Treas. HJ 10 .a2 c.2
LIBRARY
copy 1
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
BULLETIN
reasury
OF THE
U.S. TREASURY DEPARTMENT
JANUARY
1945
LIBRARY
ROOM 5013
JAN 2, 61945
TREASURY DEPARTMENT
Analysis of Receipts and Expenditures Composition of the Public Debt Prices and Yields of Government Securities Other Treasury Statistics
LIBRARY ROOM 5030
JUN 2, 1972
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
TREASURY DEPARTMENT
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="10">Issue and page number</th></tr><tr><th>1945</th><th>1944</th><th>Jan.</th><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></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><td></td></tr><tr><td>Sixth War Loan, November-December, 1944; Sales of securities, classified by issues, by types of investor, and by States</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-2</td><td>A-7</td><td>A-8</td><td>A-9</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></td><td></td><td></td><td></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><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><td></td></tr><tr><td>Fifth War Loan, June-July 1944; 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-1</td><td>A-15</td><td></td><td>A-3</td><td>A-11</td><td>A-2</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>A-1</td><td>A-5</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><td></td></tr><tr><td>Fourth War Loan, January-February 1944; 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>A-1</td><td>A-11</td><td>A-2</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><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by U. S. Government agencies and trust funds: Sixth War Loan</td><td>A-15</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-16</td><td></td><td></td><td>A-12</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><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><td></td></tr><tr><td>Taxes in the United States, Canada, and United Kingdom</td><td>A-2</td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War finance policies (Three speeches by the Secretary of the Treasury)</td><td></td><td>A-1</td><td>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></tr><tr><td>Assets and liabilities of all active banks in the United States, December 31, 1939 through June 30, 1944</td><td></td><td></td><td>A-10</td><td>A-13</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></td><td></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></tr><tr><td>Financial operations of United States Government during fiscal year 1944</td><td></td><td></td><td></td><td>A-1</td><td>A-8</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></td><td></td><td></td><td>A-1</td><td>A-11</td><td>A-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporate net income, income taxes, and dividends, 1936-1944</td><td></td><td></td><td>A-18</td><td>A-14</td><td>A-1</td><td>A-8</td><td>A-16</td><td>A-4</td><td>A-2</td><td>A-12</td><td>A-13</td><td>A-2</td><td></td><td></td></tr><tr><td>Treasury market financing</td><td></td><td></td><td></td><td></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 fiscal statistics</td><td></td><td></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>2</td></tr><tr><td>Budgetary receipts and expenditures</td><td></td><td></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>3</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td></td><td></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>3</td></tr><tr><td>Issue of financing cash requirements</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Receipts and expenditures and appropriations</td><td></td><td></td><td></td><td></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><td></td></tr><tr><td>Summary by major classifications</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of receipts from internal revenue</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of general expenditures</td><td></td><td></td><td></td><td></td><td></td><td></td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Analysis of expenditures for 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><td></td><td></td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>10</td><td>10</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>12</td></tr><tr><td>Trust accounts, etc. receipts and expenditures</td><td>11</td><td>11</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>13</td></tr><tr><td>Home of financing cash requirements</td><td></td><td></td><td></td><td></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 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><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td>12</td><td>12</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>14</td></tr><tr><td>Social Sec. Act</td><td>13</td><td>13</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>15</td></tr><tr><td>Railroad Retirement Act</td><td>13</td><td>13</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>15</td></tr><tr><td>Railroad Unemployment Insurance Act</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement of trust accountants</td><td>14</td><td>14</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>16</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Railroad Retirement Account</td><td>14</td><td>14</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>16</td></tr><tr><td>Unemployment Trust 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><td></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>15-16</td><td>15-16</td><td>5-6</td><td>5-5</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></tr><tr><td>Cash income and outgo of the Treasury</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>17</td><td>17</td><td>17</td></tr><tr><td>Analysis by major classifications</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total cash income and outgo by months beginning with January 1936</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>17</td><td>17</td><td>17</td></tr><tr><td>January 1935</td><td></td><td></td><td></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)
January 1945
11
Cumulative Table of Contents
(Continued)
<table><tr><th></th><th colspan="2">1945</th><th colspan="11">1944</th></tr><tr><th></th><th>Jan.</th><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></tr><tr><td><b>General Fund of the Treasury</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets, liabilities, and balance in General Fund.</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</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><b>Public debt and guaranteed obligations of United States Government</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>Detailed statement</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 25-26</td><td>23-24 25-26</td><td>23-24 25-26</td><td>23-24 25-26</td><td>23-24 25-26</td><td>23-24 25-26</td><td>23-24 25-26</td></tr><tr><td>Fiscal years, 1935-1944.</td><td>26</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>25</td><td>24</td><td>24</td></tr><tr><td>Monthly 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>Chart.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance and retirement (receipts and expenditures).</td><td>22 22</td><td>22 22</td><td>22 22</td><td>22 22</td><td>22 22</td><td>22 22</td><td>22 22</td><td>22 22</td><td>22 22</td><td>22 22</td><td>22 22</td><td>22 22</td></tr><tr><td>Interest-bearing debt, composition of.</td><td>22 27</td><td>22 27</td><td>22 27</td><td>22 27</td><td>22 27</td><td>26 29</td><td>26 26</td><td>26 26</td><td>24 25</td><td>25 25</td><td>25 25</td><td>25 25</td></tr><tr><td>Guaranteed obligations held by 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>26</td></tr><tr><td>Debt position of United States Government under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>26</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></td><td></td><td>28</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>September 30, 1944.</td><td>27</td><td>27</td><td>28</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></tr><tr><td>Computed interest charge and computed interest rate.</td><td>27</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></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States.</td><td>28-30</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>28-30</td><td>27-29</td><td>27-29</td><td>28-30</td><td></td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>33</td><td>30</td><td>30</td><td>31</td><td>30</td><td>30</td><td>31</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>34</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Offerings and maturities of Treasury bills.</td><td>33-34</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></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>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></tr><tr><td>Sales by series, classified by denominations.</td><td>37</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>33-34</td><td>34-35</td></tr><tr><td>Sale to investors other than commercial banks by series, classified by States.</td><td>38-39</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></tr><tr><td>Payroll savings plane.</td><td>40</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></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>40-41</td><td>41-42</td><td>40-41</td><td>40-41</td><td>42-43</td><td>39-40</td><td>40-41</td><td>40-41</td><td>39-40</td><td>40-41</td><td>40-41</td></tr><tr><td>Sales, classified by:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Denomination.</td><td>42</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></tr><tr><td>Type of purchaser.</td><td>42</td><td>42</td><td>43</td><td>42</td><td>42</td><td>41</td><td>40</td><td>41</td><td>42</td><td>42</td><td>41</td><td>42</td></tr><tr><td>United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions.</td><td>43</td><td>43</td><td>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></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>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></tr><tr><td>States.</td><td></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></tr><tr><td><b>Ownership of United States Government securities</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary distribution, by holders.</td><td>45</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></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>46</td><td>46</td><td>47</td><td>46</td><td>46</td><td>48</td><td>44</td><td>45</td><td>46</td><td>46</td><td>45</td><td>46</td></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>46</td><td>46</td><td>47</td><td>46</td><td>46</td><td>48</td><td>44</td><td>45</td><td>46</td><td>46</td><td>45</td><td>46</td></tr><tr><td><b>Treasury Survey of Ownership:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>November 30, 1943.</td><td></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>47-52</td></tr><tr><td>December 31, 1943.</td><td></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></tr><tr><td>January 31, 1944.</td><td></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></tr><tr><td>February 29, 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>March 31, 1944.</td><td></td><td></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></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></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>47-50</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>46-51</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>47-50</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, 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></td><td>52-57</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></td><td></td><td>55-63</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>51-54</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>1945</th><th>1944</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><th></th><th>Jan.</th><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></tr><tr><td colspan="12">Prices and yields of Government securities (including securities issued by Federal agencies):</td></tr><tr><td colspan="12">Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies:</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>51-56</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></td><td>53-55</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></td><td>53-55</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>53-55</td><td>57-59</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>55-67</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>54-56</td><td>50-52</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>56-58</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>52-54</td><td>52-54</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>52-54</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>October 31, 1944</td><td></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></tr><tr><td>November 30, 1944</td><td>55</td><td>55</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></tr><tr><td>Chart showing yield structure of Treasury bonds and notes</td><td>56</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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></td><td></td><td>58-59</td><td></td><td></td></tr><tr><td>Discussion of revision of high-grade corporate bond average</td><td>56-57</td><td>56</td><td>57</td><td>56</td><td>60</td><td>58</td><td>54</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>58</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></tr><tr><td>Yields, monthly and weekly, beginning with January 1933</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields 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 colspan="12">Assets, liabilities and capital:</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 colspan="12">Old monthly statements:</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>60-62</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>62-63</td><td></td><td></td><td></td></tr><tr><td>January 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>63-64</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></td><td>72-73</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1944</td><td></td><td></td><td></td><td></td><td>57-58</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>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></td><td></td><td></td><td>53-64</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>55-60</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>60-61</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Sources and application of funds:</td></tr><tr><td>New quarterly statements:</td><td>60-64</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First three months, fiscal year 1945</td><td></td><td>62-65</td><td>61-64</td><td>65-68</td><td>63-66</td><td>59-62</td><td>74-77</td><td>65-68</td><td>64-67</td><td>62-65</td><td>63-66</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></td><td></td><td></td></tr><tr><td colspan="12">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary data</td><td>66</td><td>65</td><td>67</td><td>66</td><td>70</td><td>68</td><td>64</td><td>79</td><td>70</td><td>69</td><td>67</td><td>68</td></tr><tr><td>Chart</td><td>67</td><td>65</td><td>68</td><td>67</td><td>71</td><td>69</td><td>65</td><td>80</td><td>71</td><td>70</td><td>68</td><td>69</td></tr><tr><td>Comparative details for current periods</td><td>68-69</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></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></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>76-77</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>78-79</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1944</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><td></td></tr><tr><td>June 30, 1944</td><td>71</td><td>69</td><td>73</td><td>70</td><td>74</td><td>74</td><td>68</td><td>74</td><td>73</td><td>71</td><td>72</td><td></td></tr><tr><td>Gold assets and liabilities of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943</td><td>71</td><td>69</td><td>73</td><td>70</td><td>74</td><td>74</td><td>68</td><td>74</td><td>73</td><td>71</td><td>72</td><td></td></tr><tr><td>March 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>74</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944</td><td></td><td></td><td>73</td><td></td><td>74</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></td><td>83</td><td></td><td>74</td><td></td><td></td><td></td></tr><tr><td>Monetary stocks of gold and silver</td><td>71</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>73</td></tr><tr><td>Components of silver monetary stock</td><td>72</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></tr><tr><td>Silver of specified classifications acquired by mints and assay offices</td><td>72</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></tr><tr><td>Silver production in United States</td><td>72</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></tr><tr><td>Seizumorage on silver, by types</td><td>73</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></tr><tr><td>Capital movement between the United States and foreign countries</td><td>73</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></tr><tr><td>Money in circulation</td><td>74</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></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.
January 1945
A-1
Sales of Securities in the Sixth War Loan
Summary
Sales of United States Government securities in the Sixth War Loan reached a total of $21.6 billions, the highest volume of sales in any war loan thus far, and more than $7.6 billions in excess of the $14 billions quota for the Loan. Sales to individuals aggregated $5.9 billions as compared with a quota of $5 billions, and sales to corporations and other investors reached $15.7 billions as compared with a goal of $9 billions. The $5 billions goal for individuals was divided between $2.5 billions for Series E bonds and $2.5 billions for other securities. Both of these quotas were exceeded by a substantial margin. The following table summarizes sales and goals for individuals, and for corporations and other investors. The term individuals, throughout this article, includes partnerships and personal trust accounts.
<table><tr><th>Class of investor</th><th>Goal</th><th>Sales</th><th>Percent of goal achieved</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Individuals:</td><td></td><td></td><td></td></tr><tr><td>Series E savings bonds</td><td>2.5</td><td>2.9</td><td>115</td></tr><tr><td>Other securities</td><td>2.5</td><td>3.0</td><td>121</td></tr><tr><td>Total</td><td>5.0</td><td>5.9</td><td>118</td></tr><tr><td>Corporations and other investors</td><td>9.0</td><td>15.7</td><td>175</td></tr><tr><td>Total for all investors</td><td>14.0</td><td>21.6</td><td>154</td></tr></table>
In all, eight securities were offered in the drive, four nonmarketable issues and four marketable issues. The four nonmarketable issues consisted of Series E, F, and G savings bonds and Series C savings notes. Sales of Series E bonds aggregated $2.9 billions, sales of F and G bonds amounted to $0.7 billions, and sales of Series C savings notes reached $2.4 billions.
The four marketable issues consisted of a one-year issue of certificates of indebtedness, a 2-3/4 year issue of Treasury notes, and two longer term bond issues. Sales of the one-year 7/8% certificates aggregated $4.4 billions, almost as high as sales of a similar issue in the Fifth War Loan. Sales of the 1-1/4% Treasury notes due in September 1947 aggregated $1.6 billions, moderately less than sales of a corresponding issue in the Fifth War Loan. Subscriptions to the 2% Treasury bonds of 1952-54 reached almost $7 billions, the largest amount of sales of any issue in any war loan. Sales of the 2-1/2% bonds of 1966-71 aggregated $2.7 billions, about 20% higher than sales for a similar issue in the Fifth War Loan. Further detail on sales by investor classes and by issues is shown in Chart 1 and Table 1.
Following the practice established during recent war loans, the total goal for the War Loan was divided between nonbank investor groups and excluded commercial banks, which were permitted,
however, certain limited purchases of securities concurrently with the Loan but not as a part of it. Such commercial bank purchases, as well as purchases by Treasury investment accounts, are discussed on page A-18.
The sales figures reported above and throughout this article refer to actual purchases of securities offered in the War Loan and do not necessarily reflect the net new investment by any investor class during the period of the Loan. Net acquisitions of securities by each investor class are affected not only by purchases of new securities but by redemptions and cash maturities of securities held and by market operations carried on between investor groups. Estimates of ownership for recent years are reported elsewhere in the "Treasury Bulletin".
The sales figures, with one exception, represent cash actually received by the Treasury, in conformity with the practice of not counting subscriptions unless they are accompanied by funds for immediate payment. The one exception is that a special plan was made available to life insurance companies, savings institutions, and State and local governmental units permitting them to defer payment in whole or in part on their subscriptions to the two marketable bond issues offered in the drive. Securities purchased on the deferred payment plan must be paid for in full at par and accrued interest not later than February 28, 1945. Purchases under the deferred payment plan aggregated $935 millions.
Organization for the Loan
The Secretary of the Treasury announced on October 6, 1944, that the Sixth War Loan would open on November 20 and close on December 16. The announcement included the national goals, divided between individuals and corporations, as well as a description of the types of securities to be offered. The Secretary stated that the goals and the securities to be offered had been determined after consultation with a group of chairmen of the State War Finance Committees, officials of the Federal Reserve System, a committee of the American Bankers Association and other investment authorities.
Following the procedure instituted in the Fourth War Loan it was announced that all subscriptions for Series E, F, and G savings bond and for savings notes received at the Federal Reserve Banks and the Treasury during the months of November and December would be credited to the drive. This was done in order to permit millions of persons employed in industry and trade to participate in the drive through the purchase of bonds by weekly or semi-monthly deductions from their pay during this period. The final date for processing these subscriptions was later extended from December 31 to January 2 because the last day of December was a Sunday and the first day of January was a legal holiday.
All banks were requested to cooperate with
A-2
Treasury Bulletin
Chart 1
SALES DURING SIXTH WAR LOAN
By Investor Classes and by Issues
January 1945
A-3
the Treasury by declining to make loans for purchases of Government securities for speculative purposes during the Sixth War Loan. This policy, however, was not intended to imply any disapproval of loans to enable investors to purchase securities in anticipation of income, provided that the loans were on a short-term or amortization basis fully repayable within six months. These principles were set forth in the joint statement on bank loans by national and State bank supervisory authorities on November 23, 1942. This statement was reprinted in the "Treasury Bulletin" for March 1944, page A-3. The Treasury also requested that commercial banks not make loans for the purpose of acquiring the drive securities later for their own account.
The pattern of organization that was followed during the Fifth War Loan was further expanded and enlarged during the Sixth Loan. As in previous drives, basic organization followed State, county, and local geographical lines. Approximately 6 million persons acted as volunteer salesmen as more stress than ever before was placed on personally soliciting potential buyers. There were 75,000 issuing agents cooperating in issuing the millions of pieces of Series E savings bonds sold during the Sixth War Loan.
Women's organizations, American Legion Posts, foreign language, fraternal, and religious groups, schools, and youth agencies were especially active in sales work during the drive. Farmers and farm organizations also played an important part. Each of the agricultural States had special farm programs which included farm-to-farm canvass by members of their volunteer bond corps. Retail stores cooperated by participating in a national window display contest, contributing free newspaper advertising and assuming an over-all quota of $300 in bond sales per salesperson. Theaters were again very active during the drive, holding special War Bond shows at which admittance was by war bond purchase. Sponsored newspaper advertising and radio time contributed much toward making the drive a success. The armed services participated extensively, providing personnel, exhibits, and demonstrations.
Quotas were established for employees of many manufacturing plants and individual businesses, the most common quota being an extra $100 bond for the two months period of the drive, to be met through a combination of cash purchases and extra payroll allotments. Labor and management groups undertook a joint responsibility in canvassing individual subscribers both in the plants and at their homes.
The American Bankers Association, through its War Loan Committee, again cooperated extensively in the drive. Members were requested to accept a program which included the responsibility of canvassing their depositors. Banks entered the community program by undertaking to help in the sales work to reach quotas established for cities, towns, and localities and in many localities accepted sales quotas themselves.
In order to prevent disturbances to the money market and the banking situation the practice started in previous war loans was used again to avoid transfers of funds by subscribers who wished to help local communities make their quotas. Under this procedure, the Treasury and the Federal Reserve Banks undertook to give statistical credit to the various localities for subscriptions made by individuals with interests in more than one community or for purchases made at the central offices of business organizations operating in more than one area.
In the case of many large business organizations, Series E bonds bought by employees under payroll savings plans or during special plan drives were issued from a central office; the procedure worked out for allocating credit made it possible in these cases to transfer the credit to the purchaser's home address or to the place of his employment. Likewise, stubs representing sales by the Federal Reserve Banks, the Office of the Treasurer of the United States, etc., were sorted by counties in order to pass credit to local communities. Sales by issuing agents whose activities are largely confined to one city or county, (such as banks, post offices, etc.) were credited to the county of their location. All subscriptions from insurance companies were assigned to the State of the home office, as in the past.
Development of Quotas
As already noted the national quota for the Sixth War Loan of $14 billions was divided between $5 billions for individuals and $9 billions for corporations and other investors. These objects were set after consideration of the financial needs of the Treasury in the months ahead, and after careful review of the funds accumulating in the hands of different investor classes during the war period, and particularly in the period since the close of the Fifth War Loan.
Production, in general — and war production in particular — creates a pool of funds which the Treasury must draw on as much as possible to finance the war. Production turns out physical goods and services for war and civilian purposes; it also generates, at the same time, income equal in amount to the value of production. What the people of the Nation receive as income is simply the equivalent of what they produce as goods and services. If the Federal Government, therefore, spends more than it receives in taxes, the people of the country have more income left than they can use to purchase the limited supply of goods and services without driving up prices. For the Federal Government, a deficit results; for the rest of the economy, an identical surplus. It is precisely this surplus which exercises an inflationary pressure on the price level, and which the Government endeavors to reach to the greatest possible extent through its borrowing program.
In the calendar year 1944, total Federal ex-
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Treasury Bulletin
penditures, including net outlays of Government corporations, amounted to $97.8 billions. Net budgetary receipts aggregated $44.4 billions, leaving a deficit of $53.3 billions to be financed through borrowing. Liquid savings equivalent to this $53 billions were made up of about $44 billions by individuals, approximately $7 billions by corporations, and $2 billions by State and local governments. The $44 billions of liquid savings by individuals comprises three broad groups of savings: (1) savings from wages and salaries, dividends, interest, rents, and royalties; (2) savings from farm operations and from unincorporated businesses, including allowance for reserves for depreciation, depletion, etc., set up by these businesses, but not invested in new capital assets; and (3) savings in the form of social security accumulations.
In analyzing these savings from the point of view of the war bond program allowance must be made for the fact that large amounts of new savings are transferred, in effect, to other investors rather than being held by the person or business originally doing the saving. Debt repayment, for example, transfers funds to banks, mortgage companies, savings and loan associations, insurance companies, and other investor classes. Savings in the form of insurance effectively transfer funds from individuals and businesses to insurance companies. New deposits in savings accounts transfer funds to mutual savings banks, commercial banks, or the postal savings system. Such transfers of funds particularly reduce the amount of new savings in the hands of individuals which may be tapped directly in war loan drives and increase the amount of securities which may be sold to institutional investors, such as insurance companies and mutual savings banks. These transfers were taken into account in setting national quotas for the Sixth War Loan.
In conformity with the decentralized operation of the war loan program, the national quotas were broken down by States and supplied to the respective chairmen of the State War Finance Committees several weeks before the opening of the drive. State quotas were in turn broken down by the State chairmen by counties and frequently by other geographical units. Certain economic data were provided the State chairmen for this purpose, but the breakdown into local quotas was ultimately determined in each State in conformity with local conditions.
Daily Progress Charts
In order to enable the State, county, or local war finance chairmen to measure the progress of the campaign in their areas, a statistical reporting system which had been inaugurated during earlier drives was used extensively during the Sixth War Loan. Although only sales to individuals were announced to the public by the Treasury during the period from November 20 to December 1 -- in conformity with the emphasis being placed on sales to individuals during the
loan -- daily reports were compiled from the beginning of the drive showing subscriptions for each issue by individuals and by all other investor groups as a whole in each county in the United States. More detailed information was supplied for each State as a whole, showing purchases of each issue by each investor class.
The State chairmen were also provided with a set of charts on which they could plot the daily sales progress by investor classes. These charts showed the sales patterns, worked out prior to the Sixth War Loan, which it was believed cumulative sales would have to reach each day to make the goal. Separate analyses were provided for (1) all investor classes, (2) corporations, (3) individuals, (4) Series E bond sales, and (5) sales of other securities to individuals. The sales patterns were worked out on the basis of experience with different time factors in previous drives. Chart 2 presents this information for one State (Illinois) showing the daily progress up to the close of the drive. The solid line in the chart shows actual sales as they were plotted from day to day, while the broken line shows the sales pattern for each of the several categories.
Chart 3 presents similar information for the United States as a whole. It will be noted that the over-all national quota of $14 billions was passed on December 7, at which time the sales pattern called for sales of slightly less than $10 billions. The corporation goal of $9 billions was exceeded on December 4, while the goal for individuals was not passed until December 22.
Securities Offered
The eight securities offered for sale in the Sixth War Loan were similar to those offered in the Fifth. The four nonmarketable and four marketable issues which were included are outlined below:
Nonmarketable issues: Savings bonds: Series E Series F and G Savings notes, Series C
Marketable issues:
7/8% Certificates of indebtedness, due 12/1/45
1-1/4% Treasury notes, due 9/15/47
2% Treasury bonds, due 12/15/54 and callable by the Treasury on or after 12/15/52
2-1/2% Treasury bonds, due 3/15/71 and callable by the Treasury on or after 3/15/66
The chief characteristics of the securities offered in the Sixth War Loan are fully described in the "Treasury Bulletin" for November 1944 on pages A-8 and A-9. All marketable issues available during the Sixth War Loan bore interest from December 1, 1944. The Treasury requested that
January 1945
A-5
Chart 2
ILLINOIS
Actual Sales in 6TH War Loan Compared with Expected Sales Pattern
CUMULATIVE
Analysis of Sales to Individuals
Treasury Bulletin
Chart 3
U.S. TOTAL
Actual Sales in 6TH War Loan Compared with Expected Sales Pattern
CUMULATIVE
44
44
Analysis of Sales to Individuals
NOVEMBER
DEC
1944
NOVEMBER
DECEMBER
1944
January 1945
A-7
there be no trading in these securities, and no purchases other than on direct subscription, until after December 16. The 2-1/2% Treasury bonds of 1966-71 cannot be held by commercial banks prior to December 1, 1954, except when acquired for the limited investment of time deposits as discussed on page A-18.
Final decisions on the securities offered for sale in the Sixth War Loan were the result of experience during previous drives and recommendations received by the Treasury while plans for the drive were under consideration. The two marketable bond issues varied with respect to interest rates, maturities, marketability, etc., and thus met the needs of investors with financial plans calling either for medium-term or for long-term securities. In addition, the redemption features of the savings bonds provided liquidity for individuals with relatively small resources. The certificates and the savings and Treasury notes, on the other hand, were intended to supply an investment outlet for business organizations, State and local governments, and others who were looking for a high degree of liquidity in the placing of shorter term funds.
Sales by Classes of Investors and by Issues
In Chart 1 total sales in the Sixth War Loan are distributed according to (1) investor classes and (2) kinds of securities. Further detail on the distribution of aggregate sales by investor classes and by issues is given in Table 1. A comparison of goals and actual purchases for the major investor groups is shown in Chart 4.
As already noted sales to individuals aggregated $5.9 billions, 18% in excess of the quota. Sales of Series E bonds reached $2.9 billions, passing the $2.5 billions quota by 15%. Sales of other securities to individuals exceeded the $2.5 billions goal by a somewhat larger margin (21%).
Total sales of $15.7 billions to corporations and other investors, as already noted, exceeded the $9 billions quota by 75%. Of this group, sales to insurance companies reached $3.2 billions, and sales to savings banks totaled $2.3 billions. Of the remaining $10.2 billions of sales to corporations and other investors, $8.0 billions went to corporations and associations, $0.6 billions to savings and loan associations, $0.3 billions to dealers and brokers, and $1.3 billions to State and local governments. Sales to savings and loan associations are classified separately for the first time in the Sixth War Loan. Previously they were included with corporations and associations.
The distribution of sales of the various issues offered during the drive is shown in the table below. As in prior war loans sales of mar-
<table><tr><th>Security</th><th>Amount<br/>(In millions of dollars)</th><th>Percentage distribution</th></tr><tr><td>Nonmarketable issues:</td><td></td><td></td></tr><tr><td>Savings bonds:</td><td></td><td></td></tr><tr><td>Series E</td><td>2,868</td><td>13.3</td></tr><tr><td>Series F and G</td><td>719</td><td>3.3</td></tr><tr><td>Savings notes, Series C</td><td>2,429</td><td>11.2</td></tr><tr><td>Total nonmarketable issues</td><td>6,016</td><td>27.8</td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>7/8% Certificates of indebtedness, 12/1/45, 1-1/4% Treasury notes, 9/15/47</td><td>4,405</td><td>20.4</td></tr><tr><td>2% Treasury bonds, 12/15/52-54</td><td>1,550</td><td>7.2</td></tr><tr><td>2-1/2% Treasury bonds, 3/15/66-71</td><td>6,939</td><td>32.1</td></tr><tr><td></td><td>2,711</td><td>12.5</td></tr><tr><td>Total marketable issues</td><td>15,605</td><td>72.2</td></tr><tr><td>Total</td><td>21,621</td><td>100.0</td></tr></table>
Debt issues were most prevalent, since these issues are particularly well adapted to the needs of institutions, local governmental units, and business organizations with large blocks of funds to invest. Series C savings notes were the only type of nonmarketable issue available for unlimited purchase by such investors. Sales of the 7/8% certificates of indebtedness and the 1-1/4% Treasury notes reached $4.4 and $1.6 billions, respectively, slightly less than sales of similar issues in the Fifth War Loan. Subscriptions to the 2% Treasury bonds amounted to almost $7 billions, the highest volume of sales of this type of issue in any war loan. Sales of the 2-1/2% Treasury bond reached $2.7 billions.
Among insurance companies the long-term 2-1/2% Treasury bonds of 1966-71 were most popular and the 2% Treasury bonds of 1952-54 followed closely. About one-half of insurance company purchases were in the former and about 42% in the latter issue. Savings banks showed a strong preference for the medium-term 2% Treasury bonds placing 87% of their purchases in this type of security.
The 7/8 certificates of indebtedness were most popular among corporations and associations; over 40% of their purchases were accounted for by this issue. Series C savings notes and 2% Treasury bonds were also major importance in sales to corporations and associations. Sales of Series C savings notes accounted for 28% and the 2% Treasury bonds for 17% of their purchases.
Purchases by dealers and brokers and savings and loan associations were concentrated in the 2%
Treasury Bulletin
A-8
Map
TOTAL SALES IN 6TH WAR LOAN
Percent of Quota Reached in Each State
Map 2
SALES TO CORPORATIONS AND OTHER INVESTORS IN 6TH WAR LOAN
Percent of Quota Reached in Each State
Excluding individuals, partnerships, and personal trust accounts.
January 1945
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SALES TO INDIVIDUALS' IN 6TH WAR LOAN
Percent of Quota Reached in Each State
3
LEGEND
Under 100%
100% to
119%
120% to
139%
140% or over
Including partnerships and personal trust accounts.
SALES OF SERIES E SAVING BONDS IN 6TH WAR LOAN
Percent of Quota Reached in Each State
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Treasury Bulletin
Treasury bonds. State and local governments invested primarily in the 7/8% certificates and the 2% bonds.
Subscriptions Under the Deferred Payment Plan
The deferred payment plan allowed certain groups of investors through February 28, 1945 to make full payment for their subscriptions to the 8-10 year 2% Treasury bonds of 1952-54 and to the long-term 2-1/2% Treasury bonds of 1966-71. The securities themselves are delivered only as final payment is received. The investors permitted to use this plan were: life insurance companies, savings institutions, State and local governmen-tal units, and similar public corporations and agencies.
The table below shows subscriptions made under the deferred payment plan by investor classes and issues.
<table><tr><th>Class of investor</th><th>Total</th><th>2-1/2% Treasury bonds</th><th>2% Treasury bonds</th><th>Not classified</th></tr><tr><td colspan="5">(In millions of dollars)</td></tr><tr><td>Savings banks</td><td>428</td><td>8</td><td>420</td><td>-</td></tr><tr><td>Insurance companies</td><td>432</td><td>249</td><td>151</td><td>32</td></tr><tr><td>State and local governments</td><td>76</td><td>27</td><td>49</td><td>-</td></tr><tr><td>Savings and loan associations</td><td>43</td><td>6</td><td>34</td><td>3</td></tr><tr><td>Fraternal benefit associations and other investors</td><td>6</td><td>5</td><td>1</td><td>-</td></tr><tr><td>Total</td><td>985</td><td>295</td><td>655</td><td>35</td></tr></table>
Sales to savings banks and insurance companies of $428 and $432 millions, respectively, accounted for the major part of subscriptions under this plan. Deferred payment subscriptions by these investor groups in the Sixth War Loan were about three times such sales in the Fifth Loan.
Sales by States
The accompanying maps show the percentage of quotas reached during the Sixth War Loan in each of the States for (1) total sales, (2) sales to corporations and other investors, (3) sales to individuals, and (4) sales of Series E savings bonds. Table 2 compares the dollar value of sales with goals for the same categories in each State. For purposes of this discussion the District of Columbia and Northern and Southern California are counted as separate State units.
Total sales and sales to corporations and other investors exceeded the goals in all the States (Map 1 and Map 2). Sales quotas for individuals (Map 3) were not reached in six of the States, namely, four New England States (Connecticut, Maine, Rhode Island and Vermont) and two Southern States (Florida and Georgia). Only one
State, Maryland, failed to achieve the sales quota for Series E savings bonds (Map 4). The record for sales to individuals in the Sixth War Loan, therefore, was much better than in the Fifth, when 16 States did not reach their sales goals for individuals and 10 States fell short in Series E bond sales.
Three States, Montana, North Dakota, and Wyoming exceeded their Series E sales goals by 50% or more. Seventeen States achieved 120% to 149% of their goals. Although, as mentioned above, all States but one reached their E bond quotas, the Western part of the country made a far better showing than the East.
Among the territories and possessions, Alaska and Hawaii reached 154% and 142% of their E bond quotas respectively, thus ranking with the top four States.
Table 3 supplies additional information on sales by States. In the table, sales to individuals in each State are broken down between Series E savings bonds, Series F and G savings bonds, and savings notes and marketable securities as a whole; total sales to each of the remaining investor classes are also shown for each State. As in prior war loans, the distribution of sales to insurance companies, savings banks, corporations and associations, savings and loan associations, and dealers and brokers largely reflects the concentration of the funds of these organizations in the various parts of the country. However, as noted above, the State distribution of sales to corporations was also affected by allocations of statistical credits from one State to another which were made by the Federal Reserve Banks in accordance with the wishes of subscribers.
A supplement to this article, and to the current "Treasury Bulletin", is being prepared for early release and will be available upon request. This supplement will consist of additional tables on the Sixth War Loan showing by States the sales to each investor class, classified by type of issue.
Comparison of the Results of the Six War Loans
The distribution for the six war loans of total sales in dollar amounts and the percentage division of sales among the major investor groups is given in the table on page A-12.
Sales in the six war loans aggregated $109 billions, of which nonbank investors accounted for $99 billions or 91%. Sales to individuals aggregated $28 billions or 25% of the total, while corporations and other investors accounted for $72 billions or 65%. Sales to commercial banks, which were included only in the first two war loans and then on a limited basis, amounted to $10 billions, or 9% of the total. As noted earlier, war loan sales figures represent gross
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GOALS AND SALES FOR SIX WAR LOANS
By Investor Classes
Treasury investment accounts were included only in the first three war loans
2/ Combined goal of $4 billion for all investors excluding commercial banks
3/ No separate goal was set for Series E bonds
4 This figure represents the fixed amount which commercial banks were allowed to buy, rather than a goal for such investors
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Treasury Bulletin
sales and do not indicate the net absorption of securities by investor classes.
<table><tr><th>War Loan</th><th>Total</th><th>Individuals</th><th>Corporations and other investors 1/</th><th>Commercial banks 2/</th></tr><tr><td colspan="5">Amounts in billions of dollars</td></tr><tr><td>First............</td><td>12.9</td><td>1.6</td><td>6.3</td><td>5.1</td></tr><tr><td>Second............</td><td>18.6</td><td>3.3</td><td>10.2</td><td>5.1</td></tr><tr><td>Third............</td><td>18.9</td><td>5.4</td><td>13.6</td><td>...</td></tr><tr><td>Fourth............</td><td>16.7</td><td>5.3</td><td>11.4</td><td>...</td></tr><tr><td>Fifth............</td><td>20.6</td><td>6.4</td><td>14.3</td><td>...</td></tr><tr><td>Sixth............</td><td>21.6</td><td>5.9</td><td>15.7</td><td>...</td></tr><tr><td>Total for six war loans....</td><td>109.4</td><td>27.8</td><td>71.5</td><td>10.2</td></tr></table>
<table><tr><th colspan="4">Percentage distribution</th></tr><tr><td>First.........</td><td>100.0</td><td>12.3</td><td>48.4</td><td>39.3</td></tr><tr><td>Second......</td><td>100.0</td><td>17.7</td><td>54.9</td><td>27.4</td></tr><tr><td>Third......</td><td>100.0</td><td>28.4</td><td>71.6</td><td>...</td></tr><tr><td>Fourth.....</td><td>100.0</td><td>31.7</td><td>68.3</td><td>...</td></tr><tr><td>Fifth......</td><td>100.0</td><td>30.8</td><td>69.2</td><td>...</td></tr><tr><td>Sixth......</td><td>100.0</td><td>27.2</td><td>72.8</td><td>...</td></tr><tr><td>Total for six war loans....</td><td>100.0</td><td>25.4</td><td>65.3</td><td>9.3</td></tr></table>
1/ Treasury investment accounts were included in the first three war loans only; during succeeding war loans, sales to these accounts were handled outside of the drive.
2/ Commercial banks were allowed to buy only $5 billions of Federal securities during each of the first two war loans, and were excluded from direct participation in all later war loans.
A comparison of sales with goals for each of the six war loans is given in Chart 4 for (1) all investors, (2) individuals, (3) corporations and other investors (excluding commercial banks), and (4) commercial banks (included only during the first two war loans). Table 4 gives a historical analysis of sales of securities by investor classes and by issues for each war loan. Details on the sales goals and dates relating to the six drives are presented in Table 5. Table 6 gives for Series E bonds the dollar value and the number of units of each denomination sold during each of the six drives.
Note: In accordance with customary Bulletin practice, all figures in this article have been rounded and will not necessarily add to totals. Percentages, in all cases, have been calculated from unrounded figures.
January 1945
A-13
Table 1.- Sales of Securities in the Sixth War Loan, by Classes of Investors and by Issues
<table><tr><th>Class of investor</th><th>Total</th><th colspan="2">Savings bonds (issue price)</th><th>Savings notes, Series C</th><th>7/8% Certificates of indebtedness, 12/1/45</th><th>1-1/4% Treasury notes, 9/15/47</th><th>2% Treasury bonds, 12/15/52-54</th><th>2-1/2% Treasury bonds, 3/15/66-71</th></tr><tr><th colspan="9">Amounts in millions of dollars</th></tr><tr><td>Individuals 1/</td><td>5,852</td><td>2,868</td><td>522</td><td>146</td><td>339</td><td>210</td><td>1,295</td><td>502</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>3,196</td><td>6</td><td>1</td><td>150</td><td>98</td><td>1,339</td><td>1,603</td></tr><tr><td>Saving banks</td><td>2,314</td><td>1</td><td>2,239</td><td>3,255</td><td>811</td><td>1,350</td><td>230</td></tr><tr><td>Corporations and associations 2/</td><td>8,049</td><td>162</td><td>3</td><td>27</td><td>46</td><td>423</td><td>56</td></tr><tr><td>Savings and loan associations</td><td>564</td><td>10</td><td>3</td><td>64</td><td>54</td><td>181</td><td>18</td></tr><tr><td>Dealers and brokers</td><td>317</td><td>18</td><td>40</td><td>524</td><td>198</td><td>333</td><td>186</td></tr><tr><td>State and local governments 3/</td><td>1,299</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total for corporations and other investors</td><td>15,739</td><td>197</td><td>2,283</td><td>4,066</td><td>1,340</td><td>5,644</td><td>2,209</td></tr><tr><td>Total sales</td><td>21,621</td><td>2,868</td><td>719</td><td>2,429</td><td>4,405</td><td>1,550</td><td>6,939</td><td>2,711</td></tr><tr><th colspan="9">Percentage distribution, by investor classes</th></tr><tr><td>Individuals 1/</td><td>100.0</td><td>48.8</td><td>8.9</td><td>2.5</td><td>5.8</td><td>3.6</td><td>22.0</td><td>8.5</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>100.0</td><td>.2</td><td>4.7</td><td>3.1</td><td>41.9</td><td>50.2</td></tr><tr><td>Saving banks</td><td>100.0</td><td>2.0</td><td>20.4</td><td>5.7</td><td>87.2</td><td>5.0</td></tr><tr><td>Corporations and associations 2/</td><td>100.0</td><td>2.0</td><td>27.8</td><td>40.4</td><td>10.1</td><td>16.8</td><td>2.9</td></tr><tr><td>Savings and loan associations</td><td>100.0</td><td>1.8</td><td>1.5</td><td>4.8</td><td>8.2</td><td>75.0</td><td>9.9</td></tr><tr><td>Dealers and brokers</td><td>100.0</td><td>1.4</td><td>3.1</td><td>20.2</td><td>17.0</td><td>57.1</td><td>5.7</td></tr><tr><td>State and local governments 3/</td><td>100.0</td><td></td><td></td><td>40.3</td><td>15.2</td><td>25.6</td><td>14.3</td></tr><tr><td>Total for corporations and other investors</td><td>100.0</td><td>1.3</td><td>14.5</td><td>25.8</td><td>8.5</td><td>35.9</td><td>14.0</td></tr><tr><td>Total sales</td><td>100.0</td><td>13.3</td><td>3.3</td><td>11.2</td><td>20.4</td><td>7.2</td><td>32.1</td><td>12.5</td></tr><tr><th colspan="9">Percentage distribution, by issues</th></tr><tr><td>Individuals 1/</td><td>27.2</td><td>100.0</td><td>72.6</td><td>6.0</td><td>7.7</td><td>13.5</td><td>18.7</td><td>16.5</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>14.8</td><td>.8</td><td>3.4</td><td>6.3</td><td>19.3</td><td>52.1</td></tr><tr><td>Saving banks</td><td>10.7</td><td>1.1</td><td>1.0</td><td>8.6</td><td>29.1</td><td>4.3</td></tr><tr><td>Corporations and associations 2/</td><td>37.2</td><td>22.5</td><td>92.2</td><td>73.9</td><td>52.3</td><td>19.5</td><td>8.5</td></tr><tr><td>Savings and loan associations</td><td>2.6</td><td>1.4</td><td>1.1</td><td>6.6</td><td>3.0</td><td>6.1</td><td>2.1</td></tr><tr><td>Dealers and brokers</td><td>1.5</td><td>2.5</td><td>1.6</td><td>1.5</td><td>3.5</td><td>2.6</td><td>7</td></tr><tr><td>State and local governments 3/</td><td>6.0</td><td></td><td></td><td>11.9</td><td>12.8</td><td>4.8</td><td>6.9</td></tr><tr><td>Total for corporations and other investors</td><td>72.8</td><td>27.4</td><td>94.0</td><td>92.3</td><td>86.5</td><td>81.3</td><td>81.5</td></tr><tr><td>Total sales</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
* Less than $500,000 or .05%.
1/ Includes partnerships and personal trust accounts.
2/ Includes purchases by United States Government agencies and trust funds other than those identified as Treasury
investment accounts (defined in Table 4, footnote 6). Such purchases amounted to $42 millions. 3/ Includes their agencies and their trust, sinking, and investment funds.
Treasury Bulletin
A-14
Table 2.- Comparison of Goals and Sales of Securities in the Sixth War Loan, by States
<table><tr><th>State</th><th colspan="2">Total</th><th>Percent of goal accomplished</th><th colspan="2">Individuals 1/</th><th>Percent of goal accomplished</th><th colspan="2">Corporations and other investors 2/</th><th>Percent of goal accomplished</th><th colspan="2">Series E savings bonds (issue price)</th><th>Percent of goal accomplished</th></tr><tr><th></th><th>Goal</th><th>Sales</th><th>(Percent)</th><th>Goal</th><th>Sales 3/</th><th>(Percent)</th><th>Goal</th><th>Sales 3/</th><th>(Percent)</th><th>Goal</th><th>Sales</th><th>(Percent)</th></tr><tr><td>Alabama</td><td>97</td><td>140</td><td>145</td><td>59</td><td>64</td><td>108</td><td>38</td><td>76</td><td>201</td><td>30</td><td>40</td><td>134</td></tr><tr><td>Arizona</td><td>25</td><td>37</td><td>148</td><td>15</td><td>19</td><td>125</td><td>10</td><td>19</td><td>185</td><td>8</td><td>11</td><td>136</td></tr><tr><td>Arkansas</td><td>44</td><td>64</td><td>144</td><td>28</td><td>37</td><td>131</td><td>16</td><td>27</td><td>168</td><td>17</td><td>20</td><td>118</td></tr><tr><td>California (Northern)</td><td>385</td><td>491</td><td>128</td><td>173</td><td>180</td><td>104</td><td>212</td><td>311</td><td>147</td><td>102</td><td>111</td><td>109</td></tr><tr><td>California (Southern)</td><td>451</td><td>595</td><td>132</td><td>202</td><td>225</td><td>111</td><td>249</td><td>371</td><td>149</td><td>115</td><td>124</td><td>108</td></tr><tr><td>Colorado</td><td>74</td><td>96</td><td>129</td><td>37</td><td>47</td><td>126</td><td>37</td><td>49</td><td>132</td><td>19</td><td>22</td><td>114</td></tr><tr><td>Connecticut</td><td>375</td><td>622</td><td>166</td><td>91</td><td>87</td><td>95</td><td>284</td><td>536</td><td>189</td><td>51</td><td>52</td><td>101</td></tr><tr><td>Delaware</td><td>48</td><td>58</td><td>122</td><td>15</td><td>18</td><td>122</td><td>33</td><td>40</td><td>122</td><td>6</td><td>6</td><td>105</td></tr><tr><td>District of Columbia</td><td>94</td><td>141</td><td>150</td><td>46</td><td>54</td><td>117</td><td>48</td><td>87</td><td>182</td><td>30</td><td>35</td><td>116</td></tr><tr><td>Florida</td><td>127</td><td>161</td><td>127</td><td>71</td><td>70</td><td>99</td><td>56</td><td>91</td><td>163</td><td>31</td><td>37</td><td>118</td></tr><tr><td>Georgia</td><td>130</td><td>161</td><td>124</td><td>74</td><td>67</td><td>90</td><td>56</td><td>95</td><td>169</td><td>34</td><td>41</td><td>121</td></tr><tr><td>Idaho</td><td>23</td><td>34</td><td>148</td><td>14</td><td>19</td><td>138</td><td>9</td><td>15</td><td>161</td><td>9</td><td>12</td><td>131</td></tr><tr><td>Illinois</td><td>1,034</td><td>1,532</td><td>148</td><td>351</td><td>400</td><td>114</td><td>683</td><td>1,133</td><td>166</td><td>174</td><td>194</td><td>111</td></tr><tr><td>Indiana</td><td>239</td><td>365</td><td>152</td><td>120</td><td>122</td><td>110</td><td>119</td><td>232</td><td>195</td><td>63</td><td>75</td><td>110</td></tr><tr><td>Iowa</td><td>178</td><td>323</td><td>182</td><td>98</td><td>143</td><td>146</td><td>80</td><td>161</td><td>226</td><td>53</td><td>72</td><td>136</td></tr><tr><td>Kansas</td><td>98</td><td>143</td><td>145</td><td>63</td><td>76</td><td>121</td><td>35</td><td>66</td><td>190</td><td>38</td><td>44</td><td>115</td></tr><tr><td>Kentucky</td><td>104</td><td>161</td><td>154</td><td>55</td><td>68</td><td>124</td><td>49</td><td>92</td><td>188</td><td>27</td><td>28</td><td>102</td></tr><tr><td>Louisiana</td><td>110</td><td>146</td><td>133</td><td>56</td><td>59</td><td>106</td><td>54</td><td>87</td><td>161</td><td>31</td><td>32</td><td>105</td></tr><tr><td>Maine</td><td>53</td><td>76</td><td>143</td><td>27</td><td>25</td><td>92</td><td>26</td><td>51</td><td>195</td><td>12</td><td>14</td><td>116</td></tr><tr><td>Maryland</td><td>210</td><td>417</td><td>198</td><td>106</td><td>141</td><td>133</td><td>104</td><td>276</td><td>265</td><td>41</td><td>39</td><td>94</td></tr><tr><td>Massachusetts</td><td>706</td><td>1,021</td><td>145</td><td>173</td><td>175</td><td>101</td><td>533</td><td>846</td><td>159</td><td>87</td><td>92</td><td>106</td></tr><tr><td>Michigan</td><td>472</td><td>635</td><td>134</td><td>228</td><td>250</td><td>110</td><td>244</td><td>385</td><td>158</td><td>141</td><td>148</td><td>105</td></tr><tr><td>Minnesota</td><td>215</td><td>399</td><td>186</td><td>103</td><td>125</td><td>121</td><td>112</td><td>274</td><td>245</td><td>55</td><td>62</td><td>113</td></tr><tr><td>Mississippi</td><td>47</td><td>74</td><td>158</td><td>30</td><td>43</td><td>144</td><td>17</td><td>31</td><td>183</td><td>18</td><td>24</td><td>134</td></tr><tr><td>Missouri</td><td>276</td><td>423</td><td>153</td><td>118</td><td>139</td><td>118</td><td>158</td><td>283</td><td>179</td><td>63</td><td>68</td><td>108</td></tr><tr><td>Montana</td><td>32</td><td>50</td><td>157</td><td>17</td><td>26</td><td>154</td><td>15</td><td>24</td><td>161</td><td>10</td><td>16</td><td>160</td></tr><tr><td>Nebraska</td><td>94</td><td>133</td><td>142</td><td>52</td><td>54</td><td>104</td><td>42</td><td>79</td><td>188</td><td>31</td><td>35</td><td>113</td></tr><tr><td>Nevada</td><td>11</td><td>14</td><td>128</td><td>6</td><td>8</td><td>138</td><td>5</td><td>6</td><td>115</td><td>3</td><td>4</td><td>117</td></tr><tr><td>New Hampshire</td><td>33</td><td>73</td><td>221</td><td>12</td><td>13</td><td>111</td><td>21</td><td>60</td><td>284</td><td>7</td><td>8</td><td>119</td></tr><tr><td>New Jersey</td><td>567</td><td>975</td><td>172</td><td>181</td><td>231</td><td>127</td><td>386</td><td>745</td><td>193</td><td>94</td><td>101</td><td>108</td></tr><tr><td>New Mexico</td><td>15</td><td>21</td><td>139</td><td>9</td><td>11</td><td>123</td><td>6</td><td>10</td><td>164</td><td>5</td><td>7</td><td>149</td></tr><tr><td>New York</td><td>4,226</td><td>6,673</td><td>158</td><td>800</td><td>1,010</td><td>126</td><td>3,426</td><td>5,664</td><td>165</td><td>295</td><td>375</td><td>114</td></tr><tr><td>North Carolina</td><td>121</td><td>248</td><td>205</td><td>61</td><td>95</td><td>155</td><td>60</td><td>154</td><td>256</td><td>34</td><td>42</td><td>124</td></tr><tr><td>North Dakota</td><td>29</td><td>47</td><td>162</td><td>18</td><td>28</td><td>155</td><td>11</td><td>19</td><td>173</td><td>11</td><td>20</td><td>181</td></tr><tr><td>Ohio</td><td>713</td><td>1,050</td><td>147</td><td>288</td><td>302</td><td>105</td><td>425</td><td>748</td><td>176</td><td>151</td><td>167</td><td>110</td></tr><tr><td>Oklahoma</td><td>90</td><td>138</td><td>153</td><td>49</td><td>74</td><td>150</td><td>41</td><td>64</td><td>156</td><td>29</td><td>39</td><td>133</td></tr><tr><td>Oregon</td><td>107</td><td>157</td><td>147</td><td>62</td><td>63</td><td>101</td><td>45</td><td>95</td><td>210</td><td>34</td><td>41</td><td>120</td></tr><tr><td>Pennsylvania</td><td>938</td><td>1,299</td><td>138</td><td>370</td><td>428</td><td>114</td><td>568</td><td>876</td><td>154</td><td>160</td><td>204</td><td>113</td></tr><tr><td>Rhode Island</td><td>79</td><td>148</td><td>188</td><td>36</td><td>29</td><td>80</td><td>43</td><td>119</td><td>278</td><td>15</td><td>16</td><td>104</td></tr><tr><td>South Carolina</td><td>49</td><td>79</td><td>162</td><td>25</td><td>34</td><td>138</td><td>24</td><td>45</td><td>188</td><td>16</td><td>21</td><td>132</td></tr><tr><td>South Dakota</td><td>29</td><td>47</td><td>162</td><td>19</td><td>24</td><td>126</td><td>10</td><td>23</td><td>220</td><td>11</td><td>15</td><td>134</td></tr><tr><td>Tennessee</td><td>117</td><td>220</td><td>188</td><td>61</td><td>74</td><td>122</td><td>56</td><td>146</td><td>261</td><td>30</td><td>36</td><td>120</td></tr><tr><td>Texas</td><td>414</td><td>592</td><td>143</td><td>225</td><td>272</td><td>121</td><td>189</td><td>320</td><td>169</td><td>105</td><td>126</td><td>120</td></tr><tr><td>Utah</td><td>34</td><td>56</td><td>165</td><td>18</td><td>23</td><td>126</td><td>16</td><td>34</td><td>210</td><td>12</td><td>14</td><td>115</td></tr><tr><td>Utah</td><td>24</td><td>41</td><td>169</td><td>9</td><td>8</td><td>95</td><td>15</td><td>32</td><td>214</td><td>5</td><td>5</td><td>100</td></tr><tr><td>Virginia</td><td>136</td><td>248</td><td>182</td><td>69</td><td>99</td><td>143</td><td>67</td><td>149</td><td>222</td><td>38</td><td>52</td><td>137</td></tr><tr><td>Washington</td><td>177</td><td>335</td><td>189</td><td>88</td><td>106</td><td>120</td><td>89</td><td>229</td><td>258</td><td>53</td><td>65</td><td>123</td></tr><tr><td>West Virginia</td><td>69</td><td>144</td><td>209</td><td>39</td><td>68</td><td>175</td><td>30</td><td>76</td><td>254</td><td>21</td><td>23</td><td>111</td></tr><tr><td>Wyoming</td><td>253</td><td>387</td><td>153</td><td>107</td><td>125</td><td>117</td><td>146</td><td>261</td><td>179</td><td>55</td><td>66</td><td>120</td></tr><tr><td>Wyoming</td><td>11</td><td>18</td><td>164</td><td>6</td><td>9</td><td>155</td><td>5</td><td>9</td><td>175</td><td>3</td><td>6</td><td>213</td></tr><tr><td>Alaska</td><td>3</td><td>3</td><td>139</td><td>2</td><td>2</td><td>142</td><td>1</td><td>1</td><td>133</td><td>1</td><td>2</td><td>154</td></tr><tr><td>Canal Zone</td><td>-</td><td>2</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Hawaii</td><td>20</td><td>42</td><td>211</td><td>11</td><td>16</td><td>143</td><td>9</td><td>26</td><td>294</td><td>10</td><td>14</td><td>142</td></tr><tr><td>Puerto Rico</td><td>7</td><td>31</td><td>437</td><td>6</td><td>5</td><td>94</td><td>1</td><td>25</td><td>2,498</td><td>4</td><td>3</td><td>80</td></tr><tr><td>Virgin Islands</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Unallocated 4/</td><td>-</td><td>33</td><td>-</td><td>-</td><td>-14</td><td>-</td><td>-</td><td>47</td><td>-</td><td>-</td><td>-18</td><td>-</td></tr><tr><td>Total sales</td><td>14,000</td><td>21,621</td><td>154</td><td>5,000</td><td>5,882</td><td>118</td><td>9,000</td><td>15,739</td><td>175</td><td>2,500</td><td>2,666</td><td>115</td></tr></table>
* Less than $500,000.
1/ Includes partnerships and personal trust accounts.
2/ Comprises insurance companies, savings banks, corporations and associations, savings and loan associations, dealers and brokers, and State and local governments (including their
3/ For further details see Table 3. 4/ Figures do not add to the total because of minor reporting differences.
January 1945
A-15
Table 3.- Sales of Securities in the Sixth War Loan, by States and by Classes of Investors
(In millions of dollars)
<table><tr><th>State</th><th>Total sales</th><th colspan="4">Sales to individuals 1/ (Classified by securities)</th><th colspan="6">Sales to corporations and other investors (Classified by investor classes)</th></tr><tr><th></th><th></th><th>Total</th><th>Saving bonds (Issue price)</th><th>Saving bonds and marketable securities</th><th>Total</th><th>Insurance companies</th><th>Savings banks</th><th>Corporations and associations 2/</th><th>Savings and loan associations</th><th>Dealers and local brokers</th><th>State and local government 3/</th></tr><tr><th></th><th></th><th></th><th>Series E</th><th>Series F and G</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Alabama</td><td>140</td><td>64</td><td>40</td><td>5</td><td>16</td><td>76</td><td>6</td><td>1</td><td>57</td><td>2</td><td>10</td></tr><tr><td>Arizona</td><td>37</td><td>19</td><td>11</td><td>2</td><td>19</td><td>19</td><td>*</td><td>1</td><td>13</td><td>*</td><td>5</td></tr><tr><td>Arkansas</td><td>64</td><td>37</td><td>20</td><td>3</td><td>14</td><td>27</td><td>*</td><td>24</td><td>*</td><td>*</td><td>2</td></tr><tr><td>California (Northern)</td><td>491</td><td>180</td><td>111</td><td>21</td><td>48</td><td>311</td><td>17</td><td>24</td><td>187</td><td>11</td><td>68</td></tr><tr><td>California (Southern)</td><td>595</td><td>225</td><td>124</td><td>21</td><td>78</td><td>371</td><td>19</td><td>*</td><td>196</td><td>31</td><td>113</td></tr><tr><td>Colorado</td><td>96</td><td>47</td><td>22</td><td>4</td><td>21</td><td>49</td><td>1</td><td>*</td><td>40</td><td>3</td><td>6</td></tr><tr><td>Connecticut</td><td>622</td><td>87</td><td>52</td><td>8</td><td>27</td><td>536</td><td>258</td><td>155</td><td>101</td><td>6</td><td>15</td></tr><tr><td>Delaware</td><td>58</td><td>18</td><td>6</td><td>2</td><td>10</td><td>40</td><td>2</td><td>1</td><td>36</td><td>*</td><td>1</td></tr><tr><td>District of Columbia</td><td>141</td><td>54</td><td>35</td><td>4</td><td>14</td><td>87</td><td>9</td><td>*</td><td>69</td><td>9</td><td>*</td></tr><tr><td>Florida</td><td>161</td><td>70</td><td>37</td><td>7</td><td>27</td><td>91</td><td>4</td><td>2</td><td>56</td><td>20</td><td>10</td></tr><tr><td>Georgia</td><td>161</td><td>67</td><td>41</td><td>6</td><td>20</td><td>95</td><td>4</td><td>5</td><td>70</td><td>8</td><td>6</td></tr><tr><td>Idaho</td><td>34</td><td>19</td><td>12</td><td>1</td><td>6</td><td>15</td><td>*</td><td>*</td><td>12</td><td>2</td><td>1</td></tr><tr><td>Illinois</td><td>1,532</td><td>400</td><td>194</td><td>40</td><td>166</td><td>1,133</td><td>88</td><td>1</td><td>582</td><td>38</td><td>28</td></tr><tr><td>Indiana</td><td>365</td><td>132</td><td>75</td><td>12</td><td>45</td><td>232</td><td>39</td><td>1</td><td>168</td><td>20</td><td>95</td></tr><tr><td>Iowa</td><td>323</td><td>143</td><td>72</td><td>16</td><td>55</td><td>181</td><td>91</td><td>*</td><td>83</td><td>4</td><td>3</td></tr><tr><td>Kansas</td><td>143</td><td>76</td><td>44</td><td>9</td><td>23</td><td>66</td><td>4</td><td>*</td><td>55</td><td>6</td><td>2</td></tr><tr><td>Kentucky</td><td>161</td><td>68</td><td>28</td><td>7</td><td>34</td><td>92</td><td>5</td><td>*</td><td>66</td><td>16</td><td>4</td></tr><tr><td>Louisiana</td><td>146</td><td>59</td><td>32</td><td>6</td><td>21</td><td>87</td><td>4</td><td>*</td><td>79</td><td>1</td><td>2</td></tr><tr><td>Maine</td><td>76</td><td>25</td><td>14</td><td>3</td><td>8</td><td>51</td><td>2</td><td>20</td><td>25</td><td>*</td><td>3</td></tr><tr><td>Marland</td><td>417</td><td>141</td><td>39</td><td>7</td><td>25</td><td>276</td><td>39</td><td>68</td><td>111</td><td>23</td><td>31</td></tr><tr><td>Massachusetts</td><td>1,021</td><td>175</td><td>92</td><td>19</td><td>63</td><td>846</td><td>180</td><td>349</td><td>257</td><td>50</td><td>12</td></tr><tr><td>Michigan</td><td>635</td><td>250</td><td>148</td><td>16</td><td>85</td><td>385</td><td>23</td><td>7</td><td>258</td><td>21</td><td>75</td></tr><tr><td>Minnesota</td><td>399</td><td>125</td><td>62</td><td>11</td><td>52</td><td>274</td><td>18</td><td>16</td><td>182</td><td>25</td><td>26</td></tr><tr><td>Mississippi</td><td>74</td><td>43</td><td>24</td><td>3</td><td>16</td><td>31</td><td>1</td><td>*</td><td>26</td><td>1</td><td>3</td></tr><tr><td>Missouri</td><td>423</td><td>139</td><td>68</td><td>15</td><td>57</td><td>283</td><td>47</td><td>*</td><td>221</td><td>4</td><td>2</td></tr><tr><td>Montana</td><td>50</td><td>26</td><td>16</td><td>3</td><td>8</td><td>24</td><td>3</td><td>*</td><td>17</td><td>2</td><td>2</td></tr><tr><td>Nebraska</td><td>133</td><td>54</td><td>35</td><td>6</td><td>13</td><td>79</td><td>19</td><td>*</td><td>41</td><td>9</td><td>10</td></tr><tr><td>Nevada</td><td>14</td><td>8</td><td>4</td><td>1</td><td>4</td><td>6</td><td>*</td><td>*</td><td>5</td><td>*</td><td>1</td></tr><tr><td>New Hampshire</td><td>73</td><td>13</td><td>8</td><td>2</td><td>3</td><td>60</td><td>5</td><td>39</td><td>12</td><td>3</td><td>1</td></tr><tr><td>New Jersey</td><td>975</td><td>231</td><td>101</td><td>20</td><td>110</td><td>745</td><td>438</td><td>42</td><td>175</td><td>16</td><td>72</td></tr><tr><td>New Mexico</td><td>21</td><td>11</td><td>7</td><td>1</td><td>3</td><td>10</td><td>*</td><td>*</td><td>7</td><td>43</td><td>3</td></tr><tr><td>New York</td><td>6,673</td><td>1,010</td><td>375</td><td>78</td><td>597</td><td>5,664</td><td>1,427</td><td>1,357</td><td>2,444</td><td>13</td><td>239</td></tr><tr><td>North Carolina</td><td>248</td><td>95</td><td>42</td><td>6</td><td>47</td><td>154</td><td>12</td><td>*</td><td>76</td><td>*</td><td>51</td></tr><tr><td>North Dakota</td><td>47</td><td>28</td><td>20</td><td>3</td><td>5</td><td>19</td><td>1</td><td>*</td><td>11</td><td>2</td><td>5</td></tr><tr><td>Ohio</td><td>1,050</td><td>302</td><td>167</td><td>27</td><td>108</td><td>748</td><td>78</td><td>36</td><td>446</td><td>89</td><td>97</td></tr><tr><td>Oklahoma</td><td>138</td><td>74</td><td>39</td><td>4</td><td>31</td><td>64</td><td>2</td><td>*</td><td>52</td><td>2</td><td>7</td></tr><tr><td>Oregon</td><td>157</td><td>63</td><td>41</td><td>5</td><td>17</td><td>35</td><td>5</td><td>*</td><td>45</td><td>9</td><td>35</td></tr><tr><td>Pennsylvania</td><td>1,299</td><td>429</td><td>204</td><td>40</td><td>179</td><td>875</td><td>144</td><td>108</td><td>529</td><td>18</td><td>59</td></tr><tr><td>Rhode Island</td><td>148</td><td>29</td><td>16</td><td>3</td><td>10</td><td>119</td><td>19</td><td>50</td><td>35</td><td>7</td><td>10</td></tr><tr><td>South Carolina</td><td>79</td><td>34</td><td>21</td><td>3</td><td>11</td><td>45</td><td>5</td><td>*</td><td>32</td><td>2</td><td>6</td></tr><tr><td>South Dakota</td><td>47</td><td>24</td><td>15</td><td>2</td><td>7</td><td>23</td><td>1</td><td>*</td><td>11</td><td>*</td><td>11</td></tr><tr><td>Tennessee</td><td>220</td><td>74</td><td>36</td><td>5</td><td>33</td><td>146</td><td>26</td><td>*</td><td>107</td><td>5</td><td>7</td></tr><tr><td>Texas</td><td>592</td><td>272</td><td>126</td><td>19</td><td>127</td><td>320</td><td>45</td><td>*</td><td>223</td><td>9</td><td>43</td></tr><tr><td>Utah</td><td>56</td><td>23</td><td>14</td><td>1</td><td>8</td><td>34</td><td>1</td><td>2</td><td>19</td><td>2</td><td>8</td></tr><tr><td>Vermont</td><td>41</td><td>8</td><td>5</td><td>1</td><td>2</td><td>32</td><td>4</td><td>17</td><td>8</td><td>*</td><td>3</td></tr><tr><td>Virginia</td><td>248</td><td>99</td><td>52</td><td>9</td><td>38</td><td>149</td><td>19</td><td>*</td><td>85</td><td>3</td><td>43</td></tr><tr><td>Washington</td><td>375</td><td>106</td><td>65</td><td>8</td><td>32</td><td>229</td><td>9</td><td>10</td><td>92</td><td>20</td><td>96</td></tr><tr><td>West Virginia</td><td>144</td><td>68</td><td>23</td><td>3</td><td>42</td><td>76</td><td>3</td><td>*</td><td>65</td><td>1</td><td>7</td></tr><tr><td>Wisconsin</td><td>387</td><td>125</td><td>66</td><td>16</td><td>43</td><td>261</td><td>67</td><td>1</td><td>138</td><td>8</td><td>46</td></tr><tr><td>Wyoming</td><td>18</td><td>9</td><td>6</td><td>1</td><td>2</td><td>9</td><td>*</td><td>*</td><td>5</td><td>1</td><td>3</td></tr><tr><td>Alaska</td><td>3</td><td>2</td><td>2</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Canal Zone</td><td>5</td><td>2</td><td>1</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Hawaii</td><td>42</td><td>16</td><td>14</td><td>1</td><td>2</td><td>26</td><td>*</td><td>*</td><td>20</td><td>1</td><td>16</td></tr><tr><td>Puerto Rico</td><td>31</td><td>5</td><td>3</td><td>1</td><td>2</td><td>25</td><td>*</td><td>*</td><td>25</td><td>*</td><td>1</td></tr><tr><td>Virgin Islands</td><td></td><td></td><td></td><td></td><td></td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Unallocated 4/</td><td>33</td><td>-14</td><td>-18</td><td>4</td><td>*</td><td>47</td><td>*</td><td>*</td><td>47</td><td>*</td><td>*</td></tr><tr><td>Total sales</td><td>21,621</td><td>5,882</td><td>2,868</td><td>522</td><td>2,492</td><td>15,739</td><td>3,196</td><td>2,314</td><td>8,049</td><td>564</td><td>317</td><td>1,299</td></tr></table>
1/ Less than $500,000.
2/ Includes partnership and personal trust accounts.
3/ Includes purchases by United States Government agencies and trust funds other than those identified as Treasury investment accounts (defined in Table 4, footnote 6). Such purchases amounted to $42 millions.
4/ Includes their agencies and their trust, sinking, and investment funds.
5/ Figures do not add to the total because of minor reporting differences.
Treasury Bulletin
A-16
Table 4.- Comparison of Sales of Securities in the Six War Loans by Classes of Investors and by Issues
(in millions of dollars)
<table><tr><th>Security and War Loan</th><th>Total sales to all investors</th><th>Total</th><th>Individual 1/</th><th>Insurance companies</th><th>Savings banks</th><th>Corporations and associations 2/ and savings and loan associations 3/</th><th>Dealers and brokers 4/</th><th>State and local governments 5/</th><th>Treasury investment accounts 6/</th><th>Sales to commercial banks 7/</th></tr><tr><td>Series E savings bonds (issue price):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan</td><td>1,473</td><td>1,473</td><td>1,473</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Second War Loan</td><td>2,472</td><td>2,472</td><td>2,472</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Third War Loan</td><td>3,187</td><td>3,187</td><td>3,187</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Fourth War Loan</td><td>3,036</td><td>3,036</td><td>3,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Fifth War Loan</td><td>2,868</td><td>2,868</td><td>2,868</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sixth War Loan</td><td></td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Series F and G savings bonds (issue price):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan 8/</td><td>288</td><td>288</td><td>216</td><td>-</td><td>-</td><td>72</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Second War Loan 8/</td><td>667</td><td>667</td><td>425</td><td>-</td><td>-</td><td>242</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Third War Loan</td><td>831</td><td>831</td><td>565</td><td>4</td><td>1</td><td>231</td><td>-</td><td>30</td><td>-</td><td>-</td></tr><tr><td>Fourth War Loan</td><td>1,024</td><td>1,024</td><td>573</td><td>35</td><td>35</td><td>341</td><td>-</td><td>39</td><td>-</td><td>-</td></tr><tr><td>Fifth War Loan</td><td>818</td><td>818</td><td>574</td><td>1</td><td>2</td><td>207</td><td>-</td><td>28</td><td>-</td><td>-</td></tr><tr><td>Sixth War Loan</td><td>719</td><td>719</td><td>522</td><td>6</td><td>1</td><td>172</td><td>-</td><td>18</td><td>-</td><td>-</td></tr><tr><td>Series C savings notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan 9/</td><td>1,335</td><td>1,335</td><td>188</td><td>-</td><td>-</td><td>1,147</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Second War Loan 9/</td><td>1,652</td><td>1,652</td><td>132</td><td>1</td><td>1</td><td>1,520</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Third War Loan</td><td>2,483</td><td>2,483</td><td>193</td><td>1</td><td>2</td><td>2,282</td><td>-</td><td>26</td><td>-</td><td>-</td></tr><tr><td>Fourth War Loan</td><td>2,232</td><td>2,232</td><td>183</td><td>3</td><td>2</td><td>1,997</td><td>-</td><td>47</td><td>-</td><td>-</td></tr><tr><td>Fifth War Loan</td><td>2,575</td><td>2,575</td><td>181</td><td>2</td><td>1</td><td>2,371</td><td>1</td><td>120</td><td>-</td><td>-</td></tr><tr><td>Sixth War Loan</td><td>2,429</td><td>2,429</td><td>146</td><td>1</td><td>1</td><td>2,242</td><td>1</td><td>40</td><td>-</td><td>-</td></tr><tr><td>Treasury bills: 10/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan</td><td>906</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>906</td></tr><tr><td>Second War Loan</td><td>810</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>810</td></tr><tr><td>7/8% Certificates of indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan... (due 12/1/43)</td><td>3,800</td><td>1,679</td><td>121</td><td>76</td><td>51</td><td>899</td><td>450</td><td>82</td><td>1</td><td>2,121</td></tr><tr><td>Second War Loan... (due 4/1/44)</td><td>5,251</td><td>3,104</td><td>286</td><td>127</td><td>105</td><td>2,033</td><td>355</td><td>241</td><td>1</td><td>2,147</td></tr><tr><td>Third War Loan... (due 9/1/44)</td><td>5,483</td><td>4,122</td><td>366</td><td>136</td><td>113</td><td>2,803</td><td>323</td><td>176</td><td>-</td><td>-</td></tr><tr><td>Fourth War Loan... (due 3/1/45)</td><td>5,036</td><td>5,036</td><td>498</td><td>207</td><td>136</td><td>3,479</td><td>265</td><td>452</td><td>-</td><td>-</td></tr><tr><td>Fifth War Loan... (due 6/1/45)</td><td>4,770</td><td>4,770</td><td>468</td><td>170</td><td>84</td><td>3,318</td><td>148</td><td>582</td><td>-</td><td>-</td></tr><tr><td>Sixth War Loan... (due 12/1/45)</td><td>4,405</td><td>4,405</td><td>339</td><td>150</td><td>46</td><td>3,282</td><td>64</td><td>524</td><td>-</td><td>-</td></tr><tr><td>1-1/4% Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fifth War Loan... (due 3/15/47)</td><td>1,948</td><td>1,948</td><td>353</td><td>309</td><td>121</td><td>913</td><td>133</td><td>119</td><td>-</td><td>-</td></tr><tr><td>Sixth War Loan... (due 9/15/47)</td><td>1,550</td><td>1,550</td><td>210</td><td>98</td><td>133</td><td>857</td><td>54</td><td>198</td><td>-</td><td>-</td></tr><tr><td>1-3/4% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan... (due 6/15/48)</td><td>3,062</td><td>1,001</td><td>85</td><td>240</td><td>86</td><td>242</td><td>318</td><td>30</td><td>-</td><td>2,061</td></tr><tr><td>2% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Second War Loan... (due 9/15/50-51)</td><td>4,939</td><td>2,817</td><td>472</td><td>703</td><td>539</td><td>832</td><td>189</td><td>82</td><td>*</td><td>2,122</td></tr><tr><td>Third War Loan... (due 9/15/51-51)</td><td>5,257</td><td>5,257</td><td>1,220</td><td>894</td><td>1,032</td><td>1,357</td><td>440</td><td>123</td><td>151</td><td>-</td></tr><tr><td>Fifth War Loan... (due 6/15/52-54)</td><td>5,229</td><td>5,229</td><td>1,322</td><td>924</td><td>1,250</td><td>1,242</td><td>242</td><td>240</td><td>-</td><td>-</td></tr><tr><td>Sixth War Loan... (due 12/15/52-54)</td><td>6,939</td><td>6,939</td><td>1,895</td><td>1,339</td><td>2,018</td><td>1,773</td><td>181</td><td>333</td><td>-</td><td>-</td></tr><tr><td>2-1/4% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fourth War Loan... (due 9/15/55-59)</td><td>3,331</td><td>3,331</td><td>517</td><td>801</td><td>1,028</td><td>722</td><td>158</td><td>104</td><td>-</td><td>-</td></tr><tr><td>2-1/2% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan... (due 12/15/53-54)</td><td>2,631</td><td>2,631</td><td>257</td><td>1,382</td><td>453</td><td>265</td><td>117</td><td>88</td><td>239</td><td>-</td></tr><tr><td>Second War Loan... (due 6/15/54-59)</td><td>3,762</td><td>3,762</td><td>540</td><td>1,582</td><td>550</td><td>560</td><td>-</td><td>181</td><td>459</td><td>-</td></tr><tr><td>Third War Loan... (due 12/15/54-59)</td><td>3,779</td><td>3,779</td><td>561</td><td>1,585</td><td>354</td><td>473</td><td>92</td><td>235</td><td>479</td><td>-</td></tr><tr><td>Fourth War Loan... (due 3/15/55-70)</td><td>1,920</td><td>1,920</td><td>352</td><td>1,095</td><td>61</td><td>256</td><td>8</td><td>147</td><td>-</td><td>-</td></tr><tr><td>Fifth War Loan... (due 3/15/55-70)</td><td>2,263</td><td>2,263</td><td>417</td><td>1,357</td><td>68</td><td>242</td><td>9</td><td>163</td><td>-</td><td>-</td></tr><tr><td>Sixth War Loan... (due 3/15/56-71)</td><td>2,711</td><td>2,711</td><td>502</td><td>1,603</td><td>116</td><td>286</td><td>18</td><td>186</td><td>-</td><td>-</td></tr><tr><td>Total - All securities:</td><td>12,047</td><td>7,850</td><td>1,593</td><td>1,699</td><td>620</td><td>2,625</td><td>486</td><td>200</td><td>239</td><td>5,087</td></tr><tr><td>First War Loan</td><td>18,555</td><td>13,476</td><td>3,290</td><td>2,408</td><td>1,195</td><td>5,187</td><td>544</td><td>503</td><td>350</td><td>5,079</td></tr><tr><td>Second War Loan</td><td>18,944</td><td>18,944</td><td>5,377</td><td>2,620</td><td>1,508</td><td>7,121</td><td>894</td><td>795</td><td>630</td><td>-</td></tr><tr><td>Third War Loan</td><td>16,730</td><td>16,730</td><td>5,309</td><td>2,141</td><td>1,262</td><td>6,796</td><td>433</td><td>789</td><td>-</td><td>-</td></tr><tr><td>Fourth War Loan</td><td>20,639</td><td>20,639</td><td>6,351</td><td>2,769</td><td>1,525</td><td>8,201</td><td>533</td><td>1,260</td><td>-</td><td>-</td></tr><tr><td>Fifth War Loan</td><td>21,621</td><td>21,621</td><td>5,882</td><td>3,196</td><td>2,314</td><td>8,631</td><td>317</td><td>1,299</td><td>-</td><td>-</td></tr><tr><td>Sixth War Loan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
* Less than $500,000.
/ Includes partnerships and personal trust accounts.
§/ Includes purchases from the United States Government agencies and trust funds other than those identified as Treasury investment accounts (defined in footnote 6). Such purchases amounted to $32 millions in the First War Loan, $48 millions in the Second, $82 millions in the Third, $49 millions in the Fourth, $32 millions in the Fifth, and $42 millions in the Sixth.
/ Purchases by savings and loan associations in the Sixth War Loan are shown separately for the first time in Tables 1 and 3 of this article.
\ Figures for the Second War Loan exclude amounts distributed to or earmarked for nonbank investors by dealers and others; the figures for the Third, classified in the appropriate nonbank investor classes.
5/ Includes their agencies and their trust, sinking, and investment funds.
6/ Treasury investment accounts represent those United States Government agencies and trust funds whose investments are handled through the facilities of the Treasury Department. They are included in the First, Second, and Third War Loans only.
1/ Included in First and Second War Loans only.
3/ Sales of F and G savings bonds and Series C savings notes are not representative of other investors in First and Second War Loans were arbitrarily assigned to corporations and associations.
13/ Includes sales of small amounts of Series A tax notes. Figures are representative of the sales bills outstanding during December 1942 and April 1943, respectively, and were arbitrarily assigned to commercial banks.
January
1945
A-17
Table 5.- Dates and Goals Relating to the Six War Loans
<table><tr><th rowspan="2">War Loan</th><th rowspan="2">Sales period for marketable issue 1/</th><th rowspan="2">Sales period for non-marketable issue</th><th rowspan="2">Date interest commenced on marketable issue</th><th colspan="6">Goals (In millions of dollars)</th></tr><tr><th>Total</th><th>Commercial banks</th><th colspan="4">Nonbank investors</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total</th><th colspan="3">Individuals</th><th>Corporations and other investors</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>Series E earning bonds</th><th>Other securities</th><th></th></tr><tr><td>First War Loan</td><td>11/30-12/23/42</td><td>12/1-12/31/42</td><td>12/1/42</td><td>9,000</td><td>5,000 2/</td><td>4,000</td><td>3/</td><td>3/</td><td>3/</td></tr><tr><td>Second War Loan</td><td>4/12-5/1/43</td><td>4/1-5/8/43</td><td>4/15/43</td><td>13,000</td><td>5,000 2/</td><td>8,000</td><td>2,500</td><td>4/</td><td>5,500</td></tr><tr><td>Third War Loan</td><td>9/9-10/2/43</td><td>9/1-10/16/43</td><td>9/15/43</td><td>15,000</td><td>....</td><td>15,000</td><td>5,000</td><td>3,000</td><td>2,000</td><td>10,000</td></tr><tr><td>Fourth War Loan</td><td>1/18-2/15/44</td><td>1/1-2/29/44</td><td>2/1/44</td><td>14,000</td><td>....</td><td>14,000</td><td>5,500</td><td>3,000</td><td>2,500</td><td>8,500</td></tr><tr><td>Fifth War Loan</td><td>6/12-7/8/44</td><td>6/1-7/31/44</td><td>6/26/44</td><td>16,000</td><td>....</td><td>16,000</td><td>6,000</td><td>3,000</td><td>3,000</td><td>10,000</td></tr><tr><td>Sixth War Loan</td><td>11/20-12/16/44</td><td>11/1-12/31/44 5/</td><td>12/1/44</td><td>14,000</td><td>....</td><td>14,000</td><td>5,000</td><td>2,500</td><td>2,500</td><td>9,000</td></tr></table>
1/ Formal opening and closing of the drives.
2/ This amount represents the fixed amount which commercial banks were allowed to buy rather than a goal.
The goal for nonbank investors was not subdivided. No separate goal was set for Series E savings bonds. The final date for processing these subscriptions was extended from December 31, 1944 to January 2, 1945.
Table 6.- Comparison of Sales of Series E Savings Bonds, by Denomination in the Six War Loans
PART A.- AMOUNTS OF SALES
<table><tr><th rowspan="2">War Loan</th><th colspan="6">Sales in millions of dollars at issue price</th><th colspan="6">Percentage distribution</th></tr><tr><th>Total all denominations</th><th colspan="6">Denomination</th><th>Total all denominations</th><th colspan="6">Denomination</th></tr><tr><th></th><th>$10</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$10</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th></tr><tr><td>First War Loan</td><td>726</td><td>...</td><td>265</td><td>99</td><td>157</td><td>89</td><td>116</td><td>100.0</td><td>...</td><td>36.5</td><td>13.6</td><td>21.6</td><td>12.3</td><td>16.0</td></tr><tr><td>Second War Loan</td><td>1,473</td><td>...</td><td>426</td><td>171</td><td>314</td><td>225</td><td>338</td><td>100.0</td><td>...</td><td>28.9</td><td>11.6</td><td>21.3</td><td>15.3</td><td>22.9</td></tr><tr><td>Third War Loan</td><td>2,472</td><td>...</td><td>653</td><td>291</td><td>617</td><td>388</td><td>522</td><td>100.0</td><td>...</td><td>26.4</td><td>11.8</td><td>25.0</td><td>15.7</td><td>21.1</td></tr><tr><td>Fourth War Loan</td><td>3,187</td><td>...</td><td>892</td><td>388</td><td>733</td><td>447</td><td>726</td><td>100.0</td><td>...</td><td>28.0</td><td>12.2</td><td>23.0</td><td>14.0</td><td>22.8</td></tr><tr><td>Fifth War Loan</td><td>3,036</td><td>2</td><td>929</td><td>423</td><td>693</td><td>403</td><td>587</td><td>100.0</td><td>0.1</td><td>30.6</td><td>13.9</td><td>22.8</td><td>13.3</td><td>19.1</td></tr><tr><td>Sixth War Loan</td><td>2,868</td><td>11</td><td>817</td><td>383</td><td>676</td><td>407</td><td>574</td><td>100.0</td><td>0.4</td><td>28.5</td><td>13.4</td><td>23.5</td><td>14.2</td><td>20.0</td></tr></table>
PART B. - NUMBER OF UNITS
<table><tr><th rowspan="2">War Loan</th><th colspan="6">Number of unite in thousande</th><th colspan="6">Percentage distribution</th></tr><tr><th>Total all denomina-tione</th><th colspan="6">Denomination</th><th>Total all denomina-tione</th><th colspan="6">Denomination</th></tr><tr><th></th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th></tr><tr><td>First War Loan</td><td>19,247</td><td>14,136</td><td>2,630</td><td>2,088</td><td>238</td><td>155</td><td>100.0</td><td>73.4</td><td>13.7</td><td>10.9</td><td>1.2</td><td>.8</td></tr><tr><td>Second War Loan</td><td>32,515</td><td>22,710</td><td>4,568</td><td>4,189</td><td>599</td><td>450</td><td>100.0</td><td>69.8</td><td>14.1</td><td>12.9</td><td>1.8</td><td>1.4</td></tr><tr><td>Third War Loan</td><td>52,577</td><td>34,848</td><td>7,766</td><td>8,232</td><td>1,035</td><td>696</td><td>100.0</td><td>66.3</td><td>14.8</td><td>15.6</td><td>2.0</td><td>1.3</td></tr><tr><td>Fourth War Loan</td><td>69,856</td><td>47,563</td><td>10,355</td><td>9,777</td><td>1,193</td><td>968</td><td>100.0</td><td>68.1</td><td>14.8</td><td>14.0</td><td>1.7</td><td>1.4</td></tr><tr><td>Fifth War Loan</td><td>72,113</td><td>204</td><td>49,530</td><td>11,281</td><td>9,241</td><td>1,075</td><td>782</td><td>100.0</td><td>0.3</td><td>68.7</td><td>15.6</td><td>12.8</td><td>1.5</td><td>1.1</td></tr><tr><td>Sixth War Loan</td><td>66,132</td><td>1,488</td><td>43,560</td><td>10,226</td><td>9,007</td><td>1,085</td><td>766</td><td>100.0</td><td>2.2</td><td>65.9</td><td>15.5</td><td>13.6</td><td>1.6</td><td>1.2</td></tr></table>
The $10 denomination Series E bond was authorized by the Secretary of the Treasury on June 7, 1944, and was made available only to members of the Military and Naval Forces
of the United States through such agencies as might be provided within their respective establishments by the Secretary of War and the Secretary of the Navy.
A-18
Treasury Bulletin
Security Purchases Outside the Sixth War Loan by Commercial Banks and Treasury Investment Accounts
Commercial Banks
Concurrently with the Sixth War Loan, commercial banks were permitted to subscribe in limited amounts to the 2% and 2-1/2% Treasury bonds offered in the drive and to Series F and G savings bonds. The limit on such purchases was set at 10% of the combined amount of time certificates of deposit of individuals and nonprofit corporations or associations, and of savings deposits, but not more than $500,000 for any one bank. Purchases of the Series F and G savings bonds were restricted further by the regular annual limit of $100,000 issue price per subscriber for both issues combined. Subscriptions by commercial banks for the limited investment of time deposits were not considered as part of the Sixth War Loan nor were they credited toward attainment of the quotas.
Subscriptions by commercial banks to the issues available to them under these limits aggregated $1,014 millions. Distribution of the purchases by issues is presented below.
<table><tr><th>Description of security</th><th>Amount purchased (In millions of dollars)</th></tr><tr><td>2% Treasury bonds, 12/15/52-54....</td><td>886</td></tr><tr><td>2-1/2% Treasury bonds, 3/15/66-71...</td><td>72</td></tr><tr><td>Series F savings bonds....................</td><td>19</td></tr><tr><td>Series G savings bonds....................</td><td>37</td></tr><tr><td>Total....................</td><td>1,014</td></tr></table>
Treasury Investment Accounts
Subscriptions by Treasury investment accounts totaled $762 millions during the period of the Sixth War Loan. These were divided between $662 millions of the 2-1/2% and $100 millions of the 2% Treasury bonds offered in the drive. These purchases, however, like those permitted to commercial banks, were not attributed to sales in the Sixth War Loan. Treasury investment accounts are those United States Government agencies and trust funds whose investments are handled through the facilities of the Treasury Department.
Treasury Market Financing: Refunding of December 1 Certificates and 4% Treasury Bonds
Exchange offerings were made concurrently with the Sixth War Loan for two outstanding Treasury securities. These constituted the only market financing operations, other than the regular weekly offerings of Treasury bills, in November and December 1944.
On November 20, the day on which the Sixth War Loan drive commenced, subscription books were opened for the exchange of the 7½% certificates of indebtedness due December 1, 1944, into O.90% Treasury notes dated December 1, 1944, and maturing January 1, 1946. Subscription books on this offering were closed on November 22, except that subscriptions amounting to $100,000 or less were accepted through November 25. Of the $3,540 millions of maturing certificates, $3,416 1/2 millions, or 96% were exchanged.
On November 20, the Treasury also offered holders of the 4% Treasury bonds of 1944-54, outstanding in the amount of $1,037 millions, and called for redemption on December 15, 1944, an opportunity to exchange their holdings into three of the securities offered in the Sixth War Loan, namely the 1-1/4% Treasury notes due September 15, 1947, the 2% Treasury bonds of December 15, 1952-54, and the 2-1/2% Treasury bonds of March 15, 1966-71, subject to the proviso that the 2-1/2% bonds may not be held by commercial banks for their own account prior to December 1, 1954. Subscription books for this exchange transaction remained open through December 9, except for subscriptions of $100,000 or less, which were received up to and including December 15, the
payment date for the called bonds. Exchanges amounted to $907 millions, or 87% of the outstanding amount of the 4% bonds. These subscriptions were not counted toward the goals in the Sixth War Loan. The distribution of accepted exchanges among the three new securities is shown in the following table:
<table><tr><th>New issue</th><th>Amount<br/>(In millions of dollars)</th><th>Percent of total</th></tr><tr><td>1-1/4% Treasury note, 9/15/47</td><td>137</td><td>15</td></tr><tr><td>2% Treasury bond, 12/15/52-54</td><td>737</td><td>81</td></tr><tr><td>2-1/2% Treasury bond, 3/15/66-71</td><td>33</td><td>4</td></tr><tr><td>Total exchanges of 4% Treasury bonds of 1944-54</td><td>907</td><td>100</td></tr></table>
The weekly offering of Treasury bills was reduced from $1,300 millions to $1,200 millions or thereabouts, with the issue dated November 30. For seven previous weeks the weekly offering had been $1,300 millions of which $1,200 millions was offset by weekly maturities of bills and $100 millions represented new money. The December weekly offering rate of $1,200 millions was equal to weekly maturities.
1/ This figure has been revised from the preliminary figure reported in the table on page 32 of this issue of the "Treasury Bulletin".
January 1945
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">First 5 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></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes 2/</td><td>2,959</td><td>10,347</td><td>10,713</td><td>+367</td><td>3,470</td><td>7,960</td><td>16,004</td><td>34,655</td><td>34,645</td><td>+18,561</td><td>-9</td></tr><tr><td>Employment taxes</td><td>621</td><td>746</td><td>790</td><td>+43</td><td>925</td><td>1,186</td><td>1,198</td><td>1,739</td><td>2,069</td><td>+241</td><td>+330</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>1,774</td><td>2,411</td><td>3,114</td><td>+703</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>114</td><td>175</td><td>132</td><td>-44</td><td>392</td><td>389</td><td>324</td><td>471</td><td>362</td><td>+107</td><td>-69</td></tr><tr><td>Other receipts 4/</td><td>128</td><td>1,261</td><td>810</td><td>-451</td><td>515</td><td>286</td><td>916</td><td>3,292</td><td>3,595</td><td>+2,376</td><td>+353</td></tr><tr><td>Total receipts</td><td>5,596</td><td>14,940</td><td>15,558</td><td>+618</td><td>8,269</td><td>13,668</td><td>23,395</td><td>45,408</td><td>47,246</td><td>+22,024</td><td>+1,838</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Amounts transferred to Federal Old-Age and Survivors Insurance trust Fund 5/</td><td>528</td><td>635</td><td>661</td><td>+26</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>5,069</td><td>14,305</td><td>14,898</td><td>+592</td><td>7,607</td><td>12,799</td><td>22,282</td><td>44,149</td><td>45,663</td><td>+21,667</td><td>+1,514</td></tr><tr><td>Expenditures: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>16,210</td><td>20,378</td><td>19,989</td><td>-389</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>6,847</td><td>9,933</td><td>12,613</td><td>+2,681</td><td>2,313</td><td>8,580</td><td>20,888</td><td>26,733</td><td>28,500</td><td>+5,619</td><td>+1,962</td></tr><tr><td>Miscellaneous war activities</td><td>3,232</td><td>4,835</td><td>4,047</td><td>-789</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>26,289</td><td>35,147</td><td>36,649</td><td>+1,502</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>255</td><td>258</td><td>491</td><td>+233</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>262</td><td>206</td><td>153</td><td>-53</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>414</td><td>741</td><td>169</td><td>-173</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>399</td><td>450</td><td>466</td><td>+15</td><td>508</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>191</td><td>9</td><td>2</td><td>-7</td><td>1,379 11/</td><td>970 11/</td><td>299</td><td>17</td><td>*</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>236</td><td>+296</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>418</td><td>515</td><td>852</td><td>+307</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>365</td><td>603</td><td>933</td><td>+330</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 5/</td><td>28,607</td><td>37,560</td><td>40,010</td><td>+2,451</td><td>12,711</td><td>32,397</td><td>78,179</td><td>97,714</td><td>98,404</td><td>+15,565</td><td>+4,660</td></tr><tr><td>Net budgetary deficit 6/</td><td>23,538</td><td>23,254</td><td>25,113</td><td>+1,859</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.
1/3/ Includes upon Budget estimates revised as of August 1, 1914.
3/ Includes unliquidated enrichment tax and taxes withheld by employers under both the Revenue Act of 1912 and the Current Tax Payment Act of 1913. For details see following chapter on Receipts and Expenditures and Appropriations, Table 2.
3/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufac-turers' 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 war- rents, such deposits were as follows: fiscal year 1913, $558 mil-lions; fiscal year 1914, $2,335 millions, of which $113 millions repre-sented a voluntary return of excess profits. Budget estimates of such deposits for the fiscal year 1915 are $1,222 millions.
For explanation, see tables in next chapter on Social Security pro-gram.
5/ Includes expenditures for public debt retirements which are charge-able to the sinking fund, etc. under special provisions of law.
1/ Includes expenditures classified as transfers to trust accounts, etc.
3/ Includes Public Works transactions classified as Revolving Funds (net).
2/ Includes Aid to agriculture transactions classified as Revolving Funds (net); expenditures of the Department of Agriculture classified as Departmental in the Daily Treasury Statements and Office of Distribution transactions classified as transfers to trust accounts, etc.
12/ 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 of Management and Budget, National Labor Relations 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 profits tax revenue bonds.
13/ Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Government employee retirement and insurance funds.
3
January 1945
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="3">End of first 5 months, fiscal years 1943 to 1945</th><th colspan="6">End of fiscal years, 1941 to 1945</th></tr><tr><th></th><th>Nov. 30, 1942</th><th>Nov. 30, 1943</th><th>Nov. 30, 1944</th><th>Change Nov. 30, 1943 to Nov. 30, 1944</th><th colspan="3">Actual</th><th colspan="2">Estimated 1/</th><th>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>66,554</td><td>115,909</td><td>145,183</td><td>+29,274</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>20,117</td><td>36,595</td><td>49,008</td><td>+12,414</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td><td>2/</td><td>+15,655</td><td>2/</td></tr><tr><td>Total public issues.</td><td>86,671</td><td>152,504</td><td>194,192</td><td>+41,688</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>8,797</td><td>12,278</td><td>16,583</td><td>+4,305</td><td>5,120</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>95,458</td><td>164,781</td><td>210,774</td><td>+45,993</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>2/</td><td>+54,165</td><td>2/</td></tr><tr><td>Natured debt and debt bearing no interest.</td><td>657</td><td>1,377</td><td>+2,303</td><td>+2,853</td><td>574</td><td>954</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>96,116</td><td>166,158</td><td>213,005</td><td>+46,846</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>+90,283</td></tr><tr><td>Securities 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><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>571</td><td>277</td><td>-294</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>4,244</td><td>4,154</td><td>1,470</td><td>-2,684</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>Natured debt.</td><td>20</td><td>6</td><td>63</td><td>+57</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>4,264</td><td>4,160</td><td>1,533</td><td>-2,627</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>-1,579</td></tr><tr><td>Total public debt and guaranteed securities outstanding.</td><td>100,379</td><td>170,318</td><td>216,537</td><td>+46,219</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/ Includes prepayments on securities.
4/ Excludes guaranteed securities held by the Treasury
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th></th><th colspan="3">First 5 months, fiscal years 1943 to 1945</th><th colspan="5">Complete fiscal years, 1941 to 1945</th></tr><tr><th></th><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 2/.</td><td>23,538</td><td>23,254</td><td>25,113</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>91</td><td>5,452</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. 1/.</td><td>64</td><td>756</td><td>-</td><td>148</td><td>3,906</td><td>1,661</td><td>4,051</td><td>2,042</td></tr><tr><td>Total amount required to be financed.</td><td>23,693</td><td>29,462</td><td>25,113</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>23,593</td><td>29,462</td><td>14,001</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>10,366</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,500</td></tr><tr><td>Net receipts in trust accounts, etc. 1/.</td><td>-</td><td>-</td><td>745</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed.</td><td>23,593</td><td>29,462</td><td>25,113</td><td>5,994</td><td>23,461</td><td>64,274</td><td>64,307</td><td>54,783</td></tr></table>
Sources: 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 or gold, seigniorage on silver, and miscellaneous funds and accounts.
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
January 1945
5
Budgetary Receipts and Expenditures
Table 1. Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="7">Expenditures 1/</th><th rowspan="2">Net budget-ary deficit 1/</th><th rowspan="2">Public debt retire-ments 1/</th></tr><tr><th>Total receipts</th><th>Internal revenue</th><th>Customs</th><th>Other receipts</th><th>Less net amounts transferred to Federal Old-age and Survivors Insurance Trust Fund 2/</th><th>Net receipts</th><th>Total expenditures</th><th>General 3/</th><th>War ac-tivities 5/</th><th>Revolving funds (net) 6/</th><th>Transfers to trust accounts, etc. 6/</th></tr><tr><td>1935</td><td>3,800</td><td>3,278</td><td>343</td><td>179</td><td>-</td><td>1,800</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>187</td><td>216</td><td>-</td><td>4,116</td><td>8,666</td><td>5,335</td><td>900</td><td>11</td><td>1,820</td><td>4,590</td><td>403</td></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>485</td><td>210</td><td>265</td><td>5,029</td><td>8,177</td><td>6,437</td><td>929</td><td>204</td><td>608</td><td>3,149</td><td>108</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,835</td><td>7,239</td><td>5,864</td><td>1,029</td><td>121</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,658</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,701</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>399</td><td>273 9/</td><td>736</td><td>5,387</td><td>8,998</td><td>7,055</td><td>1,557</td><td>54</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>6,269</td><td>7,362</td><td>392</td><td>515 5/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,215 10/</td><td>6,301</td><td>-136 10/</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 5/</td><td>869</td><td>12,799</td><td>32,397</td><td>5,988</td><td>26,011</td><td>18</td><td>381</td><td>19,998</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>124</td><td>918 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>411</td><td>3,929 11/</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,188</td><td>87,039</td><td>-39</td><td>556</td><td>49,595</td><td>*</td></tr><tr><td>1943-November</td><td>2,370</td><td>2,115</td><td>34</td><td>221</td><td>271</td><td>2,029</td><td>7,839</td><td>304</td><td>7,541</td><td>-8</td><td>2</td><td>5,740</td><td>*</td></tr><tr><td>December</td><td>5,737</td><td>5,484</td><td>34</td><td>220</td><td>1</td><td>5,736</td><td>7,852</td><td>790</td><td>6,718</td><td>-8</td><td>2</td><td>1,716</td><td>-</td></tr><tr><td>1944-January</td><td>2,779</td><td>2,188</td><td>40</td><td>552</td><td>32</td><td>2,747</td><td>7,570</td><td>400</td><td>7,138</td><td>-6</td><td>37</td><td>4,823</td><td>*</td></tr><tr><td>February</td><td>2,754</td><td>2,464</td><td>35</td><td>255</td><td>250</td><td>2,503</td><td>7,862</td><td>342</td><td>7,518</td><td>-3</td><td>5</td><td>5,359</td><td>-</td></tr><tr><td>March</td><td>6,576</td><td>6,353</td><td>42</td><td>181</td><td>2</td><td>6,573</td><td>8,525</td><td>755</td><td>7,726</td><td>-3</td><td>7</td><td>1,952</td><td>*</td></tr><tr><td>April</td><td>3,119</td><td>2,935</td><td>39</td><td>145</td><td>32</td><td>3,087</td><td>7,859</td><td>479</td><td>7,346</td><td>-6</td><td>40</td><td>4,772</td><td>-</td></tr><tr><td>May</td><td>1,295</td><td>1,024</td><td>38</td><td>195</td><td>306</td><td>2,990</td><td>8,292</td><td>361</td><td>7,879</td><td>*</td><td>26</td><td>5,342</td><td>*</td></tr><tr><td>June</td><td>2,249</td><td>5,731</td><td>28</td><td>195</td><td>2</td><td>6,247</td><td>8,625</td><td>1,016</td><td>7,567</td><td>*</td><td>40</td><td>2,378</td><td>*</td></tr><tr><td>July</td><td>2,212</td><td>1,985</td><td>28</td><td>199</td><td>49</td><td>2,163</td><td>8,110</td><td>458</td><td>7,201</td><td>*</td><td>451</td><td>5,947</td><td>*</td></tr><tr><td>August</td><td>2,859</td><td>2,502</td><td>21</td><td>134</td><td>291</td><td>2,566</td><td>8,119</td><td>499</td><td>7,574</td><td>*</td><td>57</td><td>5,953</td><td>-</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>-</td></tr><tr><td>October</td><td>2,051</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>-</td></tr><tr><td>November</td><td>2,506</td><td>2,300</td><td>27</td><td>178</td><td>205</td><td>2,280</td><td>7,828</td><td>612</td><td>7,401</td><td>-5</td><td>18</td><td>5,567</td><td>-</td></tr></table>
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. For further details, see Table 2. 2 For explanation see tables which follow on the Social Security program. 3 For further details, see Table 3. 4 For further details, see Table 4. 5 For further details, see Table 5. Also see footnotes 3 and 4. 7 Total expenditures less net receipts. 8 Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law. 9 Includes recoveries of U. S. investments in capital funds. Such re-
10/ covers total $54 millions in the fiscal year 1940; $719 millions in the fiscal year 1941; $16 millions in the fiscal year 1942; and $10 millions in the fiscal year 1943. Receipts from reductions in capital stock and paid-in surplus are subject to the same law, and the 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 basis on which 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, $575 millions; fiscal year 1944, $2,375 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 rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="3">Income and profits taxes</th><th colspan="3">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by employer (Current Tax Payment Act of 1943) $</th><th>Other $</th><th>Total</th><th>Social security taxes $ Federal Insurance Contributions Act (old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taring Act of 1937 (Railroad retirement)</th></tr><tr><td>1935</td><td>3,278</td><td>1,099</td><td>-</td><td>1,099</td><td>-</td><td>-</td><td>-</td><td>1,657</td><td>321</td></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>-</td><td>1,427</td><td>-</td><td>-</td><td>-</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>194</td><td>58</td><td>-</td><td>2,161</td><td>-</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>513</td><td>90</td><td>150</td><td>2,279</td><td>-</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>530</td><td>101</td><td>109</td><td>2,232</td><td>-</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>604</td><td>108</td><td>121</td><td>2,356</td><td>-</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>692</td><td>98</td><td>137</td><td>2,367</td><td>-</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>896</td><td>120</td><td>170</td><td>3,487</td><td>-</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,130</td><td>158</td><td>309</td><td>4,553</td><td>-</td></tr><tr><td>1944</td><td>41,685</td><td>34,695</td><td>8,993</td><td>26,260</td><td>1,739</td><td>1,292</td><td>180</td><td>5,291</td><td>-</td></tr><tr><td>1944-September</td><td>2,115</td><td>1,459</td><td>1,010</td><td>449</td><td>274</td><td>10</td><td>8</td><td>363</td><td>-</td></tr><tr><td>1944-December</td><td>5,484</td><td>5,040</td><td>713</td><td>4,327</td><td>58</td><td>1</td><td>53</td><td>346</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>14</td><td>1</td><td>412</td><td>-</td></tr><tr><td>1944-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>343</td><td>-</td></tr><tr><td>1944-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>1944-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>1944-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>320</td><td>-</td></tr><tr><td>1944-June</td><td>5,734</td><td>5,241</td><td>746</td><td>4,495</td><td>71</td><td>5</td><td>2</td><td>422</td><td>-</td></tr><tr><td>1944-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>1944-August</td><td>2,702</td><td>1,552</td><td>1,065</td><td>467</td><td>319</td><td>233</td><td>12</td><td>632</td><td>-</td></tr><tr><td>1944-September</td><td>5,749</td><td>5,174</td><td>741</td><td>4,432</td><td>61</td><td>14</td><td>1</td><td>514</td><td>-</td></tr><tr><td>1944-October</td><td>1,880</td><td>1,240</td><td>609</td><td>632</td><td>60</td><td>52</td><td>3</td><td>580</td><td>-</td></tr><tr><td>1944-November</td><td>2,300</td><td>1,501</td><td>1,035</td><td>466</td><td>293</td><td>267</td><td>11</td><td>507</td><td>-</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ For further details, see chapter on Internal Revenue Statistics. 2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
Includes unjust enrichment tax. 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.
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veteran's 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>Direct and work relief Work Projects Administration and National Youth Administration 5/</th><th>Federal Emergency Relief Administration and Civil Works Administration 1/</th><th>Civilian Conservation Corps</th><th>Interest on the public debt</th><th>Other departmental 3/</th><th>Other general expenditures 2/</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>435</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>558</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>856</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>375</td><td>1,172</td><td>14</td><td>386</td><td>926</td><td>401</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>89</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>287</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>5,985</td><td>555</td><td>669</td><td>1,091</td><td>515</td><td>970</td><td>-</td><td>163</td><td>1,260</td><td>514</td><td>220</td></tr><tr><td>1943</td><td>5,595</td><td>572</td><td>546</td><td>1,092</td><td>514</td><td>299</td><td>-</td><td>15</td><td>1,808</td><td>590</td><td>197</td></tr><tr><td>1944</td><td>5,188</td><td>629</td><td>434</td><td>950</td><td>529</td><td>17</td><td>-</td><td>-</td><td>2,509</td><td>692</td><td>328</td></tr><tr><td>1945-December</td><td>304</td><td>50</td><td>26</td><td>67</td><td>41</td><td>1</td><td>-</td><td>-</td><td>497</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>1946-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>432</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>194</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>50</td><td>-</td><td>-</td><td>-</td><td>133</td><td>68</td><td>112</td></tr><tr><td>November</td><td>412</td><td>73</td><td>25</td><td>23</td><td>40</td><td>-</td><td>-</td><td>-</td><td>55</td><td>63</td><td>132</td></tr></table>
Less than $500,000. Includes public works undertaken by the Veterans' Administration. Does not include expenditures for (1) revolving funds or (2) transfers to trust accounts, etc. These are shown in Table 5. 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. 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). 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-
5/ Low on the Social Security program. Work Projects Administration was formerly Works Progress Administration. Beginning with July 1942, expenditures for the National Youth Administration are classified as "war activities expenditures". Included: expenditures of the Reconciliation 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 Housing Administration, and the Reconstruction Finance Corporation. 10/ Groove expenditures have been reduced $150 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.
January 1945
7
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Navy Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 1/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Admin.</th><th>Other war activities expenditures 2/</th></tr><tr><td>1935</td><td>689</td><td>273</td><td>436</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>900</td><td>383</td><td>529</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>657</td><td>832</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>2,311</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>695</td><td>111</td><td>62</td><td>237</td><td>33</td><td>519</td><td>923</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>20,883</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>2,176</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>3,512</td><td>1,922</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1945-November</td><td>7,541</td><td>4,173</td><td>2,134</td><td>1,235</td><td>332</td><td>14</td><td>19</td><td>44</td><td>5</td><td>111</td><td>402</td><td>216</td><td>-</td><td>-</td><td>91</td></tr><tr><td>December</td><td>6,718</td><td>3,641</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>1946-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>2,171</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>963</td><td>166</td><td>8</td><td>16</td><td>36</td><td>3</td><td>97</td><td>366</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>6</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>2,575</td><td>1,010</td><td>205</td><td>7</td><td>7</td><td>31</td><td>6</td><td>118</td><td>364</td><td>131</td><td>-</td><td>-</td><td>81</td></tr><tr><td>June</td><td>7,557</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>168</td><td>51</td><td>201</td><td>-</td><td>-</td><td>105</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>6</td><td>124</td><td>130</td><td>194</td><td>-</td><td>-</td><td>129</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>-</td><td>31</td></tr><tr><td>September</td><td>6,998</td><td>3,905</td><td>2,295</td><td>798</td><td>144</td><td>10</td><td>13</td><td>11</td><td>6</td><td>102</td><td>335</td><td>102</td><td>-</td><td>-</td><td>71</td></tr><tr><td>October</td><td>7,479</td><td>4,091</td><td>2,048</td><td>740</td><td>-3</td><td>17</td><td>19</td><td>1</td><td>6</td><td>110</td><td>325</td><td>145</td><td>20</td><td>-</td><td>99</td></tr><tr><td>November</td><td>7,401</td><td>3,978</td><td>2,577</td><td>845</td><td>161</td><td>9</td><td>17</td><td>-8</td><td>4</td><td>118</td><td>298</td><td>152</td><td>-</td><td>-</td><td>94</td></tr></table>
Source: Daily Treasury Statements.
Jack Vignere: Monthly figures for the period July 1940 through April 1943 appeared in the "Treasury Bulletin" for May 1943, page 7.
* Less than $500,000.
1/2 Includes war public housing functions.
1/2 Similar items for periods prior to fiscal year 1941 are classified under Other departmental and Other general expenditures in Table J.
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">Placed year or month</th><th colspan="3">Revolving funds (set) 1/</th><th colspan="6">Transfers to trust accounts, etc.</th></tr><tr><th>Total</th><th>Aid to agriculture 2/</th><th>Public works 3/</th><th>Total</th><th>Veterans' Administration 4/</th><th>Social Security program 5/</th><th>Government employees' retirement funds (U. S. share)</th><th>Aid to agriculture 6/</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>1935</td><td>345</td><td>141</td><td>204</td><td>76</td><td>50</td><td>-</td><td>21</td><td>-</td><td>5</td></tr><tr><td>1936</td><td>11</td><td>-33</td><td>44</td><td>1,820</td><td>1,773</td><td>-</td><td>41</td><td>-</td><td>6</td></tr><tr><td>1937</td><td>204</td><td>-18</td><td>221</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>121</td><td>-13</td><td>134</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>92</td><td>-8</td><td>101</td><td>187</td><td>-</td><td>107</td><td>15</td><td>-</td><td>5</td></tr><tr><td>1940</td><td>54</td><td>-6</td><td>59</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>-136</td><td>-159 1/</td><td>23</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>18</td><td>7</td><td>11</td><td>381</td><td>1</td><td>115</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>459</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>271</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1943-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><tr><td>November</td><td>-3</td><td>-3</td><td>*</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Additional transactions on Aid to agriculture and Public works are shown in Table 3.
3/ Farm Credit Administration.
4/ Public Works Administration.
5/ 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.
7/ 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>879</td><td>299</td><td>421</td><td>235</td><td>234</td><td>434</td><td>3,857</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,375</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>5,690</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>587</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>361</td><td>521</td><td>4,318</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>505</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>561</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>2,240</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>494</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>617</td><td>564</td><td>716</td><td>9,204</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>948</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>969</td><td>817</td><td>1,172</td><td>9,697</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,833</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>7,828</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>165</td><td>-212</td><td>359</td><td>133</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>-132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</td></tr><tr><td>1940</td><td>398</td><td>284</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>139</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>3,095</td><td>3,391</td><td>2,037</td><td>5,413</td><td>4,628</td><td>3,404</td><td>5,231</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>3,158</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>5,587</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.
January 1945
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="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th><th colspan="3">Other trust accounts 1/</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1935</td><td>+64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>+64</td><td>301</td><td>237</td></tr><tr><td>1936</td><td>+34</td><td>-</td><td>-</td><td>-</td><td>-</td><td>294</td><td>294</td><td>-</td><td>-</td><td>-</td><td>+34</td><td>2,051</td><td>2,020</td></tr><tr><td>1937</td><td>+19</td><td>-</td><td>267</td><td>267</td><td>-</td><td>761</td><td>751</td><td>+2</td><td>148</td><td>146</td><td>+20</td><td>353</td><td>327</td></tr><tr><td>1938</td><td>+11</td><td>+1</td><td>402</td><td>401</td><td>+12</td><td>751</td><td>837</td><td>+2</td><td>109</td><td>107</td><td>+4</td><td>323</td><td>325</td></tr><tr><td>1939</td><td>+29</td><td>+1</td><td>530</td><td>529</td><td>+1</td><td>818</td><td>817</td><td>+2</td><td>109</td><td>107</td><td>+24</td><td>349</td><td>325</td></tr><tr><td>1940</td><td>+37</td><td>+3</td><td>580</td><td>577</td><td>+1</td><td>959</td><td>957</td><td>+2</td><td>123</td><td>125</td><td>+35</td><td>566</td><td>531</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>+11</td><td>127</td><td>116</td><td>+20</td><td>409</td><td>389</td></tr><tr><td>1942</td><td>+66</td><td>+3</td><td>946</td><td>931</td><td>+5</td><td>1,314</td><td>1,243</td><td>+21</td><td>144</td><td>144</td><td>+57</td><td>512</td><td>455</td></tr><tr><td>1943</td><td>+92</td><td>+6</td><td>1,190</td><td>1,185</td><td>+6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td><td>+88</td><td>561</td><td>874</td></tr><tr><td>1944</td><td>+148</td><td>+5</td><td>1,363</td><td>1,357</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td><td>+141</td><td>1,853</td><td>1,713</td></tr><tr><td>1945-November</td><td>+210</td><td>+256</td><td>271</td><td>15</td><td>-1</td><td>291</td><td>291</td><td>*</td><td>*</td><td>*</td><td>+66</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>*</td><td>*</td><td>*</td><td>-11</td><td>114</td><td>125</td></tr><tr><td>1946-January</td><td>+50</td><td>+28</td><td>32</td><td>3</td><td>+40</td><td>16</td><td>76</td><td>*</td><td>34</td><td>34</td><td>+63</td><td>164</td><td>101</td></tr><tr><td>February</td><td>+150</td><td>+134</td><td>250</td><td>116</td><td>-3</td><td>264</td><td>267</td><td>*</td><td>*</td><td>*</td><td>+19</td><td>121</td><td>102</td></tr><tr><td>March</td><td>-201</td><td>-158</td><td>3</td><td>161</td><td>-3</td><td>43</td><td>46</td><td>*</td><td>*</td><td>*</td><td>-31</td><td>94</td><td>135</td></tr><tr><td>April</td><td>+120</td><td>+15</td><td>32</td><td>16</td><td>+9</td><td>44</td><td>35</td><td>+1</td><td>35</td><td>34</td><td>+95</td><td>202</td><td>108</td></tr><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>*</td><td>*</td><td>*</td><td>+1</td><td>179</td><td>178</td></tr><tr><td>June</td><td>-355</td><td>-313</td><td>102</td><td>414</td><td>+2</td><td>103</td><td>101</td><td>+1</td><td>8</td><td>7</td><td>-45</td><td>231</td><td>275</td></tr><tr><td>July</td><td>+102</td><td>+45</td><td>49</td><td>5</td><td>+4</td><td>51</td><td>47</td><td>*</td><td>205</td><td>205</td><td>+53</td><td>415</td><td>162</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>+5</td><td>*</td><td>+5</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>-1</td><td>*</td><td>1</td><td>-13</td><td>162</td><td>174</td></tr><tr><td>October</td><td>+112</td><td>+24</td><td>51</td><td>19</td><td>+30</td><td>58</td><td>28</td><td>*</td><td>34</td><td>34</td><td>+47</td><td>206</td><td>159</td></tr><tr><td>November</td><td>+257</td><td>+266</td><td>265</td><td>19</td><td>-29</td><td>253</td><td>283</td><td>+1</td><td>34</td><td>34</td><td>+39</td><td>225</td><td>186</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Includes Government insurance and retirement funds, etc.
Table 2.- Other Funds
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Transactions in checking accounts of Government agencies, etc.</th><th colspan="3">Increment on gold</th><th colspan="3">Seigniorage on silver</th><th colspan="3">Miscellaneous funds and accounts 1/</th></tr><tr><th></th><th>Total all transactions</th><th>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>1/</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>-103</td><td>1</td><td>104</td><td>+176</td><td>175</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>+140</td><td>80</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>+2</td><td>-</td><td>-2</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>-</td><td>-</td><td>-</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>+99</td><td>111</td><td>292</td></tr><tr><td>1943</td><td>-2,194</td><td>-694</td><td>-1,500</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>+201</td><td>155</td><td>46</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-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>+150</td><td>-</td><td>-160</td></tr><tr><td>May</td><td>-148</td><td>-1,647</td><td>+1,500</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>+51</td><td>-</td><td>-51</td></tr><tr><td>June</td><td>-83</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>+442</td><td>-</td><td>-442</td></tr><tr><td>September</td><td>+35</td><td>+14</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><tr><td>November</td><td>+71</td><td>+1</td><td>+70</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>+311</td><td>-</td><td>-311</td></tr></table>
Source: Daily Treasury Statements. 
r Revised. 
* Less than $500,000. 
1/ Comprises FWA revolving fund. and special deposits (est). Also includes Office of Distribution (formerly Agricultural
Marketing Administration) commodity food stamp transactions. 2/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. 3/ Details not available.
January 1945
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 to General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Net 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>5,904</td><td>5,103</td><td>798</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>3,505</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-December</td><td>5,740</td><td>5,740</td><td>-</td><td>-</td><td>5,740</td><td>1,112</td><td>4,333</td><td>290</td></tr><tr><td>December</td><td>2,383</td><td>1,716</td><td>-</td><td>667</td><td>2,383</td><td>-281</td><td>2,664</td><td>-</td></tr><tr><td>1944-January</td><td>4,837</td><td>4,823</td><td>-</td><td>14</td><td>4,837</td><td>4,781</td><td>55</td><td>-</td></tr><tr><td>February</td><td>12,448</td><td>5,359</td><td>6,916</td><td>173</td><td>12,448</td><td>12,448</td><td>-</td><td>-</td></tr><tr><td>March</td><td>4,157</td><td>1,952</td><td>-</td><td>2,205</td><td>4,157</td><td>1,608</td><td>2,549</td><td>-</td></tr><tr><td>April</td><td>4,772</td><td>4,772</td><td>-</td><td>-</td><td>4,772</td><td>252</td><td>4,327</td><td>193</td></tr><tr><td>May</td><td>5,342</td><td>5,342</td><td>-</td><td>-</td><td>5,342</td><td>1,399</td><td>3,757</td><td>185</td></tr><tr><td>June</td><td>14,637</td><td>2,378</td><td>11,646</td><td>613</td><td>14,637</td><td>14,637</td><td>-</td><td>-</td></tr><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><tr><td>November</td><td>5,587</td><td>5,587</td><td>-</td><td>-</td><td>5,587</td><td>4,761</td><td>188</td><td>639</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">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-age and Survivors Insurance Trust Fund 2/</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>57.9</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>611.2</td><td>530.4</td><td>100.3</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>517.1</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>866.3</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-November</td><td>284.1</td><td>273.6</td><td>10.5</td><td>271.0</td><td>13.1</td></tr><tr><td>December</td><td>4.8</td><td>3.7</td><td>1.1</td><td>1.1</td><td>3.8</td></tr><tr><td>1944-January</td><td>48.1</td><td>33.8</td><td>14.2</td><td>31.8</td><td>16.2</td></tr><tr><td>February</td><td>368.7</td><td>252.2</td><td>116.5</td><td>250.2</td><td>118.5</td></tr><tr><td>March</td><td>8.0</td><td>4.4</td><td>3.6</td><td>2.4</td><td>5.6</td></tr><tr><td>April</td><td>35.4</td><td>35.1</td><td>3.3</td><td>31.7</td><td>6.7</td></tr><tr><td>May</td><td>321.6</td><td>303.4</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><tr><td>November</td><td>278.5</td><td>267.3</td><td>11.2</td><td>265.5</td><td>13.0</td></tr></table>
Expenditures
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="4">Social Security Board</th><th colspan="2">Public Health Service</th><th colspan="2">Department of Labor</th><th rowspan="2">Office for Emergency Management War Manpower Commission (U. S. Employment Service)</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Administrative expenses</th><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare services</th></tr><tr><td>1936</td><td>28.4</td><td>1.6</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>1.2</td><td>-</td><td>-</td><td>28.4</td></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>91.9</td><td>7.6</td><td>3.1</td><td>2.1</td><td>1.4</td><td>-</td><td>41.0</td><td>195.5</td></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>312.5</td><td>182.2</td><td>25.7</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.2</td><td>2.7</td><td>1.4</td><td>-</td><td>115.1</td><td>215.1</td></tr><tr><td>1939</td><td>143.3</td><td>21.3</td><td>320.9</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>2.5</td><td>203.7</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</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>5.3</td><td>4.0</td><td>1.5</td><td>-</td><td>3.5</td><td>357.6</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>463.6</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>2.8</td><td>391.3</td></tr><tr><td>1943</td><td>521.2</td><td>31.3</td><td>491.1</td><td>316.9</td><td>67.2</td><td>8.5</td><td>59.1</td><td>10.7</td><td>5.5</td><td>3.6</td><td>1.6</td><td>20.7</td><td>4.2</td><td>111.7</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>1.7</td><td>-</td><td>-</td></tr><tr><td>1944-December</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>.3</td><td>.5</td><td>.2</td><td>*</td><td>.3</td><td>27.7</td></tr><tr><td>December</td><td>24.1</td><td>2.8</td><td>21.0</td><td>18.2</td><td>2.1</td><td>.5</td><td>*</td><td>-</td><td>.1</td><td>.1</td><td>*</td><td>*</td><td>.3</td><td>20.4</td></tr><tr><td>1944-January</td><td>58.8</td><td>2.2</td><td>56.1</td><td>35.2</td><td>6.2</td><td>1.1</td><td>9.7</td><td>2.2</td><td>.2</td><td>.5</td><td>.3</td><td>*</td><td>.5</td><td>48.6</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>.2</td><td>*</td><td>*</td><td>.2</td><td>45.2</td></tr><tr><td>March</td><td>35.6</td><td>2.8</td><td>32.3</td><td>26.4</td><td>1.0</td><td>.7</td><td>1.6</td><td>.3</td><td>.2</td><td>.3</td><td>*</td><td>*</td><td>.3</td><td>29.8</td></tr><tr><td>April</td><td>53.6</td><td>2.7</td><td>50.7</td><td>35.6</td><td>5.3</td><td>1.0</td><td>5.8</td><td>2.2</td><td>.3</td><td>.4</td><td>.1</td><td>*</td><td>.2</td><td>46.9</td></tr><tr><td>May</td><td>43.6</td><td>2.9</td><td>40.2</td><td>31.4</td><td>5.5</td><td>.9</td><td>.4</td><td>.2</td><td>.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>2.8</td><td>29.0</td><td>25.1</td><td>2.7</td><td>.7</td><td>*</td><td>.1</td><td>.3</td><td>.1</td><td>*</td><td>*</td><td>.5</td><td>27.8</td></tr><tr><td>July</td><td>53.1</td><td>2.4</td><td>50.3</td><td>30.6</td><td>5.6</td><td>1.0</td><td>9.6</td><td>3.1</td><td>.2</td><td>.1</td><td>*</td><td>.1</td><td>.4</td><td>47.8</td></tr><tr><td>August</td><td>37.6</td><td>1.8</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><tr><td>November</td><td>39.8</td><td>2.8</td><td>36.3</td><td>29.1</td><td>4.4</td><td>.7</td><td>1.0</td><td>.2</td><td>.5</td><td>.3</td><td>.3</td><td>*</td><td>.7</td><td>26.8</td></tr></table>
Daily Treasury Statements.
* Less than $50,000.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title III 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. Subsequent to receipt of these amounts in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section II. Table 1. Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor, and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, Public Health Service and Office of Education of the Federal Security Agency. Covered by appropriations by Congress. Second Deficiency Appropriation Act, fiscal year 1938, appropriated $21 millions for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
January 1945
13
Social Security Program - (Continued)
Section I.- Budgetary Receipts and Expenditures - (Continued)
Table 2.- Railroad Retirement Act
(In millions of dollars)
<table><tr><th>Finacial year or month</th><th>Carriers' taxing 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 expenditure 2/</th></tr><tr><td>1936</td><td>*</td><td>1.3</td><td>1.3</td><td>-</td><td>-</td><td>1.3</td></tr><tr><td>1937</td><td>1.3</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>114.0</td><td>2.6</td><td>116.4</td><td>1.1</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>1.7</td><td>2.3</td></tr><tr><td>1940</td><td>121.0</td><td>121.3</td><td>2.6</td><td>120.7</td><td>-</td><td>-8.7</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>1.1</td><td>-21.6</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>11.4</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>1.1</td><td>-1.8</td></tr><tr><td>1944</td><td>257.1</td><td>255.3</td><td>2.5</td><td>262.7</td><td>-</td><td>-8.0</td></tr><tr><td>1945-July-November</td><td>8.2</td><td>1.2</td><td>1.2</td><td>-</td><td>*</td><td>-52.5</td></tr><tr><td>December</td><td>52.9</td><td>1.4</td><td>1.4</td><td>-</td><td>*</td><td>-8.0</td></tr><tr><td>1946-January</td><td>1.2</td><td>34.1</td><td>1.1</td><td>34.0</td><td>*</td><td>32.9</td></tr><tr><td>February</td><td>4.1</td><td>1.1</td><td>1.1</td><td>-</td><td>*</td><td>-3.9</td></tr><tr><td>March</td><td>58.6</td><td>1.2</td><td>1.2</td><td>-</td><td>*</td><td>-58.4</td></tr><tr><td>April</td><td>1.4</td><td>34.7</td><td>1.2</td><td>34.5</td><td>*</td><td>34.3</td></tr><tr><td>May</td><td>13.4</td><td>1.2</td><td>1.2</td><td>-</td><td>*</td><td>-13.2</td></tr><tr><td>June</td><td>64.9</td><td>1.2</td><td>1.2</td><td>-</td><td>*</td><td>-64.7</td></tr><tr><td>July</td><td>1.4</td><td>205.0</td><td>1.2</td><td>204.8</td><td>*</td><td>201.6</td></tr><tr><td>August</td><td>14.2</td><td>1.1</td><td>1.1</td><td>-</td><td>*</td><td>-14.1</td></tr><tr><td>September</td><td>56.9</td><td>1.2</td><td>1.2</td><td>-</td><td>*</td><td>-56.7</td></tr><tr><td>October</td><td>1.5</td><td>34.2</td><td>1.2</td><td>34.0</td><td>*</td><td>32.7</td></tr><tr><td>November</td><td>14.4</td><td>1.2</td><td>1.2</td><td>-</td><td>*</td><td>-14.2</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad
2/ Retirement Act. Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions $/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) $/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund $/</th><th>Excess of expenditures $/</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>4.9</td><td>5.5</td><td>5.5</td><td>-</td><td>-.5</td></tr><tr><td>1940</td><td>6.5</td><td>10.0</td><td>5.0</td><td>-</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.4</td><td>3.4</td><td>7.5</td><td>-2.1</td></tr><tr><td>1942</td><td>10.7</td><td>8.2</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>12.1</td><td>14.9</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>-</td><td>-</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1943-December</td><td>2.7</td><td>2</td><td>2</td><td>-</td><td>-.5</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>-2.6</td></tr><tr><td>March</td><td>2.8</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>April</td><td>*</td><td>3</td><td>3</td><td>-</td><td>-.3</td></tr><tr><td>May</td><td>1</td><td>3</td><td>3</td><td>-</td><td>-.2</td></tr><tr><td>June</td><td>3.5</td><td>3</td><td>3</td><td>-</td><td>-3.2</td></tr><tr><td>July</td><td>*</td><td>3</td><td>3</td><td>-</td><td>-.3</td></tr><tr><td>August</td><td>1</td><td>9.0</td><td>*</td><td>8.9</td><td>8.6</td></tr><tr><td>September</td><td>3.3</td><td>7</td><td>7</td><td>-</td><td>-2.6</td></tr><tr><td>October</td><td>*</td><td>4</td><td>4</td><td>-</td><td>-.4</td></tr><tr><td>November</td><td>1</td><td>3</td><td>3</td><td>-</td><td>-.2</td></tr></table>
Source: Daily Treasury Statements.
• Less than $50,000.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section 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 employees subject to the Railroad Unemployment Insurance Act. These amounts aggregate $17.7 millions
and were distributed by calendar year, as follows: 1936, $2.7 millions; 1937, $5.3 millions; 1938, $6.8 millions; and for the first six months of the calendar year 1939, $2.9 millions. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 3/ Include 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.
Treasury Bulletin
24
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 rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total investments</th><th>Investments in General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1936</td><td>267.3</td><td>265.0</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>267.2</td><td>267.1</td><td>-1</td></tr><tr><td>1937</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.2</td><td>113.0</td></tr><tr><td>1938</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>-1</td></tr><tr><td>1939</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>6.1</td></tr><tr><td>1940</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>93.5</td><td>39.1</td><td>2,391.6</td><td>2,380.6</td><td>10.6</td></tr><tr><td>1941</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>26.4</td></tr><tr><td>1942</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>31.5</td></tr><tr><td>1943</td><td>6,116.0</td><td>5,712.4</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>37.5</td></tr><tr><td>1944-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>61.7</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>96.0</td></tr><tr><td>November</td><td>6,791.4</td><td>6,383.0</td><td>408.4</td><td>772.0</td><td>695.0</td><td>137.0</td><td>6,019.3</td><td>5,975.8</td><td>313.8</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Include 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>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="2">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance in General Fund</th><th>Unexpended balance in disbursing officer's account</th></tr><tr><td>1936</td><td>46.6</td><td>46.5</td><td>-</td><td>-</td><td>46.6</td><td>-</td><td>46.5</td><td>0.0</td></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.5</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>147.2</td><td>146.5</td><td>1.4</td><td>79.6</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>264.3</td><td>3.5</td><td>185.5</td><td>82.7</td><td>57.2</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>238.7</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>413.3</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>690.9</td><td>639.4</td><td>11.6</td><td>516.1</td><td>104.5</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>675.5</td><td>191.9</td><td>178.0</td><td>4.1</td><td>12.5</td></tr><tr><td>1944</td><td>1,114.1</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-September</td><td>1,453.0</td><td>1,425.7</td><td>27.3</td><td>875.8</td><td>597.2</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>18.9</td></tr><tr><td>November</td><td>1,453.3</td><td>1,425.7</td><td>27.6</td><td>869.1</td><td>584.1</td><td>500.5</td><td>70.2</td><td>13.4</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions</th><th>Transfers from Railroad Unemployment Insurance States Administration Fund</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Debited by States</th><th>2/</th><th>3/</th><th></th><th>With-drawals by States</th><th>Tranfer to Railroad Unemployment Insurance Account</th><th>Benefit payments</th><th>Total</th><th>In Special fund (Special certificate Account)</th><th>In dis-bursing off-</th></tr><tr><td>1936</td><td>18.9</td><td>13.9</td><td>-</td><td>-</td><td>2.1</td><td>1.0</td><td>1.0</td><td>-</td><td>18.9</td><td>15.9</td><td>1</td><td>-</td></tr><tr><td>1937</td><td>313.4</td><td>310.5</td><td>-</td><td>-</td><td>18.8</td><td>192.0</td><td>192.0</td><td>-</td><td>312.4</td><td>312.3</td><td>12.2</td><td>-</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>633.8</td><td>633.8</td><td>-</td><td>884.2</td><td>872.0</td><td>13.5</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>44.3</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>1,280.51</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>1.8</td><td>-</td><td>82.6</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>131.5</td><td>2,059.1</td><td>1,918.0</td><td>105.9</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>101.9</td><td>105.9</td><td>199.9</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>4,372.5</td><td>4,367.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,214.0</td><td>5,935.0</td><td>274.3</td><td>109.9</td><td>174.4</td><td>2,204.1</td><td>2,152.4</td><td>105.9</td><td>4,312.8</td><td>4,306.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,130.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>23.1</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>5,878.5</td><td>5,870.0</td><td>8.5</td><td>-3</td></tr><tr><td>1944-September</td><td>8,551.1</td><td>7,626.6</td><td>414.5</td><td>106.0</td><td>38.0</td><td>377.9</td><td>2,711.9</td><td>2,165.0</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>2,719.8</td><td>2,169.8</td><td>6,301.4</td><td>6,268.0</td><td>33.2</td><td>-2</td></tr><tr><td>November</td><td>8,871.7</td><td>7,936.3</td><td>415.6</td><td>106.1</td><td>38.0</td><td>378.7</td><td>2,324.5</td><td>2,174.4</td><td>6,550.2</td><td>6,546.0</td><td>3.9</td><td>-3</td></tr></table>
Sources: Daily Treasury Statements.
1/ Less than $50,000.
1/ Exclude advance of $15 millions from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 1, Table 3.)
3/ Represents amounts transferred from States to Railroad Unem-
ployment Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939 inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
January 1945
15
Appropriations and Net Contract Authorizations for the War Activities Program 1 As of November 30, 1944
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction).</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (clothing and equipage - War Department).</td><td>175,000,000</td><td>-</td></tr><tr><td>Mar. 1, 1941</td><td>9</td><td>Dryant Deficiency Appropriation Act, 1941.</td><td>6,947,775</td><td>-</td></tr><tr><td>Mar. 17, 1941</td><td>11</td><td>Fourth Supplemental National Defense Appropriation Act, 1941.</td><td>1,376,894,602</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>26</td><td>Independent Offices Appropriation Act, 1942.</td><td>399,160,000</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>29</td><td>With Supplemental National Defense Appropriation Act, 1942.</td><td>2,293,227,920</td><td>-</td></tr><tr><td>May 6, 1941</td><td>48</td><td>War Department Appropriation Act, 1942.</td><td>3,415,522,750</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, 1942.</td><td>168,555,000</td><td>-</td></tr><tr><td>May 24, 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>129,237,750</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>10,384,621,624</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, 1942.</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>6,580,012,446</td><td>-</td></tr><tr><td>Oct. 28, 1941</td><td>282</td><td>Second Supplemental National Defense Appropriation Act, 1942.</td><td>-</td><td>$ 600,000,000 3/</td></tr><tr><td></td><td></td><td>(Title I)</td><td>5,985,000,000</td><td>28,400,000</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>(Title II)</td><td>159,009,585</td><td>50,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Defense Highway Act, 1941.</td><td>9,112,021,947</td><td>-</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>5,000,000</td><td>-</td></tr><tr><td></td><td></td><td>Joint Resolution (War, Philippine relief, and defense housing).</td><td>-</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>$ 49,396,477,450</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></td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Reval Appropriation Act, 1943.</td><td>23,738,865,474</td><td>$ 2,171,000,000</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China).</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942.</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,737,500</td><td>-</td></tr><tr><td>Apr. 25, 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>18,332,124,093</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 13, 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</td><td>$ 150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943.</td><td>1,052,812,004</td><td>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Departments Appropriation Act, 1943.</td><td>261,908,485</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>35,000,000</td><td>-</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Lebor - 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 Plans and Public Works Appropriation Act, 1942.</td><td>12,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943.</td><td>1,845,294,990</td><td>-</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943.</td><td>6,293,361,448</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>$139,136,203,988</td><td>$ 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>4,063,988,984</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>86,100,000</td><td>-</td></tr><tr><td>May 12, 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>1,457,856</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943.........</td><td>6,873,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944.........</td><td>1,395,013,969</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944.........</td><td>27,637,826,158 8/</td><td>$ 956,134,522 8/</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>59,014,639,673</td><td>-</td></tr><tr><td>July 1, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944.........</td><td>38,086,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943.........</td><td>31,979,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944.........</td><td>11,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944.........</td><td>307,953,500</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>3,650,449,880 5/</td><td>-</td></tr><tr><td>Dec. 21, 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>$105,916,492,321</td><td>$ 4,620,964,402</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program1/
As of November 30, 1944 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of Act</th><th>Appropriations</th><th>Net contract Authorisation £/</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>6,700,000</td><td>-</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care)</td><td>27,569,798,301 2/</td><td>5,074,931,400</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945.</td><td>1,451,840</td><td>-</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945.</td><td>6,836,008,943</td><td>1,208,168,574</td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945.</td><td>87,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Department of State, Justice and Commerce Appropriation Act, 1945.</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945.</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945.</td><td>1,030,937,242</td><td>2,500,000</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945.</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945.</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945.</td><td>186,266,524 10/</td><td>1,855,000,000 5/</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944.</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945.</td><td>-</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 11/</td><td>$ 8,210,599,974</td></tr><tr><td colspan="5">Summary</td></tr><tr><td colspan="3">Total, 76th Congress, Third Session 12/</td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session</td><td>49,396,437,450</td><td>$ 678,400,000</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session</td><td>139,736,203,388</td><td>2,356,000,000</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><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>55,502,888,954</td><td>8,210,599,974</td></tr><tr><td colspan="3">Permanent appropriations and net transfers from other than war activities appropriations 13/</td><td>231,778,425</td><td>-</td></tr><tr><td colspan="3">Total approved</td><td>$359,777,816,966</td><td>$15,865,584,376</td></tr><tr><td colspan="3">Liquidations of 1940 and prior contract authorisations</td><td>-467,872,846</td><td>-</td></tr><tr><td colspan="3">Total approved appropriations and net contract authorisations 1/</td><td>$359,309,944,120</td><td>$15,865,584,376</td></tr></table>
1/ Consists of appropriations and net contract authorisations available on and after July 1, 1940. Excludes: (1) authorisations of the Re-construction Finance Corporation and its affiliates for war purposes and (2) unexpended balances of appropriations on June 30, 1940 (ex-cept authorisations available for war purposes and appropriate- tions) available for expenditure in the fiscal year 1941.
2/ Contract authorisations 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 Presi-dent may authorize the head of any department or agency of the Gov-ernment to enter into for the procurement of defense articles, in-cluding ships, or to provide for the government of any country whose de-fense 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 authorisations for the naval expansion pro-gram 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, $140,000 was made immediately available.
7 Includes $1,1450 appropriated for the fiscal year 1942.
8 Includes $50,000,000 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 $134,332,448 for the fiscal year 1945.
11 Estimates of appropriations for war purposes reported by the President, concurred in and submitted to the Committee on Appropriations, amounting to $400,976,022, are not included.
12 For details of appropriations made by 76th Congress, Third Session, see "Treasury Bulletin" for March 1944, page 5.
13 Includes actual transfer of balances of the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard Treasury, amounting to $1,102,000, in accordance with Executive Order 9083, dated February 28, 1942. Also includes $5,430,534 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 $72,516,951.
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Amount</th></tr><tr><td>Feb. 7, 1942</td><td>4401</td><td>$2,171,000,000</td></tr><tr><td>June 26, 1943</td><td>92</td><td>(Estimated by Navy Department)</td><td>$947,134,522</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>(Estimated by Navy Department)</td><td>$3,690,499,880</td></tr><tr><td>June 26, 1944</td><td>375</td><td>(Estimated by Navy Department)</td><td>$55,000,000</td></tr><tr><td>June 28, 1944</td><td>375</td><td>(Estimated by Navy Department)</td><td>$1,800,000,000</td></tr><tr><td colspan="3">Total</td><td>$8,623,584,402</td></tr></table>
January
1945
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="5">1943</th><th colspan="8">1944</th></tr><tr><th></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><th>Nov.</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>1,459</td><td>5,040</td><td>1,727</td><td>1,747</td><td>5,911</td><td>2,475</td><td>2,167</td><td>5,241</td><td>1,217</td><td>1,552</td><td>5,174</td><td>1,290</td><td>1,501</td></tr><tr><td>Employment taxes</td><td>292</td><td>45</td><td>49</td><td>373</td><td>67</td><td>39</td><td>337</td><td>71</td><td>56</td><td>119</td><td>61</td><td>60</td><td>253</td></tr><tr><td>Miscellaneous internal revenue</td><td>355</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>530</td><td>507</td></tr><tr><td>Customs</td><td>34</td><td>14</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><td>27</td></tr><tr><td>Other</td><td>221</td><td>214</td><td>521</td><td>254</td><td>181</td><td>144</td><td>134</td><td>480</td><td>150</td><td>134</td><td>152</td><td>155</td><td>177</td></tr><tr><td>Subtotal</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><td>2,505</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>291</td><td>39</td><td>36</td><td>250</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><td>252</td></tr><tr><td>Trust accounts g/</td><td>73</td><td>111</td><td>166</td><td>115</td><td>63</td><td>195</td><td>152</td><td>90</td><td>159</td><td>168</td><td>135</td><td>192</td><td>207</td></tr><tr><td>Subtotal</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><td>460</td></tr><tr><td>Total cash income</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><td>2,965</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>7,541</td><td>6,718</td><td>7,138</td><td>7,518</td><td>7,726</td><td>7,346</td><td>7,873</td><td>7,567</td><td>7,201</td><td>7,571</td><td>6,998</td><td>7,479</td><td>7,401</td></tr><tr><td>Veterans Administration</td><td>50</td><td>51</td><td>52</td><td>58</td><td>55</td><td>32</td><td>59</td><td>60</td><td>63</td><td>71</td><td>69</td><td>70</td><td>73</td></tr><tr><td>Public Works g/</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>31</td><td>29</td><td>31</td><td>35</td><td>25</td></tr><tr><td>Aid to agriculture g/</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>60</td><td>30</td><td>29</td><td>28</td><td>30</td></tr><tr><td>Social Security program g/</td><td>41</td><td>25</td><td>59</td><td>34</td><td>35</td><td>54</td><td>44</td><td>33</td><td>54</td><td>38</td><td>36</td><td>51</td><td>40</td></tr><tr><td>Work Projects Administration</td><td>1</td><td>-</td><td>6</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Civilian Conservation Corps</td><td>-</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><td>35</td></tr><tr><td>Interest on the public debt g/</td><td>35</td><td>71</td><td>72</td><td>75</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><td>124</td></tr><tr><td>Other</td><td>70</td><td>71</td><td>72</td><td>75</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><td>124</td></tr><tr><td>Subtotal</td><td>7,824</td><td>7,382</td><td>7,905</td><td>7,839</td><td>8,459</td><td>7,773</td><td>8,213</td><td>8,262</td><td>7,580</td><td>7,957</td><td>7,807</td><td>7,917</td><td>7,717</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>274</td><td>203</td><td>204</td><td>217</td><td>208</td><td>138</td><td>211</td><td>129</td><td>47</td><td>158</td><td>57</td><td>33</td><td>155</td></tr><tr><td>Other</td><td>-18</td><td>-25</td><td>-15</td><td>-17</td><td>-25</td><td>-31</td><td>-30</td><td>-7</td><td>-56</td><td>-24</td><td>-11</td><td>-31</td><td>-13</td></tr><tr><td>Commodity Credit Corporation</td><td>-88</td><td>150</td><td>46</td><td>10</td><td>-15</td><td>-14</td><td>-11</td><td>-22</td><td>13</td><td>132</td><td>29</td><td>163</td><td>157</td></tr><tr><td>Unemployment Trust Fund</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><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>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><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>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Other</td><td>-227</td><td>92</td><td>-185</td><td>-50</td><td>-56</td><td>-191</td><td>-366</td><td>133</td><td>-117</td><td>-38</td><td>-147</td><td>-140</td><td>-482</td></tr><tr><td>Subtotal</td><td>-29</td><td>459</td><td>62</td><td>193</td><td>116</td><td>-63</td><td>-152</td><td>267</td><td>-251</td><td>263</td><td>-37</td><td>50</td><td>-257</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>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total cash outgo</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>8,061</td><td>8,530</td><td>7,308</td><td>8,220</td><td>7,769</td><td>7,917</td><td>7,460</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>5,061</td><td>1,971</td><td>4,623</td><td>4,893</td><td>1,873</td><td>4,352</td><td>4,375</td><td>2,146</td><td>4,907</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,495</td></tr></table>
4. Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects. Collection 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. Excludes transactions under transfers to trust accounts, etc. Excludes accrued interest on United States savings bonds.
Revised. Less than $500,000. Those figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficits such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939. 2/ Includes sale of commodity food stamps, Office of Distribution (formerly Agricultural Marketing Administration). 3/ Congress Public Buildings Administration, Public Bonds Ad-
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>582</td><td>641</td><td>369</td><td>589</td><td>752</td><td>399</td><td>567</td><td>614</td><td>6,551</td></tr><tr><td>1940</td><td>398</td><td>611</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>696</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>2,358</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>13,251</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>38,286</td></tr><tr><td>1944</td><td>2,945</td><td>3,113</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,333</td><td>3,313</td><td>5,039</td><td>2,304</td><td>2,956</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>831</td><td>730</td><td>750</td><td>811</td><td>652</td><td>983</td><td>892</td><td>781</td><td>667</td><td>917</td><td>9,483</td></tr><tr><td>1940</td><td>727</td><td>679</td><td>851</td><td>793</td><td>691</td><td>886</td><td>806</td><td>870</td><td>832</td><td>976</td><td>962</td><td>1,244</td><td>10,117</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>20,611</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,373</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>5,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>5,422</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>7,694</td><td>7,729</td><td>7,852</td><td>89,350</td></tr><tr><td>1944</td><td>7,558</td><td>8,032</td><td>8,575</td><td>7,710</td><td>8,661</td><td>8,530</td><td>7,300</td><td>8,220</td><td>7,159</td><td>7,977</td><td>7,460</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>362</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>468</td><td>130</td><td>105</td><td>357</td><td>146</td><td>76</td><td>518</td><td>306</td><td>666</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>941</td><td>1,428</td><td>1,017</td><td>1,490</td><td>9,587</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>1,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,358</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,601</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,817</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>4,523</td><td>4,899</td><td>1,873</td><td>4,352</td><td>4,375</td><td>2,146</td><td>4,907</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,495</td><td></td><td></td></tr></table>
r. Revised.
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
January 1945
19
Assets of the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities (War Loan accounts)</th><th>Other deposits and collections</th></tr><tr><td>1935</td><td>2,016</td><td>1,044</td><td>118</td><td>799</td><td>55</td></tr><tr><td>1936</td><td>2,936</td><td>865</td><td>852</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,853</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>2,612</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,143</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>890</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1944-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>19,786</td><td>946</td><td>1,172</td><td>17,035</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>10,509</td><td>835</td><td>998</td><td>8,242</td><td>533</td></tr><tr><td>November</td><td>10,223</td><td>785</td><td>1,122</td><td>8,002</td><td>315</td></tr></table>
Sources: 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>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>257</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>158</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td><td>1,622</td><td>416</td><td>147</td></tr><tr><td>1939</td><td>3,067</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>145</td></tr><tr><td>1942</td><td>1,443</td><td>452</td><td>2,991</td><td>2,289</td><td>619</td><td>144</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td><td>8,794</td><td>619</td><td>144</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td><td>19,106</td><td>619</td><td>144</td></tr><tr><td>1943-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>12,978</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>534</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>18,738</td><td>619</td><td>144</td></tr><tr><td>March</td><td>17,270</td><td>604</td><td>16,666</td><td>15,944</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>9,114</td><td>622</td><td>8,582</td><td>7,773</td><td>619</td><td>144</td></tr><tr><td>June</td><td>20,775</td><td>607</td><td>20,169</td><td>19,106</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>17,676</td><td>16,999</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>9,627</td><td>619</td><td>144</td></tr><tr><td>November</td><td>10,223</td><td>421</td><td>9,803</td><td>9,040</td><td>619</td><td>144</td></tr></table>
Purpose: Daily Treasury Statements.
Date: 1/1
In the fiscal years 1935 and 1936, $91 millions and $554 millions, respectively, were transferred from increment on gold to the working balance for retirement of national bank notes. In this statement, however, charges for retirement of national
bank notes are reflected directly against increment on gold in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance.
20
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Change during fiscal year or month</th><th>Total change in General Fund balance</th><th colspan="6">Working balance</th><th>Seigniorage on silver</th><th>Increment on gold</th></tr><tr><th></th><th></th><th>Total working balance</th><th>General and special accounts 1/</th><th>Public debt accounts 2/</th><th>Trust accounts 3/</th><th>Miscellaneous funds and accounts 4/</th><th>Checking accounts of Government agencies, etc.</th><th></th><th>5/</th></tr><tr><td>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 5/</td><td>-1,550</td><td>5,475 1/</td><td>34</td><td>-</td><td>108</td><td>176</td><td>-303 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>90</td><td>-99</td></tr><tr><td>1938</td><td>-338</td><td>-377</td><td>-1,304</td><td>192 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>-1,542</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>358</td><td>-19,598</td><td>23,161</td><td>66</td><td>19</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>261</td><td>-2,194</td><td>-</td><td>*</td></tr><tr><td>1944</td><td>10,662</td><td>10,662</td><td>-49,595</td><td>64,307</td><td>148</td><td>205</td><td>-4,803</td><td>-</td><td>*</td></tr><tr><td>1943- November</td><td>-4,734</td><td>-4,734</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>-2,694</td><td>-2,694</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>-75</td><td>-55</td><td>-4,823</td><td>4,731</td><td>50</td><td>101</td><td>-165</td><td>-</td><td>*</td></tr><tr><td>February</td><td>6,316</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>1,799</td><td>282</td><td>51</td><td>-148</td><td>-</td><td>*</td></tr><tr><td>June</td><td>11,646</td><td>11,646</td><td>-2,378</td><td>14,637</td><td>-355</td><td>-170</td><td>-88</td><td>-</td><td>*</td></tr><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>-133</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>262</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>15</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><tr><td>November</td><td>-188</td><td>-188</td><td>-5,587</td><td>4,761</td><td>257</td><td>311</td><td>71</td><td>-</td><td>*</td></tr></table>
Source: Daily Treasury Statements.
1/ Less than $500,000.
2/ This is the net budgetary deficit. Excludes accounts for public debt retirement which are chargeable to the sinking fund etc., under special provisions of law.
3/ This represents the increase in the gross public debt, except as noted. (See footnote 7.)
4/ Includes Federal Old-Age and Survivors Insurance Trust Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust funds.
5/ Comprises Public Works Administration revolving fund and special deposits (net). Also includes Office of Distribution (federally Agricultural Marketing Administration) commodity food stamp transactions.
6/ Includes expenditures for retirement of national bank notes.
7/ In the fiscal years 1935 and 1936, $91 millions and $554 millions were transferred from increase on gold to the working
balance for retirement of national bank notes. In this statement, however, charges for retirement of national bank notes are reflected directly against increment on gold. In the years during which the retirements were actually made. Inactive gold in the amount of $1,937,899 for the fiscal year 1937 is considered as a part of the working balance general and special accounts for the purpose of this table.
1/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1935 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1935, $91 millions; 1936, $997 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 Debt Require-ments" for the above fiscal years will not agree for the reason stated above.
January 1945
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
22
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issueance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profits tax refund bonds</th><th>Ex- changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex- changes</th><th>Special issues</th></tr><tr><td>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>1,569</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>5,199</td><td>-</td><td>181</td><td>-</td><td>1,751</td><td>1,499</td><td>5,943</td><td>4,525</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,521</td><td>4,775</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,165</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>1,175</td></tr><tr><td>1940</td><td>42,958</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>5,991</td><td>17,847</td><td>10,452</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>134</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-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>3,944</td><td>437</td><td>10,660</td><td>7,105</td><td>-</td><td>3,944</td><td>11</td></tr><tr><td>1944-January</td><td>170,559</td><td>4,781</td><td>9,440</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>183,137</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>6,580</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>185,366</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>9,522</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><tr><td>November</td><td>215,005</td><td>4,761</td><td>11,597</td><td>10,928</td><td>-</td><td>-</td><td>71</td><td>170</td><td>428</td><td>6,836</td><td>6,651</td><td>-</td><td>170</td><td>15</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Excludes certificates of indebtedness, special series.
2) Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="6">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 colspan="6">Public 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>Special issues</th><th>Total</th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th>Certificates of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><td>1935</td><td>27,645</td><td>14,874</td><td>62</td><td>10,023</td><td>-</td><td>-</td><td>2,053</td><td>633</td><td>100.0</td><td>53.8</td><td>2.0</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>17,768</td><td>1,261</td><td>11,781</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>50.3</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>7,283</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</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>6,699</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>11,854</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-November</td><td>104,781</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>12,273</td><td>100.0</td><td>43.4</td><td>16.6</td><td>7.0</td><td>5.6</td><td>14.0</td><td>7.9</td><td>7.5</td></tr><tr><td>December</td><td>104,508</td><td>68,140</td><td>27,988</td><td>11,175</td><td>8,586</td><td>22,643</td><td>15,072</td><td>12,703</td><td>100.0</td><td>41.4</td><td>17.0</td><td>6.8</td><td>5.2</td><td>13.9</td><td>7.9</td><td>7.7</td></tr><tr><td>1944-January</td><td>157,043</td><td>68,140</td><td>29,527</td><td>11,175</td><td>3,384</td><td>22,843</td><td>13,101</td><td>12,873</td><td>100.0</td><td>40.8</td><td>17.7</td><td>6.7</td><td>5.6</td><td>13.7</td><td>7.8</td><td>7.7</td></tr><tr><td>February</td><td>181,709</td><td>74,078</td><td>32,150</td><td>13,302</td><td>10,280</td><td>25,680</td><td>13,112</td><td>13,158</td><td>100.0</td><td>40.8</td><td>17.7</td><td>7.3</td><td>5.6</td><td>14.1</td><td>7.2</td><td>7.2</td></tr><tr><td>March</td><td>183,348</td><td>73,009</td><td>32,646</td><td>16,244</td><td>9,116</td><td>25,680</td><td>13,112</td><td>13,507</td><td>100.0</td><td>39.8</td><td>17.3</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>25,305</td><td>13,150</td><td>13,697</td><td>100.0</td><td>39.6</td><td>18.1</td><td>8.9</td><td>5.0</td><td>13.8</td><td>7.2</td><td>7.5</td></tr><tr><td>May</td><td>184,874</td><td>72,733</td><td>33,674</td><td>16,265</td><td>9,050</td><td>25,266</td><td>13,766</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>37,337</td><td>18,067</td><td>10,000</td><td>30,035</td><td>15,524</td><td>14,951</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><tr><td>November</td><td>210,774</td><td>81,298</td><td>39,018</td><td>17,936</td><td>9,990</td><td>29,545</td><td>16,405</td><td>16,583</td><td>100.0</td><td>38.6</td><td>18.5</td><td>8.5</td><td>4.7</td><td>14.0</td><td>7.8</td><td>7.9</td></tr></table>
Source: Daily Treasury Statements
January 1
945
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><tr><td colspan="11">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>5,898</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td></tr><tr><td>Total</td><td>31,768</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,056</td><td>790</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td></tr><tr><td>Total outstanding</td><td>32,824</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,053</td><td>2,158</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,864</td><td>14,734</td></tr><tr><td>Certificates of indebtedness</td><td>10,023</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,089</td><td>16,551</td><td>28,822</td></tr><tr><td>Treasury notes</td><td>12,684</td><td>17,168</td><td>19,376</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>Treasury 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>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>1,858</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>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td></tr><tr><td>Adjusted service 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>Depository 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>Total non-marketable issues</td><td>62</td><td>1,261</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td></tr><tr><td>Total public issues</td><td>27,012</td><td>32,363</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>156</td><td>127</td><td>38</td><td>26</td><td>20</td><td>11</td><td>19</td><td>18</td><td>18</td><td>17</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>100</td><td>100</td><td>95</td><td>85</td><td>101</td><td>56</td><td>90</td><td>95</td><td>103</td><td>98</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>-</td><td>-</td><td>267</td><td>662</td><td>1,177</td><td>1,738</td><td>2,381</td><td>3,133</td><td>4,041</td><td>4,766</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>106</td><td>27</td></tr><tr><td>Government Life Insurance Fund</td><td>-</td><td>-</td><td>500</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>538</td><td>502</td></tr><tr><td>Government Retirement Funds</td><td>253</td><td>280</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td></tr><tr><td>National Service Life Insurance Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>39</td><td>352</td><td>1,213</td></tr><tr><td>Postal Savings System</td><td>125</td><td>100</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>55</td><td>197</td><td>264</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>-</td><td>-</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</td><td>92</td><td>178</td><td>319</td></tr><tr><td>Unemployment Trust Fund</td><td>-</td><td>19</td><td>312</td><td>872</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>4,257</td><td>5,610</td></tr><tr><td>Total special issues</td><td>633</td><td>626</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td></tr><tr><td>Total interest-bearing debt</td><td>27,645</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td></tr><tr><td>Matured debt on which interest has ceased</td><td>231</td><td>169</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td></tr><tr><td>Excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>629</td><td>424</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td></tr><tr><td>Other debt bearing no interest</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>825</td><td>620</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td></tr><tr><td>Total public debt outstanding</td><td>28,701</td><td>33,779</td><td>36,325</td><td>37,165</td><td>40,440</td><td>42,958</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><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>1,226</td><td>1,422</td><td>1,422</td><td>206</td><td>206</td><td>407</td><td>656</td><td>701</td><td>412</td><td>412</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>*</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>-</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,647</td><td>3,048</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td></tr><tr><td>Reconstruction Finance Corporation</td><td>250</td><td>252</td><td>255</td><td>239</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td></tr><tr><td>Total marketable issues</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</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><td>326</td></tr><tr><td>Total interest-bearing debt</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td></tr><tr><td>Matured debt on which interest has ceased</td><td>-</td><td>-</td><td>-</td><td>*</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td></tr></table>
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th></th><th colspan="5">1943</th><th colspan="7">1944</th></tr><tr><th></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><th>Nov. 30</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>164,761</td><td>164,508</td><td>167,043</td><td>161,709</td><td>183,345</td><td>181,413</td><td>184,674</td><td>199,513</td><td>201,117</td><td>208,289</td><td>207,850</td><td>208,608</td><td>210,774</td></tr><tr><td>Guaranteed obligations</td><td>4,151</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><td>1,470</td></tr><tr><td>Total</td><td>168,935</td><td>168,732</td><td>171,312</td><td>165,936</td><td>185,606</td><td>183,670</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><td>212,244</td></tr><tr><td>Natured debt and debt bearing no interest</td><td>1,353</td><td>1,376</td><td>3,621</td><td>1,404</td><td>1,387</td><td>1,570</td><td>1,532</td><td>1,567</td><td>1,553</td><td>1,605</td><td>1,733</td><td>1,720</td><td>1,293</td></tr><tr><td>Total outstanding</td><td>170,188</td><td>170,108</td><td>174,933</td><td>167,339</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><td>213,537</td></tr><tr><td colspan="13">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>13,071</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>15,725</td><td>15,747</td><td>16,060</td><td>16,405</td></tr><tr><td>Certificates of indebtedness</td><td>23,103</td><td>22,811</td><td>22,843</td><td>25,680</td><td>25,680</td><td>25,306</td><td>25,866</td><td>28,822</td><td>30,035</td><td>30,001</td><td>29,573</td><td>29,546</td><td>29,545</td></tr><tr><td>Treasury notes</td><td>11,596</td><td>11,175</td><td>11,175</td><td>13,302</td><td>16,244</td><td>16,263</td><td>16,265</td><td>17,405</td><td>18,067</td><td>18,067</td><td>17,936</td><td>17,936</td><td>17,936</td></tr><tr><td>Treasury bonds</td><td>67,940</td><td>67,984</td><td>67,984</td><td>73,862</td><td>72,813</td><td>72,526</td><td>72,537</td><td>79,244</td><td>81,097</td><td>81,237</td><td>81,270</td><td>81,271</td><td>81,102</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>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>145,213</td><td>144,723</td><td>145,008</td><td>145,183</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds</td><td>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>36,883</td><td>37,323</td><td>37,645</td><td>38,308</td></tr><tr><td>Treasury notes - tax and savings series</td><td>9,278</td><td>8,585</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>10,030</td><td>9,124</td><td>9,075</td><td>9,350</td></tr><tr><td>Adjusted service bonds</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><td>216</td><td>215</td><td>215</td></tr><tr><td>Depository bonds</td><td>800</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>484</td><td>489</td><td>495</td><td>494</td></tr><tr><td>Total non-marketable issues</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>47,614</td><td>47,152</td><td>47,430</td><td>49,008</td></tr><tr><td>Total public issues</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>192,827</td><td>191,875</td><td>192,438</td><td>194,192</td></tr></table>
(Continued on following page)
January 1945
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>1943<br>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><th>Nov. 30</th></tr><tr><td colspan="14">Public debt - (Continued)</td></tr><tr><td>Interest-bearing debt (continued):<br>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>18</td><td>18</td><td>16</td><td>18</td><td>18</td><td>18</td><td>18</td><td>17</td><td>26</td><td>26</td><td>26</td><td>25</td><td>28</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>77</td><td>77</td><td>77</td><td>93</td><td>93</td><td>98</td><td>98</td><td>98</td><td>158</td><td>168</td><td>183</td><td>193</td><td>193</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>5,034</td><td>5,034</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>9</td><td>10</td><td>16</td><td>11</td><td>28</td><td>25</td><td>27</td><td>27</td><td>27</td><td>29</td><td>29</td><td>30</td><td>30</td></tr><tr><td>Government Life Insurance Fund</td><td>504</td><td>508</td><td>510</td><td>507</td><td>528</td><td>539</td><td>551</td><td>508</td><td>515</td><td>534</td><td>531</td><td>536</td><td>539</td></tr><tr><td>Government Retirement Funds</td><td>1,335</td><td>1,781</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>1,368</td><td>1,695</td><td>1,708</td><td>1,720</td><td>1,727</td></tr><tr><td>National Service Life Insurance Fund</td><td>667</td><td>731</td><td>793</td><td>833</td><td>922</td><td>982</td><td>1,073</td><td>1,213</td><td>1,323</td><td>1,440</td><td>1,568</td><td>1,694</td><td>1,694</td></tr><tr><td>Postal Savings System</td><td>150</td><td>135</td><td>155</td><td>165</td><td>200</td><td>253</td><td>205</td><td>264</td><td>316</td><td>372</td><td>446</td><td>501</td><td>552</td></tr><tr><td>Canal Zone, Postal Savings System</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><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>321</td><td>310</td><td>333</td><td>328</td><td>311</td><td>331</td><td>323</td><td>319</td><td>513</td><td>502</td><td>491</td><td>513</td><td>501</td></tr><tr><td>Unemployment Trust Fund</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>5,624</td><td>5,610</td><td>5,633</td><td>5,951</td><td>5,985</td><td>6,008</td><td>6,286</td></tr><tr><td>Total special issues</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>14,222</td><td>14,287</td><td>14,961</td><td>15,461</td><td>15,976</td><td>16,170</td><td>16,583</td></tr><tr><td>Total interest-bearing debt</td><td>164,781</td><td>164,508</td><td>167,043</td><td>171,709</td><td>173,348</td><td>178,413</td><td>184,874</td><td>199,513</td><td>207,117</td><td>208,289</td><td>207,950</td><td>208,508</td><td>210,774</td></tr><tr><td>Prepayments on securities</td><td></td><td></td><td>2,193</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2,546</td><td></td></tr><tr><td>Matured debt on which interest has ceased</td><td>203</td><td>202</td><td>256</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><td>178</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>502</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><td>181</td></tr><tr><td>Excess profits tax refund bonds</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>262</td><td>327</td><td>359</td><td>430</td></tr><tr><td>United States notes (less gold reserves)</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>770</td><td>768</td><td>762</td><td>755</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><td>698</td></tr><tr><td>Other debt bearing no interest</td><td>6</td><td>6</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>1,168</td><td>1,168</td><td>1,164</td><td>1,157</td><td>1,185</td><td>1,202</td><td>1,232</td><td>1,259</td><td>1,231</td><td>1,347</td><td>1,406</td><td>1,457</td><td>1,506</td></tr><tr><td>Total public debt outstanding</td><td>165,158</td><td>165,877</td><td>170,659</td><td>183,107</td><td>184,715</td><td>184,957</td><td>185,356</td><td>201,003</td><td>208,574</td><td>209,802</td><td>209,496</td><td>210,244</td><td>215,005</td></tr><tr><td colspan="14">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td>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><td>412</td></tr><tr><td>Commodity Credit Corporation</td><td>930</td><td>930</td><td>930</td><td>930</td><td>159</td><td>138</td><td>23</td><td>24</td><td>25</td><td>25</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>22</td><td>22</td><td>23</td><td>23</td><td>23</td><td>-</td><td>23</td><td>24</td><td>24</td><td>25</td><td>25</td><td>26</td><td>26</td></tr><tr><td>Federal Housing Administration</td><td>114</td><td>114</td><td>114</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>1,533</td><td>1,533</td><td>1,533</td><td>1,533</td><td>527</td><td>951</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td></tr><tr><td>Home Owners' Loan Corporation</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><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>Total marketable issues</td><td>3,583</td><td>3,583</td><td>3,583</td><td>3,469</td><td>1,944</td><td>1,903</td><td>1,150</td><td>1,191</td><td>1,191</td><td>1,192</td><td>1,193</td><td>1,193</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><td></td></tr><tr><td>Commodity Credit Corporation 2/</td><td>195</td><td>205</td><td>191</td><td>188</td><td>175</td><td>168</td><td>163</td><td>190</td><td>277</td><td>284</td><td>289</td><td>287</td><td>277</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>375</td><td>437</td><td>495</td><td>570</td><td>533</td><td>585</td><td>176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</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><td>287</td><td>277</td></tr><tr><td>Total interest-bearing debt</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><td>1,470</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>20</td><td>15</td><td>140</td><td>107</td><td>97</td><td>92</td><td>88</td><td>83</td><td>63</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>1,563</td><td>1,533</td></tr></table>
Sources: Daily Treasury Statements.
* Less than $500,000.
1/ Guaranteed securities held by the Treasury and securities guaran-teed 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.
26
Treasury Bulletin
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
January 1945
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>1936</td><td>3,655</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,655</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>853</td><td>-</td><td>-</td><td>4</td><td>15</td><td>854</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>150</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>281</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>500</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>1944-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>198</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>7,149</td><td>57</td></tr><tr><td>May</td><td>10,626</td><td>900</td><td>373</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><tr><td>November</td><td>11,460</td><td>1,099</td><td>265</td><td>398</td><td>439</td><td>9,201</td><td>57</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000.
These securities are not included in preceding statements of guaranteed obligations outstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td>1935</td><td>33,766</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>37,701</td><td>970</td><td>2.573</td><td>32,989</td><td>846</td><td>2.552</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,885</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>2.235</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>201,099</td><td>3,469</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,515</td><td>20</td><td>1.335</td></tr><tr><td>1945-November</td><td>168,935</td><td>3,284</td><td>1.944</td><td>164,781</td><td>3,203</td><td>1.944</td><td>4,154</td><td>81</td><td>1.946</td></tr><tr><td>December</td><td>168,732</td><td>3,299</td><td>1.955</td><td>164,508</td><td>3,217</td><td>1.956</td><td>4,225</td><td>82</td><td>1.934</td></tr><tr><td>1944-January</td><td>171,312</td><td>3,355</td><td>1.959</td><td>167,043</td><td>3,273</td><td>1.959</td><td>4,269</td><td>82</td><td>1.930</td></tr><tr><td>February</td><td>185,936</td><td>3,626</td><td>1.950</td><td>181,709</td><td>3,544</td><td>1.951</td><td>4,227</td><td>82</td><td>1.930</td></tr><tr><td>March</td><td>185,606</td><td>3,601</td><td>1.940</td><td>183,348</td><td>3,567</td><td>1.945</td><td>2,258</td><td>34</td><td>1.522</td></tr><tr><td>April</td><td>185,670</td><td>3,607</td><td>1.943</td><td>187,413</td><td>3,573</td><td>1.948</td><td>2,258</td><td>34</td><td>1.499</td></tr><tr><td>May</td><td>186,403</td><td>3,618</td><td>1.941</td><td>184,874</td><td>3,598</td><td>1.946</td><td>1,529</td><td>20</td><td>1.325</td></tr><tr><td>June</td><td>201,099</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>July</td><td>208,585</td><td>4,010</td><td>1.922</td><td>207,117</td><td>3,990</td><td>1.927</td><td>1,468</td><td>19</td><td>1.326</td></tr><tr><td>August</td><td>209,764</td><td>4,035</td><td>1.923</td><td>208,289</td><td>4,015</td><td>1.928</td><td>1,475</td><td>20</td><td>1.333</td></tr><tr><td>September</td><td>209,331</td><td>4,046</td><td>1.933</td><td>207,850</td><td>4,026</td><td>1.937</td><td>1,480</td><td>20</td><td>1.339</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><tr><td>November</td><td>212,244</td><td>4,093</td><td>1.928</td><td>210,774</td><td>4,073</td><td>1.932</td><td>1,470</td><td>20</td><td>1.355</td></tr></table>
Source: Daily Treasury Statements. 1/ Treasury Bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the
annual interest charge and rate of interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. 2/ Guaranteed securities held by the Treasury, and securities guaranteed as interest only, are not included in this table.
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of November 30, 1944
(In millions of dollars)
<table><tr><th>Year and month</th><th colspan="2">Description of security 3/ (Date of issue is shown in parentheses)</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1946</td><td>Treasury bills</td><td>(Various)</td><td>4,855</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>7/8% Ctf. of indet. A - 12/1/44</td><td>(12/1/43)</td><td>3,539 3/</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>1/4% Treasury bond - 12/15/44-54</td><td>(12/15/24)</td><td>868 1/</td><td>....</td><td>....</td><td>9,262</td><td>9,262</td></tr><tr><td>Total</td><td></td><td></td><td>9,262</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>1945</td><td>Treasury bills</td><td>(Various)</td><td>11,549</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>7/8% Ctf. of indet. A - 2/15/45</td><td>(7/21/41)</td><td>5,048</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Mar.</td><td>3/4% Treasury note D - 3/15/45</td><td>(2/21/44)</td><td>2,127</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Mar.</td><td>1/4% Treasury note A - 3/15/45</td><td>(3/15/40)</td><td>718</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Apr.</td><td>1/8% Ctf. of indet. B - 4/1/45</td><td>(4/1/44)</td><td>1,506</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>May</td><td>1/8% Ctf. of indet. D - 5/1/45</td><td>(5/1/44)</td><td>4,877</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>June</td><td>1-1/2% BOLC bond M - 6/1/45</td><td>(6/1/39)</td><td>1,515</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>June</td><td>1/8% Ctf. of indet. C - 6/1/45</td><td>(6/26/44)</td><td>4,770</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Aug.</td><td>1/8% Ctf. of indet. F - 8/1/45</td><td>(8/1/44)</td><td>2,511</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Sept.</td><td>1/8% Ctf. of indet. F - 9/1/45</td><td>(9/1/44)</td><td>3,594</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond</td><td>(9/16/35)</td><td>1,214</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Oct.</td><td>1/8% Ctf. of indet. G - 10/1/45</td><td>(10/1/44)</td><td>3,192</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond - 12/15/45</td><td>(12/15/37)</td><td>541</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>1/8% Treasury note B - 12/15/45</td><td>(12/18/40)</td><td>531</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>1/8% Ctf. of indet. H - 12/1/45</td><td>(12/1/44)</td><td>726 5/</td><td>....</td><td>....</td><td>46,185</td><td>44,216</td></tr><tr><td>Total</td><td></td><td></td><td>44,216</td><td>1,969</td><td>....</td><td></td><td></td></tr><tr><td>1946-Jan.</td><td>3/4% Conversion bond - 1/1/46</td><td>(1/1/16)</td><td>16</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Mar.</td><td>3-3/4% Treasury note A - 3/15/46-56</td><td>(3/15/42)</td><td>1,291</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Mar.</td><td>3-3/4% Treasury note A - 3/15/46-56</td><td>(3/15/26)</td><td>....</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>June</td><td>3/4% Treasury bond - 6/15/46-48</td><td>(6/15/34)</td><td>1,036</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>June</td><td>3-1/8% Treasury bond - 6/15/46-49</td><td>(6/15/31)</td><td>819</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Treasury note B - 12/15/46</td><td>(12/1/44)</td><td>3,261</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>3/4% Treasury note C - 1/1/46</td><td></td><td>1 6/</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>4,568</td><td>2,344</td><td>....</td><td>6,912</td><td>4,568</td></tr><tr><td>1947-Jan.</td><td>3/4% Conversion bond - 1/1/47</td><td>(1/1/17)</td><td>13</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>June</td><td>1-1/2% BOLC bond H - 6/1/47</td><td>(6/1/39)</td><td>755</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>June</td><td>1-1/2% Treasury note B - 3/15/47</td><td>(6/26/44)</td><td>1,948</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/47</td><td>(9/16/35)</td><td>1,214</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/2% Treasury note A - 9/15/47</td><td>(7/12/43)</td><td>2,707</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Oct.</td><td>1-1/4% Treasury bond - 10/15/47-52</td><td>(10/16/22)</td><td>759</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>3/4% Treasury note C - 9/15/47</td><td>(12/15/48)</td><td>701</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/4% Treasury note C - 9/15/47</td><td>(12/1/44)</td><td>284 5/</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>5,653</td><td>759</td><td>1,969</td><td>6,412</td><td>7,622</td></tr><tr><td>1948-Mar.</td><td>3/4% Treasury bond - 3/15/48-50</td><td>(3/15/41)</td><td>....</td><td>1,115</td><td>....</td><td></td><td></td></tr><tr><td>Mar.</td><td>2-3/4% Treasury bond - 3/15/48-51</td><td>(3/15/36)</td><td>1,223</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>June</td><td>3/4% Treasury bond - 6/15/48-48</td><td>(6/15/34)</td><td>1,036</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>June</td><td>1-3/4% Treasury bond - 6/15/48</td><td>(12/1/42)</td><td>3,062</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48</td><td>(3/15/38)</td><td>451</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/2% Treasury note A - 9/15/48</td><td>(3/15/44)</td><td>3,748</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>3/4% Treasury bond - 12/15/48-50</td><td>(12/8/39)</td><td>571</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Total</td><td></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>1949-June</td><td>3-1/8% Treasury bond - 6/15/49-49</td><td>(6/15/31)</td><td>....</td><td>....</td><td>819</td><td></td><td></td></tr><tr><td>June</td><td>3/4% Treasury bond - 6/15/49-51</td><td>(1/15/42)</td><td>1,014</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Sept.</td><td>3/4% Treasury bond - 9/15/49-51</td><td>(5/15/42)</td><td>1,292</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/8% Treasury bond - 12/15/49-52</td><td>(12/15/34)</td><td>491</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/2% Treasury bond - 12/15/49-53</td><td>(12/15/36)</td><td>1,786</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>3/4% Treasury bond - 12/15/49-51</td><td>(7/15/42)</td><td>2,098</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>....</td><td>6,682</td><td>819</td><td>6,682</td><td>819</td></tr><tr><td>1950-Mar.</td><td>3/4% Treasury bond - 3/15/48-50</td><td>(3/15/41)</td><td>....</td><td>....</td><td>1,115</td><td></td><td></td></tr><tr><td>Mar.</td><td>3/4% Treasury bond - 3/15/50-52</td><td>(10/15/42)</td><td>1,963</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td>(6/15/38)</td><td>1,186</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Sept.</td><td>3/4% Treasury bond - 9/15/50-52</td><td>(4/15/43)</td><td>4,339</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Dec.</td><td>3/4% Treasury bond - 12/15/48-50</td><td>(12/6/39)</td><td>511</td><td>....</td><td>....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>....</td><td>8,088</td><td>1,687</td><td>8,088</td><td>1,687</td></tr></table>
(Continued on following page)
January 1945
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
of November 30, 1944 - (Continued
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1951-Mar.</td><td>2-3/4 Treasury bond</td><td>3/15/54-51</td><td>(3/16/36)</td><td></td><td>1,223</td><td></td></tr><tr><td>June</td><td>2-3/4 Treasury bond</td><td>6/15/54-51</td><td>(1/15/42)</td><td>1,024</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4 Treasury bond</td><td>9/15/54-51</td><td>(6/15/36)</td><td>1,627</td><td>1,292</td><td></td></tr><tr><td>Sept.</td><td>2-3/4 Treasury bond</td><td>9/15/51-53</td><td>(9/15/43)</td><td>1,986</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4 Treasury bond</td><td>9/15/51-53</td><td>(9/15/31)</td><td>755</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-3/4 Treasury bond</td><td>12/15/51-53</td><td>(12/20/39)</td><td>1,118</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-3/4 Treasury bond</td><td>12/15/51-55</td><td>(12/15/41)</td><td>510</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-3/4 Treasury bond</td><td>12/15/51-55</td><td>(7/15/42)</td><td>2,098</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>11,995</td><td>5,528</td><td>11,996</td><td>5,628</td></tr><tr><td>1952-Mar.</td><td>2-1/2 Treasury bond</td><td>3/15/54-51</td><td>(3/31/41)</td><td></td><td>1,024</td><td></td></tr><tr><td>Mar.</td><td>2-1/2 Treasury bond</td><td>3/15/50-52</td><td>(10/13/42)</td><td>1,953</td><td></td><td></td></tr><tr><td>June</td><td>2-1/2 Treasury bond</td><td>6/15/52-54</td><td>(2/25/42)</td><td>1,501</td><td></td><td></td></tr><tr><td>June</td><td>2-1/2 Treasury bond</td><td>6/15/52-54</td><td>(6/26/44)</td><td>5,825</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2 Treasury bond</td><td>9/15/50-52</td><td>(9/15/38)</td><td>1,186</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2 Treasury bond</td><td>9/15/50-52</td><td>(4/25/43)</td><td>4,939</td><td></td><td></td></tr><tr><td>Oct.</td><td>3-1/8 Treasury bond</td><td>10/15/47-52</td><td>(10/15/22)</td><td>759</td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/8 Treasury bond</td><td>12/15/49-52</td><td>(12/15/34)</td><td>491</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>9,405</td><td>9,338</td><td>9,485</td><td>9,338</td></tr><tr><td>1953-June</td><td>2-1/2 Treasury bond</td><td>6/15/53-55</td><td>(10/7/46)</td><td>725</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2 Treasury bond</td><td>9/15/53-55</td><td>(9/15/43)</td><td>7,986</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2 Treasury bond</td><td>12/15/49-53</td><td>(12/15/35)</td><td>1,786</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2 Treasury bond</td><td>12/15/51-53</td><td>(12/22/39)</td><td>1,118</td><td></td><td></td></tr><tr><td>Total</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>3/15/54-51</td><td>(3/31/41)</td><td></td><td>1,024</td><td></td></tr><tr><td>June</td><td>2-3/4 Treasury bond</td><td>6/15/51-53</td><td>(6/15/36)</td><td>1,627</td><td></td><td></td></tr><tr><td>June</td><td>2-3/4 Treasury bond</td><td>6/15/51-54</td><td>(7/22/40)</td><td>681</td><td></td><td></td></tr><tr><td>June</td><td>2-3/4 Treasury bond</td><td>6/15/52-54</td><td>(6/26/44)</td><td>5,825</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-3/4 Treasury bond</td><td>12/15/52-54</td><td>(12/1/44)</td><td>1,335 5/</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>681</td><td>9,611</td><td>681</td><td>9,611</td></tr><tr><td>1955-Mar.</td><td>2-7/8 Treasury bond</td><td>3/15/55-50</td><td>(3/15/35)</td><td></td><td>2,611</td><td></td></tr><tr><td>June</td><td>2-1/4 Treasury bond</td><td>6/15/52-55</td><td>(2/25/42)</td><td>1,501</td><td></td><td></td></tr><tr><td>June</td><td>2-1/4 Treasury bond</td><td>6/15/53-55</td><td>(10/7/40)</td><td>725</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/4 Treasury bond</td><td>9/15/51-55</td><td>(9/15/31)</td><td>755</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-3/4 Treasury bond</td><td>12/15/51-55</td><td>(12/15/41)</td><td>510</td><td></td><td></td></tr><tr><td>Total</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>3/15/56-55</td><td>(3/15/26)</td><td></td><td>1,449</td><td></td></tr><tr><td>Mar.</td><td>2-1/2 Treasury bond</td><td>3/15/56-58</td><td>(6/2/41)</td><td>489</td><td></td><td></td></tr><tr><td>June</td><td>2-1/2 Treasury bond</td><td>6/15/54-56</td><td>(7/22/40)</td><td>681</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4 Treasury bond</td><td>9/15/55-59</td><td>(9/15/36)</td><td>982</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4 Treasury bond</td><td>9/15/56-59</td><td>(2/1/44)</td><td>3,873</td><td></td><td></td></tr><tr><td>Total</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></tr><tr><td>1958-Mar.</td><td>2-1/2 Treasury bond</td><td>3/15/55-58</td><td>(6/2/41)</td><td></td><td>1,449</td><td></td></tr><tr><td>June</td><td>2-3/4 Treasury bond</td><td>6/15/58-63</td><td>(6/15/38)</td><td>919</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-Sept.</td><td>2-3/4 Treasury bond</td><td>9/15/56-59</td><td>(9/15/36)</td><td></td><td>982</td><td></td></tr><tr><td>Sept.</td><td>2-3/4 Treasury bond</td><td>9/15/56-59</td><td>(2/1/44)</td><td>3,873</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>4,804</td><td></td><td>4,804</td></tr></table>
(Continued on following page)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States 1/ As of November 30, 1944 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1960-Mar-Dec....</td><td>2-1/8% Treasury bond 2-3/4% Treasury bond Total....................</td><td>2-3/15/60-65....................(3/15/35) 12/15/60-65....................(12/15/38)</td><td>1,485</td><td>2,611</td><td>1,485</td><td>2,611</td></tr><tr><td>1961-June....</td><td>3% Panama Canal bond - 5/1/61....................(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>2,118</td><td>.....</td><td>.....</td><td>2,118</td><td>.....</td></tr><tr><td>1963-June-Dec....</td><td>2-3/4% Treasury bond 2-1/2% Treasury bond Total....................</td><td>2-6/15/58-63....................(6/15/38) 12/15/63-68....................(12/1/42)</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 2-1/2% Treasury bond Total....................</td><td>2-6/15/64-69....................(4/15/43) 12/15/64-69....................(9/15/43)</td><td>3,761 3,838</td><td>.....</td><td>7,600</td><td>.....</td></tr><tr><td>1965-Dec-Mar....</td><td>2-3/4% Treasury bond 2-1/2% Treasury bond Total....................</td><td>2-12/15/60-65....................(12/15/38) 3/15/65-70....................(2/1/44)</td><td>5,197</td><td>1,485</td><td>5,197</td><td>1,485</td></tr><tr><td>1966-Dec....</td><td>2-1/2% Treasury bond - 3/15/66-71....................(12/1/44)</td><td>401 5/</td><td>.....</td><td>.....</td><td>401</td><td>.....</td></tr><tr><td>1967-June-Sept....</td><td>2-1/2% Treasury bond 2-1/2% Treasury bond Total....................</td><td>2-6/15/62-67....................(5/5/42) 9/15/67-72....................(10/20/41)</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 2-1/2% Treasury bond Total....................</td><td>2-6/15/64-69....................(4/15/43) 12/15/64-69....................(9/15/43)</td><td>3,761 3,838</td><td>.....</td><td>7,600</td><td>.....</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70....................(2/1/44)</td><td>.....</td><td>.....</td><td>5,197</td><td>.....</td><td>5,197</td></tr><tr><td>1971-Dec....</td><td>2-1/2% Treasury bond - 3/15/66-71....................(12/1/44)</td><td>401 5/</td><td>.....</td><td>.....</td><td>401</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 a certain number of issues twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities. The abbreviations refer to the following corporations: Home Owners' Loan Corporation and Commercial and Industrial.
3/ Does not include $610,000 retired upon exchange during the period November 20-30, 1944, in prepayment for 0.90% Treasury notes of Series C-1945, dated December 1, 1944.
2/ Does not include $168,900,000 retired upon exchange during the period November 20-30, 1944, in prepayment for Treasury bonds of 1952-54, Treasury bonds of 1956-71 and Treasury notes of Series C-1947, all dated December 1, 1944, which were offered for sale during the Sixth War Loan Drive.
3/ Represents amount of prepayments received during the period November 20-30, 1944 for these securities which are dated December 1, 1944, and were offered for sale during the Sixth War Loan Drive.
4/ Represents amount of prepayments received during the period November 20-30, 1944 for these securities which are dated December 1, 1944, and were offered in exchange for 71/8% Certificates of Indebtedness, Series C-1944.
31
January 1945
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)</th><th>Earliest date on which commercial banks may own restricted issues 2/</th><th>Amount of cash subscription alone tendered 3/</th><th colspan="3">Amount issued</th></tr><tr><th></th><th></th><th></th><th>1/</th><th></th><th></th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td>11/30/42</td><td>11/30/42</td><td>First War Loan securities: 2-1/2% Treas. bond-12/15/53-68...... (12/1/42) 1-3/4% Treas. bond- 6/15/48...... (12/1/42) 7/8% Certificate- 12/1/43...... (12/1/42)</td><td>26 yr (21 yr) 5 yr,6 m 1 yr</td><td>12/1/52</td><td>2,831 3,364 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 4/</td><td>......</td></tr><tr><td>3/12/43</td><td>4/12/43</td><td>Second War Loan securities: 2-1/2% Treas. bond- 6/15/54-69...... (4/15/43) 2% Treas. bond- 9/15/50-52...... (4/15/43) 7/8% Certificate- 4/1/44...... (4/15/43)</td><td>26 yr,2 m (21 yr,2 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% Treas. 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>1,655 19,544 5,484</td><td>1,655 2,707 2,945</td><td>1,655 2,707 989</td><td>1,556</td></tr><tr><td>8/16/43</td><td>9/9/43</td><td>Third War Loan securities: 2-1/2% Treas. bond-12/15/54-69...... (9/15/43) 2% Treas. bond- 9/15/51-53...... (9/15/43) 7/8% Certificate- 9/1/44...... (9/15/43)</td><td>26 yr,3 m (21 yr,3 m) 10 yr (8 yr) 1 yr</td><td>9/15/53</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>......</td></tr><tr><td>10/6/43 8/16/43 10/16/43 11/22/43</td><td>10/6/43 10/6/43 10/6/43 11/22/43</td><td>7/8% Certificate - 10/1/44...... (10/15/43) 2-1/2% Treas. bond - 12/15/54-69...... (9/15/43) 2% Treas. bond - 9/15/51-53...... (9/15/43) 7/8% Certificate - 12/1/44...... (12/1/43)</td><td>1 yr 26 yr,2 m (21 yr,2 m) 5/ 9 yr,11 m (7 yr,11m) 5/ 1 yr</td><td>9/15/53</td><td>5,391 5,532 2,729 3,540</td><td>3,539 1,627 3,540</td><td>1,580 1,627 3,540</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% Treas. bond- 3/15/56-70...... (2/1/44) 2-1/4% Treas. bond- 3/15/56-59...... (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% Treas. note - 3/1/45...... (2/1/44) 2-1/2% Treas. bond - 3/15/65-70...... (2/1/44) 2-1/4% Treas. bond - 3/15/65-59...... (2/1/44) 1-1/2% Treas. note - 9/15/48...... (3/15/44) 7/8% Certificate - 4/1/45...... (5/1/44) 7/8% Certificate - 5/1/45...... (5/1/44)</td><td>1 yr,1 m (21 yr) 3/ 15 yr,6 m (12 yr,6 m) 2/ 4 yr,6 m 1 yr</td><td>2/1/54 9/15/46</td><td>2,127 77 95 3,748 4,817 1,615</td><td>2,127 77 95 3,748 4,817 1,615</td><td>2,127 77 95 3,748 4,817 1,615</td><td>2,127 77 95 3,748 4,817 1,615</td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>Fifth War Loan securities: 8/ 2-1/2% Treas. bond- 3/15/65-70...... (2/1/44) 2% Treas. bond- 6/15/52-54...... (6/26/44) 1-1/4% Treas. note- 3/15/47...... (6/26/44) 7/8% Certificate - 6/1/45...... (6/26/44)</td><td>25 yr,9 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 9/20/44</td><td>7/8% Certificate - 8/1/45...... (8/1/44) 7/8% Certificate - 9/1/45...... (9/1/44) 1% Treas. note - 3/15/46...... (11/1/41) 7/8% Certificate - 10/1/45...... (10/1/44)</td><td>1 yr 1 yr,6 11/ 1 yr</td><td>......</td><td>2,511 3,694 788 3,492</td><td>2,511 3,694 788 3,492</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% Treas. bond- 3/15/56-71...... (12/1/44) 2% Treas. bond-12/15/52-54...... (12/1/44) 1-1/4% Treas. 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 11/17/44</td><td>11/20/44 11/20/44 11/20/44 11/20/44</td><td>90% Treas. note - 1/1/46...... (12/1/44) 2-1/2% Treas. bond - 3/15/66-71...... (12/1/44) 2% Treas. bond - 12/15/52-54...... (12/1/44) 1-1/4% Treas. note - 9/15/47...... (12/1/44)</td><td>1 yr,1 m (21 yr,3 m) 11/ 10 yr (8 yr) 11/ 2 yr,9 m 11/</td><td>12/1/54</td><td>3,407 p 33 p 737 p 137 p</td><td>3,407 p 33 p 737 p 137 p</td><td>3,407 p 33 p 737 p 137 p</td><td>......</td></tr></table>
Back Figures: For period December 1941 through October 1942, see "Treasury Bulletin" for November 1944, page 32.
Preliminary.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Restricted issues are those which commercial banks (defined for this purpose as banks which accept demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the Fourth, Fifth and Sixth War Loans, commercial banks were permitted to subscribe to the restricted issue offered in the War Loan for limited investment of their earnings deposits; (2) commercial banks may temporarily subscribe to 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.
5/ Reopening of previously offered security.
5/ Interest commenced on October 15, 1943.
7/ Announcement of exchange offering was included in announcement of Third War Loan, August 15, 1943.
8/ 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.
9/ Interest commenced on March 15, 1944.
10/ Interest commenced on June 26, 1944.
11/ Interest commenced on September 15, 1944.
12/ For detailed information on amount issued, see the articles at the beginning of the Bulletin on "Sales of United States Government Securities in the Sixth War Loan" and "Security Purchases Outside the Sixth War Loan by Commercial Banks and Treasury Investment Accounts". Additional issue offered simultaneously with Sixth War Loan.
13/ 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 colspan="2">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<br>12/15/42</td><td>1/2%<br>1-3/4% Tres. note - 12/15/42</td><td>1,507<br>232</td><td>1,507<br>232</td><td></td><td></td><td></td><td></td></tr><tr><td>2/1/43<br>3/15/43</td><td>5/8%<br>3/4% Tres. note - 3/15/43</td><td>1,588<br>66</td><td>1,588<br>66</td><td></td><td></td><td></td><td></td></tr><tr><td>5/1/43</td><td>.65%<br>3/4% CCC note - 5/1/43</td><td>1,506<br>289</td><td>132<br>8</td><td>1,373<br>282</td><td>91<br>97</td><td>7/8% Certificate - 5/1/44</td></tr><tr><td colspan="3">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<br>6/15/43<br>7/15/43</td><td>1-3/8% Tres. bond - 6/15/43-47<br>1-1/8% Tres. note - 6/15/43<br>1-1/8% SFC note - 7/15/43</td><td>454<br>629<br>324</td><td>454<br>629<br>324</td><td></td><td></td><td></td><td></td></tr><tr><td>8/2/43<br>9/15/43</td><td>7/8%<br>1% Tres. note - 9/15/43</td><td>1,609<br>279</td><td>53<br>279</td><td>1,556</td><td>97</td><td>7/8% Certificate - 8/1/44</td></tr><tr><td>10/15/43</td><td>3-1/4% Tres. bond - 10/15/43-33</td><td>1,401</td><td>239</td><td>1,161</td><td>83</td><td>2-1/2% Tres. bond - 12/15/64-69<br>2% Tres. bond - 9/15/51-53</td></tr><tr><td>10/15/43<br>12/1/43<br>12/15/43</td><td>7/8% Certificate - 11/1/43<br>7/8% Certificate - 12/1/43<br>1-1/8% Tres. note - 12/15/43</td><td>2,035<br>3,800<br>421</td><td>96<br>260<br>421</td><td>1,939<br>3,540</td><td>95<br>93</td><td>7/8% Certificate - 10/1/44<br>7/8% Certificate - 12/1/44</td></tr><tr><td>2/1/44<br>2/1/44</td><td>1-3/8% FFPA note - 2/1/44<br>7/8% Certificate - 2/1/44</td><td>2,211</td><td>114<br>84</td><td>2,127</td><td>96</td><td>.90% Tres. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>1-1/4% FFMC bond - 3/15/44-64<br>3% FFMC bond - 5/15/44-9<br>1% RFC note - 4/15/44<br>3% HOLC bond - 5/1/44-52<br>1-1/4% Tres. bond - 3/15/44-16<br>1% Tres. note - 6/15/44</td><td>95<br>835<br>571<br>779<br>1,519<br>516</td><td>19<br>130<br>12<br>175<br>236<br>146</td><td>76<br>705<br>559<br>604<br>1,223<br>270</td><td>80<br>84<br>98<br>78<br>81<br>65</td><td>2-1/4% Tres. bond - 9/15/56-59<br>2-1/2% Tres. bond - 3/15/65-70<br>1-1/2% Tres. note - 9/15/48</td></tr><tr><td colspan="3">Totals for exchange transaction of 3/15/44...</td><td>4,729</td><td>810</td><td>3,919</td><td>83</td><td></td></tr><tr><td>4/1/44<br>5/1/44<br>8/1/44<br>9/1/44</td><td>7/8% Certificate - 4/1/44<br>7/8% Certificate - 5/1/44<br>7/8% Certificate - 8/1/44<br>7/8% Certificate - 9/1/44</td><td>5,251<br>1,655<br>2,545<br>4,122</td><td>374<br>40<br>34<br>428</td><td>4,877<br>1,615<br>2,511<br>3,694</td><td>93<br>98<br>99<br>90</td><td>7/8% Certificate - 4/1/45<br>7/8% Certificate - 5/1/45<br>7/8% Certificate - 8/1/45<br>7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% Tres. note - 9/15/44<br>1% Tres. note - 9/15/44</td><td>635<br>283</td><td>33<br>98</td><td>502<br>185</td><td>95<br>66</td><td>1% Tres. note - 3/15/46</td></tr><tr><td colspan="3">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<br>12/1/44</td><td>7/8% Certificate - 10/1/44<br>7/8% Certificate - 12/1/44</td><td>3,519<br>3,540</td><td>27<br>133 p</td><td>3,492<br>3,407 p</td><td>99<br>96 p</td><td>7/8% Certificate - 10/1/45<br>.90% Tres. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>1% Tres. bond - 12/15/44-54</td><td>1,037</td><td>129 p</td><td>907 p</td><td>88 p</td><td>1-1/4% Tres. note - 9/15/47<br>2% Tres. bond - 12/15/62-54<br>2-1/2% Tres. bond - 3/15/66-71/8</td></tr></table>
Back Figures: For period December 1941 through October 1942 see "Treasury Bulletin" for November 1944, page 33. p Preliminary.
1/ Original call and maturity dates are used.
2/ Not available to commercial banks.
January 1945
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>Дата выпуска</th><th>Дата погашения</th><th>Количество дней до погашения</th><th>Сумма заявленных на обслуживание</th><th>Общая сумма</th><th>Количество принятых на обслуживание</th><th>Сумма на фиксированной цене за 1</th><th>Сумма начисленных процентов (на дату, указанную в столбце 1)</th><th>Сумма накопленных процентов (на дату, указанную в столбце 1)</th></tr><tr><td>1943-Ноябрь 12</td><td>1944-Февраль 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>13,051.5</td></tr><tr><td>Ноябрь 18</td><td>Февраль 17</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>Ноябрь 26</td><td>Февраль 24</td><td>90</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>13,051.5</td></tr><tr><td>Декабрь 2</td><td>Март 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>13,073.3</td></tr><tr><td>Декабрь 9</td><td>Март 9</td><td>91</td><td>1,694.3</td><td>1,011.4</td><td>947.6</td><td>53.8</td><td>1,004.9</td><td>13,084.8</td></tr><tr><td>Декабрь 16</td><td>Март 16</td><td>91</td><td>1,815.0</td><td>1,000.2</td><td>934.4</td><td>65.8</td><td>1,003.6</td><td>13,076.3</td></tr><tr><td>Декабрь 23</td><td>Март 23</td><td>91</td><td>1,791.7</td><td>1,005.5</td><td>944.8</td><td>60.7</td><td>1,017.7</td><td>13,064.2</td></tr><tr><td>Декабрь 30</td><td>Март 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-Январь 6</td><td>Апрель 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>Январь 13</td><td>Апрель 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>Январь 20</td><td>Апрель 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>Январь 27</td><td>Апрель 27</td><td>91</td><td>2,291.5</td><td>1,016.9</td><td>950.0</td><td>56.9</td><td>1,008.1</td><td>13,100.9</td></tr><tr><td>Февраль 3</td><td>Май 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>Февраль 10</td><td>Май 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>Февраль 17</td><td>Май 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>Февраль 24</td><td>Май 25</td><td>91</td><td>1,975.2</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>Март 2</td><td>Июнь 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>Март 9</td><td>Июнь 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>Март 16</td><td>Июнь 15</td><td>91</td><td>2,095.1</td><td>1,015.1</td><td>951.1</td><td>65.1</td><td>1,000.2</td><td>13,153.1</td></tr><tr><td>Март 23</td><td>Июнь 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>Март 30</td><td>Июнь 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>Апрель 6</td><td>Июль 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>Апрель 13</td><td>Июль 13</td><td>91</td><td>1,937.7</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>Апрель 20</td><td>Июль 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>Апрель 27</td><td>Июль 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>Май 4</td><td>Август 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>13,154.5</td></tr><tr><td>Май 11</td><td>Август 10</td><td>91</td><td>2,172.7</td><td>1,026.9</td><td>1,149.0</td><td>59.0</td><td>1,005.7</td><td>13,169.8</td></tr><tr><td>Май 18</td><td>Август 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>13,159.3</td></tr><tr><td>Май 25</td><td>Август 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>13,165.3</td></tr><tr><td>Июнь 1</td><td>Сентябрь 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>13,173.7</td></tr><tr><td>Июнь 8</td><td>Сентябрь 7</td><td>91</td><td>1,930.1</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>Июнь 15</td><td>Сентябрь 14</td><td>91</td><td>2,193.9</td><td>1,201.0</td><td>1,148.7</td><td>52.3</td><td>1,016.1</td><td>14,132.7</td></tr><tr><td>Июнь 22</td><td>Сентябрь 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>1,001.2</td><td>14,136.2</td></tr><tr><td>Июнь 29</td><td>Сентябрь 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>14,134.1</td></tr><tr><td>Июль 6</td><td>Октябрь 5</td><td>91</td><td>2,215.1</td><td>1,215.3</td><td>1,167.4</td><td>48.8</td><td>1,007.7</td><td>14,143.0</td></tr><tr><td>Июль 13</td><td>Октябрь 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>Июль 20</td><td>Октябрь 20</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>15,135.4</td></tr><tr><td>Июль 27</td><td>Октябрь 27</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>15,133.9</td></tr><tr><td>Август 3</td><td>Ноябрь 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>15,120.9</td></tr><tr><td>Август 10</td><td>Ноябрь 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>1,006.9</td><td>15,174.9</td></tr><tr><td>Август 17</td><td>Ноябрь 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>1,006.3</td><td>15,174.3</td></tr><tr><td>Август 24</td><td>Ноябрь 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>1,014.1</td><td>15,170.1</td></tr><tr><td>Август 31</td><td>Ноябрь 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>1,015.3</td><td>15,115.0</td></tr><tr><td>Сентябрь 7</td><td>Декабрь 7</td><td>91</td><td>1,762.1</td><td>1,206.9</td><td>1,151.9</td><td>45.0</td><td>1,202.6</td><td>15,119.2</td></tr><tr><td>Сентябрь 14</td><td>Декабрь 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>15,133.1</td></tr><tr><td>Сентябрь 21</td><td>Декабрь 21</td><td>91</td><td>2,088.3</td><td>1,215.5</td><td>1,152.5</td><td>61.1</td><td>1,211.6</td><td>15,137.0</td></tr><tr><td>Сентябрь 28</td><td>Декабрь 28</td><td>91</td><td>2,244.5</td><td>1,218.2</td><td>1,151.5</td><td>56.7</td><td>1,207.8</td><td>15,141.4</td></tr><tr><td>Октябрь 5</td><td>1945-Январь 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>15,149.1</td></tr><tr><td>Октябрь 13</td><td>Январь 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>15,157.8</td></tr><tr><td>Октябрь 19</td><td>Январь 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>15,165.1</td></tr><tr><td>Октябрь 26</td><td>Январь 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>16,105.6</td></tr><tr><td>Ноябрь 2</td><td>Февраль 1</td><td>91</td><td>2,240.9</td><td>1,311.0</td><td>1,260.6</td><td>50.4</td><td>1,214.1</td><td>16,156.5</td></tr><tr><td>Ноябрь 9</td><td>Февраль 8</td><td>91</td><td>2,264.4</td><td>1,314.3</td><td>1,261.7</td><td>52.6</td><td>1,210.9</td><td>16,159.9</td></tr><tr><td>Ноябрь 16</td><td>Февраль 15</td><td>91</td><td>1,932.1</td><td>1,300.6</td><td>1,247.7</td><td>52.9</td><td>1,205.8</td><td>16,154.7</td></tr><tr><td>Ноябрь 24</td><td>Февраль 23</td><td>91</td><td>2,078.5</td><td>1,313.5</td><td>1,262.1</td><td>51.4</td><td>1,209.9</td><td>16,158.3</td></tr><tr><td>Ноябрь 30</td><td>Март 1</td><td>91</td><td>2,061.8</td><td>1,203.7</td><td>1,138.6</td><td>65.1 1/1</td><td>1,210.2</td><td>16,104.5</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issue and total bills outstanding are on Daily Treasury Statement basis.
Back Figures: Annual Report of the Secretary of the Treasury.
1/ Commencing with the offering of Treasury bills dated May 12,
1943, tenders for bills in the amount of $100,000 or less from any one bidder were accepted in full at a fixed price of 99.905 per hundred. This amount was increased to $200,000 or less commencing with the offering dated November 30, 1944.
Treasury Bulletin
34
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/</th><th>High</th><th>Low</th><th>Equivalent rate 1/</th></tr><tr><td colspan="2">(Percent)</td><td>Price per hundred</td><td>(Percent)</td><td>Price per hundred</td><td>(Percent)</td></tr><tr><td>1943-Nov.</td><td>u</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></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></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></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></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></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></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></td><td>99.905</td><td>0.375</td><td>99.903</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 30</td><td></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.</td><td>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></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></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></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></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></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></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></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></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></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. 16</td><td></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></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></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></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></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></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></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></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></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></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></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></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></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></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></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></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></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></td><td>99.904</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.904</td><td>0.376</td></tr><tr><td>July 20</td><td></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></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></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></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></td><td>99.905</td><td>0.375</td><td>99.908 1/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 24</td><td></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></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></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></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></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></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></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. 12</td><td></td><td>99.906</td><td>0.375</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr><tr><td>Oct. 19</td><td></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></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><tr><td>Nov. 2</td><td></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><tr><td>Nov. 9</td><td></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><tr><td>Nov. 16</td><td></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>Nov. 24</td><td></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>Nov. 30</td><td></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></table>
Source: Public Debt Service.
Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Bank discount basis.
2/ Except $10,000 at 99.956.
1/ Except $10,000 at 99.925.
January 1945
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="10">All series 3/</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>4/</td><td>6/</td><td>...</td><td>5</td><td>5</td><td>*</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>4/</td><td>6/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>3</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>4/</td><td>6/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>6/</td><td>17.1</td><td>66.6</td><td>69.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>664.5</td><td>4/</td><td>6/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>4/</td><td>6/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>1,936.1</td><td>...</td><td>65.0</td><td>148.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,934.1</td><td>5,936.1</td><td>...</td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1943</td><td>21,295.2</td><td>+11,068.0</td><td>11,788.7</td><td>11,788.7</td><td>...</td><td>127.6</td><td>848.3</td><td>844.3</td><td>7.0</td></tr><tr><td>1944</td><td>34,606.1</td><td>+13,350.0</td><td>15,497.7</td><td>15,139.5</td><td>358.1</td><td>223.2</td><td>2,370.9</td><td>2,357.8</td><td>13.1</td></tr><tr><td>1947-November</td><td>26,697.0</td><td>+641.0</td><td>798.1</td><td>798.1</td><td>...</td><td>13.4</td><td>170.5</td><td>169.6</td><td>9</td></tr><tr><td>December</td><td>27,362.8</td><td>+665.8</td><td>853.0</td><td>853.0</td><td>...</td><td>19.6</td><td>206.9</td><td>205.9</td><td>1.0</td></tr><tr><td>1948-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>31,535.2</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>709.0</td><td>...</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>1,769.4</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>225.4</td><td>1.6</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>...</td><td>26.9</td><td>400.6</td><td>5/</td><td>5/</td></tr><tr><td>November</td><td>38,308.2</td><td>+663.6</td><td>1,023.4</td><td>999.7</td><td>23.7</td><td>22.6</td><td>382.4</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series 4-5 6/</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>4/</td><td>6/</td><td>...</td><td>5</td><td>5</td><td>*</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>4/</td><td>6/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>3</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>4/</td><td>6/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>6/</td><td>17.1</td><td>66.6</td><td>69.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>664.5</td><td>4/</td><td>6/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>4/</td><td>6/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>3,650.2</td><td>+745.5</td><td>828.0</td><td>828.0</td><td>...</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>+46.1</td><td>.8</td><td>.8</td><td>...</td><td>85.9</td><td>132.7</td><td>126.2</td><td>6.5</td></tr><tr><td>1943</td><td>3,608.0</td><td>+3.8</td><td>.1</td><td>.1</td><td>...</td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>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>1947-November</td><td>3,614.7</td><td>...</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>1948-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>+9.7</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>3,624.8</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>6.8</td><td>6.0</td><td>8</td></tr><tr><td>August</td><td>3,632.2</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</td><td>+1.0</td><td>...</td><td>...</td><td>...</td><td>6.7</td><td>5.7</td><td>5/</td><td>5/</td></tr><tr><td>November</td><td>3,636.3</td><td>-9</td><td>...</td><td>...</td><td>...</td><td>5.5</td><td>6.4</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series 7 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>3,286.3</td><td>3,526.3</td><td>...</td><td>1.5</td><td>50.0</td><td>50.0</td><td>*</td></tr><tr><td>1943</td><td>11,286.6</td><td>+7,625.8</td><td>8,271.3</td><td>8,271.3</td><td>...</td><td>33.1</td><td>588.6</td><td>588.6</td><td>6</td></tr><tr><td>1944</td><td>21,124.8</td><td>+9,836.2</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</td><td>5.2</td></tr><tr><td>1947-November</td><td>15,404.7</td><td>+923.1</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>1.4</td></tr><tr><td>1948-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>1.8</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>219.7</td><td>218.8</td><td>8</td></tr><tr><td>June</td><td>21,124.8</td><td>+1,145.3</td><td>1,340.8</td><td>1,340.8</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>22,838.9</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</td><td>+244.9</td><td>598.6</td><td>598.6</td><td>...</td><td>18.9</td><td>372.5</td><td>370.9</td><td>1.7</td></tr><tr><td>November</td><td>23,970.8</td><td>+469.0</td><td>806.8</td><td>806.8</td><td>...</td><td>15.8</td><td>353.6</td><td>351.9</td><td>1.1</td></tr></table>
(Continued on following page)
36
Treasury Bulletin
Sales of United States Savings Bonds - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month</th><th colspan="3">Sales</th><th>Accrual of redemption values</th><th colspan="2">Redemptions</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">Series 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>968.9</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>1,248.3</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-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>1,593.9</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>1,856.6</td><td>+17.0</td><td>22.9</td><td>21.7</td><td>1.3</td><td>.7</td><td>6.8</td><td>6.8</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>7.1</td><td>*</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>2,123.5</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>November</td><td>2,158.5</td><td>+37.1</td><td>42.7</td><td>34.4</td><td>8.3</td><td>1.3</td><td>6.9</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-November</td><td>6,128.9</td><td>+99.7</td><td>109.4</td><td>109.4</td><td>....</td><td>....</td><td>9.7</td><td>9.7</td><td>....</td></tr><tr><td>December</td><td>6,220.5</td><td>+91.6</td><td>101.4</td><td>101.4</td><td>....</td><td>....</td><td>9.8</td><td>9.8</td><td>....</td></tr><tr><td>1944-January</td><td>6,694.9</td><td>+474.4</td><td>486.9</td><td>352.0</td><td>134.9</td><td>....</td><td>12.6</td><td>12.6</td><td>....</td></tr><tr><td>February</td><td>7,205.6</td><td>+510.7</td><td>521.7</td><td>465.9</td><td>55.8</td><td>....</td><td>11.0</td><td>11.0</td><td>....</td></tr><tr><td>March</td><td>7,302.4</td><td>+96.8</td><td>110.3</td><td>107.6</td><td>2.8</td><td>....</td><td>13.5</td><td>13.5</td><td>....</td></tr><tr><td>April</td><td>7,403.3</td><td>+100.8</td><td>113.5</td><td>112.2</td><td>1.3</td><td>....</td><td>12.7</td><td>12.7</td><td>....</td></tr><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>8,284.1</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>8,348.2</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><tr><td>November</td><td>8,542.6</td><td>+158.3</td><td>173.9</td><td>158.5</td><td>15.4</td><td>....</td><td>15.5</td><td>15.5</td><td>....</td></tr></table>
Daily Treasury Statements. Less than $50,000. At current redemption values except Series 0, which is stated at $1. Estimated, except for Series 0. For details concerning investment yields and redemption values, see "Treasury Bulletin" for August 1943, page 4. Commercial bank purchases were permitted prior to April 1, 1940, and are estimated to have aggregated about $300 millions. Not yet available. 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 issues price in any calendar year and from April 1, 1940, could be made only by individuals. 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 overrated.
3 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 $1,750 issue price in any calendar year and may be made only by individuals.
3 Series F and G, on sale since May 1, 1941, are 10 year discount bonds sold at 714% 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 G combined in any calendar year are limited to $100,000 issue price ($50,000 in calendar year 1941, and $50,000 in 1942). There is no limit on any investor except commercial banks. Commencing January 1, 1944, commercial banks were permitted to purchase Series F and G bonds under certain conditions. For such limitations for the period January 1, 1944, through November 19, 1944, see "Treasury Bulletin" for December 1944, page 36, footnote 9. Commencing November 20, 1944, the 114% on commercial bank purchases was $100,000 providing that total holdings of Series F and G bonds, 25 Treasury bonds of 1936-44, and 2-1/2% Treasury bonds of 1956-71 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.
January 1945
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="9">Sales in millions of dollars at item price</th><th colspan="9">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="14">Series E</td></tr><tr><td>1941 3/</td><td>203.1</td><td>...</td><td>14.4</td><td>13.3</td><td>41.4</td><td>40.7</td><td>93.4</td><td>...</td><td>...</td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>20.0</td><td>46.0</td><td>...</td><td>...</td></tr><tr><td>1942</td><td>3,526.3</td><td>...</td><td>615.6</td><td>341.5</td><td>812.7</td><td>635.9</td><td>1,119.5</td><td>...</td><td>...</td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>18.1</td><td>31.7</td><td>...</td><td>...</td></tr><tr><td>1943</td><td>8,271.3</td><td>...</td><td>2,988.2</td><td>1,081.0</td><td>1,713.8</td><td>1,007.3</td><td>1,451.0</td><td>...</td><td>...</td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>12.2</td><td>17.9</td><td>...</td><td>...</td></tr><tr><td>1944</td><td>11,819.7</td><td>...</td><td>4,149.1</td><td>1,642.5</td><td>2,583.5</td><td>1,395.9</td><td>2,047.8</td><td>...</td><td>...</td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>11.8</td><td>17.3</td><td>...</td><td>...</td></tr><tr><td>1943-November</td><td>655.3</td><td>...</td><td>303.0</td><td>108.3</td><td>127.3</td><td>54.2</td><td>72.4</td><td>...</td><td>...</td><td>100.0</td><td>45.6</td><td>15.3</td><td>19.1</td><td>8.1</td><td>10.9</td><td>...</td><td>...</td></tr><tr><td>December</td><td>727.6</td><td>...</td><td>328.7</td><td>117.4</td><td>140.1</td><td>50.4</td><td>81.0</td><td>...</td><td>...</td><td>100.0</td><td>45.2</td><td>16.1</td><td>19.3</td><td>8.3</td><td>11.1</td><td>...</td><td>...</td></tr><tr><td>1944-January</td><td>1,084.6</td><td>...</td><td>312.9</td><td>140.8</td><td>224.5</td><td>135.2</td><td>241.1</td><td>...</td><td>...</td><td>100.0</td><td>31.6</td><td>13.0</td><td>20.7</td><td>12.5</td><td>22.2</td><td>...</td><td>...</td></tr><tr><td>February</td><td>2,102.3</td><td>...</td><td>548.3</td><td>247.5</td><td>508.7</td><td>312.0</td><td>455.3</td><td>...</td><td>...</td><td>100.0</td><td>25.1</td><td>11.8</td><td>24.2</td><td>14.3</td><td>23.1</td><td>...</td><td>...</td></tr><tr><td>March</td><td>575.8</td><td>...</td><td>274.3</td><td>102.9</td><td>185.3</td><td>23.7</td><td>45.6</td><td>...</td><td>...</td><td>100.0</td><td>47.6</td><td>17.9</td><td>21.7</td><td>5.2</td><td>7.6</td><td>...</td><td>...</td></tr><tr><td>April</td><td>605.7</td><td>...</td><td>291.3</td><td>106.7</td><td>107.6</td><td>40.3</td><td>59.9</td><td>...</td><td>...</td><td>100.0</td><td>48.1</td><td>17.6</td><td>17.7</td><td>6.7</td><td>9.9</td><td>...</td><td>...</td></tr><tr><td>May</td><td>624.3</td><td>...</td><td>305.9</td><td>110.8</td><td>111.2</td><td>39.9</td><td>56.5</td><td>...</td><td>...</td><td>100.0</td><td>49.0</td><td>17.8</td><td>17.8</td><td>6.1</td><td>9.0</td><td>...</td><td>...</td></tr><tr><td>June</td><td>1,349.8</td><td>...</td><td>402.2</td><td>174.2</td><td>309.0</td><td>185.9</td><td>277.5</td><td>...</td><td>...</td><td>100.0</td><td>32.5</td><td>12.9</td><td>21.5</td><td>13.0</td><td>19.9</td><td>...</td><td>...</td></tr><tr><td>July</td><td>1,685.5</td><td>1.5</td><td>525.5</td><td>248.8</td><td>381.1</td><td>216.4</td><td>309.2</td><td>...</td><td>...</td><td>100.0</td><td>1.3</td><td>14.8</td><td>22.8</td><td>12.8</td><td>18.3</td><td>...</td><td>...</td></tr><tr><td>August</td><td>499.4</td><td>4.5</td><td>221.8</td><td>89.8</td><td>95.9</td><td>35.6</td><td>51.7</td><td>...</td><td>...</td><td>100.0</td><td>4.6</td><td>18.0</td><td>19.2</td><td>7.1</td><td>10.4</td><td>...</td><td>...</td></tr><tr><td>September</td><td>550.5</td><td>1.1</td><td>277.1</td><td>106.3</td><td>107.6</td><td>40.4</td><td>59.5</td><td>...</td><td>...</td><td>100.0</td><td>1.6</td><td>18.0</td><td>18.2</td><td>6.8</td><td>10.1</td><td>...</td><td>...</td></tr><tr><td>October</td><td>598.6</td><td>9.6</td><td>281.9</td><td>109.3</td><td>108.8</td><td>36.6</td><td>52.3</td><td>...</td><td>...</td><td>100.0</td><td>1.6</td><td>18.1</td><td>18.2</td><td>6.1</td><td>8.7</td><td>...</td><td>...</td></tr><tr><td>November</td><td>806.8</td><td>5.1</td><td>301.2</td><td>126.3</td><td>165.5</td><td>84.5</td><td>124.3</td><td>...</td><td>...</td><td>100.0</td><td>1.6</td><td>15.7</td><td>20.5</td><td>10.5</td><td>15.4</td><td>...</td><td>...</td></tr><tr><td colspan="14">Series F</td></tr><tr><td>1941 3/</td><td>66.7</td><td>...</td><td>...</td><td>...</td><td>2.0</td><td>13.2</td><td>12.3</td><td>18.3</td><td>...</td><td>100.0</td><td>...</td><td>1.3</td><td>3.1</td><td>19.8</td><td>18.4</td><td>57.4</td><td>...</td></tr><tr><td>1942</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>3.3</td><td>5.5</td><td>6.3</td><td>28.4</td><td>21.1</td><td>33.4</td></tr><tr><td>1943</td><td>757.9</td><td>...</td><td>1.0</td><td>...</td><td>24.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>108.3</td><td>100.0</td><td>...</td><td>3.5</td><td>5.4</td><td>27.7</td><td>22.4</td><td>40.7</td><td>...</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>152.7</td><td>354.8</td><td>100.0</td><td>...</td><td>5.1</td><td>5.1</td><td>25.6</td><td>20.3</td><td>44.2</td><td>...</td></tr><tr><td>1943-November</td><td>23.4</td><td>...</td><td>3.3</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>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>...</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>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>...</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>3.3</td><td>2.6</td><td>14.1</td><td>13.9</td><td>57.5</td><td>...</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>3.0</td><td>4.5</td><td>21.4</td><td>18.0</td><td>52.4</td><td>...</td></tr><tr><td>March</td><td>22.9</td><td>...</td><td>...</td><td>...</td><td>1.1</td><td>1.5</td><td>6.6</td><td>4.5</td><td>8.3</td><td>100.0</td><td>...</td><td>1.5</td><td>5.0</td><td>6.4</td><td>28.8</td><td>19.6</td><td>38.7</td></tr><tr><td>April</td><td>19.3</td><td>...</td><td>3.3</td><td>...</td><td>...</td><td>1.3</td><td>6.1</td><td>3.9</td><td>6.9</td><td>100.0</td><td>...</td><td>1.4</td><td>4.6</td><td>6.2</td><td>31.5</td><td>20.4</td><td>35.9</td></tr><tr><td>May</td><td>15.3</td><td>...</td><td>...</td><td>...</td><td>...</td><td>1.0</td><td>4.7</td><td>3.9</td><td>5.4</td><td>100.0</td><td>...</td><td>1.6</td><td>5.3</td><td>5.8</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>1.7</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>...</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>8.8</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>3.0</td><td>5.6</td><td>29.6</td><td>22.0</td><td>39.0</td><td>...</td></tr><tr><td>August</td><td>17.8</td><td>...</td><td>2.2</td><td>...</td><td>...</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>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>...</td><td>...</td><td>...</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>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>2.2</td><td>...</td><td>...</td><td>1.7</td><td>5.0</td><td>3.2</td><td>3.5</td><td>100.0</td><td>...</td><td>1.6</td><td>5.4</td><td>6.9</td><td>36.9</td><td>23.4</td><td>25.8</td></tr><tr><td>November</td><td>42.7</td><td>...</td><td>1.4</td><td>...</td><td>1.3</td><td>2.3</td><td>12.7</td><td>9.7</td><td>16.3</td><td>100.0</td><td>...</td><td>1.8</td><td>3.1</td><td>5.4</td><td>29.7</td><td>22.8</td><td>38.2</td></tr><tr><td colspan="14">Series O</td></tr><tr><td>1941 3/</td><td>394.6</td><td>...</td><td>...</td><td>...</td><td>4.8</td><td>11.2</td><td>82.4</td><td>71.3</td><td>284.3</td><td>100.0</td><td>...</td><td>1.2</td><td>2.8</td><td>20.9</td><td>18.2</td><td>55.9</td><td>...</td></tr><tr><td>1942</td><td>2,032.1</td><td>...</td><td>...</td><td>...</td><td>50.9</td><td>113.0</td><td>578.1</td><td>406.2</td><td>838.8</td><td>100.0</td><td>...</td><td>2.5</td><td>5.6</td><td>28.4</td><td>20.0</td><td>43.5</td><td>...</td></tr><tr><td>1943</td><td>2,759.2</td><td>...</td><td>...</td><td>...</td><td>81.5</td><td>188.7</td><td>805.7</td><td>565.3</td><td>1,157.3</td><td>100.0</td><td>...</td><td>3.0</td><td>6.8</td><td>29.2</td><td>19.1</td><td>41.9</td><td>...</td></tr><tr><td>1944</td><td>2,675.6</td><td>...</td><td>...</td><td>...</td><td>108.8</td><td>249.6</td><td>942.3</td><td>520.7</td><td>1,094.2</td><td>100.0</td><td>...</td><td>3.8</td><td>8.7</td><td>32.8</td><td>18.1</td><td>36.6</td><td>...</td></tr><tr><td>1943-November</td><td>109.4</td><td>...</td><td>...</td><td>...</td><td>4.7</td><td>11.1</td><td>44.3</td><td>20.9</td><td>26.4</td><td>100.0</td><td>...</td><td>4.3</td><td>10.1</td><td>40.5</td><td>19.1</td><td>26.0</td><td>...</td></tr><tr><td>December</td><td>101.4</td><td>...</td><td>...</td><td>...</td><td>4.8</td><td>10.0</td><td>40.0</td><td>19.7</td><td>26.9</td><td>100.0</td><td>...</td><td>4.7</td><td>9.9</td><td>39.5</td><td>19.4</td><td>26.5</td><td>...</td></tr><tr><td>1944-January</td><td>456.9</td><td>...</td><td>...</td><td>...</td><td>11.0</td><td>25.0</td><td>59.8</td><td>62.8</td><td>285.4</td><td>100.0</td><td>...</td><td>2.3</td><td>5.7</td><td>20.5</td><td>12.9</td><td>58.6</td><td>...</td></tr><tr><td>February</td><td>521.7</td><td>...</td><td>...</td><td>...</td><td>19.5</td><td>42.5</td><td>155.6</td><td>82.7</td><td>232.4</td><td>100.0</td><td>...</td><td>3.1</td><td>8.6</td><td>27.7</td><td>15.8</td><td>44.5</td><td>...</td></tr><tr><td>March</td><td>110.3</td><td>...</td><td>...</td><td>...</td><td>4.0</td><td>9.5</td><td>38.3</td><td>20.9</td><td>37.6</td><td>100.0</td><td>...</td><td>3.6</td><td>8.6</td><td>34.7</td><td>19.0</td><td>34.1</td><td>...</td></tr><tr><td>April</td><td>113.5</td><td>...</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>3.5</td><td>9.1</td><td>36.5</td><td>19.2</td><td>31.7</td><td>...</td></tr><tr><td>May</td><td>111.1</td><td>...</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>3.6</td><td>9.0</td><td>38.4</td><td>19.7</td><td>29.3</td><td>...</td></tr><tr><td>June</td><td>377.3</td><td>...</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>3.8</td><td>9.0</td><td>34.0</td><td>18.7</td><td>34.5</td><td>...</td></tr><tr><td>July</td><td>337.5</td><td>...</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>4.3</td><td>10.2</td><td>36.5</td><td>19.5</td><td>29.5</td><td>...</td></tr><tr><td>August</td><td>85.3</td><td>...</td><td>...</td><td>...</td><td>3.6</td><td>8.6</td><td>34.2</td><td>15.7</td><td>22.1</td><td>100.0</td><td>...</td><td>4.2</td><td>10.1</td><td>40.1</td><td>19.6</td><td>25.0</td><td>...</td></tr><tr><td>September</td><td>85.3</td><td>...</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>3.8</td><td>9.5</td><td>39.0</td><td>19.6</td><td>28.1</td><td>...</td></tr><tr><td>October</td><td>82.8</td><td>...</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>3.9</td><td>9.3</td><td>38.1</td><td>19.3</td><td>29.4</td><td>...</td></tr><tr><td>November</td><td>173.9</td><td>...</td><td>...</td><td>...</td><td>6.6</td><td>16.1</td><td>65.4</td><td>35.3</td><td>50.5</td><td>100.0</td><td>...</td><td>3.8</td><td>9.2</td><td>37.6</td><td>20.3</td><td>29.1</td><td>...</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Figures by denominations are estimated on the basis of reports received by the Treasury.
* Less than .05%.
1/ Sale of $10 denomination Series E bonds was authorized in June 1944.
This denomination is available only to members of the military and naval forces of the United States. Sale of Series E, F, and G bonds commenced May 1, 1941. Sale of $25 denomination Series F bonds was authorized in December 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 prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="10">1943</th><th colspan="8">1944</th></tr><tr><th></th><th>1943</th><th>1944</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><th>Nov.</th><th>Dec.</th></tr><tr><td>Alabama</td><td>91,272</td><td>139,180</td><td>7,440</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>5,051</td><td>6,731</td><td>7,272</td><td>7,613</td><td>7,332</td></tr><tr><td>Arizona</td><td>27,846</td><td>42,252</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>2,084</td><td>2,306</td><td>2,532</td></tr><tr><td>Arkansas</td><td>52,764</td><td>74,176</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><td>5,532</td><td>5,532</td></tr><tr><td>California</td><td>638,877</td><td>970,414</td><td>56,043</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>56,447</td><td>51,600</td><td>53,796</td><td>53,796</td></tr><tr><td>Colorado</td><td>62,132</td><td>90,226</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><td>5,103</td><td>5,103</td></tr><tr><td>Connecticut</td><td>168,258</td><td>220,926</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><td>14,680</td><td>14,680</td></tr><tr><td>Delaware</td><td>21,824</td><td>27,609</td><td>1,563</td><td>1,802</td><td>2,719</td><td>4,205</td><td>1,574</td><td>1,393</td><td>1,391</td><td>3,177</td><td>3,610</td><td>1,382</td><td>1,556</td><td>1,572</td><td>1,756</td><td>1,756</td></tr><tr><td>Dist. of Columbia</td><td>33,143</td><td>135,069</td><td>11,049</td><td>8,516</td><td>11,319</td><td>23,069</td><td>5,463</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>1,706</td><td>7,939</td><td>7,939</td></tr><tr><td>Florida</td><td>89,496</td><td>142,682</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>8,566</td><td>14,392</td><td>24,926</td><td>5,849</td><td>7,877</td><td>8,326</td><td>7,083</td><td>7,083</td></tr><tr><td>Georgia</td><td>94,524</td><td>145,933</td><td>8,666</td><td>9,053</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><td>9,394</td><td>9,394</td></tr><tr><td>Hawaii</td><td>27,845</td><td>40,230</td><td>1,643</td><td>1,979</td><td>3,979</td><td>8,957</td><td>1,124</td><td>1,111</td><td>1,935</td><td>5,159</td><td>6,850</td><td>956</td><td>1,892</td><td>1,620</td><td>2,310</td><td>2,310</td></tr><tr><td>Illinois</td><td>575,056</td><td>755,362</td><td>45,479</td><td>50,733</td><td>52,791</td><td>150,461</td><td>40,050</td><td>43,762</td><td>42,340</td><td>76,625</td><td>140,398</td><td>16,009</td><td>45,181</td><td>43,999</td><td>50,868</td><td>50,868</td></tr><tr><td>Indiana</td><td>213,613</td><td>313,594</td><td>18,793</td><td>21,585</td><td>21,884</td><td>58,283</td><td>15,538</td><td>19,832</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><td>22,070</td><td>22,070</td></tr><tr><td>Iowa</td><td>176,508</td><td>263,445</td><td>10,570</td><td>12,427</td><td>18,408</td><td>63,579</td><td>9,538</td><td>9,773</td><td>8,877</td><td>24,856</td><td>42,133</td><td>5,855</td><td>8,227</td><td>8,189</td><td>14,003</td><td>14,003</td></tr><tr><td>Kansas</td><td>106,190</td><td>163,077</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>24,145</td><td>6,580</td><td>6,435</td><td>5,406</td><td>10,727</td><td>10,727</td></tr><tr><td>Kentucky</td><td>87,607</td><td>127,956</td><td>5,854</td><td>8,060</td><td>10,321</td><td>26,856</td><td>5,049</td><td>6,532</td><td>6,585</td><td>12,297</td><td>20,168</td><td>4,302</td><td>5,657</td><td>6,873</td><td>6,397</td><td>6,397</td></tr><tr><td>Louisiana</td><td>94,910</td><td>141,106</td><td>7,259</td><td>7,351</td><td>12,687</td><td>25,213</td><td>6,896</td><td>7,557</td><td>8,014</td><td>14,200</td><td>20,530</td><td>5,744</td><td>6,994</td><td>8,237</td><td>8,084</td><td>8,084</td></tr><tr><td>Me.</td><td>37,361</td><td>54,994</td><td>3,595</td><td>2,814</td><td>4,761</td><td>11,730</td><td>2,555</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><td>2,599</td><td>2,599</td></tr><tr><td>Maryland</td><td>108,604</td><td>152,566</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>6,959</td><td>9,202</td><td>8,785</td><td>9,272</td><td>9,272</td></tr><tr><td>Massachusetts</td><td>280,091</td><td>390,986</td><td>23,316</td><td>21,771</td><td>35,329</td><td>76,345</td><td>15,632</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><td>22,006</td><td>22,006</td></tr><tr><td>Michigan</td><td>481,637</td><td>688,159</td><td>40,469</td><td>40,940</td><td>52,215</td><td>131,400</td><td>33,951</td><td>33,122</td><td>33,829</td><td>74,137</td><td>95,034</td><td>23,516</td><td>44,442</td><td>35,817</td><td>37,810</td><td>37,810</td></tr><tr><td>Minnesota</td><td>179,108</td><td>249,962</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><td>14,564</td><td>14,564</td></tr><tr><td>Mississippi</td><td>52,870</td><td>82,588</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>4,063</td><td>4,537</td><td>4,537</td></tr><tr><td>Missouri</td><td>195,668</td><td>283,681</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>12,606</td><td>14,214</td><td>17,747</td><td>17,747</td></tr><tr><td>Montana</td><td>39,430</td><td>55,230</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><td>6,220</td><td>6,220</td></tr><tr><td>Nebraska</td><td>72,211</td><td>128,079</td><td>5,050</td><td>5,281</td><td>10,870</td><td>28,807</td><td>4,706</td><td>5,395</td><td>4,747</td><td>16,093</td><td>21,266</td><td>3,641</td><td>4,418</td><td>3,655</td><td>7,112</td><td>7,112</td></tr><tr><td>Nevada</td><td>11,466</td><td>13,468</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><td>841</td><td>841</td></tr><tr><td>New Hampshire</td><td>25,787</td><td>32,722</td><td>2,012</td><td>1,754</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>6,569</td><td>1,074</td><td>1,812</td><td>1,569</td><td>1,483</td><td>1,483</td></tr><tr><td>New Jersey</td><td>303,607</td><td>415,338</td><td>24,314</td><td>28,307</td><td>34,571</td><td>75,393</td><td>21,437</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>24,165</td><td>24,967</td><td>24,967</td></tr><tr><td>New Mexico</td><td>17,284</td><td>27,990</td><td>1,336</td><td>1,465</td><td>2,555</td><td>6,041</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><td>2,055</td><td>2,055</td></tr><tr><td>New York</td><td>991,388</td><td>1,290,035</td><td>65,537</td><td>84,614</td><td>121,785</td><td>242,271</td><td>66,902</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><td>70,043</td><td>70,043</td></tr><tr><td>North Carolina</td><td>113,869</td><td>149,443</td><td>8,138</td><td>6,968</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><td>7,815</td><td>7,815</td></tr><tr><td>North Dakota</td><td>34,349</td><td>58,224</td><td>2,656</td><td>2,170</td><td>8,635</td><td>11,317</td><td>1,461</td><td>1,474</td><td>1,468</td><td>7,970</td><td>9,822</td><td>999</td><td>1,315</td><td>1,755</td><td>4,718</td><td>4,718</td></tr><tr><td>Ohio</td><td>506,364</td><td>714,177</td><td>44,309</td><td>52,654</td><td>60,766</td><td>116,942</td><td>39,378</td><td>39,912</td><td>43,338</td><td>71,091</td><td>106,343</td><td>35,040</td><td>37,327</td><td>42,132</td><td>44,286</td><td>44,286</td></tr><tr><td>Oklahoma</td><td>82,143</td><td>135,264</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>28,290</td><td>4,547</td><td>5,906</td><td>4,833</td><td>9,536</td><td>9,536</td></tr><tr><td>Oregon</td><td>107,674</td><td>159,752</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>7,179</td><td>7,106</td><td>8,486</td><td>8,486</td></tr><tr><td>Pennsylvania</td><td>626,051</td><td>857,400</td><td>52,523</td><td>56,156</td><td>76,495</td><td>147,646</td><td>45,018</td><td>44,305</td><td>46,402</td><td>91,438</td><td>126,213</td><td>39,068</td><td>47,888</td><td>49,343</td><td>59,677</td><td>59,677</td></tr><tr><td>Rhode Island</td><td>53,745</td><td>60,858</td><td>3,505</td><td>3,698</td><td>5,499</td><td>11,198</td><td>2,264</td><td>3,460</td><td>3,584</td><td>5,790</td><td>10,204</td><td>2,417</td><td>3,723</td><td>3,240</td><td>3,125</td><td>3,125</td></tr><tr><td>South Carolina</td><td>53,401</td><td>76,058</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>2,467</td><td>4,937</td><td>4,538</td><td>4,684</td><td>4,684</td></tr><tr><td>South Dakota</td><td>33,171</td><td>53,813</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><td>3,052</td><td>3,052</td></tr><tr><td>Tennessee</td><td>100,530</td><td>147,296</td><td>7,155</td><td>7,991</td><td>13,782</td><td>26,586</td><td>8,946</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><td>8,449</td><td>8,449</td></tr><tr><td>Texas</td><td>306,265</td><td>494,995</td><td>21,792</td><td>26,190</td><td>39,487</td><td>105,358</td><td>23,696</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><td>35,318</td><td>35,318</td></tr><tr><td>Utah</td><td>33,242</td><td>56,357</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><td>3,305</td><td>3,305</td></tr><tr><td>Vermont</td><td>14,175</td><td>18,819</td><td>1,040</td><td>852</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><td>870</td><td>870</td></tr><tr><td>Virginia</td><td>145,959</td><td>189,563</td><td>11,090</td><td>13,534</td><td>17,852</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><
(Continued on following page)
January 1945
39
Sales of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States - (Continued)
PART B - SERIES F AND G COMBINED
(In thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="10">1943</th><th colspan="7">1944</th></tr><tr><th></th><th>1943</th><th>1944</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><th>Nov.</th></tr><tr><td>Alabama</td><td>32,007</td><td>30,156</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>1,851</td><td>1,009</td><td>645</td><td>784</td><td>767</td><td>1,066</td></tr><tr><td>Arizona</td><td>8,421</td><td>9,450</td><td>289</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><td>1,521</td></tr><tr><td>Arkansas</td><td>16,578</td><td>17,831</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><td>1,521</td></tr><tr><td>California</td><td>224,145</td><td>258,108</td><td>11,765</td><td>9,257</td><td>33,408</td><td>43,546</td><td>9,866</td><td>8,487</td><td>8,823</td><td>31,374</td><td>34,840</td><td>7,932</td><td>8,070</td><td>3,355</td><td>13,003</td></tr><tr><td>Colorado</td><td>23,746</td><td>30,678</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>8,050</td><td>632</td><td>674</td><td>822</td><td>1,487</td></tr><tr><td>Connecticut</td><td>81,128</td><td>64,437</td><td>3,367</td><td>2,462</td><td>11,412</td><td>11,494</td><td>2,459</td><td>2,219</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><td>4,151</td></tr><tr><td>Delaware</td><td>12,326</td><td>10,306</td><td>581</td><td>422</td><td>1,245</td><td>1,660</td><td>401</td><td>434</td><td>456</td><td>1,202</td><td>1,804</td><td>302</td><td>382</td><td>566</td><td>921</td></tr><tr><td>Dist. of Columbia</td><td>33,157</td><td>29,761</td><td>1,021</td><td>1,215</td><td>4,631</td><td>5,025</td><td>1,108</td><td>886</td><td>1,083</td><td>1,276</td><td>3,217</td><td>704</td><td>933</td><td>789</td><td>2,198</td></tr><tr><td>Florida</td><td>36,705</td><td>40,436</td><td>1,701</td><td>1,625</td><td>3,580</td><td>8,317</td><td>1,858</td><td>2,058</td><td>1,580</td><td>5,399</td><td>6,276</td><td>1,680</td><td>1,364</td><td>1,354</td><td>2,852</td></tr><tr><td>Georgia</td><td>37,831</td><td>41,958</td><td>2,325</td><td>1,316</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>4,140</td><td>1,246</td><td>1,211</td><td>1,126</td><td>2,905</td></tr><tr><td>Idaho</td><td>8,031</td><td>7,630</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>233</td><td>637</td></tr><tr><td>Illinois</td><td>272,112</td><td>236,291</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>27,045</td><td>9,156</td><td>7,484</td><td>8,222</td><td>15,772</td></tr><tr><td>Indiana</td><td>79,524</td><td>82,311</td><td>4,311</td><td>1,041</td><td>8,766</td><td>14,013</td><td>3,710</td><td>4,630</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><td>5,144</td></tr><tr><td>Iowa</td><td>71,432</td><td>106,397</td><td>3,002</td><td>1,560</td><td>10,030</td><td>15,471</td><td>5,541</td><td>4,860</td><td>3,615</td><td>14,284</td><td>9,094</td><td>2,541</td><td>2,450</td><td>2,152</td><td>6,221</td></tr><tr><td>Kansas</td><td>34,897</td><td>44,903</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>7,311</td><td>4,749</td><td>1,473</td><td>1,435</td><td>897</td><td>2,884</td></tr><tr><td>Kentucky</td><td>43,755</td><td>47,442</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>7,388</td><td>4,169</td><td>1,350</td><td>1,406</td><td>1,123</td><td>3,459</td></tr><tr><td>Louisiana</td><td>44,461</td><td>38,952</td><td>1,431</td><td>1,054</td><td>4,129</td><td>6,210</td><td>1,268</td><td>1,382</td><td>1,184</td><td>5,739</td><td>4,436</td><td>1,286</td><td>1,150</td><td>1,058</td><td>2,341</td></tr><tr><td>Maine</td><td>20,245</td><td>20,591</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><td>1,173</td></tr><tr><td>Maryland</td><td>56,352</td><td>52,493</td><td>2,612</td><td>2,760</td><td>7,395</td><td>8,378</td><td>2,335</td><td>1,326</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><td>3,460</td></tr><tr><td>Massachusetts</td><td>174,399</td><td>147,625</td><td>7,554</td><td>5,573</td><td>31,252</td><td>25,356</td><td>5,198</td><td>5,561</td><td>7,088</td><td>17,887</td><td>15,469</td><td>3,560</td><td>4,153</td><td>4,484</td><td>8,262</td></tr><tr><td>Michigan</td><td>106,363</td><td>104,768</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>12,324</td><td>2,732</td><td>3,776</td><td>3,094</td><td>5,957</td></tr><tr><td>Minnesota</td><td>69,692</td><td>69,836</td><td>2,286</td><td>2,267</td><td>10,550</td><td>11,952</td><td>2,234</td><td>2,700</td><td>2,663</td><td>9,312</td><td>9,345</td><td>1,751</td><td>2,337</td><td>1,744</td><td>3,877</td></tr><tr><td>Mississippi</td><td>21,812</td><td>22,296</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>1,800</td><td>2,600</td><td>588</td><td>524</td><td>379</td><td>1,627</td></tr><tr><td>Missouri</td><td>84,266</td><td>91,689</td><td>3,539</td><td>2,746</td><td>12,896</td><td>13,144</td><td>4,370</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>2,870</td><td>6,621</td></tr><tr><td>Montana</td><td>10,529</td><td>13,550</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>277</td><td>356</td><td>397</td><td>1,460</td></tr><tr><td>Nebraska</td><td>30,411</td><td>39,339</td><td>1,058</td><td>928</td><td>4,179</td><td>8,177</td><td>2,151</td><td>1,965</td><td>1,623</td><td>5,241</td><td>4,934</td><td>1,133</td><td>1,220</td><td>872</td><td>1,823</td></tr><tr><td>Nevada</td><td>4,401</td><td>3,630</td><td>69</td><td>80</td><td>518</td><td>750</td><td>190</td><td>45</td><td>56</td><td>611</td><td>694</td><td>57</td><td>158</td><td>44</td><td>161</td></tr><tr><td>New Hampshire</td><td>14,403</td><td>14,563</td><td>559</td><td>426</td><td>3,111</td><td>3,505</td><td>524</td><td>473</td><td>327</td><td>1,768</td><td>1,726</td><td>613</td><td>458</td><td>509</td><td>868</td></tr><tr><td>New Jersey</td><td>118,761</td><td>106,839</td><td>5,099</td><td>4,051</td><td>12,607</td><td>19,326</td><td>4,173</td><td>3,891</td><td>3,693</td><td>13,225</td><td>13,469</td><td>3,158</td><td>3,086</td><td>3,344</td><td>6,758</td></tr><tr><td>New Mexico</td><td>7,025</td><td>6,503</td><td>158</td><td>104</td><td>548</td><td>1,267</td><td>113</td><td>311</td><td>151</td><td>919</td><td>1,121</td><td>116</td><td>217</td><td>128</td><td>466</td></tr><tr><td>New York</td><td>527,986</td><td>472,310</td><td>16,735</td><td>17,924</td><td>68,129</td><td>96,018</td><td>19,358</td><td>17,623</td><td>13,360</td><td>51,251</td><td>59,455</td><td>12,685</td><td>12,569</td><td>15,932</td><td>27,328</td></tr><tr><td>North Carolina</td><td>44,554</td><td>42,263</td><td>1,693</td><td>1,532</td><td>8,050</td><td>5,911</td><td>1,580</td><td>1,735</td><td>1,503</td><td>5,885</td><td>4,591</td><td>1,087</td><td>1,420</td><td>1,400</td><td>2,442</td></tr><tr><td>North Dakota</td><td>10,937</td><td>14,978</td><td>605</td><td>427</td><td>1,926</td><td>2,754</td><td>477</td><td>577</td><td>341</td><td>2,890</td><td>2,147</td><td>469</td><td>377</td><td>397</td><td>1,324</td></tr><tr><td>Ohio</td><td>203,827</td><td>194,155</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>21,891</td><td>7,430</td><td>5,710</td><td>4,663</td><td>11,885</td></tr><tr><td>Oklahoma</td><td>25,095</td><td>26,042</td><td>851</td><td>1,423</td><td>3,195</td><td>3,771</td><td>722</td><td>684</td><td>611</td><td>3,623</td><td>3,410</td><td>680</td><td>789</td><td>499</td><td>1,949</td></tr><tr><td>Oregon</td><td>32,892</td><td>29,326</td><td>955</td><td>1,026</td><td>4,173</td><td>4,302</td><td>1,005</td><td>1,859</td><td>911</td><td>3,929</td><td>3,065</td><td>852</td><td>931</td><td>180</td><td>2,124</td></tr><tr><td>Pennsylvania</td><td>297,430</td><td>251,120</td><td>10,233</td><td>10,240</td><td>31,106</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>6,391</td><td>16,680</td></tr><tr><td>Rhode Island</td><td>30,424</td><td>20,628</td><td>1,078</td><td>656</td><td>3,016</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><td>1,345</td></tr><tr><td>South Carolina</td><td>21,712</td><td>21,988</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><td>1,570</td></tr><tr><td>South Dakota</td><td>10,416</td><td>13,222</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>301</td><td>836</td></tr><tr><td>Tennessee</td><td>39,140</td><td>39,186</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>5,058</td><td>5,243</td><td>1,125</td><td>1,067</td><td>906</td><td>2,269</td></tr><tr><td>Texas</td><td>110,993</td><td>117,537</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><td>7,885</td></tr><tr><td>Utah</td><td>7,474</td><td>8,393</td><td>280</td><td>287</td><td>1,277</td><td>1,012</td><td>128</td><td>317</td><td>127</td><td>1,231</td><td>665</td><td>191</td><td>213</td><td>275</td><td>679</td></tr><tr><td>Westv. Coast</td><td>7,504</td><td>6,026</td><td>409</td><td>271</td><td>1,167</td><td>1,645</td><td>255</td><td>230</td><td>307</td><td>1,029</td><td>1,072</td><td>241</td><td>231</td><td>181</td><td>428</td></tr><tr><td>Virginia</td><td>53,701</td><td>51,399</td><td>2,297</td><td>2,957</td><td>7,200</td><td>7,588</td><td>1,267</td><td>1,682</td><td>1,937</td><td>7,221</td><td>4,766</td><td>1,470</td><td>1,662</td><td>1,341</td><td>4,019</td></tr><tr><td>Washington</td><td>49,753</td><td>56,253</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>7,247</td><td>5,616</td><td>1,808</td><td>2,007</td><td>1,914</td><td>3,910</td></tr><tr><td>West Virginia</td><td>17,905</td><td>19,552</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>594</td><td>1,435</td></tr><tr><td>Wyoming</td><td>86,376</td><td>93,192</td><td>3,492</td><td>3,614</td><td>9,524</td><td>16,799</td><td>3,528</td><td>3,809</td><td>3,497</td><td>13,302</td><td>11,548</td><td>2,911</td><td>3,106</td><td>2,474</td><td>6,121</td></tr><tr><td>Wyoming</td><td>6,010</td><td>6,032</td><td>291</td><td>145</td><td>569</td><td>1,457</td><td>416</td><td>305</td><td>155</td><td>663</td><td>3,204</td><td>170</td><td>174</td><td>77</td><td>153</td></tr><tr><td>Aleutian</td><td>1,297</td><td>1,316</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>40</td><td>62</td></tr><tr><td>Canal Zone</td><td>1,843</td><td>1,825</td><td>55</td><td>246</td><td>324</td><td>99</td><td>154</td><td>41</td><td>33</td><td>875</td><td>79</td><td>67</td><td>43</td><td>12</td><td>111</td></tr><tr><td>Hawaii</td><td>17,367</td><td>10,528</td><td>301</td><td>656</td><td>1,157</td><td>2,084</td><td>81</td><td>548</td><td>502</td><td>673</td><td>1,565</td><td>259</td><td>314</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>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>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>26.6</td><td>26.8</td><td>27.1</td><td>27.3</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><td>25.8</td></tr><tr><td>Total amount deducted (in millions of dollars)</td><td>4,067</td><td>5,546</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>510</td><td>530</td><td>460</td><td>495p</td><td>465p</td></tr><tr><td>Percent of participants' pay deducted</td><td>8.3%</td><td>9.6%</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%</td><td>9.9%</td><td>9.5%</td></tr></table>
p 1/ Preliminary. Estimates based on reports from a large number of participating organisations.
2/ Consists of participants in (1) private employment, (2) Federal, State, and local government employment (including their agencies), and (3) the armed forces.
Sales of Treasury Savings Notes
Table 1.- Summary of Sales and Redemptions, by Series
(Par values - 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 $</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>
All series
<table><tr><td>1942</td><td>3,014.5</td><td>+1,011.5</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>+4,460.9</td><td>8,756.5</td><td>4,277.6</td><td>4,054.4</td><td>114.9</td><td>58.3</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>1945-November</td><td>9,301.9</td><td>+169.0</td><td>330.2</td><td>161.2</td><td>121.9</td><td>19.3</td><td>...</td></tr><tr><td>December</td><td>8,599.3</td><td>-702.6</td><td>435.8</td><td>1,139.5</td><td>1,058.3</td><td>71.2</td><td>...</td></tr><tr><td>1946-January</td><td>9,502.9</td><td>+903.7</td><td>1,216.1</td><td>312.5</td><td>275.4</td><td>37.1</td><td>...</td></tr><tr><td>February</td><td>10,329.4</td><td>+826.5</td><td>1,017.1</td><td>130.6</td><td>144.7</td><td>15.9</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>-73.6</td><td>299.7</td><td>333.3</td><td>293.8</td><td>39.5</td><td>...</td></tr><tr><td>May</td><td>9,087.6</td><td>-88.6</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>149.5</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>23.6</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><tr><td>November</td><td>10,005.2</td><td>+914.6</td><td>1,081.7</td><td>167.1</td><td>124.8</td><td>42.3</td><td>...</td></tr></table>
Series A 3/
<table><tr><td>1942</td><td>24.8</td><td>+24.8</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>154.6</td><td>126.1</td><td>18.6</td><td></td></tr><tr><td>1943-December</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>109.6</td><td>-6.8</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><tr><td>November</td><td>100.6</td><td>-1.8</td><td>.....</td><td>.8</td><td>.4</td><td>.3</td><td>.....</td></tr></table>
(Continued on following page)
January 1945
41
Sales of Treasury Savings Notes1 - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Par values - millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month $/</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for Cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">Series 2 1/2</td></tr><tr><td>1942-</td><td>2,959.7</td><td>+2,959.7</td><td>4,066.7</td><td>1,107.0</td><td>1,087.1</td><td>19.9</td><td>...</td></tr><tr><td>1943-</td><td>764.8</td><td>-2,195.0</td><td>877.1</td><td>3,076.1</td><td>2,933.3</td><td>70.6</td><td>58.2</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-November</td><td>306.6</td><td>-14.8</td><td>...</td><td>14.8</td><td>14.0</td><td>.8</td><td>...</td></tr><tr><td>December</td><td>128.6</td><td>-178.0</td><td>...</td><td>178.0</td><td>171.6</td><td>6.4</td><td>...</td></tr><tr><td>1944-January</td><td>109.7</td><td>-18.9</td><td>...</td><td>18.9</td><td>14.3</td><td>4.6</td><td>...</td></tr><tr><td>February</td><td>101.3</td><td>-8.4</td><td>...</td><td>8.4</td><td>9.6</td><td>-1.2</td><td>...</td></tr><tr><td>March</td><td>48.1</td><td>-53.2</td><td>...</td><td>53.2</td><td>51.5</td><td>1.7</td><td>...</td></tr><tr><td>April</td><td>39.7</td><td>-4.8</td><td>...</td><td>8.4</td><td>7.9</td><td>.5</td><td>...</td></tr><tr><td>May</td><td>31.1</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>20.1</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><tr><td>November</td><td>12.5</td><td>-.2</td><td>...</td><td>.2</td><td>.2</td><td>.1</td><td>...</td></tr><tr><td colspan="8">Series 0 5/8</td></tr><tr><td>1943-</td><td>6,464.0</td><td>+6,464.0</td><td>7,546.7</td><td>1,082.7</td><td>1,047.2</td><td>35.6</td><td>...</td></tr><tr><td>1944-</td><td>9,947.7</td><td>+2,983.8</td><td>8,953.7</td><td>5,969.9</td><td>5,907.9</td><td>462.0</td><td>...</td></tr><tr><td>1943-November</td><td>8,797.0</td><td>+185.8</td><td>130.2</td><td>144.4</td><td>105.7</td><td>37.7</td><td>...</td></tr><tr><td>December</td><td>8,302.0</td><td>-495.0</td><td>436.8</td><td>931.8</td><td>868.9</td><td>62.9</td><td>...</td></tr><tr><td>1944-January</td><td>9,233.0</td><td>+931.0</td><td>1,216.1</td><td>285.1</td><td>254.3</td><td>30.9</td><td>...</td></tr><tr><td>February</td><td>10,071.4</td><td>+838.4</td><td>1,017.1</td><td>178.7</td><td>132.9</td><td>45.8</td><td>...</td></tr><tr><td>March</td><td>8,984.5</td><td>-1,086.9</td><td>238.1</td><td>1,325.0</td><td>1,275.5</td><td>49.6</td><td>...</td></tr><tr><td>April</td><td>8,971.3</td><td>-13.2</td><td>299.7</td><td>312.9</td><td>274.9</td><td>38.1</td><td>...</td></tr><tr><td>May</td><td>8,971.4</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>9,891.0</td><td>+445.2</td><td>665.5</td><td>220.2</td><td>183.6</td><td>36.6</td><td>...</td></tr><tr><td>August</td><td>9,923.4</td><td>+30.4</td><td>201.4</td><td>171.0</td><td>146.1</td><td>22.9</td><td>...</td></tr><tr><td>September</td><td>9,823.8</td><td>-899.6</td><td>201.7</td><td>1,101.3</td><td>1,135.4</td><td>22.9</td><td>...</td></tr><tr><td>October</td><td>8,976.4</td><td>-41.3</td><td>180.7</td><td>228.0</td><td>198.7</td><td>29.3</td><td>...</td></tr><tr><td>November</td><td>9,892.0</td><td>+915.6</td><td>1,031.7</td><td>165.0</td><td>124.2</td><td>41.9</td><td>...</td></tr></table>
Daily Treasury Statements.
* Less than $50,000.
1/ These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax saving notes. Series A notes were designed for the small and moderate taxpayer; Series B and Series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for Series A tax saving notes disappeared and their sale was discontinued. Redemption provisions on Series A notes were relaxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnote 3). Sale of Series C notes, which were designed for the investment of idle cash reserves as well as for the accumulation of tax reserves, was continued and the notes were designated Treasury savings notes.
2/ Includes matured Treasury savings notes.
3/ Series A notes were redeemed on or about 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 45 per cent of the total tax payable for that year. In 1943, Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately 0.45% 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 used in payment of taxes is limited to 45 per cent of the 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="10">Sales in millions of dollars at par</th><th colspan="10">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$100 2/2/</th><th>$500 2/</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th>Total all denominations</th><th>$100 2/</th><th>$500 2/</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th></tr><tr><td>1943</td><td>7,546.7</td><td>...</td><td>...</td><td>249.0</td><td>332.1</td><td>1,388.6</td><td>2,535.7</td><td>1,124.4</td><td>1,916.9</td><td>100.0</td><td>...</td><td>...</td><td>3.2</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>1,896.5</td><td>3,086.9</td><td>1,259.3</td><td>1,606.0</td><td>100.0</td><td>.1</td><td>.3</td><td>6.4</td><td>5.7</td><td>20.7</td><td>34.5</td><td>14.1</td><td>20.2</td></tr><tr><td>1945-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>3.2</td><td>18.4</td><td>34.3</td><td>14.8</td><td>26.0</td></tr><tr><td>Dec</td><td>436.8</td><td>*</td><td>...</td><td>11.4</td><td>16.2</td><td>72.9</td><td>153.3</td><td>86.9</td><td>95.7</td><td>100.0</td><td>*</td><td>...</td><td>2.6</td><td>3.7</td><td>16.7</td><td>35.1</td><td>19.9</td><td>21.9</td></tr><tr><td>1946-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>244.3</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>35.7</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>16.4</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>21.6</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>67.8</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>17.2</td></tr><tr><td>Nov</td><td>1,081.7</td><td>1.1</td><td>3.2</td><td>33.5</td><td>56.2</td><td>215.3</td><td>385.1</td><td>123.3</td><td>263.9</td><td>100.0</td><td>.1</td><td>.3</td><td>3.1</td><td>5.2</td><td>19.9</td><td>35.6</td><td>11.4</td><td>24.4</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statements; (2) Distribution by denominations: sales reported to the Treasury. Less than $50,000 or less than .05%. 1/ Information on sales, by denomination, of Series A and B tax savings notes may be found in the "Treasury Bulletin" for July 1943, page 46 2/ Denominations of $100 and $500 were first offered in November, 1943.
Table 3.- Sales of Series C Notes, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars at per</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th colspan="2">Type of purchaser</th><th>Total</th><th colspan="2">Type of purchaser</th></tr><tr><th></th><th></th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th></th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td>1943</td><td>7,546.7</td><td>611.3</td><td>6,935.4</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>1944</td><td>8,953.7</td><td>654.9</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1945-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>565.5</td><td>50.6</td><td>514.9</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><tr><td>November</td><td>1,081.7</td><td>53.5</td><td>1,028.2</td><td>100.0</td><td>4.9</td><td>95.1</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by type of purchaser: sales reported to the Treasury. 1/ Information on sales, by type of purchaser, of Series A and B tax savings notes may be found in the "Treasury Bulletin" for July 1943, page 47.
January 1945
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 and of fiscal year or month 1/</th><th>Net change during fiscal year or month 1/</th><th>Sales 1/</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total 1/</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1941 3/</td><td>5,294</td><td>+5,143</td><td>6,087</td><td>943</td><td>127,948</td><td>18,468 5/</td><td>100.0</td><td>87.4</td><td>12.6 5/</td></tr><tr><td>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>414,168</td><td>70,480 5/</td><td>100.0</td><td>84.1</td><td>12.9 5/</td></tr><tr><td>1943</td><td>213,350 196,518</td><td>+45,620 5/ 1/ -16,832</td><td>590,268 1/ 408,930</td><td>544,647 425,762</td><td>352,532</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1943-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>+1,442</td><td>37,451</td><td>35,610</td><td>30,027</td><td>5,582</td><td>100.0</td><td>84.3</td><td>15.7</td></tr><tr><td>February</td><td>200,577</td><td>+1,833</td><td>34,993</td><td>39,322</td><td>33,764</td><td>5,558</td><td>100.0</td><td>82.5</td><td>17.5</td></tr><tr><td>March</td><td>195,821</td><td>+4,755</td><td>60,029</td><td>64,784</td><td>35,764</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>+2,001</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>23,118</td><td>36,112</td><td>27,956</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>28,679</td><td>17,734</td><td>13,316</td><td>3,917</td><td>100.0</td><td>77.9</td><td>22.1</td></tr><tr><td>November</td><td>180,567</td><td>+5,388</td><td>23,986</td><td>18,558</td><td>14,929</td><td>3,628</td><td>100.0</td><td>80.4</td><td>19.6</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ Figures for periods prior to November 1, 1942 are not strictly comparable with subsequent data because of the shift to a Daily Treasury Statement basis. Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples conducted by the Post Office Department.
3/ Sales and redemptions commence with May 1, 1941 when the special defense series of stamps went on sale. The amount of the old se-
ris 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. Set of sales loss 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="5">Sales in thousands of dollars</th><th colspan="5">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-September</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>25.4</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>25.4</td><td>50.8</td><td>7.3</td><td>11.5</td><td>4.6</td></tr><tr><td>1944-January</td><td>37,451</td><td>11,150</td><td>19,072</td><td>2,581</td><td>3,485</td><td>1,203</td><td>100.0</td><td>29.8</td><td>50.9</td><td>5.8</td><td>9.3</td><td>3.2</td></tr><tr><td>February</td><td>34,993</td><td>10,511</td><td>17,799</td><td>2,363</td><td>3,371</td><td>950</td><td>100.0</td><td>30.0</td><td>50.9</td><td>6.8</td><td>9.6</td><td>2.7</td></tr><tr><td>March</td><td>40,029</td><td>11,174</td><td>20,227</td><td>3,132</td><td>4,167</td><td>1,330</td><td>100.0</td><td>27.9</td><td>50.6</td><td>7.8</td><td>10.4</td><td>3.3</td></tr><tr><td>April</td><td>35,717</td><td>9,458</td><td>18,187</td><td>2,768</td><td>4,120</td><td>1,183</td><td>100.0</td><td>26.5</td><td>50.9</td><td>7.4</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>13.1</td><td>4.4</td></tr><tr><td>July</td><td>16,566</td><td>3,731</td><td>8,370</td><td>1,464</td><td>2,298</td><td>702</td><td>100.0</td><td>22.5</td><td>50.5</td><td>8.6</td><td>13.9</td><td>4.1</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>18,898</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>52.5</td><td>8.6</td><td>13.6</td><td>4.1</td></tr><tr><td>October</td><td>24,673</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><tr><td>November</td><td>23,946</td><td>6,928</td><td>11,561</td><td>1,613</td><td>2,751</td><td>653</td><td>100.0</td><td>26.9</td><td>48.4</td><td>7.6</td><td>11.5</td><td>5.6</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.
44
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
January 1945
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 colspan="7">Distribution by classes of holders</th><th colspan="5">Distribution by classes of holders</th></tr><tr><th>Total amount outstanding</th><th colspan="3">U.S. Government agencies and trust funds</th><th colspan="2">Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th>Total amount outstanding</th><th colspan="3">U.S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="2">Private investors 2/</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th></th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th></tr><tr><td>1935</td><td>27,645</td><td>1,656</td><td>1,023</td><td>*</td><td>631</td><td>2,433</td><td>23,956</td><td>23,494</td><td>62</td><td>4,123</td><td>306</td><td>-</td><td>3,757</td><td>-</td></tr><tr><td>1936</td><td>32,983</td><td>1,965</td><td>1,339</td><td>*</td><td>626</td><td>2,430</td><td>28,554</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</td><td>1,632</td><td>*</td><td>1,558</td><td>2,826</td><td>30,023</td><td>28,835</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>36,376</td><td>4,467</td><td>1,791</td><td>*</td><td>2,676</td><td>2,856</td><td>29,945</td><td>27,989</td><td>1,956</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</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,130</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,158</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>46,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,962</td><td>31,426</td><td>4,554</td><td>6,350</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,942</td><td>3</td><td>7,885</td><td>2,500</td><td>58,988</td><td>55,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,268</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>111,141</td><td>84,948</td><td>29,133</td><td>4,092</td><td>170</td><td>113</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</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>1945-Nov.</td><td>164,781</td><td>16,058</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</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>3,195</td><td>205</td></tr><tr><td>1946-Jan.</td><td>167,043</td><td>16,663</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>181,709</td><td>17,220</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>188</td></tr><tr><td>Mar.</td><td>183,348</td><td>17,573</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>183,433</td><td>17,767</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>18,193</td><td>4,094</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</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</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>206,289</td><td>20,079</td><td>4,606</td><td>10</td><td>15,461</td><td>15,403</td><td>172,407</td><td>128,403</td><td>47,604</td><td>1,475</td><td>4</td><td>-</td><td>1,187</td><td>284</td></tr><tr><td>Sep.</td><td>207,890</td><td>20,579</td><td>4,988</td><td>10</td><td>15,976</td><td>16,691</td><td>170,625</td><td>123,443</td><td>47,182</td><td>1,480</td><td>4</td><td>-</td><td>1,187</td><td>289</td></tr><tr><td>Oct.</td><td>208,508</td><td>20,784</td><td>4,605</td><td>10</td><td>16,170</td><td>17,048</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><tr><td>Nov.</td><td>210,774</td><td>21,194p</td><td>4,602p</td><td>10p</td><td>16,583</td><td>18,388</td><td>171,194p</td><td>122,196p</td><td>48,998p</td><td>1,470</td><td>4p</td><td>-</td><td>1,189p</td><td>217</td></tr></table>
(1) Total amounts outstanding: Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds; reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks: Federal Reserve System. Preliminary. p Less than $500,000.
Excludes matured securities, and obligations held by the Treasury. 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 value 1/ - in billions of dollars)
<table><tr><th rowspan="2">End of month</th><th rowspan="2">Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><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>States and local governments 6/</th><th>U. S. Government agencies and trust funds</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>47.8</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>112.6</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. Excludes 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.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="12">Net market purchases or sales (-)</th></tr><tr><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1937</td><td>14.4</td><td>5.7</td><td>119.6</td><td>11.9</td><td>3.9</td><td>24.4</td><td>4.8</td><td>12.5</td><td>8.9</td><td>3.7</td><td>2.0</td><td>-15.4</td></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-*</td><td>-5.9</td><td></td></tr></table>
Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
January 1945
47
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States October 31, 1944
The following tables present summary data as of October 31, 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 942 insurance companies</th><th>Held by U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>7,291 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>315 life insurance companies</th><th>627 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities....................</td><td>146,201</td><td>64,993</td><td>318</td><td>7,498</td><td>17,594</td><td>15,237</td><td>2,317</td><td>22,253</td><td>33,984</td></tr><tr><td>Non-marketable securities................</td><td>47,718</td><td>1,266</td><td>6</td><td>156</td><td>233</td><td>84</td><td>149</td><td>10</td><td>46,047</td></tr><tr><td>Total public securities..................</td><td>193,918</td><td>65,859</td><td>325</td><td>7,654</td><td>17,788</td><td>15,321</td><td>2,466</td><td>22,263</td><td>80,031</td></tr><tr><td>Special issues.........................</td><td>16,170</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>16,170</td><td>.....</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 3/.........</td><td>210,088</td><td>65,859</td><td>325</td><td>7,654</td><td>17,788</td><td>15,321</td><td>2,466</td><td>38,432</td><td>80,031</td></tr></table>
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ 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</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>7,291 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>942 insurance companies</th><th>315 life insurance companies</th><th>527 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td colspan="10">Far 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>15,060</td><td>3,091</td><td>1</td><td>16</td><td>5</td><td>4</td><td>1</td><td>11,566</td><td>1,379</td></tr><tr><td>Certificates of indebtedness</td><td>29,546</td><td>15,447</td><td>25</td><td>221</td><td>686</td><td>424</td><td>263</td><td>1,824</td><td>9,342</td></tr><tr><td>Treasury notes</td><td>17,936</td><td>12,175</td><td>28</td><td>304</td><td>597</td><td>402</td><td>195</td><td>1,158</td><td>3,675</td></tr><tr><td>Treasury bonds</td><td>81,271</td><td>32,922</td><td>263</td><td>6,951</td><td>16,240</td><td>14,391</td><td>1,849</td><td>5,665</td><td>19,230</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>16</td><td>2</td><td>*</td><td>1</td><td>1</td><td>1</td><td>35</td><td>14</td></tr><tr><td>Guaranteed by United States 3/</td><td>1,193</td><td>942</td><td>1</td><td>6</td><td>26</td><td>16</td><td>10</td><td>4</td><td>21</td></tr><tr><td>Total</td><td>146,201</td><td>64,593</td><td>318</td><td>7,498</td><td>17,554</td><td>15,237</td><td>2,317</td><td>22,253</td><td>33,984</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>53,591</td><td>23,193</td><td>29</td><td>299</td><td>985</td><td>633</td><td>352</td><td>16,138</td><td>12,946</td></tr><tr><td>1 to 5 years</td><td>26,588</td><td>17,833</td><td>35</td><td>786</td><td>1,624</td><td>1,157</td><td>467</td><td>1,447</td><td>4,824</td></tr><tr><td>5 to 10 years</td><td>34,215</td><td>19,462</td><td>93</td><td>2,808</td><td>3,048</td><td>2,893</td><td>756</td><td>1,204</td><td>6,999</td></tr><tr><td>10 to 15 years</td><td>9,783</td><td>2,391</td><td>84</td><td>1,509</td><td>2,153</td><td>1,753</td><td>400</td><td>716</td><td>2,830</td></tr><tr><td>15 to 20 years</td><td>10,246</td><td>751</td><td>33</td><td>1,262</td><td>4,510</td><td>4,285</td><td>225</td><td>1,007</td><td>2,682</td></tr><tr><td>Over 20 years</td><td>11,752</td><td>953</td><td>40</td><td>737</td><td>4,621</td><td>4,503</td><td>118</td><td>1,699</td><td>3,701</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>26</td><td>9</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>146,201</td><td>64,593</td><td>318</td><td>7,498</td><td>17,554</td><td>15,237</td><td>2,317</td><td>22,253</td><td>33,984</td></tr><tr><th>Tax-exemption provisions: 4/</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>177</td><td>*</td><td>1</td><td>11</td><td>*</td><td>11</td><td>56</td><td>669</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>23,975</td><td>13,045</td><td>108</td><td>407</td><td>2,541</td><td>1,550</td><td>990</td><td>2,396</td><td>4,879</td></tr><tr><td>Subject to Federal income taxes</td><td>121,311</td><td>50,771</td><td>210</td><td>7,091</td><td>15,003</td><td>13,686</td><td>1,316</td><td>19,301</td><td>28,436</td></tr><tr><td>Total</td><td>146,201</td><td>64,593</td><td>318</td><td>7,498</td><td>17,554</td><td>15,237</td><td>2,317</td><td>22,253</td><td>33,984</td></tr></table>
(Continued on following page)
48
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, October 31, 1944 - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES AND BY TAX-EXEMPTION PROVISIONS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="4">Held by banks j/ and insurance companies covered in Treasury Survey</th><th colspan="3">Held by U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors</th></tr><tr><th>7.291 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual saving banks</th><th>942 insurance companies</th><th>315 life insurance companies</th><th>627 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Percentage distribution by classes of securities</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>11.0</td><td>4.8</td><td>.2</td><td>.2</td><td></td><td></td><td></td><td>52.0</td><td>4.1</td></tr><tr><td>Certificates of indebtedness</td><td>20.2</td><td>23.9</td><td>8.0</td><td>2.9</td><td>3.9</td><td>2.8</td><td>11.3</td><td>17.2</td><td>27.5</td></tr><tr><td>Treasury notes</td><td>12.3</td><td>18.8</td><td>8.3</td><td>4.1</td><td>3.4</td><td>2.6</td><td>8.4</td><td>5.2</td><td>10.8</td></tr><tr><td>Treasury bonds</td><td>55.5</td><td>51.0</td><td>82.7</td><td>92.7</td><td>92.5</td><td>94.4</td><td>79.3</td><td>25.5</td><td>56.6</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>.3</td><td>.3</td><td>.1</td><td></td><td>.1</td><td>.4</td><td>.2</td><td>.4</td></tr><tr><td>Guaranteed by United States j/</td><td>.8</td><td>1.5</td><td>.3</td><td>.1</td><td>.1</td><td>.1</td><td></td><td></td><td>.6</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>36.7</td><td>35.9</td><td>9.2</td><td>4.0</td><td>5.6</td><td>4.2</td><td>15.2</td><td>72.5</td><td>38.1</td></tr><tr><td>1 to 5 years</td><td>13.2</td><td>27.5</td><td>11.0</td><td>10.5</td><td>9.3</td><td>7.5</td><td>20.1</td><td>6.7</td><td>14.2</td></tr><tr><td>5 to 10 years</td><td>23.4</td><td>30.1</td><td>29.3</td><td>37.4</td><td>30.3</td><td>13.0</td><td>32.6</td><td>5.4</td><td>20.6</td></tr><tr><td>10 to 15 years</td><td>5.7</td><td>1.7</td><td>27.5</td><td>21.4</td><td>12.3</td><td>11.5</td><td>17.2</td><td>3.2</td><td>8.1</td></tr><tr><td>15 to 20 years</td><td>7.0</td><td>1.2</td><td>10.4</td><td>16.8</td><td>25.7</td><td>28.1</td><td>9.7</td><td>5.5</td><td>7.9</td></tr><tr><td>Over 20 years</td><td>8.0</td><td>1.5</td><td>12.5</td><td>9.5</td><td>26.3</td><td>29.6</td><td>5.1</td><td>7.6</td><td>10.9</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><td>Tax-exemption provisions: h/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.6</td><td>.3</td><td></td><td></td><td>.1</td><td></td><td>.5</td><td>.3</td><td>2.0</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>16.4</td><td>21.1</td><td>33.9</td><td>5.4</td><td>14.5</td><td>10.2</td><td>42.7</td><td>10.8</td><td>14.4</td></tr><tr><td>Subject to Federal income taxes</td><td>83.0</td><td>78.6</td><td>66.1</td><td>94.6</td><td>85.5</td><td>89.8</td><td>56.8</td><td>89.0</td><td>83.7</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><td colspan="10">Percentage distribution by groups of investors</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>19.2</td><td>.1</td><td>.1</td><td></td><td></td><td></td><td>72.0</td><td>8.6</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>52.3</td><td>.2</td><td>.7</td><td>2.3</td><td>1.4</td><td>.9</td><td>12.9</td><td>31.6</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>67.9</td><td>.3</td><td>1.7</td><td>3.3</td><td>2.2</td><td>1.1</td><td>6.5</td><td>20.5</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>40.5</td><td>.3</td><td>8.6</td><td>20.0</td><td>17.7</td><td>2.3</td><td>7.0</td><td>23.7</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.2</td><td>.1</td><td>.5</td><td>.4</td><td>.1</td><td>.3</td><td>17.8</td><td>17.9</td></tr><tr><td>Guaranteed by United States j/</td><td>100.0</td><td>79.0</td><td>.2</td><td>.5</td><td>2.2</td><td>1.4</td><td>.3</td><td>.3</td><td>26.2</td></tr><tr><td>Total</td><td>100.0</td><td>44.2</td><td>.2</td><td>5.1</td><td>12.0</td><td>10.4</td><td>1.6</td><td>15.2</td><td>23.2</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>47.1</td><td>.1</td><td>.6</td><td>1.8</td><td>1.2</td><td>.7</td><td>30.1</td><td>24.2</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>57.1</td><td>.1</td><td>3.0</td><td>6.1</td><td>4.4</td><td>1.8</td><td>5.6</td><td>18.1</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>56.9</td><td>.3</td><td>8.2</td><td>10.7</td><td>8.5</td><td>2.2</td><td>3.5</td><td>20.5</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>24.4</td><td>.9</td><td>16.4</td><td>22.0</td><td>17.9</td><td>4.1</td><td>7.3</td><td>28.3</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>7.3</td><td>.3</td><td>12.3</td><td>44.0</td><td>41.8</td><td>2.2</td><td>9.5</td><td>26.2</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>8.1</td><td>.3</td><td>6.3</td><td>39.3</td><td>35.3</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>35.0</td><td>.1</td><td>3.4</td><td>50.0</td><td>47.6</td><td>2.4</td><td>6.0</td><td>4.6</td></tr><tr><td>Total</td><td>100.0</td><td>44.2</td><td>.2</td><td>5.1</td><td>12.0</td><td>10.4</td><td>1.6</td><td>15.2</td><td>23.2</td></tr><tr><td>Tax-exemption provisions: h/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>19.4</td><td></td><td>.1</td><td>1.2</td><td></td><td>1.2</td><td>6.1</td><td>7.1.2</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>56.9</td><td>.4</td><td>1.7</td><td>10.6</td><td>6.5</td><td>4.1</td><td>10.0</td><td>20.4</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>41.9</td><td>.2</td><td>5.8</td><td>12.4</td><td>11.3</td><td>1.1</td><td>16.3</td><td>21.4</td></tr><tr><td>Total</td><td>100.0</td><td>44.2</td><td>.2</td><td>5.1</td><td>12.0</td><td>10.4</td><td>1.6</td><td>15.2</td><td>23.2</td></tr></table>
(Continued on following page)
49
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. October 31, 1944 - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status is shown in parentheses b/)</th><th>Total amount outstanding</th><th colspan="4">Held by banks b/ and insurance companies covered in Treasury Survey</th><th colspan="2">Held by U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>7,891 commercial banks b/</th><th>35 stock savings banks</th><th>5½% mutual savings banks</th><th>3½% insurance companies</th><th>315 life insurance companies</th><th>627 fire, casualty, and marine insurance companies</th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>16,060</td><td>1,091</td><td>1</td><td>16</td><td>5</td><td>1</td><td>1</td><td>11,564</td><td>1,379</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/24 December 1946......(taxable)</td><td>3,540</td><td>2,204</td><td>1</td><td>22</td><td>53</td><td>39</td><td>13</td><td>427</td><td>831</td></tr><tr><td>7/24 February 1945......(taxable)</td><td>5,045</td><td>2,217</td><td>7</td><td>29</td><td>190</td><td>69</td><td>61</td><td>314</td><td>2,331</td></tr><tr><td>7/24 April 1945......(taxable)</td><td>4,877</td><td>3,016</td><td>3</td><td>35</td><td>104</td><td>78</td><td>26</td><td>670</td><td>644</td></tr><tr><td>7/24 May 1945......(taxable)</td><td>1,635</td><td>1,136</td><td>1</td><td>2</td><td>6</td><td>1</td><td>6</td><td>333</td><td>136</td></tr><tr><td>7/24 June 1945......(taxable)</td><td>4,770</td><td>705</td><td>1</td><td>58</td><td>161</td><td>51</td><td>109</td><td>96</td><td>3,747</td></tr><tr><td>7/24 August 1945......(taxable)</td><td>2,511</td><td>1,554</td><td>3</td><td>10</td><td>58</td><td>45</td><td>12</td><td>595</td><td>190</td></tr><tr><td>7/24 September 1945......(taxable)</td><td>1,694</td><td>2,102</td><td>4</td><td>51</td><td>110</td><td>84</td><td>26</td><td>547</td><td>680</td></tr><tr><td>7/24 October 1945......(taxable)</td><td>3,492</td><td>2,412</td><td>2</td><td>14</td><td>45</td><td>35</td><td>10</td><td>642</td><td>377</td></tr><tr><td>Total certificates of indebtedness</td><td>29,546</td><td>15,447</td><td>25</td><td>221</td><td>666</td><td>424</td><td>263</td><td>3,824</td><td>9,342</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/24 March 1945......(taxable)</td><td>2,127</td><td>1,413</td><td>1</td><td>3</td><td>60</td><td>46</td><td>15</td><td>272</td><td>377</td></tr><tr><td>3/24 March 1945......(wholly)</td><td>718</td><td>161</td><td>*</td><td>1</td><td>10</td><td>*</td><td>10</td><td>21</td><td>525</td></tr><tr><td>1-1/24 March 1945......(taxable)</td><td>1,605</td><td>1,155</td><td>1</td><td>23</td><td>22</td><td>13</td><td>9</td><td>159</td><td>247</td></tr><tr><td>3/24 December 1945......(taxable)</td><td>531</td><td>356</td><td>1</td><td>9</td><td>29</td><td>19</td><td>10</td><td>30</td><td>105</td></tr><tr><td>1/24 March 1946......(taxable)</td><td>1,291</td><td>894</td><td>1</td><td>12</td><td>38</td><td>23</td><td>15</td><td>76</td><td>270</td></tr><tr><td>1-1/24 December 1946......(taxable)</td><td>3,261</td><td>2,523</td><td>2</td><td>57</td><td>40</td><td>17</td><td>24</td><td>263</td><td>355</td></tr><tr><td>1-1/24 March 1947......(taxable)</td><td>1,948</td><td>537</td><td>13</td><td>85</td><td>296</td><td>288</td><td>48</td><td>1</td><td>1,016</td></tr><tr><td>1-1/24 September 1947......(taxable)</td><td>2,707</td><td>2,234</td><td>5</td><td>59</td><td>49</td><td>25</td><td>35</td><td>*</td><td>750</td></tr><tr><td>1-1/24 September 1948......(taxable)</td><td>3,748</td><td>2,900</td><td>4</td><td>56</td><td>41</td><td>13</td><td>29</td><td>316</td><td>431</td></tr><tr><td>Total Treasury notes</td><td>17,936</td><td>12,175</td><td>28</td><td>304</td><td>597</td><td>402</td><td>195</td><td>1,158</td><td>3,675</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/24 December 1944-45......(partially)</td><td>1,037</td><td>466</td><td>*</td><td>14</td><td>60</td><td>37</td><td>23</td><td>78</td><td>398</td></tr><tr><td>2-1/24 September 1945......(partially)</td><td>1,211</td><td>494</td><td>*</td><td>16</td><td>128</td><td>106</td><td>22</td><td>178</td><td>799</td></tr><tr><td>2-1/24 December 1945......(partially)</td><td>541</td><td>242</td><td>*</td><td>3</td><td>39</td><td>18</td><td>21</td><td>18</td><td>239</td></tr><tr><td>3-1/24 March 1946-46......(partially)</td><td>489</td><td>195</td><td>*</td><td>11</td><td>85</td><td>73</td><td>12</td><td>77</td><td>122</td></tr><tr><td>3/24 June 1946-46......(partially)</td><td>1,035</td><td>446</td><td>1</td><td>23</td><td>131</td><td>106</td><td>25</td><td>201</td><td>225</td></tr><tr><td>1-1/24 June 1946-49......(partially)</td><td>819</td><td>377</td><td>*</td><td>17</td><td>76</td><td>59</td><td>17</td><td>87</td><td>261</td></tr><tr><td>1-1/24 October 1947-47......(partially)</td><td>759</td><td>124</td><td>*</td><td>19</td><td>75</td><td>39</td><td>37</td><td>81</td><td>259</td></tr><tr><td>2/24 December 1947......(partially)</td><td>701</td><td>458</td><td>*</td><td>1</td><td>35</td><td>5</td><td>30</td><td>*</td><td>97</td></tr><tr><td>2/24 March 1948-50......(taxable)</td><td>1,115</td><td>690</td><td>1</td><td>105</td><td>99</td><td>85</td><td>14</td><td>57</td><td>163</td></tr><tr><td>2-3/24 March 1948-51......(partially)</td><td>1,223</td><td>818</td><td>2</td><td>21</td><td>102</td><td>68</td><td>33</td><td>160</td><td>122</td></tr><tr><td>1-1/24 June 1948......(taxable)</td><td>3,062</td><td>2,281</td><td>1</td><td>101</td><td>169</td><td>129</td><td>40</td><td>27</td><td>482</td></tr><tr><td>2-1/24 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>69</td></tr><tr><td>2/24 December 1948-50......(partially)</td><td>571</td><td>441</td><td>2</td><td>4</td><td>21</td><td>5</td><td>16</td><td>44</td><td>57</td></tr><tr><td>2/24 June 1949-51......(taxable)</td><td>1,014</td><td>706</td><td>1</td><td>97</td><td>130</td><td>111</td><td>19</td><td>12</td><td>68</td></tr><tr><td>2/24 September 1949-51......(taxable)</td><td>1,292</td><td>950</td><td>1</td><td>103</td><td>121</td><td>93</td><td>28</td><td>11</td><td>107</td></tr><tr><td>2/24 December 1949-51......(taxable)</td><td>2,098</td><td>1,437</td><td>3</td><td>110</td><td>189</td><td>166</td><td>23</td><td>9</td><td>351</td></tr><tr><td>3-1/24 December 1949-52......(partially)</td><td>491</td><td>304</td><td>1</td><td>17</td><td>68</td><td>43</td><td>25</td><td>40</td><td>61</td></tr><tr><td>2-1/24 December 1949-53......(partially)</td><td>1,785</td><td>1,199</td><td>3</td><td>16</td><td>99</td><td>39</td><td>61</td><td>231</td><td>232</td></tr><tr><td>2/24 March 1950-52......(taxable)</td><td>1,963</td><td>1,452</td><td>5</td><td>147</td><td>194</td><td>170</td><td>24</td><td>19</td><td>145</td></tr><tr><td>2-1/24 September 1950-52......(partially)</td><td>1,185</td><td>943</td><td>3</td><td>39</td><td>85</td><td>35</td><td>53</td><td>112</td><td>1</td></tr><tr><td>2-1/24 June 1951-54......(partially)</td><td>1,627</td><td>1,047</td><td>8</td><td>30</td><td>176</td><td>104</td><td>71</td><td>164</td><td>202</td></tr><tr><td>2/24 September 1951-53......(taxable)</td><td>7,985</td><td>4,518</td><td>21</td><td>693</td><td>788</td><td>682</td><td>135</td><td>127</td><td>1,632</td></tr><tr><td>1/24 September 1951-55......(partially)</td><td>755</td><td>299</td><td>*</td><td>15</td><td>122</td><td>86</td><td>36</td><td>79</td><td>240</td></tr><tr><td>2/24 December 1951-55......(taxable)</td><td>510</td><td>365</td><td>2</td><td>15</td><td>32</td><td>25</td><td>7</td><td>20</td><td>77</td></tr><tr><td>2-1/24 December 1951-53......(partially)</td><td>1,118</td><td>860</td><td>2</td><td>5</td><td>47</td><td>16</td><td>31</td><td>112</td><td>91</td></tr><tr><td>2/24 March 1952-54......(taxable)</td><td>1,024</td><td>347</td><td>*</td><td>302</td><td>115</td><td>103</td><td>13</td><td>67</td><td>192</td></tr><tr><td>2/24 June 1952-55......(taxable)</td><td>5,825</td><td>2,151</td><td>25</td><td>748</td><td>798</td><td>688</td><td>111</td><td>10</td><td>2,094</td></tr><tr><td>2/24 June 1953-55......(partially)</td><td>1,501</td><td>761</td><td>2</td><td>279</td><td>201</td><td>178</td><td>25</td><td>74</td><td>182</td></tr><tr><td>2-1/24 June 1953-55......(partially)</td><td>725</td><td>598</td><td>1</td><td>3</td><td>28</td><td>2</td><td>26</td><td>14</td><td>82</td></tr><tr><td>2-1/24 March 1954-56......(partially)</td><td>681</td><td>509</td><td>2</td><td>5</td><td>85</td><td>46</td><td>38</td><td>44</td><td>16</td></tr><tr><td>2-1/24 March 1955-56......(partially)</td><td>2,611</td><td>942</td><td>31</td><td>52</td><td>275</td><td>140</td><td>135</td><td>361</td><td>944</td></tr><tr><td>2-1/24 March 1955-58......(taxable)</td><td>1,449</td><td>296</td><td>9</td><td>290</td><td>514</td><td>494</td><td>20</td><td>54</td><td>288</td></tr><tr><td>2-1/24 September 1956-59......(taxable)</td><td>1,821</td><td>274</td><td>20</td><td>1,208</td><td>886</td><td>789</td><td>97</td><td>104</td><td>1,311</td></tr><tr><td>2-1/24 September 1956-49......(partially)</td><td>962</td><td>459</td><td>16</td><td>32</td><td>199</td><td>124</td><td>75</td><td>127</td><td>143</td></tr><tr><td>2-1/24 June 1956-53......(partially)</td><td>919</td><td>420</td><td>12</td><td>22</td><td>219</td><td>206</td><td>73</td><td>71</td><td>115</td></tr><tr><td>2-3/24 December 1960-65......(partially)</td><td>1,485</td><td>790</td><td>15</td><td>35</td><td>274</td><td>164</td><td>110</td><td>110</td><td>308</td></tr><tr><td>2-1/24 June 1962-67......(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>261</td><td>1,213</td><td>1,112</td><td>41</td><td>202</td><td>436</td></tr><tr><td>2-1/24 December 1963-68......(taxable)</td><td>2,811</td><td>-</td><td>3</td><td>451</td><td>1,384</td><td>1,349</td><td>35</td><td>272</td><td>721</td></tr><tr><td>2-1/24 June 1965-69......(taxable)</td><td>3,761</td><td>-</td><td>10</td><td>513</td><td>1,659</td><td>1,601</td><td>38</td><td>424</td><td>1,175</td></tr><tr><td>2-1/24 December 1965-69......(taxable)</td><td>1,838</td><td>-</td><td>11</td><td>321</td><td>1,308</td><td>1,563</td><td>45</td><td>519</td><td>1,316</td></tr><tr><td>2-1/24 March 1966-70......(taxable)</td><td>5,197</td><td>77</td><td>11</td><td>107</td><td>2,435</td><td>2,398</td><td>39</td><td>657</td><td>1,710</td></tr><tr><td>2-1/24 September 1967-72......(taxable)</td><td>2,716</td><td>676</td><td>18</td><td>308</td><td>578</td><td>545</td><td>33</td><td>322</td><td>614</td></tr><tr><td>Total Treasury bonds</td><td>81,271</td><td>32,922</td><td>263</td><td>6,951</td><td>16,240</td><td>14,391</td><td>1,849</td><td>5,665</td><td>19,230</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. October 31, 1944 - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status is shown in parentheses 1/)</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Hold by banks 1/ and insurance companies covered in Treasury Survey</th><th rowspan="2">Hold by U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Hold by all other investors</th></tr><tr><th>7,291 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th colspan="3">942 insurance companies</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Total</td><td>315 life insurance companies</td><td>627 fire, casualty, and marine insurance companies</td><td></td><td></td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds.........(wholly)</td><td>117</td><td>14</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>35</td><td>67</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>kg</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>26</td></tr><tr><td>Total postal savings and other bonds</td><td>196</td><td>16</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>35</td><td>144</td></tr><tr><td>Guaranteed securities 3/</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>361</td><td>*</td><td>2</td><td>7</td><td>3</td><td>4</td><td>3</td><td>39</td></tr><tr><td>Federal Housing Administration debentures.........(partially)</td><td>13</td><td>9</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 1945-17.....(taxable)</td><td>13</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Home Owners' Loan Corporation 1-1/2/ June 1945-17.....(partially)</td><td>755</td><td>572</td><td>1</td><td>3</td><td>6</td><td>1</td><td>5</td><td>*</td><td>173</td></tr><tr><td>Total guaranteed securities</td><td>1,193</td><td>942</td><td>1</td><td>6</td><td>26</td><td>16</td><td>10</td><td>4</td><td>213</td></tr><tr><td>Total public marketable securities</td><td>146,201</td><td>64,593</td><td>318</td><td>7,498</td><td>17,554</td><td>15,237</td><td>2,317</td><td>22,253</td><td>33,984</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 certain government securities for the period November 1941 through February 1944 and may be found in the "Treasury Bulletin" for May 1944, pages 52-57. Revisions of data on insurance companies for May 31, 1943 and prior months may be found in the "Treasury Bulletin" for November 1943, pages 52-53. Less than $500,000 or more than .05% Securities held in trust departments are excluded. Includes trust companies.
3/ Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. Wholly tax-exempt securities are exempt from both the normal and surtax rates. Partially tax-exempt securities are exempt from the normal rate 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<br/>(Tax status is shown in parentheses 2/)</th><th>Total<br/>amount<br/>outstanding</th><th colspan="5">Held by banks 3/ and insurance companies covered in Treasury Survey</th><th>Held by<br/>U. S.<br/>Government<br/>agencies and<br/>trust funds,<br/>and Federal<br/>Reserve<br/>Banks</th><th>Held by<br/>all other<br/>investors</th></tr><tr><th></th><th></th><th>7,291<br/>commercial<br/>banks 4/</th><th>35<br/>stock<br/>savings<br/>banks</th><th>542<br/>mutual<br/>savings<br/>banks</th><th colspan="2">942 insurance companies</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>315<br/>life<br/>insurance<br/>companies</th><th>627 fire, casualty, and marine insurance companies</th><th></th></tr><tr><td>United States earning bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-D.................... (taxable)</td><td>3,637</td><td>187</td><td>1</td><td>5</td><td>10</td><td>3</td><td>7</td><td>*</td></tr><tr><td>Series E.................... (taxable)</td><td>23,502</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Series F.................... (taxable)</td><td>3,121</td><td>100</td><td>1</td><td>6</td><td>25</td><td>11</td><td>14</td><td>1</td></tr><tr><td>Series G.................... (taxable)</td><td>8,389</td><td>231</td><td>4</td><td>144</td><td>176</td><td>65</td><td>111</td><td>8</td></tr><tr><td>Total United States saving bonds........</td><td>37,649</td><td>518</td><td>5</td><td>155</td><td>211</td><td>79</td><td>132</td><td>10</td></tr><tr><td>Treasury tax and savings notes........ (taxable)</td><td>9,075</td><td>57</td><td>1</td><td>*</td><td>22</td><td>5</td><td>17</td><td>*</td></tr><tr><td>Adjusted service bonds........ (wholly)</td><td>215</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Depositary bonds............. (taxable)</td><td>495</td><td>451</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities 5/</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>287</td><td>240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total public non-marketable securities......</td><td>47,718</td><td>1,266</td><td>6</td><td>156</td><td>233</td><td>84</td><td>149</td><td>10</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>45,047</td></tr></table>
Less than $500,000.
1/ United States savings bonds, Series A-D, E, and F are shown at current redemption values. They were reported at par by the banks 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 rates. Taxable securities are subject to both normal and surtax rates. 3/5/15/6/ 
Securities held in trust departments are excluded. 
Ineligible trust companies. 
Series A-2 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.
January 1945
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
November 30, 1944
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="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">1984 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 Oct. 31, 1984</th><th>Yield 3/</th><th>Change in yield from Oct. 31, 1984</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th colspan="11"></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="12">Treasury bonds</th></tr><tr><td>$1,115</td><td>2% 3/15/48-50</td><td>101.29</td><td>101.30</td><td>101.30</td><td>-.02</td><td>1.39%</td><td>-.00%</td><td>1.62%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.05</td><td>4/24</td><td>101.23</td><td>1/1</td></tr><tr><td>3,062</td><td>1-3/4%</td><td>6/15/48</td><td>101.10</td><td>101.12</td><td>101.11</td><td>-.02</td><td>1.36</td><td>+.01</td><td>1.71</td><td>12/1/42</td><td>101.15</td><td>9/20/44</td><td>100.01</td><td>12/23/42</td><td>101.15</td><td>9/20</td><td>101.21</td><td>1/13</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>1.58</td><td>-.01</td><td>1.74</td><td>1/15/42</td><td>101.20</td><td>9/20/44</td><td>100.06</td><td>8/5/43</td><td>101.22</td><td>9/20</td><td>101.18</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>-.00</td><td>1.53</td><td>-.01</td><td>1.74</td><td>5/15/42</td><td>101.28</td><td>9/20/44</td><td>100.04</td><td>10/6/43</td><td>101.28</td><td>9/20</td><td>101.12</td><td>2/1</td></tr><tr><td>2,098</td><td>2%</td><td>12/15/49-51</td><td>101.20</td><td>101.21</td><td>101.20</td><td>-.00</td><td>1.66</td><td>-.01</td><td>1.75</td><td>7/15/42</td><td>101.27</td><td>9/19/44</td><td>100.03</td><td>8/5/43</td><td>101.27</td><td>9/19</td><td>101.09</td><td>1/13</td></tr><tr><td>1,963</td><td>2%</td><td>3/15/50-52</td><td>101.14</td><td>101.15</td><td>101.14</td><td>-.01</td><td>1.71</td><td>.00</td><td>1.79</td><td>10/19/42</td><td>101.20</td><td>9/25/44</td><td>100.01</td><td>11/2/45</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>101.06</td><td>-.01</td><td>1.78</td><td>.00</td><td>1.84</td><td>4/15/43</td><td>101.12</td><td>9/25/44</td><td>100.03</td><td>5/5/45</td><td>101.12</td><td>9/25</td><td>100.06</td><td>1/15</td></tr><tr><td>7,986</td><td>2%</td><td>9/15/51-53</td><td>100.22</td><td>100.23</td><td>100.22</td><td>-.01</td><td>1.89</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>11/5/45</td><td>100.26</td><td>9/25</td><td>100.06</td><td>1/14</td></tr><tr><td>510</td><td>2-1/2%</td><td>12/15/51-55</td><td>100.23</td><td>100.24</td><td>100.24</td><td>-.02</td><td>1.89</td><td>-.01</td><td>1.92</td><td>12/15/41</td><td>101.16</td><td>12/5/41</td><td>100.01</td><td>12/5/42</td><td>100.25</td><td>11/25</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>-.00</td><td>1.93</td><td>.00</td><td>2.04</td><td>3/31/41</td><td>105.16</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>5,829</td><td>2%</td><td>6/15/52-54</td><td>100.13</td><td>100.14</td><td>100.14</td><td>-.01</td><td>1.94</td><td>.00</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>102.01</td><td>102.03</td><td>102.02</td><td>-.03</td><td>1.95</td><td>-.02</td><td>2.03</td><td>2/2/42</td><td>102.18</td><td>1/15/43</td><td>100.16</td><td>2/15/43</td><td>102.08</td><td>9/25</td><td>101.20</td><td>2/1</td></tr><tr><td>1,449</td><td>2-1/2%</td><td>3/15/56-58</td><td>103.21</td><td>103.23</td><td>103.22</td><td>-.02</td><td>2.13</td><td>.00</td><td>2.18</td><td>2/1/44</td><td>100.21</td><td>10/5/44</td><td>100.01</td><td>2/25/44</td><td>103.21</td><td>10/5</td><td>100.01</td><td>2/29</td></tr><tr><td>3,823</td><td>2-1/4%</td><td>9/15/56-59</td><td>100.16</td><td>100.17</td><td>100.17</td><td>-.01</td><td>2.20</td><td>.00</td><td>2.21</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>2,118</td><td>2-1/2%</td><td>6/15/62-67</td><td>100.17</td><td>100.19</td><td>100.18</td><td>-.01</td><td>2.46</td><td>.00</td><td>2.47</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>-.00</td><td>2.49</td><td>.00</td><td>2.49</td><td>12/1/42</td><td>100.25</td><td>5/1/43</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>100.02</td><td>100.04</td><td>100.03</td><td>-.01</td><td>2.49</td><td>.00</td><td>2.49</td><td>4/15/43</td><td>100.28</td><td>6/15/43</td><td>100.16</td><td>3/12/44</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>100.02</td><td>100.04</td><td>100.03</td><td>-.01</td><td>2.49</td><td>.00</td><td>2.49</td><td>5/1/44</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>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>-.01</td><td>2.49</td><td>.00</td><td>2.50</td><td>10/20/41</td><td>101.15</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><tr><td>2,716</td><td>2-1/2%</td><td>9/15/67-72</td><td>100.13</td><td>100.15</td><td>100.14</td><td>-.01</td><td>2.47</td><td>-.01</td><td>2.48</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><th colspan="12">Treasury notes</th></tr><tr><td>2,127</td><td>30%</td><td>3/1/45</td><td>6%</td><td>.57%</td><td>.58%</td><td>-.02%</td><td></td><td></td><td>2/1/44</td><td>.57%</td><td>11/29/44</td><td>.86%</td><td>1/21/44</td><td>.67%</td><td>11/29</td><td>.856</td><td>1/24</td></tr><tr><td>1,606</td><td>1-1/4%</td><td>3/15/45</td><td>100.05*</td><td>100.06*</td><td>100.06</td><td>-.02</td><td>.59</td><td>+.02</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>100.06</td><td>11/30</td></tr><tr><td>631</td><td>3/4%</td><td>4/15/45</td><td>99.30</td><td>99.31</td><td>99.30</td><td>-.02</td><td>.81</td><td>+.06</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>11/20</td><td>99.22</td><td>1/21</td></tr><tr><td>753</td><td>30%</td><td>1/1/46</td><td>.85%</td><td>.84%</td><td>.85%</td><td>-.00</td><td></td><td></td><td>12/1/44</td><td>.85%</td><td>11/30/44</td><td>.85%</td><td>11/30/44</td><td>.85%</td><td>11/30</td><td>.85%</td><td>11/30</td></tr><tr><td>1,291</td><td>1/2</td><td>3/15/46</td><td>100.03</td><td>100.04</td><td>100.04</td><td>-.00</td><td>.90</td><td>-.01</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>1-1/2%</td><td>8/15/46</td><td>100.28*</td><td>100.25*</td><td>100.25</td><td>-.01</td><td>1.11</td><td>.00</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>100.28</td><td>11/29</td></tr><tr><td>1,964</td><td>1-1/4%</td><td>3/15/47</td><td>100.07*</td><td>100.08*</td><td>100.08</td><td>-.02</td><td>1.14</td><td>+.02</td><td>6/26/43</td><td>100.13</td><td>9/21/44</td><td>100.08</td><td>11/30/44</td><td>100.13</td><td>9/21</td><td>100.08</td><td>11/30</td></tr><tr><td>2,707</td><td>1-1/2%</td><td>9/15/47</td><td>100.25</td><td>100.26</td><td>100.26</td><td>-.00</td><td>1.20</td><td>-.01</td><td>7/12/43</td><td>100.30</td><td>9/30/44</td><td>100.16</td><td>10/11/43</td><td>100.30</td><td>9/30</td><td>100.17</td><td>3/21</td></tr><tr><td>3,748</td><td>1-1/2%</td><td>9/15/48</td><td>100.17*</td><td>100.18*</td><td>100.18</td><td>-.00</td><td>1.35</td><td>.00</td><td>3/15/44</td><td>100.21</td><td>9/20/44</td><td>100.05</td><td>5/8/44</td><td>100.21</td><td>9/20</td><td>100.05</td><td>5/8</td></tr><tr><th colspan="12">Certificate of indebtedness</th></tr><tr><td>3,539</td><td>7/8%</td><td>0-12/1/44</td><td>8/</td><td>8/</td><td>8/</td><td>8/</td><td></td><td></td><td>12/1/43</td><td>100.27%</td><td>11/21/44</td><td>.83%</td><td>11/22/43</td><td>100.21%</td><td>11/21</td><td>.79%</td><td>1/31</td></tr><tr><td>5,048</td><td>7/8%</td><td>2/1/45</td><td>.58%</td><td>.55%</td><td>.56%</td><td>-.04%</td><td></td><td></td><td>2/1/44</td><td>5.56%</td><td>11/30/44</td><td>.814</td><td>1/21/44</td><td>5.56%</td><td>11/30</td><td>.814</td><td>3/23</td></tr><tr><td>4,877</td><td>7/8%</td><td>4/1/45</td><td>.73%</td><td>.71%</td><td>.72%</td><td>-.00%</td><td></td><td></td><td>4/1/44</td><td>.70%</td><td>8/30/44</td><td>.798</td><td>1/29/44</td><td>.70%</td><td>8/30</td><td>.798</td><td>5/23</td></tr><tr><td>1,615</td><td>7/8%</td><td>5/1/45</td><td>.75%</td><td>.73%</td><td>.74%</td><td>-.01%</td><td></td><td></td><td>5/1/44</td><td>.70%</td><td>8/30/44</td><td>.798</td><td>6/23/44</td><td>.70%</td><td>8/30</td><td>.798</td><td>6/23</td></tr><tr><td>4,770</td><td>7/8%</td><td>6/1/45</td><td>.78%</td><td>.75%</td><td>.77%</td><td>-.00%</td><td></td><td></td><td>6/26/44</td><td>.73%</td><td>8/30/44</td><td>.798</td><td>7/10/44</td><td>.73%</td><td>8/30</td><td>.798</td><td>7/10</td></tr><tr><td>2,511</td><td>7/8%</td><td>8/1/45</td><td>.80%</td><td>.78%</td><td>.79%</td><td>-.00%</td><td></td><td></td><td>8/1/44</td><td>.75%</td><td>8/31/44</td><td>.80%</td><td>11/21/44</td><td>.75%</td><td>8/31</td><td>.80%</td><td>11/21</td></tr><tr><td>3,694</td><td>7/8%</td><td>7-9/1/45</td><td>.81%</td><td>.79%</td><td>.80%</td><td>-.00%</td><td></td><td></td><td>9/1/44</td><td>.78%</td><td>8/30/44</td><td>.818</td><td>11/21/44</td><td>.78%</td><td>8/30</td><td>.818</td><td>11/21</td></tr><tr><td>3,492</td><td>7/8%</td><td>10/1/45</td><td>.81%</td><td>.79%</td><td>.80%</td><td>-.01%</td><td></td><td></td><td>10/1/44</td><td>.80%</td><td>11/30/44</td><td>.818</td><td>11/21/44</td><td>.80%</td><td>11/30</td><td>.818</td><td>11/21</td></tr></table>
Guaranteed by U. S. Government
<table><tr><td>$112</td><td colspan="2">Commodity Credit Corp.</td><td>1-1/8%</td><td>0 - 2/15/45</td><td>100.02</td><td>100.03</td><td>100.02</td><td>-.02</td><td>.82%</td><td>+13%</td><td>-</td><td>7/21/41</td><td>101.00</td><td>9/2/41</td><td>99.25</td><td>12/27/41</td><td>100.09</td><td>4/24</td><td>100.02</td><td>11/30</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 Oct. 31, 1944</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct. 31, 1944</th></tr><tr><td>$1.207</td><td>12/1/44</td><td>9/7/44</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1.31%</td><td>1/18/45</td><td>10/19/44</td><td>.375%</td><td>.30%</td><td>.3%</td><td>-.02%</td></tr><tr><td>1.215</td><td>12/11/44</td><td>9/14/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1.309</td><td>1/25/45</td><td>10/26/44</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1.216</td><td>12/21/44</td><td>9/21/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1.311</td><td>2/1/45</td><td>11/2/44</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1.218</td><td>12/28/44</td><td>9/26/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1.31%</td><td>2/8/45</td><td>11/9/44</td><td>.375</td><td>.30</td><td>.34</td><td>-</td></tr><tr><td>1.218</td><td>1/4/45</td><td>10/5/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.07</td><td>1.301</td><td>2/15/45</td><td>11/15/44</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1.33</td><td>1/11/45</td><td>10/13/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.07</td><td>1.31%</td><td>2/23/45</td><td>11/20/44</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1.156</td><td>3/1/45</td><td>11/30/44</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr></table>
(Continued on following page)
January 1945
53
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
November 30, 1944 - (Continued)
Table 1.- Securities Issued or Guaranteed by the United States Government - (Continued)
PART C - TAX-EXEMPT BONDS AND NOTES
<table><tr><th>Amount outstanding (Millions)</th><th>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="2">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="2">19th price range 3/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct.31, 19lu</th><th>Yield 3/</th><th>Change in yield from Oct.31, 19lu</th><th>Natur-ity yield</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="15">Issued by U.S. Government</td></tr><tr><td colspan="15">Treasury bonds</td></tr><tr><td>8,868.10</td><td>2-3/4% - 12/15/44-54 11</td><td>100.10*</td><td>100.11*</td><td>100.11</td><td>-.07</td><td>6/32</td><td>+3/32</td><td>2.125</td><td>12/15/24</td><td>116.19</td><td>6/23/39</td><td>94.05</td><td>1/11/32</td><td>103.06</td><td>1/11</td><td>100.11</td><td>11/30</td></tr><tr><td>1,214</td><td>2-1/4% - 9/15/45-47</td><td>101.22</td><td>101.23</td><td>101.22</td><td>-.10</td><td>.60%</td><td>+1.16%</td><td>2.125</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>101.22</td><td>11/30</td></tr><tr><td>541</td><td>2-1/4% - 12/15/45</td><td>101.31</td><td>102.01</td><td>102.00</td><td>-.12</td><td>.57</td><td>-.20</td><td>3.33</td><td>12/15/37</td><td>109.28</td><td>12/14/40</td><td>101.31</td><td>12/15/37</td><td>103.15</td><td>1/11</td><td>102.00</td><td>11/30</td></tr><tr><td>489</td><td>3-3/4% - 3/15/46-56</td><td>103.28</td><td>103.30</td><td>103.29</td><td>-.08</td><td>.70</td><td>.00</td><td>1.96</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>103.29</td><td>11/30</td></tr><tr><td>1,036</td><td>3/6 - 6/15/46-48</td><td>103.16</td><td>103.18</td><td>103.17</td><td>-.06</td><td>.69</td><td>.00</td><td>1.96</td><td>6/15/31</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>103.16</td><td>11/29</td></tr><tr><td>119</td><td>3-1/8% - 6/15/46-49</td><td>103.22</td><td>103.24</td><td>103.23</td><td>-.06</td><td>.69</td><td>-.01</td><td>2.26</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>106.18</td><td>1/11</td><td>103.22</td><td>11/29</td></tr><tr><td>759</td><td>4-1/4% - 10/15/47-52</td><td>109.21</td><td>109.23</td><td>109.22</td><td>-.09</td><td>.83</td><td>.00</td><td>2.87</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>109.22</td><td>11/30</td></tr><tr><td>701</td><td>2/4 - 12/15/47</td><td>103.17</td><td>103.19</td><td>103.18</td><td>-.07</td><td>.81</td><td>.04</td><td>1.77</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>103.18</td><td>11/30</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>105.25</td><td>105.27</td><td>105.26</td><td>-.04</td><td>.95</td><td>-.01</td><td>1.77</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>105.29</td><td>4/25</td><td>105.26</td><td>11/30</td></tr><tr><td>151</td><td>2-1/2% - 9/15/48</td><td>105.26</td><td>105.28</td><td>105.27</td><td>-.05</td><td>.93</td><td>.01</td><td>1.77</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>105.27</td><td>11/30</td></tr><tr><td>571</td><td>2/4 - 12/15/48-50</td><td>104.05</td><td>104.07</td><td>104.06</td><td>-.06</td><td>.94</td><td>+.02</td><td>1.28</td><td>12/15/39</td><td>107.00</td><td>12/12/40</td><td>101.10</td><td>5/24/40</td><td>108.29</td><td>8/8</td><td>104.06</td><td>11/30</td></tr><tr><td>431</td><td>2-1/8% - 12/15/49-52</td><td>109.24</td><td>109.26</td><td>109.25</td><td>-.05</td><td>1.12</td><td>.00</td><td>1.81</td><td>12/15/39</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/39</td><td>110.22</td><td>4/21</td><td>109.25</td><td>11/30</td></tr><tr><td>1,786</td><td>2-1/8% - 12/15/49-53</td><td>106.16</td><td>106.18</td><td>106.17</td><td>+.01</td><td>1.16</td><td>-.03</td><td>1.72</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>107.07</td><td>8/4</td><td>106.14</td><td>10/28</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>107.00</td><td>107.02</td><td>107.01</td><td>+.03</td><td>1.24</td><td>-.03</td><td>1.54</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% - 6/15/51-54</td><td>108.26</td><td>108.28</td><td>108.27</td><td>+.05</td><td>1.33</td><td>-.04</td><td>1.74</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>109.20</td><td>4/12</td><td>108.17</td><td>9/22</td></tr><tr><td>755</td><td>3/4 - 9/15/51-55</td><td>110.12</td><td>110.14</td><td>110.13</td><td>+.01</td><td>1.39</td><td>-.02</td><td>1.93</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% - 12/15/51-53</td><td>106.06</td><td>106.08</td><td>106.07</td><td>+.03</td><td>1.32</td><td>-.03</td><td>1.81</td><td>12/22/39</td><td>107.02</td><td>8/5/41</td><td>101.08</td><td>5/21/40</td><td>107.02</td><td>6/5</td><td>109.29</td><td>9/22</td></tr><tr><td>725</td><td>2/4 - 6/15/53-55</td><td>105.03</td><td>105.05</td><td>105.04</td><td>+.06</td><td>1.36</td><td>-.05</td><td>1.87</td><td>10/1/40</td><td>105.21</td><td>3/7/41</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% - 6/15/54-56</td><td>106.29</td><td>106.31</td><td>106.30</td><td>+.07</td><td>1.47</td><td>-.03</td><td>1.59</td><td>7/22/40</td><td>107.22</td><td>3/7/41</td><td>102.02</td><td>7/21/40</td><td>107.22</td><td>3/7</td><td>106.09</td><td>9/21</td></tr><tr><td>2,611</td><td>2-1/8% - 3/15/55-56</td><td>112.01</td><td>112.03</td><td>112.02</td><td>+.10</td><td>1.60</td><td>-.04</td><td>1.96</td><td>3/15/35</td><td>112.28</td><td>7/6/43</td><td>98.30</td><td>9/20/35</td><td>112.19</td><td>3/3</td><td>111.09</td><td>9/21</td></tr><tr><td>982</td><td>2-3/4% - 9/15/56-59</td><td>111.17</td><td>111.19</td><td>111.18</td><td>+.11</td><td>1.67</td><td>-.03</td><td>1.85</td><td>9/15/36</td><td>112.13</td><td>7/6/43</td><td>98.10</td><td>4/1/37</td><td>112.02</td><td>1/6</td><td>110.25</td><td>9/22</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>111.16</td><td>111.18</td><td>111.17</td><td>+.10</td><td>1.79</td><td>-.03</td><td>2.00</td><td>6/15/38</td><td>112.15</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% - 12/15/59-60 12/15/60-65 12/15/65-67</td><td>111.24</td><td>111.26</td><td>111.25</td><td>+.12</td><td>1.90</td><td>-.02</td><td>2.06</td><td>12/15/38</td><td>112.28</td><td>7/6/43</td><td>99.14</td><td>9/25/39</td><td>112.10</td><td>3/3</td><td>111.03</td><td>5/1</td></tr><tr><td colspan="15">Other bonds 13/</td></tr><tr><td>16</td><td>3/8 Conversion - 1/1/46</td><td>102.20</td><td>102.28</td><td>102.24</td><td>-.12</td><td>.46</td><td>+1.15</td><td>-</td><td>1/1/16</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>105.04</td><td>1/17</td><td>102.24</td><td>11/30</td></tr><tr><td>13</td><td>3/8 Conversion - 1/1/47</td><td>105.00</td><td>105.08</td><td>105.04</td><td>-.10</td><td>.53</td><td>+.05</td><td>-</td><td>1/1/17</td><td>113.00</td><td>9/5/41</td><td>75.00</td><td>6/18/21</td><td>113.00</td><td>2/21</td><td>105.04</td><td>11/30</td></tr><tr><td>50</td><td>3/8 Panama Canal - 6/1/61</td><td>133.00</td><td>134.00</td><td>133.16</td><td>-.04</td><td>.83</td><td>.00</td><td>-</td><td>6/1/11</td><td>134.00</td><td></td><td></td><td></td><td>134.00</td><td>9/5</td><td>130.28</td><td>3/1</td></tr><tr><td colspan="15">Treasury notes</td></tr><tr><td>718</td><td>3/4% A - 3/15/45</td><td>100.03*</td><td>100.04*</td><td>100.04</td><td>-.02</td><td>.31</td><td>+1.07</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>100.04</td><td>11/30</td></tr><tr><td colspan="15">Guaranteed by U.S. Government 2/</td></tr><tr><td colspan="15">Home Owners' Loan Corp.</td></tr><tr><td>$755</td><td>1-1/2% W - 6/1/45-47</td><td>100.16</td><td>100.17</td><td>100.16</td><td>-.04</td><td>.505</td><td>+1.085</td><td>1.305</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>100.16</td><td>11/30</td></tr></table>
When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield column in thirty-seconds.
Prices represent the mean of closing bid and ask quotations in the over-the-counter market except that prices of Treasury and Home Owners' Loan Corporation bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Computed on mean price to call date when mean price is above par and to maturity date when mean price is below par.
4/ Included in the average of long-term taxable Treasury bonds.
5/ Quoted on yield basis.
6/ For amount of this security issued on December 1, 1944, see table on
"Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates" in the chapter on "Public Debt and Guaranteed Obligations of the United States Government".
1/ Excludes $0.6 millions retired upon exchange during the period November 20-30, 1944 in prepayment for new Treasury notes.
8/ Not quoted from November 22 through November 30.
9/ Excludes Federal Housing Administration debentures
10/ Excludes $168.9 millions retired upon exchange during the period November 20-30, 1944 in prepayment for new securities.
11/ Called for redemption on December 15, 194
12/ This is the only bond eligible to remain in the average of long-term partially tax-exempt Treasury bonds.
13/ 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
November 30, 1944 - (Continued)
Table II. - Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th rowspan="2">Yield date 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-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 Oct. 31, 1944</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Yield 3/</th><th>Change in yield from Oct. 31, 1944</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>
Tangible debentures
<table><tr><th rowspan="2">$14</th><th colspan="8">Federal Home Loan Banks 5/7</th><th colspan="8">Federal Intermediate Credit Banks 5/7</th></tr><tr><th>.85% - 1/15/45</th><th>.90%</th><th>.75%</th><th>.925%</th><th>.00%</th><th>-</th><th>6/15/44</th><th>.825%</th><th>11/30/44</th><th>.825%</th><th>11/30/44</th><th>.825%</th><th>11/30</th><th>.825%</th><th>11/30</th></tr><tr><td>25</td><td>.90% - 12/1/44</td><td>6/1/44</td><td>6/1/44</td><td>6/1/44</td><td>6/1/44</td><td>6/1/44</td><td>3/1/44</td><td>100.00</td><td>11/29/44</td><td>100.00</td><td>11/29/44</td><td>100.00</td><td>11/29/44</td><td>100.00</td><td>11/29/44</td></tr><tr><td>15</td><td>.80% - 12/1/44</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>6/1/44</td><td>100.00</td><td>11/29/44</td><td>100.00</td><td>11/29/44</td><td>100.00</td><td>11/29/44</td><td>100.00</td><td>11/29/44</td></tr><tr><td>18</td><td>.90% - 1/2/45</td><td>-</td><td>-</td><td>-</td><td>.90%</td><td>.00%</td><td>11/1/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td></tr><tr><td>17</td><td>.80%</td><td>100.00</td><td>100.00</td><td>100.00</td><td>.80%</td><td>.00%</td><td>7/1/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td></tr><tr><td>31</td><td>7/8%</td><td>2/1/45</td><td>100.00</td><td>100.00</td><td>.875%</td><td>.00%</td><td>5/1/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td></tr><tr><td>18</td><td>.90%</td><td>3/1/45</td><td>100.00</td><td>100.00</td><td>.90%</td><td>.00%</td><td>6/1/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td></tr><tr><td>26</td><td>.90%</td><td>4/2/45</td><td>100.00</td><td>100.00</td><td>.90%</td><td>.00%</td><td>7/1/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td></tr><tr><td>27</td><td>.90%</td><td>5/1/45</td><td>100.00</td><td>100.00</td><td>.90%</td><td>.00%</td><td>8/1/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td></tr><tr><td>19</td><td>.89%</td><td>5/1/45</td><td>100.00</td><td>100.00</td><td>.80%</td><td>-</td><td>11/1/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td></tr><tr><td>20</td><td>.85%</td><td>6/1/45</td><td>100.00</td><td>100.00</td><td>.85%</td><td>.00%</td><td>9/1/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td></tr><tr><td>30</td><td>.85%</td><td>7/2/45</td><td>100.00</td><td>100.00</td><td>.95%</td><td>.00%</td><td>10/2/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td></tr><tr><td>24</td><td>.90%</td><td>8/1/45</td><td>100.00</td><td>100.00</td><td>.90%</td><td>-</td><td>11/1/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td><td>100.00</td><td>11/30/44</td></tr></table>
Tax-exempt bonds
<table><tr><th colspan="11">Federal Land Banke 8/</th></tr><tr><td>$157</td><td>3-1/4%</td><td>5/1/46-55</td><td>101.05</td><td>101.07</td><td>101.06</td><td>-.08</td><td>.34%</td><td>- .01$</td><td>1.12%</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>101.06</td><td>11/30</td></tr><tr><td>230</td><td>3%</td><td>7/1/46-55</td><td>101.15</td><td>101.18</td><td>101.17</td><td>-.08</td><td>.33</td><td>+ .02</td><td>2.83</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>101.23</td><td>1/12</td><td>101.17</td><td>11/30</td></tr><tr><td>171</td><td>3%</td><td>1/1/46-56</td><td>102.27</td><td>102.29</td><td>102.28</td><td>-.08</td><td>.32</td><td>+ .01</td><td>2.70</td><td>1/1/35</td><td>111.12</td><td>12/10/40</td><td>98.08</td><td>2/13/35</td><td>105.03</td><td>1/3</td><td>102.28</td><td>11/30</td></tr><tr><td>170</td><td>3%</td><td>5/1/46-56</td><td>103.26</td><td>103.28</td><td>103.27</td><td>-.09</td><td>.26</td><td>+ .02</td><td>2.61</td><td>5/1/35</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>103.27</td><td>11/30</td></tr></table>
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield column in thirty-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.
Quoted on a yield basis.
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.
Do data because security was not quoted on November 30, 1944.
Price history begins May 15, 1944.
Excludes issues completely held by Farm Credit Administration agencies.
January 1945
55
YIELDS OF TREASURY SECURITIES NOV. 30, 1944
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are 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.
56
Treasury Bulletin
Revised Average of the Yields of High-Grade Corporate Bonds
The Treasury average of the yields of high-grade corporate bonds has been revised, beginning November 1, 1944, by the addition of three new bonds to the average and by the removal of three bonds from the average. Price and yield data as of November 1 for the old and the new issues are shown in the following table:
modest premiums. All of the bonds now included are given Aaa ratings by Moody's Investors Service.
The new average on November 1 was 2.63 percent as compared with the old average for the same date of 2.57 percent. There is thus a
<table><tr><th>Description</th><th>Price</th><th>Yield (Percent)</th></tr><tr><td><b>Bonds added:</b></td><td></td><td></td></tr><tr><td>Consolidated Gas, Electric Light and Power Company of Baltimore, 2-3/4's of 1976</td><td>103-3/4</td><td>2.57</td></tr><tr><td>Philadelphia Electric Company, 2-3/4's of 1971</td><td>101-1/4</td><td>2.68</td></tr><tr><td>Standard Oil Company of California, 2-3/4's of 1966</td><td>102-3/4</td><td>2.58</td></tr><tr><td><b>Bonds removed:</b></td><td></td><td></td></tr><tr><td>New England Telephone and Telegraph Company, 4-1/2's of 1958-61</td><td>124</td><td>2.41</td></tr><tr><td>Bell Telephone Company of Pennsylvania, 5's of 1957-60</td><td>129-3/4</td><td>2.32</td></tr><tr><td>Norfolk and Western Railway Company, 4's of 1996</td><td>132-1/2</td><td>2.81</td></tr><tr><td><b>Composition of revised series:</b></td><td></td><td></td></tr><tr><td>Illinois Bell Telephone Company, 2-3/4's of 1981</td><td>101-3/4</td><td>2.67</td></tr><tr><td>Boston Edison Company, 2-3/4's of 1970</td><td>102</td><td>2.64</td></tr><tr><td>Consolidated Gas Electric Light and Power Company of Baltimore, 2-3/4's of 1976</td><td>103-3/4</td><td>2.57</td></tr><tr><td>Philadelphia Electric Company, 2-3/4's of 1971</td><td>101-1/4</td><td>2.68</td></tr><tr><td>Standard Oil Company of California, 2-3/4's of 1966</td><td>102-3/4</td><td>2.58</td></tr><tr><td><b>New Average</b></td><td>....</td><td>2.63</td></tr><tr><td><b>Old average</b></td><td>....</td><td>2.57</td></tr></table>
The principal reasons for the revision were (1) to exclude from the average all bonds due or callable at par in less than 15 years, in order to make it more nearly comparable with the average of the yields of long-term Treasury bonds, which was similarly revised in March 1944 ("Treasury Bulletin", March 1944, page 58), and (2) to secure a more homogeneous and representative average by eliminating bonds selling at large premiums. It will be noted that the revised average consists entirely of 2-3/4 percent bonds, all of which are currently quoted at
small break in the series, which is explained by the fact that the average yield of the three new issues is higher than that of the three issues removed.
The last previous revision of the average occurred as of July 1, 1941, and was discussed in the "Treasury Bulletin" for July 1941, page 21. A discussion of the corporate average, its composition, and the chief considerations underlying its construction appeared in the "Treasury Bulletin" for April 1943, page 61.
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="13">Monthly series 1/</td></tr><tr><td>1936-Jan.</td><td>2.81</td><td>3.32</td><td>1937-July</td><td>2.78</td><td>3.27</td><td>1939-Jan.</td><td>2.54</td><td>2.96</td></tr><tr><td>Feb.</td><td>2.78</td><td>3.26</td><td>Aug.</td><td>2.78</td><td>3.25</td><td>Feb.</td><td>2.51</td><td>2.90</td></tr><tr><td>Mar.</td><td>2.73</td><td>3.24</td><td>Sept.</td><td>2.82</td><td>3.26</td><td>Mar.</td><td>2.43</td><td>2.87</td></tr><tr><td>Apr.</td><td>2.70</td><td>3.24</td><td>Oct.</td><td>2.82</td><td>3.26</td><td>Apr.</td><td>2.38</td><td>2.92</td></tr><tr><td>May.</td><td>2.68</td><td>3.22</td><td>Nov.</td><td>2.78</td><td>3.22</td><td>May.</td><td>2.27</td><td>2.86</td></tr><tr><td>June.</td><td>2.69</td><td>3.19</td><td>Dec.</td><td>2.73</td><td>3.17</td><td>June.</td><td>2.22</td><td>2.78</td></tr><tr><td>July.</td><td>2.68</td><td>3.18</td><td>1938-Jan.</td><td>2.69</td><td>3.17</td><td>July.</td><td>2.23</td><td>3.76</td></tr><tr><td>Aug.</td><td>2.64</td><td>3.18</td><td>Feb.</td><td>2.65</td><td>3.15</td><td>Aug.</td><td>2.27</td><td>2.79</td></tr><tr><td>Sept.</td><td>2.65</td><td>3.15</td><td>Mar.</td><td>2.67 r</td><td>3.16</td><td>Sept.</td><td>2.67</td><td>3.29</td></tr><tr><td>Oct.</td><td>2.68</td><td>3.14</td><td>Apr.</td><td>2.66</td><td>3.25</td><td>Oct.</td><td>2.60</td><td>3.14</td></tr><tr><td>Nov.</td><td>2.60</td><td>3.11</td><td>May.</td><td>2.56</td><td>3.14</td><td>Nov.</td><td>2.45</td><td>2.93</td></tr><tr><td>Dec.</td><td>2.59</td><td>3.07</td><td>June.</td><td>2.58</td><td>3.15</td><td>Dec.</td><td>2.35</td><td>2.86</td></tr><tr><td>1937-Jan.</td><td>2.56</td><td>3.09</td><td>July.</td><td>2.58</td><td>3.12</td><td>1940-Jan.</td><td>2.30</td><td>2.81</td></tr><tr><td>Feb.</td><td>2.54</td><td>3.24</td><td>Aug.</td><td>2.57</td><td>3.10</td><td>Feb.</td><td>2.32</td><td>2.79</td></tr><tr><td>Mar.</td><td>2.66</td><td>3.36</td><td>Sept.</td><td>2.63</td><td>3.12</td><td>Mar.</td><td>2.26</td><td>2.77</td></tr><tr><td>Apr.</td><td>2.83</td><td>3.43</td><td>Oct.</td><td>2.56</td><td>3.06</td><td>Apr.</td><td>2.26</td><td>2.74</td></tr><tr><td>May</td><td>2.80</td><td>3.36</td><td>Nov.</td><td>2.56</td><td>3.04</td><td>May</td><td>2.19</td><td>2.87</td></tr><tr><td>June.</td><td>2.81</td><td>3.51</td><td>Dec.</td><td>2.56</td><td>3.02</td><td>June.</td><td>2.40</td><td>2.93</td></tr></table>
(Continued on following page)
January 1945
57
Average Yields of Long-Term Treasury and Corporate Bonds - (Continued)
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr></table>
Monthly series 3/ - (Continued)
<table><tr><td>1940-Jul.............</td><td>2.30</td><td>2.85</td><td>1942-Jan.............</td><td>2.10</td><td>2.48</td><td>2.76</td><td>1943-Jul.............</td><td>1.91</td><td>2.45</td><td>2.58</td></tr><tr><td>Aug.............</td><td>2.31</td><td>2.80</td><td>Feb.............</td><td>2.17</td><td>2.48</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>2.25</td><td>2.71</td><td>Mar.............</td><td>2.10</td><td>2.46</td><td>2.80</td><td>Sept.............</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td>Oct.............</td><td>2.21</td><td>2.70</td><td>Apr.............</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Oct.............</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td>Nov.............</td><td>2.09</td><td>2.65</td><td>May.............</td><td>2.06</td><td>2.45</td><td>2.76</td><td>Nov.............</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.............</td><td>2.01</td><td>2.59</td><td>June.............</td><td>2.04</td><td>2.43</td><td>2.75</td><td>Dec.............</td><td>1.95</td><td>2.49</td><td>2.63</td></tr><tr><td>1941-Jan.............</td><td>2.12</td><td>2.57</td><td>July.............</td><td>2.04</td><td>2.45</td><td>2.74</td><td>1944-Jan.............</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.............</td><td>2.22</td><td>2.71</td><td>Aug.............</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Feb.............</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.............</td><td>2.12</td><td>2.73</td><td>Sept.............</td><td>2.08</td><td>2.46</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>2.07</td><td>2.76</td><td>Oct.............</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Apr.............</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May.............</td><td>2.04</td><td>2.75</td><td>Nov.............</td><td>2.10</td><td>2.47</td><td>2.71</td><td>May.............</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June.............</td><td>2.01</td><td>2.70</td><td>Dec.............</td><td>2.13</td><td>2.49</td><td>2.72</td><td>June.............</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>1947-Jan.............</td><td>1.98</td><td>2.66</td><td>1947-Jan.............</td><td>2.11</td><td>2.46</td><td>2.70</td><td>July.............</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>July.............</td><td>2.01</td><td>2.69</td><td>Feb.............</td><td>2.12</td><td>2.46</td><td>2.68</td><td>Aug.............</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Aug.............</td><td>2.02</td><td>2.64</td><td>Mar.............</td><td>2.12</td><td>2.48</td><td>2.70</td><td>Sept.............</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Sept.............</td><td>1.98</td><td>2.34</td><td>Apr.............</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Oct.............</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Oct.............</td><td>1.95</td><td>2.34</td><td>May.............</td><td>1.96</td><td>2.46</td><td>2.65</td><td>Nov.............</td><td>1.90</td><td>2.48</td><td>2.61</td></tr><tr><td>Nov.............</td><td>2.06</td><td>2.47</td><td>June.............</td><td>1.91</td><td>2.45</td><td>2.63</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - Saturday figures 5/
<table><tr><td>1944-Jan.</td><td>8</td><td>1.94</td><td>2.49</td><td>2.62</td><td>1944-May</td><td>6</td><td>1.95</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></td><td>15</td><td>1.95</td><td>2.49</td><td>2.64</td><td></td><td>13</td><td>1.95</td><td>2.49</td><td>2.59</td><td></td><td>9</td><td>1.93</td><td>2.47</td><td>2.53</td></tr><tr><td></td><td>22</td><td>1.95</td><td>2.49</td><td>2.65</td><td></td><td>20</td><td>1.94</td><td>2.49</td><td>2.57</td><td></td><td>16</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td></td><td>29</td><td>1.95</td><td>2.49</td><td>2.67</td><td></td><td>27</td><td>1.94</td><td>2.49</td><td>2.57</td><td></td><td>23</td><td>1.94</td><td>2.48</td><td>2.55</td></tr><tr><td>Feb.</td><td>5</td><td>1.95</td><td>2.49</td><td>2.66</td><td>June</td><td>3</td><td>1.91</td><td>2.49</td><td>2.57</td><td></td><td>30</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td></td><td>11</td><td>1.94</td><td>2.49</td><td>2.66</td><td></td><td>10</td><td>1.92</td><td>2.49</td><td>2.58</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>19</td><td>1.92</td><td>2.49</td><td>2.65</td><td></td><td>17</td><td>1.91</td><td>2.49</td><td>2.59</td><td>Oct.</td><td>7</td><td>1.93</td><td>2.48</td><td>2.53</td></tr><tr><td></td><td>26</td><td>1.90</td><td>2.49</td><td>2.65</td><td></td><td>24</td><td>1.89</td><td>2.49</td><td>2.59</td><td></td><td>14</td><td>1.92</td><td>2.48</td><td>2.55</td></tr><tr><td>Mar.</td><td>4</td><td>1.89</td><td>2.49</td><td>2.66</td><td>July</td><td>1</td><td>1.90</td><td>2.49</td><td>2.59</td><td></td><td>21</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td></td><td>11</td><td>1.90</td><td>2.49</td><td>2.64</td><td></td><td>8</td><td>1.88</td><td>2.49</td><td>2.60</td><td></td><td>28</td><td>1.94</td><td>2.48</td><td>2.58</td></tr><tr><td></td><td>18</td><td>1.91</td><td>2.48</td><td>2.64</td><td></td><td>15</td><td>1.89</td><td>2.49</td><td>2.59</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>25</td><td>1.93</td><td>2.48</td><td>2.62</td><td></td><td>22</td><td>1.89</td><td>2.49</td><td>2.60</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>1</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Aug.</td><td>5</td><td>1.90</td><td>2.48</td><td>2.58</td><td>Nov.</td><td>4</td><td>1.92</td><td>2.48</td><td>2.62</td></tr><tr><td></td><td>8</td><td>1.93</td><td>2.48</td><td>2.62</td><td></td><td>12</td><td>1.91</td><td>2.48</td><td>2.56</td><td></td><td>10</td><td>1.91</td><td>2.48</td><td>2.62</td></tr><tr><td></td><td>15</td><td>1.93</td><td>2.48</td><td>2.62</td><td></td><td>18</td><td>1.91</td><td>2.48</td><td>2.57</td><td></td><td>18</td><td>1.89</td><td>2.48</td><td>2.61</td></tr><tr><td></td><td>22</td><td>1.93</td><td>2.48</td><td>2.60</td><td></td><td>25</td><td>1.90</td><td>2.48</td><td>2.56</td><td></td><td>25</td><td>1.89</td><td>2.48</td><td>2.60</td></tr><tr><td></td><td>29</td><td>1.96</td><td>2.49</td><td>2.60</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily series
<table><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>23........</td><td>1.93</td><td>2.48</td><td>2.56</td><td>1944-Nov.</td><td>17........</td><td>1.91</td><td>2.48</td><td>2.52</td></tr><tr><td></td><td>3........</td><td>1.93</td><td>2.48</td><td>2.54</td><td></td><td>24........</td><td>1.93</td><td>2.48</td><td>2.57</td><td></td><td>14........</td><td>1.91</td><td>2.48</td><td>2.62</td></tr><tr><td></td><td>4........</td><td>1.93</td><td>2.48</td><td>2.53</td><td></td><td>25........</td><td>1.94</td><td>2.48</td><td>2.57</td><td></td><td>15........</td><td>1.90</td><td>2.48</td><td>2.52</td></tr><tr><td></td><td>5........</td><td>1.93</td><td>2.48</td><td>2.54</td><td></td><td>26........</td><td>1.94</td><td>2.48</td><td>2.58</td><td></td><td>16........</td><td>1.89</td><td>2.48</td><td>2.51</td></tr><tr><td></td><td>6........</td><td>1.93</td><td>2.48</td><td>2.54</td><td></td><td>27........</td><td>1.94</td><td>2.48</td><td>2.58</td><td></td><td>17........</td><td>1.89</td><td>2.48</td><td>2.51</td></tr><tr><td></td><td>7........</td><td>1.93</td><td>2.48</td><td>2.53</td><td></td><td>28........</td><td>1.94</td><td>2.48</td><td>2.58</td><td></td><td>18........</td><td>1.89</td><td>2.48</td><td>2.61</td></tr><tr><td></td><td>8........</td><td>1.93</td><td>2.48</td><td>2.54</td><td></td><td>29........</td><td>1.93</td><td>2.48</td><td>2.58</td><td></td><td>19........</td><td>1.89</td><td>2.48</td><td>2.60</td></tr><tr><td></td><td>9........</td><td>1.93</td><td>2.48</td><td>2.55</td><td></td><td>30........</td><td>1.92</td><td>2.48</td><td>2.58</td><td></td><td>20........</td><td>1.89</td><td>2.48</td><td>2.60</td></tr><tr><td></td><td>10........</td><td>1.93</td><td>2.48</td><td>2.55</td><td>Nov.</td><td>1........</td><td>1.92</td><td>2.48</td><td>2.58</td><td></td><td>21........</td><td>1.89</td><td>2.48</td><td>2.59</td></tr><tr><td></td><td>11........</td><td>1.92</td><td>2.48</td><td>2.54</td><td></td><td>2........</td><td>1.92</td><td>2.48</td><td>2.63</td><td></td><td>22........</td><td>1.89</td><td>2.48</td><td>2.59</td></tr><tr><td></td><td>12........</td><td>1/</td><td>2.48</td><td>1/</td><td></td><td>3........</td><td>1.92</td><td>2.48</td><td>2.63</td><td></td><td>23........</td><td>1/</td><td>2.48</td><td>1/</td></tr><tr><td></td><td>13........</td><td>1.92</td><td>2.48</td><td>2.55</td><td></td><td>4........</td><td>1.92</td><td>2.48</td><td>2.62</td><td></td><td>24........</td><td>1.89</td><td>2.48</td><td>2.59</td></tr><tr><td></td><td>14........</td><td>1.92</td><td>2.48</td><td>2.55</td><td></td><td>5........</td><td>1.92</td><td>2.48</td><td>2.62</td><td></td><td>25........</td><td>1.89</td><td>2.48</td><td>2.60</td></tr><tr><td></td><td>15........</td><td>1.92</td><td>2.48</td><td>2.55</td><td></td><td>6........</td><td>1.92</td><td>2.48</td><td>2.63</td><td></td><td>26........</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td></td><td>16........</td><td>1.92</td><td>2.48</td><td>2.55</td><td></td><td>7........</td><td>1/</td><td>2.48</td><td>1/</td><td></td><td>27........</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td></td><td>17........</td><td>1.92</td><td>2.48</td><td>2.54</td><td></td><td>8........</td><td>1.91</td><td>2.48</td><td>2.62</td><td></td><td>28........</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td></td><td>18........</td><td>1.92</td><td>2.48</td><td>2.54</td><td></td><td>9........</td><td>1.91</td><td>2.48</td><td>2.62</td><td></td><td>29........</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td></td><td>19........</td><td>1.92</td><td>2.48</td><td>2.54</td><td></td><td>10........</td><td>1.91</td><td>2.48</td><td>2.62</td><td></td><td>30........</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td></td><td>20........</td><td>1.93</td><td>2.48</td><td>2.55</td><td></td><td>11........</td><td>1/</td><td>2.48</td><td>1/</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>21........</td><td>1.93</td><td>2.48</td><td>2.55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Basis of Computation: (1) Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were based 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 value of the last regular sale is used. Back Figure: Monthly and weekly data for the period January 1933 through March 1944 may be found in the "Treasury Bulletin" for April 1944, pages 57-61. Revised 1/4 Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the case of partially tax-exempt
Treasury and United States earning bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax. For discussion of present composition of high-grade corporate bond average, see the article appearing on page 56 of this issue; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61. Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures. The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. See article on page 56 of this issue. On days when the exchanges are closed, the date and prices of the previous day are used. Indicates change in composition of average. Exchange closed.
58
Treasury Bulletin
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
January 1945
59
CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES GOVERNMENT
60
Treasury Bulletin
Sources and Application of Funds of Government Corporations and Credit Agencies
For the Three Months Ended September 30, 1944
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th colspan="4">Office for Emergency Management</th><th colspan="5">Agriculture Department (continued on following page)</th></tr><tr><th></th><th></th><th>Coordinator of Inter-American Affairs</th><th>Foreign Economic Administration Export-Import Bank of Washington</th><th>Other</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>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</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 U.S. Treasury</td><td>1,026,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,166</td><td>700</td></tr><tr><td>From Government agencies</td><td>1,402,203</td><td>-</td><td>-</td><td>228,588</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>49,750</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>2,479,952</td><td>-</td><td>-</td><td>228,588</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,166</td><td>700</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By J.S. Treasury</td><td>456,83520</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>1,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2051</td><td>-</td></tr><tr><td>By public</td><td>1,340</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2051</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>462,174</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations</td><td>1,080,124</td><td>-</td><td>-</td><td>-</td><td>-</td><td>208,914</td><td>-583</td><td>-2,637</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of 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>70,454</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,551</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>975,961</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>34,451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,886</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>1,080,866</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,437</td><td>-</td></tr><tr><td>Repayments on loans</td><td>2,074,592</td><td>-</td><td>5,6866</td><td>-</td><td>16,681</td><td>-</td><td>485</td><td>7,856</td><td>90,041</td><td>197,242</td></tr><tr><td>Sale of acquired security or collateral</td><td>550,574</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>172</td><td>-</td><td>21</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>694,5801</td><td>7,450</td><td>19,179</td><td>26,089</td><td>8,392</td><td>-</td><td>49</td><td>-</td><td>665</td><td>241</td></tr><tr><td>Funds provided by profit on operations</td><td>102,0673</td><td>-</td><td>1,698</td><td>1,88</td><td>1,593</td><td>4,051</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other sources</td><td>78,457</td><td>2</td><td>1,698</td><td>1,88</td><td>1,593</td><td>4,051</td><td>-</td><td>3,485</td><td>665</td><td>247</td></tr><tr><td>Total funds provided</td><td>8,603,385</td><td>7,452</td><td>26,704</td><td>255,267</td><td>25,658</td><td>208,914</td><td>123</td><td>5,219</td><td>107,535</td><td>198,192</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</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 U.S. Treasury</td><td>741,540</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,803</td><td>-</td></tr><tr><td>To Government agencies</td><td>1,180,453</td><td>-</td><td>-</td><td>131,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>254</td></tr><tr><td>To public</td><td>276,071</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>2,198,065</td><td>-</td><td>-</td><td>131,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,803</td><td>254</td></tr><tr><td>Repayment of paid-in 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>To U.S. Treasury</td><td>4,443</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>3,247</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>7,690</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>14,380</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of 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>146,159</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,547</td><td>1,910</td></tr><tr><td>Securities of Government agencies</td><td>1,204,010</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13,166</td><td>-</td></tr><tr><td>Other securities</td><td>13,216</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,910</td></tr><tr><td>Total purchase of investments</td><td>1,363,425</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15,713</td><td>1,910</td></tr><tr><td>Lose made</td><td>2,049,591</td><td>-</td><td>26,7045</td><td>255,267</td><td>25,658</td><td>208,914</td><td>123</td><td>5,219</td><td>107,535</td><td>198,192</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>763,557</td><td>-</td><td>-</td><td>-</td><td>21,126</td><td>-</td><td>104</td><td>769</td><td>79,456</td><td>175,379</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>236,792</td><td>42</td><td>-</td><td>242</td><td>2,938</td><td>204,857</td><td>6</td><td>3,485</td><td>9,540</td><td>20,878</td></tr><tr><td>Increase in working capital and deferred items</td><td>1,399,049</td><td>-</td><td>118,518</td><td>1,593</td><td>1,593</td><td>4,051</td><td>9</td><td>3,485</td><td>9,540</td><td>20,878</td></tr><tr><td>Funds applied to lose on operations</td><td>518,281</td><td>7,410</td><td>4,960</td><td>1,593</td><td>4,051</td><td>9</td><td>3,485</td><td>9,540</td><td>20,878</td><td>247</td></tr><tr><td>Other applications</td><td>65,638</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>8,603,385</td><td>7,452</td><td>26,704</td><td>255,267</td><td>25,658</td><td>208,914</td><td>123</td><td>5,219</td><td>107,535</td><td>198,192</td></tr><tr><td>Adjustments of net income or lose</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income or lose</td><td>420,893</td><td>-7,410</td><td>1,697</td><td>4,772</td><td>-2,215</td><td>-4,057</td><td>75</td><td>-3,562</td><td>766</td><td>342</td></tr><tr><td>Depreciation and obsolescence</td><td>5,054</td><td>-</td><td>-</td><td>-</td><td>313</td><td>-</td><td>98</td><td>17</td><td>62</td><td>1</td></tr><tr><td>Assets charged off</td><td>2,131</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-89</td></tr><tr><td>Capital gains and losses</td><td>5,989</td><td>-</td><td>-</td><td>-</td><td>309</td><td>-</td><td>-124</td><td>-</td><td>-162</td><td>-3</td></tr><tr><td>Adjustments of valuation reserves</td><td>-7,236</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td>-1,259</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>102,067</td><td>-</td><td>1,698</td><td>1,88</td><td>1,593</td><td>4,051</td><td>49</td><td>3,485</td><td>665</td><td>247</td></tr><tr><td>Funds applied to lose on operations</td><td>518,281</td><td>7,410</td><td>4,960</td><td>1,593</td><td>4,051</td><td>9</td><td>3,485</td><td>9,540</td><td>20,878</td><td>247</td></tr></table>
Less than $500.
1/ Consists of (1) corporations in which the United States Government has a proprietary interest, direct or indirect, except Federal savings and loan associations and those corporations in which the proprietary interest of the United States is evidenced only by pre-
farred stock or capital notes acquired through the Reconstruction Finance Corporation or production credit corporations; and (2) certain credit activities of the executive departments and independent establishments of the United States Government. 2/ Consiste of Institute of Inter-American Affairs, Institute of Inter-
Consiste of Institute of Inter-American Affairs, Institute of Inter-
(Continued on following page)
January 1945
61
Sources and Application of Funds of Government Corporations and Credit Agencies
For the Three Months Ended September 30, 1944 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="8">Agriculture Department - (continued)</th></tr><tr><th></th><th colspan="3">Farm Credit Administration - (continued)</th><th colspan="4">War Food Administration</th></tr><tr><th></th><th>Federal land banks 12/</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>Commodity Credit Corporation</th><th>Farm Security Administration</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td>255,000</td><td></td><td>17,055</td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,000</td><td>48,094</td><td></td><td></td><td>220</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>304,094</td><td>17,055</td><td></td><td>220</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,000</td><td></td><td></td><td></td><td></td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td>500</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>-</td><td>500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 5/:</td><td></td><td></td><td></td><td></td><td>2,489</td><td></td><td>26,297</td><td>96</td><td></td></tr><tr><td>Sale or collection of investments</td><td>13,144 1/4</td><td>-</td><td>-</td><td>55,165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations of United States</td><td>175,308 1/4</td><td>346</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>346</td><td>-</td><td>55,165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>188,456 3/4</td><td>346</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>376,909</td><td>346</td><td>-</td><td>55,165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>71,904</td><td>-</td><td>5,246</td><td>28,972</td><td>2,583</td><td>118,579</td><td>23,401</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>21,537</td><td>-</td><td>19</td><td>1,312</td><td>-</td><td>522,914</td><td>19</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items 1/</td><td>-</td><td>-</td><td>-</td><td>11,498</td><td>-</td><td>413,512</td><td>31,580</td><td>399</td><td>28</td></tr><tr><td>Funds provided by profit on operations 8/ 9/</td><td>3,877</td><td>346</td><td>-</td><td>2,831</td><td>34</td><td>-</td><td>2,216</td><td>-</td><td>-</td></tr><tr><td>Other sources</td><td>53 1/4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>266,887</td><td>346</td><td>5,765</td><td>99,179</td><td>13,111</td><td>1,359,199</td><td>100,568</td><td>495</td><td>248</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings</td><td></td><td></td><td></td><td>81,000</td><td>-</td><td>293,000</td><td>-</td><td>62,324</td><td>245 13/</td></tr><tr><td>To U. S. Treasury</td><td>55,113 1/4</td><td>-</td><td>-</td><td>-</td><td>3,651</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>188,719 1/2</td><td>-</td><td>-</td><td>9,587</td><td>-</td><td>53,487</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>243,832 1/4</td><td>-</td><td>-</td><td>90,587</td><td>3,651</td><td>345,487</td><td>62,324</td><td>-</td><td>245</td></tr><tr><td>Total repayment of borrowings</td><td>487,665</td><td>-</td><td>-</td><td>90,587</td><td>3,651</td><td>345,487</td><td>62,324</td><td>-</td><td>245</td></tr><tr><td>Repayment of paid-in capital</td><td>3,910</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To U. S. Treasury</td><td>2,870 1/4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>1,040</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>6,781</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments</td><td>-</td><td>186 1/4</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>50</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>236</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>412</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>14,597</td><td>-</td><td>4,509</td><td>7,811</td><td>8,373</td><td>89,074</td><td>10,849</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>339</td><td>-</td><td>22</td><td>781</td><td>-</td><td>754,328</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,051</td><td>-</td><td>450</td><td>-</td><td>-</td></tr><tr><td>Increase in working capital and deferred items</td><td>567</td><td>31</td><td>1,133</td><td>-</td><td>-</td><td>169,310</td><td>3,316</td><td>494</td><td>3</td></tr><tr><td>Funds applied to lose on operations 8/</td><td>772</td><td>79</td><td>101</td><td>-</td><td>35</td><td>-</td><td>23,628</td><td>-</td><td>-</td></tr><tr><td>Other applications</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>266,887</td><td>346</td><td>5,765</td><td>99,179</td><td>13,111</td><td>1,359,199</td><td>100,568</td><td>495</td><td>248</td></tr><tr><td>Adjustments of net income or loss</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income or loss 10/</td><td>3,010</td><td>1,041</td><td>-638</td><td>2,255</td><td>34</td><td>-270,692</td><td>-3,725</td><td>-500</td><td>-3</td></tr><tr><td>Depreciation and obsolescence</td><td>32</td><td>126</td><td>540</td><td>126</td><td>-</td><td>1,382</td><td>16</td><td>5</td><td>-</td></tr><tr><td>Assets charged off</td><td>38</td><td>-1,103</td><td>-1</td><td>135</td><td>-</td><td>-</td><td>-21</td><td>-</td><td>-</td></tr><tr><td>Capital gain and losses 11/</td><td>-200</td><td>-1,143</td><td>-2</td><td>-285</td><td>-</td><td>-</td><td>415</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>997</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-</td><td>2,231</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>3,877</td><td>79</td><td>101</td><td>-</td><td>-</td><td>169,310</td><td>3,316</td><td>494</td><td>3</td></tr><tr><td>Funds applied to lose on operations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
3/ Consists of Corgose, Inc., Petroleum Reserves Corporation, Rubber Development Corporation, and U. S. Commercial Company.
4/ This figure is shown net; a gross figure is not available.
5/ Represents net expenditures from appropriated funds.
6/ Excludes loans made by commercial banks on behalf of the Export-Import Bank under agency agreements.
7/ The increase in working capital and deferred items is shown below under "Application of Funds".
(Continued on following page)
62
Treasury Bulletin
Sources and Application of Funds of Government Corporations and Credit Agencies 2
For the Three Months Ended September 30, 1944 - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>Inland Waterways Corporation 11/</th><th colspan="5">Reconstruction Finance Corporation and certain affiliates</th><th>Office of Indian Affairs</th><th>Division of Territories and Island Possessions</th><th>Puerto Rico Reconstruction Administration 17/</th><th>The Virgin Islands Company</th></tr><tr><th></th><th></th><th>Reconstruction Finance Corporation 15/</th><th>Disaster Loan Corporation</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 16/</th><th>Indian Loans</th><th>Puerto Rican Hurricane Relief loan Section</th><th></th><th></th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td>772,000</td><td>-</td><td>6</td><td>5,787</td><td>1,132,395</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,787</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,132,395</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>772,000</td><td>-</td><td>6</td><td>5,787</td><td>1,132,395</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By 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>By public</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 and surplus subscriptions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 5/</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>104</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments</td><td>-</td><td>319</td><td>-</td><td>24</td><td>13</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>15,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>15,399</td><td>-</td><td>24</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>-</td><td>319</td><td>252</td><td>4,953</td><td>17,282</td><td>15,657</td><td>149</td><td>33</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>3</td><td>1,295,028</td><td>252</td><td>4,953</td><td>17,282</td><td>15,657</td><td>149</td><td>33</td><td>-</td><td>-</td></tr><tr><td>Sale or acquired security or collateral</td><td>7</td><td>4,017</td><td>19</td><td>25</td><td>36</td><td>137,994</td><td>-</td><td>-</td><td>-</td><td>104</td></tr><tr><td>Decrease in working capital and deferred items 1/</td><td>158</td><td>16,960</td><td>32</td><td>93</td><td>162</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations 6/ 8/</td><td>6</td><td>-</td><td>-</td><td>289</td><td>381</td><td>13,988</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other sources</td><td>166</td><td>2,107,404</td><td>303</td><td>5,416</td><td>23,871</td><td>1,363,534</td><td>293</td><td>40</td><td>17/</td><td>105</td></tr><tr><td>Total funds provided</td><td>166</td><td>2,107,404</td><td>303</td><td>5,416</td><td>23,871</td><td>1,363,534</td><td>293</td><td>40</td><td>17/</td><td>105</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</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 U. S. Treasury</td><td>-</td><td>280,540</td><td>-</td><td>5,375</td><td>12,832</td><td>906,078</td><td>-</td><td>-</td><td>-</td><td>65</td></tr><tr><td>To 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>To public</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 repayment of borrowings</td><td>-</td><td>280,540</td><td>-</td><td>5,375</td><td>12,832</td><td>906,078</td><td>-</td><td>-</td><td>-</td><td>65</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>40</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To U. S. 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>To 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>To public</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 repayment of paid-in capital</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td>3,882</td><td>-</td><td>6</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>3,882</td><td>-</td><td>6</td><td>4</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>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>3,882</td><td>-</td><td>6</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>-</td><td>1,549,833</td><td>225</td><td>31</td><td>10,447</td><td>8,050</td><td>233</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>912</td><td>5</td><td>4</td><td>588</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>7</td><td>358</td><td>-</td><td>-</td><td>-</td><td>211,632</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Increases in working capital and deferred items</td><td>159</td><td>271,878</td><td>72</td><td>-</td><td>-</td><td>44,783</td><td>-</td><td>6</td><td>-</td><td>35</td></tr><tr><td>Funds applied to loss on operations 6/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>187,131</td><td>19</td><td>33</td><td>-</td><td>-</td></tr><tr><td>Other applications</td><td>-</td><td>2,107,404</td><td>303</td><td>5,416</td><td>23,871</td><td>1,363,534</td><td>293</td><td>40</td><td>17/</td><td>105</td></tr><tr><td>Total funds applied</td><td>166</td><td>2,107,404</td><td>303</td><td>5,416</td><td>23,871</td><td>1,363,534</td><td>293</td><td>40</td><td>17/</td><td>105</td></tr><tr><td>Adjustments of net income or loss</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income or loss 19/</td><td>42</td><td>19,686</td><td>-143</td><td>290</td><td>342</td><td>-185,659</td><td>-19</td><td>-119</td><td>-</td><td>105</td></tr><tr><td>Depreciation and obsolescence</td><td>117</td><td>598</td><td>70</td><td>-</td><td>31</td><td>-</td><td>-</td><td>82</td><td>-</td><td>3</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>7</td><td>-33</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains and losses 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-</td><td>-3,324</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>30</td><td>-</td><td>-3</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,962</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>158</td><td>16,960</td><td>72</td><td>289</td><td>381</td><td>137,731</td><td>19</td><td>6</td><td>17/</td><td>104</td></tr><tr><td>Funds applied to loss on operations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>6/ For additional information, see the adjustments of net income or loss shown at bottom of table</td><td></td><td></td><td>12/ Negative figures indicate capital losses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>9/ Funds applied to loss on operations are shown below under "Application of funds"</td><td></td><td></td><td>12/ Includes funds of 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 Government</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>10/ Negative figures indicate net loss</td><td></td><td></td><td>13/ This amount consists of cash repayment to Disaster Loan Corporation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
January 1945
63
Sources and Application of Funds of Government Corporations and Credit Agencies 1/ For the Three Months Ended September 30, 1944 - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>Justice Department</th><th>Every Department</th><th>Treasury Department</th><th>War Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>War Public Works community facilities</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>U.S. leases contain other assets 18/</th><th>United States Spruce Promotion Corporation 19/</th><th>Federal Deposit Insurance Corporation</th><th>Office of Education</th><th>Loans to students</th><th>Federal Home Loan Bank Administration (continued on following page)</th><th>Federal Savings and Loan Insurance Corporation</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>456,33520/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,135</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>-</td><td>456,335</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,135</td><td>-</td></tr><tr><td>Appropriations 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>419</td><td>30,210</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28,501</td><td>-</td><td>-</td><td>28,714</td><td>1,200</td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>745,45021/</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>1,248</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>745,698</td><td>-</td><td>28,501</td><td>-</td><td>-</td><td>28,714</td><td>1,200</td></tr><tr><td>Total sale or collection of investments</td><td>-</td><td>-</td><td>745,698</td><td>-</td><td>28,501</td><td>-</td><td>-</td><td>28,714</td><td>1,200</td></tr><tr><td>Repayments on loans</td><td>-</td><td>-</td><td>952</td><td>-</td><td>2,966</td><td>34</td><td>2,019</td><td>72,622</td><td>-</td></tr><tr><td>Sale of acquired securities</td><td>-</td><td>300</td><td>16</td><td>3</td><td>3,551</td><td>-</td><td>-</td><td>4,360</td><td>112</td></tr><tr><td>Decrease in working capital and deferred items 7/</td><td>-</td><td>14</td><td>28,323</td><td>-</td><td>25,911</td><td>94</td><td>-</td><td>764</td><td>1,935</td></tr><tr><td>Funds provided by profit on operations 8/ 9/</td><td>819</td><td>14</td><td>28,323</td><td>-</td><td>24,359</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other sources</td><td>4</td><td>-</td><td>-</td><td>-</td><td>1,890</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>823</td><td>315</td><td>1,232,323</td><td>3</td><td>86,579</td><td>98</td><td>2,439</td><td>103,596</td><td>3,247</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,000</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,000</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>377</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>377</td><td>-</td></tr><tr><td>Purchase of 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>-</td><td>-</td><td>1,204,00022/</td><td>-</td><td>85,000</td><td>-</td><td>-</td><td>49,673</td><td>2,000</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>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>-</td><td>1,204,000</td><td>-</td><td>85,000</td><td>-</td><td>-</td><td>49,673</td><td>2,000</td></tr><tr><td>Loans made</td><td>-</td><td>-</td><td>-</td><td>-</td><td>604</td><td>-</td><td>-</td><td>203</td><td>39,546</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>821</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>161</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>184</td><td>6,548</td><td>1,246</td></tr><tr><td>Increase in working capital and deferred items</td><td>605</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>228</td><td>23,577</td><td>-</td></tr><tr><td>Funds applied to lease on operations 8/</td><td>-</td><td>315</td><td>28,323</td><td>-</td><td>114</td><td>98</td><td>2,026</td><td>-</td><td>-</td></tr><tr><td>Other applications</td><td>57</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>823</td><td>315</td><td>1,232,323</td><td>3</td><td>86,579</td><td>98</td><td>2,439</td><td>103,596</td><td>3,247</td></tr><tr><td>Adjustments of net income or loss</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income or loss 10/</td><td>743</td><td>14</td><td>28,323</td><td>-3</td><td>24,858</td><td>-13</td><td>-228</td><td>-23,577</td><td>807</td></tr><tr><td>Depreciation and obsolescence</td><td>74</td><td>-</td><td>-</td><td>-</td><td>170</td><td>13</td><td>-</td><td>-</td><td>9</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-501</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains and losses 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-165</td><td>-</td><td>-</td><td>-53</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Other adjustments</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>819</td><td>14</td><td>28,323</td><td>3</td><td>24,359</td><td>-</td><td>228</td><td>23,577</td><td>764</td></tr><tr><td>Funds applied to loss on operations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,935</td></tr></table>
14/ Includes funds of Warrior River Terminal Company, Inc., a wholly owned subsidiary.
15/ Includes funds of the Electric Home and Farm Authority, transferre
for purposes of liquidation to Reconstruction Finance Corporation effective October 31, 1942. Consists of Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, Rubber Reserve Company, and War Damage Corporation.
(Continued on following page)
64
Treasury Bulletin
Sources and Application of Funds of Government Corporations and Credit Agencies 1/
For the Three Months Ended September 30, 1944 - (Continued)
(In thousands of dollars)
<table><tr><th colspan="8">National Housing Agency - (continued)</th></tr><tr><th></th><th colspan="2">Federal Home Loan Bank Administration-(continued)</th><th colspan="2">Federal Housing Administration</th><th>Panama Railroad Company</th><th>Tennessee Valley Associated Operative, Inc.</th><th>Tennessee Valley Authority</th><th>United States Maritime Commission</th></tr><tr><th></th><th>Home Owners' Loan Corporation</th><th>United States Housing Corporation 19/</th><th>Defense Homes Corporation</th><th>Federal Public Housing Authority</th><th></th><th></th><th></th><th></th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U.S. Treasury</td><td>-</td><td>-</td><td>10</td><td>1,175</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>1,655</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>1,665</td><td>1,175</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 5/.</td><td>-</td><td>-</td><td>-</td><td>1,541</td><td>-</td><td>-</td><td>9,148</td><td>804,079</td></tr><tr><td>Sale or collection of investments:</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>24</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>11,888</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>11,888</td><td>-</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>64,609 1/</td><td>-</td><td>932</td><td>8</td><td>3,494</td><td>-</td><td>58</td><td>20,585</td></tr><tr><td>Repayments on loans</td><td>8,631</td><td>-</td><td>7,189</td><td>-</td><td>3,441</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>3,866</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,853</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items 1/</td><td>8,135</td><td>26</td><td>4,881</td><td>694</td><td>1,343</td><td>-</td><td>233</td><td>-</td></tr><tr><td>Funds provided by profit on operations 2/ 3/</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>97,129</td><td>35</td><td>14,691</td><td>1,911</td><td>8,477</td><td>1,343</td><td>13,332</td><td>824,663</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U.S. Treasury</td><td>87,000</td><td>-</td><td>37</td><td>628</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>124</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>10,129</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>97,129</td><td>-</td><td>161</td><td>628</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U.S. Treasury</td><td>-</td><td>33</td><td>460</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>33</td><td>460</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</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>-</td><td>1,000</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></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>-</td><td>-</td><td>311</td><td>-</td><td>724</td><td>-</td><td>-</td><td>286</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>3</td><td>4,908</td><td>1,217</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>-</td><td>1</td><td>6,946</td><td>79</td><td>-</td><td>11,387</td><td>2,543</td></tr><tr><td>Increase in working capital and deferred items</td><td>-</td><td>-</td><td>8,849</td><td>66</td><td>265</td><td>-</td><td>1,984</td><td>706,805</td></tr><tr><td>Funds applied to loss on operations 2/</td><td>-</td><td>-</td><td>-</td><td>807</td><td>-</td><td>-</td><td>-</td><td>115,029</td></tr><tr><td>Other applications</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>97,129</td><td>35</td><td>14,691</td><td>1,911</td><td>8,477</td><td>1,343</td><td>13,332</td><td>824,663</td></tr><tr><td>Adjustments of net income or loss</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income or loss 10/</td><td>7,680</td><td>26</td><td>5,527</td><td>235</td><td>-807</td><td>1,123</td><td>1,305</td><td>-115,012</td></tr><tr><td>Depreciation and obsolescence</td><td>14</td><td>-</td><td>304</td><td>80</td><td>-</td><td>185</td><td>2,537</td><td>-</td></tr><tr><td>Assets charged off</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24</td><td>-</td><td>-</td></tr><tr><td>Capital gains and losses 11/</td><td>7,457</td><td>-</td><td>410</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-17</td></tr><tr><td>Adjustments of valuatic reserves</td><td>-7,018</td><td>-</td><td>-1,055</td><td>14</td><td>-</td><td>11</td><td>50</td><td>-</td></tr><tr><td>Other adjustments</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>8,135</td><td>26</td><td>4,881</td><td>694</td><td>-</td><td>1,343</td><td>3,893</td><td>-</td></tr><tr><td>Funds applied to loss on operations</td><td>-</td><td>-</td><td>-</td><td>807</td><td>-</td><td>-</td><td>-</td><td>115,029</td></tr></table>
17/18 Information not available. Includes advances to Government corporations for which guarantees securities are held by the Treasury; advances to Federal Reserve Reserve industrial loans; funds from securities received by the Bureau of Internal Revenue in settlement of tax liabilities; funds from securities received from the Reconsideration Finance Corporation under act of February 24, 1938; funds from stock in Federal savings and loan associations; funds from railroad loans (Transportation Act of 1920); and funds of U. S. Railroad Administration (World War I). 19/ World War I corporation in liquidation.
20/ Represents net expenditures from the General Fund of the Treasury in the amount of $456,335 thousands for the purchase of obligations of Government corporations.
21/ Includes repayment of $1,910 thousands of paid-in capital of the Federal land banks.
22/ Includes repurchase of $176,000 thousands of the Reconstruction Finance Corporation notes from the Federal land banks. These notes were originally purchased by the Treasury from the Reconstruction Finance Corporation and were sold to the Federal land banks prior to June 30, 1944.
January 1945
65
INTERNAL REVENUE STATISTICS
66
Treasury Bulletin
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Miscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="3">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits taxes 3/</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1935</td><td>3,277,690</td><td>-4,101</td><td>3,281,791r</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>3,512,852</td><td>+18,521</td><td>3,494,331r</td><td>1,427,446r</td><td>671,416</td><td>738,521r</td><td>14,509</td><td>-</td><td>207,339</td><td>58,119</td><td>48</td></tr><tr><td>1937</td><td>4,597,140</td><td>-37,158</td><td>4,561,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,715</td><td>502,518r</td><td>30,267</td><td>149,476</td></tr><tr><td>1938</td><td>5,671,318</td><td>+30,470</td><td>5,642,842</td><td>2,629,030</td><td>1,285,312</td><td>1,293,532</td><td>42,786</td><td>740,366</td><td>589,836r</td><td>101,167</td><td>109,427</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,026,634</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,537</td><td>5,328,771</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>7,361,675</td><td>+10,141</td><td>7,372,551r</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328r</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,028,915</td><td>8,006,884r</td><td>3,262,800</td><td>4,667,468</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>22,143,969</td><td>-224,755</td><td>22,168,724</td><td>16,298,888</td><td>6,629,932</td><td>9,569,715</td><td>84,241</td><td>1,998,705</td><td>1,111,546</td><td>136,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,471</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344r</td><td>137,452r</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1943-November</td><td>2,114,721</td><td>+25,941</td><td>2,089,229</td><td>1,470,850</td><td>1,147,554</td><td>307,579</td><td>15,716r</td><td>242,827</td><td>205,647r</td><td>8,339</td><td>28,641r</td></tr><tr><td>December</td><td>5,483,636</td><td>+466,279</td><td>5,017,358</td><td>1,590,615</td><td>2,175,565</td><td>2,410,218</td><td>4,832</td><td>38,450</td><td>1,496</td><td>1,085r</td><td>35,868</td></tr><tr><td>1944-January</td><td>2,188,309</td><td>+99,924</td><td>2,088,485r</td><td>1,584,390</td><td>1,039,536r</td><td>538,652r</td><td>6,202</td><td>122,183</td><td>84,530</td><td>36,859</td><td>791</td></tr><tr><td>February</td><td>2,463,723</td><td>-669,443</td><td>3,133,366</td><td>2,476,721r</td><td>2,075,328</td><td>396,188r</td><td>5,205</td><td>317,390</td><td>199,849r</td><td>97,336</td><td>20,265</td></tr><tr><td>March</td><td>6,352,536</td><td>+543,547</td><td>5,806,888</td><td>5,358,106</td><td>1,914,138</td><td>3,435,956</td><td>28,012</td><td>49,590</td><td>3,483r</td><td>3,049</td><td>43,057</td></tr><tr><td>April</td><td>2,935,115</td><td>-395,320</td><td>3,330,435</td><td>2,805,003</td><td>2,243,794r</td><td>552,959r</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>3,023,545</td><td>-52,628</td><td>3,076,173</td><td>2,289,328</td><td>1,899,231r</td><td>420,344r</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>5,734,169</td><td>+622,512</td><td>5,111,658r</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>4,592</td><td>1,165</td><td>38,669</td></tr><tr><td>July</td><td>1,984,046</td><td>-635,503</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>2,702,486</td><td>-47,863</td><td>2,750,349r</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>5,748,985</td><td>+691,748</td><td>5,057,636</td><td>4,489,671</td><td>1,356,371r</td><td>3,108,404r</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>1,880,476</td><td>-607,262</td><td>2,487,738r</td><td>1,809,765</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><tr><td>November</td><td>2,300,370</td><td>-95,671</td><td>2,396,240</td><td>1,633,189</td><td>1,244,287</td><td>382,066</td><td>6,836</td><td>243,026</td><td>199,507</td><td>7,991</td><td>35,528</td></tr></table>
Miscellaneous internal revenue
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Hammer-turkey and retail store excise taxes</th><th>Miscellaneous taxes g/</th><th>Agricultural adjustment taxes</th></tr><tr><td>1935</td><td>1,649,761r</td><td>91,508</td><td>212,112</td><td>410,286</td><td>458,776</td><td>43,133</td><td>342,275</td><td>91,051r</td><td>526,222</td></tr><tr><td>1936</td><td>2,004,513r</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,785r</td><td>68,990</td><td>379,540</td><td>76,173r</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>449,894</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>567,669r</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502r</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>2,359,611</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073r</td><td>38,682</td><td>447,088</td><td>148,925r</td><td>-</td></tr><tr><td>1941</td><td>2,934,553</td><td>166,653</td><td>407,058</td><td>813,869</td><td>637,712</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>1,423,480r</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,332</td><td>-</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210r</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>1945-November</td><td>375,552</td><td>265r</td><td>34,333r</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>381,912r</td><td>59</td><td>52,134</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>333,254</td><td>247</td><td>38,450r</td><td>108,395</td><td>67,470</td><td>4,123r</td><td>62,666r</td><td>57,924r</td><td>-</td></tr><tr><td>March</td><td>401,192</td><td>472</td><td>60,364</td><td>123,999</td><td>76,657</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>56,103r</td><td>169,333r</td><td>71,893</td><td>4,800</td><td>51,287</td><td>70,206r</td><td>-</td></tr><tr><td>May</td><td>482,986</td><td>152</td><td>41,862</td><td>182,385</td><td>80,868</td><td>4,321</td><td>76,661</td><td>86,775</td><td>-</td></tr><tr><td>June</td><td>498,849</td><td>1,035</td><td>50,004</td><td>194,863</td><td>81,083</td><td>4,450</td><td>64,444</td><td>102,910</td><td>-</td></tr><tr><td>July</td><td>754,183</td><td>128,357</td><td>47,687r</td><td>209,939r</td><td>77,314</td><td>5,233</td><td>71,586</td><td>214,058r</td><td>-</td></tr><tr><td>August</td><td>776,889r</td><td>193,918</td><td>62,670</td><td>201,934</td><td>86,022</td><td>5,592</td><td>87,679</td><td>139,094</td><td>-</td></tr><tr><td>September</td><td>529,058r</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>115,099r</td><td>-</td></tr><tr><td>October</td><td>543,877</td><td>18,640</td><td>38,520r</td><td>196,977</td><td>77,521</td><td>5,345</td><td>94,656</td><td>113,119</td><td>-</td></tr><tr><td>November</td><td>520,025</td><td>364</td><td>51,707</td><td>203,754</td><td>81,180</td><td>5,142</td><td>95,259</td><td>102,617</td><td>-</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statement (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue.
by Collectors of Internal Revenue. Revised.
1/ Excludes collections for credit to certain trust accounts for territorial and insular possessions, etc.
3/ Includes collection of taxes withheld by employee pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943.
3/ Includes income tax collections on Alaskan railroads. The excess profit tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profite tax, the profit lim-
iting provisions of the Vinson Act, and the tax on unjust enrichment.
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under
Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act
commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
Represents collections under the Carriers Taxing Act of 1937. Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
January 1945
67
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
68
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 5 months</th><th></th><th></th></tr><tr><th></th><th>1943</th><th>1944</th><th>Fiscal year 1944</th><th>Fiscal year 1945</th><th>November 1943</th><th>November 1944</th></tr><tr><td colspan="7">Income and profits taxes:</td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>-</td><td>7,038,438</td><td>2,094,319</td><td>4,890,662</td><td>1,086,791</td><td>1,202,784</td></tr><tr><td>Severance Act of 1942</td><td>686,015</td><td>784,997</td><td>781,113</td><td>727</td><td>1,912</td><td>85</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>5,771,001</td><td>10,253,831</td><td>2,605,397 r</td><td>1,643,358</td><td>61,718 r</td><td>32,600</td></tr><tr><td>Back</td><td>172,916</td><td>183,740</td><td>123,686 r</td><td>88,026</td><td>(-2,867) r</td><td>8,818</td></tr><tr><td>Total individual income taxes</td><td>6,629,932</td><td>18,261,005 r</td><td>5,604,515</td><td>6,582,713</td><td>1,117,554</td><td>1,244,287</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>4,136,967 r</td><td>4,762,714</td><td>1,394,892</td><td>1,238,092</td><td>84,239</td><td>70,117</td></tr><tr><td>Back</td><td>383,885</td><td>521,451</td><td>123,299 r</td><td>123,709</td><td>19,404</td><td>27,096</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended)</td><td>5,063,804</td><td>9,345,198</td><td>2,116,292</td><td>3,317,143</td><td>203,536</td><td>284,853</td></tr><tr><td>Total corporation taxes</td><td>9,584,715</td><td>14,629,364 r</td><td>3,634,484</td><td>4,738,944</td><td>307,579</td><td>382,066</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>82,012</td><td>136,980</td><td>51,973</td><td>52,770</td><td>15,669</td><td>6,833</td></tr><tr><td>Vinson Act</td><td>420</td><td>39</td><td>22</td><td>-</td><td>14 r</td><td>-</td></tr><tr><td>Unjust enrichment</td><td>1,808</td><td>434</td><td>231</td><td>32</td><td>33</td><td>3</td></tr><tr><td>Total miscellaneous profits taxes</td><td>84,241</td><td>137,452 r</td><td>52,227</td><td>52,802</td><td>15,716</td><td>6,836</td></tr><tr><td>Total income and profits taxes</td><td>16,298,888</td><td>33,027,802</td><td>9,351,225</td><td>11,374,519</td><td>1,470,850</td><td>1,633,189</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 1/</td><td>1,131,546</td><td>1,290,025</td><td>649,097 r</td><td>672,848</td><td>205,847 r</td><td>199,507</td></tr><tr><td>Unemployment insurance 2/</td><td>156,008</td><td>183,337</td><td>28,156</td><td>29,263</td><td>8,329</td><td>7,221</td></tr><tr><td>Total Social Security taxes</td><td>1,287,554</td><td>1,473,361</td><td>677,253 r</td><td>702,111</td><td>214,186 r</td><td>207,495</td></tr><tr><td>Redlroad retirement 6/</td><td>211,151</td><td>265,011</td><td>87,647 r</td><td>111,050</td><td>28,641 r</td><td>35,528</td></tr><tr><td>Total employment taxes</td><td>1,498,705</td><td>1,738,372</td><td>764,900</td><td>813,162</td><td>242,827</td><td>243,026</td></tr><tr><td colspan="7">Miscellaneous internal revenue:</td></tr><tr><td>Capital stock tax</td><td>328,795</td><td>380,702</td><td>378,506 r</td><td>370,450</td><td>286 r</td><td>364</td></tr><tr><td>Estate tax</td><td>418,531</td><td>473,466</td><td>171,764 r</td><td>212,386</td><td>33,500 r</td><td>30,962</td></tr><tr><td>Gift tax</td><td>32,955</td><td>37,745</td><td>4,108</td><td>3,548</td><td>733</td><td>745</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>83,406 r</td><td>286,871</td><td>83,060</td><td>80,064</td><td>20,813</td><td>17,040</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>698,300</td><td>611,535 r</td><td>237,316</td><td>531,113</td><td>50,235</td><td>124,905</td></tr><tr><td>Distilled spirits rectification tax</td><td>18,836</td><td>18,874</td><td>7,301</td><td>12,398</td><td>1,652</td><td>3,341</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>743</td><td>4,027</td><td>838</td><td>1,100</td><td>290</td><td>138</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>32,920 r</td><td>30,068</td><td>10,978</td><td>17,990</td><td>2,308</td><td>4,030</td></tr><tr><td>Brand used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>6</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dealers in distilled spirits, rectifiers, manufacturers of stille (special taxes)</td><td>7,008</td><td>8,105</td><td>5,332 r</td><td>4,971</td><td>135 r</td><td>171</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>1,299</td><td>1,369</td><td>706 r</td><td>501</td><td>250 r</td><td>65</td></tr><tr><td>Cases stamps for distilled spirits bottled in bond</td><td>10,549</td><td>8,516</td><td>3,331</td><td>5,160</td><td>774</td><td>1,062</td></tr><tr><td>Container stamps</td><td>111,539</td><td>85,834 r</td><td>25,295</td><td>49,383</td><td>574</td><td>2,611</td></tr><tr><td>Floor taxes</td><td>455,634 r</td><td>559,152</td><td>234,468</td><td>289,794</td><td>40,277</td><td>50,291</td></tr><tr><td>Fermented malt liquors</td><td>2,338</td><td>3,375</td><td>2,324</td><td>1,967</td><td>94 r</td><td>51</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>1,423,480 r</td><td>1,618,045</td><td>611,030</td><td>994,444</td><td>117,303</td><td>203,754</td></tr><tr><td>Total alcoholic beverage taxes</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>23,075</td><td>30,152</td><td>12,087</td><td>14,666</td><td>2,615</td><td>3,556</td></tr><tr><td>Cigars (small)</td><td>97</td><td>107</td><td>39</td><td>40</td><td>8</td><td>6</td></tr><tr><td>Cigarettes (large)</td><td>30</td><td>85 r</td><td>26</td><td>129</td><td>7</td><td>39</td></tr><tr><td>Cigarettes (small)</td><td>835,231</td><td>903,958</td><td>409,383</td><td>360,259</td><td>85,135</td><td>71,542</td></tr><tr><td>Stuff</td><td>7,543</td><td>7,692</td><td>3,072</td><td>3,017</td><td>593</td><td>712</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>47,849</td><td>45,269</td><td>21,001</td><td>20,255</td><td>4,590 r</td><td>4,820</td></tr><tr><td>Cigarette papers and tubes</td><td>1,472</td><td>1,164</td><td>527</td><td>473</td><td>101</td><td>103</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>2 r</td><td>1 r</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>8,556</td><td>50</td><td>24</td><td>4</td><td>8</td><td>1</td></tr><tr><td>Total tobacco taxes</td><td>923,857</td><td>988,483</td><td>446,160</td><td>399,544</td><td>93,058</td><td>81,180</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>21,766</td><td>26,243</td><td>10,717</td><td>13,194</td><td>2,251</td><td>2,726</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>15,585 r</td><td>17,096</td><td>6,353</td><td>9,119</td><td>996</td><td>1,651</td></tr><tr><td>Playing cards</td><td>7,694</td><td>7,414</td><td>3,140</td><td>3,435</td><td>684</td><td>763</td></tr><tr><td>Silver bullion sales or transfers</td><td>111</td><td>47</td><td>25</td><td>11</td><td>3</td><td>1</td></tr><tr><td>Total stamp taxes</td><td>45,155</td><td>50,800</td><td>20,245</td><td>25,759</td><td>3,934</td><td>5,142</td></tr></table>
(Continued on following page)
January
1945
69
Detailed Analysis of Internal Revenue Collections 3/ - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 5 months</th><th>November 1943</th><th>November 1944</th></tr><tr><th></th><th>1943</th><th>1944</th><th>Fiscal year 1944</th><th>Fiscal year 1945</th><th></th><th></th></tr><tr><td>Miscellaneous internal revenue (continued): Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>43,338</td><td>52,473</td><td>21,861 r</td><td>30,870</td><td>3,252</td><td>6,750</td></tr><tr><td>Gasoline</td><td>288,766</td><td>271,217</td><td>121,049</td><td>163,250</td><td>23,576</td><td>33,115</td></tr><tr><td>Fires and tubes</td><td>18,280</td><td>40,309</td><td>15,210</td><td>27,761</td><td>3,102</td><td>5,715</td></tr><tr><td>Floor taxes on tires and tubes</td><td>65</td><td>25</td><td>17</td><td></td><td>1</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>1,230</td><td>3,247</td><td>656</td><td>5,702</td><td>131</td><td>1,599</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,424</td><td>3,222</td><td>755</td><td>857</td><td>147</td><td>318</td></tr><tr><td>Parts and accessories for automobiles</td><td>20,478</td><td>31,551</td><td>12,100</td><td>17,179</td><td>2,658</td><td>3,328</td></tr><tr><td>Electrical energy</td><td>48,705</td><td>51,239</td><td>20,554</td><td>20,951</td><td>3,622</td><td>4,452</td></tr><tr><td>Electric, gas, and oil appliances</td><td>6,933</td><td>5,027</td><td>1,694</td><td>4,109</td><td>352</td><td>748</td></tr><tr><td>Electric light bulbs and tubes</td><td>3,557</td><td>5,358</td><td>1,009</td><td>4,548</td><td>182</td><td>1,143</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>514</td><td>255</td><td>121 r</td><td>25</td><td>35</td><td>9</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>5,551</td><td>3,402</td><td>1,356 r</td><td>1,563</td><td>273</td><td>457</td></tr><tr><td>Photograph records</td><td>1,817</td><td>1,289</td><td>721</td><td>736</td><td>161</td><td>201</td></tr><tr><td>Musical instruments</td><td>1,280</td><td>633</td><td>315</td><td>241</td><td>61</td><td>51</td></tr><tr><td>Mechanical refrigerator, air-conditioners, etc.</td><td>5,956</td><td>2,406</td><td>1,741</td><td>599</td><td>69</td><td>73</td></tr><tr><td>Matches</td><td>9,367</td><td>8,571</td><td>3,403</td><td>3,488</td><td>721</td><td>693</td></tr><tr><td>Floor taxes on motorcycles</td><td>6</td><td>55</td><td>1</td><td>4</td><td>1</td><td>1</td></tr><tr><td>Business and store machines</td><td>6,461</td><td>3,750</td><td>1,293</td><td>2,958</td><td>240</td><td>304</td></tr><tr><td>Jewelry - retailers' excise</td><td>44,223</td><td>58,726</td><td>17,572</td><td>21,644</td><td>5,842</td><td>8,254</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>88,366</td><td>113,373</td><td>37,347</td><td>59,753</td><td>7,288</td><td>13,248</td></tr><tr><td>Uggs - manufacturers' excise (suspended as of 4/1/44)</td><td>5,682</td><td>4,777</td><td>2,728</td><td>5</td><td>441</td><td>1</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>253</td><td>8</td><td>5</td><td>4</td><td>4</td><td>1</td></tr><tr><td>Photographic apparatus</td><td>11,184</td><td>11,307</td><td>5,143</td><td>6,598</td><td>924</td><td>1,121</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>14,885</td><td>295</td><td>166</td><td>88</td><td>26</td><td>49</td></tr><tr><td>Sporting goods</td><td>4,068</td><td>2,498</td><td>1,045</td><td>1,385</td><td>155</td><td>259</td></tr><tr><td>Hotel proprietors' excise</td><td>32,677</td><td>44,790</td><td>14,034</td><td>30,252</td><td>2,781</td><td>6,526</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>37</td><td>32</td><td>31</td><td>3</td><td>1</td><td>1</td></tr><tr><td>Firearms, shells and cartridges</td><td>1,159</td><td>1,051</td><td>293</td><td>1,687</td><td>40</td><td>408</td></tr><tr><td>Pistols and revolvers</td><td>62</td><td>37</td><td>25</td><td>2</td><td>12</td><td>5</td></tr><tr><td>Repealed taxes not listed above</td><td>481</td><td>98</td><td>68</td><td>10</td><td>5</td><td>5</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>670,015</td><td>728,594</td><td>282,451 r</td><td>433,942</td><td>56,156</td><td>95,259</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937</td><td>5,626</td><td>1,403</td><td>1,329</td><td>12</td><td>16</td><td>2</td></tr><tr><td>Sugar Act of 1937</td><td>53,552</td><td>68,789</td><td>31,243</td><td>33,958</td><td>5,201</td><td>6,452</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td>91,174</td><td>141,275</td><td>56,235</td><td>81,423</td><td>9,515</td><td>14,247</td></tr><tr><td>Wires, etc.</td><td>66,987</td><td>90,199</td><td>35,721</td><td>52,091</td><td>9,651 r</td><td>9,355</td></tr><tr><td>Local telephone service</td><td>13,572</td><td>15,851</td><td>6,247</td><td>6,834</td><td>977</td><td>1,329</td></tr><tr><td>Transportation of oil by pipe line</td><td>87,132</td><td>153,083</td><td>69,553</td><td>108,092</td><td>11,966</td><td>19,885</td></tr><tr><td>Transportation of persons, seate, berthe</td><td>82,556</td><td>215,488</td><td>91,526 r</td><td>95,841</td><td>17,671</td><td>17,525</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>146,289</td><td>134,326</td><td>125,598</td><td>119,277</td><td>633</td><td>571</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>178</td><td>352</td><td>151</td><td>139</td><td>47</td><td>3</td></tr><tr><td>Leases of safe-deposit boxes</td><td>6,070</td><td>6,594</td><td>2,610</td><td>2,817</td><td>14,579</td><td>491</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>138,054</td><td>178,553</td><td>70,089</td><td>131,857</td><td>1,710</td><td>25,421</td></tr><tr><td>Club dues and initiation fees</td><td>16,397</td><td>26,726</td><td>8,694</td><td>23,969</td><td>1,710</td><td>4,762</td></tr><tr><td>Boiling alloys, pool tables, etc.</td><td>6,520</td><td>9,182</td><td>3,054</td><td>4,802</td><td>563</td><td>971</td></tr><tr><td>Join operated devices</td><td>1,853</td><td>2,208</td><td>1,511</td><td>3,244</td><td>52</td><td>131</td></tr><tr><td>Adulterated and processed or renovated butter</td><td>10,487</td><td>18,475</td><td>15,065</td><td>14,174</td><td>606</td><td>529</td></tr><tr><td>Mixed flour 1/2 and filled cheese</td><td>59</td><td>18</td><td>9</td><td>17</td><td>1</td><td>1</td></tr><tr><td>Cleomargarine, including special taxes</td><td>2,621</td><td>4,084</td><td>2,074</td><td>2,427</td><td>275</td><td>369</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>788</td><td>779</td><td>347</td><td>261</td><td>42</td><td>32</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>1,539</td><td>7,190</td><td>1,613</td><td>2,358</td><td>430</td><td>525</td></tr><tr><td>National Fire extinguishers</td><td>30</td><td>16</td><td>13</td><td>10</td><td>1</td><td>1</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>158</td><td>201</td><td>6</td><td>7</td><td>2</td><td>2</td></tr><tr><td>Total miscellaneous taxes</td><td>732,332</td><td>1,075,401</td><td>522,759 r</td><td>683,997</td><td>70,482</td><td>102,517</td></tr><tr><td>Total miscellaneous internal revenue</td><td>4,571,131</td><td>5,353,336</td><td>2,437,023 r</td><td>3,124,031</td><td>375,552</td><td>520,025</td></tr><tr><td>Total internal revenue collections</td><td>22,368,724</td><td>40,119,510</td><td>12,553,348 r</td><td>15,311,713</td><td>2,089,329</td><td>2,396,240</td></tr><tr><td>Adjustment to Daily Treasury Statements</td><td>-224,755</td><td>+1,565,477</td><td>+950,706</td><td>-604,750</td><td>+25,491</td><td>-95,870</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statements)</td><td>22,143,969</td><td>41,684,987</td><td>13,503,054</td><td>14,616,962</td><td>2,114,721</td><td>2,300,370</td></tr><tr><td colspan="7">Source: (1) Total receipts from Internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue.</td></tr><tr><td colspan="7">r Less than $500.</td></tr><tr><td colspan="7">1/ Excludes collections for credit to certain trust accounts for collectors of particular possessions.</td></tr><tr><td colspan="7">2/ Consists only of collections for which returns have been filed with the Collector of Internal Revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings deposited in Government depositories in addition to payments as represented in the returns.</td></tr><tr><td colspan="7">3/ Represents collections under the Federal Insurance Contributions Act.</td></tr><tr><td colspan="7">4/ Represents collections under the Federal Unemployment Tax Act.</td></tr><tr><td colspan="7">5/ Represents collections under the Carriers' Taxing Act of 1937.</td></tr><tr><td colspan="7">6/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.</td></tr></table>
70
Treasury Bulletin
MONETARY STATISTICS
January 1945
71
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilisation Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1934</td><td>6,236.6</td><td>5,274.0</td><td>156.0</td><td>1,800.0</td><td>1,008.6</td></tr><tr><td>1935</td><td>10,122.9</td><td>7,679.5</td><td>156.0</td><td>1,800.0</td><td>487.4</td></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>311.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,594.5</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>22,735.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,745.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1943-November</td><td>22,064.7</td><td>19,953.1</td><td>156.0</td><td>1,800.0</td><td>155.6</td></tr><tr><td>December</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944-January</td><td>21,918.2</td><td>19,800.7</td><td>156.0</td><td>1,800.0</td><td>161.4</td></tr><tr><td>February</td><td>21,711.6</td><td>19,592.0</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>21,261.7</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</td><td>20,725.7</td><td>18,605.1</td><td>156.0</td><td>1,800.0</td><td>169.5</td></tr><tr><td>November p.</td><td>20,688.5</td><td>18,561.1</td><td>156.0</td><td>1,800.0</td><td>151.5</td></tr></table>
Source: Daily Treasury Statements. p Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Car-
2/ (b) the Redemption Fund - Federal Reserve notes.
3/ Excludes gold in active portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Sold ($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>13.6</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,499.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,942.1</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>23,736.7</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>1945-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>1946-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>4,088.7</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>20,826.3</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</td><td>20,726.7</td><td>3,889.0</td><td>15.8</td></tr><tr><td>November p.</td><td>20,888.5</td><td>3,877.6</td><td>15.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
Treasury Bulletin
72
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">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 rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></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>338.8</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>4,284.8</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>567.3</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>604.7</td><td>4,207.3</td></tr><tr><td>1943-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>11.6</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>4,182.6</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.</td><td>1,520.1</td><td>381.8</td><td>11.9</td><td>-</td><td>420.1</td><td>112.5</td><td>750.3</td><td>3,889.0</td></tr><tr><td>November p.</td><td>1,520.1</td><td>380.0</td><td>11.0</td><td>-</td><td>412.6</td><td>114.4</td><td>761.3</td><td>3,877.6</td></tr></table>
Source: Daily Treasury Statements and Circulation Statements of United States Money. p Preliminary. * Less than $50,000. 1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38+ per ounce.
3/ Valued at $1.38+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1934</td><td>32.5</td><td>21.8</td><td>14.1</td><td>110.6</td><td>55.3</td><td>172.5</td><td>86.5</td><td>304.9</td><td>155.9</td></tr><tr><td>1935</td><td>45.6</td><td>38.0</td><td>27.3</td><td>2.0</td><td>1.0</td><td>494.4</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>1.4</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>201.5</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>11.1</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-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>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</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>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</td></tr><tr><td>February</td><td>3.8</td><td>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</td></tr><tr><td>March</td><td>4.0</td><td>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</td></tr><tr><td>April</td><td>3.1</td><td>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</td></tr><tr><td>May</td><td>3.5</td><td>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</td></tr><tr><td>June</td><td>2.9</td><td>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</td></tr><tr><td>July</td><td>3.5</td><td>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</td></tr><tr><td>August</td><td>3.1</td><td>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</td></tr><tr><td>September</td><td>2.3</td><td>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</td></tr><tr><td>October</td><td>2.9</td><td>0</td><td>0</td><td>....</td><td>....</td><td>....</td><td>....</td><td>0</td><td>0</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 64.54 cents per fine ounce until April 9, 1935;
17.11+ cents per fine ounce from that date until April 23, 1935; at 77.57+ cents from April 23, 1935 to December 31, 1937; at 64.64+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939. 3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938. 4/ Acquired at various prices averaging approximately 51 cents per ounce.
January 1945
73
Seignorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on silver and minor coins</th><th colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Mine. silver (local. silver bullion held June 14, 1934)</th><th>Rawly-mined silver (Proc. Dec. 21, 1933)</th><th>Rawly-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></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>188.7</td><td>132.6</td></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>...</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>...</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>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>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>...</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,095.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1943-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>751.8</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</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</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><tr><td>November</td><td>351.3</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>728.3</td></tr></table>
Source: Daily Treasury Statements.
1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Net Capital Movement to the United States, 1935 through September 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>1,412,886</td><td>954,629</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>1,195,322</td><td>397,342</td><td>6,811</td><td>500,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>215,256</td><td>331,258</td><td>34</td><td>51,136</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>705,380</td><td>852,928</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941 (Jan. 1, 1941-Dec. 31, 1941)</td><td>-496,923</td><td>-286,622</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942 (Jan. 1, 1942-Dec. 31, 1942)</td><td>604,321</td><td>561,573</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943 (Jan. 1, 1943-Dec. 31, 1943)</td><td>1,283,393</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-Sept. 30, 1944)</td><td>312,356</td><td>170,815</td><td>1,404</td><td>36,717</td><td>100,360</td></tr><tr><td>Total (Jan. 2, 1935-Sept. 30, 1944)</td><td>7,130,941</td><td>5,544,668</td><td>122,219</td><td>737,814</td><td>1,026,240</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943-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>168,379</td><td>163,436</td><td>1,304</td><td>2,715</td><td>1,524</td></tr><tr><td>December</td><td>44,994</td><td>55,551</td><td>2,383</td><td>-9,008</td><td>-3,932</td></tr><tr><td>1944-January</td><td>154,350</td><td>155,209</td><td>-713</td><td>-6,005</td><td>5,859</td></tr><tr><td>February</td><td>145,622</td><td>147,637</td><td>1,831</td><td>3,686</td><td>-7,532</td></tr><tr><td>March</td><td>44,341</td><td>76,736</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,409</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>-35,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,880</td><td>10,514</td><td>650</td><td>2,445</td><td>3,851</td></tr><tr><td>September</td><td>-9,953</td><td>-57,289</td><td>2,313</td><td>28,454</td><td>16,569</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.
74
Treasury Bulletin
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>Total paper money</th><th>Cold certificates 2/</th><th>Silver certificates</th><th>Paper money 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>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>365</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>185</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>8,936</td><td>65</td><td>1,711</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>1,049</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-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</td><td>24,425</td><td>23,300</td><td>53</td><td>1,592</td><td>1</td><td>324</td><td>20,631</td><td>574</td><td>124</td></tr><tr><td>November p.</td><td>25,017</td><td>23,875</td><td>53</td><td>1,604</td><td>1</td><td>325</td><td>21,199</td><td>569</td><td>124</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (In dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>1935</td><td>453</td><td>32</td><td>296</td><td>125</td><td>$ 43.66</td></tr><tr><td>1936</td><td>436</td><td>35</td><td>316</td><td>135</td><td>48.60</td></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>49.88</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>49.62</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>53.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>62</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.04</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>163.07</td></tr><tr><td>1945-November</td><td>1,006</td><td>92</td><td>662</td><td>251</td><td>145.11</td></tr><tr><td>December</td><td>1,019</td><td>95</td><td>671</td><td>254</td><td>148.82</td></tr><tr><td>1946-January</td><td>1,013</td><td>96</td><td>665</td><td>252</td><td>149.24</td></tr><tr><td>February</td><td>1,018</td><td>97</td><td>668</td><td>253</td><td>151.43</td></tr><tr><td>March</td><td>1,029</td><td>98</td><td>676</td><td>255</td><td>153.42</td></tr><tr><td>April</td><td>1,039</td><td>100</td><td>682</td><td>257</td><td>156.45</td></tr><tr><td>May</td><td>1,055</td><td>102</td><td>693</td><td>260</td><td>160.72</td></tr><tr><td>June</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>163.07</td></tr><tr><td>July</td><td>1,077</td><td>105</td><td>707</td><td>266</td><td>164.34</td></tr><tr><td>August</td><td>1,092</td><td>107</td><td>716</td><td>269</td><td>168.49</td></tr><tr><td>September</td><td>1,106</td><td>109</td><td>725</td><td>272</td><td>171.98</td></tr><tr><td>October</td><td>1,125</td><td>111</td><td>738</td><td>276</td><td>176.39</td></tr><tr><td>November p</td><td>1,113</td><td>113</td><td>750</td><td>280</td><td>180.51</td></tr></table>
Source: Circulation Statements of United States Money and Annual Report of the Secretary of the Treasury for 1943, pages 710-713. Preliminary. p 1/ Excludes (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
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 deposits of lawful money and are in process of retirement.
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
WASHINGTON 25, D. C.
OFFICIAL BUSINESS
PERMIT NO. 1002
FORM A-1/45-2000
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, $300
FOR VICTORY
BUY UNITED STATES WAR BONDS
AND STAMPS
Treas. U.S. Treasury Dept. HJ 10 Treasury Bulletin A2 1945 c.2
1 0031932