000. 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 Stabilization Fund.
September 1944
47
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, June 30, 1944
The following tables present summary data as of June 30, 1944 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance 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.
Information on United States Government securities owned by various classes of Federal Reserve member commercial banks and by nonmember commercial banks, as of June 30, 1944, may be found on pages 51-54.
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2"></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>6,787 commercial banks</th><th>31 stock savings banks</th><th>545 mutual savings banks</th><th colspan="3">306 insurance companies</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Total</td><td>262 life insurance companies</td><td>544 fire, casualty, and marine insurance companies</td><td></td></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>141,591</td><td>63,233</td><td>290</td><td>7,158</td><td>16,471</td><td>14,242</td><td>2,229</td><td>19,505</td><td>34,935</td></tr><tr><td>Non-marketable securities</td><td>45,180</td><td>1,116</td><td>6</td><td>151</td><td>217</td><td>77</td><td>139</td><td>185</td><td>43,505</td></tr><tr><td>Total public securities</td><td>186,772</td><td>64,349</td><td>295</td><td>7,309</td><td>16,688</td><td>14,320</td><td>2,368</td><td>19,690</td><td>78,440</td></tr><tr><td>Special issues</td><td>14,287</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>14,287</td><td>......</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 2/</td><td>201,059</td><td>64,349</td><td>295</td><td>7,309</td><td>16,688</td><td>14,320</td><td>2,368</td><td>33,978</td><td>78,440</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="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>6,787 commercial banks</th><th>31 stock savings banks</th><th>545 mutual savings banks</th><th>806 insurance companies</th><th>262 life insurance companies</th><th>544 fire, casualty, and marine insurance companies</th><th></th></tr><tr><td colspan="9">Par values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>14,734</td><td>4,894</td><td>*</td><td>2</td><td>*</td><td>-</td><td>*</td><td>8,878</td><td>960</td></tr><tr><td>Certificates of indebtedness</td><td>28,822</td><td>15,013</td><td>24</td><td>126</td><td>339</td><td>95</td><td>244</td><td>3,449</td><td>9,871</td></tr><tr><td>Treasury notes</td><td>17,405</td><td>11,697</td><td>21</td><td>286</td><td>337</td><td>158</td><td>179</td><td>1,238</td><td>3,826</td></tr><tr><td>Treasury bonds</td><td>79,244</td><td>30,666</td><td>244</td><td>6,736</td><td>15,768</td><td>13,973</td><td>1,795</td><td>5,901</td><td>19,929</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>15</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>35</td><td>145</td></tr><tr><td>Guaranteed by United States 2/</td><td>1,190</td><td>948</td><td>1</td><td>6</td><td>26</td><td>16</td><td>10</td><td>4</td><td>205</td></tr><tr><td>Total</td><td>141,591</td><td>63,233</td><td>290</td><td>7,158</td><td>16,471</td><td>14,242</td><td>2,229</td><td>19,505</td><td>34,935</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>51,246</td><td>24,736</td><td>27</td><td>172</td><td>484</td><td>167</td><td>317</td><td>12,941</td><td>12,886</td></tr><tr><td>1 to 5 years</td><td>25,061</td><td>16,168</td><td>27</td><td>705</td><td>1,473</td><td>1,023</td><td>451</td><td>1,718</td><td>4,970</td></tr><tr><td>5 to 10 years</td><td>33,889</td><td>18,322</td><td>73</td><td>2,803</td><td>3,685</td><td>2,936</td><td>749</td><td>1,434</td><td>7,573</td></tr><tr><td>10 to 15 years</td><td>9,783</td><td>2,299</td><td>96</td><td>1,497</td><td>2,176</td><td>1,790</td><td>386</td><td>715</td><td>3,001</td></tr><tr><td>15 to 20 years</td><td>10,246</td><td>763</td><td>33</td><td>1,236</td><td>4,549</td><td>4,333</td><td>216</td><td>1,003</td><td>2,663</td></tr><tr><td>Over 20 years</td><td>11,343</td><td>759</td><td>34</td><td>744</td><td>4,091</td><td>3,981</td><td>110</td><td>1,693</td><td>3,842</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>24</td><td>7</td><td>*</td><td>1</td><td>13</td><td>12</td><td>*</td><td>2</td><td>1</td></tr><tr><td>Total</td><td>141,591</td><td>63,233</td><td>290</td><td>7,158</td><td>16,471</td><td>14,242</td><td>2,229</td><td>19,505</td><td>34,935</td></tr><tr><td>Tax-exemption provisions: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>1,197</td><td>232</td><td>*</td><td>2</td><td>12</td><td>*</td><td>12</td><td>84</td><td>867</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>23,986</td><td>13,433</td><td>115</td><td>460</td><td>2,682</td><td>1,718</td><td>965</td><td>2,401</td><td>4,894</td></tr><tr><td>Subject to Federal income taxes</td><td>116,409</td><td>49,568</td><td>175</td><td>6,696</td><td>13,777</td><td>12,524</td><td>1,253</td><td>17,019</td><td>29,174</td></tr><tr><td>Total</td><td>141,591</td><td>63,233</td><td>290</td><td>7,158</td><td>16,471</td><td>14,242</td><td>2,229</td><td>19,505</td><td>34,935</td></tr></table>
(Continued on following page)
48
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, June 30, 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>6,787 commercial banks</th><th>31 stock savings banks</th><th>545 mutual savings banks</th><th colspan="2">806 insurance companies</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Total</td><td>262 life insurance companies</td><td>544 fire, casualty, and marine insurance companies</td><td></td></tr></table>
Percentage distribution by classes of escritis
<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>10.4</td><td>7.7</td><td>*</td><td>*</td><td>*</td><td>-</td><td>*</td><td>45.5</td><td>2.7</td></tr><tr><td>Certificate of indebtedness</td><td>20.4</td><td>23.7</td><td>8.2</td><td>1.8</td><td>2.1</td><td>.7</td><td>11.0</td><td>17.7</td><td>28.3</td></tr><tr><td>Treasury notes</td><td>12.3</td><td>18.5</td><td>7.2</td><td>4.0</td><td>2.0</td><td>1.1</td><td>8.0</td><td>6.3</td><td>11.0</td></tr><tr><td>Treasury bonds</td><td>56.0</td><td>48.5</td><td>84.2</td><td>94.1</td><td>95.7</td><td>98.1</td><td>80.5</td><td>30.3</td><td>57.0</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.2</td><td>.4</td></tr><tr><td>Guaranteed by United States 2/</td><td>.8</td><td>1.5</td><td>.4</td><td>.1</td><td>.2</td><td>.1</td><td>.4</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><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>36.2</td><td>39.1</td><td>9.3</td><td>2.4</td><td>2.9</td><td>1.2</td><td>14.2</td><td>66.3</td><td>36.9</td></tr><tr><td>1 to 5 years</td><td>17.7</td><td>25.6</td><td>9.3</td><td>9.8</td><td>8.9</td><td>7.2</td><td>20.2</td><td>8.8</td><td>14.2</td></tr><tr><td>5 to 10 years</td><td>23.9</td><td>29.0</td><td>25.1</td><td>39.2</td><td>22.4</td><td>20.6</td><td>33.6</td><td>7.4</td><td>21.7</td></tr><tr><td>10 to 15 years</td><td>6.9</td><td>3.6</td><td>33.2</td><td>20.9</td><td>13.2</td><td>12.6</td><td>17.3</td><td>3.7</td><td>8.6</td></tr><tr><td>15 to 20 years</td><td>7.2</td><td>1.2</td><td>11.4</td><td>17.3</td><td>27.6</td><td>30.4</td><td>9.7</td><td>5.1</td><td>7.6</td></tr><tr><td>Over 20 years</td><td>8.0</td><td>1.5</td><td>11.7</td><td>10.4</td><td>24.8</td><td>28.0</td><td>4.9</td><td>8.7</td><td>11.0</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><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.8</td><td>.4</td><td>.1</td><td>*</td><td>.1</td><td>*</td><td>.5</td><td>.4</td><td>2.5</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>16.9</td><td>21.2</td><td>39.6</td><td>6.4</td><td>16.3</td><td>12.1</td><td>43.3</td><td>12.3</td><td>14.0</td></tr><tr><td>Subject to Federal income taxes</td><td>82.2</td><td>78.4</td><td>60.3</td><td>93.5</td><td>83.6</td><td>87.9</td><td>56.2</td><td>87.3</td><td>83.5</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></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></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>33.2</td><td>*</td><td>*</td><td>*</td><td>-</td><td>*</td><td>60.3</td><td>6.5</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>52.1</td><td>.1</td><td>.4</td><td>1.2</td><td>.3</td><td>.8</td><td>12.0</td><td>34.2</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>67.2</td><td>.1</td><td>1.6</td><td>1.9</td><td>.9</td><td>1.0</td><td>7.1</td><td>22.0</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>38.7</td><td>.3</td><td>8.5</td><td>19.9</td><td>17.6</td><td>2.3</td><td>7.4</td><td>25.1</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>7.8</td><td>*</td><td>.4</td><td>.3</td><td>.1</td><td>.2</td><td>17.6</td><td>73.8</td></tr><tr><td>Guaranteed by United States 2/</td><td>100.0</td><td>79.6</td><td>.1</td><td>.5</td><td>2.2</td><td>1.4</td><td>.8</td><td>.3</td><td>17.2</td></tr><tr><td>Total</td><td>100.0</td><td>44.7</td><td>.2</td><td>5.1</td><td>11.6</td><td>10.1</td><td>1.6</td><td>13.8</td><td>24.7</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>100.0</td><td>48.3</td><td>.1</td><td>.3</td><td>.9</td><td>.3</td><td>.6</td><td>25.3</td><td>25.1</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>64.5</td><td>.1</td><td>2.8</td><td>5.9</td><td>4.1</td><td>1.8</td><td>6.9</td><td>19.8</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>54.1</td><td>.2</td><td>8.3</td><td>10.9</td><td>8.7</td><td>2.2</td><td>4.2</td><td>22.3</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>23.5</td><td>1.0</td><td>15.3</td><td>22.2</td><td>18.3</td><td>3.9</td><td>7.3</td><td>30.7</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>7.4</td><td>.3</td><td>12.1</td><td>44.4</td><td>42.3</td><td>2.1</td><td>9.8</td><td>26.0</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>8.3</td><td>.3</td><td>6.6</td><td>36.1</td><td>35.1</td><td>1.0</td><td>14.9</td><td>33.9</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>30.8</td><td>.1</td><td>3.7</td><td>53.2</td><td>51.2</td><td>2.0</td><td>6.8</td><td>5.5</td></tr><tr><td>Total</td><td>100.0</td><td>44.7</td><td>.2</td><td>5.1</td><td>11.6</td><td>10.1</td><td>1.6</td><td>13.8</td><td>24.7</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>100.0</td><td>19.3</td><td>*</td><td>.1</td><td>1.0</td><td>*</td><td>1.0</td><td>7.0</td><td>72.5</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>56.0</td><td>.5</td><td>1.9</td><td>11.2</td><td>7.2</td><td>4.0</td><td>10.0</td><td>20.4</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>42.6</td><td>.1</td><td>5.8</td><td>11.8</td><td>10.8</td><td>1.1</td><td>14.6</td><td>25.1</td></tr><tr><td>Total</td><td>100.0</td><td>44.7</td><td>.2</td><td>5.1</td><td>11.6</td><td>10.1</td><td>1.6</td><td>13.8</td><td>24.7</td></tr></table>
(Continued on following page)
September 1944
49
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, June 30, 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 1/)</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>6,787 commercial banks</th><th>31 stock savings banks</th><th>545 mutual savings banks</th><th>806 insurance companies</th><th>262 life insurance companies</th><th>544 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>14,734</td><td>4,894</td><td>*</td><td>2</td><td>*</td><td>-</td><td>*</td><td>8,878</td><td>960</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></tr><tr><td>7/8% August 1944......(taxable)</td><td>2,545</td><td>1,747</td><td>3</td><td>4</td><td>11</td><td>1</td><td>11</td><td>580</td><td>200</td></tr><tr><td>7/8% September 1944......(taxable)</td><td>4,122</td><td>2,002</td><td>3</td><td>12</td><td>37</td><td>6</td><td>31</td><td>503</td><td>1,564</td></tr><tr><td>7/8% October 1944......(taxable)</td><td>3,519</td><td>2,460</td><td>2</td><td>7</td><td>9</td><td>*</td><td>9</td><td>619</td><td>422</td></tr><tr><td>7/8% December 1944......(taxable)</td><td>3,540</td><td>2,445</td><td>1</td><td>7</td><td>12</td><td>1</td><td>11</td><td>421</td><td>654</td></tr><tr><td>7/8% February 1945......(taxable)</td><td>5,048</td><td>1,980</td><td>8</td><td>29</td><td>131</td><td>70</td><td>61</td><td>185</td><td>2,716</td></tr><tr><td>7/8% April 1945......(taxable)</td><td>4,877</td><td>3,165</td><td>3</td><td>16</td><td>27</td><td>13</td><td>15</td><td>835</td><td>831</td></tr><tr><td>7/8% May 1945......(taxable)</td><td>1,615</td><td>1,174</td><td>1</td><td>2</td><td>5</td><td>1</td><td>5</td><td>301</td><td>131</td></tr><tr><td>7/8% June 1945......(taxable)</td><td>3,557</td><td>42</td><td>3</td><td>48</td><td>106</td><td>4</td><td>102</td><td>5</td><td>3,354</td></tr><tr><td>Total certificates of indebtedness......</td><td>28,822</td><td>15,013</td><td>24</td><td>126</td><td>339</td><td>95</td><td>244</td><td>3,449</td><td>9,871</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% September 1944......(taxable)</td><td>635</td><td>451</td><td>*</td><td>5</td><td>8</td><td>2</td><td>7</td><td>46</td><td>125</td></tr><tr><td>1% September 1944......(wholly)</td><td>283</td><td>49</td><td>*</td><td>*</td><td>1</td><td>-</td><td>1</td><td>24</td><td>209</td></tr><tr><td>.90% March 1945......(taxable)</td><td>2,127</td><td>1,556</td><td>1</td><td>3</td><td>8</td><td>1</td><td>8</td><td>249</td><td>310</td></tr><tr><td>3/4% March 1945......(wholly)</td><td>718</td><td>167</td><td>*</td><td>1</td><td>10</td><td>*</td><td>10</td><td>26</td><td>514</td></tr><tr><td>1-1/4% March 1945......(taxable)</td><td>1,606</td><td>1,191</td><td>*</td><td>9</td><td>23</td><td>13</td><td>10</td><td>154</td><td>228</td></tr><tr><td>3/4% December 1945......(taxable)</td><td>531</td><td>382</td><td>1</td><td>11</td><td>28</td><td>19</td><td>10</td><td>26</td><td>83</td></tr><tr><td>1% March 1946......(taxable)</td><td>503</td><td>359</td><td>1</td><td>7</td><td>30</td><td>23</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>2,512</td><td>2</td><td>56</td><td>42</td><td>19</td><td>23</td><td>283</td><td>365</td></tr><tr><td>1-1/4% March 1947......(taxable)</td><td>1,286</td><td>119</td><td>7</td><td>74</td><td>94</td><td>45</td><td>48</td><td>-</td><td>993</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>2,107</td><td>6</td><td>61</td><td>54</td><td>25</td><td>29</td><td>*</td><td>480</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,803</td><td>3</td><td>59</td><td>38</td><td>12</td><td>26</td><td>428</td><td>416</td></tr><tr><td>Total Treasury notes......</td><td>17,405</td><td>11,697</td><td>21</td><td>286</td><td>337</td><td>158</td><td>179</td><td>1,238</td><td>3,826</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4% December 1944-54......(partially)</td><td>1,037</td><td>460</td><td>*</td><td>20</td><td>80</td><td>53</td><td>27</td><td>78</td><td>398</td></tr><tr><td>2-3/4% September 1945-47......(partially)</td><td>1,214</td><td>511</td><td>*</td><td>17</td><td>135</td><td>107</td><td>28</td><td>178</td><td>373</td></tr><tr><td>2-1/2% December 1945......(partially)</td><td>541</td><td>277</td><td>*</td><td>5</td><td>39</td><td>19</td><td>21</td><td>18</td><td>202</td></tr><tr><td>3-3/4% March 1946-56......(partially)</td><td>489</td><td>195</td><td>*</td><td>14</td><td>84</td><td>72</td><td>12</td><td>77</td><td>119</td></tr><tr><td>3% June 1946-48......(partially)</td><td>1,036</td><td>428</td><td>1</td><td>30</td><td>142</td><td>116</td><td>26</td><td>208</td><td>227</td></tr><tr><td>3-1/8% June 1946-49......(partially)</td><td>819</td><td>324</td><td>1</td><td>21</td><td>108</td><td>90</td><td>18</td><td>87</td><td>278</td></tr><tr><td>4-1/4% October 1947-52......(partially)</td><td>759</td><td>338</td><td>*</td><td>19</td><td>78</td><td>41</td><td>37</td><td>81</td><td>243</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>573</td><td>*</td><td>5</td><td>33</td><td>5</td><td>28</td><td>*</td><td>90</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>690</td><td>*</td><td>111</td><td>109</td><td>86</td><td>23</td><td>59</td><td>146</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>816</td><td>2</td><td>23</td><td>101</td><td>68</td><td>33</td><td>160</td><td>121</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,239</td><td>2</td><td>109</td><td>169</td><td>129</td><td>39</td><td>45</td><td>500</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>341</td><td>*</td><td>2</td><td>37</td><td>23</td><td>14</td><td>-</td><td>70</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>453</td><td>2</td><td>2</td><td>21</td><td>5</td><td>16</td><td>44</td><td>50</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>699</td><td>*</td><td>79</td><td>132</td><td>118</td><td>14</td><td>21</td><td>82</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,292</td><td>927</td><td>1</td><td>96</td><td>130</td><td>108</td><td>23</td><td>12</td><td>127</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,445</td><td>4</td><td>105</td><td>182</td><td>160</td><td>22</td><td>9</td><td>353</td></tr><tr><td>3-1/8% December 1949-52......(partially)</td><td>491</td><td>304</td><td>*</td><td>18</td><td>71</td><td>43</td><td>27</td><td>40</td><td>59</td></tr><tr><td>2-1/2% December 1949-53......(partially)</td><td>1,786</td><td>1,206</td><td>9</td><td>19</td><td>94</td><td>38</td><td>56</td><td>231</td><td>228</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,435</td><td>5</td><td>156</td><td>200</td><td>176</td><td>24</td><td>21</td><td>146</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>2,662</td><td>6</td><td>324</td><td>613</td><td>543</td><td>70</td><td>126</td><td>1,208</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>920</td><td>2</td><td>29</td><td>95</td><td>43</td><td>52</td><td>117</td><td>23</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>971</td><td>8</td><td>30</td><td>255</td><td>187</td><td>68</td><td>168</td><td>194</td></tr><tr><td>2% September 1951-53......(taxable)</td><td>7,986</td><td>4,407</td><td>18</td><td>526</td><td>813</td><td>678</td><td>136</td><td>305</td><td>1,916</td></tr><tr><td>3% September 1951-55......(partially)</td><td>755</td><td>298</td><td>*</td><td>20</td><td>86</td><td>52</td><td>34</td><td>79</td><td>273</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>510</td><td>360</td><td>2</td><td>25</td><td>32</td><td>25</td><td>7</td><td>17</td><td>75</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>851</td><td>2</td><td>6</td><td>49</td><td>17</td><td>33</td><td>107</td><td>103</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>298</td><td>*</td><td>295</td><td>138</td><td>127</td><td>11</td><td>67</td><td>224</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>4,207</td><td>444</td><td>12</td><td>874</td><td>592</td><td>490</td><td>102</td><td>2</td><td>2,282</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>711</td><td>1</td><td>272</td><td>226</td><td>202</td><td>24</td><td>74</td><td>218</td></tr><tr><td>2% June 1953-55......(partially)</td><td>725</td><td>621</td><td>1</td><td>3</td><td>25</td><td>2</td><td>24</td><td>14</td><td>61</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>463</td><td>2</td><td>6</td><td>83</td><td>46</td><td>37</td><td>44</td><td>83</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>2,611</td><td>897</td><td>31</td><td>62</td><td>293</td><td>167</td><td>126</td><td>362</td><td>966</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,449</td><td>274</td><td>9</td><td>298</td><td>529</td><td>500</td><td>29</td><td>59</td><td>280</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>287</td><td>21</td><td>1,078</td><td>874</td><td>777</td><td>97</td><td>96</td><td>1,466</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>1,982</td><td>443</td><td>16</td><td>36</td><td>202</td><td>140</td><td>62</td><td>127</td><td>158</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>398</td><td>19</td><td>23</td><td>278</td><td>207</td><td>72</td><td>70</td><td>131</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,485</td><td>762</td><td>16</td><td>48</td><td>274</td><td>163</td><td>110</td><td>109</td><td>277</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>215</td><td>1,283</td><td>1,245</td><td>38</td><td>199</td><td>418</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>-</td><td>3</td><td>455</td><td>1,380</td><td>1,347</td><td>34</td><td>273</td><td>720</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,762</td><td>-</td><td>9</td><td>519</td><td>1,612</td><td>1,578</td><td>34</td><td>423</td><td>1,199</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>-</td><td>7</td><td>331</td><td>1,594</td><td>1,551</td><td>44</td><td>523</td><td>1,383</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>4,789</td><td>59</td><td>7</td><td>104</td><td>1,923</td><td>1,889</td><td>33</td><td>846</td><td>1,850</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>880</td><td>19</td><td>309</td><td>574</td><td>541</td><td>33</td><td>323</td><td>609</td></tr><tr><td>Total Treasury bonds......</td><td>79,244</td><td>30,666</td><td>244</td><td>6,736</td><td>15,768</td><td>13,973</td><td>1,795</td><td>5,901</td><td>19,929</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. June 30, 1944 - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par value - 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">806 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>6,787 commercial banks</th><th>31 stock savings banks</th><th>545 mutual savings banks</th><th>Total</th><th>262 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>14</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>35</td><td>68</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>49</td></tr><tr><td>Conversion bonds......(wholly)</td><td>29</td><td>1</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>15</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>35</td><td>145</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>362</td><td>*</td><td>2</td><td>8</td><td>4</td><td>4</td><td>3</td><td>37</td></tr><tr><td>Federal Housing Administration debentures .........(partially)</td><td>24</td><td>7</td><td>*</td><td>1</td><td>13</td><td>12</td><td>*</td><td>2</td><td>1</td></tr><tr><td>Home Owners' Loan Corporation 1-1/2% June 1945-47....(partially)</td><td>755</td><td>578</td><td>1</td><td>3</td><td>6</td><td>1</td><td>5</td><td>*</td><td>167</td></tr><tr><td>Total guaranteed securities</td><td>1,190</td><td>948</td><td>1</td><td>6</td><td>26</td><td>16</td><td>10</td><td>4</td><td>205</td></tr><tr><td>Total public marketable securities</td><td>141,591</td><td>63,233</td><td>290</td><td>7,158</td><td>16,471</td><td>14,242</td><td>2,229</td><td>19,505</td><td>34,935</td></tr></table>
Book 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 and prior months may be found in the "Treasury Bulletin" for November 1943, pages 52-63. Less than $500,000 or less than .05 percent. 1/ Excludes Exchange Stabilisation Fund.
2/ Guaranteed securities held by the Treasury are not included. 
3/ 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 and savings 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.
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status is shown in parentheses 2/)</th><th>Total amount outstanding</th><th colspan="5">Hold by banks and insurance companies covered in Treasury Survey</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>6,787 commercial banks</th><th>31 stock savings banks</th><th>545 mutual savings banks</th><th colspan="3">806 insurance companies</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>262 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></tr><tr><td>Series A-D............. 4/</td><td>3,625</td><td>171</td><td>1</td><td>5</td><td>9</td><td>3</td><td>6</td><td>1</td><td>3,439</td></tr><tr><td>Series E.........(taxable)</td><td>21,125</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>21,124</td></tr><tr><td>Series F.........(taxable)</td><td>1,996</td><td>89</td><td>1</td><td>6</td><td>21</td><td>9</td><td>12</td><td>1</td><td>1,879</td></tr><tr><td>Series G.........(taxable)</td><td>7,861</td><td>212</td><td>4</td><td>140</td><td>161</td><td>59</td><td>103</td><td>8</td><td>7,336</td></tr><tr><td>Total United States savings bonds</td><td>34,606</td><td>472</td><td>5</td><td>151</td><td>191</td><td>71</td><td>120</td><td>9</td><td>33,778</td></tr><tr><td>Treasury tax and savings notes......(taxable)</td><td>9,557</td><td>65</td><td>1</td><td>-</td><td>26</td><td>6</td><td>19</td><td>-</td><td>9,465</td></tr><tr><td>Adjusted service bonds......(Wholly)</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>217</td></tr><tr><td>Depository bonds......(taxable)</td><td>474</td><td>430</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>45</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></tr><tr><td>Commodity Credit Corporation demand obligations.........(taxable)</td><td>150</td><td>150</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation, Series X-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>45,180</td><td>1,116</td><td>6</td><td>151</td><td>217</td><td>77</td><td>139</td><td>185</td><td>43,505</td></tr></table>
1/ 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.
2/ 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 and earnings 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 earnings 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.
September 1944
51
Treasury Survey of Ownership by Federal Reserve Member and Nonmember Commercial Banks of Securities Issued or Guaranteed by the United States, June 30, 1944
The following tables show the ownership of United States Government securities by various classes of Federal Reserve member commercial banks and by nonmember
commercial banks which report to the Treasury Survey. Such data appear semi-annually in the "Treasury Bulletin".
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total 6,787 commercial banks</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,272 nonmember commercial banks</th></tr><tr><th>Total 4,515 commercial member banks</th><th colspan="4">Central Reserve City banks</th><th>354 Reserve City banks</th><th>4,111 country banks</th></tr><tr><td></td><td></td><td></td><td>Total 50 Central Reserve City banks</td><td>37 New York City banks</td><td>13 Chicago banks</td><td></td><td></td><td></td></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>63,233</td><td>57,561</td><td>19,645</td><td>16,018</td><td>3,627</td><td>21,979</td><td>15,937</td><td>5,672</td></tr><tr><td>Non-marketable securities</td><td>1,116</td><td>918</td><td>100</td><td>52</td><td>48</td><td>277</td><td>542</td><td>198</td></tr><tr><td>Total public securities</td><td>64,349</td><td>58,479</td><td>19,745</td><td>16,071</td><td>3,674</td><td>22,256</td><td>16,478</td><td>5,870</td></tr></table>
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 rowspan="2">Classification</th><th rowspan="2">Total 6,787 commercial banks</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,272 nonmember commercial banks</th></tr><tr><th>Total 4,515 commercial member banks</th><th>Total 50 Central Reserve City banks</th><th>Central Reserve City banks</th><th>354 Reserve City banks</th><th>4,111 country banks</th></tr><tr><th colspan="8">Par values - in millions of dollars</th></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>4,894</td><td>4,355</td><td>1,625</td><td>1,258</td><td>367</td><td>1,905</td><td>825</td><td>539</td></tr><tr><td>Certificates of indebtedness</td><td>15,013</td><td>13,972</td><td>5,304</td><td>4,266</td><td>1,038</td><td>5,588</td><td>3,079</td><td>1,042</td></tr><tr><td>Treasury notes</td><td>11,697</td><td>10,602</td><td>3,556</td><td>2,982</td><td>574</td><td>3,882</td><td>3,164</td><td>1,095</td></tr><tr><td>Treasury bonds</td><td>30,666</td><td>27,749</td><td>8,928</td><td>7,312</td><td>1,616</td><td>10,203</td><td>8,618</td><td>2,917</td></tr><tr><td>Postal savings and other bonds</td><td>15</td><td>11</td><td>*</td><td>*</td><td>*</td><td>3</td><td>8</td><td>4</td></tr><tr><td>Guaranteed by United States</td><td>948</td><td>872</td><td>232</td><td>201</td><td>31</td><td>398</td><td>243</td><td>75</td></tr><tr><td>Total</td><td>63,233</td><td>57,561</td><td>19,645</td><td>16,018</td><td>3,627</td><td>21,979</td><td>15,937</td><td>5,672</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>24,736</td><td>22,779</td><td>8,563</td><td>6,936</td><td>1,627</td><td>9,216</td><td>5,000</td><td>1,957</td></tr><tr><td>1 to 5 years</td><td>16,168</td><td>14,801</td><td>5,794</td><td>4,543</td><td>851</td><td>5,407</td><td>4,000</td><td>1,366</td></tr><tr><td>5 to 10 years</td><td>18,322</td><td>16,449</td><td>4,892</td><td>4,125</td><td>767</td><td>6,037</td><td>5,520</td><td>1,873</td></tr><tr><td>10 to 15 years</td><td>2,299</td><td>2,056</td><td>545</td><td>307</td><td>239</td><td>790</td><td>721</td><td>242</td></tr><tr><td>15 to 20 years</td><td>763</td><td>702</td><td>150</td><td>68</td><td>82</td><td>331</td><td>221</td><td>60</td></tr><tr><td>Over 20 years</td><td>939</td><td>766</td><td>100</td><td>39</td><td>61</td><td>194</td><td>472</td><td>173</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>4</td><td>3</td><td>1</td></tr><tr><td>Total</td><td>63,233</td><td>57,561</td><td>19,645</td><td>16,018</td><td>3,627</td><td>21,979</td><td>15,937</td><td>5,672</td></tr><tr><td>
(Continued on following page)
52
Treasury Bulletin
Treasury Survey of Ownership by Federal Reserve Member and Nonmember Commercial Banks Of Securities Issued or Guaranteed by the United States, June 30, 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 6,787 commercial banks</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,272 nonmember commercial banks</th></tr><tr><th>Total 4,515 commercial member banks</th><th colspan="3">Central Reserve City banks</th><th>354 Reserve City banks</th><th>4,111 country banks</th></tr><tr><td></td><td></td><td></td><td>Total 50 Central Reserve City banks</td><td>37 New York City banks</td><td>13 Chicago banks</td><td></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>7.7</td><td>7.6</td><td>8.3</td><td>7.9</td><td>10.1</td><td>8.7</td><td>5.2</td><td>9.5</td></tr><tr><td>Certificates of indebtedness</td><td>23.7</td><td>24.3</td><td>27.0</td><td>26.6</td><td>28.6</td><td>25.4</td><td>19.3</td><td>18.4</td></tr><tr><td>Treasury notes</td><td>18.5</td><td>18.1</td><td>18.1</td><td>18.6</td><td>15.8</td><td>17.7</td><td>19.9</td><td>19.3</td></tr><tr><td>Treasury bonds</td><td>48.5</td><td>48.2</td><td>45.4</td><td>45.6</td><td>44.6</td><td>46.4</td><td>54.1</td><td>51.4</td></tr><tr><td>Postal savings and other bonds</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.1</td></tr><tr><td>Guaranteed by United States</td><td>1.5</td><td>1.5</td><td>1.2</td><td>1.3</td><td>.8</td><td>1.8</td><td>1.5</td><td>1.3</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>39.1</td><td>39.6</td><td>43.6</td><td>43.3</td><td>44.8</td><td>41.9</td><td>31.4</td><td>34.5</td></tr><tr><td>1 to 5 years</td><td>25.6</td><td>25.7</td><td>27.5</td><td>28.4</td><td>23.5</td><td>24.6</td><td>25.1</td><td>24.1</td></tr><tr><td>5 to 10 years</td><td>29.0</td><td>28.6</td><td>24.9</td><td>25.8</td><td>21.2</td><td>27.5</td><td>34.6</td><td>33.0</td></tr><tr><td>10 to 15 years</td><td>3.6</td><td>3.6</td><td>2.8</td><td>1.9</td><td>6.6</td><td>3.6</td><td>4.5</td><td>4.3</td></tr><tr><td>15 to 20 years</td><td>1.2</td><td>1.2</td><td>.8</td><td>.4</td><td>2.3</td><td>1.5</td><td>1.4</td><td>1.1</td></tr><tr><td>Over 20 years</td><td>1.5</td><td>1.3</td><td>.5</td><td>.2</td><td>1.7</td><td>.9</td><td>3.0</td><td>3.1</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>.</td><td>.</td><td>-</td><td>-</td><td>-</td><td>.</td><td>.</td><td>.</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax-exemption provisions: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.4</td><td>.3</td><td>.3</td><td>.2</td><td>.4</td><td>.3</td><td>.4</td><td>.9</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>21.2</td><td>21.9</td><td>21.9</td><td>20.9</td><td>26.0</td><td>25.8</td><td>16.7</td><td>14.2</td></tr><tr><td>Subject to Federal income taxes</td><td>78.4</td><td>77.7</td><td>77.9</td><td>78.8</td><td>73.6</td><td>73.9</td><td>82.9</td><td>85.0</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></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></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>89.0</td><td>33.2</td><td>25.7</td><td>7.5</td><td>38.9</td><td>16.9</td><td>11.0</td></tr><tr><td>Certificate of indebtedness</td><td>100.0</td><td>93.1</td><td>35.3</td><td>28.4</td><td>6.9</td><td>37.2</td><td>20.5</td><td>6.9</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>90.6</td><td>30.4</td><td>25.5</td><td>4.9</td><td>33.2</td><td>27.0</td><td>9.4</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>90.5</td><td>29.1</td><td>23.8</td><td>5.3</td><td>33.3</td><td>28.1</td><td>9.5</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>72.9</td><td>2.2</td><td>.4</td><td>1.8</td><td>19.3</td><td>51.3</td><td>27.1</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>92.0</td><td>24.4</td><td>21.2</td><td>3.2</td><td>42.0</td><td>25.6</td><td>8.0</td></tr><tr><td>Total</td><td>100.0</td><td>91.0</td><td>31.1</td><td>25.3</td><td>5.7</td><td>34.8</td><td>25.2</td><td>9.0</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>92.1</td><td>34.6</td><td>28.0</td><td>6.6</td><td>37.3</td><td>20.2</td><td>7.9</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>91.5</td><td>33.4</td><td>28.1</td><td>5.3</td><td>33.4</td><td>24.7</td><td>8.5</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>89.8</td><td>26.7</td><td>22.5</td><td>4.2</td><td>33.0</td><td>30.1</td><td>10.2</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>89.5</td><td>23.7</td><td>13.4</td><td>10.4</td><td>34.4</td><td>31.4</td><td>10.5</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>92.1</td><td>19.6</td><td>8.9</td><td>10.8</td><td>43.5</td><td>29.0</td><td>7.9</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>81.6</td><td>10.7</td><td>4.2</td><td>6.5</td><td>20.6</td><td>50.2</td><td>18.4</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>93.1</td><td>-</td><td>-</td><td>-</td><td>53.7</td><td>39.4</td><td>6.9</td></tr><tr><td>Total</td><td>100.0</td><td>91.0</td><td>31.1</td><td>25.3</td><td>5.7</td><td>34.8</td><td>25.2</td><td>9.0</td></tr><tr><td>Tax-exemption provisions: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>78.4</td><td>23.1</td><td>17.3</td><td>5.8</td><td>29.7</td><td>25.6</td><td>21.6</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>94.0</td><td>32.0</td><td>24.9</td><td>7.0</td><td>42.2</td><td>19.9</td><td>6.0</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>90.3</td><td>30.9</td><td>25.5</td><td>5.4</td><td>32.8</td><td>26.6</td><td>9.7</td></tr><tr><td>Total</td><td>100.0</td><td>91.0</td><td>31.1</td><td>25.3</td><td>5.7</td><td>34.8</td><td>25.2</td><td>9.0</td></tr></table>
(Continued on following page)
September 1944
53
Treasury Survey of Ownership by Federal Reserve Member and Nonmember Commercial Banks
Of Securities Issued or Guaranteed by the United States, June 30, 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</th><th>Total 6,787 commercial banke</th><th>Total 4,515 commercial member banke</th><th colspan="4">Member commercial banke</th><th>2,272 nonmember commercial banke</th></tr><tr><th>(Tax status is shown in parentheses 1/)</th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>354 Reserve City banks</th><th>4,111 country banke</th><th></th></tr><tr><td>Treasury bills.....(taxable)</td><td>4,894</td><td>4,355</td><td>1,625</td><td>1,258</td><td>367</td><td>1,905</td><td>825</td><td>539</td></tr><tr><td>Certificate of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% August 1944.....(taxable)</td><td>1,747</td><td>1,627</td><td>528</td><td>357</td><td>161</td><td>662</td><td>438</td><td>120</td></tr><tr><td>7/8% September 1944.....(taxable)</td><td>2,002</td><td>1,911</td><td>933</td><td>858</td><td>65</td><td>666</td><td>312</td><td>92</td></tr><tr><td>7/8% October 1944.....(taxable)</td><td>2,460</td><td>2,277</td><td>864</td><td>704</td><td>160</td><td>877</td><td>536</td><td>183</td></tr><tr><td>7/8% December 1944.....(taxable)</td><td>2,445</td><td>2,260</td><td>914</td><td>767</td><td>148</td><td>819</td><td>526</td><td>185</td></tr><tr><td>7/8% February 1945.....(taxable)</td><td>1,980</td><td>1,854</td><td>815</td><td>604</td><td>211</td><td>721</td><td>317</td><td>126</td></tr><tr><td>7/8% April 1945.....(taxable)</td><td>3,165</td><td>2,927</td><td>922</td><td>743</td><td>179</td><td>1,332</td><td>673</td><td>238</td></tr><tr><td>7/8% May 1945.....(taxable)</td><td>1,174</td><td>1,095</td><td>328</td><td>214</td><td>114</td><td>496</td><td>272</td><td>79</td></tr><tr><td>7/8% June 1945.....(taxable)</td><td>41</td><td>21</td><td>-</td><td>-</td><td>-</td><td>16</td><td>5</td><td>20</td></tr><tr><td>Total certificate of indebtedness</td><td>15,013</td><td>13,972</td><td>5,304</td><td>4,266</td><td>1,038</td><td>5,588</td><td>3,079</td><td>1,042</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% September 1944.....(taxable)</td><td>451</td><td>407</td><td>150</td><td>145</td><td>5</td><td>139</td><td>118</td><td>44</td></tr><tr><td>1% September 1944.....(wholly)</td><td>49</td><td>47</td><td>26</td><td>26</td><td>*</td><td>10</td><td>10</td><td>3</td></tr><tr><td>1.90% March 1945.....(taxable)</td><td>1,556</td><td>1,434</td><td>383</td><td>321</td><td>62</td><td>665</td><td>386</td><td>123</td></tr><tr><td>3/4% March 1945.....(wholly)</td><td>167</td><td>124</td><td>27</td><td>14</td><td>13</td><td>55</td><td>41</td><td>43</td></tr><tr><td>1-1/4% March 1945.....(taxable)</td><td>1,191</td><td>1,116</td><td>510</td><td>429</td><td>81</td><td>352</td><td>253</td><td>76</td></tr><tr><td>3/4% December 1945.....(taxable)</td><td>382</td><td>341</td><td>99</td><td>97</td><td>2</td><td>131</td><td>111</td><td>41</td></tr><tr><td>1% March 1946.....(taxable)</td><td>359</td><td>314</td><td>65</td><td>65</td><td>*</td><td>109</td><td>139</td><td>45</td></tr><tr><td>1-1/2% December 1946.....(taxable)</td><td>2,512</td><td>2,338</td><td>864</td><td>630</td><td>233</td><td>882</td><td>592</td><td>175</td></tr><tr><td>1-1/4% March 1947.....(taxable)</td><td>119</td><td>84</td><td>-</td><td>-</td><td>-</td><td>42</td><td>42</td><td>35</td></tr><tr><td>1-1/2% September 1947.....(taxable)</td><td>2,107</td><td>1,857</td><td>438</td><td>334</td><td>104</td><td>766</td><td>653</td><td>250</td></tr><tr><td>1-1/2% September 1948.....(taxable)</td><td>2,803</td><td>2,542</td><td>993</td><td>921</td><td>72</td><td>731</td><td>817</td><td>262</td></tr><tr><td>Total Treasury notes</td><td>11,697</td><td>10,602</td><td>3,556</td><td>2,982</td><td>574</td><td>3,882</td><td>3,164</td><td>1,095</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4% December 1944-54.....(partially)</td><td>460</td><td>450</td><td>305</td><td>277</td><td>28</td><td>105</td><td>40</td><td>10</td></tr><tr><td>2-3/4% September 1945-47.....(partially)</td><td>511</td><td>489</td><td>282</td><td>258</td><td>24</td><td>142</td><td>66</td><td>22</td></tr><tr><td>2-1/2% December 1945.....(partially)</td><td>277</td><td>258</td><td>99</td><td>84</td><td>15</td><td>100</td><td>59</td><td>17</td></tr><tr><td>3-3/4% March 1946-56.....(partially)</td><td>195</td><td>185</td><td>102</td><td>76</td><td>26</td><td>69</td><td>14</td><td>10</td></tr><tr><td>3% June 1946-48.....(partially)</td><td>428</td><td>404</td><td>193</td><td>166</td><td>27</td><td>133</td><td>79</td><td>24</td></tr><tr><td>3-1/8% June 1946-49.....(partially)</td><td>324</td><td>310</td><td>159</td><td>132</td><td>27</td><td>116</td><td>36</td><td>14</td></tr><tr><td>4-1/4% October 1947-52.....(partially)</td><td>338</td><td>327</td><td>157</td><td>133</td><td>24</td><td>127</td><td>43</td><td>11</td></tr><tr><td>2% December 1947.....(partially)</td><td>573</td><td>539</td><td>188</td><td>154</td><td>34</td><td>241</td><td>111</td><td>34</td></tr><tr><td>2% March 1948-50.....(taxable)</td><td>690</td><td>633</td><td>285</td><td>274</td><td>12</td><td>192</td><td>155</td><td>57</td></tr><tr><td>2-3/4% March 1948-51.....(partially)</td><td>816</td><td>780</td><td>246</td><td>221</td><td>25</td><td>429</td><td>106</td><td>36</td></tr><tr><td>1-3/4% June 1948.....(taxable)</td><td>2,239</td><td>2,027</td><td>755</td><td>574</td><td>181</td><td>661</td><td>611</td><td>211</td></tr><tr><td>2-1/2% September 1948.....(partially)</td><td>341</td><td>321</td><td>93</td><td>82</td><td>11</td><td>161</td><td>67</td><td>20</td></tr><tr><td>2% December 1948-50.....(partially)</td><td>453</td><td>425</td><td>154</td><td>135</td><td>19</td><td>192</td><td>79</td><td>27</td></tr><tr><td>2% June 1949-51.....(taxable)</td><td>699</td><td>625</td><td>223</td><td>208</td><td>15</td><td>182</td><td>219</td><td>75</td></tr><tr><td>2% September 1949-51.....(taxable)</td><td>927</td><td>841</td><td>301</td><td>181</td><td>120</td><td>305</td><td>235</td><td>86</td></tr><tr><td>2% December 1949-51.....(taxable)</td><td>1,445</td><td>1,290</td><td>384</td><td>324</td><td>60</td><td>463</td><td>443</td><td>155</td></tr><tr><td>3-1/8% December 1949-52.....(partially)</td><td>304</td><td>285</td><td>78</td><td>48</td><td>30</td><td>167</td><td>39</td><td>19</td></tr><tr><td>2-1/2% December 1949-53.....(partially)</td><td>1,206</td><td>1,141</td><td>316</td><td>284</td><td>33</td><td>606</td><td>219</td><td>64</td></tr><tr><td>2% March 1950-52.....(taxable)</td><td>1,435</td><td>1,266</td><td>428</td><td>399</td><td>28</td><td>399</td><td>439</td><td>169</td></tr><tr><td>2% September 1950-52.....(taxable)</td><td>2,662</td><td>2,345</td><td>670</td><td>604</td><td>66</td><td>779</td><td>896</td><td>316</td></tr><tr><td>2-1/2% September 1950-52.....(partially)</td><td>920</td><td>845</td><td>270</td><td>228</td><td>42</td><td>360</td><td>215</td><td>75</td></tr><tr><td>2-3/4% June 1951-54.....(partially)</td><td>971</td><td>924</td><td>361</td><td>314</td><td>48</td><td>400</td><td>164</td><td>47</td></tr><tr><td>2% September 1951-53.....(taxable)</td><td>4,407</td><td>3,906</td><td>1,251</td><td>1,181</td><td>70</td><td>1,118</td><td>1,537</td><td>501</td></tr><tr><td>3% September 1951-55.....(partially)</td><td>298</td><td>279</td><td>87</td><td>56</td><td>32</td><td>116</td><td>75</td><td>19</td></tr><tr><td>2% December 1951-55.....(taxable)</td><td>360</td><td>301</td><td>57</td><td>57</td><td>*</td><td>89</td><td>156</td><td>59</td></tr><tr><td>2-1/4% December 1951-53.....(partially)</td><td>851</td><td>796</td><td>210</td><td>139</td><td>71</td><td>394</td><td>191</td><td>55</td></tr><tr><td>2-1/2% March 1952-54.....(taxable)</td><td>298</td><td>262</td><td>97</td><td>69</td><td>29</td><td>67</td><td>98</td><td>36</td></tr><tr><td>2% June 1952-54.....(taxable)</td><td>444</td><td>343</td><td>8</td><td>6</td><td>2</td><td>66</td><td>268</td><td>101</td></tr><tr><td>2-1/4% June 1952-55.....(taxable)</td><td>711</td><td>610</td><td>131</td><td>104</td><td>28</td><td>217</td><td>262</td><td>101</td></tr><tr><td>2% June 1953-55.....(partially)</td><td>621</td><td>583</td><td>149</td><td>74</td><td>75</td><td>278</td><td>157</td><td>38</td></tr><tr><td>2-1/4% June 1954-56.....(partially)</td><td>463</td><td>432</td><td>92</td><td>58</td><td>34</td><td>213</td><td>126</td><td>31</td></tr><tr><td>2-7/8% March 1955-60.....(partially)</td><td>897</td><td>824</td><td>222</td><td>142</td><td>81</td><td>401</td><td>200</td><td>73</td></tr><tr><td>2-1/2% March 1956-58.....(taxable)</td><td>274</td><td>229</td><td>46</td><td>43</td><td>4</td><td>63</td><td>120</td><td>45</td></tr><tr><td>2-1/4% September 1956-59.....(taxable)</td><td>287</td><td>217</td><td>2</td><td>1</td><td>1</td><td>41</td><td>175</td><td>70</td></tr><tr><td>2-3/4% September 1956-59.....(partially)</td><td>443</td><td>418</td><td>163</td><td>69</td><td>94</td><td>151</td><td>104</td><td>26</td></tr><tr><td>2-3/4% June 1958-63.....(partially)</td><td>398</td><td>369</td><td>112</td><td>53</td><td>59</td><td>134</td><td>123</td><td>29</td></tr><tr><td>2-3/4% December 1960-65.....(partially)</td><td>762</td><td>702</td><td>150</td><td>68</td><td>82</td><td>331</td><td>221</td><td>60</td></tr><tr><td>2-1/2% March 1965-70.....(taxable)</td><td>59</td><td>42</td><td>*</td><td>-</td><td>*</td><td>6</td><td>36</td><td>16</td></tr><tr><td>2-1/2% September 1967-72.....(taxable)</td><td>880</td><td>724</td><td>100</td><td>39</td><td>61</td><td>188</td><td>435</td><td>157</td></tr><tr><td>Total Treasury bonds</td><td>30,666</td><td>27,749</td><td>8,928</td><td>7,312</td><td>1,516</td><td>10,203</td><td>8,618</td><td>2,917</td></tr></table>
(Continued on following page)
54
Treasury Bulletin
Treasury Survey of Ownership by Federal Reserve Member and Nonmember Commercial Banks Of Securities Issued or Guaranteed by the United States, June 30, 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 5,787 commercial banks</th><th>Total 4,515 commercial member banks</th><th colspan="4">Member commercial banks</th><th>2,272 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>354 Reserve City banks</th><th>4,111 country banks</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></tr><tr><td>Postal savings bonds......(wholly)</td><td>14</td><td>10</td><td>*</td><td>-</td><td>-</td><td>7</td><td>7</td><td>4</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>1</td><td>1</td><td>*</td><td>*</td><td>-</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Conversion bonds......(wholly)</td><td>1</td><td>1</td><td>*</td><td>*</td><td>-</td><td>*</td><td>1</td><td>*</td></tr><tr><td>Total postal savings and other bonds.....</td><td>15</td><td>11</td><td>*</td><td>*</td><td>*</td><td>3</td><td>8</td><td>4</td></tr><tr><td>Guaranteed securities</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>362</td><td>330</td><td>124</td><td>98</td><td>26</td><td>99</td><td>107</td><td>73</td></tr><tr><td>Federal Housing Administration debentures.....(partially)</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>4</td><td>3</td><td>1</td></tr><tr><td>Home Owners' Loan Corporation 1-1/2% June 1945-47...(partially)</td><td>578</td><td>536</td><td>108</td><td>103</td><td>5</td><td>295</td><td>133</td><td>42</td></tr><tr><td>Total guaranteed securities.....</td><td>948</td><td>872</td><td>232</td><td>201</td><td>31</td><td>398</td><td>243</td><td>75</td></tr><tr><td>Total public marketable securities.....</td><td>63,233</td><td>57,561</td><td>19,645</td><td>16,018</td><td>3,627</td><td>21,979</td><td>15,937</td><td>5,672</td></tr></table>
Less than $500,000 or less than .05 percent. 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 Treas-ury and earnings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the curtail rates. Taxable securities are subject to both normal and curtail rates.
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status is shown in parentheses 2/)</th><th>Total 6,787 commercial banks</th><th>Total 4,515 commercial member banks</th><th colspan="4">Member commercial banks</th><th>2,272 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="3">Central Reserve City banks</th><th>354 Reserve City banks</th><th>4,111 country banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th></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></tr><tr><td>Series A-D....................3/</td><td>171</td><td>116</td><td>1</td><td>*</td><td>*</td><td>8</td><td>108</td><td>55</td></tr><tr><td>Series F....................(taxable)</td><td>89</td><td>59</td><td>1</td><td>-</td><td>1</td><td>7</td><td>52</td><td>29</td></tr><tr><td>Series O....................(taxable)</td><td>212</td><td>155</td><td>2</td><td>1</td><td>1</td><td>14</td><td>139</td><td>57</td></tr><tr><td>Total United States savings bonds</td><td>472</td><td>331</td><td>3</td><td>1</td><td>2</td><td>28</td><td>299</td><td>141</td></tr><tr><td>Treasury tax and savings notes.....(taxable)</td><td>65</td><td>54</td><td>28</td><td>8</td><td>20</td><td>14</td><td>12</td><td>11</td></tr><tr><td>Adjusted service bonds........(wholly)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depositary bonds............(taxable)</td><td>430</td><td>403</td><td>30</td><td>25</td><td>5</td><td>172</td><td>201</td><td>27</td></tr><tr><td>Guaranteed securities</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 4/........(taxable)</td><td>150</td><td>131</td><td>39</td><td>19</td><td>20</td><td>63</td><td>29</td><td>19</td></tr><tr><td>Total public non-marketable securities</td><td>1,116</td><td>918</td><td>100</td><td>52</td><td>48</td><td>277</td><td>542</td><td>198</td></tr></table>
Less than $500,000.
1/ United States savings bonds, Series A-D, E, and F are shown at current redemption values. They were reported at par by the banks covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2/ 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
Partially tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings 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. Series A-D savings bonds sold prior to March 1,1941 were partially tax-exempt; those sold on and after that date were taxable. Distribution by type of bank partly estimated.
September 1944
55
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
July 31, 1944
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (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 June 30, 1944</th><th>Yield 3/</th><th>Change in yield from June 30, 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></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>Treasury bonds</th><th></th><th>102.00</th><th>102.02</th><th>102.01</th><th>+.04</th><th>1.42%</th><th>-.05%</th><th>1.62%</th><th>3/15/41</th><th>104.05</th><th>8/2/41</th><th>100.22</th><th>2/25/41</th><th>102.05</th><th>4/24</th><th>101.29</th><th>7/1</th></tr><tr><td>$1,115</td><td>2%</td><td>- 3/15/48-50</td><td>102.00</td><td>102.02</td><td>102.01</td><td>+.04</td><td>1.42%</td><td>-.05%</td><td>1.62%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.05</td><td>4/24</td><td>101.29</td><td>7/1</td></tr><tr><td>3,062</td><td>1-3/4%</td><td>- 6/15/48</td><td>101.12</td><td>101.14</td><td>101.13</td><td>+.05</td><td>1.38</td><td>-.04</td><td>1.72</td><td>12/1/42</td><td>101.13</td><td>7/31/44</td><td>100.01</td><td>12/23/42</td><td>101.13</td><td>7/31</td><td>101.06</td><td>4/1</td></tr><tr><td>1,011</td><td>2%</td><td>- 6/15/49-51</td><td>101.24</td><td>101.26</td><td>101.25</td><td>+.03</td><td>1.62</td><td>-.02</td><td>1.75</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%</td><td>- 9/15/49-51</td><td>101.20</td><td>101.22</td><td>101.21</td><td>+.03</td><td>1.66</td><td>-.03</td><td>1.75</td><td>5/15/42</td><td>101.22</td><td>5/9/44</td><td>100.04</td><td>10/6/42</td><td>101.22</td><td>5/9</td><td>101.12</td><td>2/1</td></tr><tr><td>2,098</td><td>2%</td><td>-12/15/49-51</td><td>101.18*</td><td>101.20*</td><td>101.19</td><td>+.03</td><td>1.69</td><td>-.02</td><td>1.77</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%</td><td>- 3/15/50-52</td><td>101.10*</td><td>101.12*</td><td>101.11</td><td>+.01</td><td>1.75</td><td>-.01</td><td>1.81</td><td>10/19/42</td><td>101.12</td><td>7/27/44</td><td>100.01</td><td>11/2/42</td><td>101.12</td><td>7/27</td><td>101.00</td><td>1/13</td></tr><tr><td>4,939</td><td>2%</td><td>- 9/15/50-52</td><td>101.02</td><td>101.04</td><td>101.03</td><td>+.04</td><td>1.81</td><td>-.02</td><td>1.85</td><td>4/15/43</td><td>101.03</td><td>7/31/44</td><td>100.08</td><td>5/3/43</td><td>101.03</td><td>7/31</td><td>100.21</td><td>1/13</td></tr><tr><td>7,986</td><td>2%</td><td>- 9/15/51-53</td><td>100.17*</td><td>100.18*</td><td>100.18</td><td>+.04</td><td>1.92</td><td>-.01</td><td>1.93</td><td>9/15/43</td><td>100.18</td><td>7/31/44</td><td>100.03</td><td>11/8/43</td><td>100.18</td><td>7/31</td><td>100.06</td><td>1/15</td></tr><tr><td>510</td><td>2%</td><td>-12/15/51-55</td><td>100.15</td><td>100.17</td><td>100.16</td><td>-.02</td><td>1.93</td><td>+.01</td><td>1.95</td><td>12/15/41</td><td>101.16</td><td>12/5/41</td><td>100.01</td><td>12/5/42</td><td>100.21</td><td>4/12</td><td>100.08</td><td>1/14</td></tr><tr><td>1,024</td><td>2-1/2%</td><td>- 3/15/52-54</td><td>103.27</td><td>103.29</td><td>103.28</td><td>+.03</td><td>1.95</td><td>-.02</td><td>2.05</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%</td><td>- 6/15/52-54</td><td>100.10</td><td>100.11</td><td>100.10</td><td>-.05</td><td>1.96</td><td>-.02</td><td>1.97</td><td>6/26/44</td><td>100.11</td><td>7/20/44</td><td>100.08</td><td>7/24/44</td><td>100.11</td><td>7/20</td><td>100.08</td><td>7/24</td></tr><tr><td>1,501</td><td>2-1/4%</td><td>- 6/15/52-55</td><td>102.03</td><td>102.05</td><td>102.04</td><td>+.05</td><td>1.96</td><td>-.02</td><td>2.03</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>102.05</td><td>7/28</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>103.16</td><td>103.18</td><td>103.17</td><td>-.01</td><td>2.16</td><td>+.01</td><td>2.20</td><td>6/2/41</td><td>105.08</td><td>11/5/41</td><td>101.30</td><td>12/26/41</td><td>103.24</td><td>4/4</td><td>103.06</td><td>2/1</td></tr><tr><td>3,823</td><td>2-1/4%</td><td>- 9/15/56-59</td><td>100.11</td><td>100.13</td><td>100.12</td><td>+.06</td><td>2.21</td><td>-.02</td><td>2.22</td><td>2/1/44</td><td>100.13</td><td>7/20/44</td><td>100.01</td><td>2/29/44</td><td>100.13</td><td>7/20</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</td><td>100.11</td><td>100.13</td><td>100.12</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</td><td>100.04</td><td>100.06</td><td>100.05</td><td>+.04</td><td>2.49</td><td>-.01</td><td>2.49</td><td>12/1/42</td><td>100.26</td><td>6/1/43</td><td>100.00</td><td>2/17/44</td><td>100.09</td><td>3/23</td><td>100.00</td><td>2/17</td></tr><tr><td>3,762</td><td>2-1/2%</td><td>- 6/15/64-69</td><td>100.01</td><td>100.03</td><td>100.02</td><td>+.01</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</td><td>100.01</td><td>100.03</td><td>100.02</td><td>+.01</td><td>2.50</td><td>.00</td><td>2.50</td><td>9/15/43</td><td>100.06</td><td>10/30/43</td><td>100.00</td><td>3/2/44</td><td>100.05</td><td>3/23</td><td>100.00</td><td>3/2</td></tr><tr><td>4,789</td><td>2-1/2%</td><td>- 3/15/65-70</td><td>100.04</td><td>100.06</td><td>100.05</td><td>+.04</td><td>2.49</td><td>-.01</td><td>2.49</td><td>2/1/44</td><td>100.07</td><td>3/23/44</td><td>100.00</td><td>2/16/44</td><td>100.07</td><td>3/23</td><td>100.00</td><td>2/16</td></tr><tr><td>2,716</td><td>2-1/2%</td><td>- 9/15/67-72</td><td>100.15</td><td>100.17</td><td>100.16</td><td>+.05</td><td>2.47</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>7/20</td><td>100.11</td><td>7/8</td></tr><tr><th>Treasury notes</th><th></th><th></th><th>100.02%</th><th>100.03%</th><th>100.03</th><th>+.02</th><th>0/32</th><th>-.61</th><th></th><th>1/31/41</th><th>100.21</th><th>9/10/41</th><th>99.11</th><th>12/10/41</th><th>100.03</th><th>7/31</th><th>100.00</th><th>4/17</th></tr><tr><td>635</td><td>3/4%</td><td>D - 9/15/44</td><td>100.02%</td><td>100.03%</td><td>100.03</td><td>+.02</td><td>0/32</td><td>-.61</td><td></td><td>1/31/41</td><td>100.21</td><td>9/10/41</td><td>99.11</td><td>12/10/41</td><td>100.03</td><td>7/31</td><td>100.00</td><td>4/17</td></tr><tr><td>2,127</td><td>90%</td><td>D - 3/1/45</td><td>.74%</td><td>.72%</td><td>.73%</td><td>-.05%</td><td></td><td></td><td></td><td>2/1/44</td><td>.73%</td><td>7/31/44</td><td>.86%</td><td>1/24/44</td><td>.73%</td><td>7/31</td><td>.86%</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>.00</td><td>.75</td><td>-.05</td><td></td><td>9/25/42</td><td>100.20</td><td>7/7/43</td><td>100.00</td><td>10/30/42</td><td>100.16</td><td>1/15</td><td>100.10</td><td>7/31</td></tr><tr><td>531</td><td>3/4%</td><td>B -12/15/45</td><td>99.29*</td><td>99.30*</td><td>99.30</td><td>+.02</td><td>.80</td><td>-.04</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>99.31</td><td>7/18</td><td>99.22</td><td>1/21</td></tr><tr><td>503</td><td>1%</td><td>A - 3/15/46</td><td>100.05</td><td>100.06</td><td>100.06</td><td>+.02</td><td>.88</td><td>-.05</td><td></td><td>11/1/41</td><td>100.18</td><td>10/25/41</td><td>99.02</td><td>12/29/42</td><td>100.06</td><td>7/31</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>100.28</td><td>100.29</td><td>100.28</td><td>+.02</td><td>1.13</td><td>-.03</td><td></td><td>6/5/42</td><td>100.29</td><td>7/28/44</td><td>100.01</td><td>1/2/43</td><td>100.29</td><td>7/28</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>100.10*</td><td>100.11*</td><td>100.11</td><td>-.02</td><td>1.12</td><td>-.03</td><td></td><td>6/26/44</td><td>100.12</td><td>7/18/44</td><td>100.09</td><td>7/10/44</td><td>100.12</td><td>7/18</td><td>100.09</td><td>7/10</td></tr><tr><td>2,707</td><td>1-1/2%</td><td>A - 9/15/47</td><td>100.26</td><td>100.27</td><td>100.26</td><td>+.02</td><td>1.23</td><td>-.03</td><td></td><td>7/12/43</td><td>100.28</td><td>7/18/44</td><td>100.16</td><td>10/11/43</td><td>100.28</td><td>7/18</td><td>100.17</td><td>3/21</td></tr><tr><td>3,748</td><td>1-1/2%</td><td>A - 9/15/48</td><td>100.15*</td><td>100.16*</td><td>100.16</td><td>+.02</td><td>1.37</td><td>-.02</td><td></td><td>3/15/44</td><td>100.16</td><td>7/31/44</td><td>100.05</td><td>3/8/44</td><td>100.16</td><td>7/31</td><td>100.05</td><td>3/8</td></tr><tr><th>Certificates of Indebtedness 5/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>2,545</td><td>7/8%</td><td>D - 8/1/44</td><td>6/</td><td>6/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8/2/43</td><td>.00% per M</td><td>7/20/44</td><td>.79%</td><td>10/15/43</td><td>.00% per M</td><td>7/20</td><td>.73%</td><td>1/13</td></tr><tr><td>1,122</td><td>7/8%</td><td>I - 9/1/44</td><td>1/</td><td>1/</td><td>15%</td><td>-.74%</td><td>-</td><td>-</td><td>9/15/43</td><td>.00% per M</td><td>7/31/44</td><td>.83%</td><td>10/15/43</td><td>.00% per M</td><td>7/31</td><td>.77%</td><td>1/31</td></tr><tr><td>3,519</td><td>7/8%</td><td>Y - 10/1/44</td><td>.33%</td><td>.28%</td><td>.30%</td><td>-.34%</td><td>-</td><td>-</td><td>10/15/43</td><td>.30%</td><td>7/31/44</td><td>.84%</td><td>10/13/43</td><td>.30%</td><td>7/31</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>.60%</td><td>.58%</td><td>.59%</td><td>-.13%</td><td>-</td><td>-</td><td>12/1/43</td><td>.59%</td><td>7/31/44</td><td>.83%</td><td>11/22/43</td><td>.59%</td><td>7/31</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>.72%</td><td>.70%</td><td>.71%</td><td>-.07%</td><td>-</td><td>-</td><td>2/1/44</td><td>.71%</td><td>7/31/44</td><td>.81%</td><td>3/21/44</td><td>.71%</td><td>7/31</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>.75%</td><td>.73%</td><td>.74%</td><td>-.05%</td><td>-</td><td>-</td><td>4/1/44</td><td>.74%</td><td>7/31/44</td><td>.84%</td><td>3/29/44</td><td>.74%</td><td>7/31</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>.75%</td><td>.73%</td><td>.74%</td><td>-.04%</td><td>-</td><td>-</td><td>5/1/44</td><td>.74%</td><td>7/31/44</td><td>.79%</td><td>6/23/44</td><td>.74%</td><td>7/31</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>.76%</td><td>.74%</td><td>.75%</td><td>-.00%</td><td>-</td><td>-</td><td>6/26/44</td><td>.75%</td><td>7/31/44</td><td>.79%</td><td>7/10/44</td><td>.75%</td><td>7/31</td><td>.79%</td><td>7/10</td></tr><tr><td>8/</td><td>7/8%</td><td>E - 8/1/45</td><td>.79%</td><td>.77%</td><td>.78%</td><td>-</td><td>-</td><td>-</td><td>8/1/44</td><td>.78%</td><td>7/31/44</td><td>.80%</td><td>7/25/44</td><td>.78%</td><td>7/31</td><td>.80%</td><td>7/25</td></tr></table>
Guaranteed by U. S. Government 9/
<table><tr><td>$412</td><td>Commodity Credit Corp. 1-1/8% G - 2/15/45</td><td>100.05</td><td>100.07</td><td>100.05</td><td>+-.01</td><td>.78%</td><td>-.09</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>7/29</td></tr></table>
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity Date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June 30, 1944</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June 30, 1944</th></tr><tr><td>$1,017</td><td>8/3/44</td><td>5/4/44</td><td>.37%</td><td>.20%</td><td>.28%</td><td>-.06%</td><td>$1,212</td><td>9/21/44</td><td>6/22/44</td><td>.37%</td><td>.30%</td><td>.34%</td><td>-.02%</td></tr><tr><td>1,207</td><td>8/10/44</td><td>5/11/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1,208</td><td>9/28/44</td><td>6/29/44</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1,206</td><td>8/17/44</td><td>5/18/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1,216</td><td>10/5/44</td><td>7/6/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,211</td><td>8/24/44</td><td>5/25/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1,204</td><td>10/13/44</td><td>7/13/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,215</td><td>8/31/44</td><td>6/1/44</td><td>.37</td><td>.20</td><td>.28</td><td>-.06</td><td>1,207</td><td>10/19/44</td><td>7/20/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,203</td><td>9/7/44</td><td>6/8/44</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td><td>1,214</td><td>10/26/44</td><td>7/27/44</td><td>.37</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,201</td><td>9/14/44</td><td>6/15/44</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
September 1944
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
July 31, 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="3">Price data (Price decimals are thirty-econds)</th><th colspan="3">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-econds)</th><th colspan="4">1944 price range 2/ (Price decimals are thirty-econds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June 30 1944</th><th>Yield 3/</th><th>Change in yield from June 30 1944</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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="2">Treasury bonde</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>$1,037</td><td>4%</td><td>- 12/15/44-54</td><td>101.11+</td><td>101.12+</td><td>101.12</td><td>-.08</td><td>.29%</td><td>-.10%</td><td>3.84%</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>101.12</td><td>7/31</td></tr><tr><td>1,214</td><td>2-3/4%</td><td>- 9/15/45-47</td><td>102.15</td><td>102.16</td><td>102.16</td><td>-.04</td><td>.51</td><td>-.04</td><td>1.92</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>102.16</td><td>7/31</td></tr><tr><td>542</td><td>2-1/2%</td><td>- 12/15/45</td><td>102.22</td><td>102.24</td><td>102.23</td><td>-.03</td><td>.51</td><td>-.04</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>102.22</td><td>7/29</td></tr><tr><td>489</td><td>3-3/4%</td><td>- 3/15/46-56</td><td>105.02</td><td>105.04</td><td>105.03</td><td>-.08</td><td>.59</td><td>.00</td><td>3.22</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>105.03</td><td>7/31</td></tr><tr><td>1,036</td><td>3%</td><td>- 6/15/46-58</td><td>104.12</td><td>104.14</td><td>104.13</td><td>-.08</td><td>.63</td><td>+.03</td><td>1.82</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>104.13</td><td>7/31</td></tr><tr><td>819</td><td>3-1/8%</td><td>- 6/15/46-49</td><td>104.19</td><td>104.21</td><td>104.20</td><td>-.09</td><td>.64</td><td>+.05</td><td>2.12</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>104.20</td><td>7/31</td></tr><tr><td>759</td><td>4-1/4%</td><td>- 10/15/47-52</td><td>110.24</td><td>110.26</td><td>110.25</td><td>-.05</td><td>.83</td><td>-.03</td><td>2.77</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>110.25</td><td>7/31</td></tr><tr><td>701</td><td>2%</td><td>- 12/15/47</td><td>104.07</td><td>104.09</td><td>104.08</td><td>+.05</td><td>.72</td><td>-.07</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>7/1</td></tr><tr><td>1,223</td><td>2-3/4%</td><td>- 3/15/48-51</td><td>106.18</td><td>106.20</td><td>106.19</td><td>+.03</td><td>.90</td><td>-.06</td><td>1.69</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>106.29</td><td>4/25</td><td>106.16</td><td>7/1</td></tr><tr><td>451</td><td>2-1/2%</td><td>- 9/15/48</td><td>106.16</td><td>106.18</td><td>106.17</td><td>+.02</td><td>.88</td><td>-.05</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>104.28</td><td>104.30</td><td>104.29</td><td>+.03</td><td>.85</td><td>-.04</td><td>1.20</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>7/31</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>110.15</td><td>110.17</td><td>110.16</td><td>+.01</td><td>1.11</td><td>-.03</td><td>1.77</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>107.05</td><td>107.07</td><td>107.06</td><td>+.06</td><td>1.12</td><td>-.05</td><td>1.67</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>7/28</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>.00</td><td>1.21</td><td>-.02</td><td>1.51</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>109.15</td><td>109.17</td><td>109.16</td><td>+.02</td><td>1.30</td><td>-.02</td><td>1.70</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>111.07</td><td>111.09</td><td>111.08</td><td>+.03</td><td>1.34</td><td>-.03</td><td>1.88</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>105.31</td><td>107.01</td><td>107.00</td><td>+.09</td><td>1.25</td><td>-.05</td><td>1.45</td><td>12/22/39</td><td>107.02</td><td>7/28/44</td><td>101.08</td><td>5/24/40</td><td>107.02</td><td>7/28</td><td>106.02</td><td>1/3</td></tr><tr><td>725</td><td>2%</td><td>- 6/15/53-55</td><td>105.18</td><td>105.20</td><td>105.19</td><td>+.08</td><td>1.33</td><td>-.03</td><td>1.44</td><td>10/7/40</td><td>105.21</td><td>3/7/44</td><td>101.19</td><td>2/15/41</td><td>105.21</td><td>3/7</td><td>104.22</td><td>1/3</td></tr><tr><td>681</td><td>2-1/4%</td><td>- 6/15/54-56</td><td>107.08</td><td>107.10</td><td>107.09</td><td>-.01</td><td>1.46</td><td>.00</td><td>1.58</td><td>7/22/40</td><td>107.22</td><td>3/7/44</td><td>102.02</td><td>7/24/40</td><td>107.22</td><td>3/7</td><td>106.22</td><td>1/3</td></tr><tr><td>2,611</td><td>2-7/8%</td><td>- 3/15/55-60</td><td>112.09</td><td>112.11</td><td>112.10</td><td>-.02</td><td>1.61</td><td>.00</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>111.22</td><td>111.24</td><td>111.23</td><td>-.02</td><td>1.68</td><td>.00</td><td>1.85</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>.00</td><td>1.79</td><td>.00</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>1,485</td><td>2-3/4%</td><td>- 12/15/60-65 10/</td><td>111.29</td><td>111.31</td><td>111.30</td><td>-.03</td><td>1.90</td><td>.00</td><td>2.06</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><th colspan="2">Other bonde 11/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>16</td><td>3% Converson</td><td>- 1/1/46</td><td>103.20</td><td>103.28</td><td>103.24</td><td>-.04</td><td>.34</td><td>-.06</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>103.24</td><td>7/31</td></tr><tr><td>13</td><td>3% Converson</td><td>- 1/1/47</td><td>106.00</td><td>106.12</td><td>106.06</td><td>-.06</td><td>.42</td><td>-.01</td><td></td><td>1/1/17</td><td></td><td></td><td></td><td></td><td>107.02</td><td>2/21</td><td>106.06</td><td>7/31</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>.00</td><td>.85</td><td>-.01</td><td></td><td>6/1/11</td><td>133.24</td><td>7/31/44</td><td>75.00</td><td>6/18/21</td><td>133.24</td><td>7/31</td><td>130.28</td><td>3/1</td></tr><tr><th colspan="2">Treasury notee</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>283</td><td>1%</td><td>C - 9/15/44</td><td>100.03+</td><td>100.04+</td><td>100.04</td><td>.00</td><td>0/32</td><td>-.40</td><td></td><td>12/22/39</td><td>102.16</td><td>12/9/40</td><td>100.04</td><td>7/31/44</td><td>100.18</td><td>1/4</td><td>100.04</td><td>7/31</td></tr><tr><td>718</td><td>3/4%</td><td>A - 3/15/45</td><td>100.09</td><td>100.10</td><td>100.10</td><td>+.02</td><td>.25</td><td>-.14</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>7/21</td></tr></table>
Guaranteed by U. S. Government 9/
<table><tr><td>$755</td><td>Home Owners' Loan Corp. 1-1/2% N - 6/1/45-47</td><td>100.25</td><td>100.27</td><td>100.26</td><td>-.04</td><td>.52%</td><td>+.05%</td><td>1.21%</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>100.25</td><td>7/29</td></tr></table>
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield columns in thirty-seconde.
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.
4/ Included in the average of long-term taxable Treasury bonds.
5/ Quoted on yield basis.
6/ From July 7 through July 21, quotations are on basis of zero yield plus premium per thousand dollars. From July 22 through July 31, not quoted.
7/ From July 28 through July 31, quotations are on basis of zero yield plus premium per thousand dollars.
8/ This security was issued on August 1, 1944, in the amount of $2,512 millions.
9/ Excludes Federal Housing Administration debentures and issues held entirely by Government agencies.
10/ Included in the average of long-term partially tax-exempt Treasury bonds.
11/ Excludes postal savings bonds.
58
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
July 31, 1944 - (Continued)
Table II. - Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th rowspan="2">Yield date 1/</th><th rowspan="2">Change in yield from June 30, 1944</th><th rowspan="2">Maturity yield</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1944 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June 30, 1944</th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Yield 1/</td><td>Change in yield from June 30, 1944</td><td></td><td></td><td>Price</td><td></td><td>Price</td><td></td><td>Price</td><td></td><td>Price</td></tr></table>
Taxable debentures
<table><tr><td>$ 44</td><td colspan="6">Federal Home Loan Banke</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>.85% - 1/15/45 1/</td><td>.90%</td><td>.75%</td><td>.82%</td><td>.00%</td><td>-</td><td>-</td><td>6/15/44</td><td>.82%</td><td>7/31/44</td><td>.82%</td><td>7/31/44</td><td>.82%</td><td>7/31</td></tr><tr><td></td><td colspan="12">Federal Intermediate Credit Banke 5/</td><td></td><td></td><td></td></tr><tr><td>28</td><td>7/8% - 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><td>-</td></tr><tr><td>23</td><td>.90% - 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><td>-</td></tr><tr><td>32</td><td>.90% - 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><td>-</td></tr><tr><td>12</td><td>.80% - 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><td>-</td></tr><tr><td>29</td><td>.95% - 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><td>-</td></tr><tr><td>16</td><td>.90% - 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><td>-</td></tr><tr><td>25</td><td>.90% - 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><td>-</td></tr><tr><td>15</td><td>.80% - 12/1/44</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.80</td><td>.00</td><td>-</td><td>6/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>18</td><td>.90% - 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><td>-</td></tr><tr><td>17</td><td>.80% - 1/2/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.80</td><td>.00</td><td>-</td><td>7/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>31</td><td>7/8% - 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><td>-</td></tr><tr><td>18</td><td>.90% - 3/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>6/1/44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>26</td><td>.90% - 4/2/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>7/1/44</td><td>-</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>$157</td><td>3-1/4%</td><td>5/1/45-55</td><td>102.04</td><td>102.06</td><td>102.05</td><td>-.07</td><td>.36%</td><td>+ .014</td><td>3.014</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>102.05</td><td>7/31</td></tr><tr><td>230</td><td>3%</td><td>7/1/45-55</td><td>102.12</td><td>102.14</td><td>102.13</td><td>-.05</td><td>.36</td><td>-.04</td><td>2.74</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>102.13</td><td>7/31</td></tr><tr><td>171</td><td>3%</td><td>1/1/46-56</td><td>103.22</td><td>103.24</td><td>103.23</td><td>-.05</td><td>.36</td><td>-.03</td><td>2.62</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>103.23</td><td>7/31</td></tr><tr><td>170</td><td>3%</td><td>5/1/46-56</td><td>104.24</td><td>104.27</td><td>104.26</td><td>+.02</td><td>.24</td><td>-.14</td><td>2.52</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>7/1</td></tr></table>
When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield column in thirty-seconds.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "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 dealers' commissions.
6/ Excludes issues completely held by Farm Credit Administration agencies.
September 1944
59
YIELDS OF TREASURY SECURITIES JULY 31, 1944
Based on Mean of Closing Bid and Asked Quotations
Explanation: The paints 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 paints are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
60
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><tr><td colspan="11">Monthly series 3/</td></tr><tr><td>1936-Jan.</td><td>2.81</td><td></td><td>3.32</td><td>1939-Jan.</td><td>2.54</td><td></td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.48</td><td>2.76</td></tr><tr><td>Feb.</td><td>2.78</td><td></td><td>3.26</td><td>Feb.</td><td>2.51</td><td></td><td>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td></tr><tr><td>Mar.</td><td>2.73</td><td></td><td>3.24</td><td>Mar.</td><td>2.43</td><td></td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td></tr><tr><td>Apr.</td><td>2.70</td><td></td><td>3.24</td><td>Apr.</td><td>2.38</td><td></td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td></tr><tr><td>May</td><td>2.68</td><td></td><td>3.22</td><td>May</td><td>2.27</td><td></td><td>2.56</td><td>May</td><td>2.06</td><td>2.45</td><td>2.76</td></tr><tr><td>June</td><td>2.69</td><td></td><td>3.19</td><td>June</td><td>2.22</td><td></td><td>2.78</td><td>June</td><td>2.04</td><td>2.43</td><td>2.75</td></tr><tr><td>July</td><td>2.68</td><td></td><td>3.18</td><td>July</td><td>2.23</td><td></td><td>2.76</td><td>July</td><td>2.04</td><td>2.46</td><td>2.74</td></tr><tr><td>Aug.</td><td>2.64</td><td></td><td>3.18</td><td>Aug.</td><td>2.27</td><td></td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td></tr><tr><td>Sept.</td><td>2.65</td><td></td><td>3.15</td><td>Sept.</td><td>2.67</td><td></td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td></tr><tr><td>Oct.</td><td>2.68</td><td></td><td>3.14</td><td>Oct.</td><td>2.60</td><td></td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td></tr><tr><td>Nov.</td><td>2.60</td><td></td><td>3.11</td><td>Nov.</td><td>2.46</td><td></td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td></tr><tr><td>Dec.</td><td>2.59</td><td></td><td>3.07</td><td>Dec.</td><td>2.35</td><td></td><td>2.86</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></td><td>3.09</td><td>1940-Jan.</td><td>2.30</td><td></td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td></tr><tr><td>Feb.</td><td>2.54</td><td></td><td>3.24</td><td>Feb.</td><td>2.32</td><td></td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td></tr><tr><td>Mar.</td><td>2.66</td><td></td><td>3.36</td><td>Mar.</td><td>2.26</td><td></td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td></tr><tr><td>Apr.</td><td>2.83</td><td></td><td>3.43</td><td>Apr.</td><td>2.26</td><td></td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td></tr><tr><td>May</td><td>2.80</td><td></td><td>3.36</td><td>May</td><td>2.39</td><td></td><td>2.87</td><td>May</td><td>1.96</td><td>2.46</td><td>2.65</td></tr><tr><td>June</td><td>2.81</td><td></td><td>3.31</td><td>June</td><td>2.40</td><td></td><td>2.93</td><td>June</td><td>1.91</td><td>2.45</td><td>2.63</td></tr><tr><td>July</td><td>2.78</td><td></td><td>3.27</td><td>July</td><td>2.30</td><td></td><td>2.85</td><td>July</td><td>1.91</td><td>2.45</td><td>2.58</td></tr><tr><td>Aug.</td><td>2.78</td><td></td><td>3.25</td><td>Aug.</td><td>2.31</td><td></td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.82</td><td></td><td>3.26</td><td>Sept.</td><td>2.25</td><td></td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td>Oct.</td><td>2.82</td><td></td><td>3.26</td><td>Oct.</td><td>2.21</td><td></td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td>Nov.</td><td>2.78</td><td></td><td>3.22</td><td>Nov.</td><td>2.09</td><td></td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.73</td><td></td><td>3.17</td><td>Dec.</td><td>2.01</td><td></td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td></tr><tr><td>1938-Jan.</td><td>2.69</td><td></td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td></td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td></td><td>3.15</td><td>Feb.</td><td>2.22</td><td></td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.68</td><td></td><td>3.16</td><td>Mar.</td><td>2.12</td><td></td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td></td><td>3.25</td><td>Apr.</td><td>2.07</td><td></td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May</td><td>2.56</td><td></td><td>3.14</td><td>May</td><td>2.04</td><td></td><td>2.75</td><td>May</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June</td><td>2.58</td><td></td><td>3.15</td><td>June</td><td>2.01</td><td></td><td>2.70</td><td>June</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July</td><td>2.58</td><td></td><td>3.12</td><td>July</td><td>1.98</td><td></td><td>2.66</td><td>July</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td></td><td>3.10</td><td>Aug.</td><td>2.01</td><td></td><td>2.65</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2.63</td><td></td><td>3.12</td><td>Sept.</td><td>2.02</td><td></td><td>2.64</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2.55</td><td></td><td>3.06</td><td>Oct.</td><td>1.98</td><td>2.34</td><td>2.61</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>2.56</td><td></td><td>3.04</td><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.56</td><td></td><td>3.02</td><td>Dec.</td><td>2.06</td><td>2.47</td><td>2.68</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Weekly series - Saturday figures 4/</td></tr><tr><td>1944-Feb. 5</td><td>1.95</td><td>2.49</td><td>2.66</td><td>1944-Apr. 1</td><td>1.94</td><td>2.48</td><td>2.61</td><td>1944-June 3</td><td>1.91</td><td>2.49</td><td>2.57</td></tr><tr><td>11</td><td>1.94</td><td>2.49</td><td>2.66</td><td>8</td><td>1.93</td><td>2.48</td><td>2.62</td><td>10</td><td>1.92</td><td>2.49</td><td>2.58</td></tr><tr><td>19</td><td>1.92</td><td>2.49 5/</td><td>2.65</td><td>15</td><td>1.93</td><td>2.48</td><td>2.62</td><td>17</td><td>1.91</td><td>2.49</td><td>2.59</td></tr><tr><td>26</td><td>1.90</td><td>2.49</td><td>2.65</td><td>22</td><td>1.93</td><td>2.48</td><td>2.60</td><td>24</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Mar. 4</td><td>1.89</td><td>2.49</td><td>2.66</td><td>May 6</td><td>1.95</td><td>2.49</td><td>2.59</td><td>July 1</td><td>1.90</td><td>2.49</td><td>2.59</td></tr><tr><td>11</td><td>1.90</td><td>2.49</td><td>2.64</td><td>13</td><td>1.95</td><td>2.49</td><td>2.59</td><td>5</td><td>1.88</td><td>2.49</td><td>2.60</td></tr><tr><td>18</td><td>1.91</td><td>2.48</td><td>2.64</td><td>20</td><td>1.94</td><td>2.49</td><td>2.57</td><td>15</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>25</td><td>1.93</td><td>2.48</td><td>2.62</td><td>27</td><td>1.94</td><td>2.49</td><td>2.57</td><td>22</td><td>1.89</td><td>2.49</td><td>2.60</td></tr><tr><td colspan="11">Daily series</td></tr><tr><td>1944-July 1</td><td>1.90</td><td>2.49</td><td>2.59</td><td>1944-July 12</td><td>1.88</td><td>2.49</td><td>2.60</td><td>1944-July 21</td><td>1.89</td><td>2.49</td><td>2.60</td></tr><tr><td>3</td><td>1.90</td><td>2.49</td><td>2.59</td><td>13</td><td>1.88</td><td>2.49</td><td>2.59</td><td>22</td><td>1.89</td><td>2.49</td><td>2.60</td></tr><tr><td>4</td><td>1.90 6/</td><td>2.49 6/</td><td>2.59 6/</td><td>14</td><td>1.89</td><td>2.49</td><td>2.59</td><td>24</td><td>1.91</td><td>2.49</td><td>2.60</td></tr><tr><td>5</td><td>1.90</td><td>2.49</td><td>2.59</td><td>15</td><td>1.89</td><td>2.49</td><td>2.59</td><td>25</td><td>1.90</td><td>2.49</td><td>2.60</td></tr><tr><td>6</td><td>1.89</td><td>2.49</td><td>2.60</td><td>17</td><td>1.89</td><td>2.49</td><td>2.58</td><td>26</td><td>1.90</td><td>2.49</td><td>2.59</td></tr><tr><td>7</td><td>1.88</td><td>2.49</td><td>2.60</td><td>18</td><td>1.89</td><td>2.49</td><td>2.59</td><td>27</td><td>1.90</td><td>2.49</td><td>2.59</td></tr><tr><td>8</td><td>1.88</td><td>2.49</td><td>2.60</td><td>19</td><td>1.89</td><td>2.49</td><td>2.60</td><td>28</td><td>1.90</td><td>2.49</td><td>2.59</td></tr><tr><td>10</td><td>1.88</td><td>2.49</td><td>2.60</td><td>20</td><td>1.89</td><td>2.48</td><td>2.60</td><td>29</td><td>1.90</td><td>2.49</td><td>2.60</td></tr><tr><td>11</td><td>1.88</td><td>2.49</td><td>2.60</td><td></td><td></td><td></td><td></td><td>31</td><td>1.90</td><td>2.49</td><td>2.59</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.
2/ For discussion of compositions of high-grade corporate bond average, see "Treasury Bulletin" for April 1943, page 61.
3/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures.
4/ On days when the exchanges are closed, the date and prices of the previous day are used.
5/ Indicates change in composition of average.
6/ Holiday.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS Monthly Series V
September 1944
61
Treasury Bulletin
62
GOVERNMENTAL CORPORATIONS AND CREDIT
AGENCIES OF THE UNITED STATES
September 1944
63
Assets and Liabilities of Government Corporations and Credit Agencies
June 30, 1944
(In millions of dollars)
<table><tr><th rowspan="2">Corporation or agency</th><th colspan="9">Assets</th></tr><tr><th>Total</th><th>Loans</th><th>Preferred capital stock, etc.</th><th>Cash 1/</th><th colspan="3">Investments</th><th>Accounts and other receivable 2/</th><th>Real estate and other business property</th><th>Due from Government corporations and agencies</th><th>Capital stock and paid-in surplus of Government corporations</th><th>Other assets 3/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>U. S. Government securities</th><th>Securities guaranteed by United States</th><th>Other</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Banks for cooperatives</td><td>230.6</td><td>143.0</td><td>-</td><td>22.9</td><td>43.3</td><td>-</td><td>19.4</td><td>1.7</td><td>.1</td><td>*</td><td>-</td><td>.1</td></tr><tr><td>Commodity Credit Corporation</td><td>1,798.3</td><td>346.5</td><td>-</td><td>10.4</td><td>-</td><td>-</td><td>-</td><td>550.3 4/</td><td>17.0</td><td>10.1</td><td>-</td><td>863.9 5/</td></tr><tr><td>Disaster Loan Corporation</td><td>20.6</td><td>2.3</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>16.8</td><td>*</td><td>1.3</td><td>-</td><td>.2</td></tr><tr><td>Export-Import Bank of Washington</td><td>283.5</td><td>222.6</td><td>-</td><td>1.3</td><td>-</td><td>-</td><td>-</td><td>59.6</td><td>*</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Farm Credit Administration</td><td>419.0</td><td>232.5</td><td>-</td><td>6.8</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>514.3</td><td>402.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41.3</td><td>.2</td><td>69.7</td><td>-</td><td>.3</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>5.2</td><td>-</td><td>-</td><td>3.1</td><td>-</td><td>-</td><td>-</td><td>2.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation 6/</td><td>175.1</td><td>25.7</td><td>-</td><td>18.0</td><td>687.8</td><td>-</td><td>-</td><td>1.3</td><td>.1</td><td>.3</td><td>-</td><td>11.9</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>625.9</td><td>366.7</td><td>-</td><td>45.7</td><td>-</td><td>-</td><td>172.0</td><td>32.9</td><td>-</td><td>1.9</td><td>-</td><td>6.8</td></tr><tr><td>Federal home loan banks</td><td>283.7</td><td>128.3</td><td>-</td><td>22.7</td><td>131.9</td><td>.1</td><td>*</td><td>.8</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Federal Housing Administration</td><td>144.9</td><td>-</td><td>-</td><td>19.9</td><td>75.5</td><td>-</td><td>*</td><td>38.1</td><td>1.2</td><td>.1</td><td>-</td><td>10.1</td></tr><tr><td>Federal intermediate credit banks</td><td>376.8</td><td>304.1</td><td>-</td><td>17.4</td><td>36.0</td><td>-</td><td>-</td><td>2.1</td><td>-</td><td>17.0</td><td>-</td><td>.3</td></tr><tr><td>Federal land banks 1/</td><td>1,825.9</td><td>1,245.5</td><td>-</td><td>37.4</td><td>228.3</td><td>176.0</td><td>*</td><td>112.0</td><td>4.9</td><td>5.6</td><td>-</td><td>16.3</td></tr><tr><td>Federal National Mortgage Association</td><td>62.1</td><td>59.7</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>20.5</td><td>-</td><td>-</td><td>9.9</td><td>-</td><td>-</td><td>-</td><td>2.3</td><td>6.4</td><td>-</td><td>-</td><td>1.9</td></tr><tr><td>Federal Public Housing Authority</td><td>552.3</td><td>309.9</td><td>-</td><td>42.5</td><td>7.2</td><td>-</td><td>*</td><td>5.1</td><td>187.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>151.6</td><td>-</td><td>-</td><td>1.0</td><td>146.8</td><td>-</td><td>-</td><td>3.8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Security Agency - student war loans 6/</td><td>3.4</td><td>3.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</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>4.5</td><td>4.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,524.1</td><td>1,220.1</td><td>46.5</td><td>100.4</td><td>15.0</td><td>-</td><td>-</td><td>3.4</td><td>2.6</td><td>-</td><td>100.0</td><td>36.1</td></tr><tr><td>Inland Waterways Corporation 6/</td><td>24.6</td><td>.4</td><td>-</td><td>1.1</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>3.1</td><td>3.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama Railroad Company 6/</td><td>70.6</td><td>-</td><td>-</td><td>9.1</td><td>15.5</td><td>-</td><td>*</td><td>.5</td><td>43.4</td><td>2.0</td><td>-</td><td>.1</td></tr><tr><td>Production credit corporations</td><td>123.2</td><td>-</td><td>-</td><td>.7</td><td>57.8</td><td>-</td><td>64.3</td><td>.2</td><td>*</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Puerto Rico Reconstruction Administration</td><td>22.5</td><td>6.6</td><td>-</td><td>3.1</td><td>-</td><td>-</td><td>*</td><td>.2</td><td>-</td><td>*</td><td>-</td><td>12.6</td></tr><tr><td>Reconstruction Finance Corporation 8/</td><td>10,225.3</td><td>1,334.6</td><td>316.4</td><td>31.3 9/</td><td>71.8</td><td>-</td><td>6.3</td><td>33.0 9/</td><td>.9</td><td>8,004.2</td><td>760.7</td><td>66.1</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C. 10/</td><td>63.2</td><td>20.6</td><td>-</td><td>42.3</td><td>.2</td><td>-</td><td>-</td><td>*</td><td>'.</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>RPC Mortgage Company, The</td><td>128.9</td><td>113.9</td><td>-</td><td>*</td><td>-</td><td>1.0</td><td>-</td><td>2.6</td><td>6.5</td><td>-</td><td>-</td><td>4.9</td></tr><tr><td>Rural Electrification Administration</td><td>369.5</td><td>348.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.4</td><td>-</td><td>14.1</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>722.7</td><td>-</td><td>-</td><td>4.4</td><td>-</td><td>-</td><td>-</td><td>6.3</td><td>705.4</td><td>3.1</td><td>-</td><td>3.4</td></tr><tr><td>Tennessee Valley Associated Cooperative, Inc. 11/</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>9,132.5</td><td>14.1</td><td>-</td><td>*</td><td>-</td><td>117.3</td><td>-</td><td>35.7</td><td>25.8</td><td>4.7</td><td>-</td><td>8,934.9</td></tr><tr><td>War corporations and activities (World War I) 12/</td><td>4.3</td><td>-</td><td>-</td><td>.5</td><td>.1</td><td>-</td><td>-</td><td>3.0</td><td>*</td><td>-</td><td>-</td><td>.7</td></tr><tr><td>War corporations (World War II) 13/</td><td>9,315.1</td><td>231.3</td><td>1.1</td><td>154.3</td><td>-</td><td>-</td><td>3.0</td><td>542.1</td><td>128.1</td><td>382.0</td><td>-</td><td>7,874.2</td></tr><tr><td>War Shipping Administration</td><td>1,086.1</td><td>-</td><td>-</td><td>4.0</td><td>-</td><td>-</td><td>-</td><td>432.9</td><td>555.2</td><td>52.9</td><td>-</td><td>41.0</td></tr><tr><td>Other Government agencies 14/</td><td>12,210.8</td><td>25.2</td><td>4.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,153.3</td><td>-</td><td>27.6</td></tr><tr><td>Gross total</td><td>53,197.7</td><td>7,187.7</td><td>368.8</td><td>610.2</td><td>1,523.6</td><td>177.6</td><td>382.3</td><td>1,970.2</td><td>1,701.6</td><td>20,722.4</td><td>637.7</td><td>17,915.6</td></tr><tr><td>Adjustment to eliminate interagency interests</td><td>-21,360.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-20,722.4</td><td>-637.7</td><td>-</td></tr><tr><td>Net total</td><td>31,837.6</td><td>7,187.7</td><td>368.8</td><td>610.2</td><td>1,523.6</td><td>177.6</td><td>382.3</td><td>1,970.2</td><td>1,701.6</td><td>0</td><td>0</td><td>17,915.6</td></tr></table>
(Continued on following page)
64
Treasury Bulletin
Assets and Liabilities of Government Corporations and Credit Agencies
June 30, 1944 - (Continued)
(In millions of dollars)
<table><tr><th>Corporation or agency</th><th colspan="6">Liabilities and reserves</th><th colspan="6">Proprietary interest</th></tr><tr><th></th><th>Total</th><th>Guaranteed by United States (includes accrued interest)</th><th>Not guaranteed by United States</th><th 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 15/</th></tr><tr><th></th><th></th><th></th><th></th><th>Treasury</th><th>Other</th><th></th><th></th><th>Total</th><th>Capital stock</th><th>Surplus</th><th>Non-stock</th></tr><tr><td>Banks for cooperatives</td><td>18.7</td><td>-</td><td>.6</td><td>-</td><td>17.0</td><td>1.1</td><td>211.9</td><td>6.4</td><td>205.5</td><td>177.0</td><td>28.5</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>2,040.4</td><td>706.1</td><td>417.4</td><td>900.0</td><td>.2</td><td>16.8</td><td>-242.1</td><td>-</td><td>-242.1</td><td>100.0</td><td>-342.1</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>20.5</td><td>-</td><td>20.5</td><td>24.0</td><td>-3.5</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>85.9</td><td>-</td><td>79.9</td><td>-</td><td>7.0</td><td>204.0</td><td>196.6</td><td>-</td><td>196.6</td><td>175.0</td><td>21.6</td><td>-</td></tr><tr><td>Farm Credit Administration</td><td>204.1</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>214.9</td><td>-</td><td>214.9</td><td>-</td><td>-</td><td>214.9</td></tr><tr><td>Farm Security Administration</td><td>179.9</td><td>-</td><td>3.8</td><td>-</td><td>176.1</td><td>-</td><td>334.4</td><td>-</td><td>334.4</td><td>-</td><td>-</td><td>334.4</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>2.5</td><td>-</td><td>1.5</td><td>-</td><td>1.0</td><td>147.4</td><td>28.3</td><td>139.3</td><td>2.8</td><td>40.0</td><td>-37.2</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation 6/</td><td>485.8</td><td>-</td><td>8.4</td><td>-</td><td>-</td><td>64.5</td><td>143.8</td><td>-</td><td>150.0</td><td>150.0</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>482.1</td><td>44.0</td><td>7.2</td><td>365.0</td><td>1.4</td><td>-</td><td>143.8</td><td>-</td><td>143.8</td><td>100.0</td><td>43.8</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>80.2</td><td>-</td><td>79.7</td><td>-</td><td>.5</td><td>-</td><td>203.5</td><td>78.7</td><td>124.7</td><td>124.7</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>36.3</td><td>23.9</td><td>12.2</td><td>-</td><td>-</td><td>.2</td><td>108.7</td><td>-</td><td>108.7</td><td>-</td><td>-</td><td>108.7</td></tr><tr><td>Federal intermediate credit banks</td><td>287.0</td><td>-</td><td>286.9</td><td>-</td><td>-</td><td>.1</td><td>89.8</td><td>-</td><td>89.8</td><td>60.0</td><td>29.8</td><td>-</td></tr><tr><td>Federal land banks 7/</td><td>1,352.0</td><td>-</td><td>1,281.2</td><td>-</td><td>.6</td><td>70.2</td><td>473.9</td><td>218.7</td><td>255.2</td><td>120.1</td><td>135.1</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>48.1</td><td>-</td><td>1.7</td><td>-</td><td>46.5</td><td>-</td><td>14.0</td><td>-</td><td>14.0</td><td>10.0</td><td>4.0</td><td>-</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>.8</td><td>-</td><td>.8</td><td>-</td><td>-</td><td>-</td><td>19.7</td><td>-</td><td>19.7</td><td>-</td><td>14.9</td><td>4.8</td></tr><tr><td>Federal Public Housing Authority</td><td>406.1</td><td>.1</td><td>.1</td><td>398.0</td><td>-</td><td>7.9</td><td>146.3</td><td>-</td><td>146.3</td><td>1.0</td><td>145.3</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2.4</td><td>-</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>149.3</td><td>-</td><td>149.3</td><td>100.0</td><td>49.3</td><td>-</td></tr><tr><td>Federal Security Agency - student war loans 6/</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</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>4.5</td><td>-</td><td>4.5</td><td>-</td><td>-</td><td>4.5</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,458.2</td><td>821.5</td><td>29.2</td><td>580.0</td><td>.3</td><td>27.2</td><td>65.9</td><td>-</td><td>65.9</td><td>200.0</td><td>-134.1</td><td>-</td></tr><tr><td>Inland Waterways Corporation 6/</td><td>1.5</td><td>-</td><td>1.1</td><td>-</td><td>-</td><td>.3</td><td>23.2</td><td>-</td><td>23.2</td><td>12.0</td><td>11.2</td><td>-</td></tr><tr><td>Interior Department (Indian loans)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.1</td><td>-</td><td>3.1</td><td>-</td><td>-</td><td>3.1</td></tr><tr><td>Panama Railroad Company 6/</td><td>15.3</td><td>-</td><td>10.6</td><td>-</td><td>.2</td><td>4.5</td><td>55.3</td><td>-</td><td>55.3</td><td>7.0</td><td>48.3</td><td>-</td></tr><tr><td>Production credit corporations</td><td>.4</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>.3</td><td>122.7</td><td>-</td><td>122.7</td><td>115.0</td><td>7.7</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 8/</td><td>9,509.7</td><td>176.2 9/</td><td>669.2 9/</td><td>8,455.6</td><td>83.7</td><td>125.0</td><td>715.5</td><td>-</td><td>715.5</td><td>325.0</td><td>390.5 9/</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C. 10/</td><td>1.2</td><td>-</td><td>.9</td><td>-</td><td>-</td><td>.3</td><td>62.0</td><td>-</td><td>62.0</td><td>44.5</td><td>17.5</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>100.5</td><td>-</td><td>6.0</td><td>-</td><td>94.5</td><td>-</td><td>28.4</td><td>-</td><td>28.4</td><td>25.0</td><td>3.4</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>235.9</td><td>-</td><td>-</td><td>235.9</td><td>-</td><td>-</td><td>133.6</td><td>-</td><td>133.6</td><td>-</td><td>-</td><td>133.6</td></tr><tr><td>Tennessee Valley Authority</td><td>80.0</td><td>-</td><td>18.5</td><td>57.0</td><td>.2</td><td>4.3</td><td>642.7</td><td>-</td><td>642.7</td><td>-</td><td>-</td><td>642.7</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc. 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>.3</td><td>-</td><td>.3</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>2,050.9</td><td>-</td><td>2,026.1</td><td>-</td><td>1.5</td><td>23.4</td><td>7,081.6</td><td>-</td><td>7,081.6</td><td>-</td><td>-</td><td>7,081.6</td></tr><tr><td>War corporations and activities (World War I) 12/</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>4.2</td><td>-</td><td>4.2</td><td>25.3</td><td>-23.9</td><td>2.8</td></tr><tr><td>War corporations (World War II) 13/</td><td>10,201.4</td><td>-</td><td>1,174.5</td><td>-</td><td>9,025.7</td><td>1.3</td><td>-886.3</td><td>-</td><td>-886.3</td><td>186.8</td><td>-1,085.6</td><td>12.5</td></tr><tr><td>War Shipping Administration</td><td>615.7</td><td>-</td><td>342.2</td><td>-</td><td>.5</td><td>273.0</td><td>470.5</td><td>-</td><td>470.5</td><td>-</td><td>-</td><td>470.5</td></tr><tr><td>Other Government agencies 14/</td><td>274.0</td><td>-</td><td>-</td><td>-</td><td>274.0</td><td>-</td><td>11,936.7</td><td>-</td><td>11,936.7</td><td>4.7</td><td>-</td><td>11,932.0</td></tr><tr><td>Gross total</td><td>30,258.4</td><td>1,771.6</td><td>6,462.5</td><td>10,755.6</td><td>9,966.8</td><td>1,301.8</td><td>22,939.3</td><td>443.1</td><td>22,496.1</td><td>2,127.2</td><td>-675.4</td><td>21,044.3</td></tr><tr><td>Adjustment to eliminate interagency interests</td><td>-20,722.4</td><td></td><td></td><td>-10,755.6</td><td>-9,966.8</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>9,536.0</td><td>1,771.6</td><td>6,462.5</td><td>0</td><td>0</td><td>1,301.8</td><td>22,301.5</td><td>443.1</td><td>21,858.4</td><td>1,490.5</td><td>-676.4</td><td>21,044.3</td></tr></table>
Daily Treasury Statement.
* Less than $50,000.
1/ Excludes unexpended balances of appropriated funds.
2/ Includes deposits with the Reconstruction Finance Corporation and interest thereon.
3/ Includes real estate and other property held for sale.
4/ Includes interagency transactions of "land-lease" funds.
5/ Includes commodities acquired pursuant to guaranty purchase agreement.
6/ Figures shown are as of May 31, 1944, the latest available.
7/ 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.
8/ Includes the Electric Home and Farm Authority which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942.
9/ Adjusted for interagency items and items in transit.
10/ The Regional agricultural credit corporations have been in liquidation.
11/12/13/14/15/ tion, only one corporation - that of Washington, D. C. - remaining in operation. Figures shown are as of April 30, 1944, the latest available. Comprises Navy Department (sale of surplus supplies), U. S. Housing Corporation, U. S. Railroad Administration and U. S. Spruce Production Corporation. Comprises Cargoes, Inc., Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation. Comprises Treasury Department and other Government agencies not listed in this statement. Excludes the interest of the United States represented by obligations held by the Treasury.
September 1944
65
Sources of Funds of Certain Government Corporations and Credit Agencies for the Complete 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 in 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>$ -1,803,937</td><td>-</td><td>-</td><td>$-258,600</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>$-1,050,000,000</td><td>$ -40,957,544</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>365,000,000</td><td>-929,764,200</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>-</td><td>-</td><td>23,000,000</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>53,080,960</td><td>-</td><td>-55,548,000</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>10,129,997</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>384,000,000</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-</td><td>-</td><td>3,444,115,000</td><td>-895,865,000</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>13,569,227</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>5,465,714</td><td>571,706</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 3/</td><td>4,000,000</td><td>2,733,128,742</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>$24,095,711</td><td>$2,801,546,521</td><td>$3,258,115,000</td><td>$-2,013,291,744</td><td>$-258,600</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Sale of other property acquired</th><th>Repayment of loans</th><th>Interest, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>—</td><td>$ 194,287,336</td><td>$ 1,587,812</td><td>$ 22,750</td><td>$ 198,335,361</td></tr><tr><td>Commodity Credit Corporation</td><td>$4,108,213,110</td><td>51,396,748</td><td>4,841,325</td><td>29,244,789</td><td>3,102,738,429</td></tr><tr><td>Disaster Loan Corporation</td><td>45,364</td><td>1,622,463</td><td>108,178</td><td>-30,354</td><td>1,745,651</td></tr><tr><td>Export-Import Bank of Washington</td><td>—</td><td>17,358,162</td><td>10,836,145</td><td>—</td><td>31,194,706</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>—</td><td>25,516,097</td><td>93,601,239</td><td>4,456,483</td><td>123,573,642</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>9,831,680</td><td>128,737,321</td><td>46,612,293</td><td>3,760,638</td><td>-375,822,268</td></tr><tr><td>Federal home loan banks</td><td>—</td><td>184,414,897</td><td>4,948,602</td><td>-602,217</td><td>211,761,282</td></tr><tr><td>Federal National Mortgage Association</td><td>337,701</td><td>105,733,982</td><td>6,930,704</td><td>-97,875,473</td><td>12,659,874</td></tr><tr><td>Federal Public Housing Authority</td><td>—</td><td>11,467,728</td><td>10,242,600</td><td>40,484</td><td>32,723,808</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>—</td><td>—</td><td>7,757,699</td><td>1,190,174</td><td>8,947,873</td></tr><tr><td>Home Owners' Loan Corporation</td><td>89,659,037</td><td>231,941,238</td><td>70,348,810</td><td>-17,507,754</td><td>758,441,331</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>4,656,539</td><td>411,896,007</td><td>86,892,470</td><td>14,525,059</td><td>3,066,220,074</td></tr><tr><td>RFC Mortgage Company, The</td><td>217,184</td><td>32,727,727</td><td>4,489,124</td><td>3,096,535</td><td>54,099,797</td></tr><tr><td>Rural Electrification Administration</td><td>—</td><td>14,962,316</td><td>11,054,635</td><td>-1</td><td>32,054,369</td></tr><tr><td>War corporations 3/</td><td>2,294,470,081</td><td>27,875,037</td><td>17,258,463</td><td>1,009,391,660</td><td>6,086,123,982</td></tr><tr><td>Total</td><td>$6,507,430,696</td><td>$1,439,937,059</td><td>$377,510,099</td><td>$949,712,773</td><td>$13,344,797,511</td></tr></table>
Source: Reports received from the corporations and agencies. 
1/ Items in this column are the only ones in this statement which constitute a charge against the Federal Budget. They represent amounts of funds drawn against available appropriations. 
2/ Includes the Electric Home and Farm Authority, which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942. 
3/ comprises Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation.
Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation.
Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property acquired".
66
Treasury Bulletin
Uses of Funds of Certain Government Corporations and Credit Agencies for the Complete Fiscal Year 1944
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loane</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives....................</td><td>$ 104,750</td><td>-</td><td>-</td><td>$224,634,199</td><td>-</td></tr><tr><td>Commodity Credit Corporation....................</td><td>5,473,364</td><td>-</td><td>$4,023,968,534</td><td>137,637,926</td><td>-</td></tr><tr><td>Disaster Loan Corporation....................</td><td>303,654</td><td>$ -5,145</td><td>-</td><td>460,958</td><td>-</td></tr><tr><td>Export-Import Bank of Washington................</td><td>306,620</td><td>4,980</td><td>-</td><td>29,323,630</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation............</td><td>3,992,946</td><td>-</td><td>-</td><td>7,331,185</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation............</td><td>7,785,002</td><td>-</td><td>1,645,863</td><td>30,491,699</td><td>-</td></tr><tr><td>Federal home loan banks....................</td><td>1,251,358</td><td>-</td><td>-</td><td>222,500,867</td><td>-</td></tr><tr><td>Federal National Mortgage Association............</td><td>735,077</td><td>500,094</td><td>-</td><td>337,900</td><td>-</td></tr><tr><td>Federal Public Housing Authority............</td><td>2,444,223</td><td>699,136</td><td>14,595,128</td><td>4,578,350</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation....</td><td>401,404</td><td>25,655</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rome Owners' Loan Corporation....................</td><td>9,163,069</td><td>13,464,076</td><td>1,119,157</td><td>2,295,232</td><td>$720,206,025</td></tr><tr><td>Reconstruction Finance Corporation 2/............</td><td>8,964,357</td><td>602,326</td><td>-9,913</td><td>240,404,278</td><td>-</td></tr><tr><td>RFC Mortgage Company, The....................</td><td>856,919</td><td>543,938</td><td>-116,854</td><td>49,790,676</td><td>-</td></tr><tr><td>Rural Electrification Administration............</td><td>2,558,106</td><td>-</td><td>-</td><td>18,478,087</td><td>-</td></tr><tr><td>War corporations 3/....................</td><td>14,545,043</td><td>287,509,433</td><td>4,641,372,909</td><td>58,770,975</td><td>-</td></tr><tr><td>Total....................</td><td>$58,885,892</td><td>$303,344,493</td><td>$8,682,574,824</td><td>$1,027,035,962</td><td>$720,206,025</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net)</th><th>Allocations, re-discounts, and loans to other government corporations and credit agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>$-9,880,632</td><td>-</td><td>$650,521</td><td>$147,533</td><td>$215,656,372</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>$-80,090,729</td><td>$3,121,898</td><td>$255,160,382</td><td>$4,345,271,374</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>$986,172</td><td>-</td><td>$13</td><td>$1,745,651</td></tr><tr><td>Import-Import Bank of Washington</td><td>-</td><td>$-9,400,000</td><td>$10,812,849</td><td>-</td><td>$31,048,079</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>$115,537,095</td><td>-</td><td>-</td><td>$-3,119,159</td><td>$123,742,066</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>$-445,880,100</td><td>-</td><td>$29,323,508</td><td>$2,343,353</td><td>$-374,290,675</td></tr><tr><td>Federal home loan banks</td><td>$-22,958,608</td><td>-</td><td>$2,599,659</td><td>$483,932</td><td>$203,877,208</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>$11,103,970</td><td>$-17,167</td><td>$12,659,874</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>$2,695,873</td><td>$10,129,997</td><td>$35,142,707</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>$9,536,850</td><td>-</td><td>-</td><td>$-1,044,483 4/</td><td>$8,919,425</td></tr><tr><td>Home Owners' Loan Corporation</td><td>$-56,858,160</td><td>-</td><td>$36,329,530</td><td>$-448,835</td><td>$725,270,094</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>$-2,000,000</td><td>$2,716,963,183</td><td>$66,656,739</td><td>$4,759,729</td><td>$3,036,340,698</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>-</td><td>$2,655,186</td><td>$369,932</td><td>$54,099,797</td></tr><tr><td>Eural Electrification Administration</td><td>-</td><td>-</td><td>$6,686,604</td><td>-</td><td>$27,722,797</td></tr><tr><td>War corporations 3/</td><td>$2,000,000</td><td>$66,735,114</td><td>$1,937,753</td><td>$1,036,704,355</td><td>$6,109,575,583</td></tr><tr><td>Total</td><td>$-410,503,555</td><td>$2,695,193,740</td><td>$174,574,090</td><td>$1,305,469,582</td><td>$14,556,781,050</td></tr></table>
Source: Reports received from the corporations and agencies. Date on basis of checks issued.
1/ Receipts from the repayment of mortgage loans appear under "Repayment of loans" in the statement of sources of funds.
2/ Includes the Electric Rome and Farm Authority, which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942.
3/ Companies Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Insti-
tute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation. Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
September 1944
67
Sources of Funds of Certain Government Corporations and Credit Agencies from Inception of Organization through June 30, 1944
<table><tr><th>Corporation or agency</th><th>Appropriations from General Fund of the Treasury 1/</th><th>Allocations, re-discounts, and loans from other government corporations and credit agencies (net)</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obligations in the market (net) 2/</th><th>Sale of stock to other agencies</th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 76,500,000</td><td>$ 15,751,748</td><td>-</td><td>-</td><td>$ 1,020,000</td></tr><tr><td>Commodity Credit Corporation</td><td>243,950,524 3/</td><td>-</td><td>$ 900,000,000</td><td>$ 434,561,000</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>365,000,000</td><td>-</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>-</td><td>-</td><td>58,000,000</td><td>124,741,000 5/</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>44,375,975</td><td>-</td><td>-</td><td>11,000,000</td></tr><tr><td>Federal Public Housing Authority</td><td>34,685,946</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>580,000,000</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>8,592,487,124</td><td>176,000</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>91,819,667</td><td>-</td><td>-</td><td>25,000,000</td></tr><tr><td>Rural Electrification Administration</td><td>145,422,933</td><td>232,121,687</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 7/</td><td>154,000,000</td><td>7,557,200,491</td><td>-</td><td>-</td><td>36,601,000</td></tr><tr><td>Total</td><td>$1,454,559,403</td><td>$7,981,318,197</td><td>$10,835,487,124</td><td>$3,607,190,550</td><td>$611,661,557</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Sale of other property acquired</th><th>Repayment of loans $</th><th>Interest, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>$ 609,609,483</td><td>$ 14,120,317</td><td>$ 4,707,563</td><td>$ 721,709,112</td></tr><tr><td>Commodity Credit Corporation</td><td>$ 7,965,097,102</td><td>1,212,139,923</td><td>46,769,843</td><td>110,578,381</td><td>10,913,096,773</td></tr><tr><td>Disaster Loan Corporation</td><td>217,723</td><td>26,380,600</td><td>1,024,731</td><td>29,896</td><td>51,652,950</td></tr><tr><td>Export-import Bank of Washington</td><td>-</td><td>135,142,802</td><td>34,487,634</td><td>9,573</td><td>351,640,009</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>155,986,342</td><td>536,715,462</td><td>5,181,418</td><td>987,382,487</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>41,978,328</td><td>668,216,112</td><td>604,126,802</td><td>28,052,463</td><td>1,807,373,705</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>1,119,503,535</td><td>57,027,654</td><td>86,854,319 2/</td><td>1,145,126,508</td></tr><tr><td>Federal National Mortgage Association</td><td>2,390,523</td><td>208,856,921</td><td>47,466,533</td><td>1,659,769</td><td>315,749,721</td></tr><tr><td>Federal Public Housing Authority</td><td>974,105</td><td>866,940,531</td><td>62,673,064</td><td>1,630,010</td><td>1,397,752,377</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>58,996,095</td><td>3,498,974</td><td>162,495,069</td></tr><tr><td>Home Owners' Loan Corporation</td><td>337,361,192</td><td>1,612,510,821</td><td>1,146,302,229</td><td>34,337,201</td><td>7,024,964,993</td></tr><tr><td>Reconstruction Finance Corporation 6/</td><td>38,085,743</td><td>6,510,665,458</td><td>865,360,816</td><td>142,640,655</td><td>16,474,415,795</td></tr><tr><td>RFC Mortgage Company, The</td><td>1,345,675</td><td>195,632,986</td><td>23,942,074</td><td>8,591,868</td><td>346,332,270</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>39,635,756</td><td>35,562,440</td><td>141</td><td>452,743,157</td></tr><tr><td>Var corporations 1/</td><td>3,570,489,902</td><td>143,355,480</td><td>29,876,913</td><td>2,594,109,027</td><td>14,085,632,813</td></tr><tr><td>Total</td><td>$11,957,940,293</td><td>$13,504,576,750</td><td>$3,564,452,607</td><td>$3,021,881,258</td><td>$56,539,067,739</td></tr></table>
Reports received from the corporations and agencies.
1/ Items in this column are the only ones in this statement which constitute a charge against the Federal Budget. They represent amounts of funds drawn against available appropriations.
2/ Except for the H.O.L.C., sales of obligations in the market, as shown in this column, are reduced by the amount of obligations which have been retired (including those which have in effect been refunded through the sale of obligations to the Treasury). In the case of the H.O.L.C., the original amount of obligations sold in the market is shown in this column and the retirement and refunding of these obligations are shown as "Retirement of obligations issued in exchange for mortgages" in the statement of uses of funds.
1/ Includes $3,000,000 E.I.R.A.; $97,000,000 R.V.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 80. 442- 75th Congress, approved March 8, 1938.
4/ These funds were furnished by the R.P.C. from the proceeds of its notes sold to the Treasury, such amounts being included in
the total of obligations of the corporation canceled by the Secretary of the Treasury pursuant to the Act of February 24, 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 Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, Metele Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation. 8/ Receipts from the sale of property acquired in liquidation of loans are shown as "Safe of other property acquired". 9/ Includes $61,235,350 paid-in capital stock held by member institutions.
68
Treasury Bulletin
Uses of Funds of Certain Government Corporations and Credit Agencies from Inception of Organization through June 30, 1944
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 1,240,792</td><td>-</td><td>-</td><td>$ 672,946,839</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>20,825,190</td><td>-</td><td>$ 7,713,290,096</td><td>2,584,478,958</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>4,123,692</td><td>$ 133,189</td><td>-</td><td>30,713,195</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>1,217,607</td><td>23,044</td><td>-</td><td>278,001,022</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>35,554,537</td><td>-</td><td>-</td><td>205,216,012</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>101,621,212</td><td>-</td><td>21,346,182</td><td>1,117,022,787</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>13,330,902</td><td>-</td><td>-</td><td>1,247,781,081</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>5,580,168</td><td>6,017,569</td><td>-</td><td>271,418,924</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>25,200,636</td><td>8,438,949</td><td>84,344,290</td><td>1,178,859,663</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2,323,534</td><td>128,674</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>247,665,920</td><td>172,728,592</td><td>150,005,780</td><td>3,275,529,972</td><td>$2,295,149,875 2/</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>110,998,457</td><td>13,518,371</td><td>461,895</td><td>8,285,494,877</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>6,913,724</td><td>5,547,844</td><td>9,689,350</td><td>311,790,882</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>20,384,770</td><td>-</td><td>-</td><td>387,630,670</td><td>-</td></tr><tr><td>War corporations 4/</td><td>28,326,675</td><td>352,222,533</td><td>10,902,704,814</td><td>372,880,876</td><td>-</td></tr><tr><td>Total</td><td>$625,307,816</td><td>$558,758,765</td><td>$18,881,842,407</td><td>$20,219,765,758</td><td>$2,295,149,875</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net) $/</th><th>Allocations, re-discounts, and loans to other government corporations and credit agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 31,878,790</td><td>-</td><td>$ 1,611,755</td><td>$ 3,690,225</td><td>$ 711,368,402</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>$ 236,437,796</td><td>$ 46,854,131</td><td>$ 300,787,116</td><td>$ 10,902,673,287</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>$ 16,681,670</td><td>-</td><td>$ 204</td><td>$ 51,651,950</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>$ 57,350,000</td><td>$ 13,175,178</td><td>$ 593,801</td><td>$ 350,360,652</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>$ 688,931,112</td><td>-</td><td>-</td><td>$ 30,859,385</td><td>$ 960,561,046</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>$ 171,954,700</td><td>-</td><td>$ 366,701,738</td><td>$ 26,451,872</td><td>$ 1,805,098,491</td></tr><tr><td>Federal home loan banks</td><td>$ 131,973,331</td><td>-</td><td>$ 29,382,209</td><td>$ 1,002,154</td><td>$ 1,423,469,677</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>$ 32,476,653</td><td>$ 256,407</td><td>$ 315,749,721</td></tr><tr><td>Federal Public Housing Authority</td><td>$ 7,070,000</td><td>-</td><td>$ 14,170,869</td><td>$ 34,685,946</td><td>$ 1,352,770,352</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>$ 146,988,843</td><td>-</td><td>$ 3,035,326</td><td>$ 9,018,320 6/</td><td>$ 161,494,698</td></tr><tr><td>Home Owners' Loan Corporation</td><td>$ 161,529,250</td><td>-</td><td>$ 615,528,183</td><td>$ 6,465,744</td><td>$ 6,924,603,315</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>$ 367,041,001</td><td>$ 7,273,779,637</td><td>$ 369,040,294</td><td>$ 23,485,686</td><td>$ 16,443,820,218</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>-</td><td>$ 11,610,692</td><td>$ 778,651</td><td>$ 346,331,143</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>$ 25,501,834</td><td>$ 371,526</td><td>$ 433,888,801</td></tr><tr><td>Var corporations 4/</td><td>$ 3,000,000</td><td>$ 234,541,757</td><td>$ 3,486,781</td><td>$ 2,044,421,961</td><td>$ 13,941,585,397</td></tr><tr><td>Total</td><td>$1,710,367,027</td><td>$7,818,790,860</td><td>$1,532,575,643</td><td>$2,482,868,998</td><td>$56,125,427,150</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 $844,818,453 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, $114,767,341; Central Bank for Cooperatives, $15,050,000. 
6/ Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
September 1944
69
INTERNAL REVENUE STATISTICS
70
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 colspan="2">Social Security taxes 5/</th><th>Carriers' Taxing Act of 1937</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></th></tr><tr><td>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>674,116</td><td>738,520</td><td>14,509</td><td>18</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>1,286,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>502,917</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,540</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>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</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>7,351,533</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</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>13,029,915</td><td>8,006,883</td><td>3,262,800</td><td>4,687,462</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>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</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-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>8,947</td><td>32,813</td></tr><tr><td>September</td><td>4,613,249</td><td>4,191,778</td><td>2,044,715</td><td>2,132,387</td><td>14,676</td><td>27,863</td><td>2,949</td><td>937</td><td>23,977</td></tr><tr><td>October</td><td>2,179,567</td><td>1,643,578</td><td>1,086,451</td><td>548,414</td><td>8,713</td><td>114,661</td><td>108,405</td><td>5,486</td><td>770</td></tr><tr><td>November</td><td>2,089,229</td><td>1,470,850</td><td>1,147,554</td><td>307,579</td><td>15,717</td><td>242,827</td><td>207,051</td><td>8,339</td><td>27,437</td></tr><tr><td>December</td><td>5,017,358</td><td>4,590,615</td><td>2,175,565</td><td>2,410,218</td><td>4,832</td><td>38,450</td><td>1,496</td><td>1,086</td><td>35,868</td></tr><tr><td>1944-January</td><td>2,088,486</td><td>1,584,390</td><td>1,039,535</td><td>538,653</td><td>6,202</td><td>122,183</td><td>84,530</td><td>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>49,990</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>1,288,899</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><tr><td>July</td><td>2,620,149</td><td>1,729,491</td><td>1,318,941</td><td>403,887</td><td>6,663</td><td>136,475</td><td>127,846</td><td>5,941</td><td>2,688</td></tr></table>
Miscellaneous internal revenue
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes 6/</th><th>Agricultural adjustment taxes</th></tr><tr><td>1935</td><td>1,649,782</td><td>91,508</td><td>212,112</td><td>410,926</td><td>458,776</td><td>43,133</td><td>342,275</td><td>91,052</td><td>526,222</td></tr><tr><td>1936</td><td>2,004,514</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,786</td><td>68,990</td><td>379,540</td><td>76,172</td><td>62,323</td></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,670</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,501</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,072</td><td>38,681</td><td>447,088</td><td>148,926</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td><td>-</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td><td>-</td></tr><tr><td>1943</td><td>4,571,131</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-July</td><td>651,617</td><td>135,645</td><td>47,910</td><td>125,168</td><td>86,771</td><td>4,021</td><td>59,488</td><td>192,614</td><td>-</td></tr><tr><td>August</td><td>594,917</td><td>187,876</td><td>24,847</td><td>128,869</td><td>89,965</td><td>4,510</td><td>55,538</td><td>103,512</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>62,648</td><td>57,923</td><td>-</td></tr><tr><td>March</td><td>401,192</td><td>472</td><td>60,364</td><td>123,999</td><td>76,697</td><td>4,586</td><td>58,720</td><td>76,354</td><td>-</td></tr><tr><td>April</td><td>423,827</td><td>193</td><td>56,102</td><td>169,334</td><td>71,893</td><td>4,800</td><td>51,297</td><td>70,208</td><td>-</td></tr><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>64,444</td><td>102,910</td><td>-</td></tr><tr><td>July</td><td>754,183</td><td>128,357</td><td>47,686</td><td>209,940</td><td>77,314</td><td>5,233</td><td>71,586</td><td>214,067</td><td>-</td></tr></table>
Source: Reports of collections.
1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Includes victory tax collections and collections under the Current Tax Payment Act of 1943.
3/ Includes income tax collections on Alaskan railroads. The excess profits tax shown in this column is that 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. For the period prior to September 1939 the data in the columns entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act represent contributions under Titles VIII and IX, respectively, of the Social Security Act. Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
September 1944
71
COLLECTIONS OF INTERNAL REVENUE
1Includes miscellaneous profits taxes
72
Treasury Bulletin
Detailed Analysis of Current Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Sources of revenue</th><th>July 1944</th><th>July 1943</th><th>Sources of revenue</th><th>July 1944</th><th>July 1943</th></tr><tr><td>Income and profit taxes:</td><td></td><td></td><td>Miscellaneous internal revenue (continued):</td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td>Stamp taxes:</td><td></td><td></td></tr><tr><td>Withheld by employers (Current Tax Payment Act of 1943) 2/.</td><td>1,178,824</td><td>-</td><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>2,417</td><td>1,979</td></tr><tr><td>Victory tax (Revenue Act of 1942).</td><td>468</td><td>332,782</td><td>Transfers of capital stock and similar interest sales.</td><td>2,291</td><td>1,515</td></tr><tr><td>Other:</td><td></td><td></td><td>Playing cards.</td><td>521</td><td>519</td></tr><tr><td>Current 3/.</td><td>131,516</td><td>527,210</td><td>Silver bullion sales or transfers.</td><td>4</td><td>8</td></tr><tr><td>Back.</td><td>8,133</td><td>13,827</td><td>Total stamp taxes.</td><td>5,233</td><td>4,021</td></tr><tr><td>Total individual income taxes.</td><td>1,318,941</td><td>873,819</td><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td></tr><tr><td>Corporation:</td><td></td><td></td><td>Lubricating oils.</td><td>5,473</td><td>4,295</td></tr><tr><td>Income taxes:</td><td></td><td></td><td>Gasoline.</td><td>22,214</td><td>26,365</td></tr><tr><td>Current 3/.</td><td>92,549</td><td>142,108</td><td>Tires and tubes.</td><td>5,852</td><td>3,635</td></tr><tr><td>Back.</td><td>21,807</td><td>19,142</td><td>Floor taxes on tires and tubes.</td><td>1</td><td>11</td></tr><tr><td>Excise profits taxes (Second Revenue Act of 1940 as amended).</td><td>289,531</td><td>186,126</td><td>Automobile trucks and buses.</td><td>660</td><td>185</td></tr><tr><td>Total corporation taxes.</td><td>403,887</td><td>347,376</td><td>Other automobiles and motorcycles.</td><td>143</td><td>40</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td>Parts and accessories for automobiles.</td><td>2,900</td><td>2,595</td></tr><tr><td>Declared value.</td><td>6,661</td><td>10,206</td><td>Electrical energy.</td><td>4,256</td><td>4,660</td></tr><tr><td>Vinson Act.</td><td>-</td><td>6</td><td>Electric, gas, and oil appliances.</td><td>1,418</td><td>365</td></tr><tr><td>Uojust enrichment.</td><td>2</td><td>35</td><td>Electric light bulbs and tubes.</td><td>539</td><td>450</td></tr><tr><td>Total miscellaneous profits taxes.</td><td>6,663</td><td>10,247</td><td>Electric signs (repealed as of 11/1/42).</td><td>4</td><td>13</td></tr><tr><td>Total income and profits taxes.</td><td>1,729,491</td><td>1,231,442</td><td>Radio sets, phonographs, components, etc.</td><td>282</td><td>245</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td>Photograph records.</td><td>124</td><td>84</td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td>Musical instruments.</td><td>48</td><td>56</td></tr><tr><td>Federal Insurance Contributions Act (Old-age insurance).</td><td>127,846</td><td>109,533</td><td>Mechanical refrigerators, air-conditioners, etc.</td><td>196</td><td>469</td></tr><tr><td>Federal Unemployment Tax Act (Unemployment insurance).</td><td>5,941</td><td>4,846</td><td>Matches.</td><td>623</td><td>749</td></tr><tr><td>Total Social Security taxes.</td><td>133,787</td><td>114,379</td><td>Floor taxes on matches.</td><td>-</td><td>-</td></tr><tr><td>Carriers' Taxing Act of 1937.</td><td>2,688</td><td>1,447</td><td>Business and store machines.</td><td>350</td><td>212</td></tr><tr><td>Total employment taxes.</td><td>136,475</td><td>115,826</td><td>Furs - retailers' excise.</td><td>1,443</td><td>1,655</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td>Jewelry - retailers' excise.</td><td>11,771</td><td>8,316</td></tr><tr><td>Capital stock tax.</td><td>128,357</td><td>135,645</td><td>Luggage - retailers' excise (effective 4/1/44).</td><td>5,568</td><td>-</td></tr><tr><td>Estate tax.</td><td>46,709</td><td>47,000</td><td>Luggage - manufacturers' excise (suspended as of 4/1/44).</td><td>1</td><td>714</td></tr><tr><td>Gift tax.</td><td>977</td><td>910</td><td>Optical equipment (repealed as of 11/1/42)</td><td>1</td><td>949</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td>Photographic apparatus.</td><td>1,122</td><td>30</td></tr><tr><td>Distilled spirits (imported, excise).</td><td>22,669</td><td>11,856</td><td>Rubber articles (repealed as of 11/1/42).</td><td>7</td><td>219</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>76,779</td><td>46,755</td><td>Sporting goods.</td><td>304</td><td>3,128</td></tr><tr><td>Distilled spirits rectification tax.</td><td>1,779</td><td>1,191</td><td>Toilet preparations - retailers' excise.</td><td>5,908</td><td>28</td></tr><tr><td>Wines, cordials, etc. (imported, excise).</td><td>300</td><td>105</td><td>Washing machines (repealed as of 11/1/42).</td><td>4</td><td>22</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>3,058</td><td>2,184</td><td>Pistols, shells and cartridges.</td><td>375</td><td>3</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940).</td><td>-</td><td>-</td><td>Repeated taxes not listed above.</td><td>5</td><td>5</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes).</td><td>3,354</td><td>3,539</td><td>Total manufacturers' and retailers' excise taxes.</td><td>71,586</td><td>59,488</td></tr><tr><td>Stamps for distilled spirits intended for export.</td><td>4</td><td>1</td><td>Miscellaneous taxes:</td><td></td><td></td></tr><tr><td>Case stamps for distilled spirit bottled in bond.</td><td>108</td><td>166</td><td>Bituminous Coal Act of 1937.</td><td>1</td><td>380</td></tr><tr><td>Container stamps.</td><td>1,130</td><td>555</td><td>Sugar Act of 1937.</td><td>4,966</td><td>6,003</td></tr><tr><td>Floor taxes.</td><td>36,638</td><td>4,136</td><td>Telephone, telegraph, radio and cable, leased wires, etc.</td><td>15,325</td><td>12,247</td></tr><tr><td>Fermented malt liquors.</td><td>62,715</td><td>53,035</td><td>Local telephone service.</td><td>8,746</td><td>8,698</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>1,406</td><td>1,646</td><td>Transportation of oil by pipe lines.</td><td>1,120</td><td>1,203</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>209,940</td><td>125,168</td><td>Transportation of persons, seats, berths.</td><td>21,449</td><td>13,616</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td>Transportation of property (effective 12/1/42).</td><td>20,085</td><td>19,628</td></tr><tr><td>Cigars (large).</td><td>2,408</td><td>2,234</td><td>Use of motor vehicles (effective 2/1/42).</td><td>98,848</td><td>104,292</td></tr><tr><td>Cigars (small).</td><td>8</td><td>8</td><td>Use of boats (effective 2/1/42).</td><td>143</td><td>101</td></tr><tr><td>Cigarettes (large).</td><td>12</td><td>4</td><td>Leases of safe-deposit boxes.</td><td>696</td><td>581</td></tr><tr><td>Cigarettes (small).</td><td>70,975</td><td>80,076</td><td>Admissions to theaters, concerts, etc.</td><td>26,258</td><td>14,025</td></tr><tr><td>Snuff.</td><td>460</td><td>625</td><td>Admissions to ceberts, roof gardens, etc.</td><td>5,086</td><td>1,726</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>3,381</td><td>3,689</td><td>Club dues and initiation fees.</td><td>884</td><td>656</td></tr><tr><td>Cigarette papers and tubes.</td><td>69</td><td>131</td><td>Bowling alleys, pool tables, etc.</td><td>1,481</td><td>830</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>4</td><td>Coin operated devices.</td><td>7,356</td><td>7,422</td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>1</td><td>4</td><td>Adulterated and processed or recovated butter, mixed flour 4/ and filled cheese.</td><td>13</td><td>2</td></tr><tr><td>Total tobacco taxes.</td><td>77,314</td><td>85,771</td><td>Oleomargarine, including special taxes.</td><td>996</td><td>886</td></tr><tr><td>Harcoites, including marihuana and special taxes.</td><td>128</td><td>182</td><td>Coconut and other vegetable oils processed.</td><td>477</td><td>124</td></tr><tr><td>Total miscellaneous taxes.</td><td>214,067</td><td>192,614</td><td>National Firearms Act.</td><td>7</td><td>11</td></tr><tr><td>Total miscellaneous internal revenue.</td><td>754,183</td><td>651,617</td><td>All other, including repealed taxes not listed above.</td><td>2</td><td>1</td></tr><tr><td>Total internal revenue.</td><td>2,620,149</td><td>1,998,885</td><td>Total miscellaneous taxes.</td><td>214,067</td><td>192,614</td></tr><tr><td colspan="6">Sources: Reports of collections.</td></tr><tr><td>1/</td><td colspan="4">Revised.</td><td>3/</td><td colspan="2">Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.</td></tr><tr><td>2/</td><td colspan="4">Less than $500.</td><td>4/</td><td colspan="2">Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.</td></tr><tr><td>3/</td><td colspan="4">Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.</td><td colspan="2"></td></tr><tr><td>4/</td><td colspan="4">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.</td><td colspan="2"></td></tr></table>
September 1944
73
MONETARY STATISTICS
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 U.S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1934</td><td>8,238.6</td><td>5,274.0</td><td>156.0</td><td>1,800.0</td><td>1,008.6</td></tr><tr><td>1935</td><td>10,122.9</td><td>7,679.5</td><td>156.0</td><td>1,800.0</td><td>487.4</td></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1943-July</td><td>22,334.8</td><td>20,219.4</td><td>156.0</td><td>1,800.0</td><td>159.4</td></tr><tr><td>August</td><td>22,242.8</td><td>20,127.7</td><td>156.0</td><td>1,800.0</td><td>159.1</td></tr><tr><td>September</td><td>22,175.0</td><td>20,067.1</td><td>156.0</td><td>1,800.0</td><td>151.9</td></tr><tr><td>October</td><td>22,115.7</td><td>20,002.6</td><td>156.0</td><td>1,800.0</td><td>157.1</td></tr><tr><td>November</td><td>22,064.7</td><td>19,953.1</td><td>156.0</td><td>1,800.0</td><td>155.6</td></tr><tr><td>December</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944-January</td><td>21,918.2</td><td>19,800.7</td><td>156.0</td><td>1,800.0</td><td>161.4</td></tr><tr><td>February</td><td>21,711.6</td><td>19,591.0</td><td>156.0</td><td>1,800.0</td><td>164.6</td></tr><tr><td>March</td><td>21,599.9</td><td>19,477.2</td><td>156.0</td><td>1,800.0</td><td>166.7</td></tr><tr><td>April</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>19,190.9</td><td>156.0</td><td>1,800.0</td><td>156.8</td></tr><tr><td>June</td><td>21,173.1</td><td>19,063.5</td><td>156.0</td><td>1,800.0</td><td>153.5</td></tr><tr><td>July p</td><td>20,995.9</td><td>18,876.9</td><td>156.0</td><td>1,800.0</td><td>162.9</td></tr></table>
Source: Daily Treasury Statements. p Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (e) the
Gold Certificate Fund - Board of Governors, Federal Reserve System, and (b) the Redemption Fund - Federal Reserve notes. 2/3/ Excludes gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(in millions of dollars at $35 per fine ounce)
Monetary Stocks of Gold and Silver
(in millions of dollars)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th><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>1939 - Jan.-Mar.</td><td>44.40</td><td>699.30</td><td>3.31</td><td>747.01</td><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td></tr><tr><td>Apr.-June</td><td>43.69</td><td>804.96</td><td>3.11</td><td>851.76</td><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>July-Sept.</td><td>52.34</td><td>765.95</td><td>3.24</td><td>821.53</td><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>Oct.-Dec.</td><td>51.62</td><td>657.47</td><td>2.84</td><td>711.93</td><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1940 - Jan.-Mar.</td><td>46.77</td><td>739.62</td><td>2.93</td><td>789.32</td><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>Apr.-June</td><td>46.37</td><td>1,480.79</td><td>3.14</td><td>1,530.30</td><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>July-Sept.</td><td>52.27</td><td>1,225.88</td><td>3.16</td><td>1,281.31</td><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>Oct.-Dec.</td><td>73.63</td><td>674.04</td><td>2.50</td><td>750.17</td><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1941 - Jan.-Mar.</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>Apr.-June</td><td>30.91</td><td>224.76</td><td>1.40</td><td>257.07</td><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>July-Sept.</td><td>57.05</td><td>76.11</td><td>3.27</td><td>136.43</td><td>1943-July</td><td>22,334.8</td><td>4,294.4</td><td>16.1</td></tr><tr><td>Oct.-Dec.</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td><td>August</td><td>22,242.8</td><td>4,276.0</td><td>16.1</td></tr><tr><td>1942 - Jan.-Mar.</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td><td>September</td><td>22,175.0</td><td>4,233.1</td><td>16.0</td></tr><tr><td>Apr.-June</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td><td>October</td><td>22,115.7</td><td>4,223.7</td><td>16.0</td></tr><tr><td>July-Sept.</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td><td>November</td><td>22,064.7</td><td>4,213.7</td><td>16.0</td></tr><tr><td>Oct.-Dec.</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td><td>December</td><td>21,937.6</td><td>4,208.6</td><td>16.1</td></tr><tr><td>1943 - Jan.-Mar.</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td><td>1944-January</td><td>21,918.2</td><td>4,174.9</td><td>16.0</td></tr><tr><td>Apr.-June</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td><td>February</td><td>21,711.6</td><td>4,147.1</td><td>16.0</td></tr><tr><td>July-Sept</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td><td>March</td><td>21,599.9</td><td>4,142.6</td><td>16.1</td></tr><tr><td>Oct.-Dec.</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td><td>April</td><td>21,429.2</td><td>4,088.3</td><td>16.0</td></tr><tr><td>1944 - Jan.-Mar.</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td><td>May</td><td>21,263.7</td><td>4,083.6</td><td>16.1</td></tr><tr><td>Apr.-June</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td><td>June</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>July p</td><td>20,995.9</td><td>3,938.5</td><td>15.8</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
Source: Daily Treasury Statement and Circulation Statement of United States Money. p. Preliminary.
September 1944
75
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="3">Silver held in Treasury</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th colspan="2">Securing silver certificates 1/</th><th>Subsidiary coin 2/</th><th>Bullion for recolocage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><td>1934</td><td>211.6</td><td>508.4</td><td>4.2</td><td>8.8</td><td>89.3</td><td>35.2</td><td>305.3</td><td>1,279.7</td></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>.2</td><td>262.7</td><td>38.4</td><td>323.5</td><td>1,970.1</td></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.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>938.6</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>682.3</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-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>1,520.0</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</td><td>1,520.1</td><td>389.2</td><td>20.4</td><td>7.8</td><td>448.8</td><td>105.2</td><td>714.1</td><td>3,947.9</td></tr><tr><td>July p.</td><td>1,520.1</td><td>387.8</td><td>20.7</td><td>2.8</td><td>444.2</td><td>106.6</td><td>722.6</td><td>3,938.5</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United Statee 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 recoining of subsidiary silver coins or for recolong of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1934</td><td>32.5</td><td>21.8</td><td>14.1</td><td>110.6</td><td>55.3</td><td>172.5</td><td>86.5</td><td>304.9</td><td>155.9</td></tr><tr><td>1935</td><td>45.6</td><td>38.0</td><td>27.3</td><td>2.0</td><td>1.0</td><td>494.4</td><td>318.2</td><td>534.3</td><td>346.5</td></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>......</td><td>......</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</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</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</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-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><tr><td>June</td><td>2.9</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. 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 64.64+ cente 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="6">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-minted silver (Proc. Dec. 21, 1933)</th><th>Newly-minted 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>302.1</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>511.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1943-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>922.1</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><tr><td>July</td><td>326.2</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>779.0</td></tr></table>
Base: Daily Treasury Statements.
1/ Those items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Net Capital Movement to the United States, 1935 through May 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-May 31, 1944)</td><td>340,280</td><td>381,771</td><td>2,129</td><td>-20,975</td><td>-22,645</td></tr><tr><td>Total (Jan. 2, 1935-May 31, 1944)</td><td>7,458,865</td><td>5,755,624</td><td>119,884</td><td>680,122</td><td>903,235</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943-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>-12,935</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><tr><td>May</td><td>-5,438</td><td>1,151</td><td>1,616</td><td>-6,082</td><td>-2,123</td></tr></table>
Beck Figures: Monthly date 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
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, $300
Treas. HJ 10 Treasury Bulletin A2 1944 c.2
U.S. TREASURY LIBRARY
1 0031928