Trease. HJ 10 A2 c.2
TREASURY DEPARTMENT
111. F. A. Y.
Room 5013
CEARY
00-01 2020
JUN 9 1972
TREASURY DEPARTMENT
BULLETIN
OF THE
TREASURY DEPARTMENT
DECEMBER
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
1
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="13">Issue and page number</th></tr><tr><th>Dec.</th><th>Nov.</th><th>Oct.</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></tr><tr><td>Excise taxes in the United States, Canada, and United Kingdom.</td><td>A-2-A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>Sixth War Loan, November-December, 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 patterns for Loan and sales reported through December 7.</td><td>A-1-A-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans.</td><td>A-7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of features of securities offered.</td><td>A-8-A-9</td><td></td><td></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>A-1-A-15</td><td></td><td></td><td>A-3</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>A-4-A-5</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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></td><td></td><td>A-1-A-11</td><td>A-2</td><td></td><td>7</td><td>8-9</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>Preliminary report on sales.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>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>A-16</td><td></td><td></td><td></td><td>A-12</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fifth 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>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>War finance policies (Three speeches by the Secretary of the Treasury).</td><td>A-1-A-6</td><td></td><td></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 and liabilities of all active banks in the United States, December 31, 1939 through June 30, 1944.</td><td>A-10-A-13</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings bonds - new provisions for redemption through banks.</td><td>A-1</td><td></td><td></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-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank deposits, geographic distribution on December 31, 1941, 1942, and 1943.</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><td></td></tr><tr><td>Corporate net income, income taxes, and dividends, 1936-1944.</td><td>A-2-A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>A-14-A-1</td><td>A-8</td><td>A-16</td><td>A-4</td><td>A-2</td><td>A-12-A-13</td><td>A-2</td><td></td><td></td><td></td><td>7</td><td></td><td></td></tr><tr><td>Financing the war and the post-war readjustment (Speech by the Under Secretary 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>1-6</td><td></td><td></td></tr><tr><th colspan="14">Summary of fiscal statistics</th></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>2</td><td>2</td><td>2</td><td>10</td><td></td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>11</td><td></td></tr><tr><td>Means of financing cash requirements.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>11</td><td></td></tr><tr><th colspan="14">Receipts and expenditures and appropriations</th></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>5</td><td>5</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></td></tr><tr><td>Analysis of receipts from internal revenue.</td><td>5</td><td>5</td><td>5</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></td></tr><tr><td>Analysis of general expenditures.</td><td>6</td><td>6</td><td>6</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></td></tr><tr><td>Analysis of expenditures for war activities.</td><td>7</td><td>7</td><td>7</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></td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>7</td><td>7</td><td>7</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></td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years.</td><td>5-9</td><td>5-9</td><td>5-9</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>10-11</td><td>15-19</td><td></td></tr><tr><td>Trust accounts, etc. receipts and expenditures.</td><td>10</td><td>10</td><td>10</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></td></tr><tr><td>Means of financing cash requirements.</td><td>11</td><td>11</td><td>11</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></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>12</td><td>12</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></td></tr><tr><td>Railroad Retirement Act.</td><td>13</td><td>13</td><td>13</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>21</td><td></td></tr><tr><td>Railroad Unemployment Insurance Act.</td><td>13</td><td>13</td><td>13</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></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>14</td><td>14</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></td></tr><tr><td>Railroad Retirement Account.</td><td>14</td><td>14</td><td>14</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></td></tr><tr><td>Unemployment Trust Fund.</td><td>14</td><td>14</td><td>14</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></td></tr><tr><td>Appropriations and net contract authorisations for the war activities program</td><td>15-16</td><td>15-16</td><td>15-16</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></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>17</td><td>17</td><td>17</td><td>25</td><td></td></tr><tr><td>Total cash income and outgo by months beginning with:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1938.</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>25</td><td></td></tr><tr><td>January 1939.</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>17</td><td>17</td><td>17</td><td></td><td></td></tr></table>
(Continued on following page)
December 1944
11
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="13">Issue and page number</th></tr><tr><th>Dec.</th><th>Nov.</th><th>Oct.</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></tr><tr><td>General Fund of the Treasury</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>19</td><td>19</td><td>19</td><td>27</td></tr><tr><td>Assets, liabilities, and balance in 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>20</td><td>20</td><td>20</td><td>28</td></tr><tr><td>Analysis of changes in balance of General Fund.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations of United States Government</td><td></td><td></td><td></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></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary.</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23</td><td>23</td><td>23</td><td>31</td></tr><tr><td>Detailed statement</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>25-26</td><td>23-24</td><td>23-24</td><td>23-24</td><td>24</td><td>24</td><td>24</td><td>32</td></tr><tr><td>Fiscal years, 1935-1944.</td><td>26</td><td>26</td><td>26</td><td>26</td><td>27</td><td>25</td><td>25</td><td>25</td><td></td><td></td><td></td><td></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>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>30</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>25</td><td>25</td><td>25</td><td>33</td></tr><tr><td>Interest-bearing debt, composition of.</td><td>22</td><td>22</td><td>22</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>33</td></tr><tr><td>Guaranteed obligations held by Treasury.</td><td>27</td><td>27</td><td>27</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></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>26</td><td></td><td></td><td></td></tr><tr><td>December 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1944.</td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td>26</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944.</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>34</td></tr><tr><td>September 30, 1944.</td><td>27</td><td>27</td><td>27</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></tr><tr><td>Computed interest charge and computed interest rate.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States.</td><td>28-30</td><td>29-31</td><td>28-30</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></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>31</td><td>32</td><td>31</td><td>31</td><td>33</td><td></td><td></td><td></td><td></td><td></td><td></td><td>38</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>32</td><td>33</td><td>32</td><td>32</td><td>34</td><td>30</td><td>30</td><td>31</td><td>30</td><td>30</td><td>31</td><td>38</td></tr><tr><td>Offerings and maturities of Treasury bills.</td><td>33-34</td><td>34-35</td><td>33-34</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>39-40</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>36-37</td><td>35-36</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></tr><tr><td>Sales by series, classified by denominations.</td><td>37</td><td>38</td><td>37</td><td>37</td><td>39</td><td>35</td><td>35</td><td>36</td><td>35-36</td><td>35-36</td><td>36</td><td>41</td></tr><tr><td>Sales to investors other than commercial banks by series, classified by States.</td><td>38-39</td><td>39-40</td><td>38-39</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>44-45</td></tr><tr><td>Payroll savings plans.</td><td>40</td><td>41</td><td>40</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>46</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>41-42</td><td>40-41</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></tr><tr><td>Sales, classified by:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Denomination.</td><td>42</td><td>43</td><td>42</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></tr><tr><td>Type of purchaser.</td><td>42</td><td>43</td><td>42</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></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>44</td><td>43</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></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>43</td><td>44</td><td>43</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></tr><tr><td>States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>44</td><td>43</td><td>44</td><td>51</td></tr><tr><td>Ownership of United States Government securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary distribution, by holders.</td><td>45</td><td>46</td><td>45</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></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>46</td><td>47</td><td>46</td><td>46</td><td>48</td><td>44</td><td>45</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>47</td><td>46</td><td>46</td><td>48</td><td>44</td><td>45</td><td>45</td><td>46</td><td>45</td><td>46</td><td>53</td></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>October 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>52-57</td><td></td><td></td><td>47-52</td><td>54-59</td><td></td><td></td></tr><tr><td>November 30, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>52-57</td><td></td><td></td><td>46-51</td><td></td><td></td><td></td></tr><tr><td>December 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>52-57</td><td></td><td></td><td>47-52</td><td></td><td></td><td></td></tr><tr><td>January 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td>52-57</td><td>46-51</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></td><td></td><td>52-57</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1944.</td><td></td><td></td><td></td><td></td><td>49-52</td><td>45-48</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>47-50</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td>47-50</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 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>July 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td>48-51</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 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>September 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>Reclassification of data on banks, monthly November 30, 1943 through February 29, 1944.</td><td></td><td></td><td></td><td></td><td></td><td>52-57</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, 1943.</td><td></td><td></td><td></td><td></td><td>51-54</td><td>58-63</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 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></table>
(Continued on following page)
111
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="10">Issue and page number</th></tr><tr><th></th><th>Dec.</th><th>Nov.</th><th>Oot.</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></tr><tr><td colspan="12">1944</td><td>1943</td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td>53-55</td><td>61-63</td></tr><tr><td>November 30, 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td></td><td></td></tr><tr><td>January 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>53-55</td><td>54-56</td><td></td><td></td><td></td></tr><tr><td>February 29, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td>65-67</td><td>53-55</td><td>54-56</td><td></td><td></td><td></td></tr><tr><td>March 31, 1944</td><td></td><td></td><td></td><td></td><td>50-52</td><td></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>54-56</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1944</td><td></td><td></td><td>52-54</td><td>56-58</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944</td><td></td><td></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, 1944</td><td>53-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1944</td><td>52-54</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1944</td><td></td><td>56</td><td>55</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></tr><tr><td>October 31, 1944</td><td>55</td><td>56</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 showing yield structure of Treasury bonds and notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>58-59</td><td></td><td></td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-60</td><td></td><td></td><td></td><td></td></tr><tr><td>Discussion of revision of long-term Treasury bond average</td><td>56</td><td>57</td><td>56</td><td>60</td><td>58</td><td>54</td><td>69</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields, monthly and weekly, beginning with January 1933</td><td>57</td><td>58</td><td>57</td><td>61</td><td>59</td><td>55</td><td>70</td><td>61</td><td>60</td><td></td><td></td><td></td></tr><tr><td>Yield beginning with 1936</td><td></td><td></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 colspan="12">Corporations and credit agencies of the United States Government</td></tr><tr><td>Assets, liabilities and capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New quarterly statements:</td><td>59-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 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>Old monthly statements:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61-62</td><td>68-69</td><td></td></tr><tr><td>October 31, 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>60-61</td><td></td><td></td><td></td></tr><tr><td>November 30, 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-63</td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td>63-64</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></td><td></td><td>72-73</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1944</td><td></td><td></td><td></td><td>61-62</td><td>57-58</td><td></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></td><td></td><td>63-64</td><td>61-62</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944</td><td></td><td>59-60</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1944</td><td>60-61</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and uses of funds:</td><td>59</td><td>62-63</td><td>61-62</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></tr><tr><td>New statements being prepared</td><td></td><td>64-65</td><td>63-64</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></tr><tr><td>Fiscal year to date</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From inception of organization</td><td></td><td></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">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td>65-66</td><td>67-68</td><td>66-67</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></tr><tr><td>Summary date</td><td>67</td><td>69</td><td>68</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></tr><tr><td>Comparative detail for current period</td><td></td><td></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">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>76-77</td><td></td><td></td></tr><tr><td>September 30, 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>78-79</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943</td><td></td><td></td><td></td><td></td><td>72-73</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1944</td><td>71-72</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gold assets and liabilities of the Treasury</td><td>69</td><td>73</td><td>70</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></tr><tr><td>Increase from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>72</td><td></td><td></td></tr><tr><td>December 31, 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>74</td><td></td><td></td><td></td></tr><tr><td>March 31, 1944</td><td></td><td></td><td></td><td></td><td>74</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944</td><td></td><td>73</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>69</td><td></td><td>74</td><td></td><td></td><td>83</td><td></td><td>71</td><td></td><td></td><td></td><td></td></tr><tr><td>Monetary stocks of gold and silver</td><td>69</td><td>73</td><td>70</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></tr><tr><td>Components of silver monetary stock</td><td>70</td><td>74</td><td>71</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></tr><tr><td>Silver of specified classifications acquired by mints and assay offices</td><td>70</td><td>74</td><td>71</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></tr><tr><td>Silver production in United States</td><td>70</td><td>74</td><td>71</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></tr><tr><td>Seizuiorage on silver, by types</td><td>71</td><td>75</td><td>72</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></tr><tr><td>Capital movement between the United States and foreign countries</td><td>71</td><td>75</td><td>72</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></tr><tr><td>Money in circulation</td><td>72</td><td>76</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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.
December 1944
A-1
Sales Patterns for Sixth War Loan and Sales Reported
Through December 7
Sales of securities in the Sixth War Loan reached the national quota of $14.0 billions on December 7 and exceeded it by $0.1 billione. Indications are that final sales will be well in excess of the goal. This preliminary report reviews sales progress through December 7.
The following chart compares day by day sales through December 7 with anticipated sales patterns for (1) total sales, (2) sales to corporations, and (3) sales to individuals. The sales patterns, which are designated by broken lines on the chart, were developed to indicate the levels it was believed cumulative sales would have to
reach each day in order to achieve the quotas. These patterns are based on experience in previous war loans and take into account the time factors which differ from drive to drive, such as the dating of the marketable securities, the length of the counting period before the formal opening of the drive, and the length of the counting period after the sale of marketable issues has been completed. The experience in earlier loans is woven together to form the pattern or "beam" for the Sixth War Loan.
As indicated on the chart, total sales through December 7 were far in advance of the
ACTUAL SALES IN 6TH WAR LOAN COMPARED WITH EXPECTED SALES PATTERN
CUMULATIVE
DOLLARS
DOLLARS
A-2
Treasury Bulletin
sales pattern, having already exceeded the quota for the entire War Loan. Corporation purchases were substantially ahead of the pattern, having passed their total quota by $2.0 billions. Purchases by individuals had followed the sales pattern closely and, as of December 7, amounted to $3.0 billions or 60% of their total quota.
These figures show that the War Loan was going well through December 7 and indicate that the over-all quota will be surpassed by a substantial margin. The exact amount of oversubscription will not be known, of course, until final results are in. The sales patterns are only approximations prepared for the purpose of evaluating the progress of the War Loan and not
as a forecast of how much final sales will be.
Final figures on sales in the Sixth War Loan will be available early in January. While the formal period of the drive extends from November 20 to December 16, sales of savings bonds and savings notes processed by the Federal Reserve Banks and by the Treasury Department during the entire months of November and December will be credited to the drive to enable millions of persons to participate through the purchase of bonds by weekly or semi-monthly deductions from their pay during this period. The January issue of the "Treasury Bulletin" will present the final sales figures.
Comparison of Excise Taxes in the United States, Canada, and United Kingdom
A comparison of the excise taxes imposed by the central governments in the United Kingdom, Canada, and the United States was recently published in a Treasury tax study entitled "Excise Taxes: United States, Canada and United Kingdom". The following table summarizes information on comparative rates of tax for the principal excises reviewed in the study. The table does not include excises which are levied in only one of the three countries.
The study undertakes to show, in so far as possible, the relative tax rates on the taxed articles and services in the respective countries. Considerable attention is also devoted to showing the differences and similarities of the taxbases. The taxes compared are the Federal excise taxes of the United States, the duties of excise and some of the customs duties of the United Kingdom, and the Canadian duties of excise assessed under The Excise Act, 1934 and its amendments, as well as the excise taxes and retail purchase tax levied under the Special War Revenue Act. Excluded from the comparison are State excises and sales taxes in the United States, Provincial sales and excise taxes in Canada, the Canadian federal manufacturers' sales tax of 8%, and the British Purchase Tax. 1/
While no consideration is given to the United States or Canadian customs duties on articles subject to excises, it is necessary to refer to the British customs duties where articles subject to excises are wholly or largely imported. In the United States and Canada, excise taxes or excise duties are imposed on both domestically
produced and imported articles, and customs duties in virtually all cases represent an additional levy upon the imported articles.
Where not expressed as a percentage of selling price, the taxes are shown in terms of dollars per taxable unit. For this purpose British taxes have been converted to dollars. It should be noted, however, that conversion does not give a completely accurate picture of the comparative level of the taxes because of differences in internal prices in the two countries and wartime controls over exchange rates. Since conversion to United States currency would not make a major difference in the comparison with Canada, Canadian duties are, as a matter of convenience, expressed in Canadian currency.
In addition to problems of customs duties and currency conversion, there are also other problems of comparability which have precluded exact tax comparisons in every case. For some taxes it has been necessary to present derived rates rather than the actual statutory rates in order to place the taxes on a comparable basis. The actual rate and base of each excise may be determined by consulting the full text of the study. It is believed that the data presented give a reasonably accurate view of the excise tax rates in the three countries.
1/ See Treasury Department study "Considerations Respecting a Federal Retail Sales Tax", the parts on "Canadian Federal Sales Tax" and "British Purchase Tax", in the "Hearings Before the Committee on Ways and Means, Revenue Revision of 1943", pages 1095 - 1272.
December 1944
A-3
Summary comparison of United States, British, and Canadian excises
<table><tr><th>Article or a service taxed</th><th>Basis of comparison</th><th>United States</th><th>United Kingdom</th><th>Canada</th></tr><tr><td>Admissions:</td><td></td><td></td><td></td><td></td></tr><tr><td>General admissions....................</td><td>Charge for admission</td><td>20%</td><td>5%-100%</td><td>20%</td></tr><tr><td>Cabarets, roof gardens, etc............</td><td>Total charge to patron</td><td>20%</td><td>3/</td><td>25%</td></tr><tr><td>Alcoholic beverages:</td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits.....................</td><td>U. S. proof gallon</td><td>$9.00</td><td>$23.00</td><td>$8.03</td></tr><tr><td>Fermented malt liquors.................</td><td>Barrel of 31 wine gallons (type beer commonly consumed in respective countries)</td><td>$8.00</td><td>$28.39</td><td>$8.68</td></tr><tr><td>Wines:</td><td></td><td></td><td></td><td></td></tr><tr><td>Sparkling.........................</td><td>Wine gallon</td><td>$3.00</td><td>$5.00-$9.33</td><td>$2.08</td></tr><tr><td>Artificially carbonated.............</td><td>Wine gallon</td><td>$2.00</td><td>$5.00-$9.33</td><td>$2.08</td></tr><tr><td>Still.........................</td><td>Wine gallon containing by volume:</td><td></td><td></td><td></td></tr><tr><td></td><td>Not more than 14% alcohol</td><td>$1.15</td><td>$2.42-$3.42</td><td>$1.42</td></tr><tr><td></td><td>Over 14% but not over 21% alcohol</td><td>$1.60</td><td>$2.42-$6.25</td><td>$1.42</td></tr><tr><td></td><td>Over 21% but not over 24% alcohol</td><td>$2.00</td><td>$2.42-$6.25</td><td>$1.42</td></tr><tr><td>Rectified spirits and wines, additional tax</td><td>U. S. proof gallon</td><td>$3.30</td><td>3/</td><td>3/</td></tr><tr><td>Automotive vehicles:</td><td></td><td></td><td></td><td></td></tr><tr><td>Passenger vehicles....................</td><td>Manufacturers' sales price:</td><td></td><td></td><td></td></tr><tr><td></td><td>$900 or less</td><td>7%</td><td>3/</td><td>25%</td></tr><tr><td></td><td>Over $900 but not more than $1,200</td><td>7%</td><td>3/</td><td>25%-29%</td></tr><tr><td></td><td>Over $1,200</td><td>7%</td><td>3/</td><td>Over 29%</td></tr><tr><td>Buses.........................</td><td>Manufacturers' sales price</td><td>5%</td><td>3/</td><td>5%</td></tr><tr><td>Trucks.........................</td><td>Manufacturers' sales price</td><td>5%</td><td>3/</td><td>3/</td></tr><tr><td>Communications:</td><td></td><td></td><td></td><td></td></tr><tr><td>Telegraph, cable, and radio messages....</td><td>Charge for domestic messages</td><td>25%</td><td>3/</td><td>12%</td></tr><tr><td>Telephone and radio-telephone messages..</td><td>Charge for long distance messages</td><td>25%</td><td>3/</td><td>15%</td></tr><tr><td>Conveyances of reality................</td><td></td><td></td><td></td><td></td></tr><tr><td>Electric, gas, and oil appliances.....</td><td>$10,000 property</td><td>$11.00</td><td>$2.00</td><td>3/</td></tr><tr><td>Furnitures.........................</td><td>Manufacturers' sales price</td><td>10%</td><td>3/</td><td>25%</td></tr><tr><td></td><td>Retail price</td><td>20%</td><td>3/</td><td>9-1/2%</td></tr><tr><td>Gasoline.........................</td><td>Wine gallon</td><td>$0.15</td><td>$1.25</td><td>$0.025</td></tr><tr><td>Jewelry, clocks and watches............</td><td>Retail price</td><td>20% 4/</td><td>3/</td><td>25%</td></tr><tr><td>Lubricating oil.....................</td><td>Wine gallon</td><td>$0.06</td><td>$0.15</td><td>3/</td></tr><tr><td>Luggage, handbags, wallets, etc........</td><td>Retail price</td><td>20%</td><td>3/</td><td>19%</td></tr><tr><td>Matches.........................</td><td>Thousand matches</td><td>$0.02 and $.055</td><td>$0.23</td><td>$0.10</td></tr><tr><td>Playing cards.....................</td><td>Pack of 54 cards</td><td>$0.13</td><td>$0.05</td><td>$0.20</td></tr><tr><td>Photographic apparatus and supplies:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cameras, apparatus, and supplies (except films)............</td><td>Manufacturers' sales price</td><td>25%</td><td>3/</td><td>25%</td></tr><tr><td>Films.........................</td><td>Manufacturers' sales price</td><td>15%</td><td>3/</td><td>25%</td></tr><tr><td>Radios, phonographs, etc.............</td><td>Manufacturers' sales price</td><td>10%</td><td>3/</td><td>25%</td></tr><tr><td>Stocks and bonds:</td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, registered:</td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance.</td><td>$1,000 bond</td><td>$1.10</td><td>$1.25</td><td>3/</td></tr><tr><td>Transfer at face value.............</td><td>$1,000 bond</td><td>$1.50</td><td>$10.00</td><td>$3.30</td></tr><tr><td>Stocks, par value:</td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance.</td><td>$100 par value share</td><td>$1.11</td><td>$1.50</td><td>3/</td></tr><tr><td>Transfer at par value.............</td><td>$100 par value share</td><td>$1.06</td><td>$1.00</td><td>$0.44</td></tr><tr><td>Sugar.........................</td><td>Pound</td><td>$0.005</td><td>$0.04</td><td>$0.01</td></tr><tr><td>Tires and tubes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Tires.........................</td><td>Pound</td><td>$0.05</td><td>3/</td><td>$0.05</td></tr><tr><td>Tubes.........................</td><td>Pound</td><td>$0.09</td><td>3/</td><td>$0.05</td></tr><tr><td>Tobacco products:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cigarettes.....................</td><td>Package of 20</td><td>$0.07</td><td>$2.75 and $.34</td><td>$0.20</td></tr><tr><td>Cigars.........................</td><td>Thousand cigars</td><td>$2.50-$20.00</td><td>$164-$171</td><td>$6.25-$58.00</td></tr><tr><td>Manufactured tobacco................</td><td>Pound</td><td>$1.18</td><td>$6.79</td><td>$6.67</td></tr><tr><td>Cigarette papers and tubes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Papers.........................</td><td>Package of 100</td><td>$0.01</td><td>3/</td><td>$0.08</td></tr><tr><td>Tubes.........................</td><td>Package of 100</td><td>$0.02</td><td>3/</td><td>$0.14</td></tr><tr><td>Toilet preparations..................</td><td>Retail price</td><td>20%</td><td>3/</td><td>14%</td></tr><tr><td>Transportation of persons:</td><td></td><td></td><td></td><td></td></tr><tr><td>Transportation.....................</td><td>Charge for transportation</td><td>15%</td><td>3/</td><td>15%</td></tr><tr><td>Sorties and seats..................</td><td>Charge for berths and seats</td><td>15%</td><td>3/</td><td>13%</td></tr></table>
1/ The rates shown in this table, in many cases, are those which have been derived subsequent to a conversion of the actual excise tax in order to place the taxes on a comparable basis. The actual rate and base of each excise tax may be determined by consulting the full text of the study entitled "Excise Taxes, United States, Canada and United Kingdom". Central government sales taxes, and State or Provincial and local sales and excise taxes are excluded.
2/ Tax rates of United Kingdom converted on basis of £1 to $4.00. Canadian taxes are in Canadian currency. British and Canadian taxes rounded to nearest 1/2-cent for amounts of less than $1 and to nearest 1-cent for amounts of $1 and over. The following units of measurement are used: Imperial or Canadian gal-
ion = 277.418 cubic inches; wine gallon (standard gallon of the United States) = 231 cubic inches; Imperial or Canadian proof gallon = 277.418 cubic inches containing 57.1% of alcohol by volume at 60° F.; United States proof gallon = 231 cubic inches containing 50% of alcohol by volume at 60° F.; British hundredweight = 112 pounds; a wine gallon is equivalent to 0.833 Imperial or Canadian gallon, and a United States proof gallon is equivalent to 0.73 Imperial or Canadian proof gallon. No excise tax. Watches retailing for not more than $65 and alarm clocks retailing for not more than $5 are subject to a 10% rate.
December 1944
1
SUMMARY OF FISCAL STATISTICS
Treasury Bulletin
2
Budgetary Receipts and Expenditures
(in millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">First 4 months. fiscal years 1943 to 1945</th><th colspan="7">Complete fiscal years. 1941 to 1945</th></tr><tr><th>1943</th><th>1944</th><th>1945</th><th>Change 1944 to 1945</th><th colspan="3">Actual</th><th>Estimated 1/</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><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></tr><tr><td>Income and profits taxes 2/.</td><td>2,760</td><td>8,887</td><td>9,213</td><td>+325</td><td>3,470</td><td>7,960</td><td>16,094</td><td>34,655</td><td>34,646</td><td>+18,561</td><td>-9</td></tr><tr><td>Employment taxes.</td><td>373</td><td>454</td><td>497</td><td>+43</td><td>925</td><td>1,186</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>1,437</td><td>2,048</td><td>2,607</td><td>+559</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>+1,223</td></tr><tr><td>Customs.</td><td>91</td><td>141</td><td>105</td><td>-36</td><td>392</td><td>389</td><td>324</td><td>431</td><td>362</td><td>+107</td><td>-69</td></tr><tr><td>Other receipts 4/.</td><td>105</td><td>1,039</td><td>631</td><td>-408</td><td>515</td><td>286</td><td>916</td><td>3,292</td><td>3,655</td><td>+2,376</td><td>+363</td></tr><tr><td>Total receipts.</td><td>4,766</td><td>12,570</td><td>13,053</td><td>+483</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>Lees:</td><td></td><td></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>299</td><td>364</td><td>395</td><td>+31</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>4,467</td><td>12,206</td><td>12,657</td><td>+452</td><td>7,607</td><td>12,799</td><td>22,282</td><td>44,149</td><td>45,663</td><td>+21,867</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><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><td></td></tr><tr><td>War Department.</td><td>12,672</td><td>16,205</td><td>16,010</td><td>-195</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>5,369</td><td>7,799</td><td>10,036</td><td>+2,237</td><td>2,313</td><td>8,580</td><td>20,888</td><td>26,538</td><td>28,500</td><td>+5,649</td><td>+1,962</td></tr><tr><td>Miscellaneous war activities.</td><td>2,207</td><td>3,601</td><td>3,202</td><td>-399</td><td>310</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>20,247</td><td>27,605</td><td>29,248</td><td>+1,643</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>206</td><td>203</td><td>400</td><td>+197</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>222</td><td>180</td><td>128</td><td>-52</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>333</td><td>285</td><td>149</td><td>-136</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>360</td><td>409</td><td>426</td><td>+17</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>163</td><td>8</td><td>2</td><td>-7</td><td>1,374</td><td>11/</td><td>970</td><td>11/</td><td>299</td><td>17</td><td>-282</td><td>-17</td></tr><tr><td>Civilian Conservation Corps.</td><td>13</td><td>*</td><td>*</td><td>*</td><td>257</td><td>163</td><td>18</td><td>*</td><td>*</td><td>-18</td><td>-</td></tr><tr><td>Excess profits tax refund bonds 12/.</td><td>-</td><td>-</td><td>225</td><td>+225</td><td>-</td><td>-</td><td>-</td><td>134</td><td>700</td><td>+134</td><td>+566</td></tr><tr><td>Other 13/.</td><td>362</td><td>475</td><td>728</td><td>+253</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>337</td><td>556</td><td>877</td><td>+322</td><td>1,111</td><td>1,260</td><td>1,808</td><td>2,609</td><td>3,750</td><td>+801</td><td>+1,141</td></tr><tr><td>Total expenditures 6/.</td><td>22,244</td><td>29,720</td><td>32,183</td><td>+2,463</td><td>12,711</td><td>32,397</td><td>78,179</td><td>93,744</td><td>98,408</td><td>+15,565</td><td>+4,660</td></tr><tr><td>Net budgetary deficit 6/.</td><td>17,777</td><td>17,514</td><td>19,525</td><td>+2,011</td><td>5,103</td><td>19,598</td><td>55,897</td><td>49,595</td><td>52,741</td><td>-6,303</td><td>+3,146</td></tr></table>
Source: Daily Treasury Statements, except as noted. 
r Revised.
* Less than $500,000.
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 were as follows: fiscal year 1943, $558 millions; fiscal year 1944, $2,235 millions, of which $113 millions represented a voluntary return of excess profits. 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.
1/ Includes expenditures classified as transfers to trust accounts, etc. for the Adjusted Service Certificate Fund and the National Service Life Insurance Fund.
8/ Includes Public Works transactions classified as Revolving Funds (net).
9/ Includes Aid to agriculture transactions classified as Revolving Funds (net); expenditures of the Department of Agriculture classified as Departmental in the Daily Treasury Statement; and Office of Distribution transactions classified as transfers to trust accounts, etc.
10/ Includes expenditures classified as transfers to trust accounts, etc. for the Railroad Retirement Account and the Railroad Unemployment Insurance Administration Fund. Excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of the Social Security Act.
11/ Includes National Youth Administration.
12/ Represents transfers to public debt accounts for excess profit tax refund bonds.
13/ Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Government employee retirement and insurance funds.
December 1944
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 4 months, fiscal years 1943 to 1945</th><th colspan="7">End of fiscal years, 1941 to 1945</th></tr><tr><th></th><th>Oct. 31, 1942</th><th>Oct. 31, 1943</th><th>Oct. 31, 1944</th><th>Change Oct. 31, 1943 to Oct. 31, 1944</th><th colspan="3">Actual</th><th>Estimated 1/</th><th colspan="2">Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th><th>Actual June 30, 1943 to actual June 30, 1944</th><th>Actual June 30, 1944 to estimated June 30, 1945 1/</th></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>65,008</td><td>115,944</td><td>145,008</td><td>+29,064</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>2/</td><td>+45,092</td><td>2/</td></tr><tr><td>Non-marketable</td><td>18,672</td><td>35,776</td><td>47,430</td><td>+11,654</td><td>1,555</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>83,680</td><td>151,720</td><td>192,438</td><td>+40,718</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>8,585</td><td>11,868</td><td>16,170</td><td>+4,301</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>92,265</td><td>163,589</td><td>208,608</td><td>+45,019</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>639</td><td>1,458</td><td>1,636</td><td>+178</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>92,904</td><td>165,047</td><td>210,244</td><td>+45,197</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>Securities guaranteed by the United States 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>4,195</td><td>3,583</td><td>1,193</td><td>-2,390</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>48</td><td>530</td><td>287</td><td>-243</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>4,243</td><td>4,113</td><td>1,480</td><td>-2,633</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>22</td><td>6</td><td>83</td><td>+77</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>4,265</td><td>4,119</td><td>1,563</td><td>-2,556</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>97,169</td><td>169,166</td><td>211,807</td><td>+42,642</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 4 months, 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="4">Actual</th><th>Estimated 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th></tr><tr><td>Amount required to be financed:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit 3/</td><td>17,777</td><td>17,514</td><td>19,525</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>1,905</td><td>9,790</td><td>-</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, etc. 3/</td><td>800</td><td>1,046</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>Total amount required to be financed</td><td>20,481</td><td>28,351</td><td>19,525</td><td>5,994</td><td>23,461</td><td>64,274</td><td>64,307</td><td>54,783</td></tr><tr><td>Means of financing:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt</td><td>20,481</td><td>28,351</td><td>9,241</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>-</td><td>10,178</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,500</td></tr><tr><td>Net receipts in trust accounts, etc. 3/</td><td>-</td><td>-</td><td>106</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>20,481</td><td>28,351</td><td>19,525</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, assignorage on silver, and miscellaneous funds and accounts.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
December 1944
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classification
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="7">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 1/</th><th rowspan="2">Public debt retirement 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War activities 5/</th><th>Revolving funds (net) 6/</th><th>Transfer 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>6,477</td><td>929</td><td>204</td><td>608</td><td>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,864</td><td>1,029</td><td>121</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</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>6,998</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>285 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>0</td></tr><tr><td>1944-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>0</td></tr><tr><td>December</td><td>5,737</td><td>5,464</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>0</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>0</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>0</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>0</td></tr><tr><td>April</td><td>3,119</td><td>2,935</td><td>39</td><td>145</td><td>32</td><td>3,087</td><td>7,859</td><td>479</td><td>7,346</td><td>-6</td><td>40</td><td>4,772</td><td>0</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>0</td><td>26</td><td>5,342</td><td>0</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>0</td><td>40</td><td>2,378</td><td>0</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>0</td><td>451</td><td>5,947</td><td>0</td></tr><tr><td>August</td><td>2,859</td><td>2,702</td><td>23</td><td>134</td><td>291</td><td>2,568</td><td>8,119</td><td>492</td><td>7,571</td><td>0</td><td>57</td><td>5,551</td><td>0</td></tr><tr><td>September</td><td>5,927</td><td>5,749</td><td>25</td><td>153</td><td>1</td><td>5,926</td><td>7,930</td><td>911</td><td>6,998</td><td>-1</td><td>22</td><td>2,004</td><td>0</td></tr><tr><td>October</td><td>2,054</td><td>1,880</td><td>29</td><td>145</td><td>54</td><td>2,001</td><td>8,024</td><td>500</td><td>7,479</td><td>-1</td><td>47</td><td>6,023</td><td>0</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow on the Social Security program.
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5. Also see footnotes 3 and 4.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9/ Includes recoveries of U. S. investments in capital funds.
covers total $54 millions in the fiscal year 1940; $319 millions in the fiscal year 1941; $18 millions in the fiscal year 1942; and $10 millions in the fiscal year 1943.
10/ Receipts from reductions in capital stock and paid-in surplus available to be relearned 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 were as follows: fiscal year 1943, $558 millions; fiscal year 1944, $2,235 millions, of which $113 millions represented a voluntary return of excess profits.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="2">Income and profits taxes</th><th colspan="4">Employment taxes</th><th>Miscellaneous internal revenue</th><th>Agricultural adjustment taxes</th></tr><tr><th></th><th></th><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/</th><th>Carriers' Taxing Act of 1937 (Railroad retirement)</th><th></th><th></th></tr><tr><td></td><td></td><td colspan="3"></td><td colspan="2">Federal Insurance Contributions Act (Old-age insurance)</td><td>Federal Unemployment Tax Act (Unemployment insurance)</td><td></td><td></td></tr><tr><td>1935</td><td>3,278</td><td>1,099</td><td>-</td><td>1,099</td><td>-</td><td>-</td><td>-</td><td>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>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>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>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>2,332</td><td>-</td></tr><tr><td>1940</td><td>5,393</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>691</td><td>98</td><td>2,345</td><td>-</td></tr><tr><td>1941</td><td>7,352</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>896</td><td>120</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>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>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>5,291</td><td>-</td></tr><tr><td>1943-October</td><td>1,813</td><td>1,903</td><td>557</td><td>746</td><td>46</td><td>42</td><td>3</td><td>464</td><td>-</td></tr><tr><td>November</td><td>2,115</td><td>1,499</td><td>1,010</td><td>449</td><td>292</td><td>274</td><td>10</td><td>363</td><td>-</td></tr><tr><td>December</td><td>5,444</td><td>5,040</td><td>713</td><td>4,327</td><td>58</td><td>4</td><td>1</td><td>385</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>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>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>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>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>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>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>681</td><td>-</td></tr><tr><td>August</td><td>2,702</td><td>1,552</td><td>1,065</td><td>487</td><td>319</td><td>293</td><td>12</td><td>832</td><td>-</td></tr><tr><td>September</td><td>5,749</td><td>5,174</td><td>741</td><td>4,432</td><td>61</td><td>4</td><td>1</td><td>514</td><td>-</td></tr><tr><td>October</td><td>1,880</td><td>1,240</td><td>609</td><td>632</td><td>60</td><td>55</td><td>3</td><td>580</td><td>-</td></tr></table>
Sources: Daily Treasury Statements.
* Less than $500,000.
1/ For further details, see chapter on Internal Revenue Statistics.
2/ Includes unjust enrichment tax and victory tax collections pursuant to Revenue Act of 1942.
For the period prior to September 1939, the data in the columns entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act represents collections under Titles VIII and IX, respectively, of the Social Security Act.
Treasury Bulletin
6
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>424</td><td>258</td></tr><tr><td>1937</td><td>6,437</td><td>581</td><td>803</td><td>988</td><td>184</td><td>1,896</td><td>-1</td><td>386</td><td>866</td><td>510</td><td>223</td></tr><tr><td>1938</td><td>5,864</td><td>582</td><td>670</td><td>866</td><td>335</td><td>1,472</td><td>4</td><td>326</td><td>926</td><td>481</td><td>200</td></tr><tr><td>1939</td><td>7,221</td><td>557</td><td>900</td><td>1,237</td><td>347</td><td>2,240</td><td>2</td><td>290</td><td>941</td><td>517</td><td>191</td></tr><tr><td>1940</td><td>7,055</td><td>557</td><td>890</td><td>1,546</td><td>392</td><td>1,572</td><td>1</td><td>283</td><td>1,041</td><td>546</td><td>227</td></tr><tr><td>1941</td><td>6,215</td><td>553</td><td>715</td><td>1,006 10/</td><td>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-October</td><td>438</td><td>49</td><td>43</td><td>87</td><td>57</td><td>2</td><td>-</td><td>*</td><td>131</td><td>56</td><td>12</td></tr><tr><td>November</td><td>304</td><td>50</td><td>26</td><td>67</td><td>41</td><td>1</td><td>-</td><td>*</td><td>47</td><td>55</td><td>15</td></tr><tr><td>December</td><td>740</td><td>51</td><td>43</td><td>55</td><td>25</td><td>*</td><td>-</td><td>*</td><td>497</td><td>61</td><td>10</td></tr><tr><td>1944-January</td><td>400</td><td>52</td><td>37</td><td>86</td><td>59</td><td>6</td><td>-</td><td>*</td><td>87</td><td>58</td><td>14</td></tr><tr><td>February</td><td>342</td><td>52</td><td>30</td><td>92</td><td>34</td><td>1</td><td>-</td><td>*</td><td>56</td><td>59</td><td>19</td></tr><tr><td>March</td><td>795</td><td>55</td><td>41</td><td>99</td><td>36</td><td>*</td><td>-</td><td>*</td><td>449</td><td>62</td><td>54</td></tr><tr><td>April</td><td>479</td><td>55</td><td>32</td><td>100</td><td>54</td><td>*</td><td>-</td><td>*</td><td>117</td><td>70</td><td>50</td></tr><tr><td>May</td><td>387</td><td>59</td><td>25</td><td>102</td><td>44</td><td>*</td><td>-</td><td>*</td><td>52</td><td>43</td><td>60</td></tr><tr><td>June</td><td>1,018</td><td>60</td><td>21</td><td>59</td><td>33</td><td>*</td><td>-</td><td>*</td><td>747</td><td>53</td><td>45</td></tr><tr><td>July</td><td>458</td><td>63</td><td>34</td><td>62</td><td>54</td><td>*</td><td>-</td><td>*</td><td>86</td><td>65</td><td>96</td></tr><tr><td>August</td><td>492</td><td>71</td><td>29</td><td>30</td><td>38</td><td>1</td><td>-</td><td>*</td><td>77</td><td>91</td><td>154</td></tr><tr><td>September</td><td>911</td><td>69</td><td>31</td><td>30</td><td>36</td><td>*</td><td>-</td><td>*</td><td>581</td><td>33</td><td>131</td></tr><tr><td>October</td><td>500</td><td>70</td><td>35</td><td>30</td><td>51</td><td>*</td><td>-</td><td>*</td><td>137</td><td>68</td><td>112</td></tr></table>
Source: Daily Treasury Statements.
Less than $500,000.
1/ Includes public works undertaken by the Veterans' Administration.
2/ Does not include expenditures for (1) revolving funds or (2) transfers to trust accounts, etc. These are shown in Table 5.
3/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
4/ 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 Distribution, 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-
low on the Social Security program.
6/ Work Projects Administration was formerly Works Progress Administration. Beginning with July 1942, expenditures for the National Youth Administration are classified as "war activities expenditures".
1/ Includes expenditures of the Reconstruction Finance Corporation for relief through loans and grants to States, municipalities, etc.
8/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social Security program and the Department of Agriculture departmental expenditures.
9/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; refunds of taxes and duties by the Treasury Department; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation.
10/ Gross expenditures have been reduced $160 millions representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
December 1944
7
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War Activities
(1a millions of dollars)
<table><tr><th>Piecial 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>Notional Housing Agency 1/</th><th>Selective Service (edmolet- trative)</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-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>1,835</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>1,020</td><td>205</td><td>7</td><td>7</td><td>32</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><tr><td>August</td><td>7,571</td><td>4,087</td><td>2,502</td><td>982</td><td>158</td><td>26</td><td>21</td><td>17</td><td>6</td><td>152</td><td>372</td><td>134</td><td>-</td><td>4</td><td>97</td></tr><tr><td>September</td><td>6,998</td><td>3,905</td><td>2,895</td><td>798</td><td>144</td><td>10</td><td>13</td><td>14</td><td>6</td><td>102</td><td>335</td><td>102</td><td>-</td><td>4</td><td>71</td></tr><tr><td>October</td><td>7,479</td><td>4,091</td><td>2,648</td><td>740</td><td>-3</td><td>17</td><td>19</td><td>1</td><td>6</td><td>110</td><td>326</td><td>145</td><td>20</td><td>4</td><td>99</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: Monthly figures for the period July 1940 through April 1943 appeared in the "Treasury Bulletin" for May 1943, page 7.
- Less than $500,000.
1/ Includes war public housing functions.
2/ Similar items for periods prior to fiscal year 1941 are classified under Other departmental and Other general expenditures in Table 5.
Includes war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter such expenditures are reflected within the respective departments.
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' Administra-tion 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>625</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>150</td></tr><tr><td>1937</td><td>204</td><td>-18</td><td>221</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>150</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>510</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>510</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-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>-</td></tr><tr><td>May</td><td>*</td><td>*</td><td>*</td><td>26</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>*</td><td>1</td><td>-1</td><td>40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><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><tr><td>August</td><td>*</td><td>-1</td><td>*</td><td>57</td><td>48</td><td>9</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-1</td><td>-1</td><td>*</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-1</td><td>-2</td><td>*</td><td>47</td><td>13</td><td>34</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Additional transactions on Aid to agriculture and Public works are shown in Table 3. 2/ Farm Credit Administration. 3/ Public Works Administration. 4/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
5/ Includes railroad retirement and railroad unemployment activities. For further explanations see tables which follow on Social Security program.
6/ Office of Distribution (formerly Agricultural Marketing Administra- tion) - surplus commodity stamps.
1/ Gross expenditures have been reduced $155 millions representing the repayment of capital funds by certain United States Government agencies.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1935
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1935</td><td>203</td><td>214</td><td>601</td><td>228</td><td>246</td><td>464</td><td>279</td><td>399</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>4,378</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>555</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures 2/</td></tr><tr><td>1935</td><td>482</td><td>528</td><td>570</td><td>599</td><td>527</td><td>693</td><td>561</td><td>424</td><td>570</td><td>632</td><td>489</td><td>607</td><td>6,682</td></tr><tr><td>1936</td><td>521</td><td>480</td><td>636</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,374</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit 3/</td></tr><tr><td>1935</td><td>279</td><td>314</td><td>-31</td><td>371</td><td>281</td><td>230</td><td>282</td><td>125</td><td>149</td><td>397</td><td>255</td><td>173</td><td>2,825</td></tr><tr><td>1936</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-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>140</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>3,961</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statements. 1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements. 3/ Total expenditures less net receipts.
December 1944
9
BUDGETARY RECEIPTS AND EXPENDITURES
10
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
Table 1.- Trust Funds
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, net receipts (+) or net expenditures (-)</th><th colspan="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th><th colspan="2">Other trust accounts 1/</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net.</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1935</td><td>+64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+64</td><td>301</td><td>237</td></tr><tr><td>1936</td><td>+34</td><td>-</td><td>267</td><td>267</td><td>-</td><td>19</td><td>19</td><td>+34</td><td>2,053</td><td>2,020</td></tr><tr><td>1937</td><td>+19</td><td>-</td><td>402</td><td>401</td><td>+12</td><td>763</td><td>751</td><td>+20</td><td>858</td><td>838</td></tr><tr><td>1938</td><td>+11</td><td>+1</td><td>530</td><td>529</td><td>+1</td><td>838</td><td>837</td><td>+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>+2</td><td>109</td><td>107</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>+35</td><td>166</td><td>331</td></tr><tr><td>1941</td><td>+37</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>1,114</td><td>1,118</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>+57</td><td>512</td><td>455</td></tr><tr><td>1943</td><td>+92</td><td>+6</td><td>1,190</td><td>1,185</td><td>+6</td><td>1,399</td><td>1,404</td><td>+88</td><td>961</td><td>874</td></tr><tr><td>1944</td><td>+148</td><td>+6</td><td>1,363</td><td>1,357</td><td>+3</td><td>1,567</td><td>1,564</td><td>+141</td><td>1,853</td><td>1,713</td></tr><tr><td>1943-October</td><td>+52</td><td>+24</td><td>39</td><td>15</td><td>+5</td><td>37</td><td>31</td><td>+22</td><td>139</td><td>117</td></tr><tr><td>November</td><td>+210</td><td>+256</td><td>271</td><td>15</td><td>+1</td><td>291</td><td>291</td><td>+46</td><td>77</td><td>123</td></tr><tr><td>December</td><td>+262</td><td>+292</td><td>3</td><td>295</td><td>+41</td><td>83</td><td>43</td><td>+11</td><td>114</td><td>125</td></tr><tr><td>1944-January</td><td>+50</td><td>+28</td><td>32</td><td>4</td><td>+10</td><td>36</td><td>76</td><td>+63</td><td>164</td><td>101</td></tr><tr><td>February</td><td>+150</td><td>+134</td><td>250</td><td>116</td><td>+3</td><td>264</td><td>267</td><td>+19</td><td>121</td><td>102</td></tr><tr><td>March</td><td>-201</td><td>-158</td><td>3</td><td>161</td><td>-3</td><td>43</td><td>46</td><td>+41</td><td>94</td><td>135</td></tr><tr><td>April</td><td>+120</td><td>+15</td><td>32</td><td>16</td><td>+9</td><td>44</td><td>35</td><td>+95</td><td>202</td><td>108</td></tr><tr><td>May</td><td>+282</td><td>+289</td><td>306</td><td>17</td><td>+8</td><td>278</td><td>286</td><td>+1</td><td>179</td><td>178</td></tr><tr><td>June</td><td>-355</td><td>-313</td><td>102</td><td>414</td><td>+2</td><td>103</td><td>101</td><td>+45</td><td>231</td><td>275</td></tr><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>+53</td><td>415</td><td>362</td></tr><tr><td>August</td><td>+282</td><td>+273</td><td>291</td><td>18</td><td>+14</td><td>295</td><td>309</td><td>+18</td><td>216</td><td>198</td></tr><tr><td>September</td><td>-308</td><td>-293</td><td>5</td><td>298</td><td>-2</td><td>37</td><td>38</td><td>-13</td><td>162</td><td>174</td></tr><tr><td>October</td><td>+112</td><td>+34</td><td>54</td><td>19</td><td>+30</td><td>58</td><td>28</td><td>+47</td><td>206</td><td>159</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Includes Government insurance and retirement funds, etc.
Table 2.- Other Funds
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Transactions in checking accounts of Government agencies, etc.</th><th colspan="3">Increment on gold</th><th colspan="3">Seigniorage on silver</th><th colspan="3">Miscellaneous funds and accounts 1/</th></tr><tr><th>Total 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>+108</td><td>3/</td><td>3/</td><td>-403</td><td>1</td><td>404</td><td>+176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>+314</td><td>3/</td><td>3/</td><td>-99</td><td>2</td><td>101</td><td>+40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+204</td><td>3/</td><td>3/</td><td>-51</td><td>1</td><td>52</td><td>+90</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>+768</td><td>+1,106</td><td>-337</td><td>-5</td><td>-</td><td>5</td><td>+90</td><td>90</td><td>-</td><td>+2</td><td>-2</td><td>-2</td></tr><tr><td>1940</td><td>+34</td><td>+288</td><td>-254</td><td>-</td><td>-</td><td>-</td><td>+49</td><td>49</td><td>-</td><td>+16</td><td>43</td><td>27</td></tr><tr><td>1941</td><td>-217</td><td>+852</td><td>-1,069</td><td>-</td><td>-</td><td>-</td><td>+20</td><td>20</td><td>-</td><td>+11</td><td>244</td><td>233</td></tr><tr><td>1942</td><td>-3,625</td><td>-1,809</td><td>-1,815</td><td>-</td><td>-</td><td>-</td><td>+14</td><td>14</td><td>-</td><td>+39</td><td>311</td><td>292</td></tr><tr><td>1943</td><td>-2,194</td><td>-658</td><td>-1,535</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+241</td><td>155</td><td>-86</td></tr><tr><td>1944</td><td>-1,403</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-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>-1,047</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><tr><td>August</td><td>-254</td><td>-21</td><td>-233</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+42</td><td>-</td><td>+42</td></tr><tr><td>September</td><td>+35</td><td>-44</td><td>+79</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+29</td><td>-</td><td>-29</td></tr><tr><td>October</td><td>-95</td><td>-5</td><td>-89</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+130</td><td>-</td><td>-130</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Comprises FMA revolving fund, and special deposits (net). Also includes Office of Distribution (formerly Agricultural
2/ Marketing Administration) commodity food stamp transactions. Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. 3/ Details not available.
December 1944
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, 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-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>-291</td><td>2,664</td><td>-</td></tr><tr><td>1944-January</td><td>4,837</td><td>4,823</td><td>-</td><td>14</td><td>4,837</td><td>4,781</td><td>55</td><td>-</td></tr><tr><td>February</td><td>12,448</td><td>5,359</td><td>6,916</td><td>173</td><td>12,448</td><td>12,448</td><td>-</td><td>-</td></tr><tr><td>March</td><td>4,157</td><td>1,952</td><td>-</td><td>2,205</td><td>4,157</td><td>1,608</td><td>2,549</td><td>-</td></tr><tr><td>April</td><td>4,772</td><td>4,772</td><td>-</td><td>-</td><td>4,772</td><td>252</td><td>4,327</td><td>193</td></tr><tr><td>May</td><td>5,342</td><td>5,342</td><td>-</td><td>-</td><td>5,342</td><td>1,399</td><td>3,757</td><td>185</td></tr><tr><td>June</td><td>14,637</td><td>2,378</td><td>11,046</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><tr><td>August</td><td>5,551</td><td>5,551</td><td>-</td><td>-</td><td>5,551</td><td>1,229</td><td>4,252</td><td>70</td></tr><tr><td>September</td><td>2,248</td><td>2,004</td><td>-</td><td>244</td><td>2,248</td><td>-307</td><td>2,555</td><td>-</td></tr><tr><td>October</td><td>6,023</td><td>6,023</td><td>-</td><td>-</td><td>6,023</td><td>748</td><td>5,127</td><td>148</td></tr></table>
Source: Daily Treasury Statements. 1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
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">Groese receipte</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.8</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>113.9</td><td>868.2</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-October</td><td>44.6</td><td>41.5</td><td>3.0</td><td>38.9</td><td>5.7</td></tr><tr><td>November</td><td>284.1</td><td>273.6</td><td>10.5</td><td>271.0</td><td>13.1</td></tr><tr><td>December</td><td>4.8</td><td>3.7</td><td>1.1</td><td>1.1</td><td>3.8</td></tr><tr><td>1944-January</td><td>48.1</td><td>33.8</td><td>14.2</td><td>31.8</td><td>16.2</td></tr><tr><td>February</td><td>368.7</td><td>252.2</td><td>116.5</td><td>250.2</td><td>118.5</td></tr><tr><td>March</td><td>8.0</td><td>4.4</td><td>3.6</td><td>2.4</td><td>5.5</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>323.5</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><tr><td>August</td><td>305.0</td><td>293.3</td><td>11.7</td><td>290.8</td><td>14.2</td></tr><tr><td>September</td><td>4.5</td><td>3.8</td><td>.7</td><td>1.4</td><td>3.1</td></tr><tr><td>October</td><td>58.6</td><td>55.4</td><td>3.2</td><td>53.6</td><td>5.0</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th colspan="7">Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work</th><th>Maternal and child health services</th><th>Department of Labor Services for crippled children</th><th>Child welfare service</th><th>Office for Emergency Management War Manpower Commission (U. S. Employment Service)</th></tr><tr><td>1936</td><td>28.4</td><td>.6</td><td>27.8</td><td>19.7</td><td>2.0</td><td>1.0</td><td>.9</td><td>2.4</td><td>1.0</td><td>.6</td><td>.2</td><td>-</td><td>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>1.1</td><td>41.0</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>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>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>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>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>36.7</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1943-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>58.3</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>5.3</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>.3</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>2.6</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>47.5</td></tr><tr><td>August</td><td>37.6</td><td>1.3</td><td>38.8</td><td>31.8</td><td>5.0</td><td>.9</td><td>.2</td><td>.1</td><td>.3</td><td>.2</td><td>.3</td><td>-</td><td>.7</td><td>23.4</td></tr><tr><td>September</td><td>34.9</td><td>6.1</td><td>28.3</td><td>22.9</td><td>3.5</td><td>.7</td><td>.2</td><td>.2</td><td>.5</td><td>.2</td><td>-</td><td>-</td><td>.5</td><td>31.8</td></tr><tr><td>October</td><td>50.4</td><td>2.8</td><td>46.9</td><td>30.0</td><td>5.4</td><td>1.1</td><td>7.0</td><td>2.2</td><td>.4</td><td>.4</td><td>.3</td><td>-</td><td>.7</td><td>45.4</td></tr></table>
Daily Treasury Statements.
* Less than $50,000.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section 1).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section II, Table 1.
4. Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Feyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
5. Covered by appropriations by Congress.
Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 millions for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
December 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>Fiscal year or month</th><th>Receipts Carriers' Taring Act of 1937</th><th>Total</th><th>Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th>Excess of expenditures 2/</th></tr><tr><td>1936</td><td>-</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>1937</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>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-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><tr><td>August</td><td>14.2</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>-14.1</td></tr><tr><td>September</td><td>56.9</td><td>.2</td><td>.2</td><td>-</td><td>-</td><td>-56.7 r</td></tr><tr><td>October</td><td>1.5</td><td>34.2</td><td>.2</td><td>34.0</td><td>-</td><td>32.7</td></tr></table>
Source: Daily Treasury Statements. r Revised. * Less than $50,000. 1/ Includes only expenditures from appropriations made specifi-
cally for administrative expenses relating to the Railroad Retirement Act. 2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Railroad unemployment insurance contributions 2/.</th><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1943-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>.3</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><tr><td>August</td><td>.1</td><td>9.0</td><td>*</td><td>8.9</td><td>8.8</td></tr><tr><td>September</td><td>3.3</td><td>.7</td><td>.7</td><td>-</td><td>-2.6 r</td></tr><tr><td>October</td><td>*</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr></table>
Source: Daily Treasury Statements. r Revised. * 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 11, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unem-
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 Bulletin
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</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></th><th></th><th>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>267.2</td><td>267.1</td><td>-</td></tr><tr><td>1937</td><td>267.3</td><td>265.0</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>267.2</td><td>1.1</td><td>1.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>1.9</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>3.0</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>3,201.6</td><td>10.8</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>20.4</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td></tr><tr><td>1944-August</td><td>6,461.1</td><td>6,056.4</td><td>404.7</td><td>709.3</td><td>578.4</td><td>130.9</td><td>5,751.8</td><td>5,396.9</td><td>329.3</td></tr><tr><td>September</td><td>6,468.6</td><td>6,060.2</td><td>408.4</td><td>730.1</td><td>596.8</td><td>133.3</td><td>5,738.5</td><td>5,676.8</td><td>34.8</td></tr><tr><td>October</td><td>6,524.0</td><td>6,115.6</td><td>408.4</td><td>751.2</td><td>616.0</td><td>135.2</td><td>5,772.8</td><td>5,676.8</td><td>69.3</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>26.7</td></tr></table>
Source: Daily Treasury Statements. 
* Less than $50,000. 
1/ Includes transactions effected under the predecessor Old-Age 
Reserve Account. 
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</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1936.</td><td>46.6</td><td>46.6</td><td>-</td><td>-</td><td>46.6</td><td>-</td><td>46.6</td><td>*</td></tr><tr><td>1937.</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938.</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939.</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940.</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941.</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942.</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943.</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944.</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1944-August.</td><td>1,452.9</td><td>1,425.7</td><td>27.3</td><td>833.9</td><td>619.0</td><td>501.5</td><td>105.1</td><td>12.4</td></tr><tr><td>September</td><td>1,453.0</td><td>1,425.7</td><td>27.3</td><td>845.8</td><td>607.2</td><td>490.5</td><td>104.2</td><td>12.6</td></tr><tr><td>October.</td><td>1,453.1</td><td>1,425.7</td><td>27.4</td><td>857.6</td><td>595.6</td><td>512.5</td><td>70.2</td><td>12.9</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities Deposits by States</th><th>Railroad Unemployment Insurance contributions 2/</th><th>Transfers from States 3/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities Withdrawals by States</th><th>Transfere to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/ Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance in General Fund (Special Deposit Account)</th><th>In disbursing officer's account 5/</th></tr><tr><td>1936</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18.9</td><td>18.9</td><td>*</td><td>-</td></tr><tr><td>1937</td><td>313.4</td><td>310.6</td><td>-</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>-</td><td>312.4</td><td>312.3</td><td>.1</td><td>-</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</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>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>-</td><td>44.3</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,257.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>-</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>11.4</td><td>138.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</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>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1944-August</td><td>8,526.4</td><td>7,619.7</td><td>384.7</td><td>106.0</td><td>38.0</td><td>377.9</td><td>2,310.6</td><td>2,160.7</td><td>106.0</td><td>43.9</td><td>6,215.7</td><td>6,211.0</td><td>4.5</td><td>.2</td></tr><tr><td>September</td><td>8,563.1</td><td>7,626.6</td><td>414.5</td><td>106.0</td><td>38.0</td><td>377.9</td><td>2,314.9</td><td>2,165.0</td><td>106.0</td><td>43.9</td><td>6,248.2</td><td>6,245.0</td><td>2.9</td><td>.2</td></tr><tr><td>October</td><td>8,621.2</td><td>7,683.9</td><td>414.6</td><td>106.1</td><td>38.0</td><td>378.7</td><td>2,319.8</td><td>2,169.8</td><td>106.1</td><td>44.0</td><td>6,301.4</td><td>6,268.0</td><td>33.2</td><td>.2</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Excludes advance of $15 millions from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amount transferred from States to Railroad Unem-
ployment insurance Account equivalent to amounts of taxes col- lected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act. 4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ For railroad unemployment benefits and refunds.
December 1944
15
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of October 31, 1944
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, First Sæsion</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction)</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (clothing and equipage - War Department)</td><td>175,000,000</td><td>-</td></tr><tr><td>Mar. 1, 1941</td><td>9</td><td>Urgent Deficiency Appropriation Act, 1941</td><td>6,047,775</td><td>-</td></tr><tr><td>Mar. 17, 1941</td><td>13</td><td>Fourth Supplemental National Defense Appropriation Act, 1941</td><td>1,376,464,602</td><td>-</td></tr><tr><td>Mar. 27, 1941</td><td>23</td><td>Defense Aid Supplemental Appropriation Act, 1941</td><td>7,000,000,000</td><td>-</td></tr><tr><td>Apr. 1, 1941</td><td>25</td><td>First Deficiency Appropriation Act, 1941</td><td>114,458,468</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>28</td><td>Independent Offices Appropriation Act, 1942</td><td>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>45</td><td>Navy Department Appropriation Act, 1942</td><td>3,415,521,750</td><td>-</td></tr><tr><td>May 23, 1941</td><td>71</td><td>War Department Civil Appropriation Act, 1942</td><td>37,920,370</td><td>-</td></tr><tr><td>May 24, 1941</td><td>73</td><td>Additional Urgent Deficiency Appropriation Act, 1941</td><td>168,556,000</td><td>-</td></tr><tr><td>May 31, 1941</td><td>88</td><td>Treasury Department Appropriation Act, 1942</td><td>62,193,150</td><td>-</td></tr><tr><td>June 28, 1941</td><td>135</td><td>Justice, State and Commerce Departments Appropriation Act, 1942</td><td>129,227,750</td><td>-</td></tr><tr><td>June 28, 1941</td><td>136</td><td>Interior Department Appropriation Act, 1942</td><td>2,035,000</td><td>-</td></tr><tr><td>June 30, 1941</td><td>139</td><td>Military Appropriation Act, 1942</td><td>10,384,821,624</td><td>-</td></tr><tr><td>July 1, 1941</td><td>146</td><td>Labor - Federal Security Appropriation Act, 1942</td><td>173,168,500</td><td>-</td></tr><tr><td>July 3, 1941</td><td>150</td><td>Second Deficiency Appropriation Act, 1941</td><td>998,894,561</td><td>-</td></tr><tr><td>Aug. 25, 1941</td><td>247</td><td>First Supplemental National Defense Appropriation Act, 1942</td><td>6,580,012,448</td><td>-</td></tr><tr><td>Oct. 28, 1941</td><td>282</td><td>Second Supplemental National Defense Appropriation Act, 1942: (Title I) (Title II)</td><td>5,985,000,000 159,005,585</td><td>$ 600,000,000 3/ 28,400,000</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941</td><td>9,112,021,947</td><td>50,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense Appropriation Act, 1942</td><td>510,000,000</td><td>-</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine relief, and defense housing)</td><td></td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Sæsion</td><td>$ 49,396,437,450</td><td>$ 678,400,000</td></tr></table>
77th Congress, Second Session
<table><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942</td><td>$ 12,525,872,474</td><td>$ 2,171,000,000 5/</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943</td><td>23,738,855,474 4/</td><td></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>30,412,731,900</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>1,052,812,004</td><td></td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justica, State and Commerce Departments Appropriation Act, 1943</td><td>261,908,180</td><td></td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department appropriation Act, 1943</td><td>8,977,370</td><td></td></tr><tr><td>July 2, 1942</td><td>646</td><td>Public Law (Federal Works Agency - public roads)</td><td></td><td>35,000,000</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943</td><td>227,726,804</td><td></td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942</td><td>10,415,078</td><td></td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943</td><td>42,820,003,067</td><td></td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Bonelag and Public Works Appropriation Act, 1942</td><td>32,500,000</td><td></td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943</td><td>1,845,234,990</td><td></td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943</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></table>
78th Congress, First Session
<table><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System)</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943</td><td>4,063,948,984</td><td>-</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 Offices Appropriation Act, 1944</td><td>1,395,013,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944</td><td>27,637,226,398 g/</td><td>$ 956,134,522 5/</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Departments of State, Justice, and Commerce Appropriation Act, 1944</td><td>67,635,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943</td><td>31,979,600</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>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department)</td><td>18,620,000</td><td>-</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>Public Law (naval expansion program)</td><td>-</td><td>3,650,449,880 5/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944</td><td>81,283,468</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session</td><td>$105,916,492,321</td><td>$ 4,620,584,402</td></tr></table>
(Continued on following page)
Treasury Bulletin
16
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of October 31, 1944 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of Act</th><th>Appropriations</th><th>Net contract authorization 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>$ 40,000,000</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944</td><td>170,221,080</td><td>30,000,000</td></tr><tr><td>Apr. 4, 1944</td><td>288</td><td>Public Law (Federal Works Agency - public roads)</td><td>-</td><td>-</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care)</td><td>6,700,000</td><td>-</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945</td><td>27,569,798,301 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>1,208,168,574</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Department of State, Justice and Commerce Appropriation Act, 1945</td><td>47,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945</td><td>1,030,937,242</td><td>2,500,000</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944</td><td>186,266,524 10/</td><td>1,855,000,000 5/</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945</td><td>450,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945</td><td>19,750,000</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$ 55,502,888,954</td><td>$ 8,210,599,974</td></tr></table>
<table><tr><th colspan="4">Summary</th></tr><tr><td></td><td>Total, 76th Congress, Third Session 11/</td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td></td><td>Total, 77th Congress, First Session</td><td>49,396,437,450</td><td>$ 678,400,000</td></tr><tr><td></td><td>Total, 77th Congress, Second Session</td><td>139,736,203,988</td><td>2,356,000,000</td></tr><tr><td></td><td>Total, 78th Congress, First Session</td><td>105,916,492,321</td><td>4,620,584,402</td></tr><tr><td></td><td>Total, 78th Congress, Second Session</td><td>55,502,888,954</td><td>8,210,599,974</td></tr><tr><td></td><td>Permanent appropriations and net transfers from other than war activities appropriations 12/</td><td>230,106,000</td><td>-</td></tr><tr><td></td><td>Total approved</td><td>$359,776,144,541</td><td>$ 15,865,584,376</td></tr><tr><td></td><td>Liquidations of 1940 and prior contract authorizations</td><td>-467,872,846</td><td>-</td></tr><tr><td></td><td>Total approved appropriations and net contract authorizations 1/</td><td>$359,308,271,695</td><td>$ 15,865,584,376</td></tr></table>
1/ Consists of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Re-construction 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 1943. Of the latter amount, $1440,000 was made immediately available.
7/ Includes $7,851,460 appropriated for the fiscal year 1942.
8/ Includes $30,000,000 for the fiscal year 1942 and $172,439,000 for the fiscal year 1943.
9/ Includes $1,081,000,000 for the fiscal year 1944.
10/ Includes $184,832,448 for the fiscal year 1945.
11/ For details of appropriations made by 76th Congress, Third Session, see "Treasury Bulletin" for March 1944, page 5.
12/ Includes actual transfer of balances of the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard, Navy, in the amount of $1,153,802 in accordance with Exec-
utive Order 9083, dated February 28, 1942. Also includes $5,026,550 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 $71,676,550.
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Amount</th></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>$2,171,000,000</td></tr><tr><td>June 26, 1943</td><td>92</td><td>(Estimated by Navy Department) 947,134,522</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>(Estimated by Navy Department) 3,650,449,880</td></tr><tr><td>June 28, 1944</td><td>375</td><td>55,000,000</td></tr><tr><td>June 28, 1944</td><td>375</td><td>(Estimated by Navy Department) 1,800,000,000</td></tr><tr><td colspan="2">Total</td><td>$8,623,584,402</td></tr></table>
December 1944
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="4">1943</th><th colspan="10">1944</th></tr><tr><th></th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sempt.</th><th>Oct.</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></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></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes.</td><td>1,303</td><td>1,459</td><td>5,040</td><td>1,721</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><td>1,552</td><td>5,174</td><td>1,240</td></tr><tr><td>Employment taxes.</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><td>319</td><td>61</td><td>60</td></tr><tr><td>Miscellaneous internal revenue.</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><td>832</td><td>514</td><td>580</td></tr><tr><td>Customs.</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><td>23</td><td>25</td><td>29</td></tr><tr><td>Other.</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><td>134</td><td>152</td><td>145</td></tr><tr><td>Subtotal</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><td>2,859</td><td>5,926</td><td>2,054</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board).</td><td>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><td>286</td><td>37</td><td>57</td></tr><tr><td>Trust accounts 2/.</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><td>168</td><td>136</td><td>192</td></tr><tr><td>Subtotal</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><td>454</td><td>173</td><td>250</td></tr><tr><td>Total cash income.</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><td>3,313</td><td>6,099</td><td>2,304</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></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></tr><tr><td>War activities.</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>7,557</td><td>7,201</td><td>7,571</td><td>6,998</td><td>7,479</td></tr><tr><td>Veterans' Administration.</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><td>71</td><td>69</td><td>70</td></tr><tr><td>Public Works 3/.</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><td>29</td><td>31</td><td>35</td></tr><tr><td>Aid to agriculture 4/.</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><td>30</td><td>29</td><td>28</td></tr><tr><td>Social Security program 5/.</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><td>38</td><td>36</td><td>51</td></tr><tr><td>Work Projects Administration.</td><td>2</td><td>1</td><td>6</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Civilian Conservation Corps.</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><td>56</td><td>544</td><td>106</td></tr><tr><td>Interest on the public debt 6/.</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><td>151</td><td>100</td><td>148</td></tr><tr><td>Other.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Subtotal</td><td>7,407</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><td>7,957</td><td>7,807</td><td>7,917</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities.</td><td>225</td><td>274</td><td>223</td><td>204</td><td>217</td><td>208</td><td>133</td><td>211</td><td>129</td><td>47</td><td>158</td><td>57</td><td>33</td></tr><tr><td>Other.</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><td>-24</td><td>-11</td><td>-31</td></tr><tr><td>Commodity Credit Corporation.</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><td>132</td><td>29</td><td>163</td></tr><tr><td>Unemployment Trust Fund.</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><td>5</td><td>4</td><td>5</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</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><td>18</td><td>18</td><td>19</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>12</td><td>12</td><td>12</td></tr><tr><td>Other.</td><td>-15</td><td>-227</td><td>92</td><td>-185</td><td>-50</td><td>-56</td><td>-191</td><td>-366r</td><td>133</td><td>-316</td><td>-33</td><td>-147</td><td>-140</td></tr><tr><td>Subtotal</td><td>247</td><td>-29</td><td>469</td><td>62</td><td>193</td><td>116</td><td>-63</td><td>-152r</td><td>267</td><td>-280</td><td>263</td><td>-37</td><td>60</td></tr><tr><td>Redemption of adjusted service bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1</td><td>1</td><td></td><td></td><td></td></tr><tr><td>Total cash outgo.</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>8,061r</td><td>8,530</td><td>7,301</td><td>8,220</td><td>7,769</td><td>7,977</td></tr><tr><td>EXCESS OF CASH OUTGO.</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>4,375r</td><td>2,146</td><td>4,908</td><td>4,908</td><td>1,671</td><td>5,674</td></tr></table>
<table><tr><td>1/</td><td>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.</td><td>Housing Authority, river and harbor work and flood control. Tennessee Valley Authority, forest roads and trails, and reclamation projects.</td></tr><tr><td>2/</td><td>Includes sale of commodity food stamps, Office of Distribution (formerly Agricultural Marketing Administration).</td><td>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 Distribution, Soil Conservation and Extension Service, and Other).</td></tr><tr><td>3/</td><td>Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public</td><td>Excludes transactions under transfers to trust accounts, etc.</td></tr><tr><td></td><td></td><td>5/ Excludes accrued interest on United States savings bonds.</td></tr></table>
Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1939</td><td>364</td><td>581</td><td>796</td><td>323</td><td>552</td><td>644</td><td>369</td><td>589</td><td>752</td><td>399</td><td>567</td><td>615</td><td>6,551</td></tr><tr><td>1940</td><td>398</td><td>614</td><td>989</td><td>385</td><td>561</td><td>781</td><td>449</td><td>724</td><td>756</td><td>458</td><td>656</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,393</td><td>3,313</td><td>6,099</td><td>2,304</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>1,241</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>20,641</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</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>8,061</td><td>8,530</td><td>7,301</td><td>8,220</td><td>7,769</td><td>7,977</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>9,982</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>4,375</td><td>2,146</td><td>4,908</td><td>4,908</td><td>1,671</td><td>5,674</td><td></td><td></td><td></td></tr></table>
r Revised.
Treasury Bulletin
18
GENERAL FUND OF THE TREASURY
December 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>Billion, coio, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities (War Loan accounts)</th><th>Other deposits and collections</th></tr><tr><td>1935</td><td>2,016</td><td>1,044</td><td>118</td><td>799</td><td>55</td></tr><tr><td>1936</td><td>2,936</td><td>865</td><td>862</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1943-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><tr><td>August</td><td>18,277</td><td>877</td><td>1,215</td><td>15,693</td><td>492</td></tr><tr><td>September</td><td>15,753</td><td>838</td><td>1,314</td><td>13,013</td><td>588</td></tr><tr><td>October</td><td>10,609</td><td>835</td><td>998</td><td>8,242</td><td>533</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-October</td><td>19,838</td><td>541</td><td>19,297</td><td>18,534</td><td>619</td><td>144</td></tr><tr><td>November</td><td>15,492</td><td>534</td><td>14,958</td><td>14,196</td><td>619</td><td>144</td></tr><tr><td>December</td><td>12,878</td><td>584</td><td>12,294</td><td>11,532</td><td>619</td><td>144</td></tr><tr><td>1944-January</td><td>12,873</td><td>634</td><td>12,239</td><td>11,476</td><td>619</td><td>144</td></tr><tr><td>February</td><td>19,726</td><td>571</td><td>19,155</td><td>18,392</td><td>619</td><td>144</td></tr><tr><td>March</td><td>17,270</td><td>624</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><tr><td>August</td><td>18,271</td><td>605</td><td>17,672</td><td>16,909</td><td>619</td><td>144</td></tr><tr><td>September</td><td>15,753</td><td>635</td><td>15,117</td><td>14,355</td><td>619</td><td>144</td></tr><tr><td>October</td><td>10,609</td><td>618</td><td>9,990</td><td>9,227</td><td>619</td><td>144</td></tr><tr><td>November</td><td>14,958</td><td>619</td><td>14,339</td><td>13,720</td><td>619</td><td>144</td></tr></table>
Source: Daily Treasury Statements. 1/ In the fiscal years 1935 and 1936, $91 millions and $554 millions, respectively, were transferred from increment on gold to the working balance for retirement of national bank notes. In this statement, however, charges for retirement of national
bank notes are reflected directly against increment on gold in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance.
20
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Change during fiscal year or month</th><th>Total change in General Fund balance</th><th colspan="7">Working balance</th><th>Seigniorage on silver</th><th>Increment on gold</th></tr><tr><th></th><th></th><th>Total working balance</th><th>General and special accounts 1/</th><th>Public debt accounts 2/</th><th>Trust accounts 3/</th><th>Miscellaneous funds and accounts 4/</th><th>Checking accounts of Government agencies, etc.</th><th></th><th></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>637</td><td>140</td><td>-111 6/</td></tr><tr><td>1936</td><td>840</td><td>1,067 6/</td><td>-4,550</td><td>5,475 1/</td><td>34</td><td>-</td><td>108</td><td>176</td><td>-403 6/</td></tr><tr><td>1937</td><td>-128</td><td>-70</td><td>-3,149</td><td>2,746 1/</td><td>19</td><td>-</td><td>314</td><td>40</td><td>-99</td></tr><tr><td>1938</td><td>-338</td><td>-377</td><td>-1,384</td><td>792 1/</td><td>11</td><td>-</td><td>204</td><td>90</td><td>-51</td></tr><tr><td>1939</td><td>622</td><td>537</td><td>-3,542</td><td>3,280 1/</td><td>29</td><td>2</td><td>768</td><td>90</td><td>-5</td></tr><tr><td>1940</td><td>-947</td><td>-997</td><td>-3,611</td><td>2,528</td><td>37</td><td>16</td><td>34</td><td>49</td><td>*</td></tr><tr><td>1941</td><td>742</td><td>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>341</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>-1,403</td><td>-</td><td>*</td></tr><tr><td>1943-October</td><td>1,139</td><td>1,139</td><td>-5,426</td><td>6,697</td><td>52</td><td>14</td><td>-199</td><td>-</td><td>*</td></tr><tr><td>November</td><td>-4,338</td><td>-4,338</td><td>-5,740</td><td>1,112</td><td>210</td><td>16</td><td>64</td><td>-</td><td>*</td></tr><tr><td>December</td><td>-2,664</td><td>-2,664</td><td>-1,716</td><td>-281</td><td>-262</td><td>22</td><td>-427</td><td>-</td><td>*</td></tr><tr><td>1944-January</td><td>-55</td><td>-55</td><td>-4,823</td><td>4,781</td><td>50</td><td>101</td><td>-165</td><td>-</td><td>*</td></tr><tr><td>February</td><td>6,916</td><td>6,916</td><td>-5,359</td><td>12,448</td><td>150</td><td>8</td><td>-331</td><td>-</td><td>*</td></tr><tr><td>March</td><td>-2,549</td><td>-2,549</td><td>-1,952</td><td>1,608</td><td>-201</td><td>-2</td><td>-2,002</td><td>-</td><td>*</td></tr><tr><td>April</td><td>-4,327</td><td>-4,327</td><td>-4,772</td><td>252</td><td>120</td><td>160</td><td>-87</td><td>-</td><td>*</td></tr><tr><td>May</td><td>-3,757</td><td>-3,757</td><td>-5,342</td><td>1,399</td><td>282</td><td>51</td><td>-148</td><td>-</td><td>*</td></tr><tr><td>June</td><td>11,646</td><td>11,646</td><td>-2,378</td><td>14,637</td><td>-355</td><td>-170</td><td>-83</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><tr><td>August</td><td>-4,252</td><td>-4,252</td><td>-5,551</td><td>1,229</td><td>282</td><td>42</td><td>-254</td><td>-</td><td>*</td></tr><tr><td>September</td><td>-2,555</td><td>-2,555</td><td>-2,004</td><td>-307</td><td>-308</td><td>29</td><td>35</td><td>-</td><td>*</td></tr><tr><td>October</td><td>-5,127</td><td>-5,127</td><td>-6,023</td><td>748</td><td>112</td><td>130</td><td>-95</td><td>-</td><td>*</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ This is the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ This represents the increase in the gross public debt, except as noted. (See footnote 7.)
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 (formerly Agricultural Marketing Administration); commodity food stamp transactions.
5/ Includes expenditures for retirement of national bank notes.
6/ In the fiscal years 1935 and 1936, $91 millions and $554 millions were transferred from increment on gold to the working
balance for retirement of national bank notes. In this statement, however, charges for retirement of national bank notes are reflected directly against increment on gold, in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance general and special accounts for the purpose of this table.
2/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1935 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1935, $91 millions; 1936, $397 millions; 1937, $99 millions; 1938, $51 millions; and 1939, $5 millions; total, $645 millions. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
December 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 out- ending 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="5">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 issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebted- ness, special series 2/</th><th>Ex- changes</th><th>Special issues</th></tr><tr><td>1935</td><td>28,701</td><td>1,648</td><td>13,126</td><td>5,716</td><td>-</td><td>-</td><td>-</td><td>6,964</td><td>446</td><td>11,478</td><td>4,305</td><td>-</td><td>6,964</td><td>209</td></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,958</td><td>-</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>9,043</td><td>5,542</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1943-October</td><td>165,047</td><td>6,697</td><td>14,281</td><td>11,056</td><td>-</td><td>-</td><td>-</td><td>3,062</td><td>162</td><td>7,584</td><td>4,511</td><td>-</td><td>3,062</td><td>11</td></tr><tr><td>November</td><td>166,158</td><td>1,112</td><td>5,682</td><td>5,228</td><td>-</td><td>-</td><td>-</td><td>34</td><td>421</td><td>4,570</td><td>4,525</td><td>-</td><td>34</td><td>11</td></tr><tr><td>December</td><td>165,877</td><td>-281</td><td>10,378</td><td>6,398</td><td>-</td><td>-</td><td>-</td><td>3,544</td><td>437</td><td>10,660</td><td>7,105</td><td>-</td><td>3,544</td><td>11</td></tr><tr><td>1944-January</td><td>170,659</td><td>4,781</td><td>9,449</td><td>9,239</td><td>-</td><td>-</td><td>-</td><td>-</td><td>209</td><td>4,668</td><td>4,628</td><td>-</td><td>-</td><td>40</td></tr><tr><td>February</td><td>183,107</td><td>12,448</td><td>19,226</td><td>16,691</td><td>-</td><td>-</td><td>1</td><td>2,127</td><td>407</td><td>6,778</td><td>4,590</td><td>-</td><td>2,127</td><td>112</td></tr><tr><td>March</td><td>184,715</td><td>1,608</td><td>10,355</td><td>8,019</td><td>-</td><td>-</td><td>38</td><td>1,946</td><td>350</td><td>8,746</td><td>6,789</td><td>-</td><td>1,946</td><td>11</td></tr><tr><td>April</td><td>184,967</td><td>252</td><td>10,322</td><td>5,192</td><td>-</td><td>-</td><td>24</td><td>4,903</td><td>203</td><td>10,070</td><td>5,155</td><td>-</td><td>4,903</td><td>12</td></tr><tr><td>May</td><td>186,366</td><td>1,399</td><td>7,700</td><td>5,613</td><td>-</td><td>-</td><td>34</td><td>1,618</td><td>436</td><td>6,301</td><td>4,672</td><td>-</td><td>1,618</td><td>11</td></tr><tr><td>June</td><td>201,003</td><td>14,637</td><td>27,837</td><td>21,406</td><td>-</td><td>-</td><td>37</td><td>-</td><td>6,394</td><td>13,199</td><td>6,971</td><td>-</td><td>-</td><td>6,228</td></tr><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><tr><td>August</td><td>209,802</td><td>1,229</td><td>10,151</td><td>7,044</td><td>-</td><td>-</td><td>85</td><td>2,511</td><td>511</td><td>8,922</td><td>6,400</td><td>-</td><td>2,511</td><td>11</td></tr><tr><td>September</td><td>209,496</td><td>-307</td><td>10,991</td><td>5,920</td><td>-</td><td>-</td><td>64</td><td>4,481</td><td>526</td><td>11,298</td><td>6,805</td><td>-</td><td>4,481</td><td>11</td></tr><tr><td>October</td><td>210,244</td><td>748</td><td>9,822</td><td>6,092</td><td>-</td><td>-</td><td>32</td><td>3,492</td><td>205</td><td>9,073</td><td>5,571</td><td>-</td><td>3,492</td><td>11</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="7">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><th></th><th></th></tr><tr><td>1935</td><td>27,645</td><td>14,874</td><td>62</td><td>10,023</td><td>-</td><td>-</td><td>2,053</td><td>633</td><td>100.0</td><td>53.8</td><td>.2</td><td>36.3</td><td>-</td><td>-</td><td>7.4</td><td>2.3</td></tr><tr><td>1936</td><td>32,989</td><td>17,368</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,611</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>1943-October</td><td>163,589</td><td>68,085</td><td>26,667</td><td>11,596</td><td>9,109</td><td>23,199</td><td>13,064</td><td>11,868</td><td>100.0</td><td>41.6</td><td>16.3</td><td>7.1</td><td>5.6</td><td>14.2</td><td>8.0</td><td>7.3</td></tr><tr><td>November</td><td>164,781</td><td>68,136</td><td>27,316</td><td>11,596</td><td>9,278</td><td>23,103</td><td>13,074</td><td>12,278</td><td>100.0</td><td>41.1</td><td>16.6</td><td>7.0</td><td>5.6</td><td>14.0</td><td>7.9</td><td>7.5</td></tr><tr><td>December</td><td>164,508</td><td>68,140</td><td>27,988</td><td>11,175</td><td>8,586</td><td>22,843</td><td>13,072</td><td>12,703</td><td>100.0</td><td>41.4</td><td>17.0</td><td>6.8</td><td>5.2</td><td>13.0</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>40.2</td><td>17.7</td><td>7.3</td><td>5.6</td><td>14.1</td><td>7.2</td><td>7.2</td></tr><tr><td>March</td><td>183,348</td><td>73,009</td><td>32,646</td><td>16,244</td><td>9,116</td><td>25,680</td><td>13,147</td><td>13,507</td><td>100.0</td><td>39.8</td><td>17.8</td><td>8.9</td><td>5.0</td><td>14.0</td><td>7.2</td><td>7.4</td></tr><tr><td>April</td><td>183,413</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>13.1</td><td>8.9</td><td>5.0</td><td>13.8</td><td>7.2</td><td>7.5</td></tr><tr><td>May</td><td>184,874</td><td>72,733</td><td>33,674</td><td>16,265</td><td>9,050</td><td>25,266</td><td>13,766</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>207,117</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><tr><td>August</td><td>208,289</td><td>81,431</td><td>37,584</td><td>18,067</td><td>10,030</td><td>30,001</td><td>15,715</td><td>15,461</td><td>100.0</td><td>39.1</td><td>18.0</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.5</td><td>7.4</td></tr><tr><td>September</td><td>207,850</td><td>81,466</td><td>38,028</td><td>17,936</td><td>9,124</td><td>29,573</td><td>15,747</td><td>15,976</td><td>100.0</td><td>39.2</td><td>18.3</td><td>8.6</td><td>4.4</td><td>14.2</td><td>7.6</td><td>7.7</td></tr><tr><td>October</td><td>208,608</td><td>81,466</td><td>38,355</td><td>17,936</td><td>9,075</td><td>29,546</td><td>16,060</td><td>16,170</td><td>100.0</td><td>39.1</td><td>18.4</td><td>8.6</td><td>4.4</td><td>14.2</td><td>7.7</td><td>7.8</td></tr></table>
Source: Daily Treasury Statements
December 1944
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1935-1944 (In millions of dollars)
<table><tr><th></th><th>June 30, 1935</th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 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>5,490</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>594</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,967</td></tr><tr><td>Total outstanding</td><td>32,824</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,053</td><td>2,354</td><td>2,303</td><td>1,154</td><td>1,302</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,854</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>11,361</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,409</td></tr><tr><td>Treasury bonds</td><td>12,684</td><td>17,168</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>38,085</td><td>57,520</td><td>79,244</td></tr><tr><td>Postal savings and other bonds</td><td>2,190</td><td>200</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>26,950</td><td>31,102</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td></tr><tr><td>Non-marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds</td><td>62</td><td>316</td><td>800</td><td>1,238</td><td>1,868</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td></tr><tr><td>Treasury notes - tax and savings series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</td><td>9,557</td></tr><tr><td>Adjusted service bonds</td><td>-</td><td>945</td><td>359</td><td>319</td><td>263</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>15</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>65</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 Fund</td><td>253</td><td>280</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td></tr><tr><td>National Service Life Insurance Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>39</td><td>352</td><td>1,213</td></tr><tr><td>Postal Savings System</td><td>125</td><td>100</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>55</td><td>197</td><td>264</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>-</td><td>-</td><td>-</td><td>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>66</td><td>67</td><td>79</td><td>74</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>7,859</td><td>10,571</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>115</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>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>213</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td></tr><tr><td>Other debt bearing no interest</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>825</td><td>620</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td></tr><tr><td>Total public debt outstanding</td><td>28,701</td><td>33,779</td><td>36,425</td><td>37,165</td><td>40,440</td><td>42,968</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</td></tr></table>
(Continued on following page)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART A - FISCAL YEARS, 1935-1944-(Continued) (In millions of dollars)
<table><tr><th></th><th>June 30, 1935</th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th></tr></table>
Guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation............</td><td>-</td><td>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td></tr><tr><td>Federal Farm Mortgage Corporation.........</td><td>1,226</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td></tr><tr><td>Federal Housing Administration............</td><td>-</td><td>-</td><td>*</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td></tr><tr><td>Federal Public Housing Authority............</td><td>-</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>24</td></tr><tr><td>Home Owners' Loan Corporation............</td><td>2,647</td><td>3,044</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,553</td><td>1,533</td></tr><tr><td>Reconstruction Finance Corporation.........</td><td>250</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td></tr><tr><td>Total marketable issues....................</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td></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></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></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>115</td></tr><tr><td>Total non-marketable issues................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td></tr><tr><td>Total interest-bearing debt................</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td></tr><tr><td>Matured debt on which interest has ceased....</td><td>-</td><td>-</td><td>-</td><td>0</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td></tr><tr><td>Total guaranteed obligations outstanding.....</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td></tr></table>
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">1943</th><th colspan="9">1944</th></tr><tr><th>Oct. 31</th><th>Nov. 30</th><th>Dec. 31</th><th>Jan. 31</th><th>Feb. 29</th><th>Mar. 31</th><th>Apr. 30</th><th>May 31</th><th>June 30</th><th>July 31</th><th>Aug. 31</th><th>Sept. 30</th><th>Oct. 31</th></tr></table>
Public debt and guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td>163,589</td><td>164,781</td><td>164,508</td><td>167,043</td><td>181,709</td><td>183,348</td><td>183,413</td><td>184,874</td><td>199,543</td><td>207,117</td><td>208,289</td><td>207,850</td><td>208,608</td></tr><tr><td>Public debt.</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><td>1,475</td><td>1,480</td><td>1,480</td></tr><tr><td>Guaranteed obligations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>167,701</td><td>168,935</td><td>168,732</td><td>171,312</td><td>185,936</td><td>185,606</td><td>185,670</td><td>186,403</td><td>201,059</td><td>208,585</td><td>209,764</td><td>209,331</td><td>210,088</td></tr><tr><td>Natured debt and debt bearing no interest</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>1,553</td><td>1,605</td><td>1,733</td><td>1,720</td></tr><tr><td>Total outstanding</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>210,138</td><td>211,369</td><td>211,064</td><td>211,807</td></tr></table>
Public debt
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>13,064</td><td>13,074</td><td>13,072</td><td>13,101</td><td>13,112</td><td>13,147</td><td>13,150</td><td>13,766</td><td>14,734</td><td>15,524</td><td>15,715</td></tr><tr><td>Certificates of indebtedness</td><td>23,199</td><td>23,103</td><td>22,843</td><td>22,843</td><td>25,680</td><td>25,306</td><td>25,266</td><td>28,822</td><td>30,015</td><td>30,001</td><td>29,573</td></tr><tr><td>Treasury notes</td><td>11,596</td><td>11,596</td><td>11,175</td><td>11,175</td><td>13,302</td><td>16,214</td><td>16,263</td><td>16,265</td><td>17,105</td><td>18,067</td><td>17,936</td></tr><tr><td>Treasury bonds</td><td>67,889</td><td>67,940</td><td>67,944</td><td>67,944</td><td>73,882</td><td>72,813</td><td>72,526</td><td>72,537</td><td>79,244</td><td>81,097</td><td>81,270</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></tr><tr><td>Total marketable issues</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><td>144,723</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. savings bonds</td><td>26,056</td><td>26,697</td><td>27,363</td><td>28,901</td><td>31,515</td><td>31,974</td><td>32,497</td><td>32,987</td><td>34,606</td><td>36,538</td><td>37,323</td></tr><tr><td>Treasury notes - tax and savings series</td><td>9,109</td><td>9,278</td><td>8,586</td><td>9,384</td><td>10,220</td><td>9,116</td><td>9,092</td><td>9,050</td><td>9,557</td><td>10,000</td><td>9,124</td></tr><tr><td>Adjusted service bonds</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><td>216</td></tr><tr><td>Depository bonds</td><td>392</td><td>400</td><td>406</td><td>407</td><td>416</td><td>454</td><td>468</td><td>469</td><td>474</td><td>482</td><td>489</td></tr><tr><td>Total non-marketable issues</td><td>35,776</td><td>36,595</td><td>36,574</td><td>38,911</td><td>42,370</td><td>41,762</td><td>42,275</td><td>42,724</td><td>44,855</td><td>47,237</td><td>47,152</td></tr><tr><td>Total public issues</td><td>151,720</td><td>152,504</td><td>151,805</td><td>154,170</td><td>168,541</td><td>169,842</td><td>169,715</td><td>170,753</td><td>185,256</td><td>192,156</td><td>192,438</td></tr></table>
(Continued on following page)
December 1944
25
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PART B - MONTHLY DATA-(Continued) (In millions of dollars)
<table><tr><th></th><th colspan="3">1943</th><th colspan="8">1944</th></tr><tr><th></th><th>Oct. 31</th><th>Nov. 30</th><th>Dec. 31</th><th>Jan. 31</th><th>Feb. 29</th><th>Mar. 31</th><th>Apr. 30</th><th>May 31</th><th>June 30</th><th>July 31</th><th>Aug. 31</th><th>Sept. 30</th><th>Oct. 31</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></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund.</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>13</td><td>18</td><td>17</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>77</td><td>77</td><td>77</td><td>77</td><td>93</td><td>93</td><td>93</td><td>98</td><td>98</td><td>138</td><td>168</td><td>183</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>4,256</td><td>4,256</td><td>4,536</td><td>4,525</td><td>4,525</td><td>4,669</td><td>4,669</td><td>4,669</td><td>4,766</td><td>4,754</td><td>4,754</td><td>5,034</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>8</td><td>9</td><td>10</td><td>16</td><td>11</td><td>24</td><td>25</td><td>25</td><td>27</td><td>27</td><td>27</td><td>29</td></tr><tr><td>Government Life Insurance Fund.</td><td>502</td><td>504</td><td>508</td><td>510</td><td>507</td><td>528</td><td>539</td><td>551</td><td>502</td><td>519</td><td>524</td><td>531</td></tr><tr><td>Government Retirement Funds.</td><td>1,314</td><td>1,328</td><td>1,341</td><td>1,356</td><td>1,369</td><td>1,382</td><td>1,393</td><td>1,405</td><td>1,469</td><td>1,668</td><td>1,695</td><td>1,708</td></tr><tr><td>National Service life insurance Fund.</td><td>586</td><td>667</td><td>731</td><td>793</td><td>878</td><td>922</td><td>982</td><td>1,071</td><td>1,213</td><td>1,323</td><td>1,440</td><td>1,540</td></tr><tr><td>Postal Savings System.</td><td>115</td><td>150</td><td>185</td><td>135</td><td>155</td><td>200</td><td>253</td><td>295</td><td>264</td><td>319</td><td>372</td><td>446</td></tr><tr><td>Canal Zone, Postal Savings System.</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><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>333</td><td>322</td><td>311</td><td>334</td><td>323</td><td>319</td><td>513</td><td>502</td><td>491</td></tr><tr><td>Unemployment Trust Fund.</td><td>4,658</td><td>4,946</td><td>4,985</td><td>5,056</td><td>5,317</td><td>5,356</td><td>5,384</td><td>5,664</td><td>5,610</td><td>5,653</td><td>5,951</td><td>5,985</td></tr><tr><td>Total special issues.</td><td>11,868</td><td>12,278</td><td>12,703</td><td>12,873</td><td>13,168</td><td>13,507</td><td>13,697</td><td>14,122</td><td>14,287</td><td>14,361</td><td>15,461</td><td>15,975</td><td>16,170</td></tr><tr><td>Total interest-bearing debt</td><td>163,589</td><td>164,781</td><td>164,508</td><td>167,043</td><td>181,709</td><td>183,348</td><td>183,413</td><td>184,874</td><td>189,543</td><td>207,117</td><td>208,249</td><td>207,850</td><td>208,608</td></tr><tr><td>Prepayments on Fourth War Loan securities.</td><td>2,193</td><td></td><td></td><td></td><td></td><td></td><td></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>291</td><td>209</td><td>202</td><td>258</td><td>241</td><td>182</td><td>352</td><td>260</td><td>201</td><td>175</td><td>167</td><td>240</td><td>199</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>198</td><td>202</td><td>203</td><td>205</td><td>201</td><td>196</td><td>196</td><td>198</td><td>197</td><td>180</td><td>167</td><td>168</td><td>175</td></tr><tr><td>Excess profits tax refund bonds.</td><td>-</td><td>-</td><td>*</td><td>*</td><td>2</td><td>40</td><td>64</td><td>97</td><td>134</td><td>178</td><td>252</td><td>327</td><td>359</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><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>773</td><td>770</td><td>768</td><td>762</td><td>758</td><td>752</td><td>746</td><td>740</td><td>732</td><td>726</td><td>721</td><td>714</td><td>706</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><td>6</td></tr><tr><td>Total debt bearing no interest.</td><td>1,157</td><td>1,163</td><td>1,168</td><td>1,154</td><td>1,157</td><td>1,135</td><td>1,202</td><td>1,232</td><td>1,259</td><td>1,281</td><td>1,347</td><td>1,406</td><td>1,437</td></tr><tr><td>Total public debt outstanding.</td><td>165,047</td><td>166,158</td><td>165,977</td><td>170,659</td><td>183,107</td><td>184,715</td><td>184,967</td><td>186,366</td><td>201,003</td><td>208,574</td><td>209,802</td><td>209,496</td><td>210,244</td></tr></table>
Guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>930</td><td>930</td><td>97</td><td>930</td><td>930</td><td>153</td><td>138</td><td>-</td><td>24</td><td>24</td><td>25</td><td>25</td></tr><tr><td>Federal Housing Administration</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>-</td><td>-</td><td>-</td><td>26</td></tr><tr><td>Federal Public Housing Authority</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><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,533</td><td>1,533</td><td>1,533</td><td>1,533</td><td>1,533</td><td>937</td><td>931</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td></tr><tr><td>Reconstruction Finance Corporation</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><td>-</td><td>-</td></tr><tr><td>Total marketable issues</td><td>3,583</td><td>3,583</td><td>3,583</td><td>3,583</td><td>5,469</td><td>1,544</td><td>1,503</td><td>1,190</td><td>1,130</td><td>1,191</td><td>1,192</td><td>1,193</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>190</td><td>135</td><td>205</td><td>191</td><td>188</td><td>175</td><td>168</td><td>163</td><td>150</td><td>277</td><td>284</td><td>289</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>340</td><td>376</td><td>437</td><td>495</td><td>570</td><td>579</td><td>586</td><td>176</td><td>176</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</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><td>284</td><td>289</td></tr><tr><td>Total interest-bearing debt</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><td>1,475</td><td>1,480</td></tr><tr><td>Matured debt on which interest has ceased</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><td>92</td><td>88</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>1,566</td><td>1,568</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ 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.
4/ 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
December 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>1</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>1944-October</td><td>7,477</td><td>700</td><td>-</td><td>283</td><td>36</td><td>6,401</td><td>57</td></tr><tr><td>November</td><td>7,560</td><td>800</td><td>-</td><td>283</td><td>9</td><td>6,411</td><td>57</td></tr><tr><td>December</td><td>7,853</td><td>800</td><td>-</td><td>283</td><td>-</td><td>6,713</td><td>57</td></tr><tr><td>1944-January</td><td>8,045</td><td>900</td><td>-</td><td>283</td><td>-</td><td>6,806</td><td>57</td></tr><tr><td>February</td><td>8,292</td><td>900</td><td>-</td><td>398</td><td>-</td><td>6,937</td><td>57</td></tr><tr><td>March</td><td>10,325</td><td>900</td><td>676</td><td>398</td><td>597</td><td>7,697</td><td>57</td></tr><tr><td>April</td><td>10,403</td><td>900</td><td>697</td><td>398</td><td>603</td><td>7,749</td><td>57</td></tr><tr><td>May</td><td>10,626</td><td>900</td><td>371</td><td>398</td><td>607</td><td>8,294</td><td>57</td></tr><tr><td>June</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><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><tr><td>August</td><td>11,312</td><td>1,000</td><td>345</td><td>398</td><td>518</td><td>8,994</td><td>57</td></tr><tr><td>September</td><td>11,181</td><td>863</td><td>286</td><td>398</td><td>493</td><td>9,084</td><td>57</td></tr><tr><td>October</td><td>11,312</td><td>1,035</td><td>276</td><td>398</td><td>468</td><td>9,078</td><td>57</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000.
1/ Those securities are not included in preceding statements of guaranteed obligations outstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td>1935</td><td>31,768</td><td>863</td><td>2.716</td><td>27,645</td><td>751</td><td>2.715</td><td>4,123</td><td>112</td><td>2.720</td></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.295</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869 r</td><td>1.925 r</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,515</td><td>20 r</td><td>1.335 r</td></tr><tr><td>1943-October</td><td>167,701</td><td>3,254 r</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>1.952 r</td></tr><tr><td>November</td><td>168,935</td><td>3,284 r</td><td>1.944 r</td><td>164,781</td><td>3,203</td><td>1.944</td><td>4,154</td><td>81 r</td><td>1.946 r</td></tr><tr><td>December</td><td>168,132</td><td>3,299 r</td><td>1.955 r</td><td>164,508</td><td>3,217</td><td>1.956</td><td>4,225</td><td>82 r</td><td>1.934 r</td></tr><tr><td>1941-January</td><td>171,312</td><td>3,355 r</td><td>1.959 r</td><td>167,043</td><td>3,273</td><td>1.959</td><td>4,269</td><td>82 r</td><td>1.930 r</td></tr><tr><td>February</td><td>185,936</td><td>3,626 r</td><td>1.950</td><td>181,709</td><td>3,544</td><td>1.951</td><td>4,227</td><td>82 r</td><td>1.930 r</td></tr><tr><td>March</td><td>185,606</td><td>3,601 r</td><td>1.940 r</td><td>183,348</td><td>3,567</td><td>1.945</td><td>2,258</td><td>34 r</td><td>1.522 r</td></tr><tr><td>April</td><td>185,670</td><td>3,607 r</td><td>1.943 r</td><td>183,413</td><td>3,573</td><td>1.948</td><td>2,258</td><td>34 r</td><td>1.499 r</td></tr><tr><td>May</td><td>186,103</td><td>3,618 r</td><td>1.941</td><td>184,374</td><td>3,598</td><td>1.916</td><td>1,529</td><td>20 r</td><td>1.325 r</td></tr><tr><td>June</td><td>201,059</td><td>3,869 r</td><td>1.925 r</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,515</td><td>20 r</td><td>1.335 r</td></tr><tr><td>July</td><td>208,585</td><td>4,010 r</td><td>1.922</td><td>207,117</td><td>3,990</td><td>1.927</td><td>1,468</td><td>19 r</td><td>1.326 r</td></tr><tr><td>August</td><td>209,764</td><td>4,035 r</td><td>1.923</td><td>208,289</td><td>4,015</td><td>1.928</td><td>1,475</td><td>20 r</td><td>1.333 r</td></tr><tr><td>September</td><td>209,331</td><td>4,046 r</td><td>1.933 r</td><td>207,850</td><td>4,026</td><td>1.937</td><td>1,480</td><td>20 r</td><td>1.319 r</td></tr><tr><td>October</td><td>210,088</td><td>4,061</td><td>1.933</td><td>208,608</td><td>4,041</td><td>1.937</td><td>1,480</td><td>20</td><td>1.347</td></tr></table>
Source: Daily Treasury Statements. 
r 
1/ 
Revised. 
Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the
annual interest charge and rate of interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series I is considered to yield 2.53%. 21 Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Treasury Bulletin
28
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of October 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>Callable issues classified by year of: First call</th><th>Final maturity</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><td>1944</td><td>Treasury bills 7/8% Ctf. of indent. G - 12/1/44 4% Treasury bond - 12/15/44-54</td><td>10,906 3,540 1,037</td><td></td><td></td><td>15,483</td><td>15,483</td></tr><tr><td>1945</td><td>Treasury bills 7/8% Ctf. of indent. A - 2/1/45 (Various) 1-1/8% CCC note G - 2/15/45 (7/21/41) .90% Treasury note D - 3/1/45 (2/1/44) 3/4% Treasury note A - 3/15/45 (3/15/40) 1-1/4% Treasury note C - 3/15/45 (9/25/42) 7/8% Ctf. of indent. B - 4/1/45 (4/1/44) 7/8% Ctf. of indent. D - 5/1/45 (5/1/44) 1-1/2% HOLC bond M - 6/1/45-47 (6/1/39) 7/8% Ctf. of indent. C - 6/1/45 (6/26/44) 7/8% Ctf. of indent. E - 8/1/45 (8/1/44) 7/8% Ctf. of indent. F - 9/1/45 (9/1/44) 2-3/4% Treasury bond G - 9/15/45-47 (9/15/35) 7/8% Ctf. of indent. G - 10/1/45 (10/1/44) 2-1/2% Treasury bond - 12/15/45 (12/15/37) 3/4% Treasury note B - 12/15/45 (12/18/40)</td><td>5,153 5,048 412 2,127 718 1,606 4,877 1,615 755 4,770 2,511 3,694 1,214 3,492 541 531</td><td></td><td></td><td>39,063</td><td>37,093</td></tr><tr><td>1946-Jan</td><td>3% Conversion bond - 1/1/46 (1/1/16) 1% Treasury note A - 3/15/46 (11/1/41) 3-3/4% Treasury bond - 3/15/46-56 (3/15/26) 3% Treasury bond - 6/15/46-18 (6/15/34) 3-1/8% Treasury bond - 6/15/46-19 (6/15/31) 1-1/2% Treasury note B - 12/15/46 (6/15/42)</td><td>16 1,291 489 1,036 819 3,261</td><td></td><td></td><td>6,911</td><td>4,567</td></tr><tr><td>1947-Jan</td><td>3% Conversion bond - 1/1/47 (1/1/17) 1-1/2% HOLC bond M - 6/1/47 (6/1/39) 1-1/4% Treasury note B - 3/15/47 (6/26/44) 2-3/4% Treasury bond - 9/15/47 (9/16/35) 1-1/2% Treasury note A - 9/15/47 (7/12/43) 4-1/4% Treasury bond - 10/15/47-52 (10/16/22) 2% Treasury bond - 12/15/47 (12/15/38)</td><td>13 1,948 2,707 701</td><td></td><td>755 1,214 759</td><td>6,129</td><td>7,339</td></tr><tr><td>1948-Mar</td><td>2% Treasury bond - 3/15/48-50 (3/15/41) 2-3/4% Treasury bond - 3/15/48-51 (3/16/35) 3% Treasury bond - 6/15/48 (6/15/34) 1-3/4% Treasury bond - 6/15/48 (12/1/42) 2-1/2% Treasury bond - 9/15/48 (3/15/38) 1-1/2% Treasury note A - 9/15/48 (3/15/44) 2% Treasury bond - 12/15/48-50 (12/8/39)</td><td>1,115 1,223 3,062 451 3,748</td><td></td><td>1,036 571</td><td>10,171</td><td>8,296</td></tr><tr><td>1949-June</td><td>3-1/8% Treasury bond - 6/15/49-19 (6/15/31) 2% Treasury bond - 6/15/49-51 (1/15/42) 2% Treasury bond - 9/15/49-51 (5/15/42) 3-1/8% Treasury bond - 12/15/49-52 (12/15/34) 2-1/2% Treasury bond - 12/15/49-53 (12/15/35) 2% Treasury bond - 12/15/49-51 (7/15/42)</td><td>819 1,014 1,292 491 1,786 2,098</td><td></td><td></td><td>6,682</td><td>819</td></tr><tr><td>1950-Mar</td><td>2% Treasury bond - 3/15/48-50 (3/15/41) 2% Treasury bond - 3/15/50-52 (10/19/42) 2-1/2% Treasury bond - 9/15/50-52 (9/15/38) 2% Treasury bond - 9/15/50-52 (4/15/43) 2% Treasury bond - 12/15/48-50 (12/8/39)</td><td>1,115 1,963 1,186 4,939</td><td></td><td>571</td><td>8,088</td><td>1,687</td></tr><tr><td>Total</td><td></td><td>15,483</td><td>1,969</td><td></td><td>15,483</td><td></td></tr><tr><td>Total</td><td></td><td>37,093</td><td>1,969</td><td></td><td>39,063</td><td>37,093</td></tr><tr><td>Total</td><td></td><td>4,567</td><td>2,344</td><td></td><td>6,911</td><td>4,567</td></tr><tr><td>Total</td><td></td><td>5,370</td><td>759</td><td>1,969</td><td>6,129</td><td>7,339</td></tr><tr><td>Total</td><td></td><td>7,261</td><td>2,910</td><td>1,036</td><td>10,171</td><td>8,296</td></tr><tr><td>Total</td><td></td><td>6,682</td><td>819</td><td></td><td>6,682</td><td>819</td></tr><tr><td>Total</td><td></td><td>8,088</td><td>1,687</td><td></td><td>8,088</td><td>1,687</td></tr></table>
(Continued on following page)
December 1944
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States 1/ As of October 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="2">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1951-Mar....</td><td>2-3/4% Treasury bond</td><td>- 3/15/48-51............ (3/16/36)</td><td></td><td></td><td>1,223</td><td></td><td></td></tr><tr><td>June....</td><td>2% Treasury bond</td><td>- 6/15/49-51............ (1/15/42)</td><td></td><td>1,627</td><td>1,014</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond</td><td>- 6/15/51-54............ (6/15/36)</td><td></td><td></td><td>1,292</td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond</td><td>- 9/15/49-51............ (5/15/42)</td><td></td><td>7,986</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond</td><td>- 9/15/51-53............ (9/15/31)</td><td></td><td>755</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond</td><td>- 12/15/51-53............ (12/22/39)</td><td></td><td>1,118</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond</td><td>- 12/15/51-55............ (12/15/41)</td><td></td><td>510</td><td>2,098</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond</td><td>- 12/15/49-51............ (7/15/42)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>11,996</td><td>5,628</td><td>11,996</td><td>5,628</td></tr><tr><td>1952-Mar....</td><td>2-1/2% Treasury bond</td><td>- 3/15/52-54............ (3/31/41)</td><td></td><td>1,024</td><td></td><td></td><td></td></tr><tr><td>Mar....</td><td>2% Treasury bond</td><td>- 3/15/50-52............ (10/19/42)</td><td></td><td></td><td>1,963</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>- 6/15/52-55............ (2/25/42)</td><td></td><td>1,501</td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2% Treasury bond</td><td>- 6/15/52-54............ (6/26/44)</td><td></td><td>5,825</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond</td><td>- 9/15/50-52............ (9/15/38)</td><td></td><td></td><td>1,185</td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond</td><td>- 9/15/50-52............ (4/15/43)</td><td></td><td></td><td>4,939</td><td></td><td></td></tr><tr><td>Oct....</td><td>4-1/4% Treasury bond</td><td>- 10/15/47-52............ (10/16/22)</td><td></td><td></td><td>759</td><td></td><td></td></tr><tr><td>Dec....</td><td>3-1/8% Treasury bond</td><td>- 12/15/49-52............ (12/15/34)</td><td></td><td></td><td>491</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>8,349</td><td>9,338</td><td>8,349</td><td>9,338</td></tr><tr><td>1953-June....</td><td>2% Treasury bond</td><td>- 6/15/53-55............ (10/7/40)</td><td></td><td>725</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond</td><td>- 9/15/51-53............ (9/15/43)</td><td></td><td></td><td>7,986</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond</td><td>- 12/15/49-53............ (12/15/35)</td><td></td><td></td><td>1,786</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond</td><td>- 12/15/51-53............ (12/22/39)</td><td></td><td></td><td>1,118</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>725</td><td>10,890</td><td>725</td><td>10,890</td></tr><tr><td>1954-Mar....</td><td>2-1/2% Treasury bond</td><td>- 3/15/52-54............ (3/31/41)</td><td></td><td></td><td>1,024</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond</td><td>- 6/15/51-54............ (6/15/36)</td><td></td><td></td><td>1,627</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>- 6/15/54-56............ (7/22/40)</td><td></td><td>681</td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2% Treasury bond</td><td>- 6/15/52-54............ (6/26/44)</td><td></td><td></td><td>5,825</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>681</td><td>8,475</td><td>681</td><td>8,475</td></tr><tr><td>1955-Mar....</td><td>2-7/8% Treasury bond</td><td>- 3/15/55-60............ (3/15/35)</td><td></td><td>2,611</td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>- 6/15/52-55............ (2/25/42)</td><td></td><td></td><td>1,501</td><td></td><td></td></tr><tr><td>June....</td><td>2% Treasury bond</td><td>- 6/15/53-55............ (10/7/40)</td><td></td><td></td><td>725</td><td></td><td></td></tr><tr><td>Sept....</td><td>3% Treasury bond</td><td>- 9/15/51-55............ (9/15/31)</td><td></td><td></td><td>755</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond</td><td>- 12/15/51-55............ (12/15/41)</td><td></td><td></td><td>510</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>2,611</td><td>3,491</td><td>2,611</td><td>3,491</td></tr><tr><td>1956-Mar....</td><td>3-3/4% Treasury bond</td><td>- 3/15/46-56............ (3/15/26)</td><td></td><td></td><td>489</td><td></td><td></td></tr><tr><td>Mar....</td><td>2-1/2% Treasury bond</td><td>- 3/15/56-58............ (6/2/41)</td><td></td><td>1,149</td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond</td><td>- 6/15/54-56............ (7/22/40)</td><td></td><td></td><td>681</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond</td><td>- 9/15/56-59............ (9/15/36)</td><td></td><td>982</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/4% Treasury bond</td><td>- 9/15/56-59............ (2/1/44)</td><td></td><td>3,823</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............ (6/2/41)</td><td></td><td></td><td>1,449</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond</td><td>- 6/15/58-63............ (6/15/38)</td><td></td><td>919</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-Sept....</td><td>2-3/4% Treasury bond</td><td>- 9/15/56-59............ (9/15/36)</td><td></td><td></td><td>982</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/4% Treasury bond</td><td>- 9/15/56-59............ (2/1/44)</td><td></td><td></td><td>3,823</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>4,804</td><td></td><td>4,804</td></tr></table>
(Continued on following page)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of October 31, 1944 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1960-Mar. Dec.</td><td>2-7/8% Treasury bond - 3/15/55-60......(3/15/35) 2-3/4% Treasury bond - 12/15/60-65......(12/15/38)</td><td></td><td>1,485</td><td>2,611</td><td>1,485</td><td>2,611</td></tr><tr><td></td><td>Total</td><td></td><td>1,485</td><td>2,611</td><td></td><td></td></tr><tr><td>1961-June</td><td>3% Panama Canal bond - 6/1/61......(6/1/11)</td><td>50</td><td></td><td></td><td>50</td><td>50</td></tr><tr><td>1962-June</td><td>2-1/2% Treasury bond - 6/15/62-67......(5/5/42)</td><td></td><td>2,118</td><td></td><td>2,118</td><td></td></tr><tr><td>1963-June Dec.</td><td>2-3/4% Treasury bond - 6/15/58-63......(6/15/38) 2-1/2% Treasury bond - 12/15/63-68......(12/1/42)</td><td></td><td>2,831</td><td>919</td><td></td><td>919</td></tr><tr><td></td><td>Total</td><td></td><td>2,831</td><td>919</td><td>2,831</td><td>919</td></tr><tr><td>1964-June Dec.</td><td>2-1/2% Treasury bond - 6/15/64-69......(4/15/43) 2-1/2% Treasury bond - 12/15/64-69......(9/15/43)</td><td></td><td>3,761 3,838</td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td></td><td>7,600</td><td></td><td>7,600</td><td></td></tr><tr><td>1965-Dec. Mar.</td><td>2-3/4% Treasury bond - 12/15/60-65......(12/15/38) 2-1/2% Treasury bond - 3/15/65-70......(2/1/44)</td><td></td><td>5,197</td><td>1,485</td><td></td><td>1,485</td></tr><tr><td></td><td>Total</td><td></td><td>5,197</td><td>1,485</td><td>5,197</td><td></td></tr><tr><td>1966</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1967-June Sept.</td><td>2-1/2% Treasury bond - 6/15/62-67......(5/5/42) 2-1/2% Treasury bond - 9/15/67-72......(10/20/41)</td><td></td><td>2,716</td><td>2,118</td><td></td><td>2,118</td></tr><tr><td></td><td>Total</td><td></td><td>2,716</td><td>2,118</td><td>2,716</td><td>2,118</td></tr><tr><td>1968-Dec.</td><td>2-1/2% Treasury bond - 12/15/63-68......(12/1/42)</td><td></td><td></td><td>2,831</td><td></td><td>2,831</td></tr><tr><td>1969-June Dec.</td><td>2-1/2% Treasury bond - 6/15/64-69......(4/15/43) 2-1/2% Treasury bond - 12/15/64-69......(9/15/43)</td><td></td><td></td><td>3,761 3,838</td><td></td><td>7,600</td></tr><tr><td></td><td>Total</td><td></td><td></td><td>7,600</td><td></td><td></td></tr><tr><td>1970-Mar.</td><td>2-1/2% Treasury bond - 3/15/65-70......(2/1/44)</td><td></td><td></td><td>5,197</td><td></td><td>5,197</td></tr><tr><td>1971</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1972-Sept.</td><td>2-1/2% Treasury bond - 9/15/67-72......(10/20/41)</td><td></td><td></td><td>2,716</td><td></td><td>2,716</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Excludes postal savings bonds, Federal Housing Administration debentures, and guaranteed securities held by the Treasury.
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final matu-
rity. 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.
December 1944
31
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<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) 1/</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></th><th></th><th></th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td>11/30/42</td><td>11/30/42</td><td>First War Loan securities: 2-1/2% treat. bond-12/15/63-68......(12/1/42) 1-3/4% treat. 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 3,364 5,184</td><td>2,831 3,062 3,800</td><td>2,831 3,062 3,800</td><td></td></tr><tr><td>1/21/43</td><td>1/21/43</td><td>7/8% Certificate - 2/1/44......(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: 2-1/2% treat. bond- 6/15/64-69......(4/15/43) 2% treat. 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 m) 9 yr.5 m (7 yr.5 m) 1 yr</td><td>4/15/53</td><td>3,762 12,757 12,895</td><td>3,762 4,939 5,251</td><td>3,762 4,939 5,251</td><td></td></tr><tr><td>3/12/43 6/27/43 7/22/43</td><td>4/19/43 6/28/43 7/22/43</td><td>7/8% Certificate - 5/1/44......(5/1/43) 1-1/2% treat. note - 9/15/47......(7/12/43) 7/8% Certificate - 8/1/44......(8/2/43)</td><td>1 yr 4 yr.2 m 1 yr</td><td></td><td>19,544 5,484</td><td>1,655 2,707 2,545</td><td>1,655 2,707 989</td><td>1,655 1,556</td></tr><tr><td>8/16/43</td><td>9/9/43</td><td>Third War Loan securities: 2-1/2% treat. bond-12/15/64-69......(9/15/43) 2% treat. 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 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% treat. bond - 12/15/64-69 5/......(9/15/43) 2% treat. bond - 9/15/51-53 5/......(9/15/43) 7/8% Certificate - 12/1/44......(12/1/43)</td><td>1 yr (21 yr.2 m) 6/ 9 yr.11 m (7 yr.11m) 5/ 1 yr</td><td>9/15/53</td><td>5,391 5,532</td><td>3,519 59 2,729 3,540</td><td>1,550 1,627</td><td>1,939 59 1,102 3,540</td></tr><tr><td>11/22/43</td><td>1/18/44</td><td>Fourth War Loan securities: 8/ 2-1/2% treat. bond- 3/15/65-70......(2/1/44) 2-1/4% treat. bond- 9/15/56-59......(2/1/44) 7/8% Certificate - 2/1/45......(2/1/44)</td><td>26 yr.1 m (21 yr.1 m) 15 yr.7 m (12 yr.7 m) 1 yr</td><td>2/1/54 9/15/46</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td></td></tr><tr><td>1/24/44 3/2/44 3/2/44 3/2/44 3/22/44 4/24/44</td><td>1/24/44 3/2/44 3/2/44 3/2/44 3/22/44 4/24/44</td><td>.90% treat. note - 3/1/45......(2/1/44) 2-1/2% treat. bond - 3/15/65-70 5/......(2/1/44) 2-1/4% treat. bond - 9/15/56-59 5/......(2/1/44) 1-1/2% treat. 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.) 2/ 26 yr. (21 yr.) 9/ 15 yr.6 m (12 yr.6 m) 9/ 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></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: 8/ 2-1/2% treat. bond- 3/15/65-70 5/......(2/1/44) 2% treat. bond- 6/15/52-54......(6/26/44) 1-1/4% treat. note - 3/15/47......(6/26/44) 7/8% Certificate - 6/1/45......(6/26/44)</td><td>25 yr.9 m (20 yr.9 m) 10/ 10 yr (8 yr) 2 yr.9 m 11 m</td><td>2/1/54</td><td>2,909 5,825 1,948 4,770</td><td>2,909 5,825 1,948 4,770</td><td>2,909 5,825 1,948 4,770</td><td></td></tr><tr><td>7/20/44 8/24/44 8/24/44 9/20/44</td><td>7/20/44 8/24/44 8/24/44 9/25/44</td><td>7/8% Certificate - 8/1/45......(8/2/44) 7/8% Certificate - 9/1/45......(9/1/44) 1% treat. note - 3/15/46 5/......(11/1/41) 7/8% Certificate - 10/1/45......(10/1/44)</td><td>1 yr 1 yr 1 yr.6 m 11/ 1 yr</td><td></td><td>2,511 3,694 788 3,492</td><td></td><td>2,511 3,694 788 3,492</td><td></td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>Sixth War Loan securities: 2-1/2% treat. bond- 3/15/66-71......(12/1/44) 2% treat. bond-12/15/52-54......(12/1/44) 1-1/4% treat. note- 9/15/47......(12/1/44) 7/8% Certificate - 12/1/45......(12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 10 yr (8 yr) 2 yr.9 m 1 yr</td><td>12/1/54</td><td>12/ 12/ 12/ 12/</td><td>12/ 12/ 12/ 12/</td><td>12/ 12/ 12/ 12/</td><td></td></tr><tr><td>11/17/44 11/17/44 11/17/44</td><td>11/20/44 11/20/44 11/20/44</td><td>.90% treat. note - 1/1/46......(12/1/44) 2-1/2% treat. bond - 3/15/66-71 13/......(12/1/44) 2% treat. bond - 12/15/52-54 13/......(12/1/44) 1-1/4% treat. note - 9/15/47 13/......(12/1/44)</td><td>1 yr.1 m (21 yr.3 m) 11/ 26 yr.3 m (8 yr.) 11/ 10 yr (8 yr.) 11/ 2 yr.9 m 11/</td><td>12/1/54</td><td>12/ 12/ 12/ 12/</td><td>12/ 12/ 12/ 12/</td><td>12/ 12/ 12/ 12/</td><td></td></tr></table>
Back Figures: For period December 1941 through October 1942, see "Treasury Bulletin" for November 1944, page 32.
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, Fifth and Sixth War Loans, commercial banks were permitted to subscribe to the restricted issues 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/ Issued primarily to refund maturing security.
Reopening of previously offered security.
Interest commenced on October 15, 1943.
Announcement of exchange offering was included in announcement of Third War Loan, August 16, 1943.
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.
Interest commenced on March 15, 1944.
Interest commenced on June 26, 1944.
Interest commenced on September 15, 1944.
Amounts not yet available.
Additional issue offered simultaneously with Sixth War Loan.
Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
32
Treasury Bulletin
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<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>11/1/42 12/15/42</td><td>1/2% Certificate - 11/1/42......(4/15/42) 1-3/4% Treas. note - 12/15/42......(12/15/37)</td><td>1,507 232</td><td>1,507 232</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>2/1/43 3/15/43</td><td>5/8% Certificate - 2/1/43......(6/25/42) 3/4% Treas. note - 3/15/43......(3/15/41)</td><td>1,588 66</td><td>1,588 66</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>5/1/43</td><td>.65% Certificate - 5/1/43......(9/21/42) 3/4% CCC note - 5/1/43......(8/1/40)</td><td>1,506 289</td><td>132 8</td><td>1,373 282</td><td>91 97</td><td>7/8% Certificate - 5/1/44</td></tr><tr><td colspan="2">Totals for exchange transaction of 5/1/43...</td><td>1,795</td><td>140</td><td>1,655</td><td>92</td><td></td></tr><tr><td>6/15/43 6/15/43 7/15/43</td><td>3-1/8% Treas. bond - 6/15/43-47......(6/15/27) 1-1/8% Treas. note - 6/15/43......(6/15/38) 1-1/8% RFC note - 7/15/43......(4/17/41)</td><td>454 629 324</td><td>454 629 324</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>8/2/43 9/15/43 10/15/43</td><td>7/8% Certificate - 8/1/43......(8/15/42) 1% Treas. note - 9/15/43......(6/15/40) 3-1/4% Treas. bond - 10/15/43-45......(10/15/33)</td><td>1,609 279 1,401</td><td>53 279 239</td><td>1,556 1,161</td><td>97 83</td><td>7/8% Certificate - 8/1/44 2-1/2% Treas. bond - 12/15/64-69 2% Treas. bond - 9/15/51-53</td></tr><tr><td>10/15/43 12/1/43 12/15/43</td><td>7/8% Certificate - 11/1/43......(11/2/42) 7/8% Certificate - 12/1/43......(12/1/42) 1-1/8% Treas. note - 12/15/43......(12/15/38)</td><td>2,035 3,800 421</td><td>96 260 421</td><td>1,939 3,540</td><td>95 93</td><td>7/8% Certificate - 10/1/44 7/8% Certificate - 12/1/44</td></tr><tr><td>2/1/44 2/1/44</td><td>1-3/8% PPA note - 2/1/44......(2/1/39) 7/8% Certificate - 2/1/44......(2/1/43)</td><td>114 2,211</td><td>114 84</td><td>2,127</td><td>96</td><td>.90% Treas. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% FMC bond - 3/15/44-64......(3/15/34) 3% FMC bond - 5/15/44-49......(5/15/34) 1% RFC note - 4/15/44......(7/13/41) 3% HOLC 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 32 146</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 colspan="2">Totals for exchange transaction of 3/15/44...</td><td>4,729</td><td>510</td><td>3,919</td><td>83</td><td></td></tr><tr><td>4/1/44 5/1/44 8/1/44 9/1/44</td><td>7/8% Certificate - 4/1/44......(4/15/43) 7/8% Certificate - 5/1/44......(5/1/43) 7/8% Certificate - 8/1/44......(8/2/43) 7/8% Certificate - 9/1/44......(9/15/43)</td><td>5,251 1,655 2,545 4,122</td><td>374 40 34 428</td><td>4,877 1,615 2,511 3,694</td><td>93 98 99 90</td><td>7/8% Certificate - 4/1/45 7/8% Certificate - 5/1/45 7/8% Certificate - 8/1/45 7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% Treas. note - 9/15/44......(1/31/41) 1% Treas. note - 9/15/44......(12/22/39)</td><td>635 283</td><td>33 98</td><td>602 185</td><td>95 66</td><td>1% Treas. note - 3/15/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 9/15/44...</td><td>918</td><td>130</td><td>788</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% Certificate - 10/1/44......(10/15/43) 7/8% Certificate - 12/1/44......(12/1/43)</td><td>3,519 3,540</td><td>27 2/</td><td>3,492 3/</td><td>99 2/</td><td>7/8% Certificate - 10/1/45 .90% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4% Treas. bond - 12/15/44-54......(12/15/24)</td><td>1,037</td><td>2/</td><td>2/</td><td>2/</td><td>1-1/4% Treas. note - 9/15/47 2% Treas. bond - 12/15/52-54 2-1/2% Treas. bond - 3/15/66-71 3/</td></tr></table>
Back Figures: For period December 1941 through October 1942 see "Treasury Bulletin" for November 1944, page 33. 1/ Original call and maturity dates are used.
2/ Amounts not yet available. 3/ Not available to commercial banks.
December 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="6">Description of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th></tr><tr><th></th><th></th><th></th><th></th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th><th></th><th></th></tr><tr><td>1943-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>935.2</td><td>67.5</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>2,116.7</td><td>1,001.1</td><td>937.1</td><td>63.9</td><td>1,005.5</td><td>13,148.6</td></tr><tr><td>Mar. 30</td><td>June 29</td><td>91</td><td>1,976.7</td><td>1,009.7</td><td>954.5</td><td>55.2</td><td>1,011.0</td><td>13,147.3</td></tr><tr><td>Apr. 6</td><td>July 6</td><td>91</td><td>1,997.8</td><td>1,007.7</td><td>960.7</td><td>47.0</td><td>1,014.8</td><td>13,140.1</td></tr><tr><td>Apr. 13</td><td>July 13</td><td>91</td><td>1,927.7</td><td>1,014.5</td><td>959.0</td><td>55.5</td><td>1,000.2</td><td>13,154.4</td></tr><tr><td>Apr. 20</td><td>July 20</td><td>91</td><td>2,028.4</td><td>1,013.4</td><td>959.5</td><td>54.0</td><td>1,017.2</td><td>13,150.7</td></tr><tr><td>Apr. 27</td><td>July 27</td><td>91</td><td>2,131.1</td><td>1,015.9</td><td>961.3</td><td>54.6</td><td>1,016.9</td><td>13,149.7</td></tr><tr><td>May 4</td><td>Aug. 3</td><td>91</td><td>2,149.7</td><td>1,017.1</td><td>966.6</td><td>50.5</td><td>1,002.3</td><td>13,164.5</td></tr><tr><td>May 11</td><td>Aug. 10</td><td>91</td><td>2,172.7</td><td>1,206.9</td><td>1,148.0</td><td>59.0</td><td>1,005.7</td><td>13,365.8</td></tr><tr><td>May 18</td><td>Aug. 17</td><td>91</td><td>2,170.2</td><td>1,206.3</td><td>1,147.0</td><td>59.3</td><td>1,012.7</td><td>13,559.3</td></tr><tr><td>May 25</td><td>Aug. 24</td><td>91</td><td>1,958.4</td><td>1,214.1</td><td>1,157.1</td><td>57.0</td><td>1,007.7</td><td>13,765.8</td></tr><tr><td>June 1</td><td>Aug. 31</td><td>91</td><td>1,887.1</td><td>1,215.3</td><td>1,164.6</td><td>50.7</td><td>1,007.4</td><td>13,973.7</td></tr><tr><td>June 8</td><td>Sept. 7</td><td>91</td><td>1,990.1</td><td>1,202.6</td><td>1,150.0</td><td>52.6</td><td>1,035.5</td><td>14,140.8</td></tr><tr><td>June 15</td><td>Sept. 14</td><td>91</td><td>2,133.9</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><tr><td>Aug. 3</td><td>Nov. 2</td><td>91</td><td>2,010.4</td><td>1,214.1</td><td>1,156.6</td><td>57.5</td><td>1,017.1</td><td>15,720.9</td></tr><tr><td>Aug. 10</td><td>Nov. 9</td><td>91</td><td>2,001.1</td><td>1,210.9</td><td>1,150.3</td><td>60.6</td><td>1,206.9</td><td>15,724.9</td></tr><tr><td>Aug. 17</td><td>Nov. 16</td><td>91</td><td>2,033.4</td><td>1,205.8</td><td>1,143.7</td><td>62.0</td><td>1,206.3</td><td>15,724.3</td></tr><tr><td>Aug. 24</td><td>Nov. 24</td><td>92</td><td>1,851.6</td><td>1,209.9</td><td>1,148.1</td><td>61.9</td><td>1,214.1</td><td>15,720.1</td></tr><tr><td>Aug. 31</td><td>Nov. 30</td><td>91</td><td>1,831.6</td><td>1,210.2</td><td>1,153.2</td><td>57.0</td><td>1,215.3</td><td>15,715.0</td></tr><tr><td>Sept. 7</td><td>Dec. 7</td><td>91</td><td>1,762.1</td><td>1,206.9</td><td>1,161.9</td><td>45.0</td><td>1,202.6</td><td>15,719.2</td></tr><tr><td>Sept. 14</td><td>Dec. 14</td><td>91</td><td>2,005.4</td><td>1,214.8</td><td>1,151.3</td><td>63.5</td><td>1,201.0</td><td>15,733.1</td></tr><tr><td>Sept. 21</td><td>Dec. 21</td><td>91</td><td>2,088.3</td><td>1,215.5</td><td>1,152.5</td><td>63.1</td><td>1,211.6</td><td>15,737.0</td></tr><tr><td>Sept. 28</td><td>Dec. 28</td><td>91</td><td>2,244.5</td><td>1,218.2</td><td>1,161.5</td><td>56.7</td><td>1,207.8</td><td>15,747.4</td></tr><tr><td>Oct. 5</td><td>1945-Jan. 4</td><td>91</td><td>2,308.0</td><td>1,218.0</td><td>1,161.9</td><td>56.1</td><td>1,216.3</td><td>15,749.1</td></tr><tr><td>Oct. 13</td><td>Jan. 11</td><td>90</td><td>2,197.0</td><td>1,312.6</td><td>1,253.9</td><td>58.7</td><td>1,203.8</td><td>15,857.8</td></tr><tr><td>Oct. 19</td><td>Jan. 18</td><td>91</td><td>2,183.9</td><td>1,313.9</td><td>1,254.1</td><td>59.7</td><td>1,206.6</td><td>15,965.1</td></tr><tr><td>Oct. 26</td><td>Jan. 25</td><td>91</td><td>2,356.3</td><td>1,308.9</td><td>1,254.6</td><td>54.3</td><td>1,214.4</td><td>16,059.6</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 basle. Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Tenders for bill 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 bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1944-Oct. 7.</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 14.</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 21.</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 28.</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 4.</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 12.</td><td>99.906</td><td>0.376</td><td>99.915</td><td>0.340</td><td>99.906</td><td>0.376</td></tr><tr><td>Nov. 18.</td><td>99.905</td><td>0.375</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 26.</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr><tr><td>Dec. 2.</td><td>99.905</td><td>0.375</td><td>99.925 2/</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 9.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 16.</td><td>99.905</td><td>0.375</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 23.</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 30.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>1944-Jan. 6.</td><td>99.906</td><td>0.373</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 13.</td><td>99.905</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 20.</td><td>99.905</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 27.</td><td>99.905</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 3.</td><td>99.906</td><td>0.374</td><td>99.920</td><td>0.316</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 10.</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 17.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 24.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 2.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 9.</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 16.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 23.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 30.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 6.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 13.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 20.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 27.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><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><tr><td>Aug. 3.</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>Aug. 10.</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>Aug. 17.</td><td>99.905</td><td>0.375</td><td>99.908 2/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 24.</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 31.</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>Sept. 7.</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>Sept. 14.</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>Sept. 21.</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>Sept. 28.</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>Oct. 5.</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>Oct. 13.</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>Oct. 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>Oct. 26.</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr></table>
2/ Except $10,000 at 99.956. 3/ Except $10,000 nt 99.925.
Source: Public Debt Service. Back Figures: Annual Reports of the Secretary of the Treasury. 1/ Bank discount base.
December 1944
35
Sales of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month</th><th colspan="3">Sales</th><th>Accrual of redemption values</th><th colspan="3">Redemptions</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="9">All series 3/</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>1/5/</td><td>1/5/</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>1/5/</td><td>1/5/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>1.3</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>1/5/</td><td>1/5/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>1.1</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>1/5/</td><td>1/5/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>2.0</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>1/5/</td><td>1/5/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>-</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>1,492.4</td><td>1/5/</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>5,994.1</td><td>.....</td><td>65.0</td><td>148.1</td><td>142.2</td><td>5.9</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>11,788.7</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>15,497.7</td><td>358.1</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>.....</td><td>223.2</td><td>2,370.9</td><td>2,357.8</td><td>13.1</td></tr><tr><td>1943-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>1.0</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>31,525.2</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>235.8</td><td>1.3</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>277.2</td><td>1.6</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>246.1</td><td>1.5</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><tr><td>August</td><td>36,883.5</td><td>+345.7</td><td>602.4</td><td>600.0</td><td>2.4</td><td>21.9</td><td>278.7</td><td>5/</td><td>5/</td></tr><tr><td>September</td><td>37,323.3</td><td>+439.8</td><td>692.1</td><td>691.1</td><td>1.0</td><td>30.7</td><td>283.0</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>37,644.7</td><td>+321.4</td><td>695.0</td><td>694.4</td><td>.6</td><td>26.9</td><td>400.6</td><td>5/</td><td>5/</td></tr><tr><td colspan="9">Series A-D 6/</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>1/5/</td><td>1/5/</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>1/5/</td><td>1/5/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>1.3</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>1/5/</td><td>1/5/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>1.1</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>1/5/</td><td>1/5/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>2.0</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>1/5/</td><td>1/5/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>-</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>828.0</td><td>1/5/</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>828.0</td><td>.....</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>-46.1</td><td>.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>.1</td><td>.....</td><td>96.0</td><td>79.3</td><td>71.7</td><td>7.5</td></tr><tr><td>1943-October</td><td>3,615.6</td><td>.1</td><td>.....</td><td>.....</td><td>.....</td><td>6.3</td><td>6.2</td><td>5.7</td><td>.6</td></tr><tr><td>November</td><td>3,614.7</td><td>-2.9</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>+9.9</td><td>.....</td><td>.....</td><td>.....</td><td>7.8</td><td>6.8</td><td>6.1</td><td>.7</td></tr><tr><td>March</td><td>3,624.9</td><td>.7</td><td>-</td><td>-</td><td>.....</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>5.8</td><td>.7</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>6.5</td><td>.8</td></tr><tr><td>June</td><td>3,624.3</td><td>+1.9</td><td>.....</td><td>.....</td><td>.....</td><td>8.2</td><td>6.3</td><td>5.6</td><td>.7</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>6.3</td><td>5/</td><td>5/</td></tr><tr><td>August</td><td>3,634.2</td><td>+1.6</td><td>.....</td><td>.....</td><td>.....</td><td>8.1</td><td>6.6</td><td>5/</td><td>5/</td></tr><tr><td>September</td><td>3,636.2</td><td>+2.0</td><td>.....</td><td>.....</td><td>.....</td><td>7.5</td><td>5.5</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>3,637.2 7/</td><td>+1.0</td><td>.....</td><td>.....</td><td>.....</td><td>6.7</td><td>5.7 7/</td><td>5/</td><td>5/</td></tr><tr><td colspan="9">Series E 3/ 8/</td></tr><tr><td>1941</td><td>203.1</td><td>+203.1</td><td>203.1</td><td>203.1</td><td>.....</td><td>-</td><td>.....</td><td>.....</td><td>-</td></tr><tr><td>1942</td><td>3,670.8</td><td>+3,467.7</td><td>3,526.3</td><td>3,526.3</td><td>.....</td><td>1.5</td><td>60.0</td><td>60.0</td><td>1.6</td></tr><tr><td>1943</td><td>11,286.6</td><td>+7,615.8</td><td>8,271.3</td><td>8,271.3</td><td>.....</td><td>33.1</td><td>688.6</td><td>688.0</td><td>5.2</td></tr><tr><td>1944</td><td>21,124.8</td><td>+9,838.2</td><td>11,819.7</td><td>11,819.7</td><td>.....</td><td>118.4</td><td>2,099.9</td><td>2,094.7 r</td><td>5.2 r</td></tr><tr><td>1943-October</td><td>14,881.6</td><td>+1,221.5</td><td>1,340.1</td><td>1,340.1</td><td>.....</td><td>6.4</td><td>125.1</td><td>124.8</td><td>.2</td></tr><tr><td>November</td><td>15,404.7</td><td>+523.1</td><td>665.3</td><td>665.3</td><td>.....</td><td>7.5</td><td>149.7</td><td>149.4</td><td>.3</td></tr><tr><td>December</td><td>15,957.2</td><td>+552.5</td><td>727.6</td><td>727.6</td><td>.....</td><td>11.2</td><td>186.2</td><td>185.9</td><td>.6</td></tr><tr><td>1944-January</td><td>16,891.0</td><td>+933.8</td><td>1,084.6</td><td>1,084.6</td><td>.....</td><td>12.7</td><td>163.6</td><td>163.2</td><td>.4</td></tr><tr><td>February</td><td>18,841.7</td><td>+1,950.8</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>.6</td></tr><tr><td>May</td><td>19,979.5</td><td>+386.7</td><td>624.3</td><td>624.3</td><td>.....</td><td>12.1</td><td>249.7</td><td>248.5</td><td>.8</td></tr><tr><td>June</td><td>21,124.8</td><td>+1,145.3</td><td>1,349.8</td><td>1,349.8</td><td>.....</td><td>15.2</td><td>219.7</td><td>218.9</td><td>.8</td></tr><tr><td>July</td><td>22,632.3</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>195.6</td><td>.8</td></tr><tr><td>August</td><td>22,898.9</td><td>+266.6</td><td>499.4</td><td>499.4</td><td>.....</td><td>13.0</td><td>245.7</td><td>244.7</td><td>1.0</td></tr><tr><td>September</td><td>23,256.9</td><td>+357.9</td><td>590.8</td><td>590.8</td><td>.....</td><td>21.9</td><td>254.7</td><td>253.6</td><td>1.1</td></tr><tr><td>October</td><td>23,501.7 1/</td><td>+244.9</td><td>598.6</td><td>598.6</td><td>.....</td><td>18.9</td><td>372.5 1/</td><td>370.9</td><td>1.7</td></tr></table>
(Continued on following page)
Treasury Bulletin
36
Salea 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</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 F 3/ 9/</td></tr><tr><td>1941.</td><td>66.6</td><td>+66.6</td><td>66.7</td><td>66.7</td><td>....</td><td>-</td><td>*</td><td>*</td><td>-</td></tr><tr><td>1942.</td><td>498.9</td><td>+432.3</td><td>434.9</td><td>434.9</td><td>....</td><td>.2</td><td>2.9</td><td>2.9</td><td>-</td></tr><tr><td>1943.</td><td>1,242.3</td><td>+743.4</td><td>757.9</td><td>757.9</td><td>....</td><td>2.5</td><td>17.0</td><td>17.0</td><td>*</td></tr><tr><td>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>57.4</td><td>.3</td></tr><tr><td>1943-October</td><td>1,589.6</td><td>+90.2</td><td>93.1</td><td>93.1</td><td>....</td><td>.4</td><td>3.3</td><td>3.3</td><td>*</td></tr><tr><td>November</td><td>1,548.7</td><td>+19.1</td><td>23.4</td><td>23.4</td><td>....</td><td>.7</td><td>5.1</td><td>5.0</td><td>*</td></tr><tr><td>December</td><td>1,568.7</td><td>+20.0</td><td>24.1</td><td>24.1</td><td>....</td><td>.8</td><td>4.8</td><td>4.8</td><td>*</td></tr><tr><td>1944-January</td><td>1,691.9</td><td>+123.2</td><td>126.8</td><td>68.7</td><td>58.1</td><td>1.1</td><td>4.8</td><td>4.7</td><td>*</td></tr><tr><td>February</td><td>1,843.7</td><td>+151.7</td><td>157.4</td><td>132.7</td><td>24.7</td><td>.6</td><td>6.3</td><td>6.3</td><td>*</td></tr><tr><td>March</td><td>1,860.6</td><td>+17.0</td><td>22.9</td><td>21.7</td><td>1.3</td><td>.7</td><td>6.6</td><td>6.6</td><td>*</td></tr><tr><td>April</td><td>1,875.8</td><td>+15.2</td><td>19.3</td><td>19.1</td><td>.2</td><td>.9</td><td>5.0</td><td>5.0</td><td>*</td></tr><tr><td>May</td><td>1,885.9</td><td>+10.0</td><td>15.3</td><td>14.6</td><td>.7</td><td>1.0</td><td>6.3</td><td>6.2</td><td>*</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>6.4</td><td>*</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>August</td><td>2,102.3</td><td>+11.0</td><td>17.8</td><td>17.0</td><td>.8</td><td>.9</td><td>7.6</td><td>5/</td><td>5/</td></tr><tr><td>September</td><td>2,113.3</td><td>+11.0</td><td>16.0</td><td>15.8</td><td>.1</td><td>1.4</td><td>6.3</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>2,121.5</td><td>+8.2</td><td>13.7</td><td>13.5</td><td>.1</td><td>1.4</td><td>6.8</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series 0 3/ 9/</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>2,414.3</td><td>+2,020.3</td><td>2,032.1</td><td>2,032.1</td><td>....</td><td>....</td><td>11.8</td><td>11.8</td><td>....</td></tr><tr><td>1943.</td><td>5,119.2</td><td>+2,704.9</td><td>2,759.5</td><td>2,759.5</td><td>....</td><td>....</td><td>54.5</td><td>54.5</td><td>....</td></tr><tr><td>1944.</td><td>7,860.8</td><td>+2,741.6</td><td>2,875.6</td><td>2,628.5</td><td>247.1</td><td>....</td><td>134.0</td><td>134.0</td><td>....</td></tr><tr><td>1943-October</td><td>6,029.2</td><td>+265.8</td><td>274.9</td><td>274.9</td><td>....</td><td>....</td><td>9.1</td><td>9.1</td><td>....</td></tr><tr><td>November</td><td>6,128.9</td><td>+99.7</td><td>109.4</td><td>109.4</td><td>....</td><td>....</td><td>9.7</td><td>9.7</td><td>....</td></tr><tr><td>December</td><td>6,220.5</td><td>+31.6</td><td>101.4</td><td>101.4</td><td>....</td><td>....</td><td>9.8</td><td>9.8</td><td>....</td></tr><tr><td>1944-January</td><td>6,694.9</td><td>+474.4</td><td>486.9</td><td>352.0</td><td>134.9</td><td>....</td><td>12.6</td><td>12.6</td><td>....</td></tr><tr><td>February</td><td>7,205.6</td><td>+510.7</td><td>521.7</td><td>465.9</td><td>55.8</td><td>....</td><td>11.0</td><td>11.0</td><td>....</td></tr><tr><td>March</td><td>7,302.4</td><td>+96.8</td><td>110.3</td><td>107.6</td><td>2.8</td><td>....</td><td>13.5</td><td>13.5</td><td>....</td></tr><tr><td>April</td><td>7,403.3</td><td>+100.8</td><td>113.5</td><td>112.2</td><td>1.3</td><td>....</td><td>12.7</td><td>12.7</td><td>....</td></tr><tr><td>May</td><td>7,498.7</td><td>+95.4</td><td>111.1</td><td>109.6</td><td>1.5</td><td>....</td><td>15.7</td><td>15.7</td><td>....</td></tr><tr><td>June</td><td>7,860.8</td><td>+362.1</td><td>377.3</td><td>326.5</td><td>50.7</td><td>....</td><td>15.1</td><td>15.1</td><td>....</td></tr><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><tr><td>August</td><td>8,248.1</td><td>+66.5</td><td>85.3</td><td>83.7</td><td>1.6</td><td>....</td><td>18.8</td><td>18.8</td><td>....</td></tr><tr><td>September</td><td>8,317.0</td><td>+68.9</td><td>85.3</td><td>84.5</td><td>.8</td><td>....</td><td>16.4</td><td>16.4</td><td>....</td></tr><tr><td>October</td><td>8,384.2</td><td>+67.3</td><td>82.8</td><td>82.4</td><td>.4</td><td>....</td><td>15.5</td><td>15.5</td><td>....</td></tr></table>
Source: Daily Treasury Statements. 
r * Revised.
* Less than $50,000.
1/ At current redemption values except Series G, which is stated at par.
2/ Estimated, except for Series G.
3/ For details concerning investment yields and redemption values, see "Treasury Bulletin" for August 1943, page 4.
4/ Commercial bank purchases were permitted prior to April 1, 1940, and are estimated to have aggregated about $300 millions.
5/ Not yet available.
6/ 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.
7/ Redemptions of Series A-E bonds by eligible banks and trust companies, which commenced in October 1944 (see "Treasury Bulletin" for October 1944, page 4-1), have not been wholly classified by series. For purposes of this table it has been necessary to assume that all such redemptions were Series E bonds even though small amounts of Series A-D may have been included. Consequently the amount outstanding of Series E may be slightly understated and Series A-D slightly overstated.
8/ Series E, on sale since May 1, 1941, 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 and O have been on sale since May 1, 1941. Series F is a 12 year discount bond sold at 74% of maturity value, yielding 2.53% per annum if held to maturity. Series O is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/2% per annum, redeemable at par on maturity or at stated prices less than par before maturity. Purchases of Series F and O combined in any calendar year are limited to $100,000 issue price ($50,000 in calendar year 1941) and through December 31, 1943 could be made by any investor except commercial banks. Between January 1 and June 12, 1944 the limit for commercial banks was $100,000 providing that total holdings of Series F and O bonds, 2-1/4% Treasury bonds of 1956-59 and 2-1/2% Treasury bonds of 1965-70, did not exceed 10% of savings deposits or $200,000, whichever was less. From June 12, 1944 through November 19, 1944 the limit for commercial banks was $100,000 providing that total holdings of Series F and O bonds, 2% Treasury bonds of 1952-54, 2-1/4% Treasury bonds of 1956-59, and 2-1/2% Treasury bonds of 1965-70 did not exceed 20% of the combined amount of time certificates of deposit of individuals and non-profit corporations or associations and of savings deposits, or $400,000, whichever was less. Commencing November 20, 1944, the limit for commercial banks was $100,000 providing that total holdings of Series F and O bonds, 2% Treasury bonds of 1952-54, and 2-1/2% Treasury bonds of 1966-71 did not exceed 10% of the combined amount of time certificates of deposit of individuals and non-profit corporations or associations and of savings deposits, or $500,000, whichever was less.
December 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/</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/</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr></table>
Series E
<table><tr><td>1941 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>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></tr><tr><td>1942</td><td>3,526.3</td><td>615.6</td><td>341.5</td><td>812.7</td><td>636.9</td><td>1,119.5</td><td>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></tr><tr><td>1943</td><td>8,271.3</td><td>2,988.2</td><td>1,081.0</td><td>1,713.8</td><td>1,007.3</td><td>1,481.0</td><td>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></tr><tr><td>1944</td><td>11,819.7</td><td>4,149.1</td><td>1,642.5</td><td>2,583.5</td><td>1,396.9</td><td>2,047.8</td><td>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></tr><tr><td>1943-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>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></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>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></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>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></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>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></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>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></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>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></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>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></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>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></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>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></tr><tr><td>July</td><td>1,686.5</td><td>526.5</td><td>248.8</td><td>384.1</td><td>216.4</td><td>309.2</td><td>100.0</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><td>August</td><td>499.4</td><td>221.8</td><td>89.8</td><td>95.9</td><td>35.6</td><td>51.7</td><td>100.0</td><td>44.4</td><td>18.0</td><td>19.2</td><td>7.1</td><td>10.4</td><td></td></tr><tr><td>September</td><td>590.8</td><td>277.1</td><td>106.3</td><td>107.6</td><td>40.4</td><td>59.5</td><td>100.0</td><td>46.9</td><td>18.0</td><td>18.2</td><td>6.8</td><td>10.1</td><td></td></tr><tr><td>October</td><td>598.6</td><td>281.9</td><td>109.3</td><td>108.8</td><td>36.6</td><td>52.3</td><td>100.0</td><td>1.6</td><td>47.1</td><td>18.3</td><td>18.2</td><td>6.1</td><td>8.7</td></tr></table>
Serlee F
<table><tr><td>1941 2/</td><td>66.7</td><td>....</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>....</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>....</td><td>1.3</td><td>....</td><td>19.6</td><td>27.5</td><td>123.6</td><td>91.7</td><td>171.1</td><td>100.0</td><td>....</td><td>.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>....</td><td>4.0</td><td>....</td><td>21.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>308.3</td><td>100.0</td><td>....</td><td>.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>....</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>....</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-October</td><td>93.1</td><td>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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>....</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><td>August</td><td>17.8</td><td>....</td><td>.2</td><td>....</td><td>.9</td><td>1.3</td><td>5.8</td><td>3.7</td><td>5.9</td><td>100.0</td><td>....</td><td>1.4</td><td>....</td><td>4.8</td><td>7.5</td><td>32.4</td><td>21.0</td><td>32.9</td></tr><tr><td>September</td><td>16.0</td><td>....</td><td>.2</td><td>....</td><td>.8</td><td>1.4</td><td>5.3</td><td>3.5</td><td>4.8</td><td>100.0</td><td>....</td><td>1.2</td><td>....</td><td>4.7</td><td>8.8</td><td>33.4</td><td>21.8</td><td>30.1</td></tr><tr><td>October</td><td>13.7</td><td>....</td><td>.2</td><td>....</td><td>.7</td><td>.9</td><td>5.0</td><td>3.2</td><td>3.5</td><td>100.0</td><td>....</td><td>1.6</td><td>....</td><td>5.4</td><td>6.9</td><td>36.9</td><td>23.4</td><td>25.8</td></tr></table>
Series 6
<table><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>188.7</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-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>436.9</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><tr><td>August</td><td>85.3</td><td>....</td><td>....</td><td>3.6</td><td>8.6</td><td>34.2</td><td>16.7</td><td>22.1</td><td>100.0</td><td>....</td><td>....</td><td>4.2</td><td>10.1</td><td>40.1</td><td>19.6</td><td>26.0</td></tr><tr><td>September</td><td>85.3</td><td>....</td><td>....</td><td>3.2</td><td>8.1</td><td>33.3</td><td>16.7</td><td>24.0</td><td>100.0</td><td>....</td><td>....</td><td>3.8</td><td>9.5</td><td>39.0</td><td>19.6</td><td>28.1</td></tr><tr><td>October</td><td>82.8</td><td>....</td><td>....</td><td>3.2</td><td>7.7</td><td>31.5</td><td>16.0</td><td>24.4</td><td>100.0</td><td>....</td><td>....</td><td>3.9</td><td>9.3</td><td>38.1</td><td>19.3</td><td>29.4</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statements; (2) Figures by denomination are estimated on the basis of reports received by the Treasury
Treasury. Less than .05%.
1/ Sale of $10 denomination Series E bonds was authorized on June 7.
1944 and was made available only to members of the military and naval forces of the United States. Sales of Series E, F, and G bonds commenced May 1, 1941. Sale of $25 denomination Series F bonds began in January 1942.
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="4">1943</th><th colspan="10">1944</th></tr><tr><th></th><th>1943</th><th>1944</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th></tr><tr><td>Alabama</td><td>91,272</td><td>139,180</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><td>5,053</td><td>6,731</td><td>7,272</td></tr><tr><td>Arizona</td><td>27,846</td><td>42,252</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>7,763</td><td>1,412</td><td>1,829</td><td>2,024</td></tr><tr><td>Arkansas</td><td>52,764</td><td>74,176</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>10,699</td><td>2,351</td><td>3,100</td><td>4,000</td></tr><tr><td>California</td><td>638,877</td><td>970,414</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><td>41,304</td><td>56,147</td><td>51,600</td></tr><tr><td>Colorado</td><td>62,132</td><td>90,286</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><td>2,809</td><td>3,725</td><td>3,033</td></tr><tr><td>Connecticut</td><td>168,253</td><td>220,926</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>33,522</td><td>10,316</td><td>12,269</td><td>12,140</td></tr><tr><td>Delaware</td><td>21,824</td><td>27,609</td><td>3,155</td><td>1,563</td><td>1,802</td><td>2,739</td><td>4,205</td><td>1,574</td><td>1,383</td><td>1,391</td><td>3,177</td><td>3,610</td><td>1,382</td><td>1,556</td><td>1,140</td></tr><tr><td>Dist. of Columbia</td><td>83,143</td><td>135,069</td><td>17,113</td><td>12,049</td><td>8,516</td><td>11,419</td><td>23,069</td><td>5,483</td><td>7,694</td><td>7,871</td><td>13,991</td><td>23,267</td><td>4,426</td><td>8,648</td><td>7,706</td></tr><tr><td>Florida</td><td>89,496</td><td>142,682</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><td>5,849</td><td>7,877</td><td>8,326</td></tr><tr><td>Georgia</td><td>94,524</td><td>145,933</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><td>6,024</td><td>8,616</td><td>7,742</td></tr><tr><td>Idaho</td><td>27,845</td><td>40,230</td><td>6,296</td><td>1,613</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>6,450</td><td>956</td><td>1,292</td><td>1,620</td></tr><tr><td>Illinois</td><td>575,056</td><td>755,362</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>140,393</td><td>36,009</td><td>45,181</td><td>43,959</td></tr><tr><td>Indiana</td><td>213,813</td><td>313,594</td><td>35,666</td><td>18,793</td><td>21,585</td><td>21,884</td><td>58,283</td><td>15,538</td><td>19,232</td><td>19,661</td><td>29,519</td><td>50,160</td><td>15,930</td><td>18,837</td><td>18,080</td></tr><tr><td>Iowa</td><td>176,508</td><td>263,445</td><td>33,051</td><td>10,570</td><td>12,427</td><td>18,508</td><td>63,579</td><td>9,538</td><td>9,773</td><td>8,877</td><td>34,856</td><td>42,133</td><td>5,855</td><td>8,227</td><td>8,189</td></tr><tr><td>Kansas</td><td>106,190</td><td>163,077</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><td>6,580</td><td>6,435</td><td>5,406</td></tr><tr><td>Kentucky</td><td>87,607</td><td>127,956</td><td>16,501</td><td>5,854</td><td>8,060</td><td>10,321</td><td>25,856</td><td>5,089</td><td>6,532</td><td>6,885</td><td>12,297</td><td>20,168</td><td>4,302</td><td>5,657</td><td>6,873</td></tr><tr><td>Louisiana</td><td>94,910</td><td>141,106</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><td>5,744</td><td>6,994</td><td>8,337</td></tr><tr><td>Maine</td><td>37,361</td><td>54,994</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><td>1,940</td><td>2,535</td><td>2,660</td></tr><tr><td>Maryland</td><td>108,604</td><td>152,566</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><td>6,969</td><td>9,202</td><td>8,785</td></tr><tr><td>Massachusetts</td><td>280,091</td><td>390,986</td><td>52,616</td><td>23,467</td><td>21,771</td><td>35,929</td><td>76,548</td><td>15,692</td><td>20,881</td><td>23,246</td><td>38,237</td><td>60,670</td><td>13,802</td><td>21,153</td><td>20,815</td></tr><tr><td>Michigan</td><td>481,637</td><td>688,159</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><td>23,516</td><td>44,142</td><td>35,817</td></tr><tr><td>Minnesota</td><td>179,108</td><td>249,962</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>37,573</td><td>8,220</td><td>9,431</td><td>10,744</td></tr><tr><td>Mississippi</td><td>52,870</td><td>82,568</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>14,815</td><td>1,850</td><td>2,296</td><td>4,068</td></tr><tr><td>Missouri</td><td>195,868</td><td>283,681</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><td>10,919</td><td>12,696</td><td>14,214</td></tr><tr><td>Montana</td><td>39,432</td><td>55,230</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><td>1,290</td><td>1,856</td><td>2,089</td></tr><tr><td>Nebraska</td><td>72,211</td><td>128,079</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>21,246</td><td>3,641</td><td>4,118</td><td>3,655</td></tr><tr><td>Nevada</td><td>11,466</td><td>13,468</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><td>493</td><td>576</td><td>548</td></tr><tr><td>New Hampshire</td><td>25,787</td><td>32,722</td><td>5,018</td><td>2,012</td><td>1,764</td><td>2,656</td><td>7,195</td><td>1,025</td><td>1,440</td><td>1,623</td><td>3,017</td><td>6,529</td><td>1,074</td><td>1,812</td><td>1,569</td></tr><tr><td>New Jersey</td><td>303,807</td><td>415,338</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>67,594</td><td>21,046</td><td>22,744</td><td>24,465</td></tr><tr><td>New Mexico</td><td>17,284</td><td>27,990</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>4,650</td><td>1,094</td><td>1,075</td><td>1,424</td></tr><tr><td>New York</td><td>991,938</td><td>1,290,035</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><td>58,011</td><td>70,852</td><td>71,342</td></tr><tr><td>North Carolina</td><td>113,869</td><td>149,443</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><td>4,697</td><td>7,195</td><td>7,880</td></tr><tr><td>North Dakota</td><td>34,349</td><td>58,224</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><td>999</td><td>1,315</td><td>1,755</td></tr><tr><td>Ohio</td><td>506,364</td><td>714,177</td><td>85,682</td><td>44,309</td><td>52,654</td><td>60,756</td><td>116,942</td><td>30,378</td><td>39,912</td><td>43,338</td><td>71,091</td><td>106,313</td><td>35,040</td><td>37,327</td><td>42,132</td></tr><tr><td>Oklahoma</td><td>82,143</td><td>135,269</td><td>18,575</td><td>6,608</td><td>7,672</td><td>12,867</td><td>28,783</td><td>5,402</td><td>5,395</td><td>5,987</td><td>15,551</td><td>22,290</td><td>4,547</td><td>5,906</td><td>4,833</td></tr><tr><td>Oregon</td><td>107,674</td><td>159,752</td><td>24,864</td><td>9,283</td><td>9,286</td><td>14,481</td><td>29,055</td><td>6,806</td><td>7,643</td><td>6,940</td><td>16,571</td><td>28,058</td><td>5,937</td><td>7,379</td><td>7,106</td></tr><tr><td>Pennsylvania</td><td>626,051</td><td>857,400</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><td>39,068</td><td>47,888</td><td>42,452</td></tr><tr><td>Rhode Island</td><td>53,748</td><td>60,858</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><td>2,417</td><td>3,723</td><td>3,240</td></tr><tr><td>South Carolina</td><td>53,401</td><td>76,058</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><td>2,487</td><td>4,937</td><td>4,538</td></tr><tr><td>South Dakota</td><td>33,171</td><td>53,813</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>7,386</td><td>8,224</td><td>1,182</td><td>1,495</td><td>1,739</td></tr><tr><td>Tennessee</td><td>100,530</td><td>147,296</td><td>21,149</td><td>7,365</td><td>7,991</td><td>13,782</td><td>26,536</td><td>8,944</td><td>7,533</td><td>7,982</td><td>13,852</td><td>23,957</td><td>5,316</td><td>7,365</td><td>7,775</td></tr><tr><td>Texas</td><td>306,265</td><td>494,995</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><td>16,019</td><td>20,335</td><td>21,451</td></tr><tr><td>Utah</td><td>33,242</td><td>56,357</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><td>1,590</td><td>2,476</td><td>2,471</td></tr><tr><td>Vermont</td><td>14,175</td><td>18,819</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><td>687</td><td>746</td><td>912</td></tr><tr><td>Virginia</td><td>145,459</td><td>189,563</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><td>6,385</td><td>10,856</td><td>10,574</td></tr><tr><td>Washington</td><td>163,924</td><td>257,729</td><td>36,041</td><td>15,333</td><td>17,085</td><td>23,860</td><td>45,193</td><td>11,280</td><td>13,894</td><td>13,799</td><td>27,579</td><td>38,856</td><td>10,463</td><td>15,994</td><td>12,745</td></tr><tr><td>West Virginia</td><td>64,583</td><td>92,197</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>15,369</td><td>4,016</td><td>4,790</td><td>6,201</td></tr><tr><td>Wisconsin</td><td>172,650</td><td>248,280</td><td>35,524</td><td>13,086</td><td>13,748</td><td>18,870</td><td>
(Continued on following page)
December 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 rowspan="2">State</th><th colspan="2">Fiscal year</th><th colspan="3">1943</th><th colspan="10">1944</th></tr><tr><th>1943</th><th>1944</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct. P</th></tr><tr><td>Alabama</td><td>32,007</td><td>30,156</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><td>645</td><td>764</td><td>767</td></tr><tr><td>Arizona</td><td>8,421</td><td>9,450</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><td>228</td><td>254</td><td>131</td></tr><tr><td>Arkansas</td><td>16,578</td><td>17,831</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><td>332</td><td>538</td><td>472</td></tr><tr><td>California</td><td>224,145</td><td>258,108</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><td>7,932</td><td>8,070</td><td>9,365</td></tr><tr><td>Colorado</td><td>29,746</td><td>30,678</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>4,050</td><td>632</td><td>674</td><td>822</td></tr><tr><td>Connecticut</td><td>81,128</td><td>64,437</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><td>1,576</td><td>2,106</td><td>1,914</td></tr><tr><td>Delaware</td><td>12,326</td><td>10,306</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>1,604</td><td>302</td><td>382</td><td>566</td></tr><tr><td>Dist. of Columbia</td><td>33,757</td><td>29,761</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>1,083</td><td>4,276</td><td>3,517</td><td>794</td><td>933</td><td>789</td></tr><tr><td>Florida</td><td>36,705</td><td>40,496</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><td>1,680</td><td>1,364</td><td>1,354</td></tr><tr><td>Georgia</td><td>37,831</td><td>41,958</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><td>1,246</td><td>1,211</td><td>1,126</td></tr><tr><td>Idaho</td><td>8,031</td><td>7,630</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><td>180</td><td>226</td><td>235</td></tr><tr><td>Illinois</td><td>272,112</td><td>236,291</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><td>9,156</td><td>7,484</td><td>8,221</td></tr><tr><td>Indiana</td><td>79,524</td><td>82,311</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><td>2,932</td><td>2,299</td><td>2,011</td></tr><tr><td>Iowa</td><td>71,432</td><td>106,397</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><td>2,541</td><td>2,450</td><td>2,152</td></tr><tr><td>Kansas</td><td>34,897</td><td>44,903</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><td>1,473</td><td>1,435</td><td>897</td></tr><tr><td>Kentucky</td><td>43,755</td><td>47,442</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><td>1,350</td><td>1,406</td><td>1,123</td></tr><tr><td>Louisiana</td><td>44,461</td><td>38,922</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><td>1,286</td><td>1,150</td><td>1,098</td></tr><tr><td>Maine</td><td>20,245</td><td>20,591</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><td>393</td><td>462</td><td>547</td></tr><tr><td>Maryland</td><td>54,252</td><td>52,493</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><td>1,906</td><td>1,707</td><td>1,485</td></tr><tr><td>Massachusetts</td><td>174,999</td><td>147,625</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><td>3,560</td><td>4,153</td><td>4,464</td></tr><tr><td>Michigan</td><td>106,363</td><td>104,768</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><td>2,732</td><td>3,776</td><td>3,094</td></tr><tr><td>Minnesota</td><td>69,692</td><td>69,836</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><td>1,751</td><td>2,337</td><td>1,748</td></tr><tr><td>Mississippi</td><td>21,612</td><td>22,296</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><td>588</td><td>524</td><td>379</td></tr><tr><td>Missouri</td><td>84,266</td><td>91,689</td><td>6,941</td><td>3,539</td><td>2,746</td><td>12,596</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><td>2,028</td><td>3,117</td><td>2,670</td></tr><tr><td>Montana</td><td>10,529</td><td>13,590</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><td>271</td><td>356</td><td>397</td></tr><tr><td>Nebraska</td><td>30,414</td><td>39,339</td><td>4,357</td><td>1,058</td><td>928</td><td>4,179</td><td>8,177</td><td>2,153</td><td>1,955</td><td>1,623</td><td>5,241</td><td>4,964</td><td>1,133</td><td>1,220</td><td>875</td></tr><tr><td>Nevada</td><td>4,441</td><td>3,630</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><td>57</td><td>158</td><td>144</td></tr><tr><td>New Hampshire</td><td>14,403</td><td>14,563</td><td>1,710</td><td>599</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><td>613</td><td>458</td><td>509</td></tr><tr><td>New Jersey</td><td>118,761</td><td>106,839</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><td>3,158</td><td>3,086</td><td>3,344</td></tr><tr><td>New Mexico</td><td>7,025</td><td>6,503</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><td>116</td><td>217</td><td>128</td></tr><tr><td>New York</td><td>627,986</td><td>472,310</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><td>12,685</td><td>12,569</td><td>15,992</td></tr><tr><td>North Carolina</td><td>44,654</td><td>42,263</td><td>3,093</td><td>1,693</td><td>1,532</td><td>6,050</td><td>5,911</td><td>1,560</td><td>1,739</td><td>1,603</td><td>5,885</td><td>4,591</td><td>1,087</td><td>1,420</td><td>1,400</td></tr><tr><td>North Dakota</td><td>10,937</td><td>14,978</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>2,147</td><td>469</td><td>377</td><td>396</td></tr><tr><td>Ohio</td><td>203,827</td><td>194,155</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><td>7,430</td><td>5,710</td><td>4,669</td></tr><tr><td>Oklahoma</td><td>25,095</td><td>26,042</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><td>680</td><td>789</td><td>499</td></tr><tr><td>Oregon</td><td>32,892</td><td>29,326</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><td>852</td><td>931</td><td>780</td></tr><tr><td>Pennsylvania</td><td>297,430</td><td>251,120</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><td>7,060</td><td>7,733</td><td>6,591</td></tr><tr><td>Rhoda Island</td><td>30,424</td><td>20,628</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><td>771</td><td>619</td><td>665</td></tr><tr><td>South Carolina</td><td>21,712</td><td>21,988</td><td>2,105</td><td>1,034</td><td>724</td><td>3,046</td><td>3,298</td><td>930</td><td>960</td><td>571</td><td>3,064</td><td>2,498</td><td>580</td><td>632</td><td>501</td></tr><tr><td>South Dakota</td><td>10,416</td><td>13,222</td><td>1,693</td><td>514</td><td>314</td><td>1,350</td><td>2,271</td><td>529</td><td>533</td><td>523</td><td>2,186</td><td>1,666</td><td>255</td><td>331</td><td>302</td></tr><tr><td>Tennessee</td><td>39,140</td><td>39,186</td><td>3,860</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><td>1,125</td><td>1,067</td><td>906</td></tr><tr><td>Texas</td><td>110,933</td><td>117,537</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><td>2,831</td><td>2,793</td><td>2,469</td></tr><tr><td>Utah</td><td>7,474</td><td>8,393</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><td>191</td><td>213</td><td>276</td></tr><tr><td>Vermont</td><td>7,504</td><td>8,026</td><td>1,191</td><td>409</td><td>273</td><td>1,368</td><td>1,645</td><td>255</td><td>220</td><td>307</td><td>1,029</td><td>1,072</td><td>241</td><td>231</td><td>381</td></tr><tr><td>Virginia</td><td>53,701</td><td>51,399</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><td>1,470</td><td>1,662</td><td>1,341</td></tr><tr><td>Washington</td><td>49,753</td><td>56,253</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><td>1,808</td><td>2,007</td><td>1,414</td></tr><tr><td>West Virginia</td><td>17,905</td><td>19,552</td><td>1,638</td><td>985</td><td>1,054</td><td>2,203</td><td>2,668</td><td>866</td><td>966</td><td>1,142</td><td>2,749</td><td>2,063</td><td>405</td><td>658</td><td>654</td></tr><tr><td>Wisconsin</td><td>86,336</td><td>93,192</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>11,648</td><td>2,911</td><td>3,108</td><td>2,474</td></tr><tr><td>Wyoming</td><td>6,010</td><td>6,032</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><td>170</td><td>174</td><td>77</td></tr><tr><td>Alaska</td><td>1,297</td><td>1,316</td><td>167</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><td>73</td><td>60</td><td>80</td></tr><tr><td>Canal Zone</td><td>1,843</td><td>1,825</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><td>67</td><td>43</td><td>17</td></tr><tr><td>Hawaii</td><td>17,367</td><td>10,522</td><td>2,790</td><td>301</td><td>666</td><td>1,157</td><td>2,084</td><td>83</td><td>548</td><td>502</td><td>673</td><
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reports of gross sales.
Preliminary. Less than $500.
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="4">1943</th><th colspan="9">1944</th></tr><tr><th>1943</th><th>1944</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><th>Aug.</th><th>Sept.</th></tr><tr><td>Total number of persons participating 2/ as of end of period indicated (in millions)............</td><td>26.8</td><td>27.6</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><td>26.6</td><td>26.2</td><td>26.0</td></tr><tr><td>Total amount deducted (in millions of dollars)............</td><td>4,067</td><td>5,546</td><td>435</td><td>455</td><td>440</td><td>470</td><td>475</td><td>465</td><td>498</td><td>475</td><td>460</td><td>540</td><td>530</td><td>460p</td><td>500p</td></tr><tr><td>Percent of participants' pay deducted............</td><td>8.3%</td><td>9.6%</td><td>9.4%</td><td>9.3%</td><td>9.2%</td><td>9.5%</td><td>9.8%</td><td>9.6%</td><td>9.8%</td><td>9.7%</td><td>9.5%</td><td>10.6%</td><td>10.8%</td><td>9.4%p</td><td>10.0%p</td></tr></table>
p Preliminary.
1/ 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 1/
Table 1.- Summary of Sales and Redemptions, by Series
(Par value - in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 2/</th><th rowspan="2">Net change during fiscal year or month</th><th rowspan="2">Sales</th><th colspan="3">Redemptions and exchanges</th></tr><tr><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr></table>
All series
<table><tr><td>1942</td><td>3,014.5</td><td>+3,014.5</td><td>4,138.9</td><td>1,124.4</td><td>1,103.7</td><td>20.7</td><td>...</td></tr><tr><td>1943</td><td>7,495.4</td><td>+4,180.9</td><td>8,758.5</td><td>4,277.6</td><td>4,094.4</td><td>114.9</td><td>68.3</td></tr><tr><td>1944</td><td>9,582.0</td><td>+2,086.5</td><td>8,953.7</td><td>6,867.2</td><td>6,365.1</td><td>502.1</td><td>...</td></tr><tr><td>1943-October</td><td>9,132.9</td><td>+256.4</td><td>460.7</td><td>204.2</td><td>181.6</td><td>22.6</td><td>...</td></tr><tr><td>November</td><td>9,301.9</td><td>+169.0</td><td>330.2</td><td>161.2</td><td>121.9</td><td>39.3</td><td>...</td></tr><tr><td>December</td><td>8,599.3</td><td>-702.6</td><td>436.3</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>+303.7</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>9,087.5</td><td>-48.6</td><td>145.1</td><td>193.7</td><td>155.1</td><td>38.6</td><td>...</td></tr><tr><td>June</td><td>9,582.0</td><td>+494.4</td><td>1,922.3</td><td>1,427.9</td><td>1,354.0</td><td>73.9</td><td>...</td></tr><tr><td>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>August</td><td>10,050.8</td><td>+28.4</td><td>201.4</td><td>173.1</td><td>149.6</td><td>23.4</td><td>...</td></tr><tr><td>September</td><td>9,140.3</td><td>-910.5</td><td>281.7</td><td>1,192.2</td><td>1,168.6</td><td>23.5</td><td>...</td></tr><tr><td>October</td><td>9,090.6</td><td>-49.7</td><td>180.7</td><td>230.4</td><td>200.6</td><td>29.8</td><td>...</td></tr></table>
Sertoo A 3/
<table><tr><td>1942</td><td>54.3</td><td>+54.3</td><td>72.2</td><td>17.4</td><td>16.6</td><td>.8</td><td>....</td></tr><tr><td>1943</td><td>266.7</td><td>+211.9</td><td>334.7</td><td>122.8</td><td>114.0</td><td>8.7</td><td>.1</td></tr><tr><td>1944</td><td>112.1</td><td>-154.6</td><td>*</td><td>154.5</td><td>136.1</td><td>18.6</td><td>....</td></tr><tr><td>1943-October</td><td>200.2</td><td>-7.2</td><td>.....</td><td>7.2</td><td>6.2</td><td>1.0</td><td>....</td></tr><tr><td>November</td><td>198.3</td><td>-1.9</td><td>.....</td><td>1.9</td><td>1.1</td><td>.8</td><td>....</td></tr><tr><td>December</td><td>168.7</td><td>-29.6</td><td>.....</td><td>29.6</td><td>27.8</td><td>1.8</td><td>....</td></tr><tr><td>1944-January</td><td>160.2</td><td>-8.5</td><td>.....</td><td>8.5</td><td>6.8</td><td>1.7</td><td>....</td></tr><tr><td>February</td><td>156.7</td><td>-3.5</td><td>.....</td><td>3.5</td><td>2.2</td><td>1.3</td><td>....</td></tr><tr><td>March</td><td>137.2</td><td>-19.5</td><td>.....</td><td>19.5</td><td>17.9</td><td>1.6</td><td>....</td></tr><tr><td>April</td><td>125.2</td><td>-12.0</td><td>.....</td><td>12.0</td><td>11.0</td><td>1.0</td><td>....</td></tr><tr><td>May</td><td>122.1</td><td>-3.1</td><td>.....</td><td>3.1</td><td>2.4</td><td>.7</td><td>....</td></tr><tr><td>June</td><td>112.1</td><td>-10.0</td><td>.....</td><td>10.0</td><td>8.4</td><td>1.6</td><td>....</td></tr><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><tr><td>August</td><td>109.5</td><td>-.8</td><td>.....</td><td>.8</td><td>.4</td><td>.3</td><td>....</td></tr><tr><td>September</td><td>102.9</td><td>-6.7</td><td>.....</td><td>6.7</td><td>6.2</td><td>.5</td><td>....</td></tr><tr><td>October</td><td>101.4</td><td>-1.5</td><td>.....</td><td>1.5</td><td>1.2</td><td>.3</td><td>....</td></tr></table>
(Continued on following page)
December 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 rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 2/</th><th rowspan="2">Net change during fiscal year or month</th><th rowspan="2">Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr></table>
Series B 4/
<table><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-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>14.5</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>August</td><td>17.9</td><td>-1.2</td><td>....</td><td>1.2</td><td>1.1</td><td>.1</td><td>....</td></tr><tr><td>September</td><td>13.6</td><td>-4.3</td><td>....</td><td>4.3</td><td>4.1</td><td>.2</td><td>....</td></tr><tr><td>October</td><td>12.7</td><td>-.9</td><td>....</td><td>.9</td><td>.7</td><td>.2</td><td>....</td></tr></table>
Series C 5/
<table><tr><td>1943</td><td>6,464.0</td><td>+6,464.0</td><td>7,545.7</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>8,953.7</td><td>5,969.9</td><td>5,507.9</td><td>462.0</td><td>....</td></tr><tr><td>1943-October</td><td>8,611.3</td><td>+290.8</td><td>460.7</td><td>169.9</td><td>149.9</td><td>20.0</td><td>....</td></tr><tr><td>November</td><td>8,797.0</td><td>+185.8</td><td>330.2</td><td>144.4</td><td>106.7</td><td>37.7</td><td>....</td></tr><tr><td>December</td><td>8,302.0</td><td>-495.0</td><td>436.8</td><td>931.8</td><td>868.9</td><td>62.9</td><td>....</td></tr><tr><td>1944-January</td><td>9,233.0</td><td>+931.0</td><td>,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>322.9</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>36.5</td><td>....</td></tr><tr><td>August</td><td>9,923.4</td><td>+30.4</td><td>201.4</td><td>171.0</td><td>148.1</td><td>22.9</td><td>....</td></tr><tr><td>September</td><td>9,023.8</td><td>-899.6</td><td>281.7</td><td>1,181.3</td><td>1,158.1</td><td>22.9</td><td>....</td></tr><tr><td>October</td><td>8,976.4</td><td>-47.3</td><td>180.7</td><td>228.0</td><td>198.7</td><td>29.3</td><td>....</td></tr></table>
Source: Daily Treasury Statements.
Less than $50,000.
1/ These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax savings notes. Series A notes were designed for the small and moderate taxpayer; Series B and Series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for Series A tax savings notes disappeared and their sale was discontinued. Redemption provisions on Series A notes were relaxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnotes 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% per annum. Through June 22, 1943, the notes could be redeemed for cash only at the original purchase price; since that date, the notes have been redeemed for cash at
the tax payment value current at the time of presentation. (See also footnote 1.) Prior to October 4, 1943, the maximum amount which could be used in payment of each class of tax (income, estate or gift) by each taxpayer during each taxable year was limited to $5,000 per value; this limitation was removed as of that date. Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately 0.48% per annum. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash only at the original purchase price. Series C notes went on sale September 14, 1942. Interest accrues each month on a graduated scale (see "Treasury Bulletin" for August 1943, page 4) to yield approximately 1.07% 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.
42
Treasury Bulletin
Sales of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="9">Sales in millions of dollars at par</th><th colspan="9">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$100 2/</th><th>$500 2/</th><th colspan="7">Denomination Thousands of dollars</th><th>Total all denominations</th><th>$100 2/</th><th>$500 2/</th><th colspan="7">Denomination Thousands of dollars</th></tr><tr><th></th><th></th><th></th><th></th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th></th><th></th><th></th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th></tr><tr><td>1943</td><td>7,546.7</td><td>...</td><td>...</td><td>249.0</td><td>332.1</td><td>1,388.6</td><td>2,535.7</td><td>1,124.4</td><td>1,916.9</td><td>100.0</td><td>...</td><td>...</td><td>3.3</td><td>4.4</td><td>18.4</td><td>33.6</td><td>14.9</td><td>25.4</td></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.9</td><td>1,259.3</td><td>1,808.0</td><td>100.0</td><td>.1</td><td>.3</td><td>4.4</td><td>5.7</td><td>20.7</td><td>34.5</td><td>14.1</td><td>20.2</td></tr><tr><td>1943-Oct.</td><td>460.7</td><td>...</td><td>...</td><td>34.5</td><td>33.2</td><td>109.2</td><td>141.9</td><td>63.1</td><td>78.8</td><td>100.0</td><td>...</td><td>...</td><td>7.5</td><td>7.2</td><td>23.7</td><td>30.8</td><td>13.7</td><td>17.1</td></tr><tr><td>Nov.</td><td>330.2</td><td>...</td><td>...</td><td>8.6</td><td>12.9</td><td>60.7</td><td>113.3</td><td>48.9</td><td>85.8</td><td>100.0</td><td>...</td><td>...</td><td>2.6</td><td>3.9</td><td>18.4</td><td>34.3</td><td>14.8</td><td>26.0</td></tr><tr><td>Dec.</td><td>436.3</td><td>*</td><td>.4</td><td>11.4</td><td>16.2</td><td>72.9</td><td>153.3</td><td>86.9</td><td>95.7</td><td>100.0</td><td>*</td><td>.1</td><td>2.6</td><td>3.7</td><td>16.7</td><td>35.1</td><td>19.9</td><td>21.9</td></tr><tr><td>1944-Jan.</td><td>1,216.1</td><td>2.4</td><td>6.1</td><td>53.5</td><td>73.0</td><td>255.4</td><td>420.8</td><td>160.5</td><td>244.4</td><td>100.0</td><td>.2</td><td>.5</td><td>4.4</td><td>6.0</td><td>21.0</td><td>34.6</td><td>13.2</td><td>20.1</td></tr><tr><td>Feb.</td><td>1,017.1</td><td>3.2</td><td>8.1</td><td>61.0</td><td>82.9</td><td>258.3</td><td>366.2</td><td>108.8</td><td>128.5</td><td>100.0</td><td>.3</td><td>.8</td><td>6.0</td><td>8.2</td><td>25.4</td><td>36.0</td><td>10.7</td><td>12.6</td></tr><tr><td>Mar.</td><td>238.1</td><td>.5</td><td>.9</td><td>7.4</td><td>10.5</td><td>46.7</td><td>81.4</td><td>43.3</td><td>47.4</td><td>100.0</td><td>.2</td><td>.4</td><td>3.1</td><td>4.4</td><td>19.6</td><td>34.2</td><td>18.2</td><td>19.9</td></tr><tr><td>Apr.</td><td>299.7</td><td>.3</td><td>.6</td><td>6.3</td><td>9.9</td><td>45.3</td><td>95.3</td><td>57.5</td><td>84.5</td><td>100.0</td><td>.1</td><td>.2</td><td>2.1</td><td>3.3</td><td>15.1</td><td>31.8</td><td>19.2</td><td>28.2</td></tr><tr><td>May.</td><td>145.1</td><td>.3</td><td>.4</td><td>4.4</td><td>7.1</td><td>26.7</td><td>50.8</td><td>16.1</td><td>39.3</td><td>100.0</td><td>.2</td><td>.3</td><td>3.0</td><td>4.9</td><td>18.4</td><td>35.0</td><td>11.1</td><td>27.1</td></tr><tr><td>June.</td><td>1,922.3</td><td>3.8</td><td>7.7</td><td>71.1</td><td>103.8</td><td>376.8</td><td>682.4</td><td>248.0</td><td>428.7</td><td>100.0</td><td>.2</td><td>.4</td><td>3.7</td><td>5.4</td><td>19.6</td><td>35.5</td><td>12.9</td><td>22.3</td></tr><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><tr><td>Aug.</td><td>201.4</td><td>.2</td><td>.6</td><td>5.8</td><td>9.3</td><td>36.7</td><td>62.0</td><td>25.6</td><td>61.2</td><td>100.0</td><td>.1</td><td>.3</td><td>2.9</td><td>4.6</td><td>18.2</td><td>30.8</td><td>12.7</td><td>30.4</td></tr><tr><td>Sept.</td><td>281.7</td><td>.3</td><td>.6</td><td>5.9</td><td>10.4</td><td>46.5</td><td>76.6</td><td>43.9</td><td>97.5</td><td>100.0</td><td>.1</td><td>.2</td><td>2.1</td><td>3.7</td><td>16.5</td><td>27.2</td><td>15.6</td><td>34.6</td></tr><tr><td>Oct.</td><td>180.7</td><td>.2</td><td>.5</td><td>5.1</td><td>7.9</td><td>31.1</td><td>59.3</td><td>9.4</td><td>67.2</td><td>100.0</td><td>.1</td><td>.3</td><td>2.8</td><td>4.4</td><td>17.2</td><td>32.8</td><td>5.2</td><td>37.2</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by denominations: sales reported to the Treasury. * Less than $50,000 or less than .05%.
1/ Information on salee, by denomination, of Series A and B tax savings notes may be found in the "Treasury Bulletin" for July 1943, page 46. 2/ Denominations of $100 and $500 were first offered in November, 1943.
Table 3.- Sales of Series C Notes, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars at par</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th colspan="2">Type of purchaser</th><th>Total</th><th colspan="2">Type of purchaser</th></tr><tr><th></th><th></th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th></th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td>1943 1944</td><td>7,546.7 8,953.7</td><td>611.3 654.9</td><td>6,935.4 8,298.7</td><td>100.0 100.0</td><td>8.1 7.3</td><td>91.9 92.7</td></tr><tr><td>1943-October</td><td>460.7</td><td>51.1</td><td>409.6</td><td>100.0</td><td>11.1</td><td>88.9</td></tr><tr><td>November</td><td>330.2</td><td>16.2</td><td>314.0</td><td>100.0</td><td>4.9</td><td>95.1</td></tr><tr><td>December</td><td>436.8</td><td>20.5</td><td>416.3</td><td>100.0</td><td>4.7</td><td>95.3</td></tr><tr><td>1944-January</td><td>1,216.1</td><td>108.2</td><td>1,107.9</td><td>100.0</td><td>8.9</td><td>91.1</td></tr><tr><td>February</td><td>1,017.1</td><td>75.3</td><td>941.8</td><td>100.0</td><td>7.4</td><td>92.6</td></tr><tr><td>March</td><td>238.1</td><td>21.2</td><td>216.9</td><td>100.0</td><td>8.9</td><td>91.1</td></tr><tr><td>April</td><td>299.7</td><td>19.2</td><td>280.5</td><td>100.0</td><td>6.4</td><td>93.6</td></tr><tr><td>May</td><td>145.1</td><td>12.5</td><td>132.6</td><td>100.0</td><td>8.6</td><td>91.4</td></tr><tr><td>June</td><td>1,922.3</td><td>126.9</td><td>1,795.4</td><td>100.0</td><td>6.6</td><td>93.4</td></tr><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><tr><td>August</td><td>201.4</td><td>8.9</td><td>192.5</td><td>100.0</td><td>4.4</td><td>95.6</td></tr><tr><td>September</td><td>281.7</td><td>15.8</td><td>265.9</td><td>100.0</td><td>5.6</td><td>94.4</td></tr><tr><td>October</td><td>180.7</td><td>9.8</td><td>170.9</td><td>100.0</td><td>5.4</td><td>94.6</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by type of purchaser: sales reported to the Treasury.
1/ Information on sales, by type of purchaser, of Series A and B tax savings notes may be found in the "Treasury Bulletin" for July 1943, page 47.
December 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>Not 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>+5,143</td><td>6,087</td><td>943</td><td>4/</td><td>4/</td><td>100.0</td><td>4/</td><td>4/</td></tr><tr><td>1942 {July 1941-Aug. 1941-June 1942..</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,943</td><td>18,468 5/</td><td>100.0</td><td>87.4</td><td>12.6 5/</td></tr><tr><td>1943</td><td>213,350</td><td>+45,620 6/ 7/</td><td>590,268 1/</td><td>544,647</td><td>474,168</td><td>70,480 5/</td><td>100.0</td><td>87.1</td><td>12.9 5/</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1943-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><tr><td>August</td><td>167,425</td><td>-12,974</td><td>23,138</td><td>36,112</td><td>27,996</td><td>8,116</td><td>100.0</td><td>77.5</td><td>22.5</td></tr><tr><td>September</td><td>168,253</td><td>+828</td><td>18,898</td><td>18,070</td><td>14,175</td><td>3,896</td><td>100.0</td><td>78.4</td><td>21.6</td></tr><tr><td>October</td><td>175,199</td><td>+6,945</td><td>24,679</td><td>17,734</td><td>13,816</td><td>3,917</td><td>100.0</td><td>77.9</td><td>22.1</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ Figures for periods prior to November 1, 1942 are not strictly comparable with subsequent data because of the shift to a Daily Treasury Statement basis. Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples conducted by the Post Office Department.
3/ Sales and redemptions commence with May 1, 1941 when the special defense series of stamps went on sale. The amount of the old se-
rises of postal savings stamps outstanding on April 30, 1941 was $150 thousands.
Details not available for May, June, and July 1941.
Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousands for the period August 1, 1941 through June 30, 1942 and $55 thousands for the period July 1, 1942 through October 31, 1942.
Net of sales less redemption. See footnote 1.
Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1941</td><td>6,087</td><td>400</td><td>2,691</td><td>1,012</td><td>1,130</td><td>854</td><td>100.0</td><td>6.6</td><td>44.2</td><td>16.6</td><td>18.6</td><td>14.0</td></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1943-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>19,076</td><td>2,541</td><td>3,485</td><td>1,203</td><td>100.0</td><td>29.8</td><td>50.9</td><td>6.8</td><td>9.3</td><td>3.2</td></tr><tr><td>February</td><td>34,933</td><td>10,511</td><td>17,796</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>2,293</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><tr><td>August</td><td>23,138</td><td>3,600</td><td>12,405</td><td>2,293</td><td>3,658</td><td>1,182</td><td>100.0</td><td>15.6</td><td>53.6</td><td>9.9</td><td>15.8</td><td>5.1</td></tr><tr><td>September</td><td>18,398</td><td>3,909</td><td>9,990</td><td>1,658</td><td>2,563</td><td>779</td><td>100.0</td><td>20.7</td><td>52.8</td><td>8.8</td><td>13.6</td><td>4.1</td></tr><tr><td>October</td><td>24,679</td><td>6,636</td><td>12,516</td><td>1,892</td><td>2,786</td><td>848</td><td>100.0</td><td>26.9</td><td>50.7</td><td>7.7</td><td>11.3</td><td>3.4</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements commencing November 1, 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Office Department data.
LL
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
December 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="3">U. S. Government agencies and trust funds 2/</th><th colspan="2">Federal Reserve Banks</th><th colspan="3">Private investors 3/</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks 2/</th><th colspan="2">Private investors 3/</th></tr><tr><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public market-able issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Total amount unmaturing outstanding</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th></tr><tr><td>1935</td><td>27,645</td><td>1,656 r</td><td>1,023</td><td>*</td><td>633</td><td>2,433</td><td>23,556</td><td>23,494</td><td>62</td><td>4,123</td><td>366</td><td>-</td><td>3,757</td><td>-</td></tr><tr><td>1936</td><td>32,389</td><td>1,965 r</td><td>1,339</td><td>*</td><td>626</td><td>2,430</td><td>28,594</td><td>27,333</td><td>1,261</td><td>4,718</td><td>377</td><td>-</td><td>4,341</td><td>-</td></tr><tr><td>1937</td><td>35,800</td><td>3,251 r</td><td>1,693</td><td>*</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,895</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>4,467 r</td><td>1,791</td><td>*</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</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>5,605 r</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,104</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803 r</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</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>48,357</td><td>8,225 r</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340 r</td><td>2,452</td><td>3</td><td>7,855</td><td>2,600</td><td>58,988</td><td>45,441</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091 r</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</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>18,920 r</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</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-Oct.</td><td>161,589</td><td>15,651 r</td><td>3,776</td><td>7</td><td>11,866</td><td>9,303</td><td>138,634</td><td>102,855</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>16,058 r</td><td>3,773</td><td>7</td><td>12,278</td><td>10,272</td><td>138,451</td><td>101,863</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>16,503 r</td><td>3,793</td><td>7</td><td>12,703</td><td>11,460</td><td>136,545</td><td>99,978</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>16,663 r</td><td>3,783</td><td>8</td><td>12,873</td><td>11,985</td><td>138,395</td><td>99,491</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>161,709</td><td>17,220 r</td><td>4,044</td><td>9</td><td>13,168</td><td>11,545</td><td>152,944</td><td>110,583</td><td>42,361</td><td>4,227</td><td>91</td><td>570</td><td>3,378</td><td>186</td></tr><tr><td>Mar.</td><td>163,348</td><td>17,573 r</td><td>4,057</td><td>9</td><td>13,507</td><td>12,111</td><td>153,664</td><td>111,911</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>17,767 r</td><td>4,060</td><td>10</td><td>13,697</td><td>13,216</td><td>152,430</td><td>110,164</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>18,195 r</td><td>4,064</td><td>10</td><td>14,122</td><td>14,247</td><td>152,432</td><td>109,718</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>18,920 r</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</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>19,586 r</td><td>4,615</td><td>10</td><td>14,961</td><td>14,912</td><td>172,619</td><td>125,392</td><td>47,227</td><td>1,468</td><td>4</td><td>-</td><td>1,187</td><td>277</td></tr><tr><td>Aug.</td><td>208,289</td><td>20,079 r</td><td>4,608</td><td>10</td><td>15,461</td><td>15,803</td><td>172,407</td><td>124,803</td><td>47,604</td><td>1,475</td><td>4</td><td>-</td><td>1,187</td><td>284</td></tr><tr><td>Sept.</td><td>207,850</td><td>20,575 r</td><td>4,588</td><td>10</td><td>15,976</td><td>16,651</td><td>170,625</td><td>123,453</td><td>47,142</td><td>1,480</td><td>4</td><td>-</td><td>1,187</td><td>289</td></tr><tr><td>Oct.</td><td>208,608</td><td>20,784</td><td>4,605</td><td>10</td><td>16,170</td><td>17,645</td><td>170,179</td><td>122,759</td><td>47,420</td><td>1,480</td><td>4</td><td>-</td><td>1,189</td><td>287</td></tr></table>
Sources: (1) Total amounts outstanding: Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds: reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks: Federal Reserve System. Revised. Less than $500,000.
1/ Excludes matured securities, and obligations held by the Treasury. 2/ Includes 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 1/</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</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>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</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>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.3</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.8</td><td>12.2</td></tr><tr><td>1943-June</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.7</td><td>1.3</td><td>14.3</td></tr><tr><td>December</td><td>168.7</td><td>71.4</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.0</td><td>15.1</td><td>6.1</td><td>20.1</td><td>2.0</td><td>16.9</td></tr><tr><td>1944-March</td><td>185.6</td><td>76.2</td><td>64.1</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.3</td><td>2.7</td><td>18.1</td></tr><tr><td>June</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.8</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.4</td><td>19.1</td></tr></table>
1/ United States savings bonds, Series A-D, E, and F are included at current redemption values. 2/ Guaranteed securities held by the Treasury are excluded. 3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions. Ex- cludes securities held in trust departments.
4/ Includes partnerships, personal trust accounts, and unincorporated business.
5/ Includes dealers and brokers and foreign balances in this country.
6/ Includes their agencies and their trust, sinking, and investment funds, and territories and insular possessions.
7/ Includes Exchange Stabilization Fund.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(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>-2.5</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>-19.0</td><td>-28.1</td><td>-*</td><td></td><td></td></tr></table>
Loans than $50,000. 1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilisation Fund.
December 1944
47
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. September 30, 1944
The following tables present summary data as of September 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.
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th></th><th>Total amount outstanding</th><th colspan="5">Held by banks 1/ 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>7,174 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th colspan="3">904 insurance companies</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>307 life insurance companies</th><th>597 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Public securities:</td><td>145,914 47,441</td><td>64,974 1,301</td><td>314 6</td><td>7,583 155</td><td>17,425 228</td><td>15,125 84</td><td>2,300 144</td><td>21,245 10</td><td>34,373 45,741</td></tr><tr><td>Marketable securities Non-marketable securities</td><td>193,355</td><td>66,275</td><td>320</td><td>7,738</td><td>17,653</td><td>15,209</td><td>2,444</td><td>21,255</td><td>80,114</td></tr><tr><td>Total public securities</td><td>15,976</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>15,976</td><td>.....</td></tr><tr><td>Special issues</td><td>209,331</td><td>66,275</td><td>320</td><td>7,738</td><td>17,653</td><td>15,209</td><td>2,444</td><td>37,230</td><td>80,114</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Securities held in trust departments are excluded. 2/ Includes trust companies.
3/ Includes Exchange Stabilization Fund.
4/ 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 1/ 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>7,174 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>904 insurance companies Total</th><th>307 life insurance companies</th><th>597 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td colspan="9">Par values - in millions of dollars</td></tr><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>15,714</td><td>3,613</td><td>1</td><td>14</td><td>4</td><td>4</td><td>-</td><td>10,801</td><td>1,315</td></tr><tr><td>Certificates of indebtedness</td><td>29,573</td><td>15,683</td><td>25</td><td>180</td><td>514</td><td>293</td><td>251</td><td>3,622</td><td>9,519</td></tr><tr><td>Treasury notes</td><td>17,936</td><td>12,155</td><td>26</td><td>301</td><td>574</td><td>382</td><td>192</td><td>1,122</td><td>3,758</td></tr><tr><td>Treasury bonds</td><td>81,270</td><td>32,587</td><td>261</td><td>7,082</td><td>16,273</td><td>11,429</td><td>1,844</td><td>5,660</td><td>19,407</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>15</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>35</td><td>145</td></tr><tr><td>Guaranteed by United States 4/</td><td>1,192</td><td>920</td><td>1</td><td>6</td><td>30</td><td>16</td><td>11</td><td>4</td><td>230</td></tr><tr><td>Total</td><td>145,914</td><td>64,974</td><td>314</td><td>7,583</td><td>17,425</td><td>15,125</td><td>2,300</td><td>21,245</td><td>34,373</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>53,306</td><td>23,989</td><td>29</td><td>253</td><td>825</td><td>480</td><td>315</td><td>15,145</td><td>13,065</td></tr><tr><td>1 to 5 years</td><td>26,588</td><td>17,680</td><td>33</td><td>790</td><td>1,676</td><td>1,207</td><td>469</td><td>1,481</td><td>4,928</td></tr><tr><td>5 to 10 years</td><td>34,215</td><td>19,203</td><td>85</td><td>2,928</td><td>3,632</td><td>2,880</td><td>752</td><td>1,200</td><td>7,166</td></tr><tr><td>10 to 15 years</td><td>9,783</td><td>2,417</td><td>99</td><td>1,593</td><td>2,168</td><td>1,772</td><td>397</td><td>717</td><td>2,789</td></tr><tr><td>15 to 20 years</td><td>10,246</td><td>728</td><td>28</td><td>1,265</td><td>4,500</td><td>4,279</td><td>220</td><td>1,002</td><td>2,722</td></tr><tr><td>Over 20 years</td><td>11,752</td><td>949</td><td>39</td><td>753</td><td>4,611</td><td>4,494</td><td>117</td><td>1,699</td><td>3,701</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>25</td><td>8</td><td>*</td><td>1</td><td>13</td><td>12</td><td>1</td><td>2</td><td>1</td></tr><tr><td>Total</td><td>145,914</td><td>64,974</td><td>314</td><td>7,583</td><td>17,425</td><td>15,125</td><td>2,300</td><td>21,245</td><td>34,373</td></tr><tr><th>Tax-exemption provisions: 5/</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>914</td><td>197</td><td>*</td><td>1</td><td>11</td><td>*</td><td>11</td><td>56</td><td>649</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>23,975</td><td>13,541</td><td>114</td><td>420</td><td>2,593</td><td>1,611</td><td>982</td><td>2,396</td><td>4,908</td></tr><tr><td>Subject to Federal income taxes</td><td>121,025</td><td>51,233</td><td>200</td><td>7,162</td><td>14,821</td><td>13,514</td><td>1,307</td><td>18,793</td><td>28,816</td></tr><tr><td>Total</td><td>145,914</td><td>64,974</td><td>314</td><td>7,583</td><td>17,425</td><td>15,125</td><td>2,300</td><td>21,245</td><td>34,373</td></tr></table>
(Continued on following page)
48
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States,
September 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="4">Held by banks 1/ and insurance companies covered in Treasury Survey</th><th rowspan="2">Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 3/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>7,174 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th colspan="2">904 insurance companies</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Total</td><td>307 life insurance companies</td><td>597 fire, casualty, and marine insurance companies</td><td></td></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><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>10.8</td><td>5.6</td><td>.2</td><td>.2</td><td>*</td><td>*</td><td>-</td><td>50.8</td><td>3.8</td></tr><tr><td>Certificate of indebtedness</td><td>20.3</td><td>24.1</td><td>8.0</td><td>2.4</td><td>3.1</td><td>1.9</td><td>10.9</td><td>17.1</td><td>27.7</td></tr><tr><td>Treasury notes</td><td>12.3</td><td>18.7</td><td>8.2</td><td>4.0</td><td>3.3</td><td>2.5</td><td>8.3</td><td>5.3</td><td>10.9</td></tr><tr><td>Treasury bonds</td><td>55.7</td><td>50.2</td><td>83.2</td><td>93.4</td><td>93.4</td><td>95.4</td><td>80.2</td><td>26.6</td><td>56.5</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 ½</td><td>.8</td><td>1.4</td><td>.3</td><td>.1</td><td>.2</td><td>.1</td><td>.6</td><td>*</td><td>.7</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><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>36.5</td><td>36.9</td><td>9.2</td><td>3.3</td><td>4.7</td><td>3.2</td><td>15.0</td><td>71.3</td><td>38.0</td></tr><tr><td>1 to 5 years</td><td>18.2</td><td>27.2</td><td>10.5</td><td>10.4</td><td>9.6</td><td>8.0</td><td>20.4</td><td>7.0</td><td>14.3</td></tr><tr><td>5 to 10 years</td><td>23.4</td><td>29.6</td><td>27.1</td><td>38.6</td><td>20.8</td><td>19.0</td><td>32.7</td><td>5.6</td><td>20.8</td></tr><tr><td>10 to 15 years</td><td>6.7</td><td>3.7</td><td>31.6</td><td>21.0</td><td>12.4</td><td>11.7</td><td>17.2</td><td>3.4</td><td>8.1</td></tr><tr><td>15 to 20 years</td><td>7.0</td><td>1.1</td><td>9.0</td><td>16.7</td><td>25.8</td><td>28.3</td><td>9.6</td><td>4.7</td><td>7.9</td></tr><tr><td>Over 20 years</td><td>8.1</td><td>1.5</td><td>12.6</td><td>9.9</td><td>26.5</td><td>29.7</td><td>5.1</td><td>8.0</td><td>10.8</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: 5/</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>.6</td><td>.3</td><td>.1</td><td>*</td><td>.1</td><td>*</td><td>.5</td><td>.3</td><td>1.9</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>16.4</td><td>20.8</td><td>36.3</td><td>5.5</td><td>14.9</td><td>10.7</td><td>42.7</td><td>11.3</td><td>14.3</td></tr><tr><td>Subject to Federal income taxes</td><td>82.9</td><td>78.9</td><td>63.7</td><td>94.4</td><td>85.1</td><td>89.3</td><td>56.8</td><td>88.5</td><td>83.8</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>22.9</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>68.6</td><td>8.3</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>53.0</td><td>.1</td><td>.6</td><td>1.8</td><td>1.0</td><td>.8</td><td>12.2</td><td>32.2</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>67.8</td><td>.1</td><td>1.7</td><td>3.2</td><td>2.1</td><td>1.1</td><td>6.3</td><td>21.0</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>40.1</td><td>.3</td><td>8.7</td><td>20.0</td><td>17.8</td><td>2.3</td><td>7.0</td><td>23.9</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>7.8</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>.2</td><td>17.8</td><td>74.0</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>77.2</td><td>.1</td><td>.5</td><td>2.5</td><td>1.4</td><td>1.1</td><td>.3</td><td>19.3</td></tr><tr><td>Total</td><td>100.0</td><td>44.5</td><td>.2</td><td>5.2</td><td>11.9</td><td>10.4</td><td>1.6</td><td>14.6</td><td>23.6</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>45.0</td><td>.1</td><td>.5</td><td>1.5</td><td>.9</td><td>.6</td><td>28.4</td><td>24.5</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>66.5</td><td>.1</td><td>3.0</td><td>6.3</td><td>4.5</td><td>1.8</td><td>5.6</td><td>18.5</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>56.1</td><td>.2</td><td>8.6</td><td>10.6</td><td>8.4</td><td>2.2</td><td>3.5</td><td>20.9</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>24.7</td><td>1.0</td><td>16.3</td><td>22.2</td><td>18.1</td><td>4.1</td><td>7.3</td><td>28.5</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>7.1</td><td>.3</td><td>12.4</td><td>43.9</td><td>41.8</td><td>2.2</td><td>9.8</td><td>26.6</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>8.1</td><td>.3</td><td>6.4</td><td>39.2</td><td>38.2</td><td>1.0</td><td>14.5</td><td>31.5</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>32.6</td><td>.1</td><td>3.5</td><td>52.1</td><td>49.8</td><td>2.4</td><td>6.2</td><td>5.5</td></tr><tr><td>Total</td><td>100.0</td><td>44.5</td><td>.2</td><td>5.2</td><td>11.9</td><td>10.4</td><td>1.6</td><td>14.6</td><td>23.6</td></tr><tr><th>Tax-exemption provisions: 5/</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>100.0</td><td>21.5</td><td>*</td><td>.1</td><td>1.2</td><td>*</td><td>1.2</td><td>6.1</td><td>71.1</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>56.5</td><td>.5</td><td>1.8</td><td>10.8</td><td>6.7</td><td>4.1</td><td>10.0</td><td>20.5</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>42.3</td><td>.2</td><td>5.9</td><td>12.2</td><td>11.2</td><td>1.1</td><td>15.5</td><td>23.8</td></tr><tr><td>Total</td><td>100.0</td><td>44.5</td><td>.2</td><td>5.2</td><td>11.9</td><td>10.4</td><td>1.6</td><td>14.6</td><td>23.6</td></tr></table>
(Continued on following page)
December 1944
49
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, September 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 5/)</th><th>Total amount outstanding</th><th colspan="4">Held by banks 1/ and insurance companies covered in Treasury Survey</th><th colspan="3">904 insurance companies</th><th>Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 3/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>7,174 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>307 life insurance companies</th><th>597 fire, casualty, and marine insurance companies</th><th></th><th></th><th></th></tr><tr><td>Treasury bills....................(taxable)</td><td>15,747</td><td>3,613</td><td>1</td><td>14</td><td>4</td><td>4</td><td>-</td><td>10,801</td><td>1,315</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% October 1944......(taxable)</td><td>3,519</td><td>2,508</td><td>2</td><td>10</td><td>9</td><td>*</td><td>9</td><td>622</td><td>368</td></tr><tr><td>7/8% December 1944......(taxable)</td><td>3,540</td><td>2,297</td><td>1</td><td>10</td><td>33</td><td>21</td><td>11</td><td>422</td><td>777</td></tr><tr><td>7/8% February 1945......(taxable)</td><td>5,048</td><td>2,227</td><td>7</td><td>22</td><td>133</td><td>69</td><td>64</td><td>262</td><td>2,397</td></tr><tr><td>7/8% April 1945......(taxable)</td><td>4,877</td><td>3,164</td><td>3</td><td>23</td><td>41</td><td>23</td><td>18</td><td>841</td><td>804</td></tr><tr><td>7/8% May 1945......(taxable)</td><td>1,615</td><td>1,159</td><td>1</td><td>2</td><td>4</td><td>1</td><td>4</td><td>317</td><td>131</td></tr><tr><td>7/8% June 1945......(taxable)</td><td>4,770</td><td>552</td><td>4</td><td>58</td><td>155</td><td>49</td><td>106</td><td>54</td><td>3,947</td></tr><tr><td>7/8% August 1945......(taxable)</td><td>2,511</td><td>1,656</td><td>3</td><td>11</td><td>58</td><td>46</td><td>12</td><td>572</td><td>211</td></tr><tr><td>7/8% September 1945......(taxable)</td><td>3,694</td><td>2,120</td><td>4</td><td>44</td><td>110</td><td>84</td><td>27</td><td>532</td><td>883</td></tr><tr><td>Total certificates of indebtedness</td><td>29,573</td><td>15,683</td><td>25</td><td>180</td><td>544</td><td>293</td><td>251</td><td>3,622</td><td>9,519</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>.90% March 1945......(taxable)</td><td>2,127</td><td>1,438</td><td>1</td><td>3</td><td>33</td><td>21</td><td>12</td><td>247</td><td>405</td></tr><tr><td>3/4% March 1945......(wholly)</td><td>718</td><td>182</td><td>*</td><td>1</td><td>10</td><td>*</td><td>10</td><td>21</td><td>505</td></tr><tr><td>1-1/4% March 1945......(taxable)</td><td>1,606</td><td>1,177</td><td>1</td><td>9</td><td>23</td><td>13</td><td>10</td><td>159</td><td>238</td></tr><tr><td>3/4% December 1946......(taxable)</td><td>531</td><td>362</td><td>1</td><td>9</td><td>28</td><td>19</td><td>10</td><td>30</td><td>101</td></tr><tr><td>1% March 1946......(taxable)</td><td>1,291</td><td>911</td><td>2</td><td>11</td><td>38</td><td>23</td><td>15</td><td>66</td><td>264</td></tr><tr><td>1-1/2% December 1946......(taxable)</td><td>3,261</td><td>2,484</td><td>2</td><td>56</td><td>42</td><td>18</td><td>24</td><td>283</td><td>394</td></tr><tr><td>1-1/4% March 1947......(taxable)</td><td>1,948</td><td>488</td><td>11</td><td>98</td><td>238</td><td>250</td><td>48</td><td>1</td><td>1,052</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>2,162</td><td>5</td><td>60</td><td>61</td><td>26</td><td>35</td><td>*</td><td>419</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,952</td><td>4</td><td>53</td><td>41</td><td>13</td><td>28</td><td>316</td><td>381</td></tr><tr><td>Total Treasury notes</td><td>17,936</td><td>12,155</td><td>26</td><td>301</td><td>574</td><td>382</td><td>192</td><td>1,122</td><td>3,758</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4% December 1944-54......(partially)</td><td>1,037</td><td>465</td><td>*</td><td>26</td><td>65</td><td>39</td><td>26</td><td>78</td><td>402</td></tr><tr><td>2-3/4% September 1945-47......(partially)</td><td>1,214</td><td>506</td><td>*</td><td>16</td><td>129</td><td>107</td><td>22</td><td>178</td><td>385</td></tr><tr><td>2-1/2% December 1945......(partially)</td><td>541</td><td>255</td><td>*</td><td>3</td><td>39</td><td>19</td><td>21</td><td>18</td><td>225</td></tr><tr><td>3-3/4% March 1946-56......(partially)</td><td>489</td><td>197</td><td>*</td><td>12</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>433</td><td>1</td><td>28</td><td>142</td><td>117</td><td>25</td><td>208</td><td>224</td></tr><tr><td>3-1/8% June 1946-49......(partially)</td><td>819</td><td>345</td><td>1</td><td>19</td><td>101</td><td>83</td><td>17</td><td>87</td><td>266</td></tr><tr><td>4-1/4% October 1947-52......(partially)</td><td>759</td><td>319</td><td>*</td><td>20</td><td>75</td><td>39</td><td>37</td><td>81</td><td>263</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>567</td><td>*</td><td>2</td><td>35</td><td>5</td><td>30</td><td>*</td><td>97</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>695</td><td>1</td><td>103</td><td>107</td><td>85</td><td>22</td><td>57</td><td>153</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,283</td><td>816</td><td>2</td><td>22</td><td>101</td><td>68</td><td>33</td><td>160</td><td>123</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,276</td><td>2</td><td>96</td><td>169</td><td>129</td><td>40</td><td>27</td><td>493</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>343</td><td>*</td><td>2</td><td>37</td><td>23</td><td>14</td><td>*</td><td>68</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>446</td><td>2</td><td>2</td><td>21</td><td>5</td><td>16</td><td>44</td><td>57</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>704</td><td>1</td><td>93</td><td>131</td><td>110</td><td>21</td><td>16</td><td>68</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,292</td><td>924</td><td>*</td><td>97</td><td>125</td><td>103</td><td>22</td><td>11</td><td>135</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,451</td><td>3</td><td>110</td><td>195</td><td>172</td><td>23</td><td>10</td><td>329</td></tr><tr><td>3-1/8% December 1949-52......(partially)</td><td>491</td><td>302</td><td>*</td><td>18</td><td>71</td><td>43</td><td>28</td><td>40</td><td>61</td></tr><tr><td>2-1/2% December 1949-53......(partially)</td><td>1,786</td><td>1,185</td><td>9</td><td>18</td><td>96</td><td>39</td><td>57</td><td>231</td><td>247</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,444</td><td>5</td><td>142</td><td>191</td><td>169</td><td>23</td><td>19</td><td>161</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>2,716</td><td>7</td><td>382</td><td>619</td><td>547</td><td>71</td><td>83</td><td>1,132</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>924</td><td>2</td><td>38</td><td>88</td><td>34</td><td>53</td><td>112</td><td>22</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>1,037</td><td>9</td><td>30</td><td>174</td><td>104</td><td>70</td><td>164</td><td>214</td></tr><tr><td>2% September 1951-53......(taxable)</td><td>7,986</td><td>4,524</td><td>21</td><td>691</td><td>782</td><td>604</td><td>139</td><td>126</td><td>1,643</td></tr><tr><td>3% September 1951-55......(partially)</td><td>755</td><td>298</td><td>*</td><td>16</td><td>120</td><td>86</td><td>34</td><td>79</td><td>243</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>510</td><td>363</td><td>2</td><td>16</td><td>32</td><td>25</td><td>7</td><td>19</td><td>79</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>877</td><td>2</td><td>6</td><td>47</td><td>17</td><td>30</td><td>112</td><td>74</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>323</td><td>*</td><td>302</td><td>118</td><td>106</td><td>13</td><td>67</td><td>206</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>5,825</td><td>1,924</td><td>20</td><td>873</td><td>786</td><td>669</td><td>117</td><td>7</td><td>2,225</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>732</td><td>2</td><td>279</td><td>202</td><td>178</td><td>25</td><td>74</td><td>212</td></tr><tr><td>2% June 1953-55......(partially)</td><td>725</td><td>622</td><td>1</td><td>3</td><td>28</td><td>2</td><td>26</td><td>14</td><td>58</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>474</td><td>2</td><td>6</td><td>84</td><td>46</td><td>37</td><td>44</td><td>71</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>2,611</td><td>960</td><td>31</td><td>53</td><td>294</td><td>159</td><td>135</td><td>361</td><td>912</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,449</td><td>296</td><td>9</td><td>293</td><td>513</td><td>494</td><td>19</td><td>55</td><td>284</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>269</td><td>20</td><td>1,205</td><td>882</td><td>785</td><td>96</td><td>104</td><td>1,344</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>982</td><td>477</td><td>16</td><td>19</td><td>199</td><td>127</td><td>73</td><td>127</td><td>144</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>416</td><td>23</td><td>24</td><td>280</td><td>207</td><td>73</td><td>70</td><td>106</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,485</td><td>728</td><td>11</td><td>35</td><td>272</td><td>164</td><td>108</td><td>110</td><td>331</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>*</td><td>4</td><td>265</td><td>1,212</td><td>1,172</td><td>41</td><td>202</td><td>435</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>*</td><td>3</td><td>452</td><td>1,382</td><td>1,348</td><td>34</td><td>271</td><td>722</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>*</td><td>10</td><td>514</td><td>1,634</td><td>1,596</td><td>38</td><td>419</td><td>1,185</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>*</td><td>11</td><td>332</td><td>1,602</td><td>1,557</td><td>45</td><td>519</td><td>1,374</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>69</td><td>10</td><td>109</td><td>2,431</td><td>2,393</td><td>38</td><td>457</td><td>1,721</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>880</td><td>18</td><td>311</td><td>578</td><td>545</td><td>33</td><td>323</td><td>606</td></tr><tr><td>Total Treasury bonds</td><td>81,270</td><td>32,587</td><td>261</td><td>7,082</td><td>16,273</td><td>14,429</td><td>1,644</td><td>5,660</td><td>19,407</td></tr></table>
Total Treasury bonds
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, September 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 5/)</th><th>Total amount outstanding</th><th colspan="5">Held by banks 1/ 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>7,174 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th colspan="3">904 insurance companies</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>307 life insurance companies</th><th>597 fire, casualty, and marine insurance companies</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></tr><tr><td>Postal savings bonds.....(wholly)</td><td>117</td><td>13</td><td>*</td><td>*</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>*</td><td>1</td><td>*</td><td>*</td><td>35</td><td>145</td></tr><tr><td>Guaranteed securities 4/</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>364</td><td>*</td><td>2</td><td>11</td><td>3</td><td>8</td><td>3</td><td>32</td></tr><tr><td>Federal Housing Administration debentures.....(partially taxable)</td><td>13 12</td><td>8</td><td>*</td><td>1</td><td>13</td><td>12</td><td>1</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>548</td><td>1</td><td>3</td><td>6</td><td>1</td><td>5</td><td>*</td><td>198</td></tr><tr><td>Total guaranteed securities</td><td>1,192</td><td>920</td><td>1</td><td>6</td><td>30</td><td>16</td><td>14</td><td>4</td><td>230</td></tr><tr><td>Total public marketable securities</td><td>1,388</td><td>935</td><td>1</td><td>8</td><td>31</td><td>19</td><td>15</td><td>39</td><td>375</td></tr><tr><td></td><td>1,145,914</td><td>64,974</td><td>314</td><td>7,583</td><td>17,425</td><td>15,125</td><td>2,300</td><td>21,245</td><td>34,373</td></tr></table>
Back Figures: The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Data on banks were reclassified for the period November 1943 through February 1944 and may be found in the "Treasury Bulletin" for May 1944, pages 52-57. Revisions of data on insurance companies for May 31, 1943 and prior months may be found in the "Treasury Bul- letin" for November 1943, pages 52-63. Less than $500,000 or less than .05%. 1/Securities held in trust departments are excluded. 2/Include trust companies.
3/ Includes Exchange Stabilization Fund. 
4/ Guaranteed securities held by the Treasury are not included. 
5/ 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 value $1/- in millions of dollars)
<table><tr><th>Issue (Tax status is shown in parentheses 2/)</th><th>Total amount outstanding</th><th colspan="3">Held by banks 3/ and insurance companies covered in Treasury Survey</th><th colspan="3">904 insurance companies</th><th>Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 5/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>7,174 commercial banks 4/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>307 life insurance companies</th><th>597 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.....................6/</td><td>3,636</td><td>182</td><td>1</td><td>5</td><td>10</td><td>3</td><td>7</td><td>*</td><td>3,439</td></tr><tr><td>Series I.....................(taxable)</td><td>23,257</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>23,256</td></tr><tr><td>Series F.....................(taxable)</td><td>2,113</td><td>98</td><td>1</td><td>6</td><td>23</td><td>10</td><td>13</td><td>1</td><td>1,985</td></tr><tr><td>Series G.....................(taxable)</td><td>8,317</td><td>229</td><td>4</td><td>144</td><td>172</td><td>65</td><td>108</td><td>8</td><td>7,760</td></tr><tr><td>Total United States savings bonds........</td><td>37,323</td><td>508</td><td>5</td><td>155</td><td>206</td><td>79</td><td>127</td><td>10</td><td>36,440</td></tr><tr><td>Treasury tax and savings notes......(taxable)</td><td>9,124</td><td>105</td><td>1</td><td>*</td><td>22</td><td>5</td><td>17</td><td>-</td><td>8,996</td></tr><tr><td>Adjusted service bonds.............(wholly)</td><td>216</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>216</td></tr><tr><td>Depositary bonds..................(taxable)</td><td>489</td><td>441</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>47</td></tr><tr><td>Guaranteed securities 7/</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>289</td><td>247</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>42</td></tr><tr><td>Total public non-marketable securities........</td><td>47,441</td><td>1,301</td><td>6</td><td>155</td><td>228</td><td>84</td><td>144</td><td>10</td><td>45,741</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 savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rate. Taxable securities are subject to both normal and surtax rates. Securities held in trust departments are excluded. Includes trust companies. Includes Exchange Stabilization Fund. Series A-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date were taxable. Guaranteed securities held by the Treasury are not included.
December 1944
51
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
52
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
October 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-seconde)</th><th colspan="2">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconde)</th><th colspan="4">1944 price range 2/ (Price decimals are thirty-seconde)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept.30, 1944</th><th>Yield 3/</th><th>Change in yield from Sept.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>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 bonds</th><th>101.31</th><th>102.01</th><th>102.00</th><th>-.02</th><th>1.39%</th><th>.00%</th><th>1.61%</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>101.31</td><td>102.01</td><td>102.00</td><td>-.02</td><td>1.39%</td><td>.00%</td><td>1.61%</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>101.32</td><td>101.14</td><td>101.13</td><td>+.02</td><td>1.35%</td><td>-.03</td><td>1.71</td><td>1/15/42</td><td>101.30</td><td>9/1/44</td><td>100.06</td><td>8/5/42</td><td>101.30</td><td>9/1</td><td>101.18</td><td>4/1</td></tr><tr><td>1,014</td><td>2%</td><td>-6/15/49-51</td><td>101.25</td><td>101.26</td><td>101.26</td><td>.00</td><td>1.59</td><td>-.01</td><td>1.71</td><td>5/15/42</td><td>101.28</td><td>9/20/44</td><td>100.04</td><td>10/6/42</td><td>101.28</td><td>9/20</td><td>101.12</td><td>2/1</td></tr><tr><td>1,292</td><td>2%</td><td>-9/15/49-51</td><td>101.21+</td><td>101.22+</td><td>101.22</td><td>-.02</td><td>1.64</td><td>+.01</td><td>1.76</td><td>7/15/42</td><td>101.27</td><td>9/19/44</td><td>100.03</td><td>8/5/42</td><td>101.27</td><td>9/19</td><td>101.09</td><td>1/13</td></tr><tr><td>2,098</td><td>2%</td><td>-12/15/49-51</td><td>101.20</td><td>101.21</td><td>101.20</td><td>-.02</td><td>1.67</td><td>+.01</td><td>1.76</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1,963</td><td>2%</td><td>-3/15/50-52</td><td>101.14+</td><td>101.15+</td><td>101.15</td><td>-.02</td><td>1.71</td><td>.00</td><td>1.79</td><td>10/19/42</td><td>101.20</td><td>9/25/42</td><td>100.01</td><td>11/2/42</td><td>101.20</td><td>9/25</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>101.06+</td><td>101.07+</td><td>101.07</td><td>-.02</td><td>1.78</td><td>+.01</td><td>1.83</td><td>4/15/43</td><td>101.12</td><td>9/25/44</td><td>100.08</td><td>5/3/43</td><td>101.12</td><td>9/25</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>100.20+</td><td>100.21+</td><td>100.21</td><td>-.02</td><td>1.90</td><td>+.01</td><td>1.92</td><td>9/15/43</td><td>100.26</td><td>9/25/44</td><td>100.03</td><td>11/8/43</td><td>100.26</td><td>9/25</td><td>100.06</td><td>1/15</td></tr><tr><td>510</td><td>2%</td><td>-12/15/51-53</td><td>100.21</td><td>100.23</td><td>100.22</td><td>-.01</td><td>1.90</td><td>+.01</td><td>1.93</td><td>12/15/43</td><td>101.16</td><td>12/5/41</td><td>100.01</td><td>12/5/42</td><td>100.25</td><td>9/25</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>-.04</td><td>1.93</td><td>+.01</td><td>2.04</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>5,825</td><td>2%</td><td>-6/15/52-54</td><td>100.12+</td><td>100.13+</td><td>100.13</td><td>-.03</td><td>1.94</td><td>+.02</td><td>1.95</td><td>6/26/44</td><td>100.20</td><td>9/20/44</td><td>100.08</td><td>7/24/44</td><td>100.20</td><td>9/20</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>101.30</td><td>102.00</td><td>101.31</td><td>-.06</td><td>1.97</td><td>+.02</td><td>2.04</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>102.08</td><td>9/25</td><td>101.20</td><td>2/1</td></tr><tr><td>1,149</td><td>2-1/2%</td><td>-3/15/56-58</td><td>103.23</td><td>103.25</td><td>103.24</td><td>.00</td><td>2.13</td><td>.00</td><td>2.18</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>103.26</td><td>3/1</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>100.16</td><td>100.18</td><td>100.17</td><td>-.01</td><td>2.20</td><td>.00</td><td>2.21</td><td>2/1/44</td><td>100.21</td><td>10/5/44</td><td>100.01</td><td>2/29/44</td><td>100.21</td><td>10/5</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>100.16</td><td>100.18</td><td>100.17</td><td>-.02</td><td>2.46</td><td>.00</td><td>2.47</td><td>5/5/42</td><td>101.01</td><td>5/29/43</td><td>100.00</td><td>8/17/42</td><td>100.21</td><td>9/19</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>100.05</td><td>100.07</td><td>100.06</td><td>-.02</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>100.14</td><td>9/19</td><td>100.00</td><td>2/17</td></tr><tr><td>3,761</td><td>2-1/2%</td><td>-6/15/64-69</td><td>100.03</td><td>100.05</td><td>100.04</td><td>-.03</td><td>2.49</td><td>.00</td><td>2.49</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>100.12</td><td>9/16</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>100.03</td><td>100.05</td><td>100.04</td><td>-.03</td><td>2.49</td><td>.00</td><td>2.49</td><td>9/15/43</td><td>100.12</td><td>9/16/44</td><td>100.00</td><td>3/2/44</td><td>100.12</td><td>9/16</td><td>100.00</td><td>3/2</td></tr><tr><td>5,197</td><td>2-1/2%</td><td>-3/15/65-70</td><td>100.02</td><td>100.04</td><td>100.03</td><td>-.03</td><td>2.49</td><td>.00</td><td>2.50</td><td>2/1/44</td><td>100.14</td><td>9/16/44</td><td>100.00</td><td>2/16/44</td><td>100.14</td><td>9/16</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>100.12</td><td>100.14</td><td>100.13</td><td>-.03</td><td>2.48</td><td>+.01</td><td>2.48</td><td>10/20/41</td><td>103.15</td><td>11/5/41</td><td>100.01</td><td>1/2/42</td><td>100.18</td><td>9/13</td><td>100.11</td><td>7/8</td></tr></table>
Treasury notes
<table><tr><td>2,127</td><td>.90%</td><td>D - 3/1/45 5/</td><td>.71%</td><td>.69%</td><td>.70%</td><td>-.01%</td><td>-</td><td>-</td><td>2/1/44</td><td>.68%</td><td>8/30/44</td><td>.86%</td><td>1/24/44</td><td>.68%</td><td>8/30</td><td>.86%</td><td>1/24</td></tr><tr><td>1,606</td><td>1-1/44</td><td>C - 3/15/45</td><td>100.07</td><td>100.08</td><td>100.08</td><td>.00</td><td>.57</td><td>-.13</td><td>-</td><td>9/25/42</td><td>100.20</td><td>7/17/43</td><td>100.00</td><td>10/30/42</td><td>100.16</td><td>1/15</td><td>100.08</td><td>10/31</td></tr><tr><td>531</td><td>3/45</td><td>B -12/15/45</td><td>99.31</td><td>100.00</td><td>100.00</td><td>.00</td><td>.75</td><td>.00</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>100.00</td><td>10/31</td><td>99.22</td><td>1/21</td></tr><tr><td>1,291</td><td>1%</td><td>A - 3/15/46</td><td>100.03+</td><td>100.04+</td><td>100.04</td><td>.00</td><td>.91</td><td>.00</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>100.08</td><td>8/22</td><td>100.00</td><td>3/15</td></tr><tr><td>3,261</td><td>1-1/21</td><td>B -12/15/46</td><td>100.25</td><td>100.26</td><td>100.26</td><td>-.02</td><td>1.11</td><td>+01</td><td>-</td><td>6/5/42</td><td>100.30</td><td>9/23/44</td><td>100.01</td><td>1/2/43</td><td>100.30</td><td>9/23</td><td>100.24</td><td>4/1</td></tr><tr><td>1,948</td><td>1-1/43</td><td>B - 3/15/47</td><td>100.09</td><td>100.10</td><td>100.10</td><td>-.02</td><td>1.12</td><td>+03</td><td>-</td><td>6/26/44</td><td>100.13</td><td>9/21/44</td><td>100.09</td><td>7/10/44</td><td>100.13</td><td>9/21</td><td>100.09</td><td>7/10</td></tr><tr><td>2,707</td><td>1-1/23</td><td>A - 9/15/47</td><td>100.26</td><td>100.27</td><td>100.26</td><td>-.04</td><td>1.21</td><td>+03</td><td>-</td><td>7/12/43</td><td>100.30</td><td>9/30/44</td><td>100.16</td><td>10/14/43</td><td>100.30</td><td>9/30</td><td>100.17</td><td>3/21</td></tr><tr><td>3,748</td><td>1-1/21</td><td>A - 9/15/48</td><td>100.18</td><td>100.19</td><td>100.18</td><td>-.02</td><td>1.35</td><td>+01</td><td>-</td><td>3/15/44</td><td>100.21</td><td>9/20/44</td><td>100.05</td><td>3/8/44</td><td>100.21</td><td>9/20</td><td>100.05</td><td>3/8</td></tr><tr><td colspan="19">Certificates of indebtedness 5/</td></tr><tr><td>3,540</td><td>7/83</td><td>C - 12/1/44</td><td>.10%</td><td>.00%</td><td>.05%</td><td>-.39%</td><td>-</td><td>-</td><td>-</td><td>12/1/43</td><td>.04%</td><td>10/30/44</td><td>.83%</td><td>11/22/43</td><td>.04%</td><td>10/30</td><td>.79%</td><td>1/31</td></tr><tr><td>5,048</td><td>7/83</td><td>A - 2/1/45</td><td>.62%</td><td>.59%</td><td>.60%</td><td>-.08%</td><td>-</td><td>-</td><td>-</td><td>2/1/41</td><td>.60%</td><td>10/31/44</td><td>.81%</td><td>3/21/44</td><td>.60%</td><td>10/31</td><td>.81%</td><td>3/21</td></tr><tr><td>1,877</td><td>7/83</td><td>B - 4/1/45</td><td>.73%</td><td>.71%</td><td>.72%</td><td>-.02%</td><td>-</td><td>-</td><td>-</td><td>4/1/44</td><td>.70%</td><td>8/30/44</td><td>.84%</td><td>3/29/44</td><td>.70%</td><td>8/30</td><td>.84%</td><td>3/29</td></tr><tr><td>1,615</td><td>7/83</td><td>D - 5/1/45</td><td>.74%</td><td>.72%</td><td>.73%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>5/1/44</td><td>.70%</td><td>8/30/44</td><td>.79%</td><td>6/23/44</td><td>.70%</td><td>8/30</td><td>.79%</td><td>6/23</td></tr><tr><td>4,770</td><td>7/83</td><td>C - 6/1/45</td><td>.78%</td><td>.76%</td><td>.77%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>6/26/44</td><td>.73%</td><td>8/30/44</td><td>.79%</td><td>7/10/44</td><td>.73%</td><td>8/30</td><td>.79%</td><td>7/10</td></tr><tr><td>2,511</td><td>7/85</td><td>E - 8/1/45</td><td>.80%</td><td>.78%</td><td>.79%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>8/1/44</td><td>.75%</td><td>8/31/44</td><td>.80%</td><td>7/25/44</td><td>.75%</td><td>8/31</td><td>.80%</td><td>7/25</td></tr><tr><td>3,694</td><td>7/85</td><td>F - 9/1/45</td><td>.81%</td><td>.79%</td><td>.80%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>9/1/44</td><td>.78%</td><td>8/30/44</td><td>.81%</td><td>10/5/44</td><td>.78%</td><td>8/30</td><td>.81%</td><td>10/5</td></tr><tr><td>3,492</td><td>7/85</td><td>G - 10/1/45</td><td>.82%</td><td>.80%</td><td>.81%</td><td>+01%</td><td>-</td><td>-</td><td>-</td><td>10/1/44</td><td>.80%</td><td>10/28/44</td><td>.81%</td><td>10/31/44</td><td>.80%</td><td>10/28</td><td>.81%</td><td>10/31</td></tr></table>
Guaranteed by U. S. Government 6/
<table><tr><td>$412</td><td>Commodity Credit Corp.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>1-1/8% 0 - 2/15/45</td><td>100.03</td><td>100.04</td><td>100.04</td><td>.00</td><td>.69%</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></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>100.09</td><td>4/24</td><td>100.04</td><td>10/31</td></tr></table>
PART B - TAXABLE TREASURY BILLS
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept. 30, 1944</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept. 30, 1944</th></tr><tr><td>$1,214</td><td>11/2/44</td><td>8/3/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05%</td><td>$1,216</td><td>12/21/44</td><td>9/21/44</td><td>.375</td><td>.30</td><td>.34</td><td>-.02%</td></tr><tr><td>1,211</td><td>11/3/44</td><td>8/10/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,218</td><td>12/28/44</td><td>9/28/44</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1,206</td><td>11/15/44</td><td>8/17/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,218</td><td>1/4/45</td><td>10/5/44</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,210</td><td>11/24/44</td><td>8/24/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,313</td><td>1/11/45</td><td>10/13/44</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,210</td><td>11/30/44</td><td>8/31/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,314</td><td>1/18/45</td><td>10/19/44</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,207</td><td>12/17/44</td><td>9/7/44</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,309</td><td>1/25/45</td><td>10/26/44</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,215</td><td>12/14/44</td><td>9/14/44</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>?</td><td>2/1/45</td><td>11/2/44</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr></table>
(Continued on following page)
53
December 1944
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
October 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 (M1-lions)</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 Sept.30, 1944</th><th>Yield 3/</th><th>Change in yield from Sept.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><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr></table>
Issued by U. S. Government
<table><tr><th>Treasury bonds</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>1/4</td><td>12/15/44-54 8/</td><td>100.17+</td><td>100.18+</td><td>100.18</td><td>-.08</td><td>3/32</td><td>+3/32</td><td>-</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>100.18</td><td>10/31</td></tr><tr><td>1,214</td><td>2-3/4%</td><td>9/15/45-47</td><td>101.31+</td><td>102.00+</td><td>102.00</td><td>-.06</td><td>.14%</td><td>-.01%</td><td>2.03%</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>102.00</td><td>10/31</td></tr><tr><td>542</td><td>2-1/2%</td><td>12/15/45</td><td>102.12</td><td>102.13</td><td>102.12</td><td>-.05</td><td>.37</td><td>-.02</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>102.12</td><td>10/31</td></tr><tr><td>489</td><td>3-3/4%</td><td>3/15/46-56</td><td>104.04</td><td>104.06</td><td>104.05</td><td>-.15</td><td>.70</td><td>+1.15</td><td>3.31</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>104.05</td><td>10/31</td></tr><tr><td>1,036</td><td>3%</td><td>6/15/46-48</td><td>103.22</td><td>103.24</td><td>103.23</td><td>-.11</td><td>.69</td><td>+1.09</td><td>1.93</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>103.23</td><td>10/31</td></tr><tr><td>819</td><td>3-1/8%</td><td>6/15/46-49</td><td>103.28</td><td>103.30</td><td>103.29</td><td>-.12</td><td>.70</td><td>+1.11</td><td>2.23</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>103.29</td><td>10/31</td></tr><tr><td>759</td><td>1-1/4%</td><td>10/15/47-52</td><td>109.30</td><td>110.00</td><td>109.31</td><td>-.15</td><td>.83</td><td>+1.07</td><td>2.84</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>109.31</td><td>10/31</td></tr><tr><td>701</td><td>2%</td><td>12/15/47</td><td>103.24</td><td>103.26</td><td>103.25</td><td>-.11</td><td>.77</td><td>+1.07</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>103.25</td><td>10/31</td></tr><tr><td>1,223</td><td>2-3/4%</td><td>3/15/48-51</td><td>105.29</td><td>105.31</td><td>105.30</td><td>-.07</td><td>.96</td><td>+1.03</td><td>1.76</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>105.30</td><td>10/31</td></tr><tr><td>451</td><td>2-1/2%</td><td>9/15/48</td><td>105.31</td><td>106.01</td><td>106.00</td><td>-.03</td><td>.92</td><td>-.01</td><td>-</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>106.27</td><td>5/2</td><td>106.00</td><td>10/31</td></tr><tr><td>571</td><td>2%</td><td>12/15/48-50</td><td>104.11</td><td>104.13</td><td>104.12</td><td>+.01</td><td>.92</td><td>-.02</td><td>1.26</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>8/8</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>109.29</td><td>109.31</td><td>109.30</td><td>-.04</td><td>1.12</td><td>-.01</td><td>1.80</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>110.22</td><td>4/21</td><td>109.29</td><td>10/30</td></tr><tr><td>1,786</td><td>2-1/2%</td><td>12/15/49-53</td><td>106.15</td><td>106.17</td><td>106.16</td><td>-.04</td><td>1.19</td><td>+1.01</td><td>1.73</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>107.07</td><td>8/4</td><td>106.14</td><td>10/28</td></tr><tr><td>1,186</td><td>2-1/2%</td><td>9/15/50-52</td><td>106.29</td><td>106.31</td><td>106.30</td><td>-.04</td><td>1.27</td><td>+1.01</td><td>1.56</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>107.24</td><td>5/9</td><td>106.27</td><td>9/22</td></tr><tr><td>1,627</td><td>2-3/4%</td><td>6/15/51-54</td><td>108.21</td><td>108.23</td><td>108.22</td><td>-.05</td><td>1.37</td><td>+1.01</td><td>1.76</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>108.17</td><td>9/22</td></tr><tr><td>755</td><td>3%</td><td>9/15/51-55</td><td>110.11</td><td>110.13</td><td>110.12</td><td>-.02</td><td>1.41</td><td>-.01</td><td>1.94</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>111.16</td><td>2/24</td><td>110.10</td><td>9/28</td></tr><tr><td>1,118</td><td>2-1/4%</td><td>12/15/51-53</td><td>106.03</td><td>106.05</td><td>106.04</td><td>+.02</td><td>1.35</td><td>-.01</td><td>1.53</td><td>12/22/39</td><td>107.02</td><td>8/5/44</td><td>101.08</td><td>5/24/40</td><td>107.02</td><td>8/5</td><td>105.29</td><td>9/22</td></tr><tr><td>725</td><td>2%</td><td>6/15/53-55</td><td>104.29</td><td>104.31</td><td>104.30</td><td>+.02</td><td>1.39</td><td>-.01</td><td>1.50</td><td>10/7/40</td><td>105.21</td><td>3/7/44</td><td>101.19</td><td>2/15/41</td><td>105.21</td><td>3/7</td><td>104.20</td><td>9/21</td></tr><tr><td>681</td><td>2-1/4%</td><td>6/15/54-56</td><td>106.22</td><td>106.24</td><td>106.23</td><td>+.03</td><td>1.50</td><td>-.01</td><td>1.61</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>106.09</td><td>9/21</td></tr><tr><td>2,611</td><td>2-7/8%</td><td>3/15/55-60</td><td>111.23</td><td>111.25</td><td>111.24</td><td>+.03</td><td>1.64</td><td>-.02</td><td>1.98</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>111.09</td><td>9/21</td></tr><tr><td>982</td><td>2-3/4%</td><td>9/15/56-59</td><td>111.06</td><td>111.08</td><td>111.07</td><td>+1.04</td><td>1.70</td><td>-.02</td><td>1.88</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>110.25</td><td>9/22</td></tr><tr><td>919</td><td>2-3/4%</td><td>6/15/58-63</td><td>111.06</td><td>111.08</td><td>111.07</td><td>+1.03</td><td>1.82</td><td>-.01</td><td>2.02</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>110.26</td><td>9/22</td></tr><tr><td>1,485</td><td>2-3/4%</td><td>12/15/60-65 9/</td><td>111.12</td><td>111.14</td><td>111.13</td><td>.00</td><td>1.92</td><td>-.01</td><td>2.08</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>Other bonds 10/</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>16</td><td>3%</td><td>Conversion - 1/1/46</td><td>103.00</td><td>103.08</td><td>103.04</td><td>-.04</td><td>.31</td><td>-.08</td><td>-</td><td>1/1/16</td><td>215.00</td><td>1935</td><td>75.00</td><td>1920</td><td>105.04</td><td>1/17</td><td>103.04</td><td>10/31</td></tr><tr><td>13</td><td>3%</td><td>Conversion - 1/1/47</td><td>105.08</td><td>105.20</td><td>105.14</td><td>-.04</td><td>.48</td><td>-.03</td><td>-</td><td>1/1/17</td><td>107.02</td><td>2/21</td><td>105.14</td><td>10/31</td><td>2/21</td><td>105.14</td><td>10/31</td></tr><tr><td>50</td><td>3%</td><td>Panama Canal- 6/1/61</td><td>133.04</td><td>134.04</td><td>133.20</td><td>-.04</td><td>.83</td><td>.00</td><td>-</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>134.00</td><td>9/5</td><td>130.28</td><td>3/1</td></tr><tr><th>Treasury notes</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>718</td><td>3/4% 1 - 3/15/45</td><td></td><td>100.05+</td><td>100.06+</td><td>100.06</td><td>-.02</td><td>.24</td><td>+1.04</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>100.06</td><td>10/31</td></tr></table>
Guaranteed by U. S. Government
<table><tr><td>$755</td><td>Home Owners' Loan Corp.<br>1-1/2% M - 6/1/45-47</td><td>100.19</td><td>100.21</td><td>100.20</td><td>-.02</td><td>.42%</td><td>-.04%</td><td>1.25%</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>100.20</td><td>10/31</td></tr></table>
1/
When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield columns in thirty-seconds. 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. The issued prices are included beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates. Computed on mean price to call date when mean price is above per an
4/ to maturity date when mean price is below par.
5/ Included in the average of long-term taxable Treasury bonds. Quoted on yield basis.
6/ Excludes Federal Housing Administration debentures.
7/ This security was issued on November 2 1944, in the amount of $1,311 millions.
8/ Called on August 14, 1944, for redemption on December 15, 1944.
9/ Included in the average of long-term partially tax-exempt Treasury bonds.
10/ Excludes postal savings bonds.
54
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies October 31, 1944 - (Continued)
Table II. - Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount out- standing (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="2">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1944 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept.30, 1944</th><th>Yield 3/</th><th>Change in yield from Sept.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>
Taxable debentures
<table><tr><th rowspan="2">$14</th><th colspan="7">Federal Home Loan Banks 4/</th><th colspan="8">Federal Intermediate Credit Banks 5/</th></tr><tr><th>.85% A - 1/15/45</th><th>.90%</th><th>.75%</th><th>.82%</th><th>.00%</th><th>-</th><th>-</th><th>6/15/44</th><th>.82%</th><th>10/31/44</th><th>.82%</th><th>10/31/44</th><th>.82%</th><th>10/31</th><th>.82%</th><th>10/31</th></tr><tr><td>29</td><td>.95%</td><td>- 11/1/44</td><td>6/6/</td><td>6/6/</td><td>-</td><td>-</td><td>-</td><td>11/1/43</td><td>100.00</td><td>10/30/44</td><td>100.00</td><td>10/30/44</td><td>100.00</td><td>10/30/</td><td>100.00</td><td>10/30/</td></tr><tr><td>16</td><td>.90%</td><td>- 11/1/44</td><td>6/6/</td><td>6/6/</td><td>-</td><td>-</td><td>-</td><td>2/1/44</td><td>100.00</td><td>10/30/44</td><td>100.00</td><td>10/30/44</td><td>100.00</td><td>10/30/</td><td>100.00</td><td>10/30/</td></tr><tr><td>25</td><td>.90%</td><td>- 12/1/44</td><td>100.00</td><td>- 100.00</td><td>.00</td><td>.90%</td><td>.00%</td><td>-</td><td>3/1/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/</td><td>100.00</td><td>10/31/</td></tr><tr><td>15</td><td>.80%</td><td>- 12/1/44</td><td>100.00</td><td>- 100.00</td><td>.00</td><td>.80</td><td>.00</td><td>-</td><td>6/1/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/</td><td>100.00</td><td>10/31/</td></tr><tr><td>18</td><td>.90%</td><td>- 1/2/45</td><td>100.00</td><td>- 100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>4/1/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/</td><td>100.00</td><td>10/31/</td></tr><tr><td>17</td><td>.80%</td><td>- 1/2/45</td><td>100.00</td><td>- 100.00</td><td>.00</td><td>.80</td><td>.00</td><td>-</td><td>7/1/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/</td><td>100.00</td><td>10/31/</td></tr><tr><td>31</td><td>1/8%</td><td>- 2/1/45</td><td>100.00</td><td>- 100.00</td><td>.00</td><td>.875</td><td>.000</td><td>-</td><td>5/1/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/</td><td>100.00</td><td>10/31/</td></tr><tr><td>18</td><td>.90%</td><td>- 3/1/45</td><td>100.00</td><td>- 100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>6/1/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/</td><td>100.00</td><td>10/31/</td></tr><tr><td>26</td><td>.90%</td><td>- 4/2/45</td><td>100.00</td><td>- 100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>7/1/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/</td><td>100.00</td><td>10/31/</td></tr><tr><td>27</td><td>.90%</td><td>- 5/1/45</td><td>100.00</td><td>- 100.00</td><td>.00</td><td>.90</td><td>.00</td><td>-</td><td>8/1/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/</td><td>100.00</td><td>10/31/</td></tr><tr><td>20</td><td>.85%</td><td>- 6/1/45</td><td>100.00</td><td>- 100.00</td><td>.00</td><td>.85</td><td>.00</td><td>-</td><td>9/1/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/</td><td>100.00</td><td>10/31/</td></tr><tr><td>30</td><td>.85%</td><td>- 7/2/45</td><td>100.00</td><td>- 100.00</td><td>.00</td><td>.85</td><td>.00</td><td>-</td><td>10/2/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/44</td><td>100.00</td><td>10/31/</td><td>100.00</td><td>10/31/</td></tr></table>
Tax-exempt bonds
<table><tr><th colspan="10">Federal Land Banks 8/</th></tr><tr><td>$157</td><td>3-1/4%</td><td>- 5/1/45-55</td><td>101.13</td><td>101.15</td><td>101.14</td><td>-.09</td><td>.35%</td><td>+ .08%</td><td>3.09%</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>101.14</td><td>10/31</td></tr><tr><td>230</td><td>3%</td><td>- 7/1/45-55</td><td>101.24</td><td>101.26</td><td>101.25</td><td>-.08</td><td>.31</td><td>+ .04</td><td>2.81</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>101.25</td><td>10/31</td></tr><tr><td>171</td><td>3%</td><td>- 1/1/46-56</td><td>103.03</td><td>103.05</td><td>103.04</td><td>-.08</td><td>.31</td><td>+ .03</td><td>2.67</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>103.04</td><td>10/31</td></tr><tr><td>170</td><td>3%</td><td>- 5/1/46-56</td><td>104.02</td><td>104.05</td><td>104.04</td><td>-.08</td><td>.24</td><td>+ .02</td><td>2.58</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>104.04</td><td>10/31</td></tr></table>
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield columns in thirty-seconds.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices are included beginning November 1, 1941. Dates of highs and lows, in case of 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 dealers' commission. Prior to May 15, 1944, these securities were quoted on a yield basis without allowance for dealers' commissions.
6/ Not quoted.
7/ Price history begins May 15, 1944.
8/ Excludes issues completely held by Farm Credit Administration agencies.
December 1944
55
YIELDS OF TREASURY SECURITIES OCT.31, 1944
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Treasury Bulletin
56
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>2.46</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>2.71</td></tr><tr><td>May.</td><td>2.68</td><td></td><td>3.22</td><td>May.</td><td>2.27</td><td></td><td>2.86</td><td>May.</td><td>2.06</td><td>2.45</td><td>2.76</td></tr><tr><td>June.</td><td>2.69</td><td></td><td>3.19</td><td>June.</td><td>2.22</td><td></td><td>2.78</td><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td></tr><tr><td>July.</td><td>2.68</td><td></td><td>3.18</td><td>July.</td><td>2.23</td><td></td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td></tr><tr><td>Aug.</td><td>2.64</td><td></td><td>3.18</td><td>Aug.</td><td>2.27</td><td></td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td></tr><tr><td>Sept.</td><td>2.65</td><td></td><td>3.15</td><td>Sept.</td><td>2.67</td><td></td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td></tr><tr><td>Oct.</td><td>2.68</td><td></td><td>3.14</td><td>Oct.</td><td>2.60</td><td></td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td></tr><tr><td>Nov.</td><td>2.60</td><td></td><td>3.11</td><td>Nov.</td><td>2.46</td><td></td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td></tr><tr><td>Dec.</td><td>2.59</td><td></td><td>3.07</td><td>Dec.</td><td>2.35</td><td></td><td>2.86</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>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.63</td><td></td><td>3.12</td><td>Sapt.</td><td>2.02</td><td></td><td>2.64</td><td>Sapt.</td><td>1.93</td><td>2.47</td><td>2.55</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>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</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-May</td><td>6.</td><td>1.95</td><td>2.49</td><td>2.59</td><td>1944-July</td><td>1.</td><td>1.90</td><td>2.49</td><td>2.59</td><td>1944-Sept.</td><td>1.</td><td>1.91</td><td>2.47</td><td>2.55</td></tr><tr><td>13.</td><td>1.95</td><td>2.49</td><td>2.59</td><td>8.</td><td>1.88</td><td>2.49</td><td>2.60</td><td>9.</td><td>1.93</td><td>2.47</td><td>2.53</td></tr><tr><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><td>16.</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><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><td>23.</td><td>1.94</td><td>2.48</td><td>2.55</td></tr><tr><td>June</td><td>3.</td><td>1.91</td><td>2.49</td><td>2.57</td><td>29.</td><td>1.90</td><td>2.49</td><td>2.60</td><td>30.</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>10.</td><td>1.92</td><td>2.49</td><td>2.58</td><td>Aug.</td><td>5.</td><td>1.90</td><td>2.48</td><td>2.58</td><td>Oct.</td><td>7.</td><td>1.93</td><td>2.48</td><td>2.53</td></tr><tr><td>17.</td><td>1.91</td><td>2.49</td><td>2.59</td><td>12.</td><td>1.91</td><td>2.48</td><td>2.56</td><td>14.</td><td>1.92</td><td>2.48</td><td>2.55</td></tr><tr><td>24.</td><td>1.89</td><td>2.49</td><td>2.59</td><td>18.</td><td>1.91</td><td>2.48</td><td>2.57</td><td>21.</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td></td><td></td><td></td><td></td><td>26.</td><td>1.90</td><td>2.48</td><td>2.56</td><td>28.</td><td>1.94</td><td>2.48</td><td>2.58</td></tr><tr><td colspan="11">Daily series</td></tr><tr><td>1944-Oct.</td><td>2.</td><td>1.93</td><td>2.48</td><td>2.54</td><td>1944-Oct.</td><td>12.</td><td>1.92</td><td>2.48</td><td>2.55</td><td>1944-Oct.</td><td>23.</td><td>1.93</td><td>2.48</td><td>2.56</td></tr><tr><td>3.</td><td>1.93</td><td>2.48</td><td>2.54</td><td>13.</td><td>1.92</td><td>2.48</td><td>2.55</td><td>24.</td><td>1.93</td><td>2.48</td><td>2.57</td></tr><tr><td>4.</td><td>1.93</td><td>2.48</td><td>2.53</td><td>14.</td><td>1.92</td><td>2.48</td><td>2.55</td><td>25.</td><td>1.94</td><td>2.48</td><td>2.57</td></tr><tr><td>5.</td><td>1.93</td><td>2.48</td><td>2.54</td><td>16.</td><td>1.92</td><td>2.48</td><td>2.55</td><td>26.</td><td>1.94</td><td>2.48</td><td>2.58</td></tr><tr><td>6.</td><td>1.93</td><td>2.48</td><td>2.54</td><td>17.</td><td>1.92</td><td>2.48</td><td>2.54</td><td>27.</td><td>1.94</td><td>2.48</td><td>2.58</td></tr><tr><td>7.</td><td>1.93</td><td>2.48</td><td>2.53</td><td>18.</td><td>1.92</td><td>2.48</td><td>2.54</td><td>28.</td><td>1.94</td><td>2.48</td><td>2.58</td></tr><tr><td>9.</td><td>1.93</td><td>2.48</td><td>2.55</td><td>19.</td><td>1.92</td><td>2.48</td><td>2.54</td><td>30.</td><td>1.93</td><td>2.48</td><td>2.58</td></tr><tr><td>10.</td><td>1.93</td><td>2.48</td><td>2.55</td><td>20.</td><td>1.93</td><td>2.48</td><td>2.55</td><td>31.</td><td>1.92</td><td>2.48</td><td>2.58</td></tr><tr><td>11.</td><td>1.92</td><td>2.48</td><td>2.54</td><td>21.</td><td>1.93</td><td>2.48</td><td>2.55</td><td></td><td></td><td></td><td></td></tr></table>
Basis of Computation: (1) Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. (2) Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Back Figures: For monthly and weekly figures back to January 1933, see "Treasury Bulletin" for April 1944, page 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
2/ For discussion of composition of high-grade corporate bond average, see "Treasury Bulletin" for April 1943, page 61.
3/ Monthly average 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/ Exchange closed.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
December 1944
Monthly Series
58
Treasury Bulletin
CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES GOVERNMENT
December 1944
59
Assets and Liabilities of Government Corporations and Credit Agencies
September 30, 1944
The statements of assets and liabilities of Government corporations and credit agencies formerly published on a monthly basis were discontinued with the statement of August 31, 1944, and new statements will be published quarterly hereafter. The first of these new quarterly statements appears below as of September 30, 1944 and was compiled from data submitted by each agency. Provision has also been made for new quarterly statements of sources and application of funds of Government corporations and credit agencies. The first such statement, covering the period July 1 through September 30, 1944, will appear in the January issue of the "Treasury Bulletin".
(In millions of dollars)
<table><tr><th rowspan="2">Account</th><th rowspan="2">Total</th><th colspan="5">Office for Emergency Management</th><th colspan="5">Agriculture Department (continued on following page) Farm Credit Administration (continued on following page)</th></tr><tr><th>Coordinator of Inter-American Affairs 2/</th><th>Foreign Economic Administration Export-Import Bank of Washington</th><th>Other 3/</th><th>War Production Board Smaller War Plants Corporation</th><th>War Shipping Administration</th><th>Agricultural Marketing Act revolving fund</th><th>Emergency crop and feed loans</th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 4/</td><td>1,166.6</td><td>23.2</td><td>39.1</td><td>18.6</td><td>91.9</td><td>174.8</td><td>*</td><td>.2</td><td>32.1</td><td>38.1</td></tr><tr><td>Loans receivable from Government agencies</td><td>8,167.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.8</td></tr><tr><td>Loans receivable from others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To aid agriculture</td><td>3,406.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.4</td><td>149.6</td><td>116.1</td><td>294.4</td></tr><tr><td>To aid home owners</td><td>1,303.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid industry</td><td>584.7</td><td>-</td><td>-</td><td>-</td><td>26.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid States, Territories, etc.</td><td>533.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid financial institutions</td><td>186.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other loans</td><td>984.2</td><td>-</td><td>223.5</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others</td><td>6,998.3</td><td>-</td><td>223.5</td><td>1.6</td><td>26.4</td><td>-</td><td>3.4</td><td>149.6</td><td>116.1</td><td>294.4</td></tr><tr><td>Less: Reserve for losses</td><td>432.2</td><td>-</td><td>-</td><td>-</td><td>-9</td><td>-</td><td>-1.1</td><td>-130.0</td><td>-1.0</td><td>-</td></tr><tr><td>Total loans receivable from others (net)</td><td>6,566.2</td><td>-</td><td>223.5</td><td>1.6</td><td>25.5</td><td>-</td><td>2.3</td><td>19.6</td><td>115.1</td><td>294.4</td></tr><tr><td>Accounts and other receivables, less reserves 6/</td><td>2,017.3</td><td>.5</td><td>2.4</td><td>144.8</td><td>17.0</td><td>45.9</td><td>*</td><td>*</td><td>.9</td><td>2.2</td></tr><tr><td>Commodities, supplies, and materials</td><td>2,986.7</td><td>-</td><td>-</td><td>278.9</td><td>-</td><td>12.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></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 obligations of United States</td><td>1,602.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43.3</td><td>38.0</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>123.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>437.0</td><td>-</td><td>-</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26.7</td><td>-</td></tr><tr><td>Total investments</td><td>2,165.1</td><td>-</td><td>-</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>70.0</td><td>38.0</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>11,178.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>15,755.3</td><td>.6</td><td>*</td><td>12.0</td><td>10.9</td><td>5,048.0</td><td>-</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Acquired security or collateral:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate and other</td><td>148.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.6</td><td>-</td><td>*</td><td>*</td></tr><tr><td>Less: Reserve for losses</td><td>94.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquired security or collateral (net)</td><td>83.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Other assets 1/</td><td>4,429.5</td><td>-</td><td>.1</td><td>93.7</td><td>-</td><td>831.4</td><td>-</td><td>-</td><td>.1</td><td>.2</td></tr><tr><td>Intergagency proprietary interests</td><td>637.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>177.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>55,154.7</td><td>24.3</td><td>265.1</td><td>552.6</td><td>145.3</td><td>6,712.3</td><td>180.9</td><td>19.8</td><td>218.3</td><td>377.7</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>1,110.9</td><td>12.0</td><td>*</td><td>93.3</td><td>.7</td><td>10.1</td><td>-</td><td>-</td><td>*</td><td>1.2</td></tr><tr><td>Trust and deposit liabilities</td><td>4,683.6</td><td>-</td><td>66.6</td><td>5/</td><td>*</td><td>2,256.1</td><td>-</td><td>-</td><td>-</td><td>.5</td></tr><tr><td>Bonds, debentures, and notes payable: 5/</td><td>11,178.79/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>1,566.610/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>9,493.1</td><td>-</td><td>-</td><td>445.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.8</td><td>285.7</td></tr><tr><td>Not guaranteed - public issues 5/</td><td>22,238.4</td><td>-</td><td>-</td><td>445.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.8</td><td>285.7</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>4,215.9</td><td>-</td><td>.1</td><td>44.0</td><td>10.2</td><td>413.2</td><td>*</td><td>.2</td><td>.7</td><td>.1</td></tr><tr><td>Other liabilities 11/</td><td>32,248.8</td><td>12.0</td><td>66.7</td><td>582.4</td><td>10.9</td><td>2,679.3</td><td>*</td><td>.2</td><td>5.5</td><td>287.5</td></tr><tr><td>Total liabilities</td><td></td><td>24.3</td><td>265.1</td><td>552.6</td><td>145.3</td><td>6,712.3</td><td>180.9</td><td>19.8</td><td>218.3</td><td>377.7</td></tr><tr><td>Capital</td><td></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 owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,163.6</td><td>.6</td><td>175.0</td><td>5.2</td><td>150.0</td><td>-</td><td>-</td><td>-</td><td>177.0</td><td>60.0</td></tr><tr><td>Paid-in surplus</td><td>11,909.8</td><td>23.1</td><td>-</td><td>2.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>23,080.0</td><td>33.5</td><td>-</td><td>-</td><td>-</td><td>8,067.8</td><td>497.5</td><td>194.1</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>14,745.0</td><td>44.9</td><td>23.3</td><td>-37.2</td><td>-15.6</td><td>4,034.8</td><td>-316.6</td><td>-174.5</td><td>29.2</td><td>30.2</td></tr><tr><td>Total United States owned</td><td>22,408.4</td><td>12.3</td><td>198.3</td><td>-29.8</td><td>134.4</td><td>4,033.0</td><td>180.9</td><td>19.6</td><td>206.2</td><td>90.2</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>286.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.7</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>211.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.9</td><td>-</td></tr><tr><td>Total privately owned</td><td>497.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.6</td><td>-</td></tr><tr><td>Total capital</td><td>22,905.9</td><td>12.3</td><td>198.3</td><td>-29.8</td><td>134.4</td><td>4,033.0</td><td>180.9</td><td>19.6</td><td>212.8</td><td>90.2</td></tr><tr><td>Total liabilities and capital</td><td>55,154.7</td><td>24.3</td><td>265.1</td><td>552.6</td><td>145.3</td><td>6,712.3</td><td>180.9</td><td>19.8</td><td>218.3</td><td>377.7</td></tr><tr><td>Intergagency items included above</td><td></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</td><td>23,719.4</td><td>.2</td><td>37.6</td><td>120.0</td><td>16.9</td><td>19.9</td><td>177.0</td><td>*</td><td>*</td><td>4.8</td></tr><tr><td>Liabilities</td><td>23,081.7</td><td>.1</td><td>7.0</td><td>474.9</td><td>.1</td><td>36.2</td><td>-</td><td>-</td><td>4.8</td><td>.7</td></tr><tr><td>United States interagency interest (net)</td><td>637.7</td><td>.1</td><td>30.6</td><td>-354.9</td><td>16.8</td><td>-16.3</td><td>177.0</td><td>*</td><td>-4.8</td><td>4.1</td></tr></table>
c Less than $50,000.
1/ Consists of (1) corporations in which the United States Government
has a proprietary interest, direct or indirect, except Federal sav-
(Enter the names and loan associations and those corporations in which the proprietorships are engaged. See page)
(Continued on following page)
Treasury Bulletin
60
Assets and Liabilities of Government Corporations and Credit Agencies 1/ September 30, 1944 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Account</th><th colspan="4">Farm Credit Administration - (continued)</th><th colspan="4">Agriculture Department - (continued)</th></tr><tr><th>Federal land banks 13/</th><th>Production credit corporations</th><th>Regional Agricultural Credit Corp. of Washington, D. C.</th><th>Federal Farm Mortgage Corporation</th><th>Rural Electrification Administration</th><th colspan="3">War Food Administration</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Commodity Credit Corporation</th><th>Farm Security Administration</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash h/</td><td>40.4</td><td>.5</td><td>43.0</td><td>36.3</td><td>.1</td><td>22.8</td><td>22.2</td><td>1.4</td><td>3.0</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To aid agriculture</td><td>1,286.3</td><td>-</td><td>19.3</td><td>374.6</td><td>340.1</td><td>297.0</td><td>519.9</td><td>-</td><td>-</td></tr><tr><td>To aid home owners</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid industry</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid States, Territories, etc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid financial institutions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others</td><td>1,286.3</td><td>-</td><td>19.3</td><td>374.6</td><td>353.6</td><td>297.0</td><td>519.9</td><td>-</td><td>-</td></tr><tr><td>Less: Reserve for looses</td><td>-73.314/</td><td>-</td><td>-1</td><td>-68.0 14/</td><td>-</td><td>-</td><td>-134.5</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others (net)</td><td>1,213.0</td><td>-</td><td>19.3</td><td>306.6</td><td>353.6</td><td>297.0</td><td>385.5</td><td>-</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 6/</td><td>21.5</td><td>.3</td><td>*</td><td>8.6</td><td>11.9</td><td>620.5</td><td>73.3</td><td>1.6</td><td>.1</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,534.3</td><td>.2</td><td>-</td><td>3.0</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>215.3</td><td>59.1</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>116.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>63.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total investments</td><td>216.0</td><td>122.8</td><td>.2</td><td>116.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>4.8</td><td>*</td><td>-</td><td>-</td><td>.4</td><td>12.2</td><td>58.3</td><td>.1</td><td>.1</td></tr><tr><td>Acquired security or collateral:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate and other</td><td>9.2</td><td>-</td><td>*</td><td>6.1</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Lease: Reserve for losses</td><td>-2.2</td><td>-</td><td>-</td><td>-2.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquired security or collateral (net)</td><td>7.0</td><td>-</td><td>*</td><td>3.9</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Other assets 7/</td><td>2.0</td><td>.1</td><td>.2</td><td>1.0</td><td>1.3</td><td>198.4</td><td>11.0</td><td>*</td><td>.1</td></tr><tr><td>Interagency proprietary interests</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>1,504.8</td><td>123.8</td><td>62.7</td><td>473.7</td><td>367.5</td><td>2,685.3</td><td>550.7</td><td>3.1</td><td>6.3</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>10.9</td><td>*</td><td>.2</td><td>3.5</td><td>1.5</td><td>388.0</td><td>1.7</td><td>.7</td><td>3.1</td></tr><tr><td>Trust and deposit liabilities</td><td>23.3</td><td>*</td><td>.5</td><td>6.0</td><td>.1</td><td>33.6</td><td>1.1</td><td>*</td><td>.5</td></tr><tr><td>Bonds, debentures, and notes payable: 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>284.0 2/</td><td>-</td><td>863.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>33.3</td><td>-</td><td>698.910/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed - public issues 8/</td><td>991.2</td><td>-</td><td>-</td><td>-</td><td>230.9</td><td>-</td><td>129.7</td><td>-</td><td>.2</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>991.2</td><td>-</td><td>-</td><td>317.3</td><td>230.9</td><td>1,561.9</td><td>129.7</td><td>-</td><td>.2</td></tr><tr><td>Other liabilities 11/</td><td>9.9</td><td>*</td><td>*</td><td>.9</td><td>-</td><td>1,114.6</td><td>4.3</td><td>-</td><td>*</td></tr><tr><td>Total liabilities</td><td>1,035.4</td><td>*</td><td>.8</td><td>327.6</td><td>232.5</td><td>3,098.1</td><td>136.8</td><td>.7</td><td>3.8</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>119.9</td><td>115.0</td><td>44.5</td><td>100.0</td><td>-</td><td>100.0</td><td>-</td><td>40.0</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>131.4</td><td>-</td><td>21.2</td><td>-</td><td>-</td><td>144.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>142.0</td><td>-</td><td>-</td><td>903.1</td><td>30.3</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>-</td><td>8.8</td><td>-3.9</td><td>46.0</td><td>-7.1</td><td>-656.8</td><td>-489.1</td><td>-67.9</td><td>2.4</td></tr><tr><td>Total United States owned</td><td>251.3</td><td>123.8</td><td>61.9</td><td>146.0</td><td>135.0</td><td>-412.8</td><td>414.0</td><td>2.5</td><td>2.4</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>79.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>139.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>218.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>469.4</td><td>123.8</td><td>61.9</td><td>146.0</td><td>135.0</td><td>-412.8</td><td>414.0</td><td>2.5</td><td>2.4</td></tr><tr><td>Total liabilities and capital</td><td>1,504.8</td><td>123.8</td><td>62.7</td><td>473.7</td><td>367.5</td><td>2,685.3</td><td>550.7</td><td>3.1</td><td>6.3</td></tr><tr><td>Interagency items included above</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets</td><td>2.1</td><td>*</td><td>-</td><td>117.9</td><td>5.1</td><td>579.9</td><td>32.0</td><td>.1</td><td>*</td></tr><tr><td>Liabilities</td><td>117.9</td><td>*</td><td>.1</td><td>286.1</td><td>232.5</td><td>1,030.4</td><td>132.1</td><td>*</td><td>3.5</td></tr><tr><td>United States interagency interest (net)</td><td>-115.8</td><td>-*</td><td>-1</td><td>-168.2</td><td>-227.3</td><td>-450.5</td><td>-100.1</td><td>*</td><td>-3.5</td></tr></table>
prietary interest of the United States is evidenced only by preferred stock or capital notes acquired through the Reconstruction Finance Corporation or production credit corporations; and (2) certain credit
Corporation or promotion credit corporations; and (2) certain credit activities of the executive departments and independent establish- ments of the United States Government.
2/ Conselata of Institute of Inter-American Affairs, Institute of Inter-American Tranportation, Inter-American Educational Foundation, Inc.
Inter-American Navigation Corporation, and Pracinradio, Inc.
3/ Conaleta of Cargoes, Inc., Petroleum Reservee Corporation, Ril
Development Corporation, and U. S. Commercial Company.
4/ Excludes unexpended balances of appropriated funds.
5/ Includes $59.6 millions of loans made by private banks on behalf of the Export-Import Bank under agency agreement.
6/ Consists of accounts and notes receivable, accrued assets, and ad-
(Continued on following page)
December 1944
61
Assets and Liabilities of Government Corporations and Credit Agencies
September 30, 1944 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Account</th><th colspan="6">Commerce Department</th><th colspan="4">Interior Department</th></tr><tr><th>Inland Waterways Corporation 15/</th><th>Reconstruction Finance Corporation 16/</th><th>Disaster Loan Corporation</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 17/</th><th>Office of Indian Affairs Indian Loans</th><th>Division of Territories and Island Possessions Puerto Rican Hurricane Relief Loan Section</th><th>Puerto Rico Reconstruction Administration</th><th>The Virgin Islands Company</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash</td><td>1.0</td><td>3.3</td><td>16.7</td><td>1.2</td><td>1.9</td><td>264.7</td><td>-</td><td>-</td><td>.5</td><td>.6</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>8,160.2</td><td>.2</td><td>-</td><td>-</td><td>2.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To aid agriculture</td><td>-</td><td>.4</td><td>-</td><td>54.6</td><td>78.6</td><td>-</td><td>-</td><td>1.4</td><td>4.1</td><td>-</td></tr><tr><td>To aid home owners</td><td>-</td><td>13.5</td><td>-</td><td>-</td><td>-</td><td>95.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid industry</td><td>.4</td><td>398.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid States, Territories, etc.</td><td>-</td><td>138.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid financial institutions</td><td>-</td><td>69.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other loans</td><td>-</td><td>703.2</td><td>1.9</td><td>-</td><td>21.6</td><td>2.3</td><td>5.9</td><td>-</td><td>2.1</td><td>-</td></tr><tr><td>Total loans receivable from others</td><td>.4</td><td>1,323.2</td><td>1.9</td><td>54.6</td><td>100.2</td><td>97.7</td><td>5.9</td><td>1.4</td><td>6.3</td><td>-</td></tr><tr><td>Loss: Reserve for losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.0</td><td>-</td><td>-</td><td>-3.1</td><td>-</td></tr><tr><td>Total loans receivable from others (net)</td><td>.4</td><td>1,323.2</td><td>1.9</td><td>54.6</td><td>100.2</td><td>97.7</td><td>4.9</td><td>1.4</td><td>6.0</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 6/</td><td>.8</td><td>156.5</td><td>.1</td><td>.3</td><td>.8</td><td>697.8</td><td>-</td><td>.4</td><td>.2</td><td>.1</td></tr><tr><td>Commodities, supplies, and materials</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,126.1</td><td>-</td><td>-</td><td>-</td><td>.6</td></tr><tr><td>Investments:</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 obligations of United States</td><td>6.4</td><td>75.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>6.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>301.3</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total investments</td><td>6.4</td><td>383.0</td><td>-</td><td>.6</td><td>.9</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>15.5</td><td>1.3</td><td>-</td><td>-</td><td>7.4</td><td>6,339.2</td><td>-</td><td>-</td><td>12.9</td><td>.3</td></tr><tr><td>Acquired security or collateral:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate and other</td><td>-</td><td>31.3</td><td>.1</td><td>-</td><td>6.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loss: Reserve for losses</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 acquired security or collateral (net)</td><td>-</td><td>31.3</td><td>.1</td><td>-</td><td>6.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 7/</td><td>.2</td><td>4.2</td><td>1.4</td><td>-</td><td>.8</td><td>502.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interagency proprietary interests</td><td>-</td><td>360.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>24.5</td><td>10,423.6</td><td>20.5</td><td>56.8</td><td>118.1</td><td>9,032.1</td><td>4.9</td><td>1.7</td><td>19.5</td><td>1.5</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>.8</td><td>24.3</td><td>-</td><td>.9</td><td>.9</td><td>513.5</td><td>-</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>Trust and deposit liabilities</td><td>.1</td><td>382.2</td><td>-</td><td>1.2</td><td>2.5</td><td>1,776.7</td><td>-</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable 8/</td><td></td><td>9,083.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>40.4</td><td>86.7</td><td>7,169.5</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Not guaranteed - public issues 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>-</td><td>9,084.1</td><td>-</td><td>40.4</td><td>86.7</td><td>7,169.5</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Other liabilities 11/</td><td>.3</td><td>198.318</td><td>.1</td><td>-</td><td>.9</td><td>874.8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>1.2</td><td>9,689.0</td><td>.1</td><td>42.5</td><td>91.0</td><td>10,334.6</td><td>-</td><td>-</td><td>.1</td><td>.5</td></tr><tr><td>Capital</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 owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>12.0</td><td>325.0</td><td>24.0</td><td>10.0</td><td>25.0</td><td>21.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>10.5</td><td>-</td><td>-</td><td>1.0</td><td>-</td><td>20.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expended appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.2</td><td>9.3</td><td>65.8</td><td>.9</td></tr><tr><td>Earned surplus 12/</td><td>.8</td><td>409.6</td><td>-3.6</td><td>3.2</td><td>2.1</td><td>-1,344.0</td><td>-2.4</td><td>-7.5</td><td>-46.4</td><td>.2</td></tr><tr><td>Total United States owned</td><td>23.3</td><td>734.6</td><td>20.4</td><td>14.2</td><td>27.1</td><td>-1,302.5</td><td>4.9</td><td>1.7</td><td>19.5</td><td>1.1</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</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 capital</td><td>23.3</td><td>734.6</td><td>20.4</td><td>14.2</td><td>27.1</td><td>-1,302.5</td><td>4.9</td><td>1.7</td><td>19.5</td><td>1.1</td></tr><tr><td>Total liabilities and capital</td><td>24.5</td><td>10,423.6</td><td>20.5</td><td>56.8</td><td>118.1</td><td>9,032.1</td><td>4.9</td><td>1.7</td><td>19.5</td><td>1.5</td></tr><tr><td>Interagency items included above</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</td><td>.3</td><td>8,659.1</td><td>16.9</td><td>1.9</td><td>2.9</td><td>573.1</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Liabilities</td><td>.1</td><td>9,469.0</td><td>-</td><td>41.3</td><td>87.6</td><td>9,241.9</td><td>-</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>United States interagency interest (net)</td><td>.1</td><td>-809.9</td><td>16.9</td><td>-39.4</td><td>-84.7</td><td>-8,668.8</td><td>-</td><td>-</td><td>-</td><td>-.3</td></tr></table>
1/ Consists of deferred charges, undistributed charges, and other assets.
2/ Includes notes for short-term borrowings.
3/ Excludes $2.0 millions in transit for redemption.
10/ The figure for demand obligations of the Commodity Credit Corporation reflected in this statement differs from that shown elsewhere in the "Treasury Bulletin" because in other tables this figure is partially
as of August 31, 1944.
11/ Consists of deferred credits, undistributed credits, and other liabilities (including liability reserves).
12/ Negative figures indicate deficit.
13/ Includes the assets and liabilities of the Federal Land Banks of Louisville, Kentucky and Houston, Texas which have retired the capital stock and paid-in surplus previously held by the United States
(Continued on following page)
62
Treasury Bulletin
Assets and Liabilities of Government Corporations and Credit Agencies— September 30, 1944 - (Continued)
(in millions of dollars)
<table><tr><th>Account</th><th>Justice Department</th><th>Havy Department</th><th>Treasury Department</th><th>War Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency (continued on following page)</th></tr><tr><th></th><th>Federal Prison Industries, Inc.</th><th>Sale of Surplus Supplies (World War I)</th><th>Miscellaneous loans and certain other assets 19/</th><th>United States Spruce Promotion Corporation 20/</th><th>Federal Deposit Insurance Corporation</th><th>Office of Education</th><th>Public Works Administration</th><th>War Public Works community famili-time</th><th>Federal home loan banks</th><th>Federal Savings and loan Insurance Corporation</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td>Loans to students</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash</td><td>10.6</td><td>-</td><td>-</td><td>.1</td><td>20.9</td><td>*</td><td>5.3</td><td>.2</td><td>23.4</td><td>1.2</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To aid agriculture</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid home owners</td><td>-</td><td>-</td><td>53.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid industry</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>70.4</td><td>4.4</td><td>-</td><td>-</td></tr><tr><td>To aid States, Territories, etc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.0</td><td>-</td><td>-</td><td>-</td><td>95.2</td><td>-</td></tr><tr><td>To aid financial institutions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others</td><td>-</td><td>-</td><td>53.4</td><td>-</td><td>22.0</td><td>3.1</td><td>70.4</td><td>4.4</td><td>95.2</td><td>-</td></tr><tr><td>Less: Reserve for losses</td><td>-</td><td>-</td><td>4.5</td><td>-</td><td>-8.6</td><td>-</td><td>-8.9</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others (net)</td><td>-</td><td>-</td><td>48.9</td><td>-</td><td>13.4</td><td>3.1</td><td>61.5</td><td>4.4</td><td>95.2</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 6/</td><td>1.6</td><td>2.5</td><td>29.6</td><td>.2</td><td>4.2</td><td>.1</td><td>-</td><td>.1</td><td>.4</td><td>2.1</td></tr><tr><td>Commodities, supplies, and materials</td><td>4.2</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</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 obligations of United States</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>744.7</td><td>-</td><td>-</td><td>-</td><td>156.9</td><td>147.6</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>3.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total investments</td><td>-</td><td>-</td><td>3.8</td><td>.1</td><td>744.7</td><td>-</td><td>-</td><td>-</td><td>157.0</td><td>147.6</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>-</td><td>-</td><td>11,176.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>4.0</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>21.6</td><td>1</td><td>-</td></tr><tr><td>Acquired security or collateral:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate and other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.1</td></tr><tr><td>Less: Reserve for losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-25.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-.7</td></tr><tr><td>Total acquired security or collateral (net)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.4</td></tr><tr><td>Other assets 7/</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35.4</td><td>111.8</td><td>.1</td><td>1</td></tr><tr><td>Intergagency proprietary interests</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 assets</td><td>21.0</td><td>2.5</td><td>11,261.0</td><td>.4</td><td>799.3</td><td>3.3</td><td>102.2</td><td>138.1</td><td>276.2</td><td>153.3</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>.5</td><td>1</td><td>1</td><td>.1</td><td>.3</td><td>1</td><td>-</td><td>-</td><td>.1</td><td>1</td></tr><tr><td>Trust and deposit liabilities</td><td>-</td><td>-</td><td>29.6</td><td>-</td><td>1.0</td><td>.1</td><td>-</td><td>.2</td><td>27.0</td><td>1</td></tr><tr><td>Bonds, debentures, and notes payable 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - 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>Not guaranteed - public issues 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44.0</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44.0</td><td>-</td></tr><tr><td>Other liabilities 11/</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>506.721</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.0</td></tr><tr><td>Total liabilities</td><td>.6</td><td>1</td><td>29.6</td><td>.1</td><td>510.0</td><td>.1</td><td>-</td><td>.2</td><td>71.1</td><td>2.1</td></tr><tr><td>Capital</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 owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>150.0</td><td>-</td><td>-</td><td>-</td><td>124.7</td><td>100.0</td></tr><tr><td>Paid-in surplus</td><td>4.8</td><td>-</td><td>11,231.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>2.5</td><td>-</td><td>-</td><td>-</td><td>3.3</td><td>1,701.7</td><td>308.1</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>15.6</td><td>-</td><td>-</td><td>.2</td><td>21/</td><td>-.1</td><td>-1,599.5</td><td>-170.2</td><td>-</td><td>51.2</td></tr><tr><td>Total United States owned</td><td>20.4</td><td>2.5</td><td>11,231.4</td><td>.3</td><td>150.0</td><td>3.1</td><td>102.2</td><td>137.9</td><td>124.7</td><td>151.2</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>62.0</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21/</td><td>-</td><td>-</td><td>-</td><td>18.3</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>80.3</td><td>-</td></tr><tr><td>Total capital</td><td>20.4</td><td>2.5</td><td>11,231.4</td><td>.3</td><td>289.3</td><td>3.1</td><td>102.2</td><td>137.9</td><td>205.0</td><td>151.2</td></tr><tr><td>Total liabilities and capital</td><td>21.0</td><td>2.5</td><td>11,261.0</td><td>.4</td><td>799.3</td><td>3.3</td><td>102.2</td><td>138.1</td><td>276.2</td><td>153.3</td></tr><tr><td>Intergagency items included above</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</td><td>1.8</td><td>-</td><td>11,208.3</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>.1</td><td>.1</td><td>1</td></tr><tr><td>Liabilities</td><td>.1</td><td>1</td><td>29.6</td><td>.1</td><td>.1</td><td>.1</td><td>-</td><td>.2</td><td>1</td><td>1</td></tr><tr><td>United States interagency interest (net)</td><td>1.7</td><td>-1</td><td>11,176.7</td><td>-.1</td><td>.1</td><td>-.1</td><td>-</td><td>-.1</td><td>1</td><td>1</td></tr></table>
14/ The reserve for losses on loans receivable includes other loss reserves which cannot be distributed to the assets to which they apply.
15/ Includes Warrior River Terminal Company, Inc., a wholly owned subsidiary.
16/ Includes the Electric Home and Farm Authority, transferred for purposes of liquidation to Reconstruction Finance Corporation effective
October 31, 1942.
17/ Consists of Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, Rubber Reserves Company, and War Damage Corporation.
18/ Includes $125.0 millions valuation reserves which are not apportioned to applicable assets.
19/ Includes advances to Federal Reserve Banks for industrial loans;
(Continued on following page)
December 1944
63
Assets and Liabilities of Government Corporations and Credit Agencies
September 30, 1944 - (Continued)
(in millions of dollars)
<table><tr><th rowspan="2">Account</th><th colspan="2">Federal Home Loan Bank Administration-(continued)</th><th colspan="3">Federal Public Housing Authority and affiliate</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th><th rowspan="2">United States Maritime Commission</th><th rowspan="2">All other 22/</th></tr><tr><th>Home Owners' Loan Corporation</th><th>United States Housing Corporation 20/</th><th>Federal Housing Administration</th><th>Defense Housing Corporation</th><th>Federal Public Housing Authority</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 4/</td><td>100.2</td><td>.4</td><td>28.0</td><td>1.9</td><td>140.2</td><td>9.1</td><td>*</td><td>1.5</td><td>45.7</td><td>*</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid agriculture</td><td>1,155.5</td><td>*</td><td>-</td><td>.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid home owners</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.6</td><td>8.4</td><td>-</td></tr><tr><td>To aid industry</td><td>-</td><td>-</td><td>-</td><td>-</td><td>305.6</td><td>-</td><td>-</td><td>.4</td><td>-</td><td>-</td></tr><tr><td>To aid States, Territories, etc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid financial institutions</td><td>-</td><td>-</td><td>17.4</td><td>-</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other loans</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 loans receivable from others</td><td>1,155.5</td><td>*</td><td>17.4</td><td>.9</td><td>307.2</td><td>-</td><td>.2</td><td>3.0</td><td>8.4</td><td>-</td></tr><tr><td>Less: Reserve for losses</td><td>-</td><td>*</td><td>17.4</td><td>.9</td><td>307.2</td><td>-</td><td>.2</td><td>3.0</td><td>8.4</td><td>-</td></tr><tr><td>Total loans receivable from others (net)</td><td>1,155.5</td><td>*</td><td>-</td><td>.9</td><td>-</td><td>-</td><td>-</td><td>3.0</td><td>8.4</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 5/</td><td>3.2</td><td>*</td><td>.7</td><td>.1</td><td>8.9</td><td>1.9</td><td>-</td><td>5.6</td><td>147.4</td><td>-</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>.1</td><td>*</td><td>*</td><td>7.8</td><td>-</td><td>6.9</td><td>12.1</td><td>-</td></tr><tr><td>Investments</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 obligations of United States</td><td>15.0</td><td>-</td><td>75.5</td><td>-</td><td>7.2</td><td>18.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issued</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>34.6</td><td>-</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>2.7</td><td>-</td><td>-</td></tr><tr><td>Total investments</td><td>49.6</td><td>-</td><td>75.5</td><td>-</td><td>7.2</td><td>18.0</td><td>-</td><td>2.7</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>2.5</td><td>*</td><td>.6</td><td>68.3</td><td>190.9</td><td>30.9</td><td>-</td><td>704.9</td><td>2,607.5</td><td>-</td></tr><tr><td>Acquired security or collateral:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate and other</td><td>20.0</td><td>.7</td><td>27.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Less: Reserve for losses</td><td>-19.423/</td><td>-</td><td>-13.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquired security or collateral (net)</td><td>.6</td><td>.7</td><td>13.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 7/</td><td>.4</td><td>*</td><td>*</td><td>.2</td><td>.1</td><td>.1</td><td>*</td><td>.1</td><td>620.1</td><td>2,011.6</td></tr><tr><td>Interagency proprietary interests</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>1,412.0</td><td>1.1</td><td>135.8</td><td>71.4</td><td>554.4</td><td>67.7</td><td>.3</td><td>721.9</td><td>3,443.8</td><td>2,011.6</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>6.4</td><td>*</td><td>9.7</td><td>.7</td><td>1.3</td><td>2.1</td><td>-</td><td>10.7</td><td>11.3</td><td>-</td></tr><tr><td>Trust and deposit liabilities</td><td>27.3</td><td>-</td><td>1.7</td><td>*</td><td>-</td><td>-</td><td>-</td><td>.8</td><td>44.8</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>493.0</td><td>-</td><td>-</td><td>-</td><td>398.0</td><td>-</td><td>-</td><td>56.8</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>809.0</td><td>-</td><td>25.1</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed - public issues 9/</td><td>.1</td><td>-</td><td>-</td><td>58.2</td><td>-</td><td>-</td><td>-</td><td>6.3</td><td>-</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>1,302.2</td><td>-</td><td>25.1</td><td>58.2</td><td>398.1</td><td>-</td><td>-</td><td>63.1</td><td>-</td><td>-</td></tr><tr><td>Other liabilities 11/</td><td>1.7</td><td>*</td><td>*</td><td>.4</td><td>7.8</td><td>4.7</td><td>-</td><td>.6</td><td>175.4</td><td>841.9</td></tr><tr><td>Total liabilities</td><td>1,337.6</td><td>*</td><td>36.5</td><td>59.3</td><td>407.2</td><td>6.9</td><td>-</td><td>75.1</td><td>231.4</td><td>841.9</td></tr><tr><td>Capital</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 owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>200.0</td><td>66.5</td><td>-</td><td>10.0</td><td>1.0</td><td>7.0</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>15.0</td><td>-</td><td>140.7</td><td>-</td><td>.3</td><td>36.9</td><td>126.9</td><td>-</td></tr><tr><td>Expended appropriations</td><td>-</td><td>-32.8</td><td>69.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>628.1</td><td>9,278.6</td><td>1,169.7</td></tr><tr><td>Earned surplus 12/</td><td>-125.6</td><td>-32.6</td><td>-38.0</td><td>2.1</td><td>5.5</td><td>53.8</td><td>-</td><td>-18.1</td><td>-6,193.1</td><td>-</td></tr><tr><td>Total United States owned</td><td>74.4</td><td>1.1</td><td>46.1</td><td>12.1</td><td>147.2</td><td>60.8</td><td>.3</td><td>646.8</td><td>3,212.5</td><td>1,169.7</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>-</td><td>-</td><td>53.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>53.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>74.4</td><td>1.1</td><td>99.3</td><td>12.1</td><td>147.2</td><td>60.8</td><td>.3</td><td>646.8</td><td>3,212.5</td><td>1,169.7</td></tr><tr><td>Total liabilities and capital</td><td>1,412.0</td><td>1.1</td><td>135.8</td><td>71.4</td><td>554.4</td><td>67.7</td><td>.3</td><td>721.9</td><td>3,443.8</td><td>2,011.6</td></tr><tr><td>Interagency items included above</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</td><td>100.2</td><td>-</td><td>.2</td><td>.6</td><td>2.5</td><td>1.5</td><td>-</td><td>2.2</td><td>22.3</td><td>2,011.6</td></tr><tr><td>Liabilities</td><td>94.5</td><td>*</td><td>1.9</td><td>58.5</td><td>399.0</td><td>.4</td><td>-</td><td>63.6</td><td>24.6</td><td>841.9</td></tr><tr><td>United States interagency interest (net)</td><td>-394.3</td><td>-</td><td>-1.7</td><td>-57.9</td><td>-396.5</td><td>1.1</td><td>-</td><td>-61.4</td><td>-2.2</td><td>1,169.7</td></tr></table>
20/21
securities received by the Bureau of Internal Revenue in settlement of tax liabilities; securities received from the Reconstruction Finance Corporation under act of February 24, 1938; stock in Federal savings and loans associations; railroad loans (Transportation Act of 1920); and U. S. Railroad Administration (World War I).
World War I corporation in liquidation. For purposes of this report the entire amount of earned surplus of this Corporation is reported as a liability reserve to cover possible insurance losses until experience shall have been gained which
22/ Will permit the determination of adequate reserves. Represents interagency assets and liabilities of certain Federal agencies which are not required to submit reports to the Treasury Department. For corporations and agencies required to submit reports, see footnote 1.
23/ The reserve for losses on acquired security or collateral includes other loss reserves which cannot be distributed to the assets to which they apply.
Treasury Bulletin
64
INTERNAL REVENUE STATISTICS
December 1944
65
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 4/</th><th>Total</th><th>Social Security taxes 5/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taxing Act of 1937</th></tr><tr><td>1935</td><td>3,281,792</td><td>1,105,788</td><td>527,113</td><td>572,115</td><td>6,560</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>3,494,330</td><td>1,427,115</td><td>674,116</td><td>738,520</td><td>14,509</td><td>48</td><td>-</td><td>-</td><td>48</td></tr><tr><td>1937</td><td>4,631,308</td><td>2,179,828</td><td>1,091,711</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,739</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,641,848</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>37,740</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>1,117,655</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>6,629,332</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,171,546</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>183,737</td><td>265,011</td></tr><tr><td>1943-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>5,466</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>49,590</td><td>3,484</td><td>3,049</td><td>43,057</td></tr><tr><td>April</td><td>3,330,435</td><td>2,809,003</td><td>2,243,793</td><td>552,960</td><td>12,250</td><td>97,605</td><td>91,109</td><td>4,602</td><td>1,894</td></tr><tr><td>May</td><td>3,076,173</td><td>2,289,328</td><td>1,859,830</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><tr><td>August</td><td>2,750,348</td><td>1,712,402</td><td>1,340,416</td><td>366,022</td><td>5,964</td><td>261,058</td><td>216,672</td><td>8,966</td><td>35,420</td></tr><tr><td>September</td><td>5,057,236</td><td>4,489,671</td><td>1,356,372</td><td>3,108,463</td><td>24,835</td><td>38,508</td><td>3,353</td><td>677</td><td>34,478</td></tr><tr><td>October</td><td>2,487,737</td><td>1,809,766</td><td>1,322,758</td><td>478,507</td><td>8,501</td><td>134,095</td><td>125,470</td><td>5,688</td><td>2,937</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="8">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverages taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous 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>732,132</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-October</td><td>421,328</td><td>20,063</td><td>40,718</td><td>122,374</td><td>90,013</td><td>3,939</td><td>58,568</td><td>85,653</td><td>-</td></tr><tr><td>November</td><td>375,552</td><td>366</td><td>34,253</td><td>117,303</td><td>93,058</td><td>3,934</td><td>56,156</td><td>70,482</td><td>-</td></tr><tr><td>December</td><td>388,293</td><td>-42</td><td>36,443</td><td>120,194</td><td>87,101</td><td>3,999</td><td>64,394</td><td>76,204</td><td>-</td></tr><tr><td>1944-January</td><td>381,913</td><td>59</td><td>52,184</td><td>107,886</td><td>77,211</td><td>4,275</td><td>68,029</td><td>72,269</td><td>-</td></tr><tr><td>February</td><td>339,254</td><td>247</td><td>38,449</td><td>108,395</td><td>67,470</td><td>4,122</td><td>62,048</td><td>57,923</td><td>-</td></tr><tr><td>March</td><td>401,192</td><td>472</td><td>60,364</td><td>123,999</td><td>76,697</td><td>4,586</td><td>58,720</td><td>76,354</td><td>-</td></tr><tr><td>April</td><td>423,827</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>84,444</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><tr><td>August</td><td>776,888</td><td>193,918</td><td>62,670</td><td>201,914</td><td>86,022</td><td>5,591</td><td>87,579</td><td>139,094</td><td>-</td></tr><tr><td>September</td><td>529,057</td><td>29,170</td><td>35,310</td><td>182,761</td><td>77,507</td><td>4,448</td><td>84,763</td><td>115,098</td><td>-</td></tr><tr><td>October</td><td>543,877</td><td>18,640</td><td>38,521</td><td>196,077</td><td>77,521</td><td>5,345</td><td>94,656</td><td>113,119</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
5/ 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 II, respectively, of the Social Security Act.
6/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
66
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
DOLLARS Billions Total Fiscal year Comparison first 4 months fiscal years 1944 and 1945 DOLLARS Billions Individual Income Taxes DOLLARS Billions Corporation Income and Excess Profits Taxes DOLLARS Billions Employment Taxes Estate and Gift Taxes Alcohol and Tobacco Taxes Manufacturers' and Retailers' Excise Taxes Other Internal Revenue
December 1944
67
Detailed Analysis of Current Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Sources of revenue</th><th>October 1944</th><th colspan="2">First 4 months</th><th>Sources of revenue</th><th>October 1944</th><th colspan="2">First 4 months</th></tr><tr><th></th><th></th><th>Fiscal year 1944</th><th>Fiscal year 1945</th><th></th><th></th><th>Fiscal year 1944</th><th>Fiscal year 1945</th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td>Stamp taxes:</td><td></td><td></td><td></td></tr><tr><td>Withheld by employers (Current Tax Payment Act of 1943) 2/.</td><td>1,233,393</td><td>1,007,528</td><td>3,687,878</td><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>3,340</td><td>8,466</td><td>10,466</td></tr><tr><td>Victory tax (Revenue Act of 1942).</td><td>43</td><td>779,201</td><td>642</td><td>Transfers of capital stock and similar interest sales.</td><td>1,288</td><td>5,357</td><td>7,565</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td>Playing cards.</td><td>715</td><td>2,457</td><td>2,672</td></tr><tr><td>Current 3/.</td><td>81,399</td><td>2,603,679</td><td>1,610,758</td><td>Silver bullion sales or transfers.</td><td>2</td><td>22r</td><td>1</td></tr><tr><td>Back.</td><td>7,923</td><td>126,553</td><td>39,209</td><td>Total stamp taxes.</td><td>5,345</td><td>16,311</td><td>20,617</td></tr><tr><td>Total individual income taxes.</td><td>1,322,758</td><td>4,516,961</td><td>5,338,487</td><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td>Lubricating oils.</td><td>5,819</td><td>18,568</td><td>24,120</td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td>Gasoline.</td><td>38,735</td><td>97,473</td><td>130,135</td></tr><tr><td>Current 3/.</td><td>110,058</td><td>1,310,653</td><td>1,227,976</td><td>Tires and tubes.</td><td>4,902</td><td>12,108</td><td>22,041</td></tr><tr><td>Back.</td><td>18,647</td><td>103,895</td><td>96,614</td><td>Floor taxes on tires and tubes.</td><td>*</td><td>16</td><td>1</td></tr><tr><td>Excise profit taxes (Second Revenue Act of 1940 as amended).</td><td>349,802</td><td>1,912,356</td><td>3,032,290</td><td>Automobile trucks and buses.</td><td>1,055</td><td>525</td><td>4,103</td></tr><tr><td>Total corporation taxes.</td><td>478,507</td><td>3,326,904</td><td>4,356,880</td><td>Other automobiles and motorcycles.</td><td>159</td><td>607r</td><td>531</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td>Parte and accessories for automobiles.</td><td>3,533</td><td>9,441</td><td>13,854</td></tr><tr><td>Declared value.</td><td>8,486</td><td>36,305r</td><td>45,935</td><td>Electrical energy.</td><td>4,071</td><td>16,932</td><td>16,499</td></tr><tr><td>Vineon Act.</td><td>-</td><td>8</td><td>-</td><td>Electric, gas, and oil appliances.</td><td>701</td><td>1,302</td><td>3,361</td></tr><tr><td>Unjust enrichment.</td><td>15</td><td>198</td><td>28</td><td>Electric light bulbs and tubes.</td><td>639</td><td>827</td><td>3,409</td></tr><tr><td>Total miscellaneous profits taxes.</td><td>8,501</td><td>36,511</td><td>45,964</td><td>Electric signs (repealed as of 11/1/42).</td><td>3</td><td>86r</td><td>17</td></tr><tr><td>Total income and profits taxes.</td><td>1,809,766</td><td>7,880,375</td><td>9,741,330</td><td>Radio sets, phonographs, components, etc.</td><td>385</td><td>1,158r</td><td>1,506</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td>Photograph records.</td><td>165</td><td>560</td><td>534</td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td>Musical instruments.</td><td>61</td><td>254</td><td>191</td></tr><tr><td>Federal Insurance Contributions Act (Old-age insurance).</td><td>125,470</td><td>443,251</td><td>473,341</td><td>Mechanical refrigerators, air-conditioners, etc.</td><td>128</td><td>1,672r</td><td>528</td></tr><tr><td>Federal Unemployment Tax Act (Unemployment insurance).</td><td>5,688</td><td>19,816</td><td>21,271</td><td>Matches.</td><td>647</td><td>2,681r</td><td>2,790</td></tr><tr><td>Total Social Security taxes.</td><td>131,158</td><td>463,067</td><td>494,613</td><td>Floor taxes on matches.</td><td>-</td><td>-r</td><td>1</td></tr><tr><td>Carriers' Taxing Act of 1937.</td><td>2,937</td><td>59,006</td><td>75,522</td><td>Business and store machines.</td><td>595</td><td>1,054</td><td>2,154</td></tr><tr><td>Total employment taxes.</td><td>134,095</td><td>522,073</td><td>570,135</td><td>Furs - retailers' excise.</td><td>6,371</td><td>11,830</td><td>13,390</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td>Jewelry - retailers' excise.</td><td>12,834</td><td>30,059</td><td>46,519</td></tr><tr><td>Capital stock tax.</td><td>18,640</td><td>378,220</td><td>370,086</td><td>Luggage - retailers' excise (effective 4/1/44).</td><td>6,098</td><td>-</td><td>21,324</td></tr><tr><td>Estate tax.</td><td>37,780</td><td>138,164r</td><td>181,384</td><td>Luggage - manufacturers' excise (suspended as of 4/1/44).</td><td>1</td><td>2,286r</td><td>5</td></tr><tr><td>Gift tax.</td><td>741</td><td>3,375</td><td>2,803</td><td>Optical equipment (repealed as of 11/1/42)</td><td>1,103</td><td>1</td><td>9</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td>Photographic apparatus.</td><td>1,103</td><td>4,219r</td><td>5,477</td></tr><tr><td>Distilled spirits (imported, excise).</td><td>14,654</td><td>62,248</td><td>63,024</td><td>Rubber articles (repealed as of 11/1/42).</td><td>13</td><td>140</td><td>39</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>116,638</td><td>187,081</td><td>406,209</td><td>Sporting goods.</td><td>299</td><td>880</td><td>1,126</td></tr><tr><td>Distilled spirits rectification tax.</td><td>2,685</td><td>5,549</td><td>9,056</td><td>Toilet preparations - retailers' excise.</td><td>6,230</td><td>11,253</td><td>23,727</td></tr><tr><td>Wines, cordials, etc. (imported, excise).</td><td>219</td><td>549</td><td>912</td><td>Washing machines (repealed as of 11/1/42)</td><td>-</td><td>31</td><td>1</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>3,942</td><td>8,669</td><td>13,960</td><td>Firearms, shells and cartridges.</td><td>109</td><td>253</td><td>1,279</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940).</td><td>*</td><td>*</td><td>*</td><td>Pistols and revolvers.</td><td>*</td><td>13</td><td>3</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes).</td><td>191</td><td>5,246</td><td>4,800</td><td>Repealed taxes not listed above.</td><td>2</td><td>63</td><td>5</td></tr><tr><td>Stamps for distilled spirits intended for export.</td><td>*</td><td>4r</td><td>4</td><td>Total manufacturers' and retailers' excise taxes.</td><td>94,656</td><td>226,295r</td><td>338,683</td></tr><tr><td>Case stamps for distilled spirits bottled in bond.</td><td>85</td><td>557r</td><td>436</td><td>Miscellaneous taxes:</td><td></td><td></td><td></td></tr><tr><td>Container stamps.</td><td>912</td><td>2,557</td><td>1,098</td><td>Bituminous Coal Act of 1937.</td><td>2</td><td>1,313</td><td>10</td></tr><tr><td>Floor taxes.</td><td>3,223</td><td>24,721</td><td>46,772</td><td>Sugar Act of 1937.</td><td>6,660</td><td>26,042</td><td>27,516</td></tr><tr><td>Fermented malt liquors.</td><td>53,462</td><td>194,190</td><td>239,503</td><td>Telephone, telegraph, radio and cable, leased wires, etc.</td><td>17,983</td><td>46,719</td><td>67,176</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>65</td><td>2,260r</td><td>1,916</td><td>Local telephone service.</td><td>10,426</td><td>30,129</td><td>42,752</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>196,077</td><td>493,726</td><td>790,690</td><td>Transportation of oil by pipe line.</td><td>1,400</td><td>5,271</td><td>5,505</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td>Transportation of persons, seats, berths.</td><td>22,784</td><td>57,588</td><td>88,207</td></tr><tr><td>Cigars (large).</td><td>2,989</td><td>9,472</td><td>11,110</td><td>Transportation of property (effective 12/1/42).</td><td>17,970</td><td>73,855</td><td>78,316</td></tr><tr><td>Cigars (small).</td><td>7</td><td>31</td><td>33</td><td>Use of motor vehicles (effective 2/1/42).</td><td>1,536</td><td>124,964</td><td>118,706</td></tr><tr><td>Cigarettes (large).</td><td>33</td><td>19</td><td>90</td><td>Use of boats (effective 2/1/42).</td><td>6</td><td>188</td><td>197</td></tr><tr><td>Cigarettes (small).</td><td>69,199</td><td>324,248</td><td>288,316</td><td>Leases of safe-deposit boxes.</td><td>531</td><td>2,133</td><td>2,320</td></tr><tr><td>Smuff.</td><td>661</td><td>2,479r</td><td>2,306</td><td>Admissions to theaters, concerts, etc.</td><td>26,364</td><td>55,412</td><td>106,446</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>4,523</td><td>16,411</td><td>16,135</td><td>Admissions to caharata, roof gardens, etc.</td><td>4,734</td><td>6,943</td><td>19,208</td></tr><tr><td>Cigarette papers and tubes.</td><td>109</td><td>426r</td><td>371</td><td>Club dues and initiation fees.</td><td>831</td><td>2,491</td><td>3,830</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>-</td><td>16</td><td>1</td><td>Bowling alleys, pool tables, etc.</td><td>216</td><td>1,459</td><td>3,113</td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>-</td><td>16</td><td>3</td><td>Coin operated devices.</td><td>658</td><td>14,459</td><td>13,945</td></tr><tr><td>Total tobacco taxes.</td><td>77,521</td><td>353,102</td><td>318,364</td><td>Aditreated and processed or renovated butter, mixed flour 4/ and filled cheeses.</td><td>1</td><td>7</td><td>33</td></tr><tr><td></td><td></td><td></td><td></td><td>Oleomargarine, including special taxes.</td><td>373</td><td>1,799</td><td>2,072</td></tr><tr><td></td><td></td><td></td><td></td><td>Narcotics, including marijuana and special taxes.</td><td>36</td><td>305</td><td>253</td></tr><tr><td></td><td></td><td></td><td></td><td>Coconut and other vegetable oils processed.</td><td>537</td><td>1,182</td><td>1,693</td></tr><tr><td></td><td></td><td></td><td></td><td>National Firearms Act.</td><td>1</td><td>13</td><td>10</td></tr><tr><td></td><td></td><td></td><td></td><td>All other, including repealed taxes not listed above.</td><td>72</td><td>5</td><td>5</td></tr><tr><td></td><td></td><td></td><td></td><td>Total miscellaneous taxes.</td><td>113,119</td><td>452,277</td><td>581,380</td></tr><tr><td></td><td></td><td></td><td></td><td>Total miscellaneous internal revenue.</td><td>543,877</td><td>2,061,470</td><td>2,604,007</td></tr><tr><td></td><td></td><td></td><td></td><td>Total internal revenue.</td><td>2,487,737</td><td>10,463,918</td><td>12,915,472</td></tr></table>
Source: Reports of collections.
r Revised.
* Less than $500.
1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Consists only of tax collections under the Current Tax Payment Act of 1943 for which returns have been filed with the Collector of Internal Revenue. Collections as shown in Daily Treasury Statements
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
Treasury Bulletin
68
MONETARY STATISTICS
December 1944
69
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of Calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold to General Fund</th></tr><tr><td>1933.</td><td>8,235.6</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>11,572.8</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>20,564.5</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>19,521.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1943-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>19,500.7</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>19,150.9</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.</td><td>20,995.9</td><td>18,876.9</td><td>156.0</td><td>1,800.0</td><td>163.0</td></tr><tr><td>August.</td><td>20,926.3</td><td>18,812.4</td><td>156.0</td><td>1,800.0</td><td>157.9</td></tr><tr><td>September.</td><td>20,825.1</td><td>18,700.7</td><td>156.0</td><td>1,800.0</td><td>168.3</td></tr><tr><td>October p.</td><td>20,726.5</td><td>18,605.1</td><td>156.0</td><td>1,800.0</td><td>165.3</td></tr></table>
Source: Daily Treasury Statements. p Preliminary. 1/ Coincides (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the
Gold Certificate Fund - Board of Governors, Federal Reserve System, and (b) the Redemption Fund - Federal Reserve notes. Reserve against United States notes and Treasury notes of 1890. Excludes gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Minecl-laneous 2/</th><th>Total</th></tr><tr><td>1939 - Jan.-Mar.....</td><td>44,40</td><td>699.30</td><td>3.31</td><td>747.01</td></tr><tr><td>Apr.-June.....</td><td>43.59</td><td>804.96</td><td>3.11</td><td>851.76</td></tr><tr><td>July-Sept.....</td><td>52.34</td><td>765.95</td><td>3.24</td><td>821.53</td></tr><tr><td>Oct.-Dec.....</td><td>51.62</td><td>657.47</td><td>2.84</td><td>711.93</td></tr><tr><td>1940 - Jan.-Mar.....</td><td>46.77</td><td>739.62</td><td>2.93</td><td>789.32</td></tr><tr><td>Apr.-June.....</td><td>46.37</td><td>1,480.79</td><td>3.14</td><td>1,530.30</td></tr><tr><td>July-Sept.....</td><td>52.27</td><td>1,225.88</td><td>3.16</td><td>1,281.31</td></tr><tr><td>Oct.-Dec.....</td><td>73.63</td><td>674.04</td><td>2.50</td><td>750.17</td></tr><tr><td>1941 - Jan.-Mar.....</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr.-June.....</td><td>30.91</td><td>224.76</td><td>1.40</td><td>257.07</td></tr><tr><td>July-Sept.....</td><td>57.05</td><td>76.11</td><td>3.27</td><td>136.43</td></tr><tr><td>Oct.-Dec.....</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan.-Mar.....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June.....</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept.....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec.....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar.....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June.....</td><td>-1.01 3/</td><td>-167.03</td><td>1.77</td><td>-168.27</td></tr><tr><td>July-Sept.....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec.....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar.....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June.....</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept.....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1943-October</td><td>22,115.7</td><td>4,223.7</td><td>16.0</td></tr><tr><td>November</td><td>22,064.7</td><td>4,213.7</td><td>16.0</td></tr><tr><td>December</td><td>21,937.8</td><td>4,208.6</td><td>16.1</td></tr><tr><td>1944-January</td><td>21,918.2</td><td>4,174.9</td><td>16.0</td></tr><tr><td>February</td><td>21,711.6</td><td>4,147.1</td><td>16.0</td></tr><tr><td>March</td><td>21,599.9</td><td>4,142.6</td><td>16.1</td></tr><tr><td>April</td><td>21,429.2</td><td>4,088.3</td><td>16.0</td></tr><tr><td>May</td><td>21,263.7</td><td>4,083.6</td><td>16.1</td></tr><tr><td>June</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>July</td><td>20,995.9</td><td>3,938.3</td><td>15.8</td></tr><tr><td>August</td><td>20,926.3</td><td>3,910.1</td><td>15.7</td></tr><tr><td>September</td><td>20,825.1</td><td>3,905.9</td><td>15.8</td></tr><tr><td>October p</td><td>20,726.5</td><td>3,888.7</td><td>15.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
70
Treasury Bulletin
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subdiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subdiary coin 2/</th><th></th></tr><tr><td>1934</td><td>211.6</td><td>508.4</td><td>4.2</td><td>8.8</td><td>89.3</td><td>35.2</td><td>305.3</td><td>1,279.7</td></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>.2</td><td>262.7</td><td>38.4</td><td>323.5</td><td>1,970.1</td></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>-</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>-</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>-</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>-</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>-</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1943-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</td><td>1,520.1</td><td>387.6</td><td>20.4</td><td>2.8</td><td>443.9</td><td>106.8</td><td>722.3</td><td>3,938.3</td></tr><tr><td>August</td><td>1,520.1</td><td>385.8</td><td>21.2</td><td>1.1</td><td>431.6</td><td>108.6</td><td>729.4</td><td>3,910.1</td></tr><tr><td>September</td><td>1,520.1</td><td>383.7</td><td>15.1</td><td>.9</td><td>428.9</td><td>110.6</td><td>739.1</td><td>3,905.9</td></tr><tr><td>October p.</td><td>1,520.1</td><td>381.9</td><td>13.2</td><td>-</td><td>420.4</td><td>112.4</td><td>748.9</td><td>3,888.7</td></tr></table>
Source: Daily Treasury Statements and Circulation Statements of United States Money. 
p * Preliminary. 
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 recoining of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="7">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></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-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><tr><td>July</td><td>3.5</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>August</td><td>3.1</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>September</td><td>2.3</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 ounces or $50,000. 1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74. 2/ Acquired at 64.6+ cents per fine ounce until April 9, 1935;
at 71.11 cents per fine ounce from that date until April 23, 1935; at 77.57 cents from April 23, 1935 to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11 cents since July 1, 1939. Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938. Acquired at various prices averaging approximately 51 cents per ounce.
December 1944
71
Signiorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on silver and minor coins</th><th colspan="6">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost to General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mixed silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1934</td><td>4.5</td><td>48.7</td><td>.4</td><td>....</td><td>51.1</td><td>28.5</td><td>128.7</td><td>132.6</td></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.3</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>53.7</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>61.6</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-October</td><td>293.2</td><td>48.7</td><td>87.6</td><td>65.2</td><td>584.3</td><td>34.7</td><td>820.5</td><td>978.5</td></tr><tr><td>November</td><td>297.1</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>968.7</td></tr><tr><td>December</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944-January</td><td>301.9</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>943.9</td></tr><tr><td>February</td><td>303.6</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>926.8</td></tr><tr><td>March</td><td>305.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>922.7</td></tr><tr><td>April</td><td>308.8</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>887.0</td></tr><tr><td>May</td><td>315.6</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>878.3</td></tr><tr><td>June</td><td>322.6</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>791.1</td></tr><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>781.8 r</td></tr><tr><td>August</td><td>332.7</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>760.4 r</td></tr><tr><td>September</td><td>336.7</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>756.7 r</td></tr><tr><td>October</td><td>342.8</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>741.1</td></tr></table>
Source: Daily Treasury Statements. 
r Revised. 
1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Net Capital Movement to the United States, 1935 through August 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>214,626</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>25,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-25,127</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>3,523</td><td>45,599</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-Aug. 31, 1944)</td><td>322,309</td><td>228,104</td><td>2,151</td><td>8,263</td><td>83,791</td></tr><tr><td>Total (Jan. 2, 1935-Aug. 31, 1944)</td><td>7,440,894</td><td>5,601,957</td><td>119,906</td><td>709,360</td><td>1,009,671</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943-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>5,659</td></tr><tr><td>February</td><td>145,622</td><td>147,637</td><td>1,831</td><td>3,686</td><td>-7,532</td></tr><tr><td>March</td><td>44,341</td><td>76,736</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,405</td><td>1,038</td><td>-1,289</td><td>411</td><td>1,245</td></tr><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><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-36,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,534</td><td>650</td><td>2,445</td><td>3,851</td></tr></table>
Back Figures: Monthly data for the period January 1941 through June 1942 may be found in the "Treasury Bulletin" for September 1943, page 73.
Treasury Bulletin
72
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1933</td><td>5,721</td><td>5,002</td><td>265</td><td>361</td><td>1</td><td>269</td><td>3,061</td><td>126</td><td>920</td></tr><tr><td>1934</td><td>5,373</td><td>4,944</td><td>150</td><td>401</td><td>1</td><td>280</td><td>3,068</td><td>142</td><td>902</td></tr><tr><td>1935</td><td>5,567</td><td>5,114</td><td>117</td><td>701</td><td>1</td><td>285</td><td>3,223</td><td>81</td><td>704</td></tr><tr><td>1936</td><td>6,241</td><td>5,755</td><td>101</td><td>955</td><td>1</td><td>278</td><td>4,002</td><td>52</td><td>366</td></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1943-October</td><td>19,250</td><td>18,263</td><td>56</td><td>1,579</td><td>1</td><td>321</td><td>15,550</td><td>626</td><td>130</td></tr><tr><td>November</td><td>19,918</td><td>18,912</td><td>55</td><td>1,571</td><td>1</td><td>324</td><td>16,205</td><td>627</td><td>129</td></tr><tr><td>December</td><td>20,449</td><td>19,430</td><td>55</td><td>1,566</td><td>1</td><td>318</td><td>16,737</td><td>624</td><td>129</td></tr><tr><td>1944-January</td><td>20,529</td><td>19,516</td><td>55</td><td>1,522</td><td>1</td><td>315</td><td>16,874</td><td>621</td><td>128</td></tr><tr><td>February</td><td>20,824</td><td>19,806</td><td>55</td><td>1,507</td><td>1</td><td>320</td><td>17,176</td><td>620</td><td>128</td></tr><tr><td>March</td><td>21,115</td><td>20,086</td><td>55</td><td>1,543</td><td>1</td><td>318</td><td>17,429</td><td>613</td><td>127</td></tr><tr><td>April</td><td>21,552</td><td>20,513</td><td>54</td><td>1,550</td><td>1</td><td>321</td><td>17,852</td><td>608</td><td>127</td></tr><tr><td>May</td><td>22,160</td><td>21,105</td><td>54</td><td>1,601</td><td>1</td><td>324</td><td>18,395</td><td>603</td><td>126</td></tr><tr><td>June</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>July</td><td>22,699</td><td>21,622</td><td>54</td><td>1,578</td><td>1</td><td>322</td><td>18,951</td><td>590</td><td>125</td></tr><tr><td>August</td><td>23,292</td><td>22,200</td><td>53</td><td>1,582</td><td>1</td><td>324</td><td>19,527</td><td>587</td><td>125</td></tr><tr><td>September</td><td>23,794</td><td>22,688</td><td>53</td><td>1,586</td><td>1</td><td>323</td><td>20,017</td><td>582</td><td>125</td></tr><tr><td>October p.</td><td>24,386</td><td>23,263</td><td>53</td><td>1,589</td><td>1</td><td>324</td><td>20,597</td><td>574</td><td>124</td></tr></table>
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Coin</th><th rowspan="2">Money in circulation per capita (in dollars)</th></tr><tr><th>Total</th><th>Gold coin 1/</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th></tr><tr><td>1933</td><td>718</td><td>321</td><td>28</td><td>257</td><td>113</td><td>$ 45.49</td></tr><tr><td>1934</td><td>430</td><td>-</td><td>30</td><td>280</td><td>119</td><td>42.44</td></tr><tr><td>1935</td><td>453</td><td>-</td><td>32</td><td>296</td><td>125</td><td>43.66</td></tr><tr><td>1936</td><td>486</td><td>-</td><td>35</td><td>316</td><td>135</td><td>48.60</td></tr><tr><td>1937</td><td>523</td><td>-</td><td>38</td><td>341</td><td>144</td><td>49.88</td></tr><tr><td>1938</td><td>527</td><td>-</td><td>39</td><td>342</td><td>146</td><td>49.62</td></tr><tr><td>1939</td><td>558</td><td>-</td><td>42</td><td>361</td><td>155</td><td>53.72</td></tr><tr><td>1940</td><td>599</td><td>-</td><td>46</td><td>384</td><td>159</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>-</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>-</td><td>66</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>-</td><td>84</td><td>610</td><td>236</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>-</td><td>103</td><td>700</td><td>263</td><td>163.07</td></tr><tr><td>1943-October</td><td>987</td><td>-</td><td>90</td><td>649</td><td>248</td><td>140.51 r</td></tr><tr><td>November</td><td>1,006</td><td>-</td><td>92</td><td>662</td><td>251</td><td>145.11</td></tr><tr><td>December</td><td>1,019</td><td>-</td><td>95</td><td>671</td><td>254</td><td>148.82</td></tr><tr><td>1944-January</td><td>1,013</td><td>-</td><td>96</td><td>665</td><td>252</td><td>149.24</td></tr><tr><td>February</td><td>1,018</td><td>-</td><td>97</td><td>668</td><td>253</td><td>151.43</td></tr><tr><td>March</td><td>1,029</td><td>-</td><td>98</td><td>676</td><td>255</td><td>153.42</td></tr><tr><td>April</td><td>1,039</td><td>-</td><td>100</td><td>682</td><td>257</td><td>156.45</td></tr><tr><td>May</td><td>1,055</td><td>-</td><td>102</td><td>693</td><td>260</td><td>160.72</td></tr><tr><td>June</td><td>1,066</td><td>-</td><td>103</td><td>700</td><td>263</td><td>163.07</td></tr><tr><td>July</td><td>1,077</td><td>-</td><td>105</td><td>707</td><td>266</td><td>164.34</td></tr><tr><td>August</td><td>1,092</td><td>-</td><td>107</td><td>716</td><td>269</td><td>168.49</td></tr><tr><td>September</td><td>1,106</td><td>-</td><td>109</td><td>725</td><td>272</td><td>171.98</td></tr><tr><td>October p</td><td>1,123</td><td>-</td><td>111</td><td>737</td><td>276</td><td>176.10</td></tr></table>
Source: Circulation Statements of United States Money and Annual Report of the Secretary of the Treasury for 1943, page 713.
p r 1/ Revised.
1/ Includes (1) money held by the Treasury and (2) money held by or for the account of the Federal Reserve Banks and their agents. Includes paper currency held outside the continental limits of the United States.
2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
3/ Federal Reserve Bank notes and National bank notes are covered by
Under the order of the Secretary of the Treasury of December 28, 1933, as amended and supplemented on January 11 and 15, 1934, all gold coin domestically owned (with minor exceptions) was required to be delivered for the account of the Treasurer of the United States, and under the Gold Reserve Act of January 30, 1934 was withdrawn from circulation and formed into bars. Gold coin, which Treasury records showed as being outstanding on the letter date in the amount of $287 millions, was dropped from the Circulation Statement of United States Money as of January 31, 1934.
COF No. 2
<table><tr><td>Treas.</td><td>U.S. Treasury Dept.</td></tr><tr><td>HJ</td><td></td></tr><tr><td>10</td><td>Treasury Bulletin</td></tr><tr><td>.A2</td><td></td></tr><tr><td>1944</td><td></td></tr><tr><td>c.2</td><td></td></tr></table>
U.S. TREASURY LIBRARY
1 0031930