Treas. HJ 10 .A2 c.2
TREASURY DEPARTMENT LIBRARY TOC # 5014
copy 1
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
BULLETIN
OF THE
TREASURY DEPARTMENT
MARCH
1945
Analysis of Receipts and Expenditures Composition of the Public Debt Prices and Yields of Government Securities Other Treasury Statistics
UNITED STATES TREASURY DEPARTMENT OFFICE OF THE SECRETARY
1
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="2">1945</th><th colspan="10">1944</th></tr><tr><th>Mar.</th><th>Feb.</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></tr><tr><td>United States savings bonds - maturity of Series A bonds.</td><td>4-1-4-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sixth War Loan, November-December, 1944:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of securities, classified by issues, by types of investor, and by States.</td><td></td><td>4-1-4-17</td><td></td><td>4-1-4-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales patterns for loan and sales reported through December 7.</td><td></td><td></td><td></td><td>4-7-4-8-4-9</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></tr><tr><td>Comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fifth War Loan, June-July 1944:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-1-4-15</td><td></td><td></td><td>4-3-4-5</td><td></td><td></td></tr><tr><td>Sales of securities, classified by issues, by types of investor, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-1-4-11</td><td></td></tr><tr><td>Fourth War Loan, January-February 1944:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of securities, classified by issues, by types of investor, and by States.</td><td></td><td></td><td></td><td>4-18</td><td></td><td></td><td>4-16</td><td></td><td></td><td>4-12</td><td></td><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by U. S. Government agencies and trust funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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><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></tr><tr><td>Fourth War Loan.</td><td></td><td></td><td></td><td></td><td>4-2-4-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Excise taxes in the United States, Canada, and United Kingdom.</td><td></td><td></td><td></td><td></td><td>4-1-4-6</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></td><td></td><td>4-10-4-13</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></td><td></td><td>4-1</td><td></td><td>4-1-4-5</td><td></td><td></td><td>4-1-4-11</td><td></td><td></td></tr><tr><td>United States savings bonds - new provisions for redemption through 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>Financial operations of United States Government during fiscal year 1944.</td><td></td><td></td><td></td><td></td><td>4-1</td><td></td><td>4-8-4-16</td><td></td><td>4-4-4-2-4-13</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></td><td>4-1</td><td>4-18</td><td>4-14</td><td>4-1</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></td><td></td><td>4-2-4-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>4-1</td><td>4-1</td><td>4-18</td><td>4-14</td><td>4-1</td><td>4-8</td><td>4-16</td><td>4-4</td><td>4-2</td><td>4-12-4-13</td><td></td><td></td></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures.</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</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></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by major classifications.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of receipts from internal revenue.</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</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>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></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></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years.</td><td>5-9</td><td>5-9</td><td>5-9</td><td>5-9</td><td>5-9</td><td>5-9</td><td>5-9</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td></tr><tr><td>Trust accounts, etc. receipts and expenditures.</td><td>10</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></tr><tr><td>Means of financing cash requirements.</td><td>11</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></tr><tr><td>Social Security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act.</td><td>12</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></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>13</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>13</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></tr><tr><td>Statement of trust accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>14</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></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>14</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Unemployment Trust Fund.</td><td>14</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></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>15-16</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications.</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Total cash income and outgo by months and calendar years beginning with January 1939.</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr></table>
(Continued on following page)
March 1945
11
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="3">1945</th><th colspan="10">1944</th></tr><tr><th></th><th>Mar.</th><th>Feb.</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></tr><tr><td>General Fund of the Treasury<br>Assets, liabilities, and balance in General Fund.<br>Analysis of changes in balance of General Fund.</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td></tr><tr><td colspan="13"><b>Public debt and guaranteed obligations of United States Government</b></td></tr><tr><td>Public debt and guaranteed obligations:<br>Detailed statement<br>Fiscal years, 1935-1944.<br>Monthly date.<br>Chart.</td><td>23-24<br>24-25<br>26</td><td>21-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>25-26<br>27</td><td>23-24<br>25</td><td>23-24<br>25</td><td>23-24<br>25</td><td>23-24</td></tr><tr><td>Public debt:<br>Issuance and retirement (receipts and expenditures)<br>Interest-bearing debt, composition of.</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>24</td><td>22<br>24</td><td>22<br>24</td><td>22</td></tr><tr><td>Guaranteed obligations held by Treasury.</td><td>27</td><td>27</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>25</td></tr><tr><td>Debt position of United States Government under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended:<br>March 31, 1944.<br>June 30, 1944.<br>September 30, 1944.<br>December 31, 1944.</td><td>28</td><td></td><td></td><td>28</td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></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>27</td><td>27</td><td>29</td><td>26</td><td>26</td><td>27</td><td>26</td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States.</td><td>28-30<br>31</td><td>29-31<br>32</td><td>28-30<br>31</td><td>28-30<br>31</td><td>29-31<br>32</td><td>28-30<br>31</td><td>28-30<br>31</td><td>30-32<br>33</td><td>27-29<br>30</td><td>27-29<br>30</td><td>28-30<br>31</td><td>27-29<br>30</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>32</td><td>33</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>34</td><td>30</td><td>30</td><td>31</td><td>30</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>33-34</td><td>34-35</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></tr><tr><td>Offerings and maturities of Treasury Bills.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings bonds:<br>Summary of sales and redemptions, by series.<br>Sales by series, classified by denominations.<br>Sales to investors other than commercial banks by series, classified by States.<br>Redemptions of Series A-D and E by States.<br>Payroll savings plans.</td><td>35-36<br>37<br>38-39<br>40<br>41</td><td>36-37<br>38<br>38-39<br>41<br>42</td><td>35-36<br>37<br>38-39<br>40<br>40</td><td>35-36<br>37<br>38-39<br>41<br>41</td><td>36-37<br>38<br>38-39<br>40<br>40</td><td>35-36<br>37<br>38-39<br>40<br>40</td><td>36-37<br>39<br>40-41<br>42</td><td>37-38<br>39<br>40-41<br>42-43</td><td>33-34<br>35<br>36-37<br>38</td><td>33-34<br>35<br>36-37<br>38</td><td>37-38<br>39</td><td>37-38<br>39</td></tr><tr><td>Treasury notes - tax and savings series:<br>Summary of sales and redemptions, by series.<br>Sales, classified by:<br>Denomination.<br>Type of purchaser.</td><td>41-42<br>43<br>43</td><td>42-43<br>44<br>44</td><td>40-41<br>42<br>42</td><td>41-42<br>43<br>43</td><td>40-41<br>42<br>42</td><td>40-41<br>42<br>42</td><td>42-43<br>44<br>44</td><td>38-39<br>40<br>40</td><td>41<br>41</td><td>42<br>42</td><td>42<br>42</td><td>42</td></tr><tr><td>United States savings stamps:<br>Summary of sales and redemptions.<br>Sales, classified by:<br>Denomination.<br>State.</td><td>44</td><td>45</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></tr><tr><td></td><td>44</td><td>45</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></tr><tr><td colspan="13"><b>Ownership of United States Government securities</b></td></tr><tr><td>Summary distribution, by holders.</td><td>46</td><td>47</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></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>47</td><td>48</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></td><td></td></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>47</td><td>48</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>45</td><td>46</td></tr><tr><td colspan="13"><b>Treasury Survey of Ownership:</b></td></tr><tr><td>Ownership by banks and insurance companies:<br>January 31, 1944.<br>February 29, 1944.<br>March 31, 1944.<br>April 30, 1944.<br>May 31, 1944.<br>June 30, 1944.<br>July 31, 1944.<br>August 31, 1944.<br>September 30, 1944:<br>Revisions.<br>Original data.<br>October 31, 1944.<br>November 30, 1944.<br>December 31, 1944.<br>Reclassification of data on banks, monthly November 30, 1943 through February 29, 1944.</td><td>52-57<br>52-57<br>46-51<br>46-51<br>49-48<br>49-52<br>47-50<br>48-51<br>53<br>47-50<br>48-51<br>49-52<br>48-51<br>52-57</td><td></td><td></td><td>47-50</td><td></td><td>47-50</td><td>47-50</td><td></td><td>52-57</td><td>46-51</td><td>47-52</td><td></td></tr><tr><td>Ownership by various classes of Federal Reserve member and nonmember commercial banks:<br>December 31, 1943.<br>June 30, 1944.<br>December 31, 1944.</td><td>52-55</td><td></td><td></td><td>51-54</td><td></td><td></td><td></td><td>52-53</td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
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Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="11">Issue and page number</th></tr><tr><th></th><th colspan="3">1945</th><th colspan="8">1944</th></tr><tr><th></th><th>Mar.</th><th>Feb.</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></tr><tr><td colspan="12">Pricos and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>53-55</td><td>54-56</td><td></td></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>65-67</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></td><td></td><td>56-58</td><td>54-56</td><td>50-52</td><td></td><td></td><td></td></tr><tr><td>May 31, 1944</td><td></td><td></td><td></td><td></td><td>52-54</td><td>53-55</td><td>52-54</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 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>July 31, 1944</td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1944</td><td>57-59</td><td></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>October 31, 1944</td><td></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></tr><tr><td>November 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>December 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>January 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes</td><td>60</td><td>58</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></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></td><td></td><td></td></tr><tr><td>Discussion of revision of:</td><td></td><td></td><td>56</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>58-59</td><td></td></tr><tr><td>High-grade corporate bond average</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Long-term Treasury bond average</td><td></td><td></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, monthly and weekly, beginning with January 1933</td><td>61</td><td>59</td><td>56-57</td><td>56</td><td>57</td><td>56</td><td>60</td><td>58</td><td>54</td><td>69</td><td>57-60</td><td></td></tr><tr><td>Yields beginning with 1937</td><td>62</td><td>60</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></tr><tr><td colspan="12">Corporations and credit agencies of the United States Government</td></tr><tr><td>Assets, liabilities, and capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New quarterly statements:</td><td></td><td></td><td></td><td>59-63</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>64-68</td><td></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, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old monthly statements:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-63</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></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></td><td>72-73</td><td>63-64</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>57-58</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>61-62</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td>63-64</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>59-60</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>60-61</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New quarterly statements:</td><td></td><td></td><td>60-64</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></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></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>70</td><td>63</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></tr><tr><td>Chart</td><td>71</td><td>64</td><td>67</td><td>66</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></tr><tr><td>Comparative details for current periods</td><td>72-73</td><td>65-66</td><td>68-69</td><td>67</td><td>69</td><td>68</td><td>72</td><td>70</td><td>56</td><td>81</td><td>72</td><td>71</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>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>78-79</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>72-73</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944</td><td></td><td></td><td></td><td>71-72</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>63-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gold assets and liabilities of the Treasury</td><td>75</td><td>70</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></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>March 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>74</td><td></td><td>74</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></td><td></td><td>70</td><td></td><td>73</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>75</td><td></td><td></td><td>69</td><td></td><td></td><td>74</td><td></td><td>83</td><td></td><td></td><td></td></tr><tr><td>Monetary stocks of gold and silver</td><td>75</td><td>70</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></tr><tr><td>Components of silver monetary stock</td><td>76</td><td>71</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></tr><tr><td>Silver of specified classifications acquired by mint and assay offices</td><td>76</td><td>71</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></tr><tr><td>Silver production in United States</td><td>76</td><td>71</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></tr><tr><td>Seigniorage on silver, by types</td><td>77</td><td>72</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></tr><tr><td>Capital movement between the United States and foreign countries</td><td>77</td><td>72</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></tr><tr><td>Money in circulation</td><td>78</td><td>73</td><td>74</td><td>72</td><td>76</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.
March 1945
A-1
Treasury Market Financing: February and March Refundings
Results of February Refunding
On February 1, 1945, the Treasury announced that holders of 92% of the 7/8% certificates of indebtedness, maturing February 1, 1945, and the holders of 96% of the 1-1/8% Commodity Credit Corporation notes, maturing February 15, 1945, had accepted the exchange offered them on January 22, and had tendered their maturing securities in payment for a new issue of one-year, 7/8% certificates of indebtedness to mature February 1, 1946. The maturing certificates were outstanding in the amount of $5,048 millions, of which $4,649 millions was exchanged for new certificates. The Commodity Credit Corporation notes were outstanding in the amount of $412 millions, of which $395 millions was exchanged.
Refunding of Treasury Notes Due in March
On February 14, 1945, it was announced that
on February 19, a new issue of one-year, 7/8% certificates of indebtedness would be offered in exchange for three issues of Treasury notes maturing in March. The maturing issues are;
<table><tr><th></th><th>Amount outstanding (In millions of dollars)</th></tr><tr><td>.90% Treas. note, due 3/1/45</td><td>2,127</td></tr><tr><td>3/4% Treas. note, due 3/15/45</td><td>718</td></tr><tr><td>1-1/4% Treas. note, due 3/15/45</td><td>1,606</td></tr><tr><td>Total</td><td>4,451</td></tr></table>
It was stated that the exchange would be on a par-for-par basis with adjustment of interest to March 1.
Maturity of Series A United States Savings Bonds
On February 12, 1945, Secretary Morgenthau called attention to the fact that the first United States savings bonds issued, those of Series A sold in 1935, would begin to mature on March 1. He pointed out that those who had held their bonds for the full ten years would receive $4 for every $3 which they had invested in 1935. He also stated that arrangements had been made for those individuals who wished to reinvest the proceeds of their maturing Series A savings bonds in Series E bonds to do so outside of the annual limit of $5,000 (maturity value) applicable to purchases of Series E bonds.
Procedure for Payment of Matured Bonds
Series A United States savings bonds registered in the names of individuals as owners or co-owners may be presented for payment at any bank or trust company which is qualified as a paying agent for savings bonds; this includes practically all banks and trust companies throughout the country. Maturing bonds registered otherwise than in the name of an individual as owner or co-owner, e.g., bonds registered in the name of a corporation or an estate, or bonds held by a registered beneficiary, must be presented to a Federal Reserve Bank or branch or to the Treasurer of the United States; and bonds registered in the name of an individual as owner or co-owner may be so presented at the owner's
option. In cases where the bonds are presented for payment to a qualified bank or trust company, the request form on the reverse side of the bond should be signed in the presence of a bank officer, following identification of the individual. If bonds are presented to the Federal Reserve Banks or branches, or to the Treasurer of the United States, they should be similarly signed, and the signature certified by a bank officer or other qualified certifying officer prior to forwarding them for payment.
Optional Reinvestment in Series E Bonds
At the time of presenting maturing bonds for payment, individual owners may reinvest the proceeds in Series E United States savings bonds through the established payment and issue procedure. Such reinvestment will be outside of the limit of $5,000, maturity value, placed on bonds which may be acquired by any one individual during the calendar year, provided the transaction is completed during the month in which the Series A bonds mature. Reinvestment may, of course, be made at any time that the holder of Series A bonds presents them for payment, but if it occurs in a month later than the month of maturity, such reinvestment will not receive the benefit of exemption from the annual purchase limit, and the new bonds will be dated as of the first day of the month in which the Series A bonds are pre-
A-2
Treasury Bulletin
sented rather than the month in which they matured. New Series E bonds will be issued in each case in regularly authorized denominations in accordance with the instructions of the registered owner for any amount up to such aggregate amount as the proceeds of the maturing bonds will fully cover. Any balance will be paid to the registered owner. Holders making use of the redemption facilities of Federal Reserve Banks or branches or the office of the Treasurer of the United States, who wish to reinvest in Series E bonds, should include instructions for the issuance of Series E bonds with their request for payment of the Series A bonds.
Sales of Series A savings bonds in 1935 were not restricted to individuals; hence some Series A bonds are held by banks, corporations, and estates. Such holders are not eligible to purchase Series E bonds. They are, however, invited to invest the proceeds of their maturing bonds in other issues of United States Government securities which they are eligible to purchase.
Series A Bonds Outstanding
As of January 31, 1945, Series A bonds were outstanding in the amount of $181 millions (current redemption value). Original sales, redemp-
tions, and accrual of redemption values are summarized as follows:
<table><tr><th></th><th>In millions of dollars</th></tr><tr><td><b>Amount outstanding:</b></td><td></td></tr><tr><td>Sales (at purchase price)</td><td>204</td></tr><tr><td>Accrual of redemption values</td><td>46</td></tr><tr><td>Total</td><td>250</td></tr><tr><td>Less: Redemptions 1/</td><td>69</td></tr><tr><td>Amount outstanding, 1/31/45 1/</td><td>181</td></tr><tr><td><b>Approximate distribution of maturities:</b></td><td></td></tr><tr><td>1945-March</td><td>35</td></tr><tr><td>April</td><td>21</td></tr><tr><td>May</td><td>16</td></tr><tr><td>June</td><td>14</td></tr><tr><td>July</td><td>19</td></tr><tr><td>August</td><td>10</td></tr><tr><td>September</td><td>8</td></tr><tr><td>October</td><td>18</td></tr><tr><td>November</td><td>16</td></tr><tr><td>December</td><td>24</td></tr><tr><td>Total</td><td>181</td></tr></table><p>1/ Purchase price plus accrual of redemption values.</p>
March 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 7 months, fiscal years 1943 to 1945</th><th colspan="6">Complete fiscal years, 1942 to 1946</th></tr><tr><th>1943</th><th>1944</th><th>1945</th><th>Change 1944 to 1945</th><th>Actual 1942</th><th>Actual 1943</th><th>Actual 1944</th><th>Estimated 1/1945</th><th>Estimated 1/1946</th><th>Change Actual 1944 to estimated 1945 1/</th><th>Change Estimated 1945 to estimated 1946 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 profit taxes 2/</td><td>5,238</td><td>17,114</td><td>17,482</td><td>+369</td><td>7,960</td><td>16,094</td><td>34,655</td><td>35,056</td><td>31,022</td><td>+401</td><td>-4,034</td></tr><tr><td>Employment taxes</td><td>720</td><td>853</td><td>897</td><td>+45</td><td>1,186</td><td>1,498</td><td>1,739</td><td>1,794</td><td>2,056</td><td>+55</td><td>+262</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>2,769</td><td>3,209</td><td>4,225</td><td>+1,016</td><td>3,847</td><td>4,553</td><td>5,291</td><td>6,551</td><td>6,520</td><td>+1,260</td><td>-31</td></tr><tr><td>Customs</td><td>164</td><td>249</td><td>196</td><td>-53</td><td>389</td><td>324</td><td>431</td><td>326</td><td>326</td><td>-105</td><td>*</td></tr><tr><td>Other receipts 4/</td><td>231</td><td>2,031</td><td>1,763</td><td>-268</td><td>286</td><td>916</td><td>3,292</td><td>3,296</td><td>2,930</td><td>+4</td><td>-366</td></tr><tr><td>Total receipts</td><td>9,122</td><td>23,456</td><td>24,564</td><td>+1,108</td><td>13,668</td><td>23,385</td><td>45,408</td><td>47,023</td><td>42,855</td><td>+1,614</td><td>-4,168</td></tr><tr><td>Loss:</td><td></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>564</td><td>668</td><td>694</td><td>+26</td><td>869</td><td>1,103</td><td>1,260</td><td>1,293</td><td>1,600</td><td>+34</td><td>+307</td></tr><tr><td>Net receipts</td><td>8,558</td><td>22,789</td><td>23,870</td><td>+1,082</td><td>12,799</td><td>22,282</td><td>44,149</td><td>45,730</td><td>41,255</td><td>+1,581</td><td>-4,475</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>24,032</td><td>28,389</td><td>28,477</td><td>+87</td><td>14,070</td><td>42,265</td><td>49,242</td><td>48,497</td><td>38,999</td><td>-745</td><td>-9,498</td></tr><tr><td>Navy Department</td><td>9,500</td><td>14,065</td><td>17,591</td><td>+3,526</td><td>8,580</td><td>20,888</td><td>26,538</td><td>27,900</td><td>22,000</td><td>+1,362</td><td>-5,900</td></tr><tr><td>Miscellaneous war activities</td><td>4,528</td><td>6,548</td><td>5,635</td><td>-913</td><td>3,362</td><td>8,955</td><td>11,259</td><td>10,469</td><td>7,003</td><td>-790</td><td>-3,466</td></tr><tr><td>Anticipated supplemental appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,134</td><td>1,398</td><td>+1,134</td><td>+264</td></tr><tr><td>Total war activities</td><td>38,061</td><td>49,003</td><td>51,703</td><td>+2,700</td><td>26,011</td><td>72,109</td><td>87,039</td><td>88,000</td><td>69,400</td><td>+961</td><td>-18,600</td></tr><tr><td>Veterans' Administration 7/</td><td>353</td><td>365</td><td>699</td><td>+334</td><td>556</td><td>602</td><td>730</td><td>1,290</td><td>2,705</td><td>+561</td><td>+1,414</td></tr><tr><td>Public works 8/</td><td>349</td><td>286</td><td>214</td><td>-71</td><td>680</td><td>543</td><td>433</td><td>461</td><td>336</td><td>+28</td><td>-125</td></tr><tr><td>Aid to agriculture 9/</td><td>634</td><td>469</td><td>247</td><td>-222</td><td>1,225</td><td>1,163</td><td>909</td><td>632</td><td>574</td><td>-277</td><td>-58</td></tr><tr><td>Social security program 10/</td><td>524</td><td>568</td><td>588</td><td>+20</td><td>659</td><td>735</td><td>803</td><td>871</td><td>765</td><td>+68</td><td>-106</td></tr><tr><td>Work Projects Administration</td><td>242</td><td>16</td><td>2</td><td>-14</td><td>970 11/</td><td>299</td><td>17</td><td>*</td><td>-</td><td>-17</td><td>*</td></tr><tr><td>Civilian Conservation Corps</td><td>-4</td><td>*</td><td>*</td><td>*</td><td>163</td><td>18</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Excess profit tax refund bonds 12/</td><td>-</td><td>*</td><td>393</td><td>+393</td><td>-</td><td>-</td><td>134</td><td>1,068</td><td>1,068</td><td>+934</td><td>-</td></tr><tr><td>Other 13/</td><td>549</td><td>688</td><td>1,098</td><td>+410</td><td>873</td><td>901</td><td>1,070</td><td>2,249</td><td>2,835</td><td>+1,180</td><td>+586</td></tr><tr><td>Interest on the public debt</td><td>771</td><td>1,187</td><td>1,684</td><td>+497</td><td>1,260</td><td>1,808</td><td>2,609</td><td>3,750</td><td>4,500</td><td>+1,141</td><td>+750</td></tr><tr><td>Anticipated supplemental appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>590</td><td>347</td><td>+590</td><td>-243</td></tr><tr><td>Total expenditures 6/</td><td>41,479</td><td>52,581</td><td>56,628</td><td>+4,047</td><td>32,397</td><td>78,179</td><td>93,744</td><td>98,912</td><td>82,530</td><td>+5,169</td><td>-16,382</td></tr><tr><td>Net budgetary deficit 6/</td><td>32,921</td><td>29,793</td><td>32,757</td><td>+2,965</td><td>19,598</td><td>55,897</td><td>49,595</td><td>53,183</td><td>41,276</td><td>+3,588</td><td>-11,907</td></tr></table>
Source: Actual receipts and expenditures come from Daily Treasury Statements; source of estimated figures is explained in footnote 1. Less than $500,000.
1/ Based upon estimates as shown in the 1946 Budget. Classifications herein are based upon data susceptible of aggregation according to Daily Treasury Statements and will not necessarily agree with classifications in Budget document.
2/ Includes unjust enrichment tax and taxes withheld by employer under both the Revenue Act of 1942 and the Current Tax Payment Act of 1943. For details see following chapter on Receipts and Expenditures and Appropriations, Table 2.
3/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
4/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 millions; fiscal year 1944, $2,235 millions, of which $113 millions represented a voluntary return of excess profits. Budget estimates of such deposits for the fiscal year 1945 are $1,685 millions, and for the fiscal year 1946, $952 millions.
5/ For explanation, see tables in next chapter on Social security program.
6/ Excludes expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
7/ Includes expenditures classified as transfers to trust accounts, etc., for the Adjusted Service Certificate Fund and the National Service Life Insurance Fund.
8/ Includes Public works transactions classified as Revolving Funds (net).
9/ Includes Aid to agriculture transactions classified as Revolving Funds (net); expenditures of the Department of Agriculture classified as Departmental in the Daily Treasury Statement; and Office of Distribution transactions classified as transfers to trust accounts, etc.
10/ Includes expenditures classified as transfers to trust accounts, etc. for the Railroad Retirement Account and the Railroad Unemployment Insurance Administration Fund. Excludes expenditures made by Office for Emergency Management, War Manpower Commission (U.S. Employment Service) under authority of the Social Security Act.
11/ Includes National Youth Administration.
12/ Represents transfers to public debt accounts for excesses profit tax refund bonds.
13/ Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Government employee retirement and insurance funds.
March 1945
3
Public Debt and Guaranteed Obligations Outstanding
(in millions of dollars)
<table><tr><th></th><th colspan="4">End of first 7 months, fiscal years 1943 to 1945</th><th colspan="6">End of fiscal years, 1942 to 1946</th></tr><tr><th></th><th>Jan. 31, 1943</th><th>Jan. 31, 1944</th><th>Jan. 31, 1945</th><th>Change Jan. 31, 1944 to Jan. 31, 1945</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th><th colspan="2">Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th><th>June 30, 1944 to estimated June 30, 1945 1/</th><th>Estimated June 30, 1945 to estimated June 30, 1946 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></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</td><td>77,496</td><td>115,259</td><td>162,261</td><td>+47,002</td><td>50,573</td><td>95,310</td><td>140,401</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable</td><td>23,356</td><td>38,911</td><td>51,723</td><td>+12,811</td><td>13,510</td><td>29,200</td><td>44,855</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public issues</td><td>100,852</td><td>154,170</td><td>213,984</td><td>+59,814</td><td>64,083</td><td>124,509</td><td>185,256</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Special issues</td><td>9,172</td><td>12,873</td><td>16,688</td><td>+3,815</td><td>7,885</td><td>10,871</td><td>14,287</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>110,024</td><td>167,043</td><td>230,672</td><td>+63,629</td><td>71,968</td><td>135,380</td><td>199,543</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,045</td><td>3,6163/</td><td>1,736</td><td>-1,880</td><td>454</td><td>1,316</td><td>1,460</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public debt outstanding</td><td>111,069</td><td>170,659</td><td>232,408</td><td>+61,749</td><td>72,422</td><td>136,696</td><td>201,003</td><td>251,800</td><td>292,300</td><td>+50,797</td><td>+40,500</td></tr><tr><td>Securities guaranteed by the United States 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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</td><td>4,196</td><td>3,583</td><td>1,197</td><td>-2,386</td><td>4,549</td><td>3,908</td><td>1,190</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable</td><td>81</td><td>686</td><td>300</td><td>-387</td><td>-</td><td>183</td><td>326</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>4,277</td><td>4,269</td><td>1,496</td><td>-2,773</td><td>4,549</td><td>4,092</td><td>1,516</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt</td><td>14</td><td>6</td><td>34</td><td>+28</td><td>20</td><td>8</td><td>107</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding</td><td>4,291</td><td>4,275</td><td>1,530</td><td>-2,745</td><td>4,568</td><td>4,100</td><td>1,623</td><td>152</td><td>73</td><td>-1,471</td><td>-79</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>115,361</td><td>174,933</td><td>233,938</td><td>+59,004</td><td>76,991</td><td>140,796</td><td>202,626</td><td>251,952</td><td>292,373</td><td>+49,325</td><td>+40,421</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon estimates as shown in the 1946 Budget. 2/ Details not available.
3/ Includes prepayments on securities in the amount of $2,193 millions.
4/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">First 7 months, fiscal years 1943 to 1945</th><th colspan="5">Complete fiscal years, 1942 to 1946</th></tr><tr><th>1943</th><th>1944</th><th>1945</th><th colspan="3">Actual</th><th colspan="2">Estimated 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>1942</th><th>1943</th><th>1944</th><th>1945</th><th>1946</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>32,921</td><td>29,793</td><td>32,757</td><td>19,598</td><td>55,897</td><td>49,595</td><td>53,183</td><td>41,276</td></tr><tr><td>Net increase in General Fund balance...</td><td>4,732</td><td>2,732</td><td>-</td><td>358</td><td>6,515</td><td>10,662</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 3/</td><td>993</td><td>1,438</td><td>-</td><td>3,506</td><td>1,861</td><td>4,051</td><td>2,637</td><td>1,225</td></tr><tr><td>Total amount required to be financed...</td><td>38,647</td><td>33,963</td><td>32,757</td><td>23,461</td><td>64,274</td><td>64,307</td><td>55,820</td><td>42,501</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>38,647</td><td>33,963</td><td>31,404</td><td>23,461</td><td>64,274</td><td>64,307</td><td>50,797</td><td>40,500</td></tr><tr><td>Net decrease in General Fund balance...</td><td>-</td><td>-</td><td>563</td><td>-</td><td>-</td><td>-</td><td>5,023</td><td>2,001</td></tr><tr><td>Net receipts in trust accounts, etc. 3/</td><td>-</td><td>-</td><td>790</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>38,647</td><td>33,963</td><td>32,757</td><td>23,461</td><td>64,274</td><td>64,307</td><td>55,820</td><td>42,501</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon estimates as shown in the 1946 Budget. 2/ Excludes amounts for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
3/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
March 1945
5
Budgetary Receipts and Expenditures
Table I.- Summary by Major Classifications
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="4">Receipts</th><th>Less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 1/</th><th>War ac-tivities 2/</th><th>Revolving funds (net) 6/</th><th>Transfers to trust accounts, etc. 5/</th><th>Net budget-ary deficit 1/</th><th>Public debt retire-ments 3/</th></tr><tr><th></th><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1935</td><td>3,800</td><td>3,278</td><td>343</td><td>179</td><td>-</td><td>3,800</td><td>7,010</td><td>5,900</td><td>689</td><td>345</td><td>76</td><td>3,209</td><td>574</td></tr><tr><td>1936</td><td>4,116</td><td>3,513</td><td>387</td><td>216</td><td>-</td><td>4,116</td><td>8,666</td><td>5,935</td><td>900</td><td>11</td><td>1,820</td><td>4,550</td><td>403</td></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,177</td><td>6,437</td><td>929</td><td>204</td><td>608</td><td>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>187</td><td>5,855</td><td>7,239</td><td>5,864</td><td>1,029</td><td>121</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>501</td><td>5,165</td><td>8,707</td><td>7,221</td><td>1,206</td><td>92</td><td>187</td><td>3,542</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273</td><td>538</td><td>5,387</td><td>8,998</td><td>7,055</td><td>1,657</td><td>54</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515</td><td>661</td><td>7,607</td><td>12,711</td><td>6,21510/</td><td>6,301</td><td>-17610/</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</td><td>869</td><td>12,799</td><td>32,397</td><td>5,986</td><td>26,011</td><td>18</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,595</td><td>72,109</td><td>40</td><td>435</td><td>55,897</td><td>3</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,188</td><td>87,039</td><td>-39</td><td>556</td><td>49,595</td><td>0</td></tr><tr><td>1944-January</td><td>2,779</td><td>2,188</td><td>40</td><td>551</td><td>32</td><td>2,747</td><td>7,570</td><td>400</td><td>7,138</td><td>-6</td><td>37</td><td>4,823</td><td>0</td></tr><tr><td>February</td><td>2,754</td><td>2,464</td><td>35</td><td>255</td><td>250</td><td>2,503</td><td>7,862</td><td>342</td><td>7,518</td><td>-3</td><td>5</td><td>5,359</td><td>0</td></tr><tr><td>March</td><td>6,576</td><td>6,353</td><td>42</td><td>181</td><td>2</td><td>6,573</td><td>8,525</td><td>798</td><td>7,726</td><td>-3</td><td>7</td><td>1,952</td><td>0</td></tr><tr><td>April</td><td>3,119</td><td>2,935</td><td>39</td><td>145</td><td>32</td><td>3,087</td><td>7,859</td><td>479</td><td>7,346</td><td>-6</td><td>40</td><td>4,772</td><td>0</td></tr><tr><td>May</td><td>3,256</td><td>3,024</td><td>38</td><td>195</td><td>306</td><td>2,950</td><td>8,892</td><td>387</td><td>7,879</td><td>0</td><td>26</td><td>5,342</td><td>0</td></tr><tr><td>June</td><td>6,249</td><td>5,734</td><td>28</td><td>486</td><td>2</td><td>6,247</td><td>8,625</td><td>1,018</td><td>7,567</td><td>0</td><td>40</td><td>2,378</td><td>0</td></tr><tr><td>July</td><td>2,212</td><td>1,985</td><td>28</td><td>199</td><td>49</td><td>2,163</td><td>8,110</td><td>458</td><td>7,201</td><td>0</td><td>451</td><td>5,947</td><td>0</td></tr><tr><td>August</td><td>2,859</td><td>2,702</td><td>23</td><td>134</td><td>291</td><td>2,568</td><td>8,119</td><td>492</td><td>7,571</td><td>0</td><td>57</td><td>5,551</td><td>0</td></tr><tr><td>September</td><td>5,927</td><td>5,749</td><td>25</td><td>153</td><td>1</td><td>5,926</td><td>7,930</td><td>911</td><td>6,998</td><td>-1</td><td>22</td><td>2,004</td><td>0</td></tr><tr><td>October</td><td>2,054</td><td>1,880</td><td>29</td><td>145</td><td>54</td><td>2,001</td><td>8,024</td><td>500</td><td>7,479</td><td>-1</td><td>47</td><td>6,023</td><td>0</td></tr><tr><td>November</td><td>2,506</td><td>2,300</td><td>27</td><td>178</td><td>265</td><td>2,240</td><td>7,828</td><td>412</td><td>7,401</td><td>-3</td><td>18</td><td>5,587</td><td>0</td></tr><tr><td>December</td><td>5,418</td><td>4,945</td><td>29</td><td>444</td><td>2</td><td>5,416</td><td>8,416</td><td>895</td><td>7,503</td><td>-4</td><td>22</td><td>2,999</td><td>0</td></tr><tr><td>1945-January</td><td>3,587</td><td>3,042</td><td>36</td><td>509</td><td>31</td><td>3,556</td><td>8,202</td><td>585</td><td>7,551</td><td>-4</td><td>69</td><td>4,645</td><td>0</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow on the Social Security program.
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5. Also see footnotes 3 and 4.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc., under special provisions of law.
9/ Includes recoveries of U. S. investments in capital funds. Such re-
10/ Receipts from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $160 millions for general expenditures and $155 millions for revolving funds during the fiscal year 1941.
11/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 millions; fiscal year 1944, $2,235 millions, of which $113 millions represented a voluntary return of excess profits.
Table 2.- Analysis of Receipts from Internal Revenue
(in millions of dollars)
<table><tr><th 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 employers (Current Tax Payment Act of 1943)</th><th>Other 3/</th><th>Total</th><th>Social security taxes 4/</th><th>Carriers' Taxing Act of 1937 (Railroad retirement)</th></tr><tr><td>Federal Insurance Contributions Act (Old-age insurance)</td><td>Federal Unemployment Tax Act (Unemployment insurance)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935</td><td>3,278</td><td>1,099</td><td>-</td><td>1,099</td><td>-</td><td>-</td><td>-</td><td>1,657</td><td>521</td></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>-</td><td>1,427</td><td>-</td><td>-</td><td>-</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>2,181</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>2,279</td><td>-</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>2,232</td><td>-</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>2,345</td><td>-</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>2,967</td><td>-</td></tr><tr><td>1942</td><td>12,993</td><td>7,950</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>3,847</td><td>-</td></tr><tr><td>1943</td><td>22,114</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>4,553</td><td>-</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,232</td><td>180</td><td>5,291</td><td>-</td></tr><tr><td>1944-January</td><td>2,188</td><td>1,727</td><td>574</td><td>1,153</td><td>49</td><td>34</td><td>14</td><td>412</td><td>-</td></tr><tr><td>February</td><td>2,464</td><td>1,747</td><td>1,137</td><td>610</td><td>373</td><td>252</td><td>117</td><td>344</td><td>-</td></tr><tr><td>March</td><td>6,353</td><td>5,911</td><td>750</td><td>5,161</td><td>67</td><td>4</td><td>4</td><td>375</td><td>-</td></tr><tr><td>April</td><td>2,935</td><td>2,475</td><td>560</td><td>1,915</td><td>39</td><td>35</td><td>3</td><td>421</td><td>-</td></tr><tr><td>May</td><td>3,024</td><td>2,167</td><td>1,104</td><td>1,063</td><td>337</td><td>309</td><td>14</td><td>520</td><td>-</td></tr><tr><td>June</td><td>5,734</td><td>5,241</td><td>746</td><td>4,495</td><td>71</td><td>5</td><td>1</td><td>422</td><td>-</td></tr><tr><td>July</td><td>1,985</td><td>1,247</td><td>594</td><td>654</td><td>56</td><td>52</td><td>3</td><td>661</td><td>-</td></tr><tr><td>August</td><td>2,702</td><td>1,552</td><td>1,065</td><td>487</td><td>319</td><td>293</td><td>12</td><td>832</td><td>-</td></tr><tr><td>September</td><td>5,749</td><td>5,174</td><td>741</td><td>4,432</td><td>61</td><td>4</td><td>1</td><td>514</td><td>-</td></tr><tr><td>October</td><td>1,880</td><td>1,240</td><td>609</td><td>632</td><td>60</td><td>55</td><td>3</td><td>580</td><td>-</td></tr><tr><td>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><tr><td>December</td><td>4,945</td><td>4,347</td><td>741</td><td>3,606</td><td>60</td><td>4</td><td>1</td><td>539</td><td>-</td></tr><tr><td>1945-January</td><td>3,042</td><td>2,422</td><td>619</td><td>1,803</td><td>48</td><td>33</td><td>13</td><td>573</td><td>-</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ For further details, see chapter on Internal Revenue Statistics. 2/ Exclude receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
3/ 4/ 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 represent collections under Titles VIII and IX, respectively, of the Social Security Act.
Treasury Bulletin
6
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/ 2/</th><th>Public works 2/ 3/</th><th>Aid to agriculture 2/ 4/</th><th>Social security program 2/ 5/</th><th colspan="2">Direct and work relief</th><th>Civilian Conservation Corps</th><th>Interest on the public debt</th><th>Other departmental 8/</th><th>Other general expenditures 9/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Work Projects Administration and National Youth Administration 6/</th><th>Federal Emergency Relief Administration and Civil Works Administration 1/</th><th></th><th></th><th></th><th></th></tr><tr><td>1935</td><td>5,900</td><td>557</td><td>679</td><td>930</td><td>-</td><td>-</td><td>1,831</td><td>436</td><td>821</td><td>364</td><td>283</td></tr><tr><td>1936</td><td>5,935</td><td>578</td><td>685</td><td>966</td><td>29</td><td>1,264</td><td>495</td><td>486</td><td>749</td><td>424</td><td>258</td></tr><tr><td>1937</td><td>6,437</td><td>581</td><td>803</td><td>983</td><td>184</td><td>1,896</td><td>-1</td><td>386</td><td>866</td><td>510</td><td>223</td></tr><tr><td>1938</td><td>5,864</td><td>582</td><td>670</td><td>866</td><td>335</td><td>1,472</td><td>4</td><td>326</td><td>926</td><td>481</td><td>200</td></tr><tr><td>1939</td><td>7,221</td><td>557</td><td>900</td><td>1,237</td><td>347</td><td>2,240</td><td>2</td><td>290</td><td>941</td><td>517</td><td>191</td></tr><tr><td>1940</td><td>7,055</td><td>557</td><td>890</td><td>1,546</td><td>392</td><td>1,572</td><td>1</td><td>283</td><td>1,041</td><td>546</td><td>227</td></tr><tr><td>1941</td><td>6,215</td><td>553</td><td>715</td><td>1,006 10/</td><td>457</td><td>1,374</td><td>-</td><td>257</td><td>1,111</td><td>525</td><td>216</td></tr><tr><td>1942</td><td>5,986</td><td>555</td><td>669</td><td>1,091</td><td>515</td><td>970</td><td>-</td><td>163</td><td>1,260</td><td>544</td><td>220</td></tr><tr><td>1943</td><td>5,595</td><td>572</td><td>545</td><td>1,052</td><td>514</td><td>299</td><td>-</td><td>18</td><td>1,808</td><td>590</td><td>197</td></tr><tr><td>1944</td><td>6,188</td><td>629</td><td>434</td><td>950</td><td>529</td><td>17</td><td>-</td><td>-</td><td>2,609</td><td>692</td><td>328</td></tr><tr><td>1944-January</td><td>400</td><td>52</td><td>37</td><td>86</td><td>59</td><td>6</td><td>-</td><td>-</td><td>87</td><td>58</td><td>14</td></tr><tr><td>February</td><td>342</td><td>52</td><td>30</td><td>92</td><td>34</td><td>1</td><td>-</td><td>-</td><td>56</td><td>59</td><td>19</td></tr><tr><td>March</td><td>795</td><td>55</td><td>41</td><td>99</td><td>36</td><td>-</td><td>-</td><td>-</td><td>449</td><td>62</td><td>54</td></tr><tr><td>April</td><td>479</td><td>55</td><td>32</td><td>100</td><td>54</td><td>-</td><td>-</td><td>-</td><td>117</td><td>70</td><td>50</td></tr><tr><td>May</td><td>387</td><td>59</td><td>25</td><td>102</td><td>44</td><td>-</td><td>-</td><td>-</td><td>52</td><td>43</td><td>60</td></tr><tr><td>June</td><td>1,018</td><td>60</td><td>21</td><td>59</td><td>33</td><td>-</td><td>-</td><td>-</td><td>747</td><td>53</td><td>45</td></tr><tr><td>July</td><td>458</td><td>63</td><td>34</td><td>62</td><td>54</td><td>-</td><td>-</td><td>-</td><td>86</td><td>65</td><td>96</td></tr><tr><td>August</td><td>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>154</td></tr><tr><td>September</td><td>911</td><td>69</td><td>31</td><td>30</td><td>36</td><td>-</td><td>-</td><td>-</td><td>581</td><td>33</td><td>131</td></tr><tr><td>October</td><td>500</td><td>70</td><td>35</td><td>30</td><td>51</td><td>-</td><td>-</td><td>-</td><td>133</td><td>68</td><td>114</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>56</td><td>63</td><td>132</td></tr><tr><td>December</td><td>895</td><td>74</td><td>30</td><td>31</td><td>33</td><td>-</td><td>-</td><td>-</td><td>560</td><td>66</td><td>101</td></tr><tr><td>1945-January</td><td>585</td><td>78</td><td>31</td><td>55</td><td>54</td><td>-</td><td>-</td><td>-</td><td>191</td><td>67</td><td>109</td></tr></table>
Source: Daily Treasury Statements.
Less than $500,000.
1/ Includes public works undertaken by the Veterans' Administration.
2/ Does not include expenditures for (1) revolving funds or (2) transfers to trust accounts, etc. These are shown in Table 5.
3/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
4/ Cossists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, War Food Administration, and Department of Agriculture departmental expenditures. (War Food Administration comprises Agricultural Adjustment Agency, Farm Security Administration, Office of Distribution, Soil Conservation and Extension Service, and Other).
5/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of Social Security Act. For further details, see tables which fol-
low on the Social security program.
6/ Work Projects Administration was formerly Works Progress Administration. Beginning with July 1942, expenditures for the National Youth Administration are classified as "war activities expenditures".
1/ Includes expenditures of the Reconstruction Finance Corporation for relief through loans and grants to States, municipalities, etc.
8/ Excludes expenditures for the U. S. Maritime Commission, Departmental expenditures under the Social Security program and the Department of Agriculture departmental expenditures.
9/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; refunds of taxes and duties by the Treasury Department; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation.
10/ Gross expenditures have been reduced $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.
March 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>667</td><td>892</td><td>99</td><td>-</td><td>62</td><td>-</td><td>45</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>62</td><td>297</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>11,259</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1944-January</td><td>7,138</td><td>4,170</td><td>2,082</td><td>886</td><td>140</td><td>9</td><td>18</td><td>42</td><td>4</td><td>125</td><td>308</td><td>153</td><td>-</td><td>-</td><td>87</td></tr><tr><td>February</td><td>7,518</td><td>3,732</td><td>2,757</td><td>969</td><td>184</td><td>16</td><td>17</td><td>38</td><td>5</td><td>127</td><td>331</td><td>182</td><td>-</td><td>-</td><td>71</td></tr><tr><td>March</td><td>7,726</td><td>4,461</td><td>2,281</td><td>983</td><td>188</td><td>8</td><td>16</td><td>38</td><td>3</td><td>97</td><td>386</td><td>165</td><td>-</td><td>-</td><td>82</td></tr><tr><td>April</td><td>7,346</td><td>4,160</td><td>2,262</td><td>924</td><td>224</td><td>8</td><td>11</td><td>35</td><td>5</td><td>130</td><td>273</td><td>149</td><td>-</td><td>-</td><td>90</td></tr><tr><td>May</td><td>7,879</td><td>4,334</td><td>2,536</td><td>1,010</td><td>205</td><td>7</td><td>7</td><td>31</td><td>6</td><td>118</td><td>364</td><td>191</td><td>-</td><td>-</td><td>81</td></tr><tr><td>June</td><td>7,567</td><td>4,106</td><td>2,636</td><td>825</td><td>219</td><td>5</td><td>21</td><td>28</td><td>7</td><td>168</td><td>51</td><td>201</td><td>-</td><td>-</td><td>106</td></tr><tr><td>July</td><td>7,201</td><td>3,928</td><td>2,591</td><td>682</td><td>56</td><td>6</td><td>15</td><td>22</td><td>8</td><td>124</td><td>130</td><td>194</td><td>-</td><td>4</td><td>122</td></tr><tr><td>August</td><td>7,571</td><td>4,087</td><td>2,502</td><td>982</td><td>158</td><td>26</td><td>21</td><td>17</td><td>6</td><td>152</td><td>372</td><td>134</td><td>-</td><td>-</td><td>97</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>14</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>2,648</td><td>740</td><td>-3</td><td>17</td><td>19</td><td>1</td><td>6</td><td>110</td><td>326</td><td>145</td><td>20</td><td>-</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><tr><td>December</td><td>7,503</td><td>4,194</td><td>2,439</td><td>870</td><td>112</td><td>8</td><td>15</td><td>14</td><td>4</td><td>124</td><td>312</td><td>183</td><td>-</td><td>-</td><td>97</td></tr><tr><td>1945-January</td><td>7,551</td><td>4,294</td><td>2,539</td><td>718</td><td>102</td><td>14</td><td>17</td><td>6</td><td>4</td><td>137</td><td>184</td><td>180</td><td>-</td><td>2</td><td>72</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: Monthly figures for the period July 1940 through April 1943 appeared in the "Treasury Bulletin" for May 1943, page 7.
1/ Less than $500,000.
2/ Includes war public housing functions.
Similar items for periods prior to fiscal year 1941 are classified under Other departmental and Other general expenditures in Table 3.
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. Include De-fense Aid Special Fund through the fiscal year 1947; thereafter such expenditures are reflected within the respective departments.
Table 5.- Analysis of Expenditures for (1) Revolving Funds and (2) Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Revolving funds (net) 1/</th><th colspan="6">Transfers to trust accounts, etc.</th></tr><tr><th>Total</th><th>Aid to agriculture 2/</th><th>Public works 3/</th><th>Total</th><th>Veterans' 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>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>54</td><td>-6</td><td>59</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>-136</td><td>-159 7/</td><td>23</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>18</td><td>7</td><td>11</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>40</td><td>41</td><td>-1</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>-39</td><td>-38</td><td>-1</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1944-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><tr><td>December</td><td>-4</td><td>-4</td><td>-</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>-4</td><td>-3</td><td>-1</td><td>69</td><td>35</td><td>35</td><td>-</td><td>-</td><td>-</td></tr></table>
Sources: Daily Treasury Statements. 
Less than $500,000.
1/ Additional transactions on Aid to agriculture and Public works are shown in Table 3.
2/ Farm Credit Administration.
3/ Public Works Administration.
4/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
5/ Includes railroad retirement and railroad unemployment activities. For further explanations see tables which follow on Social Security program.
6/ Office of Distribution (formerly Agricultural Marketing Administra-tion) - surplus commodity stamps.
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 1936
(In millions of dollars)
<table><tr><th>Calender 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>1936.</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937.</td><td>239</td><td>230</td><td>957</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938.</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939.</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940.</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941.</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942.</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943.</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944.</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>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>5,416</td><td>44,421</td></tr><tr><td>1945.</td><td>3,556</td><td></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>
Budgetary expenditure 2/
<table><tr><td>1936</td><td>521</td><td>430</td><td>636</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,835</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>5,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,034</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>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td></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>
Net budgetary deficit 3/
<table><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>-168</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>264</td><td>311</td><td>3,967</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,613</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>52,737</td></tr><tr><td>1945</td><td>4,645</td><td></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>
Source: Dally 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.
March 1945
9
BUDGETARY RECEIPTS AND EXPENDITURES
Treasury
Bulletin
10
Trust Accounts, Etc. Receipts and Expenditures
Table 1. - Trust Funds
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, net receipts (+) or net expenditures (-)</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th><th colspan="3">Other trust accounts 1/</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1935</td><td>+64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+64</td><td>301</td><td>237</td></tr><tr><td>1936</td><td>+34</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>+34</td><td>2,053</td><td>2,020</td></tr><tr><td>1937</td><td>+19</td><td>-</td><td>267</td><td>267</td><td>-</td><td>294</td><td>294</td><td>-</td><td>-</td><td>-</td><td>+20</td><td>858</td><td>838</td></tr><tr><td>1938</td><td>+11</td><td>+1</td><td>402</td><td>401</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td><td>-4</td><td>323</td><td>327</td></tr><tr><td>1939</td><td>+29</td><td>+1</td><td>530</td><td>529</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td><td>+24</td><td>349</td><td>325</td></tr><tr><td>1940</td><td>+37</td><td>+3</td><td>580</td><td>577</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td><td>+35</td><td>366</td><td>331</td></tr><tr><td>1941</td><td>+37</td><td>+10</td><td>717</td><td>707</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td><td>+20</td><td>409</td><td>389</td></tr><tr><td>1942</td><td>+66</td><td>+9</td><td>940</td><td>931</td><td>-6</td><td>1,244</td><td>1,243</td><td>-1</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>+85</td><td>961</td><td>874</td></tr><tr><td>1944</td><td>+148</td><td>+6</td><td>1,363</td><td>1,357</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td><td>+141</td><td>1,853</td><td>1,713</td></tr><tr><td>1944-January</td><td>+50</td><td>+28</td><td>32</td><td>4</td><td>-40</td><td>36</td><td>76</td><td>-</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>-41</td><td>94</td><td>135</td></tr><tr><td>April</td><td>+120</td><td>+15</td><td>32</td><td>16</td><td>+9</td><td>44</td><td>35</td><td>+1</td><td>35</td><td>34</td><td>+95</td><td>202</td><td>108</td></tr><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>251</td><td>275</td></tr><tr><td>July</td><td>+102</td><td>+45</td><td>49</td><td>5</td><td>+4</td><td>51</td><td>47</td><td>-</td><td>205</td><td>205</td><td>+53</td><td>415</td><td>362</td></tr><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>+34</td><td>54</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>153</td></tr><tr><td>November</td><td>+257</td><td>+246</td><td>265</td><td>19</td><td>-29</td><td>253</td><td>283</td><td>+1</td><td>-</td><td>-</td><td>+39</td><td>225</td><td>186</td></tr><tr><td>December</td><td>-282</td><td>-305</td><td>5</td><td>309</td><td>-</td><td>38</td><td>38</td><td>-</td><td>-</td><td>1</td><td>+23</td><td>182</td><td>159</td></tr><tr><td>1945-January</td><td>+80</td><td>+29</td><td>36</td><td>7</td><td>+17</td><td>98</td><td>81</td><td>-</td><td>35</td><td>34</td><td>+34</td><td>251</td><td>218</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>3/</td><td>3/</td><td>-111</td><td>2</td><td>113</td><td>+140</td><td>140</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>+108</td><td>3/</td><td>3/</td><td>-403</td><td>1</td><td>404</td><td>+176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>+314</td><td>3/</td><td>3/</td><td>-99</td><td>2</td><td>101</td><td>+40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+204</td><td>3/</td><td>3/</td><td>-51</td><td>1</td><td>52</td><td>+90</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>+768</td><td>+1,106</td><td>-337</td><td>-5</td><td></td><td>5</td><td>+90</td><td>90</td><td>-</td><td>+2</td><td>*</td><td>-2</td></tr><tr><td>1940</td><td>+34</td><td>+288</td><td>-254</td><td>*</td><td>*</td><td>*</td><td>+49</td><td>49</td><td>-</td><td>+16</td><td>43</td><td>27</td></tr><tr><td>1941</td><td>-217</td><td>+852</td><td>-1,069</td><td>*</td><td>*</td><td>*</td><td>+20</td><td>20</td><td>-</td><td>+11</td><td>244</td><td>233</td></tr><tr><td>1942</td><td>-3,625</td><td>-1,809</td><td>-1,815</td><td>*</td><td>*</td><td>*</td><td>+14</td><td>14</td><td>-</td><td>+39</td><td>331</td><td>292</td></tr><tr><td>1943</td><td>-2,194</td><td>-694</td><td>-1,500</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+241</td><td>155</td><td>-86</td></tr><tr><td>1944</td><td>-4,403</td><td>-2,874</td><td>-1,529</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+204</td><td>-3</td><td>-207</td></tr><tr><td>1944-January</td><td>-165</td><td>-18</td><td>-146</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+101</td><td>-</td><td>-101</td></tr><tr><td>February</td><td>-331</td><td>-115</td><td>-216</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+8</td><td>-</td><td>-8</td></tr><tr><td>March</td><td>-2,002</td><td>-95</td><td>-1,907</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>2</td></tr><tr><td>April</td><td>-87</td><td>-577</td><td>+490</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+160</td><td>-</td><td>-160</td></tr><tr><td>May</td><td>-148</td><td>-1,647</td><td>+1,500</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+51</td><td>-</td><td>-51</td></tr><tr><td>June</td><td>-88</td><td>-56</td><td>-31</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-170</td><td>-</td><td>170</td></tr><tr><td>July</td><td>-193</td><td>-211</td><td>+18</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+223</td><td>-</td><td>-223</td></tr><tr><td>August</td><td>-254</td><td>-21</td><td>-233</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+42</td><td>*</td><td>-42</td></tr><tr><td>September</td><td>+35</td><td>-44</td><td>+79</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+29</td><td>-</td><td>-25</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><tr><td>December</td><td>-164</td><td>-19</td><td>-145</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+253</td><td>-</td><td>-253</td></tr><tr><td>1945-January</td><td>+21</td><td>-37</td><td>+57</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+137</td><td>-</td><td>-137</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Comprises FWA revolving fund, and special deposits (net). Also includes Office of Distribution (formerly Agricultural
2/ Marketing Administration) commodity food stamp transactions. Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. 3/ Details not available.
March 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 in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1935</td><td>3,209</td><td>3,209</td><td>-</td><td>-</td><td>3,209</td><td>1,648</td><td>741</td><td>821</td></tr><tr><td>1936</td><td>5,390</td><td>4,550</td><td>840</td><td>-</td><td>5,390</td><td>5,078</td><td>-</td><td>312</td></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>55,897</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>49,595</td><td>10,662</td><td>4,051</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>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><tr><td>December</td><td>15,626</td><td>2,999</td><td>12,433</td><td>193</td><td>15,626</td><td>15,626</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>4,645</td><td>4,645</td><td>-</td><td>-</td><td>4,645</td><td>1,778</td><td>2,630</td><td>238</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.
Treasury Bulletin
12
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">Receipts</th><th rowspan="2">Less amount credited to Federal Old-Age and Survivors Insurance Trust Fund 1/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th colspan="2">Social security taxes</th></tr><tr><th></th><th></th><th>Federal insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th><th></th><th></th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.8</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1944-January</td><td>48.1</td><td>33.8</td><td>14.2</td><td>31.8</td><td>16.2</td></tr><tr><td>February</td><td>368.7</td><td>252.2</td><td>116.5</td><td>250.2</td><td>118.5</td></tr><tr><td>March</td><td>8.0</td><td>4.4</td><td>3.6</td><td>2.4</td><td>5.6</td></tr><tr><td>April</td><td>38.4</td><td>35.1</td><td>3.3</td><td>31.7</td><td>6.7</td></tr><tr><td>May</td><td>323.6</td><td>309.4</td><td>14.3</td><td>306.0</td><td>17.7</td></tr><tr><td>June</td><td>6.2</td><td>5.1</td><td>1.1</td><td>1.7</td><td>4.5</td></tr><tr><td>July</td><td>54.7</td><td>51.8</td><td>2.9</td><td>49.3</td><td>5.4</td></tr><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><tr><td>December</td><td>4.9</td><td>4.0</td><td>.9</td><td>2.1</td><td>2.8</td></tr><tr><td>1945-January</td><td>46.5</td><td>33.3</td><td>13.2</td><td>31.0</td><td>15.5</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th colspan="10">Grante to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare services</th><th>Office for Emergency Management War Manpower Commission (U. S. Employment Service)</th></tr><tr><td>1936</td><td>28.4</td><td>.6</td><td>27.8</td><td>19.7</td><td>2.0</td><td>1.0</td><td>.9</td><td>2.4</td><td>1.0</td><td>.6</td><td>.2</td><td>-</td><td>-</td><td>28.4</td></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>-</td><td>195.5</td></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>41.0</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.1</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.7</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.7</td><td>4.2</td><td>311.7</td></tr><tr><td>1944-January</td><td>58.8</td><td>2.2</td><td>56.1</td><td>35.2</td><td>6.2</td><td>1.1</td><td>9.7</td><td>2.2</td><td>.9</td><td>.5</td><td>.3</td><td>-</td><td>.5</td><td>42.6</td></tr><tr><td>February</td><td>33.4</td><td>2.7</td><td>30.4</td><td>24.2</td><td>4.7</td><td>.6</td><td>-</td><td>.2</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>.2</td><td>-85.2</td></tr><tr><td>March</td><td>35.4</td><td>2.8</td><td>32.3</td><td>26.4</td><td>3.0</td><td>.7</td><td>1.6</td><td>.3</td><td>.2</td><td>.2</td><td>-</td><td>-</td><td>.3</td><td>29.8</td></tr><tr><td>April</td><td>53.6</td><td>2.7</td><td>50.7</td><td>35.6</td><td>5.3</td><td>1.0</td><td>5.8</td><td>2.2</td><td>.3</td><td>.4</td><td>.1</td><td>-</td><td>.2</td><td>46.9</td></tr><tr><td>May</td><td>43.6</td><td>2.9</td><td>40.2</td><td>31.4</td><td>5.5</td><td>.9</td><td>.4</td><td>.2</td><td>.9</td><td>.7</td><td>.3</td><td>-</td><td>.5</td><td>25.9</td></tr><tr><td>June</td><td>32.3</td><td>2.8</td><td>29.0</td><td>25.1</td><td>2.7</td><td>.7</td><td>-</td><td>.1</td><td>.3</td><td>.1</td><td>-</td><td>-</td><td>.5</td><td>27.8</td></tr><tr><td>July</td><td>53.1</td><td>2.4</td><td>50.3</td><td>30.6</td><td>5.6</td><td>1.0</td><td>9.6</td><td>3.1</td><td>.2</td><td>.1</td><td>-</td><td>.1</td><td>.4</td><td>47.8</td></tr><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>36.7</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>-</td><td>-</td><td>.7</td><td>26.8</td></tr><tr><td>December</td><td>32.9</td><td>2.7</td><td>29.6</td><td>25.0</td><td>3.2</td><td>.7</td><td>-</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>.6</td><td>30.1</td></tr><tr><td>1945-January</td><td>53.3</td><td>2.9</td><td>49.5</td><td>31.6</td><td>5.1</td><td>1.0</td><td>8.6</td><td>1.9</td><td>.6</td><td>.5</td><td>.3</td><td>-</td><td>.8</td><td>37.8</td></tr></table>
Less than $50,000.
Formerly Title VIII of the Social Security Act.
Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employees subject to the Railroad Unemployment Insurance Act (See Table J of Section I).
Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section II, Table 1.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Feyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
Covered by appropriation by Congress.
Second Deficiency Appropriation Act, fiscal year 1938, appropriated $14 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
March 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 rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Carriers' Taxing Act of 1937</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Total</th><th>Administrative expenses 1/</th><th>Transfere to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>1936</td><td>·</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>1937</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.1</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>·</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>·</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.3</td><td>·</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1944-January</td><td>1.2</td><td>34.1</td><td>.1</td><td>34.0</td><td>·</td><td>32.9</td></tr><tr><td>February</td><td>4.1</td><td>.1</td><td>.1</td><td>-</td><td>·</td><td>-3.9</td></tr><tr><td>March</td><td>58.6</td><td>.2</td><td>.2</td><td>-</td><td>·</td><td>-58.4</td></tr><tr><td>April</td><td>.4</td><td>34.7</td><td>.2</td><td>34.5</td><td>·</td><td>34.3</td></tr><tr><td>May</td><td>13.4</td><td>.2</td><td>.2</td><td>-</td><td>·</td><td>-13.2</td></tr><tr><td>June</td><td>64.9</td><td>.2</td><td>.2</td><td>-</td><td>·</td><td>-64.7</td></tr><tr><td>July</td><td>1.4</td><td>205.0</td><td>.2</td><td>204.8</td><td>-</td><td>203.5</td></tr><tr><td>August</td><td>14.2</td><td>.1</td><td>.1</td><td>-</td><td>·</td><td>-14.1</td></tr><tr><td>September</td><td>56.9</td><td>.2</td><td>.2</td><td>-</td><td>-</td><td>-56.7</td></tr><tr><td>October</td><td>1.5</td><td>34.2</td><td>.2</td><td>34.0</td><td>·</td><td>32.7</td></tr><tr><td>November</td><td>14.4</td><td>.2</td><td>.2</td><td>-</td><td>·</td><td>-14.2</td></tr><tr><td>December</td><td>55.2</td><td>.2</td><td>.2</td><td>-</td><td>·</td><td>-55.1</td></tr><tr><td>1945-January</td><td>1.2</td><td>34.8</td><td>.2</td><td>34.5</td><td>.1</td><td>33.7</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ includes only expenditures from appropriations made specifically for
2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th><th>Excess of expenditures 5/</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1939</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1940</td><td>6.3</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1942</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1943</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1944-January</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>February</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>March</td><td>2.8</td><td>.3</td><td>.3</td><td>-</td><td>-2.6</td></tr><tr><td>April</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>May</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>June</td><td>3.5</td><td>.3</td><td>.3</td><td>-</td><td>-3.2</td></tr><tr><td>July</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>August</td><td>.1</td><td>9.0</td><td>*</td><td>8.9</td><td>8.8</td></tr><tr><td>September</td><td>3.3</td><td>.7</td><td>.7</td><td>-</td><td>-2.6</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>.3</td></tr><tr><td>December</td><td>3.2</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>1945-January</td><td>*</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Operated as Railroad Unemployment Insurance Administration Fund. Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregate $17.7 millions and were distributed by calendar
1/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
2/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
3/ Covered by appropriation by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II. - Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organisation - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expense 2/</th><th>Total investments</th><th>Unexpended balance In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>267.3</td><td>265.0</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>267.2</td><td>1.0</td><td>1.9</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>113.0</td><td>3.0</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1.7</td><td>6.1</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,741.7</td><td>5.2</td><td>10.8</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>6.2</td><td>20.4</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>5.2</td><td>24.5</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>7.0</td><td>21.4</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.8</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>16.1</td><td>21.4</td></tr><tr><td>1944- November</td><td>6,791.4</td><td>6,383.0</td><td>408.4</td><td>772.0</td><td>635.0</td><td>137.0</td><td>6,019.3</td><td>313.8</td><td>28.7</td></tr><tr><td>December</td><td>6,797.9</td><td>6,387.0</td><td>410.9</td><td>793.2</td><td>654.2</td><td>138.9</td><td>6,004.7</td><td>8.5</td><td>29.4</td></tr><tr><td>1945- January</td><td>6,836.1</td><td>6,420.2</td><td>415.8</td><td>815.5</td><td>674.3</td><td>141.2</td><td>6,020.6</td><td>36.4</td><td>30.4</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000. / includes transactions effected under the predecessor Old-Age Reserve
2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Account
(Cumulative from organisation - in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="4">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>In General Fund</th><th>In disturbing officer's account</th></tr><tr><td>1936</td><td>46.6</td><td>46.6</td><td>-</td><td>-</td><td>46.6</td><td>-</td><td>46.6</td><td>*</td></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1944-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><tr><td>December</td><td>1,453.4</td><td>1,425.7</td><td>27.7</td><td>880.8</td><td>572.7</td><td>489.5</td><td>70.4</td><td>12.8</td></tr><tr><td>1945-January</td><td>1,453.6</td><td>1,425.7</td><td>27.9</td><td>892.6</td><td>561.0</td><td>512.0</td><td>35.8</td><td>13.2</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organisation - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contribu- tions 2/</th><th>Railroad Unemployment Insurance Account 1/ Transfers from States 3/ Transfers from Railroad Unemployment Insurance Administra- tion Fund 4/</th><th>Interest on invest- ments</th><th>Total expendi- tures</th><th>State unemployment insurance activities</th><th>Railroad Unemploy- ment Insurance Account 1/</th><th>Total</th><th>Unexpended balance</th><th>In dis- bureling officer's account 5/</th></tr><tr><td>1936</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>18.9</td><td>18.9</td><td>.1</td></tr><tr><td>1937</td><td>313.4</td><td>310.6</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>312.4</td><td>312.3</td><td>1.1</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,859.5</td><td>-</td><td>-</td><td>44.8</td><td>633.5</td><td>633.5</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td></tr><tr><td>1941</td><td>3,971.3</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>1,688.2</td><td>1,590.0</td><td>105.9</td><td>2,253.7</td><td>2,273.0</td><td>8.0</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>11.4</td><td>1,981.9</td><td>1,918.0</td><td>105.9</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>17.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td></tr><tr><td>1944 November</td><td>8,574.7</td><td>7,936.3</td><td>445.6</td><td>106.1</td><td>38.0</td><td>2,324.5</td><td>2,174.4</td><td>106.1</td><td>6,550.2</td><td>6,546.0</td><td>3.9</td></tr><tr><td>December</td><td>8,912.9</td><td>7,943.3</td><td>444.1</td><td>106.1</td><td>38.0</td><td>2,329.4</td><td>2,179.3</td><td>106.1</td><td>6,583.4</td><td>6,579.0</td><td>4.2</td></tr><tr><td>1945 January</td><td>9,011.3</td><td>7,986.9</td><td>444.2</td><td>106.2</td><td>38.0</td><td>2,336.5</td><td>2,186.2</td><td>106.2</td><td>6,674.3</td><td>6,653.0</td><td>21.3</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000.
1/ Excludes advance of $15 millions from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
March 1945
15
Appropriations and Net Contract Authorizations for the War Activities Program As of January 31, 1945
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorisatinos 2/</th></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction).</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (clothing and equipage - War Department).</td><td>175,000,000</td><td>-</td></tr><tr><td>Mar. 1, 1941</td><td>9</td><td>Urgent Deficiency Appropriation Act, 1941.</td><td>6,047,775</td><td>-</td></tr><tr><td>Mar. 17, 1941</td><td>13</td><td>Fourth Supplemental National Defense Appropriation Act, 1941.</td><td>1,376,464,602</td><td>-</td></tr><tr><td>Mar. 27, 1941</td><td>23</td><td>Defense Aid Supplemental Appropriation Act, 1941.</td><td>7,000,000,000</td><td>-</td></tr><tr><td>Apr. 1, 1941</td><td>25</td><td>First Deficiency Appropriation Act, 1941.</td><td>114,458,468</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>28</td><td>Independent Offices Appropriation Act, 1942.</td><td>399,360,000</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>29</td><td>Fifth Supplemental National Defense Appropriation Act, 1941.</td><td>2,293,227,920</td><td>-</td></tr><tr><td>May 6, 1941</td><td>48</td><td>Sev. Department Appropriation Act, 1942.</td><td>3,415,521,750</td><td>-</td></tr><tr><td>May 23, 1941</td><td>71</td><td>War Department Civil Appropriation Act, 1942.</td><td>37,920,370</td><td>-</td></tr><tr><td>May 24, 1941</td><td>73</td><td>Additional Urgent Deficiency Appropriation Act, 1941.</td><td>168,556,000</td><td>-</td></tr><tr><td>May 31, 1941</td><td>83</td><td>Treasury Department Appropriation Act, 1942.</td><td>62,193,150</td><td>-</td></tr><tr><td>June 28, 1941</td><td>135</td><td>Justice, State and Commerce Departments Appropriation Act, 1942.</td><td>129,227,750</td><td>-</td></tr><tr><td>June 28, 1941</td><td>136</td><td>Interior Department Appropriation Act, 1942.</td><td>2,035,000</td><td>-</td></tr><tr><td>June 30, 1941</td><td>139</td><td>Military Appropriation Act, 1942.</td><td>10,384,821,624</td><td>-</td></tr><tr><td>July 1, 1941</td><td>146</td><td>Labor - Federal Security Appropriation Act, 1942.</td><td>173,168,500</td><td>-</td></tr><tr><td>July 3, 1941</td><td>150</td><td>Second Deficiency Appropriation Act, 1941.</td><td>998,894,561</td><td>-</td></tr><tr><td>Aug. 25, 1941</td><td>247</td><td>First Supplemental National Defense Appropriation Act, 1942.</td><td>6,580,012,448</td><td>-</td></tr><tr><td>Oct. 28, 1941</td><td>282</td><td>Second Supplemental National Defense Appropriation Act, 1942t (Title I).</td><td>5,985,000,000</td><td>$ 600,000,000 3/</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>(Title II).</td><td>159,005,585</td><td>28,400,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Defense Highway Act of 1941.</td><td>9,112,021,947</td><td>50,000,000</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>510,000,000</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="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942.</td><td>$ 12,525,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943.</td><td>23,738,855,474 4/</td><td>$ 2,171,000,000 5/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China).</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942.</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943.</td><td>57,886,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942.</td><td>18,932,124,093</td><td>-</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund).</td><td>210,000,000</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (education and training).</td><td>9,500,000</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942.</td><td>655,074,740 6/</td><td>150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943.</td><td>1,052,812,004</td><td>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Departments Appropriation Act, 1943.</td><td>261,908,180</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department Appropriation Act, 1943.</td><td>8,977,370</td><td>-</td></tr><tr><td>July 2, 1942</td><td>646</td><td>Public Law (Federal Works Agency - public roads).</td><td>35,000,000</td><td>-</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943.</td><td>227,726,864</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943.</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942.</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943.</td><td>1,845,234,990</td><td>-</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943.</td><td>6,299,361,448 7/</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>$139,736,203,988</td><td>$ 2,356,000,000</td></tr><tr><td colspan="5">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System).</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943.</td><td>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943.</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program).</td><td>26,100,000</td><td>-</td></tr><tr><td>May 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program).</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944.</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943.</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944.</td><td>1,395,013,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944.</td><td>27,637,226,198 8/</td><td>$ 361,800,574 r 5/</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Departments of State, Justice, and Commerce Appropriation Act, 1944.</td><td>67,615,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944.</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944.</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943.</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944.</td><td>14,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944.</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>National War Agencies Appropriation Act, 1944.</td><td>2,911,697,224</td><td>14,000,000</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943.</td><td>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department).</td><td>18,620,000</td><td>-</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>Public Law (naval expansion program).</td><td>-</td><td>3,650,449,880 5/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944.</td><td>81,283,468</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>$105,916,492,321</td><td>$ 4,026,250,454 r</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of January 31, 1945 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of Act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>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>283</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 9/</td><td>2,774,931,400</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>47,585,000</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>1,030,337,242</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>186,265,524 10/</td><td>1,880,000,000 r 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>450,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945.</td><td>19,750,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945.</td><td>410,291,029 11/</td><td>60,000,000 5/</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945.</td><td>-</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>$55,913,179,984</td><td>$5,995,599,974 r</td></tr></table><table><tr><th colspan="4">Summary</th></tr><tr><td>Total, 76th Congress, Third Session 12/.</td><td>$ 8,994,015,828</td><td>-</td><td>-</td></tr><tr><td>Total, 77th Congress, First Session.</td><td>49,396,437,450</td><td>$ 678,400,000</td><td>-</td></tr><tr><td>Total, 77th Congress, Second Session.</td><td>139,736,203,988</td><td>2,356,000,000</td><td>-</td></tr><tr><td>Total, 78th Congress, First Session.</td><td>105,916,492,321</td><td>4,026,250,454 r</td><td>-</td></tr><tr><td>Total, 78th Congress, Second Session.</td><td>55,913,179,984</td><td>5,995,599,974 r</td><td>-</td></tr><tr><td>Total, 79th Congress, First Session.</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Permanent appropriations and net transfers from other than war activities appropriations 13/.</td><td>237,568,137</td><td>-</td><td>-</td></tr><tr><td>Total approved.</td><td>$360,193,897,707</td><td>$13,056,250,428</td><td>-</td></tr><tr><td>Liquidations of 1940 and prior contract authorizations.</td><td>- 467,872,846</td><td>-</td><td>-</td></tr><tr><td>Total approved appropriations and net contract authorizations 1/.</td><td>$359,726,024,861 14/</td><td>$13,056,250,428</td><td>-</td></tr></table><table><tr><th>Date approved</th><th>Public Law No.</th><th>Amount</th></tr><tr><td>Feb. 1, 1942</td><td>441</td><td>$2,171,000,000</td></tr><tr><td>June 26, 1943</td><td>92</td><td>(Estimated by Navy Department).</td><td>352,800,574</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>(Estimated by Navy Department).</td><td>3,650,449,880</td></tr><tr><td>June 28, 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>1,825,000,000</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>60,000,000</td><td></td></tr><tr><td colspan="2">Total.</td><td>$8,114,250,454</td><td></td></tr></table>
March 1945
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></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>Jan.</th></tr><tr><td><b>CASH INCOME</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1945</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>1,727</td><td>1,747</td><td>5,911</td><td>2,475</td><td>2,167</td><td>5,241</td><td>1,247</td><td>1,552</td><td>5,174</td><td>1,240</td><td>1,501</td><td>4,347</td><td>2,422</td></tr><tr><td>Employment taxes</td><td>49</td><td>373</td><td>67</td><td>39</td><td>337</td><td>71</td><td>56</td><td>319</td><td>61</td><td>60</td><td>293</td><td>60</td><td>48</td></tr><tr><td>Miscellaneous internal revenue</td><td>412</td><td>344</td><td>375</td><td>421</td><td>520</td><td>422</td><td>681</td><td>832</td><td>514</td><td>580</td><td>507</td><td>539</td><td>573</td></tr><tr><td>Customs</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><td>29</td><td>36</td></tr><tr><td>Other</td><td>521</td><td>254</td><td>181</td><td>144</td><td>194</td><td>480</td><td>160</td><td>134</td><td>152</td><td>145</td><td>177</td><td>436</td><td>463</td></tr><tr><td>Subtotal</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><td>5,410</td><td>3,541</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>36</td><td>264</td><td>43</td><td>44</td><td>278</td><td>52</td><td>51</td><td>286</td><td>37</td><td>57</td><td>253</td><td>36</td><td>44</td></tr><tr><td>Trust accounts 2/</td><td>160</td><td>116</td><td>83</td><td>195</td><td>152</td><td>90</td><td>169</td><td>168</td><td>136</td><td>192</td><td>207</td><td>158</td><td>216</td></tr><tr><td>Subtotal</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><td>193</td><td>259</td></tr><tr><td>Total cash income</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><td>5,604</td><td>3,800</td></tr><tr><td><b>CASH OUTGO</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></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>7,138</td><td>7,518</td><td>7,726</td><td>7,346</td><td>7,879</td><td>7,567</td><td>7,201</td><td>7,571</td><td>6,998</td><td>7,479</td><td>7,401</td><td>7,503</td><td>7,551</td></tr><tr><td>Veterans' Administration</td><td>52</td><td>52</td><td>55</td><td>55</td><td>59</td><td>60</td><td>63</td><td>71</td><td>69</td><td>70</td><td>73</td><td>74</td><td>78</td></tr><tr><td>Public works 3/</td><td>37</td><td>30</td><td>41</td><td>32</td><td>25</td><td>20</td><td>33</td><td>29</td><td>31</td><td>35</td><td>25</td><td>30</td><td>31</td></tr><tr><td>Aid to agriculture 4/</td><td>81</td><td>88</td><td>96</td><td>94</td><td>102</td><td>59</td><td>62</td><td>30</td><td>29</td><td>28</td><td>20</td><td>27</td><td>51</td></tr><tr><td>Social security program 5/</td><td>59</td><td>34</td><td>36</td><td>54</td><td>44</td><td>33</td><td>54</td><td>38</td><td>36</td><td>51</td><td>40</td><td>33</td><td>54</td></tr><tr><td>Work Projects Administration</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><td></td><td></td></tr><tr><td>Civilian Conservation Corps</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on the public debt 6/</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><td>520</td><td>86</td></tr><tr><td>Other</td><td>72</td><td>76</td><td>77</td><td>96</td><td>70</td><td>62</td><td>116</td><td>161</td><td>100</td><td>148</td><td>124</td><td>116</td><td>130</td></tr><tr><td>Subtotal</td><td>7,505</td><td>7,839</td><td>8,459</td><td>7,773</td><td>8,213</td><td>8,262</td><td>7,580</td><td>7,957</td><td>7,807</td><td>7,917</td><td>7,717</td><td>8,303</td><td>7,980</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>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><td></td><td>68</td></tr><tr><td>Other</td><td>-35</td><td>-17</td><td>-25</td><td>-31</td><td>-20</td><td>-7</td><td>-56</td><td>-24</td><td>-11</td><td>-31</td><td>-13</td><td>-21</td><td>-50</td></tr><tr><td>Commodity Credit Corporation</td><td>46</td><td>10</td><td>-45</td><td>-14</td><td>-11</td><td>-22</td><td>13</td><td>132</td><td>29</td><td>163</td><td>47</td><td>57</td><td>21</td></tr><tr><td>Unemployment Trust Fund</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><td>5</td><td>7</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>19</td><td>20</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>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Other</td><td>-185</td><td>-50</td><td>-56</td><td>-191</td><td>-366</td><td>133</td><td>-317</td><td>-38</td><td>-147</td><td>-140</td><td>-482</td><td>-132</td><td>-255</td></tr><tr><td>Subtotal</td><td>62</td><td>193</td><td>116</td><td>-63</td><td>-152</td><td>267</td><td>-281</td><td>263</td><td>-37</td><td>60</td><td>-257</td><td>-61</td><td>-176</td></tr><tr><td>Redemption of adjusted service bonds</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><td></td><td>-1</td></tr><tr><td>Total cash outgo</td><td>7,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,300</td><td>8,220</td><td>7,769</td><td>7,977</td><td>7,460</td><td>8,243</td><td>7,804</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</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>2,639</td><td>4,003</td></tr></table>
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939.
2/ Includes sale of commodity food stamps, Office of Distribution (formerly Agricultural Marketing Administration).
3/ Comprises Public Buildings Administration, Public Roads Administre-
4/ Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, War Food Administration, and Department of Agriculture departmental expenditures. (War Food Administration comprises Agricultural Adjustment Agency, Farm Security Administration, Office of Distribution, Soil Conservation and Extension Service, and Other). 5/ Excludes transactions under transfers to trust accounts, etc. Excludes accrued interest on United States savings bonds.
Total Cash Income and Outgo, by Months
(in millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>398</td><td>614</td><td>989</td><td>385</td><td>561</td><td>781</td><td>449</td><td>724</td><td>756</td><td>458</td><td>656</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,393</td><td>3,313</td><td>6,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>48,885</td></tr><tr><td>1945</td><td>3,800</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 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>1940</td><td>727</td><td>679</td><td>851</td><td>733</td><td>691</td><td>886</td><td>806</td><td>870</td><td>832</td><td>976</td><td>962</td><td>1,244</td><td>10,317</td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,772</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,578</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,734</td></tr><tr><td>1944</td><td>7,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,300</td><td>8,220</td><td>7,769</td><td>7,977</td><td>7,460</td><td>8,243</td><td>95,145</td></tr><tr><td>1945</td><td>7,804</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Exceso 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>1940</td><td>329</td><td>65</td><td>-138</td><td>408</td><td>130</td><td>105</td><td>357</td><td>146</td><td>76</td><td>518</td><td>306</td><td>446</td><td>2,748</td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>610</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,089</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</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>2,639</td><td>46,500</td></tr><tr><td>1945</td><td>4,003</td><td></td><td></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>
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
March 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>Billion, coin, and currency</th><th>Deposite in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities (War loan accounts)</th><th>Other deposits and collections</th></tr><tr><td>1935</td><td>2,016</td><td>1,044</td><td>118</td><td>799</td><td>55</td></tr><tr><td>1936</td><td>2,936</td><td>865</td><td>862</td><td>1,150</td><td>53</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1944-January</td><td>12,873</td><td>937</td><td>1,098</td><td>10,314</td><td>523</td></tr><tr><td>February</td><td>19,726</td><td>946</td><td>1,172</td><td>17,095</td><td>513</td></tr><tr><td>March</td><td>17,270</td><td>933</td><td>1,540</td><td>14,306</td><td>491</td></tr><tr><td>April</td><td>12,896</td><td>890</td><td>954</td><td>10,546</td><td>506</td></tr><tr><td>May</td><td>9,114</td><td>912</td><td>942</td><td>6,766</td><td>524</td></tr><tr><td>June</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>July</td><td>22,513</td><td>807</td><td>1,269</td><td>19,850</td><td>587</td></tr><tr><td>August</td><td>18,277</td><td>877</td><td>1,215</td><td>15,693</td><td>492</td></tr><tr><td>September</td><td>15,753</td><td>838</td><td>1,314</td><td>13,013</td><td>588</td></tr><tr><td>October</td><td>10,609</td><td>835</td><td>998</td><td>8,242</td><td>533</td></tr><tr><td>November</td><td>10,223</td><td>785</td><td>1,122</td><td>8,002</td><td>315</td></tr><tr><td>December</td><td>22,717</td><td>825</td><td>1,335</td><td>20,261</td><td>295</td></tr><tr><td>1945-January</td><td>20,077</td><td>807</td><td>1,048</td><td>17,866</td><td>357</td></tr></table>
Source: Daily Treasury Statements
Balance in the General Fund of the Treasury
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th><th colspan="3">Analysis of balance in the General Fund 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>Working balance</th><th>Seigniorage on silver</th><th>Increment on gold</th></tr><tr><td>1935</td><td>2,016</td><td>175</td><td>1,841</td><td>1,002</td><td>140</td><td>700</td></tr><tr><td>1936</td><td>2,936</td><td>254</td><td>2,682</td><td>2,069</td><td>316</td><td>297</td></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td><td>2,000</td><td>356</td><td>198</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td><td>1,622</td><td>416</td><td>147</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td><td>2,160</td><td>536</td><td>142</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td><td>1,163</td><td>585</td><td>143</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td><td>1,885</td><td>605</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td><td>2,229</td><td>619</td><td>143</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td><td>8,744</td><td>619</td><td>144</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td><td>19,406</td><td>619</td><td>144</td></tr><tr><td>1944-January</td><td>12,873</td><td>634</td><td>12,239</td><td>11,476</td><td>619</td><td>144</td></tr><tr><td>February</td><td>19,726</td><td>571</td><td>19,155</td><td>18,392</td><td>619</td><td>144</td></tr><tr><td>March</td><td>17,270</td><td>664</td><td>16,606</td><td>15,844</td><td>619</td><td>144</td></tr><tr><td>April</td><td>12,896</td><td>617</td><td>12,279</td><td>11,517</td><td>619</td><td>144</td></tr><tr><td>May</td><td>9,144</td><td>622</td><td>8,522</td><td>7,759</td><td>619</td><td>144</td></tr><tr><td>June</td><td>20,775</td><td>607</td><td>20,169</td><td>19,406</td><td>619</td><td>144</td></tr><tr><td>July</td><td>22,513</td><td>588</td><td>21,924</td><td>21,162</td><td>619</td><td>144</td></tr><tr><td>August</td><td>18,277</td><td>605</td><td>17,672</td><td>16,909</td><td>619</td><td>144</td></tr><tr><td>September</td><td>15,753</td><td>635</td><td>15,117</td><td>14,355</td><td>619</td><td>144</td></tr><tr><td>October</td><td>10,609</td><td>618</td><td>9,990</td><td>9,227</td><td>619</td><td>144</td></tr><tr><td>November</td><td>10,223</td><td>421</td><td>9,803</td><td>9,040</td><td>619</td><td>144</td></tr><tr><td>December</td><td>22,717</td><td>481</td><td>22,236</td><td>21,473</td><td>619</td><td>144</td></tr><tr><td>1945-January</td><td>20,077</td><td>471</td><td>19,606</td><td>18,843</td><td>619</td><td>144</td></tr></table>
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 5/</td><td>-3,209</td><td>1,739 1/</td><td>64</td><td>-</td><td>637</td><td>140</td><td>-111 6/</td></tr><tr><td>1936</td><td>840</td><td>1,067 6/</td><td>-4,550</td><td>5,475 1/</td><td>34</td><td>-</td><td>108</td><td>176</td><td>-403 6/</td></tr><tr><td>1937</td><td>-128</td><td>-70</td><td>-3,149</td><td>2,746 1/</td><td>19</td><td>-</td><td>314</td><td>40</td><td>-99</td></tr><tr><td>1938</td><td>-338</td><td>-377</td><td>-1,384</td><td>792 1/</td><td>11</td><td>-</td><td>204</td><td>90</td><td>-51</td></tr><tr><td>1939</td><td>622</td><td>537</td><td>-3,542</td><td>3,280 1/</td><td>29</td><td>2</td><td>768</td><td>90</td><td>-5</td></tr><tr><td>1940</td><td>-947</td><td>-997</td><td>-3,611</td><td>2,528</td><td>37</td><td>16</td><td>34</td><td>49</td><td>-</td></tr><tr><td>1941</td><td>742</td><td>722</td><td>-5,103</td><td>5,994</td><td>37</td><td>11</td><td>-217</td><td>20</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>344</td><td>-19,598</td><td>23,461</td><td>66</td><td>39</td><td>-3,625</td><td>14</td><td>-</td></tr><tr><td>1943</td><td>6,515</td><td>6,515</td><td>-55,897</td><td>64,274</td><td>92</td><td>241</td><td>-2,194</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>10,662</td><td>10,662</td><td>-49,595</td><td>64,307</td><td>148</td><td>205</td><td>-4,403</td><td>-</td><td>-</td></tr><tr><td>1944-January</td><td>-55</td><td>-55</td><td>-4,823</td><td>4,781</td><td>50</td><td>101</td><td>-165</td><td>-</td><td>-</td></tr><tr><td>February</td><td>6,916</td><td>6,916</td><td>-5,359</td><td>12,448</td><td>150</td><td>8</td><td>-331</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-2,549</td><td>-2,549</td><td>-1,952</td><td>1,608</td><td>-201</td><td>-2</td><td>-2,002</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-4,327</td><td>-4,327</td><td>-4,772</td><td>252</td><td>120</td><td>160</td><td>-87</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-3,757</td><td>-3,757</td><td>-5,342</td><td>1,399</td><td>282</td><td>51</td><td>-148</td><td>-</td><td>-</td></tr><tr><td>June</td><td>11,646</td><td>11,646</td><td>-2,378</td><td>14,637</td><td>-355</td><td>-170</td><td>-88</td><td>-</td><td>-</td></tr><tr><td>July</td><td>1,756</td><td>1,756</td><td>-5,947</td><td>7,570</td><td>102</td><td>223</td><td>-193</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-4,252</td><td>-4,252</td><td>-5,551</td><td>1,229</td><td>282</td><td>42</td><td>-254</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-2,555</td><td>-2,555</td><td>-2,004</td><td>-307</td><td>-308</td><td>29</td><td>35</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-5,127</td><td>-5,127</td><td>-6,023</td><td>748</td><td>112</td><td>130</td><td>-95</td><td>-</td><td>-</td></tr><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><tr><td>December</td><td>12,433</td><td>12,433</td><td>-2,999</td><td>15,626</td><td>-282</td><td>253</td><td>-164</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>-2,630</td><td>-2,630</td><td>-4,645</td><td>1,778</td><td>80</td><td>137</td><td>21</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
1/ This is the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ This represents the increase in the gross public debt, except as noted. (See footnote 7.)
3/ Includes Federal Old-Age and Survivors Insurance Trust Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust funds.
4/ Comprises Public Works Administration revolving fund and special deposits (net). Also includes Office of Distribution (formerly Agricultural Marketing Administration) commodity food stamp transactions.
5/ Includes expenditures for retirement of national bank notes.
6/ In the fiscal years 1935 and 1936, $91 millions and $554 millions
were transferred from increment on gold to the working balance for retirement of national bank notes. In this statement, however, charges for retirement of national bank notes are reflected directly against increment on gold. In the years during which the retirements were actually made, inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance general and special accounts for the purpose of this table.
Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1935 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1935, $91 millions; 1936, $397 millions; 1937, $99 millions; 1938, $51 millions; and 1939, $5 millions; total, $645 millions. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
March 1945
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Treasury Bulletin
22
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 and 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>Certificatees of indebted-ness, 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>Certificatees of indebted-ness, special series 2/</th><th>Ex- changes</th><th>Special issues</th></tr><tr><td>1935</td><td>28,701</td><td>1,648</td><td>13,126</td><td>5,716</td><td>-</td><td>-</td><td>-</td><td>6,964</td><td>446</td><td>11,478</td><td>4,305</td><td>-</td><td>6,964</td><td>209</td></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,958</td><td>-</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>9,043</td><td>5,542</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,622</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,451</td><td>37,164</td><td>30,385</td><td>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,633</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,042</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,042</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>1944-January</td><td>170,659</td><td>4,781</td><td>9,449</td><td>9,239</td><td>-</td><td>-</td><td>-</td><td>1</td><td>209</td><td>4,668</td><td>4,628</td><td>-</td><td>1</td><td>40</td></tr><tr><td>February</td><td>183,107</td><td>12,448</td><td>19,226</td><td>16,691</td><td>-</td><td>-</td><td>-</td><td>2,127</td><td>407</td><td>6,778</td><td>4,540</td><td>-</td><td>2,127</td><td>112</td></tr><tr><td>March</td><td>184,715</td><td>1,608</td><td>10,355</td><td>8,019</td><td>-</td><td>-</td><td>38</td><td>1,946</td><td>350</td><td>8,746</td><td>6,789</td><td>-</td><td>1,946</td><td>11</td></tr><tr><td>April</td><td>184,967</td><td>252</td><td>10,322</td><td>5,192</td><td>-</td><td>-</td><td>24</td><td>4,903</td><td>203</td><td>10,070</td><td>5,155</td><td>-</td><td>4,903</td><td>12</td></tr><tr><td>May</td><td>186,366</td><td>1,399</td><td>7,700</td><td>5,613</td><td>-</td><td>-</td><td>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>1</td><td>6,394</td><td>13,199</td><td>6,971</td><td>-</td><td>1</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>1</td><td>696</td><td>4,592</td><td>4,570</td><td>-</td><td>1</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>11,238</td><td>6,805</td><td>-</td><td>4,481</td><td>11</td></tr><tr><td>October</td><td>210,244</td><td>748</td><td>9,822</td><td>6,092</td><td>-</td><td>-</td><td>32</td><td>3,492</td><td>205</td><td>9,073</td><td>5,571</td><td>-</td><td>3,492</td><td>11</td></tr><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><tr><td>December</td><td>230,630</td><td>15,626</td><td>27,178</td><td>22,762</td><td>-</td><td>-</td><td>51</td><td>4,150</td><td>214</td><td>11,552</td><td>6,931</td><td>-</td><td>4,150</td><td>471</td></tr><tr><td>1945-January</td><td>232,408</td><td>1,778</td><td>7,630</td><td>7,169</td><td>-</td><td>1</td><td>46</td><td>7</td><td>407</td><td>5,852</td><td>5,801</td><td>-</td><td>7</td><td>45</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Interest-bearing public debt outstanding (in millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th></tr><tr><td>1935</td><td>27,645</td><td>14,874</td><td>62</td><td>10,023</td><td>-</td><td>-</td><td>2,053</td><td>633</td><td>100.0</td><td>53.8</td><td>.2</td><td>36.3</td><td>-</td><td>-</td><td>7.4</td><td>2.3</td></tr><tr><td>1936</td><td>32,989</td><td>17,358</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,117</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,855</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>1944-January</td><td>167,043</td><td>68,140</td><td>29,527</td><td>11,175</td><td>9,384</td><td>22,843</td><td>13,101</td><td>12,873</td><td>100.0</td><td>40.8</td><td>17.7</td><td>6.7</td><td>5.6</td><td>13.7</td><td>7.8</td><td>7.7</td></tr><tr><td>February</td><td>181,709</td><td>74,078</td><td>32,150</td><td>13,302</td><td>10,220</td><td>25,680</td><td>13,112</td><td>13,168</td><td>100.0</td><td>40.8</td><td>17.7</td><td>7.3</td><td>5.6</td><td>14.1</td><td>7.2</td><td>7.2</td></tr><tr><td>March</td><td>183,343</td><td>73,009</td><td>32,616</td><td>16,244</td><td>9,116</td><td>25,680</td><td>13,147</td><td>13,507</td><td>100.0</td><td>39.8</td><td>17.8</td><td>8.9</td><td>5.0</td><td>14.0</td><td>7.2</td><td>7.4</td></tr><tr><td>April</td><td>183,413</td><td>72,722</td><td>33,183</td><td>16,263</td><td>9,092</td><td>25,306</td><td>13,150</td><td>13,697</td><td>100.0</td><td>39.6</td><td>18.1</td><td>8.9</td><td>5.0</td><td>13.8</td><td>7.2</td><td>7.5</td></tr><tr><td>May</td><td>184,874</td><td>72,733</td><td>33,674</td><td>16,265</td><td>9,050</td><td>25,266</td><td>13,766</td><td>14,122</td><td>100.0</td><td>39.3</td><td>18.2</td><td>8.8</td><td>4.9</td><td>13.7</td><td>7.4</td><td>7.6</td></tr><tr><td>June</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>July</td><td>207,117</td><td>81,293</td><td>37,237</td><td>18,067</td><td>10,000</td><td>30,035</td><td>15,524</td><td>14,961</td><td>100.0</td><td>39.2</td><td>18.0</td><td>8.7</td><td>4.8</td><td>14.5</td><td>7.5</td><td>7.2</td></tr><tr><td>August</td><td>208,289</td><td>81,431</td><td>37,584</td><td>18,067</td><td>10,030</td><td>30,001</td><td>15,715</td><td>15,461</td><td>100.0</td><td>39.1</td><td>18.0</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.5</td><td>7.4</td></tr><tr><td>September</td><td>207,850</td><td>81,466</td><td>38,028</td><td>17,936</td><td>9,124</td><td>29,573</td><td>15,747</td><td>15,976</td><td>100.0</td><td>39.2</td><td>18.3</td><td>8.6</td><td>4.4</td><td>14.2</td><td>7.6</td><td>7.7</td></tr><tr><td>October</td><td>208,608</td><td>81,466</td><td>38,355</td><td>17,936</td><td>9,075</td><td>29,546</td><td>16,060</td><td>16,170</td><td>100.0</td><td>39.1</td><td>18.4</td><td>8.6</td><td>4.4</td><td>14.2</td><td>7.7</td><td>7.8</td></tr><tr><td>November</td><td>210,774</td><td>81,293</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><tr><td>December</td><td>228,691</td><td>91,781</td><td>41,074</td><td>23,039</td><td>9,843</td><td>30,401</td><td>16,428</td><td>16,326</td><td>100.0</td><td>40.1</td><td>17.9</td><td>10.1</td><td>4.3</td><td>13.3</td><td>7.2</td><td>7.1</td></tr><tr><td>1945-January</td><td>230,672</td><td>92,417</td><td>41,858</td><td>23,039</td><td>9,864</td><td>30,401</td><td>16,403</td><td>16,688</td><td>100.0</td><td>40.1</td><td>18.1</td><td>10.0</td><td>4.3</td><td>13.2</td><td>7.1</td><td>7.2</td></tr></table>
Source: Daily Treasury Statements.
March 1945
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>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td></tr><tr><td>Total</td><td>31,768</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,056</td><td>790</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td></tr><tr><td>Total outstanding</td><td>32,824</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td></tr></table>
<table><tr><th colspan="10">Public debt</th></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>2,053</td><td>2,354</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,864</td><td>14,734</td></tr><tr><td>Certificates of indebtedness.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td></tr><tr><td>Treasury notes.</td><td>10,023</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td></tr><tr><td>Treasury bonds.</td><td>12,684</td><td>17,168</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>38,085</td><td>57,520</td><td>79,344</td></tr><tr><td>Postal savings and other bonds.</td><td>2,190</td><td>200</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues.</td><td>26,950</td><td>31,102</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td></tr><tr><td>Non-marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds.</td><td>62</td><td>316</td><td>800</td><td>1,238</td><td>1,868</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,255</td><td>34,606</td></tr><tr><td>Treasury notes - tax and savings series.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</td><td>9,557</td></tr><tr><td>Adjusted service bonds.</td><td>-</td><td>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td></tr><tr><td>Depository bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td></tr><tr><td>Total non-marketable issues.</td><td>62</td><td>1,261</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td></tr><tr><td>Total public issues.</td><td>27,012</td><td>32,363</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund.</td><td>156</td><td>127</td><td>38</td><td>26</td><td>20</td><td>11</td><td>19</td><td>18</td><td>18</td><td>17</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>100</td><td>100</td><td>95</td><td>85</td><td>101</td><td>56</td><td>90</td><td>95</td><td>103</td><td>98</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>-</td><td>-</td><td>267</td><td>662</td><td>1,177</td><td>1,738</td><td>2,381</td><td>3,133</td><td>4,044</td><td>4,766</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>106</td><td>27</td></tr><tr><td>Government Life Insurance Fund.</td><td>-</td><td>-</td><td>500</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>538</td><td>502</td></tr><tr><td>Government Retirement Funds.</td><td>253</td><td>280</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td></tr><tr><td>National Service Life Insurance Fund.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>39</td><td>352</td><td>1,213</td></tr><tr><td>Postal Savings System.</td><td>125</td><td>100</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>55</td><td>197</td><td>264</td></tr><tr><td>Canal Zone, Postal Savings System.</td><td>-</td><td>-</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</td><td>1</td><td>2</td><td>4</td></tr><tr><td>Railroad Retirement Account.</td><td>-</td><td>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>Unemployment Trust Fund.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>92</td><td>178</td><td>319</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 saving stamps.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td></tr><tr><td>Excess profits tax refund bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td></tr><tr><td>United States notes (less gold reserve).</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>629</td><td>424</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td></tr><tr><td>Other debt bearing no interest.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest.</td><td>825</td><td>620</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td></tr><tr><td>Total public debt outstanding.</td><td>28,701</td><td>33,779</td><td>36,425</td><td>37,165</td><td>40,440</td><td>42,968</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</td></tr></table>
(Continued on following page)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART A - FISCAL YEARS, 1935-1944-(Continued)
(In millions of dollars)
<table><tr><th></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: 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>-</td><td>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,226</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>*</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td></tr><tr><td>Rome Owners' Loan Corporation</td><td>2,647</td><td>3,044</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td></tr><tr><td>Reconstruction Finance Corporation</td><td>250</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td></tr><tr><td>Total marketable issues</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="12">1944</th><th>1945</th></tr><tr><th></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><th>Dec. 31</th><th>Jan. 31</th></tr><tr><td colspan="14">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>167,043</td><td>181,709</td><td>183,348</td><td>183,413</td><td>184,874</td><td>199,543</td><td>207,117</td><td>208,289</td><td>207,850</td><td>208,608</td><td>210,774</td><td>228,891</td><td>230,672</td></tr><tr><td>Guaranteed obligations</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><td>1,470</td><td>1,496</td></tr><tr><td>Total</td><td>171,312</td><td>185,936</td><td>185,606</td><td>185,670</td><td>186,403</td><td>201,059</td><td>208,585</td><td>209,764</td><td>209,331</td><td>210,088</td><td>212,244</td><td>230,361</td><td>232,168</td></tr><tr><td>Natured debt and debt bearing no interest</td><td>3,621</td><td>1,404</td><td>1,387</td><td>1,570</td><td>1,632</td><td>1,567</td><td>1,553</td><td>1,605</td><td>1,733</td><td>1,720</td><td>4,293</td><td>1,783</td><td>1,770</td></tr><tr><td>Total outstanding</td><td>174,933</td><td>187,339</td><td>186,993</td><td>187,241</td><td>188,035</td><td>202,626</td><td>210,138</td><td>211,369</td><td>211,064</td><td>211,807</td><td>216,537</td><td>232,144</td><td>233,938</td></tr><tr><td colspan="14">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>13,101</td><td>13,112</td><td>13,147</td><td>13,150</td><td>13,766</td><td>14,734</td><td>15,524</td><td>15,715</td><td>15,747</td><td>16,060</td><td>16,405</td><td>16,428</td><td>16,403</td></tr><tr><td>Certificates of indebtedness</td><td>22,843</td><td>25,680</td><td>25,680</td><td>25,306</td><td>25,266</td><td>28,822</td><td>30,035</td><td>30,001</td><td>29,573</td><td>29,546</td><td>29,545</td><td>30,401</td><td>30,401</td></tr><tr><td>Treasury notes</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><td>23,039</td><td>23,039</td></tr><tr><td>Treasury bonds</td><td>67,944</td><td>73,882</td><td>72,813</td><td>72,526</td><td>72,537</td><td>79,244</td><td>81,097</td><td>81,235</td><td>81,270</td><td>81,271</td><td>81,102</td><td>91,585</td><td>92,221</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>115,259</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><td>161,648</td><td>162,261</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>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><td>40,361</td><td>41,140</td></tr><tr><td>Treasury notes - tax and savings series</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>9,990</td><td>9,843</td><td>9,864</td></tr><tr><td>Adjusted service bonds</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><td>215</td><td>216</td></tr><tr><td>Depositary bonds</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><td>499</td><td>503</td></tr><tr><td>Total non-marketable issues</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><td>50,917</td><td>51,723</td></tr><tr><td>Total public issues</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><td>212,565</td><td>213,984</td></tr></table>
(Continued on following page)
March 1945
25
Detailed Statement of the Public Debt and Guaranteed Obligations
the United States Government - (Continued)
PART B - MONTHLY DATA-(Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="12">1944</th><th>1945</th></tr><tr><th></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><th>Dec. 31</th><th>Jan. 31</th></tr></table>
Public debt - (Continued)
<table><tr><td>Interest-bearing debt (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund......</td><td>18</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>20</td></tr><tr><td>Federal Deposit Insurance Corporation.....</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>98</td></tr><tr><td>Federal Old-Age and Survivors Insurance</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trust Fund.....................</td><td>4,525</td><td>4,525</td><td>4,669</td><td>4,669</td><td>4,766</td><td>4,754</td><td>4,754</td><td>5,034</td><td>5,034</td><td>5,034</td><td>5,029</td></tr><tr><td>Federal Savings and Loan Insurance Corpora-</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>tion.....................</td><td>16</td><td>11</td><td>24</td><td>25</td><td>25</td><td>27</td><td>27</td><td>29</td><td>29</td><td>30</td><td>32</td></tr><tr><td>Government Life Insurance Fund......</td><td>510</td><td>507</td><td>528</td><td>539</td><td>551</td><td>502</td><td>519</td><td>524</td><td>531</td><td>536</td><td>543</td></tr><tr><td>Government Retirement Funds.........</td><td>1,356</td><td>1,369</td><td>1,382</td><td>1,393</td><td>1,405</td><td>1,469</td><td>1,668</td><td>1,695</td><td>1,708</td><td>1,720</td><td>1,736</td></tr><tr><td>National Service Life Insurance Fund.....</td><td>793</td><td>838</td><td>922</td><td>988</td><td>1,071</td><td>1,213</td><td>1,323</td><td>1,440</td><td>1,540</td><td>1,608</td><td>1,804</td></tr><tr><td>Postal Savings System...............</td><td>185</td><td>165</td><td>200</td><td>253</td><td>295</td><td>264</td><td>319</td><td>372</td><td>446</td><td>501</td><td>402</td></tr><tr><td>Canal Zone, Postal Savings System......</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>333</td><td>322</td><td>311</td><td>334</td><td>323</td><td>319</td><td>513</td><td>502</td><td>491</td><td>513</td><td>490</td></tr><tr><td>Unemployment Trust Fund.............</td><td>5,056</td><td>5,311</td><td>5,356</td><td>5,384</td><td>5,604</td><td>5,610</td><td>5,653</td><td>5,951</td><td>5,985</td><td>6,008</td><td>6,169</td></tr><tr><td>Total special issues................</td><td>12,573</td><td>13,168</td><td>13,507</td><td>13,697</td><td>14,122</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>167,043</td><td>181,709</td><td>183,348</td><td>183,413</td><td>184,874</td><td>199,543</td><td>207,117</td><td>208,289</td><td>207,850</td><td>208,608</td><td>210,774</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>228,891</td></tr><tr><td>Prepayments on securities......</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>258</td><td>241</td><td>182</td><td>352</td><td>260</td><td>201</td><td>175</td><td>167</td><td>240</td><td>199</td><td>186</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>145</td></tr><tr><td>United States savings stamps......</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>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 reserve).....</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>191</td></tr><tr><td>Federal Reserve Bank notes......</td><td>762</td><td>758</td><td>752</td><td>746</td><td>740</td><td>732</td><td>726</td><td>721</td><td>714</td><td>706</td><td>694</td></tr><tr><td>Other debt bearing no interest.....</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest......</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>1,281</td><td>1,347</td><td>1,406</td><td>1,437</td><td>1,506</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1,553</td></tr><tr><td>Total public debt outstanding......</td><td>170,659</td><td>183,107</td><td>184,715</td><td>184,967</td><td>186,366</td><td>201,003</td><td>208,574</td><td>209,802</td><td>209,496</td><td>210,244</td><td>215,005</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>230,630</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>232,408</td></tr></table>
Guaranteed obligations 1/
<table><tr><th>Interest-bearing debt:</th><th>1913</th><th>1914</th><th>1915</th><th>1916</th><th>1917</th><th>1918</th><th>1919</th><th>1920</th><th>1921</th><th>1922</th><th>1923</th></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>930</td><td>930</td><td>159</td><td>138</td><td>-</td><td>24</td><td>24</td><td>25</td><td>25</td><td>26</td><td>26</td><td>28</td></tr><tr><td>Federal Housing Administration</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>24</td><td>24</td><td>25</td><td>25</td><td>26</td><td>26</td><td>30</td></tr><tr><td>Federal Public Housing Authority</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,533</td><td>1,533</td><td>937</td><td>931</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td></tr><tr><td>Reconstruction Finance Corporation</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><td>-</td></tr><tr><td>Total marketable issues</td><td>3,583</td><td>3,469</td><td>1,544</td><td>1,503</td><td>1,190</td><td>1,190</td><td>1,191</td><td>1,191</td><td>1,192</td><td>1,193</td><td>1,193</td><td>1,194</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 2/</td><td>191</td><td>188</td><td>175</td><td>168</td><td>163</td><td>150</td><td>277</td><td>284</td><td>289</td><td>287</td><td>277</td><td>275</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>495</td><td>570</td><td>539</td><td>586</td><td>176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</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><td>275</td></tr><tr><td>Total interest-bearing debt</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><td>1,470</td></tr><tr><td>Matured debt on which interest has ceased</td><td>6</td><td>6</td><td>20</td><td>16</td><td>140</td><td>107</td><td>97</td><td>92</td><td>88</td><td>83</td><td>63</td><td>34</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>1,514</td></tr><tr><td>Notes:</td><td>(1)</td><td>(2)</td><td>(3)</td><td>(4)</td><td>(5)</td><td>(6)</td><td>(7)</td><td>(8)</td><td>(9)</td><td>(10)</td><td>(11)</td><td>(12)</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Demand obligations.
3/ Consists of Reconstruction Finance Corporation notes, Series I-A, I-B, and I-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
March 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>1935</td><td>3,655</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,655</td><td>-</td></tr><tr><td>1936</td><td>4,030</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,030</td><td>-</td></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>-</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>1944-January</td><td>8,045</td><td>900</td><td>-</td><td>283</td><td>-</td><td>6,806</td><td>57</td></tr><tr><td>February</td><td>8,292</td><td>900</td><td>-</td><td>398</td><td>-</td><td>6,937</td><td>57</td></tr><tr><td>March</td><td>10,325</td><td>900</td><td>676</td><td>398</td><td>597</td><td>7,697</td><td>57</td></tr><tr><td>April</td><td>10,403</td><td>900</td><td>697</td><td>398</td><td>603</td><td>7,749</td><td>57</td></tr><tr><td>May</td><td>10,626</td><td>900</td><td>371</td><td>398</td><td>607</td><td>8,294</td><td>57</td></tr><tr><td>June</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>July</td><td>10,993</td><td>900</td><td>359</td><td>398</td><td>549</td><td>8,730</td><td>57</td></tr><tr><td>August</td><td>11,312</td><td>1,000</td><td>345</td><td>398</td><td>518</td><td>8,994</td><td>57</td></tr><tr><td>September</td><td>11,181</td><td>863</td><td>286</td><td>398</td><td>493</td><td>9,084</td><td>57</td></tr><tr><td>October</td><td>11,312</td><td>1,035</td><td>276</td><td>398</td><td>468</td><td>9,078</td><td>57</td></tr><tr><td>November</td><td>11,460</td><td>1,099</td><td>266</td><td>393</td><td>439</td><td>9,201</td><td>57</td></tr><tr><td>December</td><td>11,494</td><td>1,155</td><td>258</td><td>398</td><td>420</td><td>9,206</td><td>57</td></tr><tr><td>1945-January</td><td>11,504</td><td>1,173</td><td>250</td><td>398</td><td>387</td><td>9,239</td><td>57</td></tr></table>
Source: Daily Treasury Statement. Less than $500,000.
1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th rowspan="2">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>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td>1935</td><td>31,768</td><td>863</td><td>2.716</td><td>27,645</td><td>751</td><td>2.715</td><td>4,123</td><td>112</td><td>2.720</td></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,360</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</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>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>183,413</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>201,059</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><tr><td>December</td><td>230,361</td><td>4,413</td><td>1.916</td><td>228,891</td><td>4,393</td><td>1.919</td><td>1,470</td><td>20</td><td>1.367</td></tr><tr><td>1945-January</td><td>232,168</td><td>4,457</td><td>1.920</td><td>230,672</td><td>4,437</td><td>1.924</td><td>1,496</td><td>20</td><td>1.369</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%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States 1/ As of January 31, 1945
(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>Tax status 3/</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>1945-Feb.</td><td>Treas. bill. 7/8% Certificate, 2/1/45.....(2/1/44) 1-1/8% CCC note, 2/15/45.....(7/21/41)</td><td>taxable taxable</td><td>5,239 5,048 412</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>Treas. bills. .90% Treas. note, 3/1/45.....(2/1/44) 3/4% Treas. note, 3/15/45.....(3/15/40) 1-1/4% Treas. note, 3/15/45.....(9/25/42)</td><td>taxable taxable wholly taxable</td><td>6,035 2,127 718 1,606</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>Treas. bills. 7/8% Certificate, 4/1/45.....(4/1/44)</td><td>taxable</td><td>5,129 4,877</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>7/8% Certificate, 5/1/45.....(5/1/44)</td><td>taxable</td><td>1,615</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/2% EOLC bond, 6/1/45-47.....(6/1/39) 7/8% Certificate, 6/1/45.....(6/26/44)</td><td>partially taxable</td><td>4,770 755</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificate, 8/1/45.....(8/1/44)</td><td>taxable</td><td>2,511</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>7/8% Certificate, 9/1/45.....(9/1/44) 2-3/4% Treas. bond, 9/15/45-47.....(9/16/35)</td><td>taxable partially</td><td>3,694 1,214</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>7/8% Certificate, 10/1/45.....(10/1/44)</td><td>taxable</td><td>3,492</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treas. bond, 12/15/45.....(12/15/37) 3/4% Treas. note, 12/15/45.....(12/18/40) 7/8% Certificate, 12/1/45.....(12/1/44)</td><td>partially taxable taxable</td><td>541 531 4,395</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>52,739</td><td>1,969</td><td></td><td>54,708</td><td>52,739</td></tr><tr><td>1946-Jan.</td><td>3% Conversion bond, 1/1/46.....(1/1/16) .90% Treas. note, 1/1/46.....(12/1/44)</td><td>wholly taxable</td><td>16 3,416</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1% Treas. note, 3/15/46.....(11/1/41) 3-3/4% Treas. bond, 3/15/46-56.....(3/15/26)</td><td>taxable partially</td><td>1,291 489</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treas. bond, 6/15/46-48.....(6/15/34) 3-1/8% Treas. bond, 6/15/46-49.....(6/15/31)</td><td>partially partially</td><td></td><td>1,036 819</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Treas. note, 12/15/46.....(6/5/42)</td><td>taxable</td><td>3,261</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>7,983</td><td>2,344</td><td></td><td>10,327</td><td>7,983</td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond, 1/1/47.....(1/1/17) 1-1/4% Treas. note, 3/15/47.....(6/26/44)</td><td>wholly taxable</td><td>13 1,948</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/2% EOLC bond, 6/1/45-47.....(6/1/39)</td><td>partially</td><td>755</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treas. bond, 9/15/47.....(7/12/43) 1-1/4% Treas. note, 9/15/47.....(12/1/44)</td><td>partially taxable</td><td>2,707 1,687</td><td></td><td>1,214</td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treas. bond, 10/15/47-52.....(10/16/22)</td><td>partially</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/47.....(12/15/38)</td><td>partially</td><td>701</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>7,056</td><td>759</td><td>1,969</td><td>7,815</td><td>9,026</td></tr><tr><td>1948-Mar.</td><td>2% Treas. bond, 3/15/48-50.....(3/15/41) 2-3/4% Treas. bond, 3/15/48-51.....(3/16/36)</td><td>taxable partially</td><td></td><td>1,115 1,223</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treas. bond, 6/15/46-48.....(6/15/34) 1-3/4% Treas. bond, 6/15/48.....(12/1/42)</td><td>partially taxable</td><td>3,062</td><td></td><td>1,036</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treas. bond, 9/15/48.....(3/15/38) 1-1/2% Treas. note, 9/15/48.....(3/15/44)</td><td>partially taxable</td><td>451 3,748</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/48-50.....(12/8/39)</td><td>partially</td><td></td><td>571</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% Treas. bond, 6/15/46-49.....(6/15/31) 2% Treas. bond, 6/15/49-51.....(1/15/42)</td><td>partially taxable</td><td></td><td>1,014 819</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Treas. bond, 9/15/49-51.....(5/15/42)</td><td>taxable</td><td>1,292</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/8% Treas. bond, 12/15/49-52.....(12/15/34) 2-1/2% Treas. bond, 12/15/49-53.....(12/15/36) 2% Treas. bond, 12/15/49-51.....(7/15/42)</td><td>partially partially taxable</td><td></td><td>491 1,786 2,098</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>2% Treas. bond, 3/15/48-50.....(3/15/41) 2% Treas. bond, 3/15/50-52.....(10/19/42)</td><td>taxable taxable</td><td></td><td>1,963 1,115</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treas. bond, 9/15/50-52.....(9/15/38) 2% Treas. bond, 9/15/50-52.....(4/15/43)</td><td>partially taxable</td><td>1,186 4,939</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/48-50.....(12/8/39)</td><td>partially</td><td></td><td>571</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>8,088</td><td>1,687</td><td></td><td>8,088</td><td>1,687</td></tr></table>
(Continued on following page)
March 1945
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of January 31, 1945 - (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>Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1951-Mar....</td><td>2-3/4% Treas. bond, 3/15/48-51....(3/16/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,223</td><td></td><td></td></tr><tr><td>June....</td><td>2% Treas. bond, 6/15/49-51....(1/15/42)</td><td>taxable</td><td>.....</td><td>1,627</td><td>1,014</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-3/4% Treas. bond, 9/15/51-54....(6/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,292</td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treas. bond, 9/15/51-53....(9/15/43)</td><td>taxable</td><td>.....</td><td>7,986</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>3% Treas. bond, 9/15/51-55....(9/15/31)</td><td>partially</td><td>.....</td><td>755</td><td>.....</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treas. bond, 12/15/51-53....(12/22/39)</td><td>partially</td><td>.....</td><td>1,118</td><td>.....</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treas. bond, 12/15/51-55....(12/15/41)</td><td>taxable</td><td>.....</td><td>510</td><td>.....</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treas. bond, 12/15/49-51....(7/15/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>2,098</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>11,996</td><td>5,628</td><td>11,996</td><td>5,628</td></tr><tr><td>1952-Mar....</td><td>2-1/2% Treas. bond, 3/15/52-54....(3/31/41)</td><td>taxable</td><td>.....</td><td>1,024</td><td>.....</td><td></td><td></td></tr><tr><td>June....</td><td>2% Treas. bond, 3/15/50-52....(10/19/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,963</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/52-54....(2/25/42)</td><td>taxable</td><td>.....</td><td>1,501</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/2% Treas. bond, 9/15/50-52....(9/15/38)</td><td>partially</td><td>.....</td><td>5,825</td><td>1,186</td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treas. bond, 9/15/50-52....(6/26/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>4,939</td><td></td><td></td></tr><tr><td>Oct....</td><td>4-1/4% Treas. bond, 10/15/47-52....(10/16/22)</td><td>partially</td><td>.....</td><td>.....</td><td>759</td><td></td><td></td></tr><tr><td>Dec....</td><td>3-1/8% Treas. bond, 12/15/49-52....(12/15/34)</td><td>partially</td><td>.....</td><td>8,514</td><td>491</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treas. bond, 12/15/52-54....(12/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>16,864</td><td>9,338</td><td>16,864</td><td>9,338</td></tr><tr><td>1953-June....</td><td>2% Treas. bond, 6/15/53-55....(10/7/40)</td><td>partially</td><td>.....</td><td>725</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treas. bond, 9/15/51-53....(9/15/43)</td><td>taxable</td><td>.....</td><td>.....</td><td>7,986</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/2% Treas. bond, 12/15/49-53....(12/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,786</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treas. bond, 12/15/51-53....(12/22/39)</td><td>partially</td><td>.....</td><td>.....</td><td>1,118</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>725</td><td>10,890</td><td>725</td><td>10,890</td></tr><tr><td>1954-Mar....</td><td>2-1/2% Treas. bond, 3/15/52-54....(3/31/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,024</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4% Treas. bond, 6/15/51-54....(6/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,627</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/54-56....(7/22/40)</td><td>partially</td><td>.....</td><td>681</td><td>.....</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treas. bond, 12/15/52-54....(12/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>5,825</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treas. bond, 12/15/52-54....(12/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>8,514</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>681</td><td>16,990</td><td>681</td><td>16,990</td></tr><tr><td>1955-Mar....</td><td>2-7/8% Treas. bond, 3/15/55-60....(3/15/35)</td><td>partially</td><td>.....</td><td>2,611</td><td>.....</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/52-55....(2/25/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,501</td><td></td><td></td></tr><tr><td>Sept....</td><td>2% Treas. bond, 6/15/53-55....(10/7/40)</td><td>partially</td><td>.....</td><td>.....</td><td>725</td><td></td><td></td></tr><tr><td>Dec....</td><td>3% Treas. bond, 9/15/51-55....(9/15/31)</td><td>partially</td><td>.....</td><td>.....</td><td>510</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treas. bond, 12/15/51-55....(12/15/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>2,611</td><td>3,491</td><td>2,611</td><td>3,491</td></tr><tr><td>1956-Mar....</td><td>3-1/4% Treas. bond, 3/15/46-56....(3/15/26)</td><td>partially</td><td>.....</td><td>.....</td><td>489</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/2% Treas. bond, 3/15/56-58....(6/2/41)</td><td>taxable</td><td>.....</td><td>1,449</td><td>.....</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/54-56....(7/22/40)</td><td>partially</td><td>.....</td><td>.....</td><td>681</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-3/4% Treas. bond, 9/15/56-59....(9/15/36)</td><td>partially</td><td>.....</td><td>982</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/4% Treas. bond, 9/15/56-59....(2/1/44)</td><td>taxable</td><td>.....</td><td>3,823</td><td>.....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>6,253</td><td>1,170</td><td>6,253</td><td>1,170</td></tr><tr><td>1957</td><td></td><td></td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1958-Mar....</td><td>2-1/2% Treas. bond, 3/15/56-58....(6/2/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,449</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4% Treas. bond, 6/15/58-63....(6/15/38)</td><td>partially</td><td>.....</td><td>919</td><td>.....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-Sept....</td><td>2-1/4% Treas. bond, 9/15/56-59....(9/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>982</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/4% Treas. bond, 9/15/56-59....(2/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>3,823</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>.....</td><td>4,804</td><td>.....</td><td>4,804</td></tr></table>
(Continued on following page)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States
As of January 31, 1945 - (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>Tax status 3/</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>1960-Mar.... Dec....</td><td>2-7/8% Treas. bond, 3/15/55-60.....(3/15/35) 2-3/4% Treas. bond, 12/15/60-65....(12/15/38) Total....................</td><td>partially partially</td><td>.....</td><td>1,485</td><td>2,611</td><td>1,485</td><td>2,611</td></tr><tr><td>1961-June...</td><td>3% Panama Canal bond, 6/1/61.........(6/1/11)</td><td>wholly</td><td>50</td><td>.....</td><td>.....</td><td>50</td><td>50</td></tr><tr><td>1962-June...</td><td>2-1/2% Treas. bond, 6/15/62-67.....(5/5/42)</td><td>taxable</td><td>.....</td><td>2,118</td><td>.....</td><td>2,118</td><td>.....</td></tr><tr><td>1963-June.... Dec....</td><td>2-3/4% Treas. bond, 6/15/58-63.....(6/15/38) 2-1/2% Treas. bond, 12/15/63-68.....(12/1/42) Total....................</td><td>partially taxable</td><td>.....</td><td>2,831</td><td>919</td><td>2,831</td><td>919</td></tr><tr><td>1964-June.... Dec....</td><td>2-1/2% Treas. bond, 6/15/64-69.....(4/15/43) 2-1/2% Treas. bond, 12/15/64-69.....(9/15/43) Total....................</td><td>taxable taxable</td><td>.....</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% Treas. bond, 12/15/60-65.....(12/15/38) 2-1/2% Treas. bond, 3/15/65-70.....(2/1/44) Total....................</td><td>partially taxable</td><td>.....</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% Treas. bond, 3/15/66-71.....(12/1/44)</td><td>taxable</td><td>.....</td><td>3,474</td><td>.....</td><td>3,474</td><td>.....</td></tr><tr><td>1967-June.... Sept....</td><td>2-1/2% Treas. bond, 6/15/62-67.....(5/5/42) 2-1/2% Treas. bond, 9/15/67-72.....(10/20/41) Total....................</td><td>taxable taxable</td><td>.....</td><td>2,716</td><td>2,118</td><td>2,716</td><td>2,118</td></tr><tr><td>1968-Dec....</td><td>2-1/2% Treas. bond, 12/15/63-68.....(12/1/42)</td><td>taxable</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% Treas. bond, 6/15/64-69.....(4/15/43) 2-1/2% Treas. bond, 12/15/64-69.....(9/15/43) Total....................</td><td>taxable taxable</td><td>.....</td><td>.....</td><td>3,761 3,838</td><td>.....</td><td>7,600</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treas. bond, 3/15/65-70.....(2/1/44)</td><td>taxable</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% Treas. bond, 3/15/66-71.....(12/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>3,474</td><td>.....</td><td>3,474</td></tr><tr><td>1972-Sept....</td><td>2-1/2% Treas. bond, 9/15/67-72.....(10/20/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>2,716</td><td>.....</td><td>2,716</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury. 1/ Excludes postal savings bonds, Federal Housing Administration debentures, and guaranteed securities held by the Treasury. 2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final 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 Commodity Credit Corporation.
3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
March 1945
31
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th>Earliest date on which commercial banks may own restricted issues 2/</th><th>Amount of cash subscription tendered 3/</th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td>3/12/43</td><td>4/12/43</td><td>Second War Loan securities: 2-1/2% Treas. bond- 6/15/64-69......(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 a (7 yr,5 a) 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) 2-1/2% Treas. note - 9/15/47......(7/12/43) 7/8% Certificate - 8/1/44......(6/2/43)</td><td>1 yr 4 yr,2 m 1 yr</td><td></td><td>19,544 5,484</td><td>1,655 2,707 2,545</td><td>1,655 2,707 989</td><td>1,655 1,556</td></tr><tr><td>8/16/43</td><td>9/9/43</td><td>Third War Loan securities: 2-1/2% Treas. bond-12/15/64-69......(9/15/43) 2% Treas. bond- 9/15/51-53......(9/15/43) 7/8% Certificate- 9/1/44......(9/15/43)</td><td>26 yr,3 m (21 yr,3 a) 10 yr (5 yr) 1 yr</td><td>9/15/53</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td></td></tr><tr><td>10/6/43 8/16/43 10/6/43 11/22/43</td><td>10/6/43 10/6/43 10/6/43 11/22/43</td><td>7/8% Certificate - 10/1/44......(10/15/43) 2-1/2% Treas. bond - 12/15/64-69 1/2......(9/15/43) 2% Treas. bond - 9/15/51-53 1/2......(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</td><td>3,519 2,729 3,540</td><td>1,580 1,627</td><td>1,939 59 1,102 3,540</td></tr><tr><td>11/22/43</td><td>1/18/44</td><td>Fourth War Loan securities: 2-1/2% Treas. bond- 3/15/65-70......(2/1/44) 2-1/4% Treas. bond- 9/15/56-59......(2/1/44) 7/8% Certificate- 2/1/45......(2/1/44)</td><td>26 yr,1 m (21 yr,1 m) 15 yr,7 a (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 1/2......(2/1/44) 2-1/4% Treas. bond - 9/15/56-59 1/2......(2/1/44) 1-1/2% Treas. note - 9/15/48......(3/15/44) 7/8% Certificate - 4/1/45......(4/1/44) 7/8% Certificate - 5/1/45......(5/1/44)</td><td>1 yr,1 m 26 yr,6 m (21 yr) 5/ 15 yr,6 m (12 yr,6 m) 8/ 4 yr,6 m 1 yr</td><td>2/1/54 9/15/46</td><td>2,127 77 95 3,748 4,877 1,615</td><td>2,127 77 95 3,748 4,877 1,615</td><td></td><td>2,127 77 95 3,748 4,877 1,615</td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>Fifth War Loan securities: 2-1/2% Treas. bond- 3/15/65-70 1/2......(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) 9/ 10 yr (8 yr) 2 yr,9 m 11 m</td><td>2/1/54</td><td>2,909 5,825 1,948 4,770</td><td>2,909 5,825 1,948 4,770</td><td>2,909 5,825 1,948 4,770</td><td></td></tr><tr><td>7/20/44 8/24/44 8/24/44 9/20/44</td><td>7/20/44 8/24/44 8/24/44 9/25/44</td><td>7/8% Certificate - 5/1/45......(8/1/44) 7/8% Certificate - 9/1/45......(9/1/44) 1% Treas. note - 3/15/46 1/2......(11/1/41) 7/8% Certificate - 10/1/45......(10/1/44)</td><td>1 yr 1 yr 1 yr,6 m 10/ 1 yr</td><td></td><td>2,511 3,694 788 3,492</td><td>2,511 3,694 788 3,492</td><td></td><td>2,511 3,694 788 3,492</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>Sixth War Loan securities: 2-1/2% Treas. bond- 3/15/66-71......(12/1/44) 2% Treas. bond-12/15/52-54......(12/1/44) 1-1/4% Treas. note - 9/15/47......(12/1/44) 7/8% Certificate- 12/1/45......(12/1/44)</td><td>26 yr,3 m (21 yr,3 a) 10 yr (8 yr) 2 yr,9 m 1 yr</td><td>12/1/54</td><td>3,447p 7,922p 1,550p 4,405p</td><td>3,447p 7,922p 1,550p 4,405p</td><td>3,447p 7,922p 1,550p 4,405p</td><td></td></tr><tr><td>11/17/44 11/17/44 11/17/44 11/17/44 1/22/45 2/19/45</td><td>11/20/44 11/20/44 11/20/44 11/20/44 1/22/45 2/19/45</td><td>.90% Treas. note - 1/1/46......(12/1/44) 2-1/2% Treas. bond - 3/15/66-71 1/2......(12/1/44) 2% Treas. bond - 12/15/52-54 1/2......(12/1/44) 1-1/4% Treas. note - 9/15/47 1/2......(12/1/44) 7/8% Certificate - 2/1/46......(2/1/45) 7/8% Certificate - 3/1/46......(3/1/45)</td><td>1 yr,1 m 26 yr,3 a (21 yr,3 a) 12/ 10 yr (5 yr) 12/ 2 yr,9 m 12/ 1 yr</td><td>12/1/54</td><td>3,416 33 737 137 5,043p 13/</td><td>3,416 33 737 137 5,043p 13/</td><td></td><td>3,416 33 737 137 5,043p 13/</td></tr></table>
Back Figures: For period December 1941 through February 1943, see "Treasury Bulletin" for November 1944, page 32. Preliminary. 1/ Is the case of the reopening or a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening. 2/ Restricted issues are those which commercial banks (defined for this purpose as banks which accept demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the Fourth, Fifth and Sixth War Loans, commercial banks were permitted to subscribe to the restricted issues offered in the War Loan for limited investment of their savings deposits; (2) commercial banks may temporarily acquire restricted issues through foreclosure when such issues have been used as collateral. 3/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds.
4/ Reopening of previously offered security.
5/ Interest commenced on October 15, 1943.
5/ Announcement of exchange offering was included in announcement of Third War Loan, August 16, 1943.
7/ Figures on amount of War Loan securities issued consist of 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.
8/ Interest commenced on March 15, 1944.
9/ Interest commenced on June 26, 1944.
10/ Interest commenced on September 15, 1944.
11/ This is the same security that was offered in the Sixth War Loan.
12/ Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
13/ Amounts not yet available.
Treasury Bulletin
32
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>3/15/43</td><td>3/4%</td><td>Treas. note - 3/15/43.........(3/15/41)</td><td>66</td><td>66</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>5/1/43</td><td>65% 3/4%</td><td>Certificate - 5/1/43.........(9/21/42) CCC note - 5/1/43.........(8/1/40)</td><td>1,506 289</td><td>132 8</td><td>1,373 282</td><td>91 97</td><td>7/8% Certificate - 5/1/44</td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 5/1/43...</td><td>1,795</td><td>140</td><td>1,655</td><td>92</td><td></td></tr><tr><td>6/15/43 6/15/43 7/15/43</td><td>3-3/8% 1-1/8% 1-1/8%</td><td>Treas. bond - 6/15/43-47.........(6/15/27) Treas. note - 6/15/43.........(6/15/38) RPC note - 7/15/43.........(4/17/41)</td><td>454 629 324</td><td>454 629 324</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>8/2/43 9/15/43</td><td>7/8% 1%</td><td>Certificate - 8/1/43.........(8/15/42) Treas. note - 9/15/43.........(6/15/40)</td><td>1,609 279</td><td>53 279</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%</td><td>Treas. bond - 10/15/43-45.........(10/15/33)</td><td>1,401</td><td>239</td><td>1,161</td><td>83</td><td>2-1/2% Treas. bond - 12/15/64-69 2% Treas. bond - 9/15/51-53</td></tr><tr><td>10/15/43 12/1/43 12/15/43</td><td>7/8% 7/8% 1-1/8%</td><td>Certificate - 11/1/43.........(11/2/42) Certificate - 12/1/43.........(12/1/42) Treas. note - 12/15/43.........(12/15/38)</td><td>2,035 3,800 421</td><td>96 260 421</td><td>1,939 3,540</td><td>95 93</td><td>7/8% Certificate - 10/1/44 7/8% Certificate - 12/1/44</td></tr><tr><td>2/1/44 2/1/44</td><td>1-3/8% 7/8%</td><td>FPHA note - 2/1/44.........(2/1/39) Certificate - 2/1/44.........(2/1/43)</td><td>114 2,211</td><td>114 84</td><td>2,127</td><td>96</td><td>.90% Treas. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% 3% 1% 3-1/4% 3/4%</td><td>FPHC bond - 3/15/44-64.........(3/15/34) FPNC bond - 5/15/44-49.........(5/15/34) RPC note - 4/15/44.........(7/13/41) HOLO bond - 5/1/44-52.........(5/1/34) Treas. bond - 4/15/44-46.........(4/16/34) Treas. note - 3/15/44.........(11/1/39) Treas. note - 6/15/44.........(6/15/39)</td><td>95 835 571 779 1,519 515 416</td><td>19 130 12 175 296 32 146</td><td>76 705 559 604 1,223 483 270</td><td>80 84 98 78 81 94 65</td><td>2-1/4% Treas. bond - 9/15/56-59 2-1/2% Treas. bond - 3/15/65-70 1-1/2% Treas. note - 9/15/48</td></tr><tr><td></td><td></td><td>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 5/1/44 8/1/44 9/1/44</td><td>7/8% 7/8% 7/8% 7/8%</td><td>Certificate - 4/1/44.........(4/15/43) Certificate - 5/1/44.........(5/1/43) Certificate - 8/1/44.........(8/2/43) Certificate - 9/1/44.........(9/15/43)</td><td>5,251 1,655 2,545 4,122</td><td>374 40 34 428</td><td>4,877 1,615 2,511 3,694</td><td>93 98 99 90</td><td>7/8% Certificate - 4/1/45 7/8% Certificate - 5/1/45 7/8% Certificate - 8/1/45 7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% 1%</td><td>Treas. note - 9/15/44.........(1/31/41) Treas. note - 9/15/44.........(12/22/39)</td><td>635 283</td><td>33 98</td><td>602 185</td><td>95 66</td><td>1% Treas. note - 3/15/46</td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 9/15/44...</td><td>918</td><td>130</td><td>788</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% 7/8%</td><td>Certificate - 10/1/44.........(10/15/43) Certificate - 12/1/44.........(12/1/43)</td><td>3,519 3,540</td><td>27 124</td><td>3,492 3,416</td><td>99 96</td><td>7/8% Certificate - 10/1/45 .90% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4%</td><td>Treas. bond - 12/15/44-54.........(12/15/24)</td><td>1,037</td><td>129</td><td>908</td><td>88</td><td>1-1/4% Treas. note - 9/15/47 2% Treas. bond - 12/15/52-54 2-1/2% Treas. bond - 3/15/66-712/44</td></tr><tr><td>2/1/45</td><td>7/8% 1-1/8% CCC note - 2/1/45.........(2/1/44) CCC note - 2/15/45.........(7/21/41)</td><td></td><td>5,048 412</td><td>400 17</td><td>4,649 395</td><td>92 96</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 2/1/45...</td><td>5,460</td><td>416</td><td>5,043</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90% 3/4% 1-1/4%</td><td>Treas. note - 3/1/45.........(2/1/44) Treas. note - 3/15/45.........(3/15/40) Treas. note - 3/15/45.........(9/25/42)</td><td>2,127 718 1,600</td><td>3/3/3/3/</td><td>3/3/3/3/</td><td>3/3/3/</td><td>7/8% Certificate - 3/1/46</td></tr></table>
Back Figures: For period December 1941 through February 1943 see "Treasury Bulletin" for November 1944, page 33.
l/ Original call and maturity dates are used.
2/ Not available to commercial banks.
3/ Amounts not yet available.
March 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 rowspan="2">Date of issue</th><th colspan="3">Description of new issue</th><th colspan="3">Amount of bids accepted</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount on competitive base</th><th>Amount on fixed-price base 1/</th></tr><tr><td>1944-Jan. 6</td><td>1944-Apr. 6</td><td>91</td><td>2,255.5</td><td>1,014.8</td><td>966.7</td><td>48.1</td><td>1,006.9</td><td>13,050.1</td></tr><tr><td>Jan. 13</td><td>Apr. 13</td><td>91</td><td>2,173.7</td><td>1,000.2</td><td>942.8</td><td>57.4</td><td>1,004.7</td><td>13,075.6</td></tr><tr><td>Jan. 20</td><td>Apr. 20</td><td>91</td><td>2,273.5</td><td>1,017.2</td><td>957.7</td><td>59.5</td><td>1,000.8</td><td>13,092.0</td></tr><tr><td>Jan. 27</td><td>Apr. 27</td><td>91</td><td>2,231.5</td><td>1,016.9</td><td>950.0</td><td>66.9</td><td>1,008.1</td><td>13,100.9</td></tr><tr><td>Feb. 3</td><td>May 4</td><td>91</td><td>2,459.2</td><td>1,002.3</td><td>930.7</td><td>71.6</td><td>1,002.6</td><td>13,100.5</td></tr><tr><td>Feb. 10</td><td>May 11</td><td>91</td><td>2,551.6</td><td>1,005.7</td><td>927.8</td><td>77.8</td><td>1,004.7</td><td>13,101.5</td></tr><tr><td>Feb. 17</td><td>May 18</td><td>91</td><td>2,314.9</td><td>1,012.7</td><td>941.3</td><td>71.4</td><td>1,001.3</td><td>13,113.0</td></tr><tr><td>Feb. 24</td><td>May 25</td><td>91</td><td>1,979.2</td><td>1,007.7</td><td>932.5</td><td>75.2</td><td>1,008.7</td><td>13,112.0</td></tr><tr><td>Mar. 2</td><td>June 1</td><td>91</td><td>2,151.5</td><td>1,007.4</td><td>936.3</td><td>71.1</td><td>1,006.4</td><td>13,113.0</td></tr><tr><td>Mar. 9</td><td>June 8</td><td>91</td><td>2,450.7</td><td>1,035.5</td><td>969.5</td><td>65.0</td><td>1,011.4</td><td>13,137.1</td></tr><tr><td>Mar. 16</td><td>June 15</td><td>91</td><td>2,095.1</td><td>1,016.1</td><td>951.1</td><td>65.1</td><td>1,000.2</td><td>13,153.1</td></tr><tr><td>Mar. 23</td><td>June 22</td><td>91</td><td>2,113.7</td><td>1,001.1</td><td>937.1</td><td>63.9</td><td>1,005.5</td><td>13,148.6</td></tr><tr><td>Mar. 30</td><td>June 29</td><td>91</td><td>1,976.7</td><td>1,009.7</td><td>954.5</td><td>55.2</td><td>1,011.0</td><td>13,147.3</td></tr><tr><td>Apr. 6</td><td>July 6</td><td>91</td><td>1,997.8</td><td>1,007.7</td><td>960.7</td><td>47.0</td><td>1,014.8</td><td>13,140.1</td></tr><tr><td>Apr. 13</td><td>July 13</td><td>91</td><td>1,927.7</td><td>1,014.5</td><td>959.0</td><td>55.5</td><td>1,000.2</td><td>13,154.4</td></tr><tr><td>Apr. 20</td><td>July 20</td><td>91</td><td>2,028.4</td><td>1,013.4</td><td>959.5</td><td>54.0</td><td>1,017.2</td><td>13,150.7</td></tr><tr><td>Apr. 27</td><td>July 27</td><td>91</td><td>2,131.1</td><td>1,015.9</td><td>961.3</td><td>54.6</td><td>1,016.9</td><td>13,149.7</td></tr><tr><td>May 4</td><td>Aug. 3</td><td>91</td><td>2,149.7</td><td>1,017.1</td><td>966.6</td><td>50.5</td><td>1,002.3</td><td>13,164.5</td></tr><tr><td>May 11</td><td>Aug. 10</td><td>91</td><td>2,172.7</td><td>1,206.9</td><td>1,148.0</td><td>53.0</td><td>1,005.7</td><td>13,355.8</td></tr><tr><td>May 18</td><td>Aug. 17</td><td>91</td><td>2,170.2</td><td>1,206.3</td><td>1,147.0</td><td>59.3</td><td>1,012.7</td><td>13,559.3</td></tr><tr><td>May 25</td><td>Aug. 24</td><td>91</td><td>1,953.4</td><td>1,214.1</td><td>1,157.1</td><td>57.0</td><td>1,007.7</td><td>13,765.8</td></tr><tr><td>June 1</td><td>Aug. 31</td><td>91</td><td>1,887.1</td><td>1,215.3</td><td>1,164.6</td><td>50.7</td><td>1,007.4</td><td>13,973.7</td></tr><tr><td>June 8</td><td>Sept. 7</td><td>91</td><td>1,990.1</td><td>1,202.6</td><td>1,150.0</td><td>52.6</td><td>1,035.5</td><td>14,140.8</td></tr><tr><td>June 15</td><td>Sept. 14</td><td>91</td><td>2,193.9</td><td>1,201.0</td><td>1,148.7</td><td>52.3</td><td>1,016.1</td><td>14,325.7</td></tr><tr><td>June 22</td><td>Sept. 21</td><td>91</td><td>2,173.5</td><td>1,211.6</td><td>1,156.5</td><td>55.1</td><td>1,001.1</td><td>14,536.2</td></tr><tr><td>June 29</td><td>Sept. 28</td><td>91</td><td>2,308.9</td><td>1,207.8</td><td>1,154.9</td><td>52.9</td><td>1,009.7</td><td>14,734.1</td></tr><tr><td>July 6</td><td>Oct. 5</td><td>91</td><td>2,215.1</td><td>1,216.3</td><td>1,167.4</td><td>48.8</td><td>1,007.7</td><td>14,943.0</td></tr><tr><td>July 13</td><td>Oct. 13</td><td>92</td><td>2,042.3</td><td>1,203.8</td><td>1,149.4</td><td>54.4</td><td>1,014.5</td><td>15,132.3</td></tr><tr><td>July 20</td><td>Oct. 19</td><td>91</td><td>2,074.3</td><td>1,206.6</td><td>1,146.9</td><td>59.7</td><td>1,013.4</td><td>15,325.4</td></tr><tr><td>July 27</td><td>Oct. 26</td><td>91</td><td>2,177.4</td><td>1,214.4</td><td>1,158.2</td><td>56.2</td><td>1,015.9</td><td>15,523.9</td></tr><tr><td>Aug. 3</td><td>Nov. 2</td><td>91</td><td>2,010.4</td><td>1,214.1</td><td>1,156.6</td><td>57.5</td><td>1,017.1</td><td>15,730.9</td></tr><tr><td>Aug. 10</td><td>Nov. 9</td><td>91</td><td>2,001.1</td><td>1,210.9</td><td>1,150.3</td><td>60.6</td><td>1,206.9</td><td>15,724.9</td></tr><tr><td>Aug. 17</td><td>Nov. 16</td><td>91</td><td>2,033.4</td><td>1,205.8</td><td>1,143.7</td><td>62.0</td><td>1,206.3</td><td>15,724.3</td></tr><tr><td>Aug. 24</td><td>Nov. 24</td><td>92</td><td>1,851.6</td><td>1,209.9</td><td>1,148.1</td><td>61.9</td><td>1,214.1</td><td>15,720.1</td></tr><tr><td>Aug. 31</td><td>Nov. 30</td><td>91</td><td>1,831.6</td><td>1,210.2</td><td>1,153.2</td><td>57.0</td><td>1,215.3</td><td>15,715.0</td></tr><tr><td>Sept. 7</td><td>Dec. 7</td><td>91</td><td>1,762.1</td><td>1,206.9</td><td>1,161.9</td><td>45.0</td><td>1,202.6</td><td>15,719.2</td></tr><tr><td>Sept. 14</td><td>Dec. 14</td><td>91</td><td>2,005.4</td><td>1,214.8</td><td>1,151.3</td><td>63.5</td><td>1,201.0</td><td>15,733.1</td></tr><tr><td>Sept. 21</td><td>Dec. 21</td><td>91</td><td>2,088.3</td><td>1,215.5</td><td>1,152.5</td><td>63.1</td><td>1,211.6</td><td>15,737.0</td></tr><tr><td>Sept. 28</td><td>Dec. 28</td><td>91</td><td>2,244.5</td><td>1,218.2</td><td>1,161.5</td><td>56.7</td><td>1,207.8</td><td>15,747.4</td></tr><tr><td>Oct. 5</td><td>1945-Jan. 4</td><td>91</td><td>2,308.0</td><td>1,218.0</td><td>1,161.9</td><td>56.1</td><td>1,216.3</td><td>15,749.1</td></tr><tr><td>Oct. 13</td><td>Jan. 11</td><td>90</td><td>2,197.0</td><td>1,312.6</td><td>1,253.9</td><td>58.7</td><td>1,203.8</td><td>15,857.8</td></tr><tr><td>Oct. 19</td><td>Jan. 18</td><td>91</td><td>2,183.9</td><td>1,313.9</td><td>1,254.1</td><td>59.7</td><td>1,205.6</td><td>15,955.1</td></tr><tr><td>Oct. 26</td><td>Jan. 25</td><td>91</td><td>2,356.3</td><td>1,308.9</td><td>1,254.6</td><td>54.3</td><td>1,214.4</td><td>16,059.6</td></tr><tr><td>Nov. 2</td><td>Feb. 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>Nov. 9</td><td>Feb. 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>16,259.9</td></tr><tr><td>Nov. 16</td><td>Feb. 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>16,354.7</td></tr><tr><td>Nov. 24</td><td>Feb. 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>16,458.3</td></tr><tr><td>Nov. 30</td><td>Mar. 1</td><td>91</td><td>2,061.8</td><td>1,203.7</td><td>1,138.6</td><td>65.1 1/</td><td>1,210.2</td><td>16,404.5</td></tr><tr><td>Dec. 7</td><td>Mar. 8</td><td>91</td><td>1,974.8</td><td>1,204.9</td><td>1,137.8</td><td>67.1</td><td>1,206.9</td><td>16,449.8</td></tr><tr><td>Dec. 14</td><td>Mar. 15</td><td>91</td><td>1,534.4</td><td>1,207.0</td><td>1,135.0</td><td>72.0</td><td>1,214.8</td><td>16,442.0</td></tr><tr><td>Dec. 21</td><td>Mar. 22</td><td>91</td><td>2,040.8</td><td>1,217.2</td><td>1,151.0</td><td>66.2</td><td>1,215.5</td><td>16,445.7</td></tr><tr><td>Dec. 28</td><td>Mar. 29</td><td>91</td><td>1,868.2</td><td>1,202.3</td><td>1,152.8</td><td>49.4</td><td>1,218.2</td><td>16,427.6</td></tr><tr><td>1945-Jan. 4</td><td>Apr. 5</td><td>91</td><td>2,465.0</td><td>1,204.9</td><td>1,153.5</td><td>51.5</td><td>1,213.0</td><td>16,411.7</td></tr><tr><td>Jan. 11</td><td>Apr. 12</td><td>91</td><td>2,157.4</td><td>1,303.2</td><td>1,227.1</td><td>75.9</td><td>1,312.6</td><td>16,405.1</td></tr><tr><td>Jan. 18</td><td>Apr. 19</td><td>91</td><td>2,198.2</td><td>1,302.5</td><td>1,229.2</td><td>73.4</td><td>1,313.9</td><td>16,393.9</td></tr><tr><td>Jan. 25</td><td>Apr. 26</td><td>91</td><td>2,195.0</td><td>1,313.4</td><td>1,248.4</td><td>69.9</td><td>1,308.9</td><td>16,403.3</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issue and total bills outstanding are on Daily Treasury Statement basis. Back Figures: Annual Reports of the Secretary of the Treasury. 1/ Commencing with the offering of Treasury bills dated May 12, 1943.
tenders for bills in the amount of $100,000 or less from any one bidder were accepted to 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/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1944-Jan. 6</td><td>99.906</td><td>0.373</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 13</td><td>99.905</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 20</td><td>99.905</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 27</td><td>99.905</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 3</td><td>99.906</td><td>0.374</td><td>99.920</td><td>0.316</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 10</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 17</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 24</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 2</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 9</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 16</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 23</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 30</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 6</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 13</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 20</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 27</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 4</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 11</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 18</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 25</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>June 1</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>June 8</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 15</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>June 22</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>June 29</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>July 6</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>July 13</td><td>99.904</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>July 20</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>July 27</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 3</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 10</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 17</td><td>99.905</td><td>0.375</td><td>99.908 2/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 24</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 31</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 14</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 21</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 5</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 13</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr><tr><td>Oct. 19</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 26</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 2</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>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>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>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>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>Dec. 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 14</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 21</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 28</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>1945-Jan. 4</td><td>99.906</td><td>0.373</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 11</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 18</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>Jan. 25</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Bank discount basis. 2/ Except $10,000 at 99.925.
March 1945
35
Sales and Redemptions 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 1/</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>1/4/</td><td>1/4/</td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>1/4/</td><td>1/4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>-</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>1/4/</td><td>1/4/</td><td>7.2</td><td>35.2</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>1/4/</td><td>1/4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,856.1</td><td>+630.5</td><td>684.5</td><td>1/4/</td><td>1/4/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>1/4/</td><td>1/4/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>1,492.4</td><td>....</td><td>65.0</td><td>145.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,185.2</td><td>+5,874.2</td><td>5,994.1</td><td>5,994.1</td><td>....</td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1943</td><td>21,256.2</td><td>+11,068.0</td><td>11,788.7</td><td>11,788.7</td><td>....</td><td>127.6</td><td>848.3</td><td>841.3</td><td>7.0</td></tr><tr><td>1944</td><td>34,606.1</td><td>+13,350.0</td><td>15,497.7</td><td>15,139.5</td><td>358.1</td><td>223.2</td><td>2,370.9</td><td>2,357.6</td><td>13.1</td></tr><tr><td>1944-January</td><td>28,901.0</td><td>+1,538.2</td><td>1,698.4</td><td>1,505.4</td><td>193.0</td><td>27.7</td><td>187.8</td><td>186.7</td><td>1.1</td></tr><tr><td>February</td><td>31,515.2</td><td>+2,614.2</td><td>2,781.5</td><td>2,700.9</td><td>80.6</td><td>17.5</td><td>184.8</td><td>183.7</td><td>1.1</td></tr><tr><td>March</td><td>31,973.8</td><td>+458.6</td><td>709.1</td><td>705.0</td><td>4.1</td><td>17.6</td><td>268.1</td><td>266.8</td><td>1.3</td></tr><tr><td>April</td><td>32,496.8</td><td>+523.0</td><td>738.5</td><td>737.0</td><td>1.5</td><td>21.6</td><td>237.1</td><td>235.8</td><td>1.3</td></tr><tr><td>May</td><td>32,987.0</td><td>+490.2</td><td>750.6</td><td>748.4</td><td>2.2</td><td>18.5</td><td>278.9</td><td>277.2</td><td>1.6</td></tr><tr><td>June</td><td>34,606.1</td><td>+1,619.2</td><td>1,842.2</td><td>1,765.4</td><td>76.8</td><td>24.5</td><td>247.6</td><td>246.1</td><td>1.5</td></tr><tr><td>July</td><td>36,537.8</td><td>+1,931.6</td><td>2,125.1</td><td>2,089.0</td><td>36.1</td><td>33.5</td><td>226.9</td><td>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>276.9</td><td>1.8</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>281.2</td><td>1.7</td></tr><tr><td>October</td><td>37,644.7</td><td>+321.4</td><td>695.0</td><td>694.4</td><td>.6</td><td>26.9</td><td>400.6</td><td>5/</td><td>5/</td></tr><tr><td>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>December</td><td>40,360.8</td><td>+2,052.6</td><td>2,385.8</td><td>2,353.5</td><td>32.4</td><td>32.0</td><td>365.3</td><td>5/</td><td>5/</td></tr><tr><td>1945-January</td><td>41,140.3</td><td>+779.5</td><td>1,074.2</td><td>1,074.2</td><td>....</td><td>46.7</td><td>341.4</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series A-D 6/</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>1/4/</td><td>1/4/</td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>1/4/</td><td>1/4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>-</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>1/4/</td><td>1/4/</td><td>7.2</td><td>35.2</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>1/4/</td><td>1/4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,856.1</td><td>+630.5</td><td>684.5</td><td>1/4/</td><td>1/4/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>1/4/</td><td>1/4/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>3,650.2</td><td>+745.5</td><td>828.0</td><td>828.0</td><td>....</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>+6.8</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>1944-January</td><td>3,623.3</td><td>+6.9</td><td>.</td><td>.</td><td>....</td><td>13.8</td><td>6.8</td><td>6.2</td><td>.7</td></tr><tr><td>February</td><td>3,628.2</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>3,638.2</td><td>+1.6</td><td>.</td><td>.</td><td>....</td><td>8.1</td><td>6.6</td><td>5.8</td><td>.7</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>4.9</td><td>.6</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>December</td><td>3,638.0</td><td>+1.7</td><td>-</td><td>-</td><td>....</td><td>8.4</td><td>6.7</td><td>5/</td><td>5/</td></tr><tr><td>1945-January</td><td>3,645.0 1/</td><td>+7.0</td><td>-</td><td>-</td><td>....</td><td>14.9</td><td>8.0 1/</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series E 3/ 5/</td></tr><tr><td>1941</td><td>203.1</td><td>+203.1</td><td>203.1</td><td>203.1</td><td>....</td><td>-</td><td>.</td><td>.</td><td>-</td></tr><tr><td>1942</td><td>3,670.8</td><td>+3,467.7</td><td>3,526.3</td><td>3,526.3</td><td>....</td><td>1.5</td><td>60.0</td><td>60.0</td><td>-</td></tr><tr><td>1943</td><td>11,286.6</td><td>+7,615.8</td><td>8,271.3</td><td>8,271.3</td><td>....</td><td>33.1</td><td>688.6</td><td>688.0</td><td>.6</td></tr><tr><td>1944</td><td>21,128.8</td><td>+9,835.2</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>1944-January</td><td>16,891.0</td><td>+933.8</td><td>1,084.6</td><td>1,084.6</td><td>....</td><td>12.7</td><td>163.6</td><td>163.2</td><td>.4</td></tr><tr><td>February</td><td>18,841.7</td><td>+1,950.8</td><td>2,102.3</td><td>2,102.3</td><td>....</td><td>9.1</td><td>160.7</td><td>160.3</td><td>.4</td></tr><tr><td>March</td><td>19,185.6</td><td>+344.1</td><td>575.8</td><td>575.8</td><td>....</td><td>9.7</td><td>241.4</td><td>240.8</td><td>.6</td></tr><tr><td>April</td><td>19,592.8</td><td>+407.0</td><td>605.7</td><td>605.7</td><td>....</td><td>14.2</td><td>212.9</td><td>212.2</td><td>.6</td></tr><tr><td>May</td><td>19,979.5</td><td>+366.7</td><td>624.3</td><td>624.3</td><td>....</td><td>12.1</td><td>249.7</td><td>248.8</td><td>.8</td></tr><tr><td>June</td><td>21,124.8</td><td>+1,145.3</td><td>1,349.8</td><td>1,349.8</td><td>....</td><td>15.2</td><td>219.7</td><td>218.9</td><td>.8</td></tr><tr><td>July</td><td>22,632.3</td><td>+1,507.5</td><td>1,686.5</td><td>1,686.5</td><td>....</td><td>17.3</td><td>196.3</td><td>195.6</td><td>.8</td></tr><tr><td>August</td><td>22,858.9</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>253.7</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>1.7</td></tr><tr><td>December</td><td>25,514.5</td><td>+1,543.8</td><td>1,855.3</td><td>1,855.3</td><td>....</td><td>22.2</td><td>333.7</td><td>332.0</td><td>1.8</td></tr><tr><td>1945-January</td><td>26,041.9 1/</td><td>+527.4</td><td>803.8</td><td>803.8</td><td>....</td><td>29.4</td><td>305.9 1/</td><td>304.1</td><td>1.7</td></tr></table>
(Continued on following page)
Treasury Bulletin
36
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 1/</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Sales</th><th rowspan="2">Accrual of redemption values</th><th colspan="3">Redemptions</th></tr><tr><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr></table>
Series F 3/2/
<table><tr><td>1941</td><td>66.6</td><td>+66.6</td><td>66.7</td><td>66.7</td><td>....</td><td>-</td><td>*</td><td>*</td><td>-</td></tr><tr><td>1942</td><td>498.9</td><td>+432.3</td><td>434.9</td><td>434.9</td><td>....</td><td>.2</td><td>2.9</td><td>2.9</td><td>*</td></tr><tr><td>1943</td><td>1,242.3</td><td>+743.4</td><td>757.9</td><td>757.9</td><td>....</td><td>2.5</td><td>17.0</td><td>17.0</td><td>*</td></tr><tr><td>1944</td><td>1,995.7</td><td>+753.4</td><td>802.2</td><td>631.2</td><td>111.0</td><td>8.8</td><td>57.7</td><td>57.4</td><td>.3</td></tr><tr><td>1944-January</td><td>1,691.9</td><td>+123.2</td><td>125.8</td><td>68.7</td><td>58.1</td><td>1.1</td><td>4.8</td><td>4.7</td><td>*</td></tr><tr><td>February</td><td>1,843.7</td><td>+151.7</td><td>157.4</td><td>132.7</td><td>24.7</td><td>.6</td><td>6.3</td><td>6.3</td><td>*</td></tr><tr><td>March</td><td>1,860.6</td><td>+17.0</td><td>22.9</td><td>21.7</td><td>1.3</td><td>.7</td><td>6.6</td><td>6.6</td><td>*</td></tr><tr><td>April</td><td>1,875.8</td><td>+15.2</td><td>19.3</td><td>19.1</td><td>.2</td><td>.9</td><td>5.0</td><td>5.0</td><td>*</td></tr><tr><td>May</td><td>1,885.9</td><td>+10.0</td><td>15.3</td><td>14.6</td><td>.7</td><td>1.0</td><td>6.3</td><td>6.2</td><td>*</td></tr><tr><td>June</td><td>1,995.7</td><td>+109.8</td><td>115.1</td><td>89.1</td><td>26.0</td><td>1.1</td><td>6.4</td><td>6.4</td><td>*</td></tr><tr><td>July</td><td>2,091.2</td><td>+95.5</td><td>101.1</td><td>88.3</td><td>12.8</td><td>1.5</td><td>7.1</td><td>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>7.6</td><td>.1</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>6.3</td><td>*</td></tr><tr><td>October</td><td>2,121.5</td><td>+8.2</td><td>13.7</td><td>13.5</td><td>.1</td><td>1.4</td><td>6.8</td><td>5/</td><td>5/</td></tr><tr><td>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>December</td><td>2,277.6</td><td>+119.1</td><td>124.7</td><td>114.1</td><td>10.6</td><td>1.4</td><td>7.0</td><td>5/</td><td>5/</td></tr><tr><td>1945-January</td><td>2,314.6</td><td>+37.0</td><td>42.0</td><td>42.0</td><td>....</td><td>2.4</td><td>7.4</td><td>5/</td><td>5/</td></tr></table>
Series G 3/9/
<table><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>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>7,850.8</td><td>+362.1</td><td>377.3</td><td>326.5</td><td>50.7</td><td>....</td><td>15.1</td><td>15.1</td><td>....</td></tr><tr><td>July</td><td>8,181.6</td><td>+320.8</td><td>337.5</td><td>314.2</td><td>23.3</td><td>....</td><td>16.7</td><td>16.7</td><td>....</td></tr><tr><td>August</td><td>8,248.1</td><td>+66.5</td><td>85.3</td><td>83.7</td><td>1.6</td><td>....</td><td>18.8</td><td>18.8</td><td>....</td></tr><tr><td>September</td><td>8,317.0</td><td>+68.9</td><td>85.3</td><td>84.5</td><td>.8</td><td>....</td><td>16.4</td><td>16.4</td><td>....</td></tr><tr><td>October</td><td>8,384.2</td><td>+67.3</td><td>82.8</td><td>82.4</td><td>.4</td><td>....</td><td>15.5</td><td>15.5</td><td>....</td></tr><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><tr><td>December</td><td>8,930.6</td><td>+388.0</td><td>405.9</td><td>384.1</td><td>21.8</td><td>....</td><td>17.9</td><td>17.9</td><td>....</td></tr><tr><td>1945-January</td><td>9,138.8</td><td>+208.2</td><td>228.3</td><td>228.3</td><td>....</td><td>....</td><td>20.1</td><td>20.1</td><td>....</td></tr></table>
Source:
Revised.
Less than $50,000.
1/ At current redemption values except Series G, which is stated at par.
2/ Estimated, except for Series G.
3/ For details concerning investment yields and redemption values, see Treasury Bulletin for August 1943, page 4.
4/ Commercial bank purchases were permitted prior to April 1, 1940, and are estimated to have aggregated about $300 millions.
5/ Not yet available.
6/ Series A-D, sold between March 1935 and April 1941, are 10 year discount bonds sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases were limited to $7,500 issue price in any calendar year and from April 1, 1940, could be made only by individuals.
7/ There were $66.8 millions of Series A-D and E savings bonds redeemed through January 31, 1945 which had not been identified by series. For purposes of this table, it has been assumed that all of these were Series E bonds.
8/ Series B, on sale since May 1, 1941, is a 10 year discount bond sold at 75% of maturity value, yielding 2.90% per annum if held
to maturity; purchases are limited to $3,750 issue price in any calendar year and may be made only by individuals. Series F and G have been on sale since May 1, 1941. Series F is a 12 year discount bond sold at 74% of maturity value, yielding 2.53% per annum if held to maturity. Series G is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/2% per annum, redeemable at par on maturity or at stated prices less than par before maturity. Purchases of Series F and G combined in any one calendar year are limited to $100,000 issue price ($50,000 in calendar year 1941). During the calendar year 1944 commercial banks were permitted to purchase Series F and G bonds under certain conditions. Limitations on such purchases for the period January 1, 1944 through November 19, 1944, were described in the "Treasury Bulletin" for December 1944, page 36, footnote 9. The limitation on commercial bank purchases for the period November 20, 1944 through December 31, 1944 was $100,000 providing that total holdings of Series F and G bonds, 2% Treasury bonds of 1952-54, and 2-1/2% Treasury bonds of 1966-71 did not exceed 10% of the combined amount of time certificates of deposit of individuals and non-profit corporations or associations and of savings deposits, or $500,000, whichever was less.
March 1945
37
Sales and Redemptions 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="10">Sales in millions of dollars at issue price</th><th colspan="8">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr></table>
Series K
<table><tr><td>1941 2/</td><td>203.1</td><td>14.4</td><td>13.3</td><td>41.4</td><td>40.7</td><td>93.4</td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>20.0</td><td>46.0</td><td></td></tr><tr><td>1942</td><td>3,526.3</td><td>615.5</td><td>341.5</td><td>812.7</td><td>636.9</td><td>1,119.5</td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>18.1</td><td>31.7</td><td></td></tr><tr><td>1943</td><td>8,271.3</td><td>2,988.2</td><td>1,081.0</td><td>1,713.8</td><td>1,007.3</td><td>1,481.0</td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>12.2</td><td>17.9</td><td></td></tr><tr><td>1944</td><td>11,819.7</td><td>4,149.1</td><td>1,642.5</td><td>2,583.5</td><td>1,396.9</td><td>2,047.8</td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>11.8</td><td>17.3</td><td></td></tr><tr><td>1944-January</td><td>1,084.6</td><td>342.9</td><td>140.8</td><td>224.6</td><td>135.2</td><td>241.1</td><td>100.0</td><td>31.6</td><td>13.0</td><td>20.7</td><td>12.5</td><td>22.2</td><td></td></tr><tr><td>February</td><td>2,102.3</td><td>548.9</td><td>247.5</td><td>508.7</td><td>312.0</td><td>485.3</td><td>100.0</td><td>26.1</td><td>11.8</td><td>24.2</td><td>14.8</td><td>23.1</td><td></td></tr><tr><td>March</td><td>575.8</td><td>274.3</td><td>102.9</td><td>125.3</td><td>29.7</td><td>43.6</td><td>100.0</td><td>47.6</td><td>17.9</td><td>21.7</td><td>5.2</td><td>7.6</td><td></td></tr><tr><td>April</td><td>605.7</td><td>291.3</td><td>106.7</td><td>107.6</td><td>40.3</td><td>59.9</td><td>100.0</td><td>48.1</td><td>17.6</td><td>17.7</td><td>6.7</td><td>9.9</td><td></td></tr><tr><td>May</td><td>624.3</td><td>305.9</td><td>110.8</td><td>111.2</td><td>39.9</td><td>56.4</td><td>100.0</td><td>49.0</td><td>17.8</td><td>17.8</td><td>6.4</td><td>9.0</td><td></td></tr><tr><td>June</td><td>1,349.8</td><td>402.2</td><td>174.2</td><td>309.0</td><td>186.9</td><td>277.5</td><td>100.0</td><td>32.6</td><td>12.9</td><td>21.6</td><td>13.0</td><td>19.9</td><td></td></tr><tr><td>July</td><td>1,686.5</td><td>526.5</td><td>248.8</td><td>384.1</td><td>216.4</td><td>309.2</td><td>100.0</td><td>.1</td><td>31.2</td><td>22.8</td><td>12.8</td><td>18.3</td><td></td></tr><tr><td>August</td><td>499.4</td><td>221.8</td><td>89.8</td><td>95.9</td><td>35.6</td><td>51.7</td><td>100.0</td><td>.9</td><td>44.4</td><td>19.2</td><td>7.1</td><td>10.4</td><td></td></tr><tr><td>September</td><td>590.8</td><td>277.1</td><td>106.3</td><td>107.6</td><td>40.4</td><td>59.5</td><td>100.0</td><td>*</td><td>46.9</td><td>18.0</td><td>18.2</td><td>6.8</td><td>10.1</td></tr><tr><td>October</td><td>598.6</td><td>281.9</td><td>109.3</td><td>108.8</td><td>36.6</td><td>52.3</td><td>100.0</td><td>1.6</td><td>47.1</td><td>18.2</td><td>6.1</td><td>8.7</td><td></td></tr><tr><td>November</td><td>806.8</td><td>301.2</td><td>126.3</td><td>165.5</td><td>84.5</td><td>124.3</td><td>100.0</td><td>.6</td><td>37.3</td><td>20.5</td><td>10.5</td><td>15.4</td><td></td></tr><tr><td>December</td><td>1,855.3</td><td>467.7</td><td>233.4</td><td>457.6</td><td>288.3</td><td>402.3</td><td>100.0</td><td>.3</td><td>25.2</td><td>24.7</td><td>15.5</td><td>21.7</td><td></td></tr><tr><td>1945-January</td><td>803.8</td><td>296.2</td><td>124.7</td><td>153.5</td><td>77.3</td><td>146.1</td><td>100.0</td><td>.7</td><td>36.9</td><td>19.1</td><td>9.6</td><td>18.2</td><td></td></tr></table>
Series 7
<table><tr><td>1941 2/</td><td>66.7</td><td>....</td><td>1.3</td><td>....</td><td>.9</td><td>2.0</td><td>13.2</td><td>12.3</td><td>38.3</td><td>100.0</td><td>....</td><td>....</td><td>1.3</td><td>3.1</td><td>19.8</td><td>18.4</td><td>57.4</td></tr><tr><td>1942 3/</td><td>434.9</td><td>....</td><td>4.0</td><td>....</td><td>19.6</td><td>27.5</td><td>123.6</td><td>91.7</td><td>171.1</td><td>100.0</td><td>....</td><td>.3</td><td>....</td><td>4.5</td><td>6.3</td><td>28.4</td><td>21.1</td><td>39.4</td></tr><tr><td>1943</td><td>757.9</td><td>....</td><td>5.6</td><td>....</td><td>24.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>308.3</td><td>100.0</td><td>....</td><td>.5</td><td>....</td><td>3.3</td><td>5.4</td><td>27.7</td><td>22.4</td><td>40.7</td></tr><tr><td>1944</td><td>802.2</td><td>....</td><td>....</td><td>....</td><td>24.9</td><td>40.9</td><td>213.3</td><td>162.7</td><td>354.8</td><td>100.0</td><td>....</td><td>.7</td><td>....</td><td>3.1</td><td>5.1</td><td>26.6</td><td>20.3</td><td>44.2</td></tr><tr><td>1944-January</td><td>126.8</td><td>....</td><td>.4</td><td>....</td><td>2.0</td><td>3.3</td><td>17.8</td><td>17.7</td><td>85.6</td><td>100.0</td><td>....</td><td>.3</td><td>....</td><td>1.6</td><td>2.6</td><td>14.1</td><td>13.9</td><td>67.5</td></tr><tr><td>February</td><td>157.4</td><td>....</td><td>1.1</td><td>....</td><td>4.7</td><td>7.1</td><td>33.6</td><td>28.3</td><td>82.5</td><td>100.0</td><td>....</td><td>.7</td><td>....</td><td>3.0</td><td>4.5</td><td>21.4</td><td>18.0</td><td>52.4</td></tr><tr><td>March</td><td>22.9</td><td>....</td><td>.3</td><td>....</td><td>1.1</td><td>1.5</td><td>6.6</td><td>4.5</td><td>8.9</td><td>100.0</td><td>....</td><td>1.5</td><td>....</td><td>5.0</td><td>6.4</td><td>28.8</td><td>19.6</td><td>38.7</td></tr><tr><td>April</td><td>19.3</td><td>....</td><td>.3</td><td>....</td><td>.9</td><td>1.2</td><td>6.1</td><td>3.9</td><td>6.9</td><td>100.0</td><td>....</td><td>1.4</td><td>....</td><td>4.6</td><td>6.2</td><td>31.5</td><td>20.4</td><td>35.9</td></tr><tr><td>May</td><td>15.3</td><td>....</td><td>.2</td><td>....</td><td>.8</td><td>1.0</td><td>4.7</td><td>3.0</td><td>5.5</td><td>100.0</td><td>....</td><td>1.6</td><td>....</td><td>5.3</td><td>6.8</td><td>30.6</td><td>19.6</td><td>36.1</td></tr><tr><td>June</td><td>115.1</td><td>....</td><td>.7</td><td>....</td><td>2.8</td><td>4.9</td><td>28.5</td><td>24.2</td><td>54.1</td><td>100.0</td><td>....</td><td>.6</td><td>....</td><td>2.5</td><td>4.2</td><td>24.8</td><td>21.0</td><td>46.9</td></tr><tr><td>July</td><td>101.1</td><td>....</td><td>.8</td><td>....</td><td>3.0</td><td>5.7</td><td>29.9</td><td>22.3</td><td>39.4</td><td>100.0</td><td>....</td><td>.8</td><td>....</td><td>3.0</td><td>5.6</td><td>29.6</td><td>22.0</td><td>39.0</td></tr><tr><td>August</td><td>17.8</td><td>....</td><td>.2</td><td>....</td><td>.9</td><td>1.3</td><td>5.8</td><td>3.7</td><td>5.9</td><td>100.0</td><td>....</td><td>1.4</td><td>....</td><td>4.8</td><td>7.5</td><td>32.4</td><td>21.0</td><td>32.9</td></tr><tr><td>September</td><td>16.0</td><td>....</td><td>.2</td><td>....</td><td>.8</td><td>1.4</td><td>5.3</td><td>3.5</td><td>4.8</td><td>100.0</td><td>....</td><td>1.2</td><td>....</td><td>4.7</td><td>8.8</td><td>33.4</td><td>21.8</td><td>30.1</td></tr><tr><td>October</td><td>13.7</td><td>....</td><td>.2</td><td>....</td><td>.7</td><td>.9</td><td>5.0</td><td>3.2</td><td>3.5</td><td>100.0</td><td>....</td><td>1.6</td><td>....</td><td>5.4</td><td>6.9</td><td>36.9</td><td>23.4</td><td>25.3</td></tr><tr><td>November</td><td>42.7</td><td>....</td><td>.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>.8</td><td>....</td><td>3.1</td><td>5.4</td><td>29.7</td><td>22.8</td><td>38.2</td></tr><tr><td>December</td><td>124.7</td><td>....</td><td>1.1</td><td>....</td><td>4.3</td><td>7.5</td><td>39.8</td><td>28.8</td><td>43.1</td><td>100.0</td><td>....</td><td>.9</td><td>....</td><td>3.5</td><td>6.0</td><td>31.9</td><td>23.1</td><td>34.6</td></tr><tr><td>1945-January</td><td>42.0</td><td>....</td><td>.4</td><td>....</td><td>1.4</td><td>1.9</td><td>9.2</td><td>6.8</td><td>22.4</td><td>100.0</td><td>....</td><td>.9</td><td>....</td><td>3.4</td><td>4.6</td><td>21.8</td><td>16.1</td><td>53.2</td></tr></table>
Series Q
<table><tr><td>1941 2/</td><td>394.6</td><td>4.8</td><td>11.2</td><td>82.4</td><td>71.8</td><td>224.3</td><td>100.0</td><td>1.2</td><td>2.8</td><td>20.9</td><td>18.2</td><td>56.9</td></tr><tr><td>1942</td><td>2,032.1</td><td>50.9</td><td>113.0</td><td>578.1</td><td>406.2</td><td>883.8</td><td>100.0</td><td>2.5</td><td>5.6</td><td>28.4</td><td>20.0</td><td>43.5</td></tr><tr><td>1943</td><td>2,759.5</td><td>81.5</td><td>188.7</td><td>805.7</td><td>526.3</td><td>1,157.3</td><td>100.0</td><td>3.0</td><td>6.8</td><td>29.2</td><td>19.1</td><td>41.9</td></tr><tr><td>1944</td><td>2,875.6</td><td>108.8</td><td>249.6</td><td>942.3</td><td>520.7</td><td>1,054.2</td><td>100.0</td><td>3.8</td><td>8.7</td><td>32.8</td><td>18.1</td><td>36.6</td></tr><tr><td>1944-January</td><td>486.9</td><td>11.0</td><td>28.0</td><td>99.8</td><td>62.8</td><td>285.4</td><td>100.0</td><td>2.3</td><td>5.7</td><td>20.5</td><td>12.9</td><td>58.6</td></tr><tr><td>February</td><td>521.7</td><td>19.5</td><td>42.5</td><td>144.6</td><td>82.7</td><td>232.4</td><td>100.0</td><td>3.7</td><td>8.2</td><td>27.7</td><td>15.8</td><td>44.6</td></tr><tr><td>March</td><td>110.3</td><td>4.0</td><td>9.5</td><td>38.3</td><td>20.9</td><td>37.6</td><td>100.0</td><td>3.6</td><td>8.6</td><td>34.7</td><td>19.0</td><td>34.1</td></tr><tr><td>April</td><td>113.5</td><td>4.0</td><td>10.3</td><td>41.5</td><td>21.8</td><td>36.0</td><td>100.0</td><td>3.5</td><td>9.1</td><td>36.5</td><td>19.2</td><td>31.7</td></tr><tr><td>May</td><td>111.1</td><td>4.0</td><td>10.0</td><td>42.7</td><td>21.9</td><td>32.5</td><td>100.0</td><td>3.6</td><td>9.0</td><td>38.4</td><td>19.7</td><td>29.3</td></tr><tr><td>June</td><td>377.3</td><td>14.4</td><td>33.8</td><td>128.4</td><td>70.4</td><td>130.2</td><td>100.0</td><td>3.8</td><td>9.0</td><td>34.0</td><td>18.7</td><td>34.5</td></tr><tr><td>July</td><td>337.5</td><td>14.6</td><td>34.4</td><td>123.1</td><td>65.8</td><td>99.5</td><td>100.0</td><td>4.3</td><td>10.2</td><td>36.5</td><td>19.5</td><td>29.5</td></tr><tr><td>August</td><td>85.3</td><td>3.6</td><td>8.6</td><td>34.2</td><td>16.7</td><td>22.1</td><td>100.0</td><td>4.2</td><td>10.1</td><td>40.1</td><td>19.6</td><td>26.0</td></tr><tr><td>September</td><td>85.3</td><td>3.2</td><td>8.1</td><td>33.3</td><td>16.7</td><td>24.0</td><td>100.0</td><td>3.8</td><td>9.5</td><td>39.0</td><td>19.6</td><td>28.1</td></tr><tr><td>October</td><td>82.8</td><td>3.2</td><td>7.7</td><td>31.5</td><td>16.0</td><td>24.4</td><td>100.0</td><td>3.9</td><td>9.3</td><td>38.1</td><td>19.3</td><td>29.4</td></tr><tr><td>November</td><td>173.9</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>3.8</td><td>9.2</td><td>37.6</td><td>20.3</td><td>29.1</td></tr><tr><td>December</td><td>405.9</td><td>19.7</td><td>45.6</td><td>140.8</td><td>85.8</td><td>114.0</td><td>100.0</td><td>4.9</td><td>11.2</td><td>34.7</td><td>21.1</td><td>28.1</td></tr><tr><td>1945-January</td><td>228.3</td><td>4.8</td><td>14.3</td><td>61.2</td><td>32.7</td><td>115.4</td><td>100.0</td><td>2.1</td><td>6.3</td><td>26.8</td><td>14.3</td><td>50.5</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 B bonds was authorised in June 1944.
This denomination is available only to members of the military and naval forces of the United States.
2/ Sales of Series E, F, and G bonds commenced May 1, 1941.
3/ Sale of $25 denomination Series F bonds was authorized in December 1941.
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART A - SERIES E
(10 thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="11">1944</th><th colspan="3">1945</th></tr><tr><th></th><th>1943</th><th>1944</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>Jan.</th></tr><tr><td>Alabama</td><td>91,272</td><td>139,180</td><td>11,648</td><td>30,599</td><td>5,699</td><td>7,111</td><td>8,107</td><td>14,343</td><td>25,560</td><td>5,053</td><td>6,731</td><td>7,272</td><td>7,613</td><td>25,325</td><td>13,175</td></tr><tr><td>Arizona</td><td>27,846</td><td>42,252</td><td>3,822</td><td>8,746</td><td>2,075</td><td>2,098</td><td>2,095</td><td>4,353</td><td>7,763</td><td>1,412</td><td>1,829</td><td>2,024</td><td>2,346</td><td>7,087</td><td>3,531</td></tr><tr><td>Arkansas</td><td>52,764</td><td>74,176</td><td>8,405</td><td>14,017</td><td>2,879</td><td>3,077</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>13,270</td><td>5,162</td></tr><tr><td>California</td><td>638,877</td><td>970,414</td><td>85,635</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>153,460</td><td>77,690</td></tr><tr><td>Colorado</td><td>62,132</td><td>90,226</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>5,303</td><td>14,477</td><td>5,758</td></tr><tr><td>Connecticut</td><td>168,258</td><td>220,926</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>29,480</td><td>16,613</td></tr><tr><td>Delaware</td><td>21,824</td><td>27,609</td><td>2,739</td><td>4,205</td><td>1,574</td><td>1,383</td><td>1,391</td><td>3,177</td><td>3,510</td><td>1,382</td><td>1,556</td><td>1,572</td><td>1,753</td><td>4,045</td><td>2,091</td></tr><tr><td>Dist. of Columbia</td><td>83,113</td><td>135,069</td><td>11,419</td><td>23,069</td><td>5,483</td><td>7,694</td><td>7,871</td><td>13,991</td><td>23,267</td><td>4,426</td><td>8,688</td><td>7,706</td><td>7,939</td><td>22,961</td><td>11,496</td></tr><tr><td>Florida</td><td>89,496</td><td>142,682</td><td>11,237</td><td>29,446</td><td>8,127</td><td>7,856</td><td>8,526</td><td>14,392</td><td>24,986</td><td>5,849</td><td>7,877</td><td>8,326</td><td>7,083</td><td>22,799</td><td>16,046</td></tr><tr><td>Georgia</td><td>94,524</td><td>145,933</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>25,513</td><td>14,115</td></tr><tr><td>Idaho</td><td>27,845</td><td>40,230</td><td>3,979</td><td>8,957</td><td>1,124</td><td>1,411</td><td>1,935</td><td>5,159</td><td>6,450</td><td>956</td><td>1,292</td><td>1,620</td><td>2,310</td><td>8,703</td><td>2,002</td></tr><tr><td>Illinois</td><td>575,056</td><td>755,362</td><td>52,791</td><td>150,461</td><td>40,050</td><td>43,782</td><td>42,340</td><td>76,625</td><td>140,398</td><td>36,009</td><td>45,181</td><td>43,959</td><td>50,658</td><td>118,436</td><td>67,824</td></tr><tr><td>Indiana</td><td>213,813</td><td>313,594</td><td>21,884</td><td>58,283</td><td>15,538</td><td>19,232</td><td>19,661</td><td>29,519</td><td>50,160</td><td>15,930</td><td>18,837</td><td>18,080</td><td>22,070</td><td>44,675</td><td>24,030</td></tr><tr><td>Iowa</td><td>176,508</td><td>263,445</td><td>18,508</td><td>63,579</td><td>9,538</td><td>9,773</td><td>8,877</td><td>34,856</td><td>42,133</td><td>5,855</td><td>8,227</td><td>8,189</td><td>14,003</td><td>50,216</td><td>16,375</td></tr><tr><td>Kansas</td><td>106,190</td><td>163,077</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>24,435</td><td>5,580</td><td>6,435</td><td>5,406</td><td>10,727</td><td>28,277</td><td>11,727</td></tr><tr><td>Kentucky</td><td>87,607</td><td>127,956</td><td>10,321</td><td>26,856</td><td>5,089</td><td>6,532</td><td>6,885</td><td>12,297</td><td>20,168</td><td>4,302</td><td>5,657</td><td>6,873</td><td>6,397</td><td>17,344</td><td>9,803</td></tr><tr><td>Louisiana</td><td>94,910</td><td>141,105</td><td>12,687</td><td>25,213</td><td>6,896</td><td>7,657</td><td>8,014</td><td>14,200</td><td>20,530</td><td>5,744</td><td>7,029</td><td>8,337</td><td>8,084</td><td>20,584</td><td>11,120</td></tr><tr><td>Maine</td><td>37,361</td><td>54,994</td><td>4,761</td><td>11,530</td><td>2,545</td><td>2,418</td><td>3,029</td><td>5,095</td><td>9,791</td><td>1,940</td><td>2,535</td><td>2,660</td><td>2,559</td><td>9,041</td><td>3,956</td></tr><tr><td>Maryland</td><td>108,604</td><td>152,566</td><td>13,575</td><td>25,983</td><td>7,289</td><td>8,634</td><td>9,045</td><td>16,630</td><td>23,996</td><td>6,969</td><td>9,202</td><td>8,785</td><td>9,272</td><td>23,428</td><td>13,012</td></tr><tr><td>Massachusetts</td><td>280,091</td><td>390,986</td><td>35,929</td><td>76,548</td><td>15,692</td><td>20,881</td><td>23,246</td><td>38,237</td><td>60,670</td><td>13,802</td><td>21,153</td><td>20,815</td><td>22,006</td><td>53,994</td><td>32,585</td></tr><tr><td>Michigan</td><td>481,637</td><td>688,159</td><td>52,215</td><td>131,400</td><td>33,961</td><td>33,122</td><td>33,829</td><td>74,137</td><td>95,048</td><td>23,516</td><td>44,442</td><td>35,817</td><td>37,811</td><td>97,629</td><td>45,602</td></tr><tr><td>Minnesota</td><td>179,108</td><td>249,962</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>42,422</td><td>15,000</td></tr><tr><td>Mississippi</td><td>52,870</td><td>82,588</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>2,236</td><td>4,068</td><td>4,937</td><td>17,664</td><td>4,542</td></tr><tr><td>Missouri</td><td>195,868</td><td>283,681</td><td>26,617</td><td>52,048</td><td>12,043</td><td>12,334</td><td>14,751</td><td>35,145</td><td>38,657</td><td>10,919</td><td>12,696</td><td>14,214</td><td>17,747</td><td>44,344</td><td>19,884</td></tr><tr><td>Montana</td><td>39,432</td><td>55,230</td><td>6,505</td><td>10,557</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>8,680</td><td>3,073</td></tr><tr><td>Nebraska</td><td>72,211</td><td>128,079</td><td>10,870</td><td>28,807</td><td>4,706</td><td>5,345</td><td>4,747</td><td>16,098</td><td>21,246</td><td>3,641</td><td>4,413</td><td>3,655</td><td>7,112</td><td>23,889</td><td>8,985</td></tr><tr><td>Nevada</td><td>11,466</td><td>13,468</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>2,425</td><td>799</td></tr><tr><td>New Hampshire</td><td>25,787</td><td>32,722</td><td>2,656</td><td>7,195</td><td>1,025</td><td>1,440</td><td>1,623</td><td>3,017</td><td>6,529</td><td>1,074</td><td>1,812</td><td>1,569</td><td>1,483</td><td>5,117</td><td>2,827</td></tr><tr><td>New Jersey</td><td>303,807</td><td>415,338</td><td>34,571</td><td>75,393</td><td>21,497</td><td>23,426</td><td>23,752</td><td>44,085</td><td>67,594</td><td>21,046</td><td>22,744</td><td>24,456</td><td>24,967</td><td>61,801</td><td>36,712</td></tr><tr><td>New Mexico</td><td>17,284</td><td>27,990</td><td>2,555</td><td>6,044</td><td>1,225</td><td>1,300</td><td>1,092</td><td>3,327</td><td>4,650</td><td>1,094</td><td>1,075</td><td>1,424</td><td>2,055</td><td>4,734</td><td>1,685</td></tr><tr><td>New York</td><td>991,988</td><td>1,290,035</td><td>121,785</td><td>242,271</td><td>68,902</td><td>67,927</td><td>67,337</td><td>127,955</td><td>214,362</td><td>58,011</td><td>70,067</td><td>71,342</td><td>70,043</td><td>213,168</td><td>129,977</td></tr><tr><td>North Carolina</td><td>113,869</td><td>149,443</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>27,985</td><td>13,650</td></tr><tr><td>North Dakota</td><td>34,349</td><td>58,224</td><td>8,635</td><td>11,317</td><td>1,461</td><td>1,434</td><td>1,468</td><td>7,970</td><td>9,822</td><td>999</td><td>1,315</td><td>1,755</td><td>4,718</td><td>14,276</td><td>2,641</td></tr><tr><td>Ohio</td><td>506,364</td><td>714,177</td><td>60,766</td><td>115,942</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>107,388</td><td>55,767</td></tr><tr><td>Oklahoma</td><td>82,143</td><td>135,264</td><td>12,857</td><td>28,783</td><td>5,402</td><td>5,395</td><td>5,987</td><td>15,551</td><td>22,290</td><td>4,547</td><td>5,906</td><td>4,833</td><td>9,535</td><td>23,984</td><td>13,060</td></tr><tr><td>Oregon</td><td>107,674</td><td>159,752</td><td>14,481</td><td>29,055</td><td>6,806</td><td>7,643</td><td>6,940</td><td>16,571</td><td>28,058</td><td>5,937</td><td>7,379</td><td>7,106</td><td>8,486</td><td>27,853</td><td>10,647</td></tr><tr><td>Pennsylvania</td><td>626,051</td><td>857,400</td><td>76,495</td><td>147,646</td><td>45,018</td><td>44,805</td><td>46,402</td><td>91,438</td><td>126,273</td><td>39,068</td><td>47,888</td><td>49,343</td><td>59,677</td><td>124,210</td><td>63,645</td></tr><tr><td>Rhode Island</td><td>53,748</td><td>60,858</td><td>5,499</td><td>11,198</td><td>2,264</td><td>3,460</td><td>3,554</td><td>5,790</td><td>10,286</td><td>2,417</td><td>3,723</td><td>3,240</td><td>3,125</td><td>9,175</td><td>5,729</td></tr><tr><td>South Carolina</td><td>53,401</td><td>75,058</td><td>6,621</td><td>14,417</td><td>2,899</td><td>3,763</td><td>3,938</td><td>7,912</td><td>13,452</td><td>2,487</td><td>4,937</td><td>4,538</td><td>4,084</td><td>13,816</td><td>6,552</td></tr><tr><td>South Dakota</td><td>33,171</td><td>53,813</td><td>7,184</td><td>10,099</td><td>1,589</td><td>1,625</td><td>1,604</td><td>7,335</td><td>8,224</td><td>1,182</td><td>1,495</td><td>1,739</td><td>3,052</td><td>10,655</td><td>2,519</td></tr><tr><td>Tennessee</td><td>100,530</td><td>147,296</td><td>13,782</td><td>26,586</td><td>8,944</td><td>7,533</td><td>7,932</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>23,297</td><td>12,247</td></tr><tr><td>Texas</td><td>306,265</td><td>494,995</td><td>39,487</td><td>105,358</td><td>20,696</td><td>22,255</td><td>20,791</td><td>63,455</td><td>74,871</td><td>16,019</td><td>20,335</td><td>21,451</td><td>35,318</td><td>79,620</td><td>34,119</td></tr><tr><td>Utah</td><td>33,242</td><td>56,357</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>9,222</td><td>3,180</td></tr><tr><td>Vermont</td><td>14,175</td><td>18,819</td><td>1,641</td><td>4,021</td><td>545</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>3,030</td><td>1,838</td></tr><tr><td>Virginia</td><td>145,459</td><td>189,563</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><td>9,838</td><td>33,562</td><td>17,896</td></tr><tr><td>Washington</td><td>163,924</td><td>257,729</td><td>23,860</td><td>45,193</td><td>11,280</td><td>13,894</td><td>13,799</td><td>27,579</td><td>38,856</td><td>10,463</td><td>15,994</td><td>12,745</td><td>17,191</td><td>40,009</td><td>20,166</td></tr><tr><td>West Virginia</td><td>64,583</td><td>92,197</td><td>8,760</td><td>16,958</td><td>4,409</td><td>4,989</td><td>5,977</td><td>9,589</td><td>15,369</td><td>4,016</td><td>4,790</td><td>6,201</td><td>5,496</td><td>14,229</td><td>9,091</td></tr><tr><td>Wisconsin</td><td>172,650</td><td>248,280</td><td>18,870</td><td>51,125</td><td>10,129
(Continued on following page)
March 1945
39
Sales and Redemptions 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
(10 thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal 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>Jan.</th><th>2</th></tr><tr><th></th><th>1943</th><th>1944</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>1945</th></tr><tr><td>Alabama</td><td>32,007</td><td>30,156</td><td>3,399</td><td>5,829</td><td>887</td><td>826</td><td>846</td><td>3,851</td><td>4,009</td><td>645</td><td>784</td><td>767</td><td>1,066</td><td>3,156</td><td>3,991</td></tr><tr><td>Arkansas</td><td>8,421</td><td>9,450</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>454</td><td>1,024</td><td>1,181</td></tr><tr><td>Arkansas</td><td>16,578</td><td>17,831</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><td>896</td><td>2,685</td></tr><tr><td>California</td><td>224,145</td><td>258,108</td><td>33,408</td><td>43,548</td><td>9,868</td><td>8,887</td><td>8,823</td><td>31,374</td><td>34,840</td><td>7,932</td><td>8,070</td><td>9,365</td><td>13,003</td><td>28,791</td><td>28,458</td></tr><tr><td>Colorado</td><td>29,746</td><td>30,678</td><td>3,709</td><td>5,406</td><td>1,276</td><td>1,274</td><td>1,231</td><td>4,286</td><td>4,050</td><td>632</td><td>674</td><td>822</td><td>1,447</td><td>2,750</td><td>3,670</td></tr><tr><td>Connecticut</td><td>81,128</td><td>64,437</td><td>11,411</td><td>11,494</td><td>2,459</td><td>2,215</td><td>2,600</td><td>7,706</td><td>6,246</td><td>1,576</td><td>2,106</td><td>1,914</td><td>4,151</td><td>3,273</td><td>11,154</td></tr><tr><td>Delaware</td><td>12,326</td><td>10,306</td><td>1,245</td><td>1,660</td><td>401</td><td>443</td><td>456</td><td>1,205</td><td>1,804</td><td>302</td><td>382</td><td>566</td><td>922</td><td>1,139</td><td>1,678</td></tr><tr><td>District of Columbia</td><td>33,757</td><td>29,761</td><td>4,681</td><td>5,028</td><td>1,108</td><td>886</td><td>1,083</td><td>4,276</td><td>3,517</td><td>794</td><td>933</td><td>789</td><td>2,198</td><td>2,002</td><td>3,797</td></tr><tr><td>Florida</td><td>36,705</td><td>40,496</td><td>3,580</td><td>8,317</td><td>1,868</td><td>2,068</td><td>1,580</td><td>5,359</td><td>6,276</td><td>1,680</td><td>1,364</td><td>1,354</td><td>2,262</td><td>3,785</td><td>5,361</td></tr><tr><td>Georgia</td><td>37,831</td><td>41,958</td><td>3,509</td><td>8,723</td><td>1,230</td><td>1,506</td><td>1,427</td><td>5,544</td><td>4,149</td><td>1,246</td><td>1,211</td><td>1,126</td><td>2,905</td><td>2,446</td><td>6,037</td></tr><tr><td>Idaho</td><td>8,031</td><td>7,630</td><td>1,012</td><td>1,301</td><td>194</td><td>304</td><td>178</td><td>1,183</td><td>935</td><td>180</td><td>226</td><td>235</td><td>637</td><td>693</td><td>1,101</td></tr><tr><td>Illinois</td><td>272,112</td><td>236,291</td><td>25,797</td><td>47,407</td><td>13,542</td><td>10,605</td><td>10,752</td><td>27,872</td><td>27,645</td><td>9,156</td><td>7,484</td><td>8,221</td><td>15,772</td><td>21,562</td><td>38,671</td></tr><tr><td>Indiana</td><td>79,524</td><td>82,311</td><td>8,766</td><td>14,013</td><td>3,740</td><td>4,680</td><td>4,112</td><td>10,246</td><td>10,381</td><td>2,932</td><td>2,299</td><td>2,011</td><td>5,144</td><td>6,600</td><td>11,746</td></tr><tr><td>Iowa</td><td>71,432</td><td>106,397</td><td>10,030</td><td>15,471</td><td>5,541</td><td>4,260</td><td>3,615</td><td>14,284</td><td>9,494</td><td>2,541</td><td>2,450</td><td>2,152</td><td>6,221</td><td>8,529</td><td>10,990</td></tr><tr><td>Kansas</td><td>34,897</td><td>44,903</td><td>5,286</td><td>8,370</td><td>1,818</td><td>2,307</td><td>1,572</td><td>7,314</td><td>4,749</td><td>1,473</td><td>1,435</td><td>897</td><td>2,884</td><td>5,762</td><td>5,564</td></tr><tr><td>Kentucky</td><td>43,755</td><td>47,442</td><td>8,117</td><td>6,557</td><td>1,697</td><td>2,416</td><td>1,896</td><td>7,888</td><td>4,169</td><td>1,350</td><td>1,406</td><td>1,123</td><td>3,459</td><td>2,905</td><td>6,411</td></tr><tr><td>Louisiana</td><td>44,461</td><td>38,952</td><td>4,129</td><td>6,210</td><td>1,268</td><td>1,322</td><td>1,184</td><td>5,739</td><td>4,436</td><td>1,286</td><td>1,150</td><td>1,098</td><td>2,341</td><td>3,381</td><td>5,959</td></tr><tr><td>Maine</td><td>20,245</td><td>20,591</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><td>1,827</td><td>3,806</td></tr><tr><td>Maryland</td><td>54,252</td><td>52,493</td><td>7,325</td><td>8,378</td><td>2,335</td><td>1,828</td><td>2,738</td><td>7,024</td><td>5,759</td><td>1,906</td><td>1,707</td><td>1,485</td><td>3,460</td><td>3,140</td><td>6,886</td></tr><tr><td>Massachusetts</td><td>174,999</td><td>147,625</td><td>31,252</td><td>25,356</td><td>5,198</td><td>5,553</td><td>7,288</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><td>9,538</td><td>27,034</td></tr><tr><td>Michigan</td><td>106,363</td><td>104,768</td><td>11,217</td><td>20,249</td><td>1,781</td><td>3,454</td><td>4,332</td><td>14,080</td><td>12,124</td><td>2,732</td><td>3,776</td><td>3,094</td><td>5,957</td><td>9,439</td><td>15,328</td></tr><tr><td>Minnesota</td><td>69,692</td><td>69,836</td><td>10,550</td><td>11,952</td><td>2,234</td><td>2,720</td><td>2,663</td><td>9,912</td><td>9,345</td><td>1,751</td><td>2,337</td><td>1,748</td><td>3,877</td><td>5,535</td><td>10,303</td></tr><tr><td>Mississippi</td><td>21,812</td><td>22,296</td><td>3,304</td><td>3,625</td><td>541</td><td>532</td><td>380</td><td>3,800</td><td>2,600</td><td>588</td><td>524</td><td>379</td><td>1,627</td><td>1,711</td><td>2,571</td></tr><tr><td>Missouri</td><td>84,266</td><td>91,689</td><td>12,896</td><td>13,144</td><td>4,970</td><td>5,068</td><td>4,083</td><td>15,806</td><td>7,866</td><td>2,028</td><td>3,117</td><td>2,670</td><td>6,651</td><td>7,077</td><td>11,879</td></tr><tr><td>Montana</td><td>10,529</td><td>13,550</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><td>1,140</td><td>1,658</td></tr><tr><td>Nebraska</td><td>30,414</td><td>39,339</td><td>4,179</td><td>8,177</td><td>2,153</td><td>1,965</td><td>1,623</td><td>5,241</td><td>4,964</td><td>1,133</td><td>1,220</td><td>875</td><td>1,823</td><td>3,376</td><td>6,088</td></tr><tr><td>Nevada</td><td>4,441</td><td>3,630</td><td>518</td><td>750</td><td>190</td><td>45</td><td>56</td><td>411</td><td>694</td><td>57</td><td>158</td><td>44</td><td>161</td><td>535</td><td>426</td></tr><tr><td>New Hampshire</td><td>14,403</td><td>14,563</td><td>3,111</td><td>3,509</td><td>524</td><td>473</td><td>327</td><td>1,768</td><td>1,796</td><td>613</td><td>458</td><td>509</td><td>868</td><td>632</td><td>2,562</td></tr><tr><td>New Jersey</td><td>118,761</td><td>106,839</td><td>12,607</td><td>19,326</td><td>4,173</td><td>3,891</td><td>3,693</td><td>13,295</td><td>13,469</td><td>3,158</td><td>3,086</td><td>3,344</td><td>6,758</td><td>11,959</td><td>12,676</td></tr><tr><td>New Mexico</td><td>7,025</td><td>6,503</td><td>548</td><td>1,267</td><td>119</td><td>311</td><td>151</td><td>919</td><td>1,121</td><td>116</td><td>217</td><td>128</td><td>466</td><td>477</td><td>739</td></tr><tr><td>New York</td><td>627,986</td><td>472,310</td><td>68,129</td><td>96,018</td><td>19,585</td><td>17,629</td><td>13,960</td><td>51,251</td><td>59,856</td><td>12,685</td><td>12,569</td><td>15,992</td><td>27,328</td><td>44,516</td><td>68,563</td></tr><tr><td>North Carolina</td><td>44,654</td><td>42,263</td><td>6,050</td><td>5,911</td><td>1,580</td><td>1,739</td><td>1,603</td><td>5,885</td><td>4,591</td><td>1,087</td><td>1,420</td><td>1,400</td><td>2,441</td><td>2,959</td><td>6,812</td></tr><tr><td>North Dakota</td><td>10,937</td><td>14,978</td><td>1,926</td><td>2,754</td><td>477</td><td>537</td><td>341</td><td>2,890</td><td>2,147</td><td>469</td><td>377</td><td>397</td><td>1,324</td><td>1,799</td><td>2,183</td></tr><tr><td>Ohio</td><td>203,827</td><td>194,155</td><td>28,030</td><td>26,711</td><td>8,565</td><td>9,957</td><td>8,816</td><td>22,341</td><td>21,893</td><td>7,430</td><td>5,710</td><td>4,669</td><td>11,885</td><td>14,905</td><td>29,606</td></tr><tr><td>Oklahoma</td><td>25,095</td><td>26,042</td><td>3,195</td><td>3,771</td><td>722</td><td>884</td><td>611</td><td>3,623</td><td>3,410</td><td>680</td><td>789</td><td>499</td><td>1,449</td><td>2,287</td><td>3,971</td></tr><tr><td>Oregon</td><td>32,892</td><td>29,326</td><td>4,173</td><td>4,302</td><td>1,005</td><td>1,259</td><td>811</td><td>3,929</td><td>3,065</td><td>852</td><td>931</td><td>780</td><td>2,124</td><td>2,370</td><td>4,222</td></tr><tr><td>Pennsylvania</td><td>297,430</td><td>251,120</td><td>31,108</td><td>43,976</td><td>7,893</td><td>9,680</td><td>8,200</td><td>32,850</td><td>28,482</td><td>7,060</td><td>7,733</td><td>6,591</td><td>16,680</td><td>22,398</td><td>35,133</td></tr><tr><td>Rhode Island</td><td>30,424</td><td>20,628</td><td>3,036</td><td>3,337</td><td>1,476</td><td>1,012</td><td>804</td><td>2,318</td><td>2,181</td><td>771</td><td>619</td><td>665</td><td>1,345</td><td>1,155</td><td>2,959</td></tr><tr><td>South Carolina</td><td>21,712</td><td>21,988</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><td>830</td><td>3,436</td></tr><tr><td>South Dakota</td><td>10,416</td><td>13,222</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><td>1,250</td><td>1,481</td></tr><tr><td>Tennessee</td><td>39,140</td><td>39,186</td><td>4,745</td><td>6,048</td><td>1,352</td><td>1,604</td><td>1,510</td><td>5,068</td><td>5,243</td><td>1,125</td><td>1,067</td><td>906</td><td>2,269</td><td>2,653</td><td>6,401</td></tr><tr><td>Texas</td><td>110,993</td><td>117,537</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>7,886</td><td>10,194</td><td>13,921</td></tr><tr><td>Utah</td><td>7,474</td><td>8,393</td><td>1,277</td><td>1,032</td><td>198</td><td>317</td><td>127</td><td>1,231</td><td>665</td><td>191</td><td>213</td><td>276</td><td>679</td><td>425</td><td>1,145</td></tr><tr><td>Vermont</td><td>7,504</td><td>8,026</td><td>1,368</td><td>1,645</td><td>255</td><td>220</td><td>307</td><td>1,029</td><td>1,072</td><td>241</td><td>231</td><td>381</td><td>426</td><td>674</td><td>1,526</td></tr><tr><td>Virginia</td><td>53,701</td><td>51,399</td><td>7,200</td><td>7,588</td><td>1,267</td><td>1,648</td><td>1,937</td><td>7,221</td><td>4,768</td><td>1,470</td><td>1,662</td><td>1,341</td><td>4,019</td><td>4,281</td><td>7,107</td></tr><tr><td>Washington</td><td>49,753</td><td>56,253</td><td>7,269</td><td>9,324</td><td>2,065</td><td>2,126</td><td>1,698</td><td>7,347</td><td>5,636</td><td>1,808</td><td>2,007</td><td>1,414</td><td>3,910</td><td>4,200</td><td>8,026</td></tr><tr><td>West Virginia</td><td>17,905</td><td>19,552</td><td>2,203</td><td>2,668</td><td>866</td><td>966</td><td>1,142</td><td>2,749</td><td>2,063</td><td>405</td><td>658</td><td>654</td><td>1,435</td><td>1,418</td><td>2,801</td></tr><tr><td>Wisconsin</td><td>86,336</td><td>93,192</td><td>9,524</td><td>16,799</td><td>3,625</td><td>3,809</td><td>3,497</td><td>13,901</td><td>11,648</td><td>2,911</td><td>3,108</td><td>2,474</td><td>6,103</td><td>9,231</td><td>14,094</td></tr><tr><td>Wyoming</td><td>6,010</td><td>6,032</td><td>569</td><td>1,457</td><td>416</td><td>306</td><td>155</td><td>663</td><td>1,204</td><td>170</td><td>174</td><td>77</td><td>153</td><td>727</td><td>1,063</td></tr><tr><td>Alaska</td><td>1,297</td><td>1,316</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><td>320</td><td>90</td></tr><tr><td>Canal Zone</td><td>1,843</td><td>1,825</td><td>324</td><td>99</td><td>154</td><td>41</td><td>33</td><td>275</td><td>79</td><td>57</td><td>43</td><td>17</td><td>67</td><td>202</td><td>32</td></tr><tr><td>Hawaii</td><td>17,
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reports of gross sales.
p Preliminary.
Less than $500.
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued
Table 4.- Redemptions of Series A-D and E Combined, Classified by States
Date on savings bond redemptions by States for Series A-D and E combined became available beginning in October 1944. Figures for the months of October, November, and December 1944 are shown below. It should be noted that State figures on redemptions are not necessarily comparable
with sales data by States inasmuch as bonds which have been purchased in one State may have been redeemed in another. Moreover, the figures on redemptions are on the basis of current redemption value, whereas the sales figures are at issue price.
(in thousands of dollars at current redemption values)
<table><tr><th>State</th><th colspan="3">1944</th><th>State</th><th colspan="3">1944</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th></th><th>October</th><th>November</th><th>December</th></tr><tr><td>Alabama</td><td>5,389</td><td>4,648</td><td>4,481</td><td>New York</td><td>37,051</td><td>32,064</td><td>28,944</td></tr><tr><td>Arizona</td><td>1,757</td><td>1,547</td><td>1,441</td><td>North Carolina</td><td>4,235</td><td>4,626</td><td>4,449</td></tr><tr><td>Arkansas</td><td>2,662</td><td>2,478</td><td>2,351</td><td>North Dakota</td><td>642</td><td>722</td><td>597</td></tr><tr><td>California</td><td>35,263</td><td>34,361</td><td>31,467</td><td>Ohio</td><td>28,694</td><td>26,036</td><td>22,492</td></tr><tr><td>Colorado</td><td>2,673</td><td>2,834</td><td>2,611</td><td>Oklahoma</td><td>4,405</td><td>4,164</td><td>3,840</td></tr><tr><td>Connecticut</td><td>6,198</td><td>5,149</td><td>5,048</td><td>Oregon</td><td>5,483</td><td>5,244</td><td>4,590</td></tr><tr><td>Delaware</td><td>753</td><td>872</td><td>715</td><td>Pennsylvania</td><td>27,866</td><td>32,994</td><td>26,883</td></tr><tr><td>District of Columbia</td><td>3,918</td><td>3,986</td><td>4,329</td><td>Rhode Island</td><td>2,057</td><td>1,996</td><td>2,074</td></tr><tr><td>Florida</td><td>4,960</td><td>5,094</td><td>5,630</td><td>South Carolina</td><td>2,720</td><td>2,117</td><td>2,312</td></tr><tr><td>Georgia</td><td>4,526</td><td>5,008</td><td>4,540</td><td>South Dakota</td><td>956</td><td>828</td><td>724</td></tr><tr><td>Idaho</td><td>928</td><td>806</td><td>762</td><td>Tennessee</td><td>5,717</td><td>5,050</td><td>4,815</td></tr><tr><td>Illinois</td><td>28,833</td><td>28,233</td><td>24,285</td><td>Texas</td><td>15,143</td><td>14,350</td><td>14,622</td></tr><tr><td>Indiana</td><td>16,618</td><td>13,381</td><td>11,164</td><td>Utah</td><td>1,571</td><td>1,541</td><td>1,465</td></tr><tr><td>Iowa</td><td>7,366</td><td>5,217</td><td>5,124</td><td>Vermont</td><td>305</td><td>326</td><td>309</td></tr><tr><td>Kansas</td><td>3,755</td><td>3,485</td><td>3,067</td><td>Virginia</td><td>5,781</td><td>6,230</td><td>5,949</td></tr><tr><td>Kentucky</td><td>4,265</td><td>4,833</td><td>3,947</td><td>Washington</td><td>7,797</td><td>7,314</td><td>6,383</td></tr><tr><td>Louisiana</td><td>4,136</td><td>4,019</td><td>4,166</td><td>West Virginia</td><td>3,598</td><td>3,506</td><td>2,925</td></tr><tr><td>Maine</td><td>1,563</td><td>1,394</td><td>1,362</td><td>Wisconsin</td><td>9,164</td><td>6,938</td><td>6,260</td></tr><tr><td></td><td></td><td></td><td></td><td>Wyoming</td><td>457</td><td>685</td><td>491</td></tr><tr><td>Maryland</td><td>3,961</td><td>4,657</td><td>4,564</td><td>Alaska</td><td>161</td><td>147</td><td>122</td></tr><tr><td>Massachusetts</td><td>10,914</td><td>10,825</td><td>10,906</td><td>Canal Zone</td><td>-</td><td>7</td><td>-</td></tr><tr><td>Michigan</td><td>25,410</td><td>29,182</td><td>23,640</td><td>Hawaii</td><td>422</td><td>2,640</td><td>1,584</td></tr><tr><td></td><td></td><td></td><td></td><td>Puerto Rico</td><td>71</td><td>539</td><td>201</td></tr><tr><td>Minnesota</td><td>7,660</td><td>7,204</td><td>5,935</td><td>Virgin Islands</td><td>4</td><td>-</td><td>12</td></tr><tr><td>Mississippi</td><td>1,784</td><td>1,705</td><td>1,971</td><td>Other possessions</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Missouri</td><td>8,690</td><td>8,671</td><td>7,437</td><td>Unallocated</td><td>63</td><td>45</td><td>16</td></tr><tr><td>Montana</td><td>952</td><td>947</td><td>930</td><td></td><td></td><td></td><td></td></tr><tr><td>Nebraska</td><td>2,287</td><td>2,951</td><td>2,402</td><td>Adjustment to Daily Treasury Statement</td><td>1,872</td><td>-8,903</td><td>9,955</td></tr><tr><td>Nevada</td><td>513</td><td>550</td><td>467</td><td>Total</td><td>378,255</td><td>359,982</td><td>340,423</td></tr><tr><td>New Hampshire</td><td>811</td><td>903</td><td>893</td><td></td><td></td><td></td><td></td></tr><tr><td>New Jersey</td><td>12,749</td><td>12,553</td><td>11,912</td><td></td><td></td><td></td><td></td></tr><tr><td>New Mexico</td><td>674</td><td>782</td><td>863</td><td></td><td></td><td></td><td></td></tr></table>
Source: (1) Total redemptions: Daily Treasury Statements; (2) Redemptions by States: Reports from Federal Reserve Banks.
March 1945
41
Participation in Payroll Savings Plans for United States Savings Bonds
<table><tr><th rowspan="2"></th><th colspan="2">Fiscal year</th><th>1943</th><th colspan="12">1944</th></tr><tr><th>1943</th><th>1944</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>Total number of persons participating 2/, as of end of period indicated (in millions).........</td><td>26.8</td><td>27.6</td><td>26.8</td><td>27.1</td><td>27.3</td><td>27.5</td><td>27.3</td><td>27.2</td><td>27.6</td><td>26.6</td><td>26.2</td><td>26.0</td><td>25.8</td><td>25.7</td><td>25.7</td></tr><tr><td>Total amount deducted (in millions of dollars).........</td><td>4,067</td><td>5,546</td><td>470</td><td>475</td><td>465</td><td>498</td><td>475</td><td>460</td><td>540</td><td>530</td><td>460</td><td>500</td><td>460</td><td>485p</td><td>550p</td></tr><tr><td>Percent of participants' pay deducted.........</td><td>8.3%</td><td>9.6%</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>10.2%</td><td>9.3%</td><td>10.1%p</td><td>11.0%p</td></tr></table>
p 1/ Preliminary. Estimates based on reports from a large number of participating organizations.
2/ Consists of participants in (1) private employment, (2) Federal, State, and local government employment (including their agencies), and (3) the armed forces.
Sales and Redemptions of Treasury Savings Notes
Table 1.- Summary of Sales and Redemptions, by Series
(Par value - in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 2/</th><th rowspan="2">Net change during fiscal year or month</th><th rowspan="2">Sales</th><th colspan="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>+3,014.5</td><td>4,138.9</td><td>1,124.4</td><td>1,103.7</td><td>20.7</td><td>...</td></tr><tr><td>1943</td><td>7,495.4</td><td>+4,480.9</td><td>8,758.5</td><td>4,277.6</td><td>4,094.4</td><td>114.9</td><td>68.3</td></tr><tr><td>1944</td><td>9,582.0</td><td>+2,086.5</td><td>8,953.7</td><td>6,867.2</td><td>6,365.1</td><td>502.1</td><td>...</td></tr><tr><td>1944-January</td><td>9,502.9</td><td>+903.7</td><td>1,216.1</td><td>312.5</td><td>275.4</td><td>37.1</td><td>...</td></tr><tr><td>February</td><td>10,329.4</td><td>+826.5</td><td>1,017.1</td><td>190.6</td><td>144.7</td><td>45.9</td><td>...</td></tr><tr><td>March</td><td>9,169.7</td><td>-1,159.6</td><td>238.1</td><td>1,397.8</td><td>1,314.9</td><td>52.9</td><td>...</td></tr><tr><td>April</td><td>9,136.2</td><td>-33.6</td><td>299.7</td><td>333.3</td><td>293.8</td><td>39.5</td><td>...</td></tr><tr><td>May</td><td>9,087.6</td><td>-48.6</td><td>145.1</td><td>193.7</td><td>155.1</td><td>38.6</td><td>...</td></tr><tr><td>June</td><td>9,582.0</td><td>+494.4</td><td>1,922.3</td><td>1,427.9</td><td>1,354.0</td><td>73.9</td><td>...</td></tr><tr><td>July</td><td>10,022.5</td><td>+440.5</td><td>665.5</td><td>225.0</td><td>187.8</td><td>37.2</td><td>...</td></tr><tr><td>August</td><td>10,050.8</td><td>+28.4</td><td>201.4</td><td>173.1</td><td>149.6</td><td>23.4</td><td>...</td></tr><tr><td>September</td><td>9,140.3</td><td>-910.5</td><td>281.7</td><td>1,192.2</td><td>1,168.6</td><td>23.6</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><tr><td>December</td><td>9,855.0</td><td>-150.2</td><td>1,283.8</td><td>1,434.0</td><td>1,270.7</td><td>163.3</td><td>...</td></tr><tr><td>1945-January</td><td>9,875.3</td><td>+20.4</td><td>257.7</td><td>237.3</td><td>183.7</td><td>53.7</td><td>...</td></tr></table>
Series A 3/
<table><tr><td>1942</td><td>54.8</td><td>+54.8</td><td>72.2</td><td>17.4</td><td>16.6</td><td>.8</td><td>....</td></tr><tr><td>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>136.1</td><td>18.6</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>-.8</td><td>....</td><td>.5</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>-.8</td><td>....</td><td>.3</td><td>.4</td><td>.3</td><td>....</td></tr><tr><td>December</td><td>96.9</td><td>-3.7</td><td>....</td><td>3.7</td><td>3.2</td><td>.6</td><td>....</td></tr><tr><td>1945-January</td><td>90.0</td><td>-6.9</td><td>....</td><td>6.9</td><td>6.2</td><td>.7</td><td>....</td></tr></table>
(Continued on following page)
42
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes 1/ - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Par values - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemption and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">Series B ½</td></tr><tr><td>1942</td><td>2,959.7</td><td>+2,959.7</td><td>4,066.7</td><td>1,107.0</td><td>1,087.1</td><td>19.9</td><td>...</td></tr><tr><td>1943</td><td>764.8</td><td>-2,195.0</td><td>877.1</td><td>3,072.1</td><td>2,933.3</td><td>70.6</td><td>68.2</td></tr><tr><td>1944</td><td>22.1</td><td>-742.6</td><td>...</td><td>742.6</td><td>721.2</td><td>21.5</td><td>...</td></tr><tr><td>1944-January</td><td>109.7</td><td>-18.9</td><td>...</td><td>18.9</td><td>14.3</td><td>4.6</td><td>...</td></tr><tr><td>February</td><td>101.3</td><td>-8.4</td><td>...</td><td>8.4</td><td>9.6</td><td>-1.2</td><td>...</td></tr><tr><td>March</td><td>48.1</td><td>-53.2</td><td>...</td><td>53.2</td><td>51.5</td><td>1.7</td><td>...</td></tr><tr><td>April</td><td>39.7</td><td>-8.4</td><td>...</td><td>8.4</td><td>7.9</td><td>.5</td><td>...</td></tr><tr><td>May</td><td>34.1</td><td>-5.6</td><td>...</td><td>5.6</td><td>5.4</td><td>.2</td><td>...</td></tr><tr><td>June</td><td>22.1</td><td>-12.0</td><td>...</td><td>12.0</td><td>11.3</td><td>.6</td><td>...</td></tr><tr><td>July</td><td>19.1</td><td>-3.0</td><td>...</td><td>3.0</td><td>2.9</td><td>.2</td><td>...</td></tr><tr><td>August</td><td>17.9</td><td>-1.2</td><td>...</td><td>1.2</td><td>1.1</td><td>.1</td><td>...</td></tr><tr><td>September</td><td>13.6</td><td>-4.3</td><td>...</td><td>4.3</td><td>4.1</td><td>.2</td><td>...</td></tr><tr><td>October</td><td>12.7</td><td>-9</td><td>...</td><td>.9</td><td>.7</td><td>.2</td><td>...</td></tr><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>December</td><td>10.1</td><td>-2.4</td><td>...</td><td>2.4</td><td>2.3</td><td>.1</td><td>...</td></tr><tr><td>1945-January</td><td>8.9</td><td>-1.2</td><td>...</td><td>1.2</td><td>.9</td><td>.3</td><td>...</td></tr><tr><td colspan="8">Series C 5/</td></tr><tr><td>1943</td><td>6,464.0</td><td>+6,464.0</td><td>7,546.7</td><td>1,082.7</td><td>1,047.2</td><td>35.6</td><td>...</td></tr><tr><td>1944</td><td>9,447.7</td><td>+2,983.8</td><td>8,953.7</td><td>5,969.9</td><td>5,507.9</td><td>462.0</td><td>...</td></tr><tr><td>1944-January</td><td>9,233.0</td><td>+931.0</td><td>1,216.1</td><td>285.1</td><td>254.3</td><td>30.9</td><td>...</td></tr><tr><td>February</td><td>10,071.4</td><td>+838.4</td><td>1,017.1</td><td>178.7</td><td>132.9</td><td>45.8</td><td>...</td></tr><tr><td>March</td><td>8,984.5</td><td>-1,086.9</td><td>238.1</td><td>1,325.0</td><td>1,275.5</td><td>49.6</td><td>...</td></tr><tr><td>April</td><td>8,971.3</td><td>-13.2</td><td>299.7</td><td>312.9</td><td>274.9</td><td>38.1</td><td>...</td></tr><tr><td>May</td><td>8,931.4</td><td>-39.9</td><td>145.1</td><td>185.0</td><td>147.3</td><td>37.7</td><td>...</td></tr><tr><td>June</td><td>9,447.7</td><td>+516.4</td><td>1,922.3</td><td>1,405.9</td><td>1,334.2</td><td>71.7</td><td>...</td></tr><tr><td>July</td><td>9,893.0</td><td>+445.2</td><td>665.5</td><td>220.2</td><td>183.6</td><td>36.6</td><td>...</td></tr><tr><td>August</td><td>9,923.4</td><td>+30.4</td><td>201.4</td><td>171.0</td><td>148.1</td><td>22.9</td><td>...</td></tr><tr><td>September</td><td>9,023.8</td><td>-899.6</td><td>281.7</td><td>1,181.3</td><td>1,158.4</td><td>22.9</td><td>...</td></tr><tr><td>October</td><td>8,976.4</td><td>-47.3</td><td>180.7</td><td>228.0</td><td>198.7</td><td>29.3</td><td>...</td></tr><tr><td>November</td><td>9,892.0</td><td>+915.6</td><td>1,081.7</td><td>166.0</td><td>124.2</td><td>41.9</td><td>...</td></tr><tr><td>December</td><td>9,747.9</td><td>-144.1</td><td>1,283.8</td><td>1,427.9</td><td>1,265.2</td><td>162.7</td><td>...</td></tr><tr><td>1945-January</td><td>9,776.4</td><td>+28.5</td><td>257.7</td><td>229.3</td><td>176.6</td><td>52.6</td><td>...</td></tr></table>
Source: Daily Treasury Statements.
Less than $50,000.
1/ These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax savings notes. Series A notes were designed for the small and moderate taxpayer; Series B and Series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for Series A tax savings notes disappeared and their sale was discontinued. Redemption provisions on Series A notes were relaxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnote 3). Sale of Series C notes, which were designed for the investment of idle cash reserves as well as for the accumulation of tax reserves, was continued and the notes were designated Treasury savings notes.
2/ Includes netted Treasury savings notes.
Series A notes, which were sold from August 1, 1941 through June 22, 1943, yield approximately 1.92% per annum. Through June 22, 1943, the notes could be redeemed for cash only at the original purchase price; since that date, the notes have been redeemed for cash at
the tax payment value current at the time of presentation. (See also footnote 1.) Prior to October 4, 1943, the maximum amount which could be used in payment of each class of tax (income, estate, or gift) by each taxpayer during each taxable year was limited to $5,000 per value; this limitation was removed as of that date. 4/ Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately 0.48% per annum. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash only at the original purchase price. 5/ Series C notes went on sale September 14, 1942. Interest accrues each month on a graduated scale (see "Treasury Bulletin" for August 1943, page 4) to yield approximately 1.07% per annum if held to maturity. These notes may be used in payment of Federal taxes at any time two months after the date of issue. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash six months after the date of issue at the tax payment value current at the time of presentation. Prior to July 27, 1943, notice of 30 days was required for cash redemption. See also footnote 1.
March 1945
43
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="9">Sales in millions of dollars at par</th><th colspan="9">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th colspan="8">Denomination</th><th>Total all denominations</th><th colspan="8">Denomination</th></tr><tr><th></th><th></th><th>$100 2/</th><th>$500 2/</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th></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>3.3</td><td>4.4</td><td>18.4</td><td>33.6</td><td>14.9</td><td>25.4</td></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.9</td><td>1,259.3</td><td>1,808.0</td><td>100.0</td><td>.1</td><td>.3</td><td>4.4</td><td>5.7</td><td>20.7</td><td>34.5</td><td>14.1</td><td>20.2</td></tr><tr><td>1944-Jan.</td><td>1,216.1</td><td>2.4</td><td>6.1</td><td>53.5</td><td>73.0</td><td>255.4</td><td>420.8</td><td>160.5</td><td>244.4</td><td>100.0</td><td>.2</td><td>.5</td><td>4.4</td><td>6.0</td><td>21.0</td><td>34.6</td><td>13.2</td><td>20.1</td></tr><tr><td>Feb.</td><td>1,017.1</td><td>3.2</td><td>8.1</td><td>61.0</td><td>82.9</td><td>258.3</td><td>366.2</td><td>108.8</td><td>128.5</td><td>100.0</td><td>.3</td><td>.8</td><td>6.0</td><td>8.2</td><td>25.4</td><td>36.0</td><td>10.7</td><td>12.6</td></tr><tr><td>Mar.</td><td>238.1</td><td>.5</td><td>.9</td><td>7.4</td><td>10.5</td><td>46.7</td><td>81.4</td><td>43.3</td><td>47.4</td><td>100.0</td><td>.2</td><td>.4</td><td>3.1</td><td>4.4</td><td>19.6</td><td>34.2</td><td>18.2</td><td>19.9</td></tr><tr><td>Apr.</td><td>299.7</td><td>.3</td><td>.6</td><td>6.3</td><td>9.9</td><td>45.3</td><td>95.3</td><td>57.5</td><td>84.5</td><td>100.0</td><td>.1</td><td>.2</td><td>2.1</td><td>3.3</td><td>15.1</td><td>31.8</td><td>19.2</td><td>28.2</td></tr><tr><td>May</td><td>145.1</td><td>.3</td><td>.4</td><td>4.4</td><td>7.1</td><td>26.7</td><td>50.8</td><td>16.1</td><td>39.3</td><td>100.0</td><td>.2</td><td>.3</td><td>3.0</td><td>4.9</td><td>18.4</td><td>35.0</td><td>11.1</td><td>27.1</td></tr><tr><td>June</td><td>1,922.3</td><td>3.8</td><td>7.7</td><td>71.1</td><td>103.8</td><td>376.8</td><td>682.4</td><td>248.0</td><td>428.7</td><td>100.0</td><td>.2</td><td>.4</td><td>3.7</td><td>5.4</td><td>19.6</td><td>35.5</td><td>12.9</td><td>22.3</td></tr><tr><td>July</td><td>665.5</td><td>2.7</td><td>5.3</td><td>38.6</td><td>52.6</td><td>159.7</td><td>224.9</td><td>85.9</td><td>95.8</td><td>100.0</td><td>.4</td><td>.8</td><td>5.8</td><td>7.9</td><td>24.0</td><td>33.8</td><td>12.9</td><td>14.4</td></tr><tr><td>Aug.</td><td>201.4</td><td>.2</td><td>.6</td><td>5.8</td><td>9.3</td><td>36.7</td><td>62.0</td><td>25.6</td><td>61.2</td><td>100.0</td><td>.1</td><td>.3</td><td>2.9</td><td>4.6</td><td>18.2</td><td>30.8</td><td>12.7</td><td>30.4</td></tr><tr><td>Sept.</td><td>281.7</td><td>.3</td><td>.6</td><td>5.9</td><td>10.4</td><td>46.5</td><td>76.6</td><td>43.9</td><td>97.5</td><td>100.0</td><td>.1</td><td>.2</td><td>2.1</td><td>3.7</td><td>16.5</td><td>27.2</td><td>15.6</td><td>34.6</td></tr><tr><td>Oct.</td><td>180.7</td><td>.2</td><td>.5</td><td>5.1</td><td>7.9</td><td>31.1</td><td>59.3</td><td>9.4</td><td>67.2</td><td>100.0</td><td>.1</td><td>.3</td><td>2.8</td><td>4.4</td><td>17.2</td><td>32.8</td><td>5.2</td><td>37.2</td></tr><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><tr><td>Dec.</td><td>1,283.8</td><td>2.6</td><td>9.0</td><td>66.7</td><td>104.0</td><td>333.8</td><td>460.9</td><td>134.8</td><td>172.0</td><td>100.0</td><td>.2</td><td>.7</td><td>5.2</td><td>8.1</td><td>26.0</td><td>35.9</td><td>10.5</td><td>13.4</td></tr><tr><td>1945-Jan.</td><td>257.7</td><td>.8</td><td>1.3</td><td>8.5</td><td>12.4</td><td>48.4</td><td>77.8</td><td>41.2</td><td>67.5</td><td>100.0</td><td>.3</td><td>.5</td><td>3.3</td><td>4.8</td><td>18.8</td><td>30.2</td><td>16.0</td><td>26.2</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statements; (2) Distribution by denominations: sales reported to the Treasury. 1/ Information on sales, by denomination, of Series A and B tax savings notes may be found in the "Treasury Bulletin" for July 1943, page 46. 2/ Denominations of $100 and $500 were first offered in November, 1943.
Table 3.- Sales of Series C Notes, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars at par</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td>1943-1944</td><td>7,546.7<br>8,953.7</td><td>611.3<br>654.9</td><td>6,935.4<br>8,298.7</td><td>100.0<br>100.0</td><td>8.1<br>7.3</td><td>91.9<br>92.7</td></tr><tr><td>1944-January</td><td>1,216.1</td><td>108.2</td><td>1,107.9</td><td>100.0</td><td>8.9</td><td>91.1</td></tr><tr><td>February</td><td>1,017.1</td><td>75.3</td><td>941.8</td><td>100.0</td><td>7.4</td><td>92.6</td></tr><tr><td>March</td><td>238.1</td><td>21.2</td><td>216.9</td><td>100.0</td><td>8.9</td><td>91.1</td></tr><tr><td>April</td><td>299.7</td><td>19.2</td><td>280.5</td><td>100.0</td><td>6.4</td><td>93.6</td></tr><tr><td>May</td><td>145.1</td><td>12.5</td><td>132.6</td><td>100.0</td><td>8.6</td><td>91.4</td></tr><tr><td>June</td><td>1,922.3</td><td>126.9</td><td>1,795.4</td><td>100.0</td><td>6.6</td><td>93.4</td></tr><tr><td>July</td><td>665.5</td><td>50.6</td><td>614.9</td><td>100.0</td><td>7.6</td><td>92.4</td></tr><tr><td>August</td><td>201.4</td><td>8.9</td><td>192.5</td><td>100.0</td><td>4.4</td><td>95.6</td></tr><tr><td>September</td><td>281.7</td><td>15.8</td><td>265.9</td><td>100.0</td><td>5.6</td><td>94.4</td></tr><tr><td>October</td><td>180.7</td><td>9.8</td><td>170.9</td><td>100.0</td><td>5.4</td><td>94.6</td></tr><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><tr><td>December</td><td>1,283.8</td><td>77.1</td><td>1,206.7</td><td>100.0</td><td>6.0</td><td>94.0</td></tr><tr><td>1945-January</td><td>257.7</td><td>18.8</td><td>238.9</td><td>100.0</td><td>7.3</td><td>92.7</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.
44
Treasury Bulletin
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month 1/</th><th>Sales 1/</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total 1/</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1941 3/</td><td>5,291</td><td>+5,143</td><td>6,087</td><td>943</td><td>127,948</td><td>18,468</td><td>100.0</td><td>87.4</td><td>12.6</td></tr><tr><td>1942 (July 1941)</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>474,168</td><td>70,480</td><td>100.0</td><td>87.1</td><td>12.9</td></tr><tr><td>1943 (Aug. 1941-June 1942)</td><td>213,350</td><td>+45,620 6/1/</td><td>590,268 1/</td><td>544,647</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944-January</td><td>204,906</td><td>+1,842</td><td>37,451</td><td>35,610</td><td>30,027</td><td>5,582</td><td>100.0</td><td>84.3</td><td>15.7</td></tr><tr><td>February</td><td>200,577</td><td>-1,329</td><td>34,993</td><td>39,322</td><td>33,625</td><td>5,696</td><td>100.0</td><td>85.5</td><td>14.5</td></tr><tr><td>March</td><td>195,821</td><td>-1,755</td><td>40,029</td><td>44,784</td><td>35,784</td><td>9,000</td><td>100.0</td><td>79.9</td><td>20.1</td></tr><tr><td>April</td><td>196,404</td><td>+582</td><td>35,717</td><td>35,134</td><td>28,261</td><td>6,873</td><td>100.0</td><td>80.4</td><td>19.6</td></tr><tr><td>May</td><td>198,407</td><td>+2,003</td><td>30,748</td><td>28,745</td><td>23,055</td><td>5,690</td><td>100.0</td><td>80.2</td><td>19.8</td></tr><tr><td>June</td><td>196,518</td><td>-1,889</td><td>22,696</td><td>24,584</td><td>20,774</td><td>3,811</td><td>100.0</td><td>84.5</td><td>15.5</td></tr><tr><td>July</td><td>180,399</td><td>-16,119</td><td>16,566</td><td>32,685</td><td>27,553</td><td>5,132</td><td>100.0</td><td>84.3</td><td>15.7</td></tr><tr><td>August</td><td>167,425</td><td>-12,974</td><td>23,138</td><td>36,112</td><td>27,996</td><td>8,116</td><td>100.0</td><td>77.5</td><td>22.5</td></tr><tr><td>September</td><td>168,253</td><td>+628</td><td>18,898</td><td>18,070</td><td>14,175</td><td>3,896</td><td>100.0</td><td>78.4</td><td>21.6</td></tr><tr><td>October</td><td>175,199</td><td>+6,945</td><td>24,679</td><td>17,734</td><td>13,816</td><td>3,917</td><td>100.0</td><td>77.9</td><td>22.1</td></tr><tr><td>November</td><td>180,587</td><td>+5,388</td><td>23,946</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><tr><td>December</td><td>181,529</td><td>+942</td><td>21,163</td><td>20,221</td><td>16,618</td><td>3,602</td><td>100.0</td><td>82.2</td><td>17.8</td></tr><tr><td>1945-January</td><td>182,692</td><td>+1,164</td><td>21,088</td><td>19,924</td><td>16,321</td><td>3,603</td><td>100.0</td><td>81.9</td><td>18.1</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ Figures for periods prior to November 1, 1942 are not strictly comparable with subsequent data because of the shift to a Daily Treasury Statement basis. Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples conducted by the Post Office Department.
3/ Sales and redemptions commence with May 1, 1941 when the special defense series of stamps went on sale. The amount of the old co-
4/11/42. The total number of postal savings stamps outstanding on April 30, 1941 was $150 thousands.
5/11/42. Details not available for May, June, and July 1941.
5/11/42. Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousands for the period August 1, 1941 through June 30, 1942 and $55 thousands for the period July 1, 1942 through October 31, 1942.
6/11/42. Net of sales less redemption. See footnote 1.
7/11/42. 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>Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th></th><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>1944-January</td><td>37,451</td><td>11,150</td><td>19,072</td><td>2,541</td><td>3,485</td><td>1,203</td><td>100.0</td><td>29.8</td><td>50.9</td><td>6.8</td><td>9.3</td><td>3.2</td></tr><tr><td>February</td><td>34,993</td><td>10,511</td><td>17,799</td><td>2,363</td><td>3,371</td><td>950</td><td>100.0</td><td>30.0</td><td>50.9</td><td>6.8</td><td>9.6</td><td>2.7</td></tr><tr><td>March</td><td>40,029</td><td>11,174</td><td>20,227</td><td>3,132</td><td>4,167</td><td>1,330</td><td>100.0</td><td>27.9</td><td>50.6</td><td>7.8</td><td>10.4</td><td>3.3</td></tr><tr><td>April</td><td>35,717</td><td>9,458</td><td>18,187</td><td>2,768</td><td>4,120</td><td>1,183</td><td>100.0</td><td>26.5</td><td>50.9</td><td>7.8</td><td>11.5</td><td>3.3</td></tr><tr><td>May</td><td>30,748</td><td>7,588</td><td>15,878</td><td>2,437</td><td>3,724</td><td>1,122</td><td>100.0</td><td>24.7</td><td>51.6</td><td>7.9</td><td>12.1</td><td>3.7</td></tr><tr><td>June</td><td>22,696</td><td>4,436</td><td>11,808</td><td>2,438</td><td>3,027</td><td>987</td><td>100.0</td><td>19.6</td><td>52.0</td><td>10.7</td><td>13.3</td><td>4.4</td></tr><tr><td>July</td><td>16,566</td><td>3,731</td><td>8,370</td><td>1,464</td><td>2,298</td><td>702</td><td>100.0</td><td>22.5</td><td>50.5</td><td>8.8</td><td>13.9</td><td>4.3</td></tr><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>52.8</td><td>8.8</td><td>13.6</td><td>4.1</td></tr><tr><td>October</td><td>24,679</td><td>6,636</td><td>12,516</td><td>1,892</td><td>2,786</td><td>848</td><td>100.0</td><td>26.9</td><td>50.7</td><td>7.7</td><td>11.3</td><td>3.4</td></tr><tr><td>November</td><td>23,946</td><td>6,928</td><td>11,581</td><td>1,813</td><td>2,761</td><td>863</td><td>100.0</td><td>28.9</td><td>48.4</td><td>7.6</td><td>11.5</td><td>3.6</td></tr><tr><td>December</td><td>21,163</td><td>5,586</td><td>10,642</td><td>1,412</td><td>2,469</td><td>1,054</td><td>100.0</td><td>26.4</td><td>50.3</td><td>6.7</td><td>11.6</td><td>5.0</td></tr><tr><td>1945-January</td><td>21,088</td><td>6,328</td><td>10,604</td><td>1,435</td><td>2,103</td><td>618</td><td>100.0</td><td>30.0</td><td>50.3</td><td>6.8</td><td>10.0</td><td>2.9</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.
March 1945
45
OWNERSHIP OF GOVERNMENT SECURITIES
46
Treasury Bulletin
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="6">Securities issued by United States Government</th><th colspan="6">Securities guaranteed by United States 1/</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 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 legues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total amount unmatured outstanding</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th></tr><tr><td>1935</td><td>27,645</td><td>1,656</td><td>1,023</td><td>-</td><td>533</td><td>2,433</td><td>23,556</td><td>23,494</td><td>62</td><td>4,123</td><td>366</td><td>-</td><td>3,757</td><td>-</td></tr><tr><td>1936</td><td>32,989</td><td>1,959 r</td><td>1,332</td><td>-</td><td>626</td><td>2,430</td><td>28,601</td><td>27,340</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>1,693</td><td>-</td><td>1,558</td><td>2,526</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>36,576</td><td>4,466 r</td><td>1,791</td><td>-</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>-</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</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>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,119</td><td>114,111</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,830</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>1944-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>183,413</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>18,195</td><td>4,064</td><td>10</td><td>14,122</td><td>14,247</td><td>152,432</td><td>109,718</td><td>42,714</td><td>1,529</td><td>7</td><td>176</td><td>1,183</td><td>163</td></tr><tr><td>June.</td><td>199,543</td><td>18,920</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>208,289</td><td>20,079</td><td>4,608</td><td>10</td><td>15,461</td><td>15,803</td><td>172,407</td><td>124,803</td><td>47,604</td><td>1,475</td><td>4</td><td>-</td><td>1,187</td><td>284</td></tr><tr><td>Sept.</td><td>207,850</td><td>20,575</td><td>4,588</td><td>10</td><td>15,976</td><td>16,651</td><td>170,625</td><td>123,483</td><td>47,142</td><td>1,480</td><td>4</td><td>-</td><td>1,187</td><td>289</td></tr><tr><td>Oct.</td><td>208,608</td><td>20,784</td><td>4,605</td><td>10</td><td>16,170</td><td>17,645</td><td>170,179</td><td>122,759</td><td>47,420</td><td>1,480</td><td>4</td><td>-</td><td>1,189</td><td>287</td></tr><tr><td>Nov.</td><td>210,774</td><td>21,185</td><td>4,592</td><td>10</td><td>16,583</td><td>18,386</td><td>171,204</td><td>122,205</td><td>48,998</td><td>1,470</td><td>4</td><td>-</td><td>1,189</td><td>277</td></tr><tr><td>Dec.</td><td>228,891</td><td>21,672</td><td>5,337</td><td>10</td><td>16,326</td><td>18,844</td><td>188,375</td><td>137,468</td><td>50,907</td><td>1,470</td><td>4</td><td>-</td><td>1,190</td><td>275</td></tr><tr><td>1945-Jan.</td><td>230,672</td><td>21,967 p</td><td>5,269 p</td><td>10 p</td><td>16,688</td><td>19,004</td><td>189,701 p</td><td>137,988 p</td><td>51,713 p</td><td>1,496</td><td>4 p</td><td>-</td><td>1,193 p</td><td>300</td></tr></table>
Source: (1) Total amounts outstanding: Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds: reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks: Federal Reserve System. p Preliminary. r Revised. * Less than $500,000.
1/ Excludes matured securities, and obligations held by the Treasury
2/ 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.
March 1945
47
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed
by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds</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>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.8</td><td>12.2</td></tr><tr><td>1943-June</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.7</td><td>1.3</td><td>14.3</td></tr><tr><td>December</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</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>23.4</td><td>2.6</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>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.8</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</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 poses-
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>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Less than $50,000. 1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
48
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by The United States, December 31, 1944
Section I - Monthly Data on Ownership by Banks and Insurance Companies
The following tables present summary data as of December 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.
Section I presents the information that appears monthly on the ownership by various classes of investors covered in the Treasury Survey.
Section II presents the semi-annual tables on the ownership by commercial banks, classified according to membership in the Federal Reserve System.
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="4">Held by investors covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th colspan="3">Banke 1/</th><th colspan="2">Insurance companies</th></tr><tr><th></th><th></th><th>7,413 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>318 life insurance companies</th><th>654 fire, casualty, and marine insurance companies</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></tr><tr><td>Marketable securities</td><td>162,843</td><td>71,708</td><td>337</td><td>8,183</td><td>18,761</td><td>16,336</td><td>2,425</td><td>24,184</td><td>39,670</td></tr><tr><td>Non-marketable securities</td><td>51,192</td><td>1,303</td><td>6</td><td>157</td><td>240</td><td>85</td><td>155</td><td>10</td><td>49,476</td></tr><tr><td>Total public securities</td><td>214,035</td><td>73,011</td><td>343</td><td>8,340</td><td>19,001</td><td>16,421</td><td>2,580</td><td>24,194</td><td>89,146</td></tr><tr><td>Special issues</td><td>16,326</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16,326</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 4/</td><td>230,361</td><td>73,011</td><td>343</td><td>8,340</td><td>19,001</td><td>16,421</td><td>2,580</td><td>40,520</td><td>89,146</td></tr></table>
1/ Securities held in trust departments are excluded. 2/ Includes trust companies. 3/ This column includes securities held by those banks and insurance com-
panies which are not covered in the Treasury Survey. See headnote to this section. 4/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX-EXEMPTION PROVISIONS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Held by investors covered in Treasury Survey</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,413 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>318 life insurance companies</th><th>654 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Par values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>16,428</td><td>4,113</td><td>*</td><td>1</td><td>1</td><td>-</td><td>1</td><td>11,154</td><td>1,159</td></tr><tr><td>Certificates of indebtedness</td><td>30,401</td><td>15,011</td><td>21</td><td>136</td><td>310</td><td>88</td><td>222</td><td>4,949</td><td>9,974</td></tr><tr><td>Treasury notes</td><td>23,039</td><td>15,375</td><td>36</td><td>336</td><td>568</td><td>352</td><td>216</td><td>1,626</td><td>5,098</td></tr><tr><td>Treasury bonds</td><td>91,585</td><td>36,229</td><td>279</td><td>7,704</td><td>17,859</td><td>15,883</td><td>1,977</td><td>6,416</td><td>23,098</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>22</td><td>*</td><td>6</td><td>1</td><td>*</td><td>1</td><td>35</td><td>138</td></tr><tr><td>Guaranteed by United States 4/</td><td>1,194</td><td>959</td><td>1</td><td>6</td><td>22</td><td>13</td><td>9</td><td>4</td><td>203</td></tr><tr><td>Total</td><td>162,843</td><td>71,708</td><td>337</td><td>8,183</td><td>18,761</td><td>16,336</td><td>2,425</td><td>24,184</td><td>39,670</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>54,850</td><td>24,100</td><td>26</td><td>174</td><td>491</td><td>181</td><td>310</td><td>16,868</td><td>13,190</td></tr><tr><td>1 to 5 years</td><td>34,994</td><td>23,438</td><td>54</td><td>866</td><td>1,885</td><td>1,328</td><td>557</td><td>2,137</td><td>6,615</td></tr><tr><td>5 to 10 years</td><td>37,909</td><td>19,357</td><td>96</td><td>3,447</td><td>3,787</td><td>2,978</td><td>809</td><td>1,091</td><td>9,632</td></tr><tr><td>10 to 15 years</td><td>9,783</td><td>2,493</td><td>86</td><td>1,570</td><td>2,123</td><td>1,739</td><td>384</td><td>720</td><td>2,786</td></tr><tr><td>15 to 20 years</td><td>14,084</td><td>772</td><td>42</td><td>1,616</td><td>6,030</td><td>5,809</td><td>271</td><td>1,524</td><td>4,050</td></tr><tr><td>Over 20 years</td><td>11,195</td><td>1,034</td><td>32</td><td>509</td><td>4,381</td><td>4,283</td><td>93</td><td>1,843</td><td>3,395</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>28</td><td>9</td><td>*</td><td>2</td><td>13</td><td>12</td><td>1</td><td>2</td><td>2</td></tr><tr><td>Total</td><td>162,843</td><td>71,708</td><td>337</td><td>8,183</td><td>18,761</td><td>16,336</td><td>2,425</td><td>24,184</td><td>39,670</td></tr><tr><td>Tax-exemption provisions: 5/</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>914</td><td>210</td><td>*</td><td>1</td><td>11</td><td>*</td><td>10</td><td>56</td><td>637</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>22,939</td><td>13,512</td><td>106</td><td>306</td><td>2,282</td><td>1,309</td><td>973</td><td>2,324</td><td>4,409</td></tr><tr><td>Subject to Federal income taxes</td><td>138,990</td><td>57,986</td><td>231</td><td>7,877</td><td>16,468</td><td>15,026</td><td>1,442</td><td>21,805</td><td>34,624</td></tr><tr><td>Total</td><td>162,843</td><td>71,708</td><td>337</td><td>8,183</td><td>18,761</td><td>16,336</td><td>2,425</td><td>24,184</td><td>39,670</td></tr></table>
(Continued on following page)
March 1945
49
Treasury Survey of Ownership of Securities Issued or Guaranteed by The United States, December 31, 1944 - (Continued)
Section I - Monthly Data on Ownership by Banks and Insurance Companies - (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>Classification</th><th>Total amount outstading</th><th colspan="4">Hold by investors covered in Treasury Survey</th><th colspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,413 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>318 life insurance companies</th><th>654 fire, casualty, and marine insurance companies</th><th></th></tr><tr><th colspan="9">Percentage distribution by classes of securities</th></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>10.1</td><td>5.7</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>46.1</td><td>2.9</td></tr><tr><td>Certificates of indebtedness</td><td>18.7</td><td>20.9</td><td>6.4</td><td>1.7</td><td>1.7</td><td>.5</td><td>9.2</td><td>20.5</td><td>25.1</td></tr><tr><td>Treasury notes</td><td>14.1</td><td>21.4</td><td>10.6</td><td>4.1</td><td>3.0</td><td>2.2</td><td>8.9</td><td>6.7</td><td>12.9</td></tr><tr><td>Treasury bonds</td><td>56.2</td><td>50.5</td><td>82.7</td><td>94.1</td><td>95.2</td><td>97.2</td><td>81.5</td><td>26.5</td><td>58.2</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Guaranteed by United States 4/</td><td>.7</td><td>1.3</td><td>.3</td><td>.1</td><td>.1</td><td>.1</td><td>.4</td><td>*</td><td>.5</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></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>33.7</td><td>33.6</td><td>7.7</td><td>2.1</td><td>2.6</td><td>1.1</td><td>12.8</td><td>69.7</td><td>33.2</td></tr><tr><td>1 to 5 years</td><td>21.5</td><td>32.7</td><td>16.0</td><td>10.6</td><td>10.0</td><td>8.1</td><td>23.0</td><td>8.8</td><td>16.7</td></tr><tr><td>5 to 10 years</td><td>23.3</td><td>27.7</td><td>28.5</td><td>42.1</td><td>20.2</td><td>18.2</td><td>33.3</td><td>4.5</td><td>24.3</td></tr><tr><td>10 to 15 years</td><td>6.0</td><td>3.5</td><td>25.5</td><td>19.2</td><td>11.3</td><td>10.6</td><td>15.8</td><td>3.0</td><td>7.0</td></tr><tr><td>15 to 20 years</td><td>8.6</td><td>1.1</td><td>12.6</td><td>19.7</td><td>32.4</td><td>35.6</td><td>11.2</td><td>6.3</td><td>10.2</td></tr><tr><td>Over 20 years</td><td>6.9</td><td>1.4</td><td>9.6</td><td>6.2</td><td>23.4</td><td>26.2</td><td>3.8</td><td>7.6</td><td>8.6</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: 5/</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>.4</td><td>.2</td><td>1.6</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>14.1</td><td>18.8</td><td>31.5</td><td>3.7</td><td>12.2</td><td>8.0</td><td>40.1</td><td>9.6</td><td>11.1</td></tr><tr><td>Subject to Federal income taxes</td><td>85.4</td><td>80.9</td><td>68.4</td><td>96.3</td><td>87.8</td><td>92.0</td><td>59.4</td><td>90.2</td><td>87.3</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th colspan="9">Percentage distribution by groups of investors</th></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>25.0</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>67.9</td><td>7.1</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>49.4</td><td>.1</td><td>.4</td><td>1.0</td><td>.3</td><td>.7</td><td>16.3</td><td>32.8</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>66.7</td><td>.2</td><td>1.5</td><td>2.5</td><td>1.5</td><td>.9</td><td>7.1</td><td>22.1</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>39.6</td><td>.3</td><td>5.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>7.0</td><td>25.2</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>11.2</td><td>*</td><td>*</td><td>.4</td><td>.1</td><td>.3</td><td>17.9</td><td>70.5</td></tr><tr><td>Guaranteed by United States 4/</td><td>100.0</td><td>80.3</td><td>.1</td><td>.5</td><td>1.9</td><td>1.1</td><td>.7</td><td>.3</td><td>17.0</td></tr><tr><td>Total</td><td>100.0</td><td>44.0</td><td>.2</td><td>5.0</td><td>11.5</td><td>10.0</td><td>1.5</td><td>14.9</td><td>24.4</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>43.9</td><td>*</td><td>.3</td><td>.9</td><td>.3</td><td>.6</td><td>30.8</td><td>24.0</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>67.0</td><td>.2</td><td>2.5</td><td>5.4</td><td>3.8</td><td>1.6</td><td>6.1</td><td>18.9</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>52.4</td><td>.3</td><td>9.1</td><td>10.0</td><td>7.9</td><td>2.1</td><td>2.9</td><td>25.4</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>25.5</td><td>.9</td><td>16.0</td><td>21.7</td><td>17.8</td><td>3.9</td><td>7.4</td><td>28.5</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>5.5</td><td>.3</td><td>11.5</td><td>43.2</td><td>41.2</td><td>1.9</td><td>10.8</td><td>28.8</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>9.2</td><td>.3</td><td>4.5</td><td>39.1</td><td>38.3</td><td>.3</td><td>16.5</td><td>30.3</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>33.8</td><td>.1</td><td>5.9</td><td>47.2</td><td>44.9</td><td>2.2</td><td>5.7</td><td>7.1</td></tr><tr><td>Total</td><td>100.0</td><td>44.0</td><td>.2</td><td>5.0</td><td>11.5</td><td>10.0</td><td>1.5</td><td>14.9</td><td>24.4</td></tr><tr><td>Tax-exemption provisions: 5/</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>23.0</td><td>*</td><td>.1</td><td>1.2</td><td>*</td><td>1.1</td><td>6.2</td><td>69.7</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>58.9</td><td>.5</td><td>1.3</td><td>9.9</td><td>5.7</td><td>4.2</td><td>10.1</td><td>19.2</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>41.7</td><td>.2</td><td>5.7</td><td>11.8</td><td>10.8</td><td>1.0</td><td>15.7</td><td>24.9</td></tr><tr><td>Total</td><td>100.0</td><td>44.0</td><td>.2</td><td>5.0</td><td>11.5</td><td>10.0</td><td>1.5</td><td>14.9</td><td>24.4</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by The United States, December 31, 1944 - (Continued)
Section I - Monthly Data on Ownership by Banks and Insurance Companies - (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 5/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,413 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>318 life insurance companies</th><th>654 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills....................(taxable)</td><td>16,428</td><td>4,113</td><td>*</td><td>1</td><td>1</td><td>-</td><td>1</td><td>11,154</td><td>1,159</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% February 1945............(taxable)</td><td>5,048</td><td>2,636</td><td>3</td><td>24</td><td>35</td><td>8</td><td>27</td><td>726</td><td>1,624</td></tr><tr><td>7/8% April 1945............(taxable)</td><td>4,877</td><td>2,951</td><td>3</td><td>38</td><td>22</td><td>13</td><td>9</td><td>1,193</td><td>669</td></tr><tr><td>7/8% May 1945............(taxable)</td><td>1,615</td><td>1,089</td><td>1</td><td>3</td><td>3</td><td>1</td><td>2</td><td>373</td><td>145</td></tr><tr><td>7/8% June 1945............(taxable)</td><td>4,770</td><td>1,863</td><td>4</td><td>10</td><td>53</td><td>4</td><td>48</td><td>629</td><td>2,212</td></tr><tr><td>7/8% August 1945............(taxable)</td><td>2,511</td><td>1,671</td><td>3</td><td>3</td><td>9</td><td>*</td><td>9</td><td>653</td><td>171</td></tr><tr><td>7/8% September 1945............(taxable)</td><td>3,694</td><td>2,215</td><td>4</td><td>15</td><td>22</td><td>4</td><td>17</td><td>654</td><td>783</td></tr><tr><td>7/8% October 1945............(taxable)</td><td>3,492</td><td>2,400</td><td>2</td><td>5</td><td>33</td><td>25</td><td>8</td><td>710</td><td>342</td></tr><tr><td>7/8% December 1945............(taxable)</td><td>4,395</td><td>185</td><td>1</td><td>38</td><td>134</td><td>33</td><td>101</td><td>10</td><td>4,027</td></tr><tr><td>Total certificates of indebtedness</td><td>30,401</td><td>15,011</td><td>21</td><td>136</td><td>310</td><td>88</td><td>222</td><td>4,949</td><td>9,974</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>.90% March 1945............(taxable)</td><td>2,127</td><td>1,471</td><td>1</td><td>3</td><td>12</td><td>1</td><td>11</td><td>322</td><td>318</td></tr><tr><td>3/4% March 1945............(wholly)</td><td>718</td><td>188</td><td>*</td><td>1</td><td>10</td><td>*</td><td>10</td><td>21</td><td>499</td></tr><tr><td>1-1/4% March 1945............(taxable)</td><td>1,606</td><td>1,216</td><td>1</td><td>8</td><td>10</td><td>2</td><td>8</td><td>159</td><td>213</td></tr><tr><td>3/4% December 1945............(taxable)</td><td>531</td><td>384</td><td>1</td><td>5</td><td>13</td><td>2</td><td>11</td><td>30</td><td>98</td></tr><tr><td>.90% January 1946............(taxable)</td><td>3,416</td><td>2,402</td><td>1</td><td>9</td><td>4</td><td>*</td><td>4</td><td>419</td><td>582</td></tr><tr><td>1% March 1946............(taxable)</td><td>1,291</td><td>934</td><td>1</td><td>9</td><td>35</td><td>23</td><td>12</td><td>76</td><td>235</td></tr><tr><td>1-1/2% December 1946............(taxable)</td><td>3,261</td><td>2,526</td><td>2</td><td>51</td><td>40</td><td>15</td><td>25</td><td>283</td><td>358</td></tr><tr><td>1-1/4% March 1947............(taxable)</td><td>1,948</td><td>777</td><td>13</td><td>63</td><td>286</td><td>244</td><td>42</td><td>1</td><td>809</td></tr><tr><td>1-1/4% September 1947............(taxable)</td><td>1,687</td><td>352</td><td>7</td><td>88</td><td>76</td><td>33</td><td>44</td><td>1</td><td>1,162</td></tr><tr><td>1-1/2% September 1947............(taxable)</td><td>2,707</td><td>2,167</td><td>5</td><td>47</td><td>47</td><td>22</td><td>25</td><td>*</td><td>441</td></tr><tr><td>1-1/2% September 1948............(taxable)</td><td>3,748</td><td>2,958</td><td>3</td><td>53</td><td>34</td><td>10</td><td>24</td><td>315</td><td>384</td></tr><tr><td>Total Treasury notes</td><td>23,039</td><td>15,375</td><td>36</td><td>336</td><td>568</td><td>352</td><td>216</td><td>1,626</td><td>5,098</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>2-3/4% September 1945-47............(partially)</td><td>1,214</td><td>525</td><td>*</td><td>14</td><td>93</td><td>74</td><td>20</td><td>179</td><td>404</td></tr><tr><td>2-1/2% December 1945............(partially)</td><td>541</td><td>229</td><td>*</td><td>3</td><td>33</td><td>14</td><td>19</td><td>18</td><td>258</td></tr><tr><td>3-3/4% March 1946-56............(partially)</td><td>489</td><td>196</td><td>*</td><td>10</td><td>77</td><td>66</td><td>10</td><td>77</td><td>129</td></tr><tr><td>3% June 1946-48............(partially)</td><td>1,036</td><td>468</td><td>1</td><td>17</td><td>123</td><td>97</td><td>27</td><td>207</td><td>219</td></tr><tr><td>3-1/8% June 1946-49............(partially)</td><td>819</td><td>381</td><td>*</td><td>15</td><td>75</td><td>58</td><td>17</td><td>87</td><td>260</td></tr><tr><td>4-1/4% October 1947-52............(partially)</td><td>759</td><td>344</td><td>*</td><td>17</td><td>71</td><td>39</td><td>32</td><td>81</td><td>246</td></tr><tr><td>2% December 1947............(partially)</td><td>701</td><td>571</td><td>*</td><td>1</td><td>30</td><td>1</td><td>30</td><td>*</td><td>98</td></tr><tr><td>2% March 1948-50............(taxable)</td><td>1,115</td><td>720</td><td>1</td><td>96</td><td>85</td><td>74</td><td>12</td><td>57</td><td>157</td></tr><tr><td>2-3/4% March 1948-51............(partially)</td><td>1,223</td><td>829</td><td>2</td><td>13</td><td>90</td><td>58</td><td>32</td><td>160</td><td>129</td></tr><tr><td>1-3/4% June 1948............(taxable)</td><td>3,062</td><td>2,308</td><td>1</td><td>85</td><td>165</td><td>128</td><td>37</td><td>27</td><td>476</td></tr><tr><td>2-1/2% September 1948............(partially)</td><td>451</td><td>350</td><td>*</td><td>2</td><td>37</td><td>23</td><td>14</td><td>-</td><td>62</td></tr><tr><td>2% December 1948-50............(partially)</td><td>571</td><td>450</td><td>2</td><td>1</td><td>21</td><td>5</td><td>16</td><td>44</td><td>54</td></tr><tr><td>2% June 1949-51............(taxable)</td><td>1,014</td><td>725</td><td>*</td><td>78</td><td>126</td><td>106</td><td>20</td><td>12</td><td>73</td></tr><tr><td>2% September 1949-51............(taxable)</td><td>1,292</td><td>981</td><td>1</td><td>82</td><td>114</td><td>86</td><td>28</td><td>10</td><td>106</td></tr><tr><td>2% December 1949-51............(taxable)</td><td>2,098</td><td>1,472</td><td>3</td><td>102</td><td>181</td><td>159</td><td>21</td><td>9</td><td>331</td></tr><tr><td>3-1/8% December 1949-52............(partially)</td><td>491</td><td>312</td><td>1</td><td>14</td><td>67</td><td>42</td><td>25</td><td>40</td><td>58</td></tr><tr><td>2-1/2% December 1949-53............(partially)</td><td>1,786</td><td>1,214</td><td>9</td><td>13</td><td>100</td><td>38</td><td>61</td><td>231</td><td>220</td></tr><tr><td>2% March 1950-52............(taxable)</td><td>1,963</td><td>1,496</td><td>5</td><td>103</td><td>192</td><td>170</td><td>23</td><td>19</td><td>148</td></tr><tr><td>2% September 1950-52............(taxable)</td><td>4,939</td><td>2,891</td><td>9</td><td>391</td><td>452</td><td>382</td><td>70</td><td>83</td><td>1,113</td></tr><tr><td>2-3/4% September 1950-52............(partially)</td><td>1,186</td><td>954</td><td>2</td><td>20</td><td>94</td><td>32</td><td>62</td><td>112</td><td>4</td></tr><tr><td>2-3/4% June 1951-54............(partially)</td><td>1,627</td><td>1,089</td><td>8</td><td>24</td><td>166</td><td>92</td><td>74</td><td>164</td><td>176</td></tr><tr><td>2% September 1951-53............(taxable)</td><td>7,986</td><td>4,605</td><td>21</td><td>682</td><td>798</td><td>668</td><td>130</td><td>127</td><td>1,753</td></tr><tr><td>3% September 1951-55............(partially)</td><td>755</td><td>332</td><td>*</td><td>15</td><td>89</td><td>51</td><td>38</td><td>79</td><td>240</td></tr><tr><td>2% December 1951-55............(taxable)</td><td>510</td><td>366</td><td>2</td><td>1</td><td>32</td><td>26</td><td>7</td><td>20</td><td>76</td></tr><tr><td>2-1/4% December 1951-53............(partially)</td><td>1,118</td><td>868</td><td>2</td><td>3</td><td>49</td><td>17</td><td>32</td><td>112</td><td>83</td></tr><tr><td>2-1/2% March 1952-54............(taxable)</td><td>1,024</td><td>394</td><td>*</td><td>292</td><td>71</td><td>57</td><td>14</td><td>67</td><td>199</td></tr><tr><td>2% June 1952-54............(taxable)</td><td>5,825</td><td>3,092</td><td>19</td><td>404</td><td>698</td><td>610</td><td>88</td><td>10</td><td>1,603</td></tr><tr><td>2% December 1952-54............(taxable)</td><td>8,070</td><td>1,901</td><td>23</td><td>1,221</td><td>855</td><td>674</td><td>181</td><td>166</td><td>3,904</td></tr><tr><td>2-1/4% June 1952-55............(taxable)</td><td>1,501</td><td>744</td><td>2</td><td>272</td><td>203</td><td>177</td><td>25</td><td>74</td><td>206</td></tr><tr><td>2% June 1953-55............(partially)</td><td>725</td><td>622</td><td>1</td><td>3</td><td>31</td><td>2</td><td>29</td><td>14</td><td>55</td></tr><tr><td>2-1/4% June 1954-56............(partially)</td><td>681</td><td>503</td><td>2</td><td>3</td><td>57</td><td>20</td><td>37</td><td>44</td><td>71</td></tr><tr><td>2-7/8% March 1955-60............(partially)</td><td>2,511</td><td>1,025</td><td>31</td><td>44</td><td>242</td><td>106</td><td>137</td><td>363</td><td>906</td></tr><tr><td>2-1/2% March 1956-58............(taxable)</td><td>1,449</td><td>311</td><td>9</td><td>281</td><td>509</td><td>493</td><td>16</td><td>54</td><td>285</td></tr><tr><td>2-1/4% September 1956-59............(taxable)</td><td>3,823</td><td>266</td><td>18</td><td>1,206</td><td>908</td><td>821</td><td>86</td><td>103</td><td>1,322</td></tr><tr><td>2-3/4% September 1956-59............(partially)</td><td>982</td><td>459</td><td>16</td><td>18</td><td>192</td><td>120</td><td>71</td><td>127</td><td>159</td></tr><tr><td>2-3/4% June 1958-63............(partially)</td><td>919</td><td>427</td><td>12</td><td>21</td><td>272</td><td>198</td><td>74</td><td>73</td><td>114</td></tr><tr><td>2-3/4% December 1960-65............(partially)</td><td>1,485</td><td>765</td><td>15</td><td>32</td><td>262</td><td>150</td><td>112</td><td>110</td><td>301</td></tr><tr><td>2-1/2% June 1962-67............(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>301</td><td>1,189</td><td>1,147</td><td>42</td><td>199</td><td>425</td></tr><tr><td>2-1/2% December 1963-68............(taxable)</td><td>2,831</td><td>-</td><td>3</td><td>459</td><td>1,381</td><td>1,348</td><td>34</td><td>268</td><td>719</td></tr><tr><td>2-1/2% June 1964-69............(taxable)</td><td>3,761</td><td>-</td><td>10</td><td>506</td><td>1,642</td><td>1,603</td><td>39</td><td>422</td><td>1,182</td></tr><tr><td>2-1/2% December 1964-69............(taxable)</td><td>3,838</td><td>-</td><td>10</td><td>318</td><td>1,607</td><td>1,563</td><td>44</td><td>524</td><td>1,380</td></tr><tr><td>2-1/2% March 1965-70............(taxable)</td><td>5,197</td><td>70</td><td>11</td><td>106</td><td>2,461</td><td>2,421</td><td>40</td><td>858</td><td>1,690</td></tr><tr><td>2-1/2% March 1966-71............(taxable)</td><td>3,281</td><td>65</td><td>3</td><td>108</td><td>1,343</td><td>1,324</td><td>19</td><td>663</td><td>1,099</td></tr><tr><td>2-1/2% September 1967-72............(taxable)</td><td>2,716</td><td>900</td><td>17</td><td>295</td><td>577</td><td>543</td><td>34</td><td>322</td><td>605</td></tr><tr><td>Total Treasury bonds</td><td>91,585</td><td>36,229</td><td>279</td><td>7,704</td><td>17,859</td><td>15,883</td><td>1,977</td><td>6,416</td><td>23,098</td></tr></table>
(Continued on following page)
March 1945
51
Treasury Survey of Ownership of Securities Issued or Guaranteed by The United States, December 31, 1944 - (Continued)
Section I - Monthly Data on Ownership by Banks and Insurance Companies - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued) (Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="4">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,413 commercial banks 2/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>318 life insurance companies</th><th>654 fire, casualty, and marine insurance companies</th><th></th><th></th><th></th></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds....(wholly)</td><td>117</td><td>14</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>*</td><td>35</td><td>67</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>50</td><td>7</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>43</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>-</td><td>28</td></tr><tr><td>Total postal savings and other bonds.....</td><td>196</td><td>22</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>1</td><td>35</td><td>138</td></tr><tr><td>Guaranteed securities 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 1-1/8% February 1945....(taxable)</td><td>412</td><td>365</td><td>*</td><td>2</td><td>4</td><td>*</td><td>3</td><td>3</td><td>3</td><td>38</td></tr><tr><td>Federal Housing Administration debentures....(partially) (taxable)</td><td>13 15</td><td>9</td><td>*</td><td>2</td><td>13</td><td>12</td><td>1</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Home Owners' Loan Corporation 1-1/2% June 1945-47...(partially)</td><td>755</td><td>584</td><td>1</td><td>2</td><td>5</td><td>1</td><td>5</td><td>-</td><td>153</td><td>153</td></tr><tr><td>Total guaranteed securities.....</td><td>1,194</td><td>959</td><td>1</td><td>6</td><td>22</td><td>13</td><td>9</td><td>4</td><td>203</td><td></td></tr><tr><td>Total public marketable securities.....</td><td>162,843</td><td>71,708</td><td>337</td><td>8,183</td><td>18,761</td><td>16,336</td><td>2,425</td><td>24,184</td><td>39,670</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. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-63.
Less than $500,000 or less than .05%.
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance
companies which are not covered in the Treasury Survey. See heading to this section.
4/5 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. "Holly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values 1/ - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 3/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 5/</th></tr><tr><th>7,413 commercial banks 1/</th><th>35 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>318 life insurance companies</th><th>654 fire, casualty, and marine insurance companies</th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-D.....................6/</td><td>3,636</td><td>190</td><td>1</td><td>5</td><td>11</td><td>3</td><td>8</td><td>*</td><td>3,431</td></tr><tr><td>Series E.....................(taxable)</td><td>25,515</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>25,514</td></tr><tr><td>Series F.....................(taxable)</td><td>2,278</td><td>113</td><td>1</td><td>6</td><td>26</td><td>11</td><td>15</td><td>1</td><td>2,131</td></tr><tr><td>Series G.....................(taxable)</td><td>8,931</td><td>255</td><td>4</td><td>145</td><td>181</td><td>66</td><td>115</td><td>8</td><td>8,337</td></tr><tr><td>Total United States savings bonds......</td><td>40,361</td><td>559</td><td>5</td><td>157</td><td>218</td><td>80</td><td>139</td><td>10</td><td>39,412</td></tr><tr><td>Treasury tax and savings notes.........(taxable)</td><td>9,843</td><td>65</td><td>1</td><td>*</td><td>22</td><td>5</td><td>17</td><td>-</td><td>9,754</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><td>215</td></tr><tr><td>Depository bonds.....................(taxable)</td><td>499</td><td>455</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43</td></tr><tr><td>Guaranteed securities 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations.........(taxable)</td><td>275</td><td>223</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>52</td></tr><tr><td>Total public non-marketable securities</td><td>51,192</td><td>1,303</td><td>6</td><td>157</td><td>240</td><td>85</td><td>155</td><td>10</td><td>49,476</td></tr></table>
Loose than $500,000.
1/ United States savings bonds, Series A-D, E, and F are shown at current redemption values. They were reported at maturity value 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 prin-
capital amount owned by any one holder is also exempt from the sur-tax rates. "Taxable" securities are subject to both normal and surtax rates.
3/ Securities held in trust departments are excluded.
4/ Includes trust companies.
5/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
5/ Series A-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable.
1/ Guaranteed securities held by the Treasury are not included.
52
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by The United States, December 31, 1944 - (Continued)
Section II
Semi-Annual Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System
Table
- Summary: All Interest-Bearing Securities
(in millions of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total 7,413 commercial banks</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,668 nonmember commercial banks</th></tr><tr><th>Total 4,745 member commercial banks</th><th colspan="3">Central Reserve City banks</th><th>352 Reserve City banks</th><th>4,343 country banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th></th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>71,708</td><td>64,622</td><td>20,907</td><td>17,047</td><td>3,860</td><td>24,513</td><td>19,202</td><td>7,086</td></tr><tr><td>Non-marketable securities</td><td>1,303</td><td>1,065</td><td>128</td><td>88</td><td>40</td><td>350</td><td>607</td><td>238</td></tr><tr><td>Total public securities</td><td>73,011</td><td>65,687</td><td>21,035</td><td>17,135</td><td>3,900</td><td>24,843</td><td>19,810</td><td>7,324</td></tr></table>
Table 2
- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX-EXEMPTION PROVISIONS
<table><tr><th>Classification</th><th>Total 7,413 commercial banks</th><th>Total 4,745 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,668 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="3">Central Reserve City banks</th><th>352 Reserve City banks</th><th>4,343 country banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th></th><th></th><th></th></tr><tr><th colspan="9">Par values - in millions of dollars</th></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>4,113</td><td>3,653</td><td>1,162</td><td>913</td><td>250</td><td>1,712</td><td>779</td><td>460</td></tr><tr><td>Certificates of indebtedness</td><td>15,011</td><td>13,677</td><td>4,829</td><td>3,783</td><td>1,045</td><td>5,694</td><td>3,154</td><td>1,334</td></tr><tr><td>Treasury notes</td><td>15,375</td><td>13,830</td><td>4,512</td><td>3,744</td><td>768</td><td>5,158</td><td>4,160</td><td>1,545</td></tr><tr><td>Treasury bonds</td><td>36,229</td><td>32,561</td><td>10,182</td><td>8,422</td><td>1,760</td><td>11,508</td><td>10,872</td><td>3,667</td></tr><tr><td>Postal savings and other bonds</td><td>22</td><td>17</td><td>7</td><td>7</td><td>7</td><td>3</td><td>8</td><td>5</td></tr><tr><td>Guaranteed by United States</td><td>959</td><td>884</td><td>215</td><td>185</td><td>31</td><td>437</td><td>231</td><td>75</td></tr><tr><td>Total</td><td>71,708</td><td>64,622</td><td>20,907</td><td>17,047</td><td>3,860</td><td>24,513</td><td>19,202</td><td>7,086</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>24,100</td><td>21,837</td><td>7,359</td><td>5,834</td><td>1,535</td><td>2,305</td><td>5,163</td><td>2,263</td></tr><tr><td>1 to 5 years</td><td>23,438</td><td>21,406</td><td>7,430</td><td>6,124</td><td>1,306</td><td>8,121</td><td>5,854</td><td>2,033</td></tr><tr><td>5 to 10 years</td><td>19,857</td><td>17,579</td><td>5,276</td><td>4,678</td><td>599</td><td>5,659</td><td>6,643</td><td>2,278</td></tr><tr><td>10 to 15 years</td><td>2,498</td><td>2,254</td><td>626</td><td>358</td><td>269</td><td>867</td><td>762</td><td>241</td></tr><tr><td>15 to 20 years</td><td>772</td><td>709</td><td>131</td><td>31</td><td>100</td><td>351</td><td>228</td><td>62</td></tr><tr><td>Over 20 years</td><td>1,034</td><td>828</td><td>73</td><td>22</td><td>51</td><td>207</td><td>548</td><td>206</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>9</td><td>9</td><td>1</td><td>1</td><td>-</td><td>4</td><td>3</td><td>1</td></tr><tr><td>Total</td><td>71,708</td><td>64,622</td><td>20,907</td><td>17,047</td><td>3,860</td><td>24,513</td><td>19,202</td><td>7,086</td></tr><tr><td>Tax-exemption provisions: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>210</td><td>158</td><td>26</td><td>5</td><td>20</td><td>84</td><td>49</td><td>52</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>13,512</td><td>12,725</td><td>4,082</td><td>3,074</td><td>1,008</td><td>5,889</td><td>2,754</td><td>787</td></tr><tr><td>Subject to Federal income taxes</td><td>57,986</td><td>51,739</td><td>16,799</td><td>13,968</td><td>2,831</td><td>18,541</td><td>16,399</td><td>6,247</td></tr><tr><td>Total</td><td>71,708</td><td>64,622</td><td>20,907</td><td>17,047</td><td>3,860</td><td>24,513</td><td>19,202</td><td>7,086</td></tr></table>
(Continued on following page)
March 1945
53
Treasury Survey of Ownership of Securities Issued or Guaranteed by The United States, December 31, 1944 - (Continued)
Section I
I - Semi-Annual Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (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>Classification</th><th>Total 7,413 commercial banks</th><th>Total 4,745 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,668 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>352 Reserve City banks</th><th>4,343 country banks</th></tr><tr><th colspan="8">Percentage distribution by classes of securities</th></tr><tr><th>Types of security:</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></tr><tr><td>Treasury bills....................</td><td>5.7</td><td>5.7</td><td>5.6</td><td>5.4</td><td>6.5</td><td>7.0</td><td>4.1</td><td>6.5</td></tr><tr><td>Certificates of indebtedness........</td><td>20.9</td><td>21.2</td><td>23.1</td><td>22.2</td><td>27.1</td><td>23.2</td><td>16.4</td><td>13.8</td></tr><tr><td>Treasury notes....................</td><td>21.4</td><td>21.4</td><td>21.6</td><td>22.0</td><td>19.9</td><td>21.0</td><td>21.7</td><td>21.3</td></tr><tr><td>Treasury bonds....................</td><td>50.5</td><td>50.4</td><td>48.7</td><td>49.4</td><td>45.6</td><td>46.9</td><td>56.5</td><td>51.8</td></tr><tr><td>Postal savings and other bonds......</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>*</td><td>.1</td></tr><tr><td>Guaranteed by United States.........</td><td>1.3</td><td>1.4</td><td>1.0</td><td>1.1</td><td>.8</td><td>1.8</td><td>1.2</td><td>1.1</td></tr><tr><td>Total....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Call classes:</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></tr><tr><td>Within 1 year....................</td><td>33.6</td><td>33.3</td><td>35.2</td><td>34.2</td><td>39.8</td><td>38.0</td><td>26.9</td><td>31.9</td></tr><tr><td>1 to 5 years....................</td><td>32.7</td><td>33.1</td><td>35.5</td><td>35.9</td><td>33.8</td><td>33.1</td><td>30.5</td><td>28.7</td></tr><tr><td>5 to 10 years....................</td><td>27.7</td><td>27.2</td><td>25.2</td><td>27.4</td><td>15.5</td><td>23.1</td><td>34.6</td><td>32.1</td></tr><tr><td>10 to 15 years....................</td><td>3.5</td><td>3.5</td><td>3.0</td><td>2.1</td><td>7.0</td><td>3.5</td><td>4.0</td><td>3.4</td></tr><tr><td>15 to 20 years....................</td><td>1.1</td><td>1.1</td><td>.6</td><td>.2</td><td>2.6</td><td>1.4</td><td>1.2</td><td>.9</td></tr><tr><td>Over 20 years....................</td><td>1.4</td><td>1.3</td><td>.3</td><td>.1</td><td>1.3</td><td>.8</td><td>2.9</td><td>2.9</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Tax-exemption provisions: 1/</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>.3</td><td>.2</td><td>.1</td><td>*</td><td>.5</td><td>24.3</td><td>11.3</td><td>.7</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>18.8</td><td>19.7</td><td>19.5</td><td>18.0</td><td>26.1</td><td>24.0</td><td>11.3</td><td>11.1</td></tr><tr><td>Subject to Federal income taxes.........</td><td>80.9</td><td>80.1</td><td>80.4</td><td>81.9</td><td>73.4</td><td>75.6</td><td>85.4</td><td>88.2</td></tr><tr><td>Total....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th colspan="8">Percentage distribution by groups of investors</th></tr><tr><th>Types of security:</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></tr><tr><td>Treasury bills....................</td><td>100.0</td><td>88.8</td><td>28.3</td><td>22.2</td><td>6.1</td><td>41.6</td><td>18.9</td><td>11.2</td></tr><tr><td>Certificates of indebtedness........</td><td>100.0</td><td>91.1</td><td>32.2</td><td>25.2</td><td>7.0</td><td>37.9</td><td>21.0</td><td>8.9</td></tr><tr><td>Treasury notes....................</td><td>100.0</td><td>89.9</td><td>29.3</td><td>24.4</td><td>5.0</td><td>33.5</td><td>27.1</td><td>10.1</td></tr><tr><td>Treasury bonds....................</td><td>100.0</td><td>89.9</td><td>28.1</td><td>23.2</td><td>4.9</td><td>31.8</td><td>30.0</td><td>10.1</td></tr><tr><td>Postal savings and other bonds......</td><td>100.0</td><td>78.3</td><td>30.7</td><td>.4</td><td>30.2</td><td>12.6</td><td>35.0</td><td>21.7</td></tr><tr><td>Guaranteed by United States.........</td><td>100.0</td><td>92.2</td><td>22.5</td><td>19.3</td><td>3.2</td><td>45.6</td><td>24.1</td><td>7.8</td></tr><tr><td>Total....................</td><td>100.0</td><td>90.1</td><td>29.2</td><td>23.8</td><td>5.4</td><td>34.2</td><td>26.8</td><td>9.5</td></tr><tr><th>Call classes:</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></tr><tr><td>Within 1 year....................</td><td>100.0</td><td>90.6</td><td>30.6</td><td>24.2</td><td>6.4</td><td>38.6</td><td>21.4</td><td>9.4</td></tr><tr><td>1 to 5 years....................</td><td>100.0</td><td>91.3</td><td>31.7</td><td>26.1</td><td>5.6</td><td>34.6</td><td>25.0</td><td>8.7</td></tr><tr><td>5 to 10 years....................</td><td>100.0</td><td>88.5</td><td>26.6</td><td>23.6</td><td>3.0</td><td>28.5</td><td>33.5</td><td>11.5</td></tr><tr><td>10 to 15 years....................</td><td>100.0</td><td>90.2</td><td>25.1</td><td>14.3</td><td>10.8</td><td>34.7</td><td>30.5</td><td>9.8</td></tr><tr><td>15 to 20 years....................</td><td>100.0</td><td>92.0</td><td>16.9</td><td>4.0</td><td>13.0</td><td>45.4</td><td>29.6</td><td>8.0</td></tr><tr><td>Over 20 years....................</td><td>100.0</td><td>80.1</td><td>7.1</td><td>2.1</td><td>4.9</td><td>20.0</td><td>53.0</td><td>19.9</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>92.1</td><td>12.1</td><td>12.1</td><td>*</td><td>44.8</td><td>35.2</td><td>7.9</td></tr><tr><td>Total....................</td><td>100.0</td><td>90.1</td><td>29.2</td><td>23.8</td><td>5.4</td><td>34.2</td><td>26.8</td><td>9.5</td></tr><tr><th>Tax-exemption provisions: 1/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes...</td><td>100.0</td><td>75.3</td><td>12.2</td><td>2.5</td><td>9.7</td><td>39.9</td><td>23.3</td><td>24.7</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>94.2</td><td>30.2</td><td>22.8</td><td>7.5</td><td>43.6</td><td>20.4</td><td>5.8</td></tr><tr><td>Subject to Federal income taxes.........</td><td>100.0</td><td>89.2</td><td>29.0</td><td>24.1</td><td>4.9</td><td>32.0</td><td>28.3</td><td>10.8</td></tr><tr><td>Total....................</td><td>100.0</td><td>90.1</td><td>29.2</td><td>23.8</td><td>5.4</td><td>34.2</td><td>26.8</td><td>9.5</td></tr></table>
(Continued on following page)
54
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued or Guaranteed by The United States, December 31, 1944 - (Continued)
Section II - Semi-Annual Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (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 1/ is shown in parentheses)</th><th>Total 7,413 commercial banks</th><th>Total 4,745 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,668 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>352 Reserve City banks</th><th>4,343 country banks</th><th></th></tr><tr><td>Treasury bills.....(taxable)</td><td>4,113</td><td>3,653</td><td>1,162</td><td>913</td><td>250</td><td>1,712</td><td>779</td><td>460</td></tr><tr><td colspan="9">Certificates of indebtedness</td></tr><tr><td>7/5$ February 1945.....(taxable)</td><td>2,636</td><td>2,411</td><td>988</td><td>812</td><td>175</td><td>979</td><td>444</td><td>224</td></tr><tr><td>7/8$ April 1945.....(taxable)</td><td>2,951</td><td>2,609</td><td>727</td><td>642</td><td>86</td><td>1,181</td><td>700</td><td>343</td></tr><tr><td>7/8$ May 1945.....(taxable)</td><td>1,089</td><td>1,007</td><td>270</td><td>149</td><td>120</td><td>447</td><td>290</td><td>83</td></tr><tr><td>7/8$ June 1945.....(taxable)</td><td>1,863</td><td>1,715</td><td>676</td><td>421</td><td>255</td><td>724</td><td>315</td><td>148</td></tr><tr><td>7/8$ August 1945.....(taxable)</td><td>1,671</td><td>1,537</td><td>451</td><td>288</td><td>163</td><td>676</td><td>410</td><td>134</td></tr><tr><td>7/8$ September 1945.....(taxable)</td><td>2,215</td><td>2,096</td><td>955</td><td>864</td><td>91</td><td>784</td><td>357</td><td>119</td></tr><tr><td>7/8$ October 1945.....(taxable)</td><td>2,400</td><td>2,158</td><td>739</td><td>598</td><td>140</td><td>861</td><td>558</td><td>242</td></tr><tr><td>7/8$ December 1945.....(taxable)</td><td>185</td><td>145</td><td>23</td><td>9</td><td>14</td><td>43</td><td>79</td><td>40</td></tr><tr><td>Total certificates of indebtedness</td><td>15,011</td><td>13,677</td><td>4,829</td><td>3,783</td><td>1,045</td><td>5,694</td><td>3,154</td><td>1,334</td></tr><tr><td colspan="9">Treasury notes</td></tr><tr><td>.90$ March 1945.....(taxable)</td><td>1,471</td><td>1,289</td><td>298</td><td>228</td><td>70</td><td>592</td><td>398</td><td>183</td></tr><tr><td>3/4$ March 1945.....(wholly)</td><td>188</td><td>141</td><td>19</td><td>5</td><td>14</td><td>81</td><td>41</td><td>47</td></tr><tr><td>1-1/4$ March 1945.....(taxable)</td><td>1,216</td><td>1,128</td><td>435</td><td>359</td><td>76</td><td>384</td><td>309</td><td>88</td></tr><tr><td>3/4$ December 1945.....(taxable)</td><td>384</td><td>343</td><td>105</td><td>102</td><td>2</td><td>114</td><td>125</td><td>41</td></tr><tr><td>.90$ January 1946.....(taxable)</td><td>2,402</td><td>2,212</td><td>590</td><td>441</td><td>149</td><td>1,038</td><td>584</td><td>190</td></tr><tr><td>1$ March 1946.....(taxable)</td><td>934</td><td>849</td><td>312</td><td>302</td><td>9</td><td>252</td><td>286</td><td>85</td></tr><tr><td>1-1/2$ December 1946.....(taxable)</td><td>2,526</td><td>2,350</td><td>965</td><td>732</td><td>234</td><td>818</td><td>567</td><td>175</td></tr><tr><td>1-1/4$ March 1947.....(taxable)</td><td>777</td><td>675</td><td>218</td><td>205</td><td>14</td><td>209</td><td>247</td><td>102</td></tr><tr><td>1-1/4$ September 1947.....(taxable)</td><td>352</td><td>278</td><td>100</td><td>87</td><td>13</td><td>64</td><td>114</td><td>74</td></tr><tr><td>1-1/2$ September 1947.....(taxable)</td><td>2,167</td><td>1,919</td><td>487</td><td>383</td><td>104</td><td>801</td><td>691</td><td>248</td></tr><tr><td>1-1/2$ September 1948.....(taxable)</td><td>2,958</td><td>2,646</td><td>982</td><td>900</td><td>82</td><td>806</td><td>857</td><td>322</td></tr><tr><td>Total Treasury notes</td><td>15,375</td><td>13,830</td><td>4,512</td><td>3,744</td><td>768</td><td>5,158</td><td>4,160</td><td>1,545</td></tr><tr><td colspan="9">Treasury bonds</td></tr><tr><td>2-3/4$ September 1945-47.....(partially)</td><td>525</td><td>506</td><td>243</td><td>219</td><td>24</td><td>192</td><td>71</td><td>19</td></tr><tr><td>2-1/2$ December 1945.....(partially)</td><td>229</td><td>216</td><td>64</td><td>41</td><td>23</td><td>100</td><td>52</td><td>13</td></tr><tr><td>3-3/4$ March 1946-56.....(partially)</td><td>196</td><td>186</td><td>114</td><td>87</td><td>26</td><td>60</td><td>13</td><td>10</td></tr><tr><td>3$ June 1946-48.....(partially)</td><td>468</td><td>446</td><td>226</td><td>198</td><td>27</td><td>138</td><td>82</td><td>22</td></tr><tr><td>3-1/8$ June 1946-49.....(partially)</td><td>381</td><td>368</td><td>189</td><td>163</td><td>27</td><td>131</td><td>47</td><td>14</td></tr><tr><td>4-1/4$ October 1947-52.....(partially)</td><td>344</td><td>328</td><td>171</td><td>140</td><td>31</td><td>120</td><td>37</td><td>15</td></tr><tr><td>2$ December 1947.....(partially)</td><td>571</td><td>546</td><td>166</td><td>122</td><td>44</td><td>265</td><td>115</td><td>25</td></tr><tr><td>2$ March 1948-50.....(taxable)</td><td>720</td><td>659</td><td>288</td><td>271</td><td>17</td><td>206</td><td>165</td><td>62</td></tr><tr><td>2-3/4$ March 1948-51.....(partially)</td><td>829</td><td>793</td><td>250</td><td>223</td><td>27</td><td>426</td><td>117</td><td>36</td></tr><tr><td>1-3/4$ June 1948.....(taxable)</td><td>2,308</td><td>2,088</td><td>780</td><td>590</td><td>190</td><td>680</td><td>623</td><td>219</td></tr><tr><td>2-1/2$ September 1948.....(partially)</td><td>350</td><td>331</td><td>103</td><td>82</td><td>20</td><td>162</td><td>67</td><td>19</td></tr><tr><td>2$ December 1948-50.....(partially)</td><td>450</td><td>423</td><td>151</td><td>125</td><td>25</td><td>199</td><td>74</td><td>27</td></tr><tr><td>2$ June 1949-51.....(taxable)</td><td>725</td><td>658</td><td>192</td><td>177</td><td>15</td><td>238</td><td>228</td><td>67</td></tr><tr><td>2$ September 1949-51.....(taxable)</td><td>981</td><td>891</td><td>331</td><td>206</td><td>125</td><td>302</td><td>258</td><td>90</td></tr><tr><td>2$ December 1949-51.....(taxable)</td><td>1,472</td><td>1,319</td><td>422</td><td>358</td><td>64</td><td>415</td><td>482</td><td>154</td></tr><tr><td>3-1/8$ December 1949-52.....(partially)</td><td>312</td><td>292</td><td>86</td><td>56</td><td>30</td><td>169</td><td>37</td><td>20</td></tr><tr><td>2-1/2$ December 1949-53.....(partially)</td><td>1,214</td><td>1,149</td><td>308</td><td>274</td><td>33</td><td>623</td><td>218</td><td>65</td></tr><tr><td>2$ March 1950-52.....(taxable)</td><td>1,496</td><td>1,329</td><td>520</td><td>483</td><td>37</td><td>358</td><td>450</td><td>167</td></tr><tr><td>2$ September 1950-52.....(taxable)</td><td>2,891</td><td>2,567</td><td>886</td><td>818</td><td>68</td><td>762</td><td>919</td><td>324</td></tr><tr><td>2-1/2$ September 1950-52.....(partially)</td><td>954</td><td>875</td><td>260</td><td>217</td><td>42</td><td>373</td><td>242</td><td>80</td></tr><tr><td>2-3/4$ June 1951-54.....(partially)</td><td>1,089</td><td>1,035</td><td>420</td><td>370</td><td>49</td><td>419</td><td>196</td><td>53</td></tr><tr><td>2$ September 1951-53.....(taxable)</td><td>4,605</td><td>4,023</td><td>1,279</td><td>1,208</td><td>71</td><td>1,068</td><td>1,677</td><td>582</td></tr><tr><td>3$ September 1951-55.....(partially)</td><td>332</td><td>312</td><td>89</td><td>53</td><td>37</td><td>144</td><td>79</td><td>20</td></tr><tr><td>2$ December 1951-55.....(taxable)</td><td>366</td><td>303</td><td>58</td><td>58</td><td></td><td>83</td><td>162</td><td>63</td></tr><tr><td>2-1/4$ December 1951-53.....(partially)</td><td>868</td><td>820</td><td>190</td><td>120</td><td>71</td><td>422</td><td>208</td><td>48</td></tr><tr><td>2-1/2$ March 1952-54.....(taxable)</td><td>394</td><td>352</td><td>160</td><td>131</td><td>29</td><td>66</td><td>126</td><td>42</td></tr><tr><td>2$ June 1952-54.....(taxable)</td><td>3,092</td><td>2,649</td><td>637</td><td>609</td><td>28</td><td>793</td><td>1,219</td><td>443</td></tr><tr><td>2$ December 1952-54.....(taxable)</td><td>1,901</td><td>1,625</td><td>557</td><td>327</td><td>30</td><td>468</td><td>799</td><td>275</td></tr><tr><td>2-1/4$ June 1952-55.....(taxable)</td><td>744</td><td>632</td><td>152</td><td>125</td><td>27</td><td>207</td><td>273</td><td>111</td></tr><tr><td>2$ June 1953-55.....(partially)</td><td>622</td><td>587</td><td>149</td><td>74</td><td>75</td><td>278</td><td>160</td><td>36</td></tr><tr><td>2-1/4$ June 1954-56.....(partially)</td><td>503</td><td>470</td><td>119</td><td>85</td><td>34</td><td>217</td><td>133</td><td>34</td></tr><tr><td>2-7/8$ March 1955-60.....(partially)</td><td>1,025</td><td>955</td><td>280</td><td>188</td><td>92</td><td>445</td><td>230</td><td>70</td></tr><tr><td>2-1/2$ March 1956-58.....(taxable)</td><td>311</td><td>261</td><td>50</td><td>45</td><td>5</td><td>69</td><td>142</td><td>50</td></tr><tr><td>2-1/4$ September 1956-59.....(taxable)</td><td>266</td><td>198</td><td>2</td><td>1</td><td>1</td><td>30</td><td>166</td><td>68</td></tr><tr><td>2-3/4$ September 1956-59.....(partially)</td><td>469</td><td>444</td><td>169</td><td>68</td><td>101</td><td>166</td><td>109</td><td>25</td></tr><tr><td>2-3/4$ June 1958-63.....(partially)</td><td>427</td><td>397</td><td>125</td><td>55</td><td>70</td><td>157</td><td>115</td><td>30</td></tr><tr><td>2-3/4$ December 1960-65.....(partially)</td><td>765</td><td>703</td><td>124</td><td>31</td><td>94</td><td>350</td><td>228</td><td>62</td></tr><tr><td>2-1/2$ March 1965-70.....(taxable)</td><td>70</td><td>49</td><td></td><td></td><td></td><td>4</td><td>45</td><td>21</td></tr><tr><td>2-1/2$ March 1966-71.....(taxable)</td><td>65</td><td>53</td><td>1</td><td></td><td>1</td><td>12</td><td>40</td><td>12</td></tr><tr><td>2-1/2$ September 1967-72.....(taxable)</td><td>900</td><td>726</td><td>72</td><td>22</td><td>51</td><td>191</td><td>463</td><td>173</td></tr><tr><td>Total Treasury bonds</td><td>36,229</td><td>32,561</td><td>10,182</td><td>8,422</td><td>1,760</td><td>11,508</td><td>10,872</td><td>3,667</td></tr></table>
(Continued on following page)
March 1945
55
Treasury Survey of Ownership of Securities Issued or Guaranteed by The United States, December 31, 1944 - (Continued)
Section II - Semi-Annual Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (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 1/ is shown in parentheses)</th><th rowspan="2">Total 7,413 commercial banks</th><th colspan="6">Member commercial banks</th><th rowspan="2">2,663 nonmember commercial banks</th></tr><tr><th>Total 4,745 member commercial banks</th><th>Total 50 Central Reserve City banks</th><th>Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>352 Reserve City banks</th><th>4,343 country banks</th></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds......(wholly)</td><td>14</td><td>10</td><td>6</td><td>-</td><td>6</td><td>2</td><td>7</td><td>4</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Conversion bonds......(wholly)</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Total postal savings and other bonds......</td><td>22</td><td>17</td><td>7</td><td>-</td><td>7</td><td>3</td><td>8</td><td>5</td></tr><tr><td>Guaranteed securities</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>365</td><td>334</td><td>129</td><td>103</td><td>26</td><td>104</td><td>102</td><td>31</td></tr><tr><td>Federal Housing Administration debentures (partially) (taxable)</td><td>4 5</td><td>9</td><td>1</td><td>1</td><td>-</td><td>4</td><td>3</td><td>1</td></tr><tr><td>Home Owners' Loan Corporation 1-1/2% June 1945-47..(partially)</td><td>584</td><td>541</td><td>86</td><td>81</td><td>5</td><td>330</td><td>125</td><td>43</td></tr><tr><td>Total guaranteed securities......</td><td>959</td><td>884</td><td>215</td><td>185</td><td>31</td><td>437</td><td>231</td><td>75</td></tr><tr><td>Total public marketable securities......</td><td>71,708</td><td>64,622</td><td>20,907</td><td>17,047</td><td>3,860</td><td>24,513</td><td>19,202</td><td>7,086</td></tr></table>
1/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the
normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Per values 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total 7,413 commercial banks</th><th>Total 4,745 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,668 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="2">Central Reserve City banks</th><th>352 Reserve City banks</th><th>4,343 country banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th></th><th></th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-D.................... 3/</td><td>190</td><td>125</td><td>*</td><td>*</td><td>*</td><td>8</td><td>116</td><td>66</td></tr><tr><td>Series F.................... (taxable)</td><td>113</td><td>72</td><td>1</td><td>*</td><td>1</td><td>7</td><td>64</td><td>41</td></tr><tr><td>Series O.................... (taxable)</td><td>255</td><td>181</td><td>2</td><td>1</td><td>1</td><td>15</td><td>165</td><td>74</td></tr><tr><td>Total United States savings bonds</td><td>559</td><td>378</td><td>3</td><td>1</td><td>2</td><td>30</td><td>345</td><td>180</td></tr><tr><td>Treasury tax and savings notes...... (taxable)</td><td>65</td><td>51</td><td>20</td><td>9</td><td>11</td><td>13</td><td>18</td><td>14</td></tr><tr><td>Adjusted service bonds............ (wholly)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depositary bonds................ (taxable)</td><td>456</td><td>424</td><td>31</td><td>26</td><td>5</td><td>180</td><td>213</td><td>31</td></tr><tr><td>Guaranteed securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations 1/.................... (taxable)</td><td>223</td><td>211</td><td>73</td><td>52</td><td>22</td><td>107</td><td>30</td><td>12</td></tr><tr><td>Total public non-marketable securities</td><td>1,303</td><td>1,065</td><td>128</td><td>88</td><td>40</td><td>330</td><td>607</td><td>238</td></tr></table>
1/ United States savings bonds, Series A-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and
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.
Series A-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date were taxable.
Distribution by type of bank partly estimated.
56
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES (Including securities issued by Federal agencies)
March 1945
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
January 31, 1945
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th rowspan="2">Amount outstanding (M1-llone)</th><th rowspan="2">Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="2">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1944-45 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 Dec.30, 1944</th><th>Yield 1/</th><th>Change in yield from Dec.30, 1944</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Issued by U. S. Government
<table><tr><th colspan="2">Treasury boode</th><th>102.06</th><th>102.08</th><th>102.07</th><th>+1.11</th><th>1.27%</th><th>-.13%</th><th>1.55%</th><th>3/15/41</th><th>104.05</th><th>8/2/41</th><th>100.22</th><th>2/25/41</th><th>102.07</th><th>1/31/45</th><th>101.28</th><th>1/6/45</th></tr><tr><td>$1,115</td><td>2</td><td>- 3/15/48-50</td><td>102.06</td><td>102.08</td><td>102.07</td><td>+1.11</td><td>1.26</td><td>-.11</td><td>1.55%</td><td>12/1/42</td><td>101.21</td><td>1/30/45</td><td>100.01</td><td>12/23/42</td><td>101.21</td><td>1/30/45</td><td>101.06</td><td>1/4/45</td></tr><tr><td>3,062</td><td>1-3/4</td><td>- 6/15/48</td><td>101.19</td><td>101.21</td><td>101.20</td><td>+1.11</td><td>1.47</td><td>-.12</td><td>1.63</td><td>1/15/42</td><td>102.08</td><td>1/31/45</td><td>100.06</td><td>8/5/42</td><td>102.08</td><td>1/31/45</td><td>101.18</td><td>4/1/45</td></tr><tr><td>1,014</td><td>2</td><td>- 6/15/49-51</td><td>102.07</td><td>102.08</td><td>102.08</td><td>+1.16</td><td>1.51</td><td>-.12</td><td>1.65</td><td>5/15/42</td><td>102.07</td><td>1/30/45</td><td>100.04</td><td>10/6/42</td><td>102.07</td><td>1/30/45</td><td>101.12</td><td>2/1/44</td></tr><tr><td>1,292</td><td>2</td><td>- 9/15/49-51</td><td>102.06</td><td>102.07</td><td>102.06</td><td>+1.16</td><td>1.51</td><td>-.12</td><td>1.65</td><td>7/15/42</td><td>102.06</td><td>1/31/45</td><td>100.03</td><td>8/5/42</td><td>102.06</td><td>1/31/45</td><td>101.09</td><td>1/13/44</td></tr><tr><td>2,098</td><td>2</td><td>-12/15/49-51</td><td>102.05</td><td>102.06</td><td>102.06</td><td>+1.18</td><td>1.53</td><td>-.13</td><td>1.66</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1,963</td><td>2</td><td>- 3/15/50-52</td><td>102.03</td><td>102.04</td><td>102.04</td><td>+1.20</td><td>1.57</td><td>-.13</td><td>1.68</td><td>10/19/42</td><td>102.04</td><td>1/31/45</td><td>100.01</td><td>11/2/42</td><td>102.04</td><td>1/31/45</td><td>101.00</td><td>1/13/44</td></tr><tr><td>4,939</td><td>2</td><td>- 9/15/50-52</td><td>101.31</td><td>102.00</td><td>102.00</td><td>+1.24</td><td>1.63</td><td>-.14</td><td>1.72</td><td>4/15/43</td><td>102.00</td><td>1/31/45</td><td>100.08</td><td>5/3/43</td><td>102.00</td><td>1/31/45</td><td>100.21</td><td>1/13/44</td></tr><tr><td>7,986</td><td>2</td><td>- 9/15/51-53</td><td>101.18</td><td>101.19</td><td>101.18</td><td>+1.26</td><td>1.75</td><td>-.13</td><td>1.80</td><td>9/15/43</td><td>101.18</td><td>1/31/45</td><td>100.03</td><td>11/8/43</td><td>101.18</td><td>1/31/45</td><td>100.06</td><td>1/15/44</td></tr><tr><td>510</td><td>2</td><td>-12/15/51-55</td><td>101.15</td><td>101.17</td><td>101.16</td><td>+1.23</td><td>1.77</td><td>-.11</td><td>1.85</td><td>12/15/43</td><td>101.16</td><td>1/31/45</td><td>100.01</td><td>12/5/42</td><td>101.16</td><td>1/31/45</td><td>100.08</td><td>1/14/44</td></tr><tr><td>1,024</td><td>2-1/2</td><td>- 3/15/52-54</td><td>104.22</td><td>104.24</td><td>104.23</td><td>+1.24</td><td>1.79</td><td>-.12</td><td>1.93</td><td>3/31/41</td><td>106.16</td><td>8/2/41</td><td>101.04</td><td>3/20/41</td><td>104.23</td><td>1/31/45</td><td>103.29</td><td>1/3/44</td></tr><tr><td>5,825</td><td>2</td><td>- 6/15/52-54</td><td>101.11*</td><td>101.12*</td><td>101.12</td><td>+1.29</td><td>1.80</td><td>-.13</td><td>1.84</td><td>6/26/44</td><td>101.12</td><td>1/31/45</td><td>100.08</td><td>7/24/44</td><td>101.12</td><td>1/31/45</td><td>100.08</td><td>7/24/44</td></tr><tr><td>1,501</td><td>2-1/4</td><td>- 6/15/52-55</td><td>102.31</td><td>103.01</td><td>103.00</td><td>+1.28</td><td>1.81</td><td>-.13</td><td>1.93</td><td>2/25/42</td><td>103.00</td><td>1/31/45</td><td>100.16</td><td>2/18/42</td><td>103.00</td><td>1/31/45</td><td>101.20</td><td>2/1/44</td></tr><tr><td>8,514</td><td>2</td><td>-12/15/52-54</td><td>101.09</td><td>101.10</td><td>101.10</td><td>+1.00</td><td>1.82</td><td>-.14</td><td>1.85</td><td>12/1/44</td><td>101.10</td><td>1/31/45</td><td>100.09</td><td>12/19/44</td><td>101.10</td><td>1/31/45</td><td>100.09</td><td>12/19/44</td></tr><tr><td>1,449</td><td>2-1/2</td><td>- 3/15/56-58</td><td>104.23</td><td>104.25</td><td>104.24</td><td>+1.01</td><td>2.02</td><td>-.11</td><td>2.08</td><td>6/2/41</td><td>105.08</td><td>11/5/41</td><td>101.30</td><td>12/26/41</td><td>104.24</td><td>1/31/45</td><td>103.06</td><td>2/1/44</td></tr><tr><td>3,823</td><td>2-1/4</td><td>- 9/15/56-59</td><td>101.24</td><td>101.26</td><td>101.25</td><td>+1.01</td><td>2.08</td><td>-.10</td><td>2.11</td><td>2/1/44</td><td>101.25</td><td>1/31/45</td><td>100.01</td><td>2/29/44</td><td>101.25</td><td>1/31/45</td><td>100.01</td><td>2/29/44</td></tr><tr><td>2,118</td><td>2-1/2</td><td>- 6/15/62-67</td><td>101.24</td><td>101.26</td><td>101.25</td><td>+1.00</td><td>2.37</td><td>-.07</td><td>2.40</td><td>5/5/42</td><td>101.25</td><td>1/31/45</td><td>100.00</td><td>8/17/42</td><td>101.25</td><td>1/31/45</td><td>100.09</td><td>2/4/44</td></tr><tr><td>2,831</td><td>2-1/2</td><td>-12/15/63-68</td><td>101.17</td><td>101.19</td><td>101.18</td><td>+1.02</td><td>2.40</td><td>-.07</td><td>2.41</td><td>12/1/42</td><td>101.18</td><td>1/31/45</td><td>100.00</td><td>2/17/42</td><td>101.18</td><td>1/31/45</td><td>100.00</td><td>2/17/44</td></tr><tr><td>3,761</td><td>2-1/2</td><td>- 6/15/64-69</td><td>101.12</td><td>101.14</td><td>101.13</td><td>+1.01</td><td>2.41</td><td>-.07</td><td>2.42</td><td>4/15/43</td><td>101.13</td><td>1/31/45</td><td>100.00</td><td>3/2/44</td><td>101.13</td><td>1/31/45</td><td>100.00</td><td>3/2/44</td></tr><tr><td>3,838</td><td>2-1/2</td><td>-12/15/64-69</td><td>101.12</td><td>101.14</td><td>101.13</td><td>+1.01</td><td>2.41</td><td>-.07</td><td>2.42</td><td>9/15/43</td><td>101.13</td><td>1/31/45</td><td>100.00</td><td>5/2/44</td><td>101.13</td><td>1/31/45</td><td>100.00</td><td>3/2/44</td></tr><tr><td>5,197</td><td>2-1/2</td><td>- 3/15/65-70</td><td>101.12</td><td>101.14</td><td>101.13</td><td>+1.02</td><td>2.41</td><td>-.07</td><td>2.43</td><td>2/1/44</td><td>101.13</td><td>1/31/45</td><td>100.00</td><td>2/16/44</td><td>101.13</td><td>1/31/45</td><td>100.00</td><td>2/16/44</td></tr><tr><td>3,474</td><td>2-1/2</td><td>- 3/15/66-71</td><td>101.12</td><td>101.14</td><td>101.13</td><td>+1.01</td><td>2.41</td><td>-.07</td><td>2.43</td><td>12/1/44</td><td>101.13</td><td>1/31/45</td><td>100.06</td><td>12/19/44</td><td>101.13</td><td>1/31/45</td><td>100.06</td><td>12/19/44</td></tr><tr><td>2,716</td><td>2-1/2</td><td>- 9/15/67-72</td><td>101.22</td><td>101.24</td><td>101.23</td><td>+1.02</td><td>2.40</td><td>-.06</td><td>2.41</td><td>10/20/41</td><td>103.15</td><td>11/5/41</td><td>100.01</td><td>1/2/42</td><td>101.23</td><td>1/31/45</td><td>100.11</td><td>7/8/44</td></tr></table>
Treasury notes
<table><tr><td>2,127</td><td>.90%</td><td>D - 3/1/45 5/</td><td>.10%</td><td>.00%</td><td>.05%</td><td>-.61%</td><td>1/32</td><td>-.98</td><td>-</td><td>2/1/44</td><td>.05%</td><td>1/31/45</td><td>.86%</td><td>1/24/44</td><td>.05%</td><td>1/31/45</td><td>.86%</td><td>1/24/44</td></tr><tr><td>1,606</td><td>1-1/4</td><td>C - 3/15/45</td><td>100.06</td><td>100.07</td><td>100.06</td><td>+.02</td><td>1/32</td><td>-.98</td><td>-</td><td>9/25/42</td><td>100.20</td><td>7/7/43</td><td>100.00</td><td>10/30/42</td><td>100.16</td><td>1/15/44</td><td>100.04</td><td>1/21/45</td></tr><tr><td>531</td><td>3/4</td><td>B -12/15/45</td><td>100.00*</td><td>100.01*</td><td>100.01</td><td>+.03</td><td>.71</td><td>-.11</td><td>-</td><td>12/18/40</td><td>100.18</td><td>9/9/41</td><td>98.28</td><td>10/6/42</td><td>100.01</td><td>1/31/45</td><td>99.22</td><td>1/21/44</td></tr><tr><td>3,416</td><td>.90</td><td>C - 1/1/46 5/</td><td>.80%</td><td>.78%</td><td>.79%</td><td>-.05%</td><td>-.15</td><td>-</td><td>-</td><td>12/1/44</td><td>.79%</td><td>1/31/45</td><td>.85%</td><td>12/29/44</td><td>.79%</td><td>1/31/45</td><td>.85%</td><td>12/29/44</td></tr><tr><td>1,291</td><td>1</td><td>A - 3/15/46</td><td>100.07</td><td>100.08</td><td>100.08</td><td>+.05</td><td>.77</td><td>-.15</td><td>-</td><td>11/1/41</td><td>100.18</td><td>10/25/41</td><td>99.02</td><td>12/29/42</td><td>100.08</td><td>1/31/45</td><td>100.00</td><td>3/15/44</td></tr><tr><td>3,261</td><td>1-1/2</td><td>B -12/15/46</td><td>100.26</td><td>100.27</td><td>100.26</td><td>+.02</td><td>1.06</td><td>-.05</td><td>-</td><td>6/5/42</td><td>100.30</td><td>9/23/44</td><td>100.01</td><td>1/2/43</td><td>100.30</td><td>9/23/44</td><td>100.23</td><td>12/28/44</td></tr><tr><td>1,948</td><td>1-1/4</td><td>B - 3/15/47</td><td>100.13*</td><td>100.14*</td><td>100.14</td><td>+.06</td><td>1.04</td><td>-.09</td><td>-</td><td>6/26/44</td><td>100.14</td><td>1/31/45</td><td>100.07</td><td>12/28/44</td><td>100.14</td><td>1/31/45</td><td>100.07</td><td>12/28/44</td></tr><tr><td>2,707</td><td>1-1/2</td><td>A - 9/15/47</td><td>100.29*</td><td>100.30*</td><td>100.30</td><td>+.06</td><td>1.14</td><td>-.08</td><td>-</td><td>7/12/43</td><td>100.30</td><td>1/31/45</td><td>100.16</td><td>10/14/43</td><td>100.30</td><td>1/31/45</td><td>100.17</td><td>3/21/44</td></tr><tr><td>1,687</td><td>1-1/4</td><td>C - 9/15/47</td><td>100.15</td><td>100.16</td><td>100.16</td><td>+.09</td><td>1.06</td><td>-.11</td><td>-</td><td>12/1/44</td><td>100.16</td><td>1/31/45</td><td>100.06</td><td>12/27/44</td><td>100.16</td><td>1/31/45</td><td>100.06</td><td>12/27/44</td></tr><tr><td>3,748</td><td>1-1/2</td><td>A - 9/15/43</td><td>100.27</td><td>100.28</td><td>100.28</td><td>+.12</td><td>1.25</td><td>-.11</td><td>-</td><td>3/15/44</td><td>100.28</td><td>1/31/45</td><td>100.05</td><td>3/8/44</td><td>100.28</td><td>1/31/45</td><td>100.05</td><td>3/8/44</td></tr><tr><td colspan="19">Certificates of Indebtedness 5/</td></tr><tr><td>5,048</td><td>7/8</td><td>A - 2/1/45</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>-</td><td>2/1/44</td><td>+.32%</td><td>1/23/45</td><td>.81%</td><td>3/21/44</td><td>+.32%</td><td>1/23/45</td><td>6/</td><td>.81%</td><td>3/21/44</td></tr><tr><td>4,877</td><td>7/8</td><td>B - 4/1/45</td><td>.47%</td><td>.43%</td><td>.45%</td><td>-.26%</td><td>-</td><td>-</td><td>4/1/44</td><td>.45%</td><td>1/31/45</td><td>.81%</td><td>3/29/44</td><td>.45%</td><td>1/31/45</td><td>.84%</td><td>3/29/44</td></tr><tr><td>1,615</td><td>7/8</td><td>D - 5/1/45</td><td>.54%</td><td>.50%</td><td>.52%</td><td>-.20%</td><td>-</td><td>-</td><td>5/1/44</td><td>.52%</td><td>1/31/45</td><td>.79%</td><td>6/23/44</td><td>.52%</td><td>1/31/45</td><td>.79%</td><td>6/23/44</td></tr><tr><td>4,770</td><td>7/8</td><td>C - 6/1/45</td><td>.65%</td><td>.63%</td><td>.64%</td><td>-.13%</td><td>-</td><td>-</td><td>6/26/44</td><td>.63%</td><td>1/30/45</td><td>.79%</td><td>7/10/44</td><td>.63%</td><td>1/30/45</td><td>.79%</td><td>7/10/44</td></tr><tr><td>2,511</td><td>7/8</td><td>E - 8/1/45</td><td>.71%</td><td>.69%</td><td>.70%</td><td>-.09%</td><td>-</td><td>-</td><td>8/1/44</td><td>.70%</td><td>1/31/45</td><td>.80%</td><td>11/21/44</td><td>.70%</td><td>1/31/45</td><td>.80%</td><td>11/21/44</td></tr><tr><td>3,694</td><td>7/8</td><td>F - 9/1/45</td><td>.75%</td><td>.73%</td><td>.74%</td><td>-.06%</td><td>-</td><td>-</td><td>9/1/44</td><td>.73%</td><td>1/30/45</td><td>.81%</td><td>11/21/44</td><td>.73%</td><td>1/30/45</td><td>.81%</td><td>11/21/44</td></tr><tr><td>3,492</td><td>7/8</td><td>O - 10/1/45</td><td>.76%</td><td>.74%</td><td>.75%</td><td>-.05%</td><td>-</td><td>-</td><td>10/1/44</td><td>.75%</td><td>1/31/45</td><td>.81%</td><td>11/21/44</td><td>.75%</td><td>1/31/45</td><td>.81%</td><td>11/21/44</td></tr><tr><td>4,395</td><td>7/8</td><td>H - 12/1/45</td><td>.76%</td><td>.74%</td><td>.75%</td><td>-.06%</td><td>-</td><td>-</td><td>12/1/44</td><td>.75%</td><td>1/31/45</td><td>.82%</td><td>12/19/44</td><td>.75%</td><td>1/31/45</td><td>.82%</td><td>12/19/44</td></tr><tr><td>7/</td><td>7/8</td><td>A - 2/1/46</td><td>.81%</td><td>.79%</td><td>.80%</td><td>-</td><td>-</td><td>-</td><td>2/1/45</td><td>.80%</td><td>1/31/45</td><td>.83%</td><td>1/24/45</td><td>.80%</td><td>1/31/45</td><td>.83%</td><td>1/24/45</td></tr></table>
Guaranteed by U. S. Government 8/
<table><tr><th>Commodity Credit Corp. notes</th><td>$412</td><td>1-1/8% G - 2/15/45</td><td>9/</td><td>9/</td><td>9/</td><td>9/</td><td>9/</td><td>9/</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>4/24/44</td><td>100.02</td><td>1/23/45</td></tr></table>
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount out- standing (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount out- standing (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Aok</th><th>Mean</th><th>Change in mean from Dec. 30, 1944</th><th>Bid</th><th>Aok</th><th>Mean</th><th>Change in mean from Dec. 30, 1944</th></tr><tr><td>$1,311</td><td>2/1/45</td><td>11/2/44</td><td>.10/</td><td>.10/</td><td>.10/</td><td>.10/</td><td>$1,217</td><td>3/22/45</td><td>12/21/44</td><td>.375%</td><td>.30%</td><td>.34%</td><td>-.02%</td></tr><tr><td>1,314</td><td>2/3/45</td><td>11/9/44</td><td>.375%</td><td>.20%</td><td>.29%</td><td>.00%</td><td>1,202</td><td>3/29/45</td><td>12/28/44</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1,302</td><td>2/15/45</td><td>11/16/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,205</td><td>4/5/45</td><td>1/4/45</td><td>.375</td><td>.30</td><td>.34</td><td>-</td></tr><tr><td>1,314</td><td>2/23/45</td><td>11/24/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,303</td><td>4/12/45</td><td>1/11/45</td><td>.375</td><td>.30</td><td>.34</td><td>-</td></tr><tr><td>1,204</td><td>3/1/45</td><td>11/30/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,303</td><td>4/19/45</td><td>1/18/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,205</td><td>3/8/45</td><td>12/7/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,318</td><td>4/26/45</td><td>1/25/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,207</td><td>3/15/45</td><td>12/14/44</td><td>.375</td><td>.20</td><td>.29</td><td>-.07</td><td>11/</td><td>5/3/45</td><td>2/1/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr></table>
(Continued on following page)
58
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
January 31, 1945 - (Continued)
Table I.- 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="4">Price date (Price decimals are thirty-secondes)</th><th colspan="3">Yield date 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-secondes)</th><th colspan="4">1944-45 price range 2/ (Price decimals are thirty-secondes)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Dec. 30, 1944</th><th>Yield 3/</th><th>Change in yield from Dec. 30, 1944</th><th>Maturity yield</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="16">Issued by U. S. Government</td></tr><tr><td colspan="16">Treasury bonds</td></tr><tr><td>$1.214</td><td>2-3/4 - 9/15/45-47</td><td>101.18</td><td>101.19</td><td>101.18</td><td>.00</td><td>.21%</td><td>-.30%</td><td>2.13%</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>1/11/44</td><td>101.18</td><td>1/31/45</td></tr><tr><td>541</td><td>2-1/2 - 12/15/45</td><td>101.29</td><td>101.30</td><td>101.30</td><td>+.01</td><td>.26</td><td>-.23</td><td>1.73</td><td>12/15/37</td><td>109.24</td><td>12/11/40</td><td>101.28</td><td>1/9/45</td><td>103.15</td><td>1/11/44</td><td>101.28</td><td>1/9/45</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>+.03</td><td>.24</td><td>-.31</td><td>1.33</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>1/11/44</td><td>103.25</td><td>1/10/45</td></tr><tr><td>1,036</td><td>3 - 6/15/46-48</td><td>103.19</td><td>103.21</td><td>103.20</td><td>+.06</td><td>.34</td><td>-.28</td><td>1.88</td><td>6/15/34</td><td>112.28</td><td>12/16/40</td><td>97.28</td><td>9/17/34</td><td>105.09</td><td>1/12/44</td><td>103.13</td><td>1/9/45</td></tr><tr><td>819</td><td>3-1/8 - 6/15/46-49</td><td>103.24</td><td>103.26</td><td>103.25</td><td>+.06</td><td>.35</td><td>-.28</td><td>2.21</td><td>6/15/31</td><td>113.19</td><td>12/14/40</td><td>83.05</td><td>1/11/32</td><td>105.18</td><td>1/11/44</td><td>103.18</td><td>1/9/45</td></tr><tr><td>759</td><td>1-1/4 - 10/15/47-52</td><td>109.26</td><td>109.28</td><td>109.27</td><td>+.08</td><td>.57</td><td>-.19</td><td>2.82</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>1/10/44</td><td>109.18</td><td>1/9/45</td></tr><tr><td>701</td><td>2 - 12/15/47</td><td>103.30</td><td>104.00</td><td>103.31</td><td>+.11</td><td>.60</td><td>-.16</td><td>1.64</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>5/15/44</td><td>103.18</td><td>12/2/44</td></tr><tr><td>1,223</td><td>2-3/4 - 3/15/48-51</td><td>106.13</td><td>106.15</td><td>106.14</td><td>+.14</td><td>.66</td><td>-.18</td><td>1.64</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>106.29</td><td>4/25/44</td><td>105.26</td><td>11/30/44</td></tr><tr><td>451</td><td>2-1/2 - 9/15/48</td><td>106.12</td><td>106.14</td><td>106.13</td><td>+.13</td><td>.70</td><td>-.15</td><td>1.16</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>5/2/44</td><td>105.27</td><td>12/5/44</td></tr><tr><td>571</td><td>2 - 12/15/48-50</td><td>104.23</td><td>104.25</td><td>104.24</td><td>+.13</td><td>.75</td><td>-.13</td><td>1.16</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>101.10</td><td>5/24/40</td><td>104.29</td><td>8/8/44</td><td>104.06</td><td>12/5/44</td></tr><tr><td>491</td><td>3-1/8 - 12/15/49-52</td><td>110.07</td><td>110.09</td><td>110.08</td><td>+.10</td><td>.96</td><td>-.10</td><td>1.73</td><td>12/15/33</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>110.22</td><td>4/21/44</td><td>109.25</td><td>11/30/44</td></tr><tr><td>1,786</td><td>2-1/2 - 12/15/49-53</td><td>107.08</td><td>107.10</td><td>107.09</td><td>+.11</td><td>.97</td><td>-.09</td><td>1.62</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>107.12</td><td>1/23/45</td><td>106.14</td><td>10/28/44</td></tr><tr><td>1,186</td><td>2-1/2 - 9/15/50-52</td><td>107.29</td><td>107.31</td><td>107.30</td><td>+.16</td><td>1.04</td><td>-.11</td><td>1.40</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>108.03</td><td>1/23/45</td><td>106.27</td><td>9/22/44</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-54</td><td>109.24</td><td>109.26</td><td>109.25</td><td>+.15</td><td>1.15</td><td>-.09</td><td>1.62</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>109.31</td><td>1/23/45</td><td>108.17</td><td>9/22/44</td></tr><tr><td>755</td><td>3 - 9/15/51-55</td><td>111.10</td><td>111.12</td><td>111.11</td><td>+.17</td><td>1.21</td><td>-.10</td><td>1.82</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>2/24/44</td><td>110.10</td><td>9/28/44</td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-53</td><td>107.13</td><td>107.15</td><td>107.14</td><td>+.17</td><td>1.12</td><td>-.09</td><td>1.36</td><td>12/22/39</td><td>107.21</td><td>1/23/45</td><td>101.08</td><td>5/24/40</td><td>107.21</td><td>1/23/45</td><td>105.29</td><td>9/22/44</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>106.16</td><td>106.18</td><td>106.17</td><td>+.24</td><td>1.18</td><td>-.10</td><td>1.32</td><td>10/7/40</td><td>106.17</td><td>1/11/45</td><td>101.19</td><td>2/15/41</td><td>106.17</td><td>1/31/45</td><td>104.20</td><td>9/21/44</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>108.09</td><td>108.11</td><td>108.10</td><td>+.18</td><td>1.30</td><td>-.07</td><td>1.45</td><td>7/22/40</td><td>108.11</td><td>1/23/45</td><td>102.02</td><td>7/24/40</td><td>108.11</td><td>1/23/45</td><td>106.09</td><td>9/21/44</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>112.27</td><td>112.29</td><td>112.28</td><td>+.05</td><td>1.50</td><td>-.02</td><td>1.89</td><td>3/15/35</td><td>113.08</td><td>1/13/45</td><td>98.30</td><td>9/20/35</td><td>113.08</td><td>1/13/45</td><td>111.09</td><td>9/21/44</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-59</td><td>112.17</td><td>112.19</td><td>112.18</td><td>+.14</td><td>1.56</td><td>-.05</td><td>1.77</td><td>9/15/36</td><td>112.24</td><td>1/13/45</td><td>98.10</td><td>4/1/37</td><td>112.24</td><td>1/13/45</td><td>110.25</td><td>9/22/44</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>112.18</td><td>112.20</td><td>112.19</td><td>+.15</td><td>1.69</td><td>-.05</td><td>1.93</td><td>6/15/38</td><td>112.24</td><td>1/13/45</td><td>99.15</td><td>9/25/39</td><td>112.24</td><td>1/13/45</td><td>110.26</td><td>9/22/44</td></tr><tr><td>1,485</td><td>2-3/4 - 12/15/60-65 12/</td><td>113.01</td><td>113.03</td><td>113.02</td><td>+.18</td><td>1.80</td><td>-.04</td><td>1.98</td><td>12/15/38</td><td>113.09</td><td>1/13/45</td><td>99.14</td><td>9/25/39</td><td>113.09</td><td>1/13/45</td><td>111.03</td><td>5/1/44</td></tr><tr><td colspan="16">Other bonds 13/</td></tr><tr><td>16</td><td>3 1/2 Conversion - 1/1/46</td><td>102.12</td><td>102.16</td><td>102.14</td><td>-.02</td><td>.33</td><td>-.16</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>1/17/44</td><td>102.12</td><td>1/27/45</td></tr><tr><td>13</td><td>3 Conversion - 1/1/47</td><td>104.32</td><td>104.30</td><td>104.26</td><td>-.03</td><td>.47</td><td>-.06</td><td>1/1/17</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>107.02</td><td>2/21/44</td><td>104.25</td><td>1/27/45</td></tr><tr><td>50</td><td>3 Panama Canal - 6/1/51</td><td>133.00</td><td>134.00</td><td>133.16</td><td>.00</td><td>.81</td><td>-.01</td><td>6/1/11</td><td>134.00</td><td>1/1/44</td><td>75.00</td><td>134.00</td><td>9/5/44</td><td>130.28</td><td>3/1/44</td></tr><tr><td colspan="16">Treasury notes</td></tr><tr><td>718</td><td>3 1/4 A - 3/15/45</td><td>100.04</td><td>100.05</td><td>100.04</td><td>+.02</td><td>1/32</td><td>-.76</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>3/25/44</td><td>100.02</td><td>1/6/45</td></tr><tr><td colspan="16">Guaranteed by U. S. Government 8/</td></tr><tr><td colspan="16">Home Owners' Loan Corp. bonds</td></tr><tr><td>$755</td><td>1-1/2% M - 6/1/45-47</td><td>100.13</td><td>100.14</td><td>100.14</td><td>+.01</td><td>.17%</td><td>-.34%</td><td>1.31%</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>1/13/44</td><td>100.12</td><td>1/6/45</td></tr></table>
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield column in thirty-seconds.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market except that prices of Treasury 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/ Not quoted from January 24 through January 31. Quotations from
January 8 through January 23 were on the basis of zero yield plus premium per thousand dollars.
1/ For amount of this security issued on February 1, 1945, 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."
3/ Excludes Federal Housing Administration debentures.
9/ Not quoted from January 24 through January 31.
10/ No data because security was not quoted on January 31.
11/ This security was issued on February 1, 1945 in the amount $1,316 millions.
12/ This is the only bond eligible to remain in the average of long-term partially tax-exempt Treasury bonds.
13/ Excludes postal savings bonds.
March 1945
59
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies January 31, 1945 - (Continued)
Table II. - Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data 1/</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1944-45 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Dec.30, 1944</th><th>Yield 3/</th><th>Change in yield from Dec.30, 1944</th><th>Maturity yield</th><th>Date of issue</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="18">Taxable securities</td></tr><tr><td>$ 50</td><td>Federal Home Loan Bank debentures 4/</td><td>.90%</td><td>.75%</td><td>.82%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1/15/45</td><td>.82%</td><td>1/31/45</td><td>.82%</td><td>1/31/45</td><td>.82%</td><td>1/31/45</td><td>.82%</td><td>1/31/45</td></tr><tr><td>31</td><td>Federal Intermediate Credit Bank debentures 5/</td><td>7/8%</td><td>2/1/45</td><td>6/6/</td><td>6/6/</td><td>6/6%</td><td>6/6%</td><td>-</td><td>5/1/44</td><td>100.00</td><td>1/30/451</td><td>100.00</td><td>1/30/451/</td><td>100.00</td><td>1/30/451</td><td>100.00</td><td>1/30/451/</td></tr><tr><td>18</td><td>.90%</td><td>3/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.90%</td><td>.00%</td><td>-</td><td>6/1/44</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td></tr><tr><td>26</td><td>.90%</td><td>4/2/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.90%</td><td>.00%</td><td>-</td><td>7/1/44</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td></tr><tr><td>27</td><td>.90%</td><td>5/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.90%</td><td>.00%</td><td>-</td><td>8/1/44</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td></tr><tr><td>19</td><td>.80%</td><td>5/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.80%</td><td>.00%</td><td>-</td><td>11/1/44</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td></tr><tr><td>20</td><td>.85%</td><td>6/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.85%</td><td>.00%</td><td>-</td><td>9/1/44</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td></tr><tr><td>20</td><td>.85%</td><td>6/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.85%</td><td>.00%</td><td>-</td><td>12/1/44</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td></tr><tr><td>30</td><td>.85%</td><td>7/2/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.85%</td><td>.00%</td><td>-</td><td>10/2/44</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td></tr><tr><td>24</td><td>.90%</td><td>8/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.90%</td><td>.00%</td><td>-</td><td>11/1/44</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td></tr><tr><td>29</td><td>.90%</td><td>9/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.90%</td><td>.00%</td><td>-</td><td>12/1/44</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td></tr><tr><td>27</td><td>.90%</td><td>10/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.90%</td><td>.00%</td><td>-</td><td>1/2/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td><td>100.00</td><td>1/31/45</td></tr><tr><td>2/</td><td>Federal Land Bank bonds 8/</td><td>2-1/4%- 2/1/53-55</td><td>101.24</td><td>101.28</td><td>101.26</td><td>-</td><td>2.00%</td><td>2.05%</td><td>2/1/45</td><td>101.26</td><td>1/31/45</td><td>101.14</td><td>1/18/45</td><td>101.26</td><td>1/31/45</td><td>101.14</td><td>1/18/45</td></tr><tr><td colspan="18">Tax-exempt securities</td></tr><tr><td>$157</td><td>Federal Land Bank bonds 8/</td><td>3-1/4%- 5/1/45-55</td><td>100.20*</td><td>100.23</td><td>100.22</td><td>-.08</td><td>.47%</td><td>+0.08%</td><td>3.17%</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>1/3/44</td><td>100.22</td><td>1/31/45</td></tr><tr><td>230</td><td>3</td><td>7/1/45-55</td><td>101.03*</td><td>101.04*</td><td>101.04</td><td>-.06</td><td>.28</td><td>-.06</td><td>2.87</td><td>7/1/35</td><td>110.12</td><td>12/10/40</td><td>97.24</td><td>10/2/35</td><td>103.23</td><td>1/12/44</td><td>101.04</td><td>1/31/45</td></tr><tr><td>171</td><td>3</td><td>1/1/46-56</td><td>102.15</td><td>102.17</td><td>102.16</td><td>-.05</td><td>.26</td><td>-.06</td><td>2.73</td><td>1/1/36</td><td>111.12</td><td>12/10/40</td><td>98.08</td><td>2/13/36</td><td>105.03</td><td>1/3/44</td><td>102.16</td><td>1/31/45</td></tr><tr><td>170</td><td>3</td><td>5/1/46-56</td><td>103.13</td><td>103.15</td><td>103.14</td><td>-.07</td><td>.24</td><td>.00</td><td>2.64</td><td>5/1/36</td><td>111.22</td><td>12/10/40</td><td>98.30</td><td>4/8/37</td><td>106.02</td><td>1/3/44</td><td>103.14</td><td>1/31/45</td></tr></table>
Taxable securities
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
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices are included beginning
ing November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Computed on mean price to call date when mean price is above par and to maturity date when mean price is below per.
4/ Quoted on a yield basis.
5/ Prices quoted are subject to a dealers' commission. Prior to May 15, 1944, these securities were quoted on a yield basis without allowance for dealers' commissions.
6/ No data because security was not quoted on January 31, 1945
7/ Price history begins May 15, 1944 and ends January 30, 1945.
8/ Excludes issues completely held by Farm Credit Administration agencies.
2/ This security was issued in the amount of $114 millions on February 1, 1945.
60
Treasury Bulletin
YIELDS OF TREASURY SECURITIES FEB. 28, 1945
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.
March 1945
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="11">Monthly series 3/</td></tr><tr><td>1937-Jan.</td><td>2.56</td><td></td><td>3.09</td><td>1940-Jan.</td><td>2.30</td><td></td><td>2.51</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td></tr><tr><td>Feb.</td><td>2.54</td><td></td><td>3.24</td><td>Feb.</td><td>2.32</td><td></td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td></tr><tr><td>Mar.</td><td>2.56</td><td></td><td>3.36</td><td>Mar.</td><td>2.26</td><td></td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td></tr><tr><td>Apr.</td><td>2.53</td><td></td><td>3.43</td><td>Apr.</td><td>2.26</td><td></td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td></tr><tr><td>May.</td><td>2.50</td><td></td><td>3.36</td><td>May.</td><td>2.39</td><td></td><td>2.87</td><td>May.</td><td>1.96</td><td>2.46</td><td>2.55</td></tr><tr><td>June.</td><td>2.51</td><td></td><td>3.31</td><td>June.</td><td>2.40</td><td></td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.53</td></tr><tr><td>July.</td><td>2.78</td><td></td><td>3.27</td><td>July.</td><td>2.30</td><td></td><td>2.85</td><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td></tr><tr><td>Aug.</td><td>2.78</td><td></td><td>3.25</td><td>Aug.</td><td>2.31</td><td></td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.52</td><td></td><td>3.26</td><td>Sept.</td><td>2.25</td><td></td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td>Oct.</td><td>2.52</td><td></td><td>3.26</td><td>Oct.</td><td>2.21</td><td></td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td>Nov.</td><td>2.78</td><td></td><td>3.22</td><td>Nov.</td><td>2.09</td><td></td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.73</td><td></td><td>3.17</td><td>Dec.</td><td>2.01</td><td></td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td></tr><tr><td>1938-Jan.</td><td>2.69</td><td></td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td></td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td></td><td>3.15</td><td>Feb.</td><td>2.22</td><td></td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</td><td></td><td>3.16</td><td>Mar.</td><td>2.12</td><td></td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td></td><td>3.25</td><td>Apr.</td><td>2.07</td><td></td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May.</td><td>2.56</td><td></td><td>3.14</td><td>May.</td><td>2.04</td><td></td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June.</td><td>2.58</td><td></td><td>3.15</td><td>June.</td><td>2.01</td><td></td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July.</td><td>2.58</td><td></td><td>3.12</td><td>July.</td><td>1.98</td><td></td><td>2.66</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td></td><td>3.10</td><td>Aug.</td><td>2.01</td><td></td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.63</td><td></td><td>3.12</td><td>Sept.</td><td>2.02</td><td></td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct.</td><td>2.55</td><td></td><td>3.06</td><td>Oct.</td><td>1.98</td><td></td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Nov.</td><td>2.56</td><td></td><td>3.04</td><td>Nov.</td><td>1.95</td><td></td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.56</td><td></td><td>3.02</td><td>Dec.</td><td>2.06</td><td></td><td>2.68</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td></tr><tr><td>1939-Jan.</td><td>2.54</td><td></td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td></td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td></td><td>2.90</td><td>Feb.</td><td>2.17</td><td></td><td>2.80</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2.43</td><td></td><td>2.87</td><td>Mar.</td><td>2.10</td><td></td><td>2.80</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>2.38</td><td></td><td>2.92</td><td>Apr.</td><td>2.07</td><td></td><td>2.77</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>2.27</td><td></td><td>2.86</td><td>May.</td><td>2.06</td><td></td><td>2.76</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2.22</td><td></td><td>2.78</td><td>June.</td><td>2.04</td><td></td><td>2.75</td><td></td><td></td><td></td><td></td></tr><tr><td>July.</td><td>2.23</td><td></td><td>2.76</td><td>July.</td><td>2.04</td><td></td><td>2.74</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>2.27</td><td></td><td>2.79</td><td>Aug.</td><td>2.06</td><td></td><td>2.73</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2.67</td><td></td><td>3.29</td><td>Sept.</td><td>2.08</td><td></td><td>2.73</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2.60</td><td></td><td>3.14</td><td>Oct.</td><td>2.09</td><td></td><td>2.72</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>2.46</td><td></td><td>2.93</td><td>Nov.</td><td>2.10</td><td></td><td>2.71</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.35</td><td></td><td>2.86</td><td>Dec.</td><td>2.13</td><td></td><td>2.72</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Weekly series - Saturday figures 5/</td></tr><tr><td>1944-Aug. 5.</td><td>1.90</td><td>2.48</td><td>2.58</td><td>1944-Oct. 7.</td><td>1.93</td><td>2.48</td><td>2.53</td><td>1944-Dec. 2.</td><td>1.89</td><td>2.48</td><td>2.59</td></tr><tr><td>12.</td><td>1.91</td><td>2.48</td><td>2.56</td><td>14.</td><td>1.92</td><td>2.48</td><td>2.55</td><td>9.</td><td>1.88</td><td>2.48</td><td>2.58</td></tr><tr><td>18.</td><td>1.91</td><td>2.48</td><td>2.57</td><td>21.</td><td>1.93</td><td>2.48</td><td>2.55</td><td>16.</td><td>1.87</td><td>2.48</td><td>2.58</td></tr><tr><td>26.</td><td>1.90</td><td>2.48</td><td>2.56</td><td>28.</td><td>1.94</td><td>2.48</td><td>2.58</td><td>23.</td><td>1.84</td><td>2.47 6/</td><td>2.59</td></tr><tr><td>Sept. 1.</td><td>1.91</td><td>2.47</td><td>2.55</td><td>Nov. 4.</td><td>1.92</td><td>2.48</td><td>2.62 4/</td><td>30.</td><td>1.84</td><td>2.47</td><td>2.59</td></tr><tr><td>9.</td><td>1.93</td><td>2.47</td><td>2.53</td><td>10.</td><td>1.91</td><td>2.48</td><td>2.62</td><td>1945-Jan. 6.</td><td>1.83</td><td>2.45</td><td>2.59</td></tr><tr><td>16.</td><td>1.93</td><td>2.47</td><td>2.55</td><td>18.</td><td>1.89</td><td>2.48</td><td>2.61</td><td>13.</td><td>1.79</td><td>2.44</td><td>2.58</td></tr><tr><td>23.</td><td>1.94</td><td>2.48</td><td>2.55</td><td>25.</td><td>1.89</td><td>2.48</td><td>2.60</td><td>20.</td><td>1.80</td><td>2.44</td><td>2.58</td></tr><tr><td>30.</td><td>1.93</td><td>2.48</td><td>2.55</td><td></td><td></td><td></td><td></td><td>27.</td><td>1.82</td><td>2.42</td><td>2.58</td></tr><tr><td colspan="11">Daily series</td></tr><tr><td>1945-Jan. 1.</td><td>1 1/</td><td>1 1/</td><td>2 59</td><td>1945-Jan. 11.</td><td>1.79</td><td>2.44</td><td>2.58</td><td>1945-Jan. 22.</td><td>1.79</td><td>2.43</td><td>2.58</td></tr><tr><td>2.</td><td>1.84</td><td>2.46</td><td>2.59</td><td>12.</td><td>1.79</td><td>2.44</td><td>2.58</td><td>23.</td><td>1.80</td><td>2.42</td><td>2.58</td></tr><tr><td>3.</td><td>1.84</td><td>2.46</td><td>2.59</td><td>13.</td><td>1.79</td><td>2.44</td><td>2.58</td><td>24.</td><td>1.81</td><td>2.43</td><td>2.58</td></tr><tr><td>4.</td><td>1.83</td><td>2.45</td><td>2.58</td><td>15.</td><td>1.79</td><td>2.44</td><td>2.58</td><td>25.</td><td>1.82</td><td>2.43</td><td>2.58</td></tr><tr><td>5.</td><td>1.83</td><td>2.45</td><td>2.59</td><td>16.</td><td>1.80</td><td>2.44</td><td>2.57</td><td>26.</td><td>1.81</td><td>2.43</td><td>2.58</td></tr><tr><td>6.</td><td>1.83</td><td>2.45</td><td>2.59</td><td>17.</td><td>1.79</td><td>2.44</td><td>2.57</td><td>27.</td><td>1.82</td><td>2.42</td><td>2.58</td></tr><tr><td>8.</td><td>1.82</td><td>2.45</td><td>2.59</td><td>18.</td><td>1.79</td><td>2.44</td><td>2.57</td><td>29.</td><td>1.82</td><td>2.42</td><td>2.58</td></tr><tr><td>9.</td><td>1.82</td><td>2.45</td><td>2.58</td><td>19.</td><td>1.80</td><td>2.44</td><td>2.58</td><td>30.</td><td>1.81</td><td>2.41</td><td>2.58</td></tr><tr><td>10.</td><td>1.80</td><td>2.45</td><td>2.57</td><td>20.</td><td>1.80</td><td>2.44</td><td>2.58</td><td>31.</td><td>1.80</td><td>2.40</td><td>2.58</td></tr></table>
Basis of Computation: (1) Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. (2) Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used.
Back Figures: Monthly and weekly data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61.
1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the case of partially tax-exempt Treasury and United States savings 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.
2/ For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61.
3/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures.
4/ The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. The old average for November 1944 was 2.56%. See footnote 2.
5/ On days when the exchanges are closed, the date and prices of the previous day are used.
6/ Indicates change in composition of average.
7/ Exchange closed.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Inverted Scale PERCENT
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Inverted Scale PERCENT
.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
3.2
3.4
3.6
3.8
4.0
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Monthly average of daily yields
Partially tax-exempt
Treasury Bonds
Taxable
Treasury Bonds
New Series
High-Grade
Corporate Bonds
Treasury Bulletin
62
March 1945
63
CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES GOVERNMENT
64
Treasury Bulletin
Assets and Liabilities of Government Corporations and Credit Agencies December 31, 1944
(In millions of dollars)
<table><tr><th rowspan="2">Account</th><th rowspan="2">Total</th><th colspan="4">Executive Office of the President</th><th colspan="4">Agriculture Department (continued on following page)</th></tr><tr><th colspan="3">Office for Emergency Management</th><th colspan="4">Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th>Coordinator of Inter-American Affairs 2/</th><th>Foreign Economic Administration Export-Import Bank of Washington</th><th>Other 3/</th><th>War Production Board Smaller 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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><th>Assets</th><th>1,065.6</th><th>26.2</th><th>46.7</th><th>15.8</th><th>80.4</th><th>170.9</th><th>*</th><th>.4</th><th>21.8</th><th>29.6</th></tr><tr><td>Cash $/.</td><td>8,508.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41.8</td></tr><tr><td>Loans receivable from Government agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans receivable from others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To mid agriculture</td><td>3,385.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.9</td><td>138.7</td><td>189.4</td><td>257.3</td></tr><tr><td>To mid home owners</td><td>1,237.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To mid industry</td><td>533.9</td><td>-</td><td>-</td><td>-</td><td>35.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To mid States, Territories, etc.</td><td>510.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To mid financial institutions</td><td>216.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other loans</td><td>951.8</td><td>-</td><td>224.5</td><td>2.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others</td><td>6,835.3</td><td>-</td><td>224.5</td><td>2.0</td><td>35.8</td><td>-</td><td>3.9</td><td>138.7</td><td>189.4</td><td>257.3</td></tr><tr><td>Less: Reserve for losses</td><td>447.9</td><td>-</td><td>*</td><td>-</td><td>.6</td><td>-</td><td>1.1</td><td>128.3</td><td>.9</td><td>*</td></tr><tr><td>Total loans receivable from others (net)</td><td>6,387.3</td><td>-</td><td>224.5</td><td>2.0</td><td>35.2</td><td>-</td><td>2.8</td><td>10.5</td><td>188.6</td><td>257.3</td></tr><tr><td>Accounts and other receivables, less reserves 6/</td><td>4,401.5</td><td>.5</td><td>3.3</td><td>221.2</td><td>3.4</td><td>128.3</td><td>*</td><td>-</td><td>1.3</td><td>3.1</td></tr><tr><td>Commodities, supplies, and materials</td><td>2,942.2</td><td>-</td><td>-</td><td>368.4</td><td>-</td><td>32.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>1,630.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43.3</td><td>39.5</td></tr><tr><td>Securities of Government agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>428.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>424.0</td><td>-</td><td>-</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.7</td><td>-</td></tr><tr><td>Total investments</td><td>2,184.7</td><td>-</td><td>-</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>71.0</td><td>39.5</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>11,453.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>16,237.3</td><td>.7</td><td>*</td><td>14.0</td><td>12.9</td><td>5,426.5</td><td>-</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Acquired security or collateral:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate and other</td><td>162.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.5</td><td>-</td><td>*</td><td>*</td></tr><tr><td>Less: Reserve for losses</td><td>73.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>-</td><td>*</td><td>*</td></tr><tr><td>Total acquired security or collateral (net)</td><td>89.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>-</td><td>*</td><td>*</td></tr><tr><td>Other assets 1/</td><td>2,157.6</td><td>-</td><td>.1</td><td>91.0</td><td>1.9</td><td>644.9</td><td>-</td><td>-</td><td>.5</td><td>.2</td></tr><tr><td>Interagency proprietary interests</td><td>637.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>177.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>56,104.8</td><td>27.4</td><td>274.6</td><td>715.3</td><td>133.7</td><td>6,402.7</td><td>181.4</td><td>10.8</td><td>283.1</td><td>371.5</td></tr></table>
<table><tr><th>Liabilities</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Accounts payable and accrued liabilities</td><td>2,213.0</td><td>13.6</td><td>*</td><td>151.1</td><td>.5</td><td>300.9</td><td>-</td><td>.1</td><td>1.0</td></tr><tr><td>Trust and deposit liabilities</td><td>2,741.9</td><td>-</td><td>73.9 5/</td><td>*</td><td>*</td><td>29.1</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Bonds, debentures, and notes payable: 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>11,493.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>1,538.1 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed - public issues 8/</td><td>10,031.8</td><td>-</td><td>-</td><td>565.6</td><td>-</td><td>-</td><td>-</td><td>66.0</td><td>279.6</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>23,063.7</td><td>-</td><td>-</td><td>565.6</td><td>-</td><td>-</td><td>-</td><td>66.0</td><td>279.6</td></tr><tr><td>Other liabilities 10/</td><td>3,087.6</td><td>-</td><td>.1</td><td>37.4</td><td>*</td><td>532.5</td><td>*</td><td>.3</td><td>2.1</td><td>.2</td></tr><tr><td>Total liabilities</td><td>31,106.1</td><td>13.6</td><td>74.1</td><td>754.2</td><td>.6</td><td>862.6</td><td>*</td><td>.4</td><td>68.6</td><td>281.1</td></tr></table>
<table><tr><th>Capital</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,123.1</td><td>.6</td><td>175.0</td><td>5.2</td><td>150.0</td><td>-</td><td>-</td><td>177.0</td><td>60.0</td></tr><tr><td>Paid-in surplus</td><td>12,179.9</td><td>26.2</td><td>-</td><td>2.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expired appropriations</td><td>20,481.9</td><td>36.8</td><td>-</td><td>-</td><td>-</td><td>10,062.21/</td><td>498.0</td><td>183.3</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>-10,289.8</td><td>-49.8</td><td>25.5</td><td>-46.3</td><td>-16.9</td><td>-4,522.013</td><td>-316.6</td><td>-172.8</td><td>30.0</td></tr><tr><td>Total United States owned</td><td>24,495.1</td><td>13.7</td><td>200.5</td><td>-38.9</td><td>133.1</td><td>5,540.1</td><td>181.4</td><td>10.5</td><td>30.4</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>285.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.4</td></tr><tr><td>Earned surplus 12/</td><td>218.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.1</td></tr><tr><td>Total privately owned</td><td>503.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.5</td></tr><tr><td>Total capital</td><td>24,998.7</td><td>13.7</td><td>200.5</td><td>-38.9</td><td>133.1</td><td>5,540.1</td><td>181.4</td><td>10.5</td><td>30.4</td></tr><tr><td>Total liabilities and capital</td><td>56,104.8</td><td>27.4</td><td>274.6</td><td>715.3</td><td>133.7</td><td>6,402.7</td><td>181.4</td><td>10.8</td><td>371.5</td></tr><tr><th>Interagency items included above</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Assets</td><td>24,616.7</td><td>.2</td><td>46.3</td><td>197.4</td><td>3.0</td><td>106.6</td><td>177.0</td><td>-</td><td>41.8</td></tr><tr><td>Liabilities</td><td>23,979.0</td><td>.1</td><td>7.0</td><td>633.5</td><td>.1</td><td>31.8</td><td>-</td><td>-</td><td>41.8</td></tr><tr><td>United States interagency interest (net)</td><td>637.7</td><td>.1</td><td>39.3</td><td>-436.1</td><td>2.9</td><td>74.8</td><td>177.0</td><td>-</td><td>-41.8</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>36.0</td></tr></table>
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 preferred 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 establish-
2/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Frenclnradio, Inc.
3/ Consists of Cargoes, Inc., Petroleum Reserves Corporation, Rubber Development Corporation, and U. S. Commercial Company.
4/ Excludes unexpended balances of appropriated funds.
5/ Includes $66,7 millions of loans made by commercial banks on behalf
March 1945
65
Assets and Liabilities of Government Corporations and Credit Agencies 1/ December 31, 1944 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Account</th><th colspan="4">Farm Credit Administration - (continued)</th><th colspan="5">War Food Administration</th></tr><tr><th>Federal land banks 14/</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>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 4/</td><td>40.4</td><td>.7</td><td>10.9</td><td>23.5</td><td>1.3</td><td>24.4</td><td>57.2</td><td>1.3</td><td>2.9</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others:</td><td>1,220.1</td><td>-</td><td>12.2</td><td>350.8</td><td>360.7</td><td>353.3</td><td>492.4</td><td>-</td><td>-</td></tr><tr><td>To aid agriculture</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid home owners</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid industry</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid States, Territories, etc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid financial institutions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others</td><td>1,220.1</td><td>-</td><td>12.2</td><td>350.8</td><td>360.7</td><td>353.3</td><td>492.4</td><td>-</td><td>-</td></tr><tr><td>Less: Reserve for losses</td><td>74.515/</td><td>-</td><td>3.6</td><td>68.7 15/</td><td>.1</td><td>-</td><td>136.4</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others (net)</td><td>1,145.6</td><td>-</td><td>8.7</td><td>282.2</td><td>360.7</td><td>353.3</td><td>355.9</td><td>-</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 6/</td><td>17.8</td><td>.2</td><td>-</td><td>8.1</td><td>17.4</td><td>597.8</td><td>120.6</td><td>1.8</td><td>.1</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,450.3</td><td>.2</td><td>-</td><td>1.0</td></tr><tr><td>Investments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>220.1</td><td>60.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>5.8</td><td>-</td><td>-</td><td>116.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>63.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>225.9</td><td>123.9</td><td>.3</td><td>116.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total investments</td><td>462.8</td><td>184.3</td><td>.3</td><td>233.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>4.8</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>9.1</td><td>41.9</td><td>.1</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquired security or collateral</td><td>6.8</td><td>-</td><td>-</td><td>4.3</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Real estate and other</td><td>1.4</td><td>-</td><td>-</td><td>1.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Less: Reserve for losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquired security or collateral (net)</td><td>5.3</td><td>-</td><td>-</td><td>3.1</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Other assets 7/</td><td>1.7</td><td>.1</td><td>.2</td><td>.4</td><td>-</td><td>62.8</td><td>23.4</td><td>-</td><td>-</td></tr><tr><td>Interagency proprietary interests</td><td>1,441.5</td><td>125.0</td><td>20.1</td><td>434.0</td><td>379.8</td><td>2,497.7</td><td>599.0</td><td>3.2</td><td>6.1</td></tr><tr><td>Total assets</td><td>1,937.1</td><td>311.7</td><td>31.6</td><td>673.3</td><td>379.8</td><td>2,962.2</td><td>626.5</td><td>3.2</td><td>6.1</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>13.7</td><td>.8</td><td>.1</td><td>1.8</td><td>2.6</td><td>230.4</td><td>2.8</td><td>.7</td><td>3.2</td></tr><tr><td>Trust and deposit liabilities</td><td>23.5</td><td>-</td><td>1.3</td><td>6.2</td><td>.1</td><td>38.9</td><td>1.0</td><td>-</td><td>.1</td></tr><tr><td>Boods, debentures, and notes payable 8/</td><td>-</td><td>-</td><td>-</td><td>258.0</td><td>-</td><td>1,155.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>18.8</td><td>-</td><td>711.1 9/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>934.4</td><td>-</td><td>-</td><td>-</td><td>235.9</td><td>212.5</td><td>178.2</td><td>-</td><td>.1</td></tr><tr><td>Not guaranteed - public issues 9/</td><td>934.4</td><td>-</td><td>-</td><td>276.8</td><td>235.9</td><td>2,078.6</td><td>178.2</td><td>-</td><td>.1</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>934.4</td><td>-</td><td>-</td><td>276.8</td><td>235.9</td><td>2,078.6</td><td>178.2</td><td>-</td><td>.1</td></tr><tr><td>Other liabilities 10/</td><td>9.8</td><td>-</td><td>-</td><td>.8</td><td>-</td><td>743.8</td><td>6.5</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>981.4</td><td>-</td><td>1.4</td><td>285.7</td><td>238.6</td><td>3,091.7</td><td>188.6</td><td>.8</td><td>3.4</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>118.9</td><td>115.0</td><td>5.0</td><td>100.0</td><td>-</td><td>100.0</td><td>-</td><td>40.0</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>123.9</td><td>-</td><td>21.2</td><td>-</td><td>144.0</td><td>144.0</td><td>-</td><td>30.5</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>10.0</td><td>-7.5</td><td>48.4</td><td>-6.6</td><td>-837.9</td><td>-907.3</td><td>-68.1</td><td>2.7</td></tr><tr><td>Earned surplus 12/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total United States owned</td><td>242.8</td><td>125.0</td><td>18.7</td><td>148.4</td><td>141.2</td><td>-594.0</td><td>410.5</td><td>2.4</td><td>2.7</td></tr><tr><td>Privately owned</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>75.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>141.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>217.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>460.1</td><td>125.0</td><td>18.7</td><td>148.4</td><td>141.2</td><td>-594.0</td><td>410.5</td><td>2.4</td><td>2.7</td></tr><tr><td>Total liabilities and capital</td><td>1,441.5</td><td>125.0</td><td>20.1</td><td>434.0</td><td>379.8</td><td>2,497.7</td><td>599.0</td><td>3.2</td><td>6.1</td></tr><tr><td>Interagency items included above</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets</td><td>6.5</td><td>-</td><td>-</td><td>119.0</td><td>11.2</td><td>445.8</td><td>83.0</td><td>.3</td><td>-</td></tr><tr><td>Liabilities</td><td>119.0</td><td>-</td><td>.1</td><td>258.7</td><td>238.6</td><td>1,462.5</td><td>181.6</td><td>-</td><td>3.3</td></tr><tr><td>United States interagency interest (net)</td><td>-112.6</td><td>-</td><td>-.1</td><td>-139.7</td><td>-227.3</td><td>-716.6</td><td>-98.7</td><td>.3</td><td>-3.3</td></tr></table>
of the Export-Import Bank under agency agreements.
6/ Consists of accounts and notes receivable, accrued assets, and advances to contractors and agents.
7/ Consists of deferred charges, undistributed charges, and other assets.
8/ Includes notes for short-term borrowings.
9/ The figure for demand obligations of the Commodity Credit Corporation reflected in this statement differs from that shown elsewhere in the
"Treasury Bulletin" because in other tables this figure is partially as of November 30, 1944.
10/ Consists of deferred credits, undistributed credits, and other liabilities (including liability reserves).
11/ Includes the value of vessels and other expenses transferred from U. S. Maritime Commission to War Shipping Administration for which no transfer of funds will be required.
12/ Negative figures indicate deficit.
(Continued on following page)
66
Treasury Bulletin
Assets and Liabilities of Government Corporations and Credit Agencies 1/ December 31, 1944 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Account</th><th colspan="6">Commerce Department</th><th colspan="4">Laterior Department</th></tr><tr><th>Inland Waterways Corporation 16/</th><th>Reconstruction Finance Corporation 17/</th><th>Disaster Loan Corporation</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 15/</th><th>Office of Indian Affairs Indian Loans</th><th>Division of Territories and Island Possessions Puerto Rican Hurricane Relief Loan Section</th><th>Puerto Rico Reconstruction Administration</th><th>The Virgin Islands Company</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 4/</td><td>.8</td><td>10.8</td><td>16.9</td><td>1.0</td><td>1.6</td><td>255.1</td><td>-</td><td>-</td><td>.1</td><td>.4</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>8,466.0</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To aid agriculture</td><td>-</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.2</td><td>4.6</td><td>-</td></tr><tr><td>To aid home owners</td><td>-</td><td>12.1</td><td>-</td><td>52.4</td><td>80.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid industry</td><td>-</td><td>355.4</td><td>-</td><td>-</td><td>-</td><td>84.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid States, Territories, etc.</td><td>.3</td><td>111.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid financial institutions</td><td>-</td><td>66.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other loans</td><td>-</td><td>671.2</td><td>1.7</td><td>-</td><td>20.4</td><td>2.2</td><td>5.9</td><td>-</td><td>2.1</td><td>-</td></tr><tr><td>Total loans receivable from others</td><td>.3</td><td>1,236.5</td><td>1.7</td><td>52.4</td><td>101.1</td><td>86.4</td><td>5.9</td><td>1.2</td><td>6.7</td><td>-</td></tr><tr><td>Losses: Reserve for losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.0</td><td>-</td><td>.3</td><td>-</td></tr><tr><td>Total loans receivable from others (net)</td><td>.3</td><td>1,236.5</td><td>1.7</td><td>52.4</td><td>101.1</td><td>85.4</td><td>4.8</td><td>1.2</td><td>6.4</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 6/</td><td>.8</td><td>179.2</td><td>.1</td><td>.3</td><td>1.1</td><td>771.3</td><td>-</td><td>.3</td><td>.3</td><td>.1</td></tr><tr><td>Commodities, supplies, and materials</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,053.5</td><td>-</td><td>-</td><td>-</td><td>.7</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>6.7</td><td>75.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>6.3</td><td>-</td><td>.6</td><td>1.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>288.0</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>-</td><td>0</td><td>-</td></tr><tr><td>Other securities, less reserves</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 investments</td><td>6.7</td><td>369.7</td><td>-</td><td>.6</td><td>1.0</td><td>1.1</td><td>-</td><td>-</td><td>0</td><td>-</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>15.3</td><td>1.4</td><td>-</td><td>-</td><td>7.2</td><td>6,517.2</td><td>-</td><td>-</td><td>13.5</td><td>.3</td></tr><tr><td>Acquired security or collateral:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate and other</td><td>-</td><td>60.8</td><td>.1</td><td>-</td><td>5.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans: Reserve for losses</td><td>-</td><td>31.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquired security or collateral (net)</td><td>-</td><td>29.2</td><td>.1</td><td>-</td><td>5.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 7/</td><td>.1</td><td>11.5</td><td>1.4</td><td>-</td><td>.2</td><td>212.0</td><td>-</td><td>-</td><td>-</td><td>8</td></tr><tr><td>Interagency proprietary interests</td><td>-</td><td>360.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>24.4</td><td>10,665.1</td><td>20.4</td><td>54.4</td><td>118.0</td><td>8,896.8</td><td>4.9</td><td>1.5</td><td>20.3</td><td>1.5</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>.7</td><td>48.4</td><td>-</td><td>.2</td><td>1.1</td><td>548.5</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Trust and deposit liabilities</td><td>.1</td><td>460.8</td><td>-</td><td>1.0</td><td>2.3</td><td>1,855.6</td><td>-</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>9,205.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>38.7</td><td>86.7</td><td>7,302.8</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Not guaranteed - public issues 8/</td><td>-</td><td>-</td><td>-</td><td>38.7</td><td>86.7</td><td>7,302.8</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>-</td><td>9,206.0</td><td>-</td><td>38.7</td><td>86.7</td><td>7,302.8</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Other liabilities 10/</td><td>.4</td><td>203.919</td><td>.1</td><td>-</td><td>.3</td><td>786.5</td><td>-</td><td>-</td><td>-</td><td>0</td></tr><tr><td>Total liabilities</td><td>1.1</td><td>9,919.1</td><td>.1</td><td>39.9</td><td>90.4</td><td>10,495.5</td><td>-</td><td>-</td><td>.1</td><td>.4</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>12.0</td><td>325.0</td><td>24.0</td><td>10.0</td><td>25.0</td><td>21.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>10.5</td><td>-</td><td>-</td><td>1.0</td><td>-</td><td>5.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.8</td><td>7.1</td><td>9.2</td><td>66.8</td><td>.9</td></tr><tr><td>Earned surplus 12/</td><td>.8</td><td>421.0</td><td>-3.7</td><td>3.5</td><td>2.5</td><td>-1,634.2</td><td>-2.3</td><td>-7.7</td><td>-46.6</td><td>.2</td></tr><tr><td>Total United States owned</td><td>23.3</td><td>746.0</td><td>20.3</td><td>14.5</td><td>27.5</td><td>-1,598.8</td><td>4.9</td><td>1.5</td><td>20.2</td><td>1.1</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>23.3</td><td>746.0</td><td>20.3</td><td>14.5</td><td>27.5</td><td>-1,598.8</td><td>4.9</td><td>1.5</td><td>20.2</td><td>1.1</td></tr><tr><td>Total liabilities and capital</td><td>24.4</td><td>10,665.1</td><td>20.4</td><td>54.4</td><td>118.0</td><td>8,896.8</td><td>4.9</td><td>1.5</td><td>20.3</td><td>1.5</td></tr><tr><td>Interagency items included above</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets</td><td>.3</td><td>8,985.7</td><td>17.1</td><td>1.7</td><td>2.6</td><td>599.7</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Liabilities</td><td>.2</td><td>9,689.9</td><td>-</td><td>38.8</td><td>87.6</td><td>9,506.9</td><td>-</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>United States interagency interest (net)</td><td>.1</td><td>-704.3</td><td>17.1</td><td>-37.2</td><td>-65.0</td><td>-8,911.2</td><td>-</td><td>-</td><td>-</td><td>-.3</td></tr></table>
13/ Includes cost of Defence Aid Program on account of land-lease opera-tions in the amount of $2,756.9 millions.
14/ Includes the assets and liabilities of the Federal Land Banks of Louisville, Kentucky and Houston, Texas which have retired the capi-tal stock and paid-in surplus previously held by the United States Government.
15/ The reserve for losses on loans receivable includes other loss re-serves which cannot be distributed to the assets to which they apply.
Figures are as of November 30, 1944, the latest available, and include Warrior River Terminal Company, Inc., a wholly owned subsidiary. Includes the Electric Home and Farm Authority, transferred 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 Cor-
(Continued on following page)
March 1945
67
Assets and Liabilities of Government Corporations and Credit Agencies 1/ December 31, 1944 - (Continued)
(In millions of dollars)
<table><tr><th>Account</th><th>Justice Department</th><th>Navy Department</th><th>Treasury Department</th><th>War Department</th><th>Federal Deposit Insurance Corporation</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency (continued on following page)</th></tr><tr><th></th><th>Federal Prison Industries, Inc.</th><th>Sale of Surplus Supplies (World War I)</th><th>Miscellaneous loans and certain other assets</th><th>United States Spruce Production Corporation</th><th>Office of Education</th><th>Loans to students</th><th>Public Works Administration</th><th>War Public Works - community facilities</th><th>Federal Home Loan Bank Administration (continued on following page)</th><th>Federal Savings and Loan Insurance Corporation</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash</td><td>10.7</td><td>-</td><td>-</td><td>.1</td><td>17.5</td><td>*</td><td>-</td><td>.1</td><td>27.3</td><td>1.5</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To aid agriculture</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid home owners</td><td>-</td><td>-</td><td>48.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid industry</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>70.4</td><td>4.7</td><td>-</td><td>-</td></tr><tr><td>To aid States, Territories, etc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19.7</td><td>-</td><td>-</td><td>-</td><td>130.6</td><td>-</td></tr><tr><td>To aid financial institutions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19.7</td><td>3.0</td><td>70.4</td><td>4.7</td><td>130.6</td><td>-</td></tr><tr><td>Total loans receivable from others</td><td>-</td><td>-</td><td>48.9</td><td>-</td><td>19.7</td><td>3.0</td><td>70.4</td><td>4.7</td><td>130.6</td><td>-</td></tr><tr><td>Less: Reserve for losses</td><td>-</td><td>-</td><td>48.9</td><td>-</td><td>7.6</td><td>-</td><td>8.9</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others (net)</td><td>-</td><td>-</td><td>48.9</td><td>-</td><td>12.1</td><td>3.0</td><td>61.5</td><td>4.7</td><td>130.6</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves</td><td>2.3</td><td>2.5</td><td>45.0</td><td>.2</td><td>2.8</td><td>.2</td><td>-</td><td>.1</td><td>1.1</td><td>1.8</td></tr><tr><td>Commodities, supplies, and materials</td><td>4.3</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>759.7</td><td>-</td><td>-</td><td>-</td><td>144.0</td><td>150.6</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>3.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>3.5</td><td>.1</td><td>759.7</td><td>-</td><td>-</td><td>-</td><td>144.0</td><td>150.6</td></tr><tr><td>Total investments</td><td>-</td><td>-</td><td>3.5</td><td>.1</td><td>759.7</td><td>-</td><td>-</td><td>-</td><td>144.0</td><td>150.6</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>-</td><td>-</td><td>11,493.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43.3</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>4.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquired security or collateral:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate and other</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>36.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.5</td></tr><tr><td>Less: Reserve for losses</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>23.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.6</td></tr><tr><td>Total acquired security or collateral (net)</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>13.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.9</td></tr><tr><td>Other assets</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35.5</td><td>75.6</td><td>-</td><td>-</td></tr><tr><td>Interagency proprietary interests</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>21.6</td><td>2.5</td><td>11,591.4</td><td>.4</td><td>806.2</td><td>3.2</td><td>96.9</td><td>123.7</td><td>303.0</td><td>155.8</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>.6</td><td>-</td><td>*</td><td>.1</td><td>.5</td><td>*</td><td>-</td><td>-</td><td>1.3</td><td>*</td></tr><tr><td>Trust and deposit liabilities</td><td>-</td><td>*</td><td>45.0</td><td>-</td><td>1.2</td><td>.2</td><td>-</td><td>.1</td><td>28.8</td><td>*</td></tr><tr><td>Bonds, debentures, and notes payable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>66.5</td><td>-</td></tr><tr><td>Not guaranteed - 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>Total bonds, debentures, and notes payable</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>66.5</td><td>-</td></tr><tr><td>Other liabilities</td><td>.1</td><td>*</td><td>-</td><td>-</td><td>515.22</td><td>-</td><td>-</td><td>-</td><td>-</td><td>55.8</td></tr><tr><td>Total liabilities</td><td>.7</td><td>*</td><td>45.0</td><td>.1</td><td>516.9</td><td>.2</td><td>-</td><td>.1</td><td>96.6</td><td>55.8</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>4.8</td><td>-</td><td>11,546.4</td><td>.1</td><td>150.0</td><td>-</td><td>-</td><td>-</td><td>124.7</td><td>100.0</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>2.5</td><td>-</td><td>-</td><td>-</td><td>3.2</td><td>1,700.3</td><td>338.4</td><td>-</td><td>-</td></tr><tr><td>Expended appropriations</td><td>16.1</td><td>23</td><td>23</td><td>.2</td><td>22</td><td>-2</td><td>-1,603.4</td><td>-214.8</td><td>-</td><td>23</td></tr><tr><td>Earned surplus</td><td>20.9</td><td>2.5</td><td>11,546.4</td><td>.3</td><td>150.0</td><td>3.1</td><td>96.9</td><td>123.6</td><td>124.7</td><td>100.0</td></tr><tr><td>Total United States owned</td><td>20.9</td><td>2.5</td><td>11,546.4</td><td>.3</td><td>139.3</td><td>3.1</td><td>96.9</td><td>123.6</td><td>63.8</td><td>-</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>17.9</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>81.7</td><td>-</td></tr><tr><td>Total capital</td><td>20.9</td><td>2.5</td><td>11,546.4</td><td>.3</td><td>289.3</td><td>3.1</td><td>96.9</td><td>123.6</td><td>206.5</td><td>100.0</td></tr><tr><td>Total liabilities and capital</td><td>21.6</td><td>2.5</td><td>11,591.4</td><td>.4</td><td>806.2</td><td>3.2</td><td>96.9</td><td>123.7</td><td>303.0</td><td>155.8</td></tr><tr><td>Interagency items included above</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets</td><td>2.3</td><td>-</td><td>11,538.7</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>.1</td><td>*</td><td>*</td></tr><tr><td>Liabilities</td><td>.2</td><td>*</td><td>45.0</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td><td>.7</td><td>*</td></tr><tr><td>United States interagency interest (net)</td><td>2.1</td><td>-*</td><td>11,493.7</td><td>-.1</td><td>*</td><td>-.2</td><td>-</td><td>-.9</td><td>-.7</td><td>-.1</td></tr></table>
from the Reconstruction Finance Corporation under act of February 24, 1938; stock in Federal savings and loan associations; railroad loans (Transportation Act of 1920); and U. S. Railroad Administration (World War I).
19/ Includes $125.0 millions valuation reserves which are not appropriated to applicable assets.
20/ Includes advances to Government corporations for which guaranteed securities are held by the Treasury; advances to Federal Reserve Banks for industrial loans; securities received by the Bureau of Internal Revenue in settlement of tax liabilities; securities recei
21/22
World War I corporation in liquidation. For purposes of this report the entire amount of earned surplus of this Corporation is reported as a liability reserve to cover pos-
(Continued on following page)
68
Treasury Bulletin
Assets and Liabilities of Government Corporations and Credit Agencies
December 31, 1944 - (Continued
(in millions of dollars)
<table><tr><th>Account</th><th colspan="2">Federal Home Loan Bank Administration-(continued)</th><th colspan="3">Federal Public Housing Authority and affiliates</th><th>Panama Railroad Company</th><th>Tennessee Valley Associated Cooperatives. Inc.</th><th>Tennessee Valley Authority</th><th>United States Maritime Commission</th><th>All other 24/</th></tr><tr><th></th><th>Home Owners' Loan Corporation</th><th>United States Housing Corporation 21/</th><th>Federal Housing Administration</th><th>Federal Public Housing Authority</th><th>Defense Homes Corporation</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 4/</td><td>67.8</td><td>1.1</td><td>21.7</td><td>39.1</td><td>1.8</td><td>8.1</td><td>*</td><td>1.2</td><td>25.3</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To aid agriculture</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid home owners</td><td>1,091.4</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To aid industry</td><td>-</td><td>-</td><td>-</td><td>303.2</td><td>-</td><td>-</td><td>-</td><td>2.5</td><td>7.2</td><td>-</td></tr><tr><td>To aid States, Territories, etc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>-</td><td>-</td></tr><tr><td>To aid financial institutions</td><td>-</td><td>-</td><td>17.2</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others</td><td>1,091.4</td><td>*</td><td>17.2</td><td>304.7</td><td>.9</td><td>-</td><td>.2</td><td>2.9</td><td>7.2</td><td>-</td></tr><tr><td>Less: Reserve for losses</td><td>15,615/</td><td>*</td><td>*</td><td>15/</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans receivable from others (net)</td><td>1,075.8</td><td>*</td><td>17.2</td><td>304.7</td><td>.9</td><td>-</td><td>.2</td><td>2.9</td><td>7.2</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 6/</td><td>3.4</td><td>*</td><td>.7</td><td>7.9</td><td>.1</td><td>2.1</td><td>-</td><td>6.4</td><td>136.8</td><td>2,110.0</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>*</td><td>6.8</td><td>-</td><td>6.9</td><td>15.7</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>15.0</td><td>-</td><td>87.5</td><td>7.2</td><td>-</td><td>20.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, loss reserves</td><td>34.6</td><td>-</td><td>*</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>2.7</td><td>-</td></tr><tr><td>Total investments</td><td>49.6</td><td>-</td><td>87.5</td><td>7.2</td><td>-</td><td>20.5</td><td>*</td><td>-</td><td>2.7</td><td>-</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>2.5</td><td>*</td><td>.6</td><td>199.7</td><td>68.1</td><td>30.7</td><td>-</td><td>710.4</td><td>3,112.8</td><td>-</td></tr><tr><td>Acquired security or collateral:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate and other</td><td>11.4</td><td>.2</td><td>30.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Less: Reserve for losses</td><td>-</td><td>-</td><td>14.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Total acquired security or collateral (net)</td><td>11.4</td><td>.2</td><td>15.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 1/</td><td>.2</td><td>*</td><td>*</td><td>-</td><td>.2</td><td>.1</td><td>*</td><td>.2</td><td>993.0</td><td>-</td></tr><tr><td>Interagency proprietary interests</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>1,310.6</td><td>1.2</td><td>143.7</td><td>558.5</td><td>71.1</td><td>68.3</td><td>.3</td><td>728.2</td><td>4,294.0</td><td>2,110.0</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>2.4</td><td>*</td><td>11.5</td><td>.3</td><td>.6</td><td>2.0</td><td>-</td><td>9.0</td><td>7.8</td><td>855.1</td></tr><tr><td>Trust and deposit liabilities</td><td>24.6</td><td>-</td><td>1.3</td><td>-</td><td>*</td><td>-</td><td>-</td><td>.5</td><td>145.6</td><td>.1</td></tr><tr><td>Bonds, debentures, and notes payable: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>420.0</td><td>-</td><td>-</td><td>398.0</td><td>-</td><td>-</td><td>-</td><td>56.8</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>780.3</td><td>-</td><td>27.8</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed - public issues 8/</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>58.0</td><td>-</td><td>-</td><td>6.3</td><td>-</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>1,200.4</td><td>-</td><td>27.8</td><td>398.1</td><td>58.0</td><td>-</td><td>-</td><td>63.1</td><td>-</td><td>-</td></tr><tr><td>Other liabilities 10/</td><td>1.9</td><td>*</td><td>-</td><td>8.7</td><td>.5</td><td>5.1</td><td>-</td><td>.6</td><td>172.5</td><td>-</td></tr><tr><td>Total liabilities</td><td>1,229.4</td><td>*</td><td>40.5</td><td>407.1</td><td>59.2</td><td>7.1</td><td>-</td><td>73.2</td><td>325.9</td><td>855.2</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>200.0</td><td>66.5</td><td>-</td><td>1.0</td><td>10.0</td><td>7.0</td><td>*</td><td>37.2</td><td>126.9</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>15.0</td><td>114.8</td><td>-</td><td>-</td><td>.3</td><td>633.0</td><td>4,490.525/</td><td>1,254.8</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-33.0</td><td>68.8</td><td>64.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>-118.7</td><td>-32.3</td><td>-38.4</td><td>-29.1</td><td>2.0</td><td>54.1</td><td>-*</td><td>-15.3</td><td>-649.425/</td><td>-</td></tr><tr><td>Total United States owned</td><td>81.3</td><td>1.2</td><td>45.4</td><td>151.5</td><td>12.0</td><td>61.1</td><td>.3</td><td>655.0</td><td>3,968.0</td><td>1,254.8</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 12/</td><td>-</td><td>-</td><td>57.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>57.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>81.3</td><td>1.2</td><td>103.2</td><td>151.5</td><td>12.0</td><td>61.1</td><td>.3</td><td>655.0</td><td>3,968.0</td><td>1,254.8</td></tr><tr><td>Total liabilities and capital</td><td>1,310.6</td><td>1.2</td><td>143.7</td><td>558.5</td><td>71.1</td><td>68.3</td><td>.3</td><td>728.2</td><td>4,294.0</td><td>2,110.0</td></tr><tr><td>Interagency items included above</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets</td><td>100.2</td><td>-</td><td>.2</td><td>*</td><td>.8</td><td>1.6</td><td>-</td><td>2.6</td><td>18.6</td><td>2,110.0</td></tr><tr><td>Liabilities</td><td>420.2</td><td>*</td><td>2.2</td><td>398.0</td><td>58.3</td><td>.4</td><td>-</td><td>63.7</td><td>126.8</td><td>855.2</td></tr><tr><td>United States interagency interest (net)</td><td>-320.0</td><td>-*</td><td>-2.0</td><td>-398.0</td><td>-57.6</td><td>1.2</td><td>-</td><td>-61.0</td><td>-108.2</td><td>1,254.8</td></tr></table>
23/ All earnings are deposited with the Treasurer of the United States and covered into the Treasury as miscellaneous receipts; therefore no surplus is shown.
24/ Represents interagency assets and liabilities of certain Federal agencies which are not required to submit reports to the Treasury
Department. For corporations and agencies required to submit reports, see footnote 1.
25/ This amount excludes $5,634.9 millions covering the value of vessels and other expenses transferred from U. S. Maritime Commission to War Shipping Administration for which no transfer of funds will be required.
March 1945
69
INTERNAL REVENUE STATISTICS
70
Treasury Bulletin
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collection</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits taxes 4/</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>3,281,791</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><td>-</td></tr><tr><td>1936</td><td>3,512,852</td><td>+18,521</td><td>3,494,331</td><td>1,427,446</td><td>674,416</td><td>738,521</td><td>14,509</td><td>48</td><td>-</td><td>-</td><td>-</td><td>48</td></tr><tr><td>1937</td><td>4,397,140</td><td>-37,168</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>-</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,285,312</td><td>1,299,332</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>-</td><td>149,476</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>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>-</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>-</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</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>687,328</td><td>100,658</td><td>-</td><td>137,871</td></tr><tr><td>1942</td><td>12,933,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>-</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>-</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>-</td><td>265,011</td></tr><tr><td>1944-January</td><td>2,188,409</td><td>+99,924</td><td>2,088,485</td><td>1,584,390</td><td>1,039,536</td><td>538,652</td><td>6,202</td><td>122,183</td><td>84,530</td><td>36,859</td><td>-</td><td>794</td></tr><tr><td>February</td><td>2,463,723</td><td>-669,643</td><td>3,133,366</td><td>2,476,721</td><td>2,075,328</td><td>396,188</td><td>5,205</td><td>317,390</td><td>199,849</td><td>97,336</td><td>-</td><td>20,206</td></tr><tr><td>March</td><td>6,352,536</td><td>+543,647</td><td>5,808,888</td><td>5,358,106</td><td>1,914,138</td><td>3,415,956</td><td>28,012</td><td>49,590</td><td>3,483</td><td>3,049</td><td>-</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>2,809,003</td><td>2,243,794</td><td>552,959</td><td>12,250</td><td>97,605</td><td>91,109</td><td>4,602</td><td>-</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>2,289,728</td><td>1,859,231</td><td>420,344</td><td>9,753</td><td>303,859</td><td>254,715</td><td>11,084</td><td>-</td><td>38,060</td></tr><tr><td>June</td><td>5,734,169</td><td>+622,512</td><td>5,111,658</td><td>4,568,413</td><td>1,288,899</td><td>3,260,544</td><td>18,970</td><td>44,395</td><td>4,542</td><td>1,165</td><td>-</td><td>38,689</td></tr><tr><td>July</td><td>1,984,646</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>-</td><td>2,688</td></tr><tr><td>August</td><td>2,702,486</td><td>-47,863</td><td>2,750,349</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>-</td><td>35,420</td></tr><tr><td>September</td><td>5,748,985</td><td>+691,748</td><td>5,057,236</td><td>4,489,671</td><td>1,356,371</td><td>3,108,464</td><td>24,835</td><td>38,508</td><td>3,353</td><td>677</td><td>-</td><td>34,478</td></tr><tr><td>October</td><td>1,880,476</td><td>-607,262</td><td>2,487,738</td><td>1,809,766</td><td>1,322,758</td><td>478,507</td><td>8,501</td><td>134,095</td><td>125,470</td><td>5,688</td><td>-</td><td>2,937</td></tr><tr><td>November</td><td>2,300,370</td><td>-95,871</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>-</td><td>35,528</td></tr><tr><td>December</td><td>4,945,487</td><td>+679,875</td><td>4,265,612</td><td>3,669,642</td><td>327,870</td><td>3,314,922</td><td>26,849</td><td>36,981</td><td>3,104</td><td>877</td><td>-</td><td>33,000</td></tr><tr><td>1945-January</td><td>3,042,477</td><td>-631,287</td><td>3,673,764</td><td>3,024,164</td><td>2,617,322</td><td>401,817</td><td>5,026</td><td>102,795</td><td>71,268</td><td>30,024</td><td>-</td><td>1,502</td></tr></table>
<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>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes</th><th>Agricultural adjustment taxes</th></tr><tr><td>1935</td><td>1,649,781</td><td>91,508</td><td>212,112</td><td>410,926</td><td>458,776</td><td>43,133</td><td>342,275</td><td>91,051</td><td>526,222</td></tr><tr><td>1936</td><td>2,004,513</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,785</td><td>68,990</td><td>379,540</td><td>76,173</td><td>62,323</td></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td><td>-</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td><td>-</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,996</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,025</td><td>732,332</td><td>-</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</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>1944-January</td><td>381,912</td><td>59</td><td>52,184</td><td>107,886</td><td>77,211</td><td>4,275</td><td>68,029</td><td>72,269</td><td>-</td></tr><tr><td>February</td><td>339,254</td><td>247</td><td>38,450</td><td>108,395</td><td>67,470</td><td>4,123</td><td>62,616</td><td>57,924</td><td>-</td></tr><tr><td>March</td><td>401,192</td><td>472</td><td>60,364</td><td>123,999</td><td>76,697</td><td>4,586</td><td>58,720</td><td>76,354</td><td>-</td></tr><tr><td>April</td><td>423,827</td><td>193</td><td>56,103</td><td>169,333</td><td>71,893</td><td>4,800</td><td>51,297</td><td>70,206</td><td>-</td></tr><tr><td>May</td><td>482,986</td><td>152</td><td>41,862</td><td>182,345</td><td>80,868</td><td>4,321</td><td>76,663</td><td>96,775</td><td>-</td></tr><tr><td>June</td><td>498,849</td><td>1,035</td><td>50,064</td><td>194,863</td><td>81,083</td><td>4,450</td><td>64,444</td><td>102,910</td><td>-</td></tr><tr><td>July</td><td>754,183</td><td>128,357</td><td>47,687</td><td>209,939</td><td>77,314</td><td>5,233</td><td>71,586</td><td>214,068</td><td>-</td></tr><tr><td>August</td><td>776,889</td><td>133,918</td><td>62,670</td><td>201,914</td><td>86,022</td><td>5,591</td><td>87,679</td><td>139,094</td><td>-</td></tr><tr><td>September</td><td>523,058</td><td>29,170</td><td>35,310</td><td>182,761</td><td>77,507</td><td>4,418</td><td>84,763</td><td>115,099</td><td>-</td></tr><tr><td>October</td><td>543,877</td><td>18,640</td><td>38,520</td><td>196,077</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>31,707</td><td>203,754</td><td>81,180</td><td>5,142</td><td>95,259</td><td>102,617</td><td>-</td></tr><tr><td>December</td><td>558,989</td><td>311</td><td>49,690</td><td>201,461</td><td>70,604</td><td>4,893</td><td>119,542</td><td>112,488</td><td>-</td></tr><tr><td>1945-January</td><td>546,806</td><td>(-21)</td><td>49,295</td><td>206,408</td><td>78,450</td><td>5,718</td><td>116,579</td><td>90,376</td><td>-</td></tr></table>
(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. Excludes collections for credit to certain trust accounts for territories and insurer possessions, etc. Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. Includes income tax collections on Aleesian railroads. The excess profit tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. Consists of the declared value excess profits tax, the profit lim-
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.
7/ Represents collections under the Carriers Tarring Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
March 1945
71
COLLECTIONS OF INTERNAL REVENUE
72
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 7 months</th><th>January 1944</th><th>January 1945</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>Income and profits taxes: 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>686,015</td><td>7,038,438</td><td>2,737,270</td><td>5,598,366</td><td>628,542</td><td>689,792</td></tr><tr><td>Revenue Act of 1942</td><td></td><td>784,997</td><td>782,967</td><td>734</td><td>1,328</td><td>26</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>5,219,367</td><td>3,825,284</td><td>396,210</td><td>1,889,129 4/</td></tr><tr><td>Back.</td><td>172,916</td><td>183,740</td><td>140,010</td><td>103,581</td><td>13,455</td><td>38,374</td></tr><tr><td>Total individual income taxes.</td><td>6,629,932</td><td>18,261,005</td><td>8,879,615</td><td>9,527,965</td><td>1,039,536</td><td>2,617,322</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</td><td>4,762,714</td><td>2,422,156</td><td>2,321,389</td><td>15,763</td><td>43,451</td></tr><tr><td>Back.</td><td>383,885</td><td>521,431</td><td>340,796</td><td>234,955</td><td>171,021</td><td>87,906</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended).</td><td>5,063,864</td><td>9,345,198</td><td>3,820,402</td><td>5,899,340</td><td>351,869</td><td>270,460</td></tr><tr><td>Total corporation taxes.</td><td>9,584,715</td><td>14,629,344</td><td>6,583,353</td><td>8,455,684</td><td>538,652</td><td>401,817</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>62,857</td><td>84,578</td><td>6,093</td><td>5,021</td></tr><tr><td>Vinson Act.</td><td>420</td><td>39</td><td>39</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unjust enrichment.</td><td>1,808</td><td>434</td><td>365r</td><td>98</td><td>109</td><td>1</td></tr><tr><td>Total miscellaneous profits taxes.</td><td>84,241</td><td>137,452</td><td>63,262</td><td>84,676</td><td>6,202</td><td>5,026</td></tr><tr><td>Total income and profits taxes.</td><td>16,298,888</td><td>33,027,802</td><td>15,526,230</td><td>18,068,325</td><td>1,584,390</td><td>3,024,164</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 5/.</td><td>1,131,546</td><td>1,290,025</td><td>736,327</td><td>747,221</td><td>84,530</td><td>71,268</td></tr><tr><td>Unemployment insurance 6/.</td><td>156,008</td><td>183,337</td><td>66,100</td><td>60,164</td><td>36,859</td><td>30,024</td></tr><tr><td>Total Social Security taxes.</td><td>1,287,554</td><td>1,473,361</td><td>802,427</td><td>807,385</td><td>121,389</td><td>101,293</td></tr><tr><td>Railroad retirement 7/.</td><td>211,151</td><td>265,011</td><td>123,106r</td><td>145,553</td><td>794</td><td>1,502</td></tr><tr><td>Total employment taxes.</td><td>1,498,705</td><td>1,738,372</td><td>925,532</td><td>952,938</td><td>122,183</td><td>102,795</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax.</td><td>328,795</td><td>380,702</td><td>378,603</td><td>370,740</td><td>59</td><td>-21</td></tr><tr><td>Estate tax.</td><td>414,531</td><td>473,466</td><td>258,380</td><td>309,927</td><td>50,964</td><td>49,055</td></tr><tr><td>Gift tax.</td><td>32,965</td><td>37,745</td><td>5,988</td><td>4,952</td><td>1,220</td><td>230</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</td><td>286,871</td><td>131,197</td><td>108,054</td><td>23,281</td><td>11,203</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>698,300</td><td>611,835</td><td>328,048</td><td>788,620</td><td>42,049</td><td>132,368</td></tr><tr><td>Distilled spirits rectification tax.</td><td>18,836</td><td>18,874</td><td>10,554</td><td>18,325</td><td>1,524</td><td>2,799</td></tr><tr><td>Wines, cordials, etc. (imported, excise).</td><td>743</td><td>4,027</td><td>1,551r</td><td>1,454</td><td>339</td><td>114</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>32,920</td><td>30,068</td><td>15,384</td><td>26,240</td><td>2,139</td><td>3,971</td></tr><tr><td>Brandy 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 stills (special taxes).</td><td>7,008</td><td>8,109</td><td>5,578</td><td>5,206</td><td>102</td><td>105</td></tr><tr><td>Stamps for distilled spirits intended for export.</td><td>1</td><td>2</td><td>1</td><td>5</td><td>1r</td><td>-</td></tr><tr><td>Case stamps for distilled spirits bottled in bond.</td><td>1,299</td><td>1,369</td><td>1,108</td><td>616</td><td>194r</td><td>63</td></tr><tr><td>Container stamps.</td><td>10,549</td><td>8,516</td><td>4,634</td><td>7,162</td><td>603</td><td>1,045</td></tr><tr><td>Floor taxes.</td><td>111,539</td><td>85,834</td><td>25,581</td><td>64,430</td><td>197</td><td>10,330</td></tr><tr><td>Fermented malt liquors.</td><td>455,634</td><td>559,152</td><td>313,073</td><td>380,154</td><td>37,423</td><td>44,344</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>3,238</td><td>3,375</td><td>2,420</td><td>2,046</td><td>35</td><td>36</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>1,423,450</td><td>1,618,045</td><td>839,110</td><td>1,402,314</td><td>107,886</td><td>206,408</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>16,991r</td><td>21,020</td><td>2,318</td><td>2,990</td></tr><tr><td>Olgars (small).</td><td>97</td><td>107</td><td>54</td><td>111</td><td>7</td><td>66</td></tr><tr><td>Cigarettes (large).</td><td>30</td><td>88</td><td>40</td><td>232</td><td>6</td><td>59</td></tr><tr><td>Cigarettes (small).</td><td>835,231</td><td>903,958</td><td>559,584</td><td>492,924</td><td>70,375r</td><td>70,272</td></tr><tr><td>Snuff.</td><td>7,543</td><td>7,692</td><td>4,446</td><td>4,302</td><td>681</td><td>663</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>47,849</td><td>45,269</td><td>28,587</td><td>29,309</td><td>3,629</td><td>4,292</td></tr><tr><td>Cigarette papers and tubes.</td><td>1,472</td><td>1,164</td><td>738</td><td>696</td><td>191</td><td>108</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>4</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>8,556</td><td>50</td><td>30</td><td>5</td><td>2r</td><td>-</td></tr><tr><td>Total tobacco taxes.</td><td>923,857</td><td>988,483</td><td>610,473</td><td>548,599</td><td>77,211</td><td>78,450</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>15,024</td><td>18,482</td><td>2,138</td><td>2,615</td></tr><tr><td>Transfers of capital stock and similar interest sales.</td><td>15,585</td><td>17,096</td><td>9,128r</td><td>13,125</td><td>1,585</td><td>2,430</td></tr><tr><td>Playing cards.</td><td>7,694</td><td>7,414</td><td>4,335</td><td>4,751</td><td>548r</td><td>672</td></tr><tr><td>Silver bullion sales or transfer.</td><td>111</td><td>47</td><td>33</td><td>12</td><td>5</td><td>-</td></tr><tr><td>Total stamp taxes.</td><td>45,155</td><td>50,800</td><td>28,519</td><td>36,370</td><td>4,275</td><td>5,718</td></tr></table>
(Continued on following page)
March 1945
73
Detailed Analysis of Internal Revenue Collections 1/ - (Continued
(in thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 7 months</th><th>January 1944</th><th>January 1945</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>43,318</td><td>52,473</td><td>28,928</td><td>46,195</td><td>3,370</td><td>6,827</td></tr><tr><td>Gasoline</td><td>288,786</td><td>271,217</td><td>162,693</td><td>231,924</td><td>17,069</td><td>28,920</td></tr><tr><td>Tires and tubes</td><td>18,280</td><td>40,309</td><td>22,779</td><td>41,813</td><td>2,556</td><td>7,650</td></tr><tr><td>Floor taxes on tires and tubes</td><td>65</td><td>25</td><td>24</td><td></td><td></td><td></td></tr><tr><td>Automobile trucks and buses</td><td>4,230</td><td>3,247</td><td>959</td><td>8,099</td><td>158</td><td>425</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,424</td><td>1,222</td><td>870</td><td>1,215</td><td>89</td><td>96</td></tr><tr><td>Parts and accessories for automobiles</td><td>20,478</td><td>31,551</td><td>16,752</td><td>24,535</td><td>2,367</td><td>2,926</td></tr><tr><td>Electrical energy</td><td>48,705</td><td>51,239</td><td>29,363</td><td>33,525</td><td>522</td><td>693</td></tr><tr><td>Electric, gas, and oil appliances</td><td>6,913</td><td>5,027</td><td>2,498</td><td>5,702</td><td>389</td><td>1,246</td></tr><tr><td>Electric light bulbs and tubes</td><td>3,657</td><td>5,368</td><td>2,275</td><td>7,025</td><td>20</td><td>10</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>614</td><td>255</td><td>157</td><td>38</td><td>307</td><td>502</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>5,561</td><td>3,402</td><td>1,885</td><td>2,826</td><td>256</td><td>109</td></tr><tr><td>Photograph records</td><td>1,817</td><td>1,889</td><td>1,068</td><td>1,034</td><td>34</td><td>66</td></tr><tr><td>Musical instruments</td><td>1,280</td><td>633</td><td>405</td><td>398</td><td>90</td><td>84</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>5,966</td><td>2,406</td><td>1,957</td><td>786</td><td>446</td><td>846</td></tr><tr><td>Matches</td><td>9,367</td><td>8,671</td><td>4,676</td><td>4,858</td><td></td><td></td></tr><tr><td>Floor taxes on matches</td><td>6</td><td>55</td><td></td><td>4</td><td></td><td></td></tr><tr><td>Business and store machines</td><td>6,461</td><td>3,760</td><td>1,977</td><td>4,858</td><td>325</td><td>1,054</td></tr><tr><td>Pure - retailers' excise</td><td>44,223</td><td>58,726</td><td>35,138</td><td>45,227</td><td>9,824</td><td>11,877</td></tr><tr><td>Jewelry - retailers' excise</td><td>88,365</td><td>113,373</td><td>63,965</td><td>103,357</td><td>17,646</td><td>26,550</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>-</td><td>8,343</td><td></td><td>43,301</td><td></td><td>9,131</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>5,682</td><td>4,777</td><td>3,508</td><td>6</td><td>403</td><td></td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>293</td><td>8</td><td>6</td><td>6</td><td></td><td>1</td></tr><tr><td>Photographic apparatus</td><td>11,164</td><td>11,907</td><td>6,952</td><td>9,198</td><td>933</td><td>1,517</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>14,885</td><td>295</td><td>193</td><td>196</td><td>9</td><td>104</td></tr><tr><td>Sporting goods</td><td>4,068</td><td>2,498</td><td>1,406</td><td>2,045</td><td>192</td><td>283</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>32,677</td><td>14,790</td><td>23,773</td><td>49,592</td><td>6,384</td><td>11,746</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>37</td><td>32</td><td>32</td><td>4</td><td>1</td><td></td></tr><tr><td>Firearms, shells and cartridges</td><td>1,149</td><td>1,061</td><td>582</td><td>2,263</td><td>44</td><td>225</td></tr><tr><td>Pistols and revolvers</td><td>62</td><td>37</td><td>29</td><td>2</td><td></td><td></td></tr><tr><td>Repealed taxes not listed above</td><td>481</td><td>98</td><td>76</td><td>29</td><td>4</td><td>9</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>670,015</td><td>728,694</td><td>414,924</td><td>670,063</td><td>68,029</td><td>116,579</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>1,360</td><td>15</td><td>8</td><td>2</td></tr><tr><td>Sugar Act of 1937</td><td>53,552</td><td>68,789</td><td>41,705</td><td>44,022</td><td>4,020</td><td>3,504</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>wires, etc.</td><td>91,174</td><td>141,275</td><td>81,647</td><td>115,317</td><td>11,856</td><td>18,857</td></tr><tr><td>Local telephone service</td><td>66,987</td><td>90,199</td><td>52,961</td><td>76,046</td><td>7,964</td><td>10,484</td></tr><tr><td>Transportation of oil by pipe lines</td><td>13,672</td><td>15,851</td><td>8,903</td><td>9,391</td><td>1,094</td><td>1,085</td></tr><tr><td>Transportation of persons, seats, berths</td><td>87,132</td><td>153,683</td><td>92,027</td><td>143,119</td><td>10,590</td><td>13,381</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>82,556</td><td>215,488</td><td>127,368</td><td>131,401</td><td>17,598</td><td>15,734</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>146,289</td><td>134,326</td><td>126,043</td><td>119,804</td><td>179</td><td>211</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>378</td><td>352</td><td>193</td><td>201</td><td>1</td><td>1</td></tr><tr><td>Leases of safe-deposit boxes</td><td>6,070</td><td>6,594</td><td>3,581</td><td>3,893</td><td>522</td><td>485</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>138,054</td><td>178,563</td><td>96,332</td><td>178,253</td><td>14,832</td><td>20,002</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>16,397</td><td>26,726</td><td>12,204</td><td>33,111</td><td>1,913</td><td>4,344</td></tr><tr><td>Club dues and initiation fees</td><td>6,520</td><td>9,182</td><td>4,191</td><td>6,541</td><td>612</td><td>728</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>1,853</td><td>2,208</td><td>1,575</td><td>3,365</td><td>35</td><td>50</td></tr><tr><td>Coin operated devices</td><td>10,487</td><td>18,475</td><td>15,724</td><td>15,170</td><td>323</td><td>279</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour &amp; and filled cheeses</td><td>59</td><td>18</td><td>12</td><td>19</td><td>2</td><td>1</td></tr><tr><td>Oleomargarine, including special taxes</td><td>2,621</td><td>4,084</td><td>2,528</td><td>3,337</td><td>258</td><td>517</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>788</td><td>779</td><td>405</td><td>334</td><td>28</td><td>32</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>1,939</td><td>7,190</td><td>2,441</td><td>3,497</td><td>429</td><td>674</td></tr><tr><td>National Firearms Act</td><td>20</td><td>16</td><td>13</td><td>10</td><td></td><td></td></tr><tr><td>All other, including repealed taxes not listed above</td><td>158</td><td>201</td><td>17</td><td>14</td><td>4</td><td>7</td></tr><tr><td>Total miscellaneous taxes</td><td>732,332</td><td>1,075,401</td><td>671,231</td><td>886,861</td><td>72,269</td><td>90,376</td></tr><tr><td>Total miscellaneous internal revenue</td><td>4,571,131</td><td>5,353,336</td><td>3,207,228</td><td>4,229,826</td><td>381,912</td><td>546,806</td></tr><tr><td>Total internal revenue collections</td><td>22,368,724</td><td>40,119,510</td><td>19,658,990</td><td>23,251,089</td><td>2,088,485</td><td>3,673,764</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-224,755</td><td>+1,565,477</td><td>+1,516,909</td><td>-646,162</td><td>+99,924</td><td>-631,287</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>22,143,969</td><td>41,684,987</td><td>21,175,899</td><td>22,604,926</td><td>2,188,409</td><td>3,042,477</td></tr></table>
(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. Revised. Less than $500. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 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 depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue. 3/ Current collections consist in general of taxes paid within twelve
4 Current individual income tax collections for January 1945, other than those withheld by employers, consisted of the following: (1) Final payments on 1944 estimated tax (Form 1040 ES for 1944), $1,261,721 thousands; (2) payments on final returns for 1944 (Forms 1040A and 1040), $519,819 thousands; (3) payments on 1945 estimated tax (Form 1040 ES for 1945), $107,559 thousands. 
5 Represents collections under the Federal Insurance Contributions Act. 
6 Represents collections under the Federal Unemployment Tax Act. 
7 Represents collections under the Carriers' Taxing Act of 1937. 
8 Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
74
Treasury Bulletin
MONETARY STATISTICS
March 1945
75.
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U.S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1934</td><td>8,238.6</td><td>5,274.0</td><td>156.0</td><td>1,800.0</td><td>1,008.6</td></tr><tr><td>1935</td><td>10,122.9</td><td>7,679.5</td><td>156.0</td><td>1,800.0</td><td>487.4</td></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,511.9</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>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1944-January</td><td>21,918.2</td><td>19,800.7</td><td>156.0</td><td>1,800.0</td><td>161.4</td></tr><tr><td>February</td><td>21,711.6</td><td>19,591.0</td><td>156.0</td><td>1,800.0</td><td>164.6</td></tr><tr><td>March</td><td>21,599.9</td><td>19,477.2</td><td>156.0</td><td>1,800.0</td><td>166.7</td></tr><tr><td>April</td><td>21,429.2</td><td>19,319.2</td><td>156.0</td><td>1,800.0</td><td>154.0</td></tr><tr><td>May</td><td>21,263.7</td><td>19,150.9</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>158.3</td></tr><tr><td>October</td><td>20,726.7</td><td>18,605.1</td><td>156.0</td><td>1,800.0</td><td>165.5</td></tr><tr><td>November</td><td>20,688.4</td><td>18,581.1</td><td>156.0</td><td>1,800.0</td><td>151.2</td></tr><tr><td>December</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945-January p</td><td>20,549.7</td><td>18,426.1</td><td>156.0</td><td>1,800.0</td><td>167.6</td></tr></table>
Source: Daily Treasury Statements. Preliminary. p 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Cen-
(b) the Redemption Fund - Federal Reserve notes. 2/3/ Excludes gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1939 - Jan.-Mar....</td><td>44.40</td><td>699.30</td><td>3.31</td><td>747.01</td></tr><tr><td>Apr. -June....</td><td>43.69</td><td>804.96</td><td>3.11</td><td>851.76</td></tr><tr><td>July-Sept....</td><td>52.34</td><td>765.95</td><td>3.24</td><td>821.53</td></tr><tr><td>Oct.-Dec.....</td><td>51.62</td><td>657.47</td><td>2.84</td><td>711.93</td></tr><tr><td>1940 - Jan.-Mar....</td><td>46.77</td><td>739.62</td><td>2.93</td><td>789.32</td></tr><tr><td>Apr. -June....</td><td>46.37</td><td>1,480.79</td><td>3.14</td><td>1,530.30</td></tr><tr><td>July-Sept....</td><td>52.27</td><td>1,225.83</td><td>3.16</td><td>1,281.31</td></tr><tr><td>Oct.-Dec.....</td><td>73.63</td><td>674.04</td><td>2.50</td><td>750.17</td></tr><tr><td>1941 - Jan.-Mar....</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr. -June....</td><td>30.91</td><td>224.76</td><td>1.40</td><td>257.07</td></tr><tr><td>July-Sept....</td><td>57.05</td><td>76.11</td><td>3.27</td><td>136.43</td></tr><tr><td>Oct.-Dec.....</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan.-Mar....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr. -June....</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec.....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr. -June....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec.....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr. -June....</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec.....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark
2/ Comprises domestic coin, secondary gold, etc.
1/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.294 per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1944-January</td><td>21,918.2</td><td>4,174.9</td><td>16.0</td></tr><tr><td>February</td><td>21,711.6</td><td>4,147.1</td><td>16.0</td></tr><tr><td>March</td><td>21,599.9</td><td>4,142.6</td><td>16.1</td></tr><tr><td>April</td><td>21,429.2</td><td>4,088.3</td><td>16.0</td></tr><tr><td>May</td><td>21,263.7</td><td>4,083.6</td><td>16.1</td></tr><tr><td>June</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>July</td><td>20,995.9</td><td>3,938.3</td><td>15.8</td></tr><tr><td>August</td><td>20,926.3</td><td>3,910.1</td><td>15.7</td></tr><tr><td>September</td><td>20,825.1</td><td>3,905.9</td><td>15.8</td></tr><tr><td>October</td><td>20,726.7</td><td>3,889.0</td><td>15.8</td></tr><tr><td>November</td><td>20,688.4</td><td>3,876.5</td><td>15.8</td></tr><tr><td>December</td><td>20,618.8</td><td>3,870.6</td><td>15.8</td></tr><tr><td>1945-January p</td><td>20,549.7</td><td>3,842.0</td><td>15.8</td></tr></table>
Sources Daily Treasury Statement and Circulation Statements of United States Money. p Preliminary.
76
Treasury Bulletin
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 colo 2/</th><th>Bullion for recoilage 3/</th><th>Bullion at coet</th><th>Silver dollars 1/</th><th>Subsidiary colo 2/</th></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>390.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>*</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1944-January</td><td>1,520.0</td><td>396.7</td><td>17.3</td><td>20.2</td><td>538.7</td><td>97.7</td><td>685.5</td><td>4,174.9</td></tr><tr><td>February</td><td>1,520.0</td><td>395.8</td><td>19.5</td><td>17.6</td><td>528.4</td><td>98.6</td><td>686.2</td><td>4,147.1</td></tr><tr><td>March</td><td>1,520.1</td><td>394.2</td><td>18.8</td><td>15.1</td><td>525.6</td><td>100.2</td><td>691.8</td><td>4,142.6</td></tr><tr><td>April</td><td>1,520.1</td><td>392.6</td><td>18.0</td><td>12.5</td><td>505.2</td><td>101.7</td><td>697.0</td><td>4,088.3</td></tr><tr><td>May</td><td>1,520.1</td><td>390.8</td><td>21.1</td><td>9.7</td><td>499.8</td><td>103.5</td><td>706.0</td><td>4,083.6</td></tr><tr><td>June</td><td>1,520.1</td><td>389.2</td><td>20.4</td><td>7.8</td><td>448.8</td><td>105.2</td><td>714.1</td><td>3,947.9</td></tr><tr><td>July</td><td>1,520.1</td><td>387.6</td><td>20.4</td><td>2.8</td><td>443.9</td><td>106.8</td><td>722.3</td><td>3,938.3</td></tr><tr><td>August</td><td>1,520.1</td><td>385.8</td><td>21.2</td><td>1.1</td><td>431.6</td><td>108.6</td><td>729.4</td><td>3,910.1</td></tr><tr><td>September</td><td>1,520.1</td><td>383.7</td><td>15.1</td><td>.9</td><td>428.9</td><td>110.6</td><td>739.1</td><td>3,905.9</td></tr><tr><td>October</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</td><td>1,520.1</td><td>379.5</td><td>10.2</td><td>*</td><td>411.9</td><td>114.8</td><td>762.1</td><td>3,876.5</td></tr><tr><td>December</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>*</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945-January p</td><td>1,520.1</td><td>375.5</td><td>14.5</td><td>*</td><td>394.2</td><td>118.6</td><td>772.8</td><td>3,842.0</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>Calendar year or month</th><th>Silver production in United States</th><th colspan="7">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ouncee</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalised silver 3/</th><th colspan="2">Foreign silver 1/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ouncee</th><th>Dollars</th></tr><tr><td>1935</td><td>45.6</td><td>38.0</td><td>27.3</td><td>2.0</td><td>1.0</td><td>494.4</td><td>318.2</td><td>534.3</td><td>346.5</td></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>....</td><td>....</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>....</td><td>....</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>....</td><td>....</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>....</td><td>....</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>44.8</td><td>5.5</td><td>3.9</td><td>....</td><td>....</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>37.4</td><td></td><td></td><td>....</td><td>....</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>1943-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 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>February</td><td>3.8 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>March</td><td>4.0 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>April</td><td>3.1 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>May</td><td>3.5 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>June</td><td>2.9 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>July</td><td>3.5 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>August</td><td>3.1 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>September</td><td>2.3 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>October</td><td>2.9 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>November</td><td>3.1 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>December</td><td>3.2 5/</td><td>.</td><td>.</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.</td><td>.</td></tr></table>
Source: Silver production: Annual Reports of the Director of the Mint for annual figures through 1942, releasee of American Bureau of Metal Statistics for all later figures. Less than 50,000 ounces or $50,000. For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74. Acquired at 64.64+ cents per fine ounce until April 9, 1935; at 71.11+ cents per fine ounce from that date until April 23, 1935; at 77.57+ cents from April 23, 1935 to December 31, 1937; at 64.64+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at
71.11¢ cents since July 1, 1939.
3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938.
4/ Acquired at various prices averaging approximately 51 cents per ounce.
5/ Monthly figures for silver production in the United States during the calendar year 1944 are overstated by 0.9 million ounces. Although it is not possible to apportion this amount by months, the total U. S. production figure of 37.4 million ounces for 1944 is correctly stated.
March 1945
77
Signiorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on silver and minor coins</th><th colspan="6">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Mines. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proe. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalised silver (Proo. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</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>717.3</td></tr><tr><td>1944-January</td><td>301.9</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>943.9</td></tr><tr><td>February</td><td>303.6</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>926.8</td></tr><tr><td>March</td><td>305.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>922.7</td></tr><tr><td>April</td><td>308.8</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>887.0</td></tr><tr><td>May</td><td>315.6</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>878.3</td></tr><tr><td>June</td><td>322.6</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>791.1</td></tr><tr><td>July</td><td>326.2</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>781.8</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><tr><td>December</td><td>362.3</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>717.3</td></tr><tr><td>1945-January</td><td>365.8</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>697.3</td></tr></table>
Sources: 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 thereof changes.
Net Capital Movement to the United States, 1935 through November 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 years:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,412,486</td><td>984,629</td><td>6,039</td><td>316,660</td><td>185,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>331,268</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>706,380</td><td>852,928</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941 (Jan. 1, 1941-Dec. 31, 1941)</td><td>-496,923</td><td>-286,622</td><td>149</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942 (Jan. 1, 1942-Dec. 31, 1942)</td><td>604,321</td><td>561,573</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943 (Jan. 1, 1943-Dec. 31, 1943)</td><td>1,283,593</td><td>1,184,758</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944 (Jan. 1, 1944-Nov. 30, 1944)</td><td>411,927</td><td>273,915</td><td>7,234</td><td>31,317</td><td>99,461</td></tr><tr><td>Total (Jan. 2, 1935-Nov. 30, 1944)</td><td>7,530,512</td><td>5,647,768</td><td>124,989</td><td>732,414</td><td>1,025,341</td></tr><tr><td>Months</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943-November</td><td>168,979</td><td>163,436</td><td>1,304</td><td>2,715</td><td>1,524</td></tr><tr><td>December</td><td>144,994</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>144,341</td><td>76,736</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,405</td><td>1,038</td><td>-1,289</td><td>411</td><td>1,245</td></tr><tr><td>May</td><td>-5,438</td><td>1,151</td><td>1,616</td><td>-6,082</td><td>-2,123</td></tr><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-16,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,534</td><td>650</td><td>2,445</td><td>3,851</td></tr><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><tr><td>October</td><td>29,275</td><td>26,852</td><td>4,911</td><td>-2,061</td><td>-427</td></tr><tr><td>November</td><td>70,296</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>-472</td></tr></table>
Back Figures: For monthly data for the period January 1941 through June 1942, see "Treasury Bulletin" for September 1943, page 73.
Treasury Bulletin
78
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Cold certificate 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1935</td><td>5,567</td><td>5,114</td><td>117</td><td>701</td><td>1</td><td>285</td><td>3,223</td><td>81</td><td>704</td></tr><tr><td>1936</td><td>6,241</td><td>5,755</td><td>101</td><td>955</td><td>1</td><td>278</td><td>4,002</td><td>52</td><td>366</td></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,438</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,843</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>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</td><td>25,019</td><td>23,875</td><td>53</td><td>1,604</td><td>1</td><td>325</td><td>21,200</td><td>569</td><td>124</td></tr><tr><td>December</td><td>25,307</td><td>24,151</td><td>53</td><td>1,611</td><td>1</td><td>321</td><td>21,482</td><td>560</td><td>123</td></tr><tr><td>1945-January p</td><td>25,293</td><td>24,143</td><td>53</td><td>1,561</td><td>1</td><td>316</td><td>21,536</td><td>554</td><td>123</td></tr></table>
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Coin</th><th rowspan="2">Money in circulation per capita (In dollars)</th></tr><tr><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</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>486</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>66</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>127.64</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>1944-January</td><td>1,013</td><td>96</td><td>665</td><td>252</td><td>149.43 r</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</td><td>1,144</td><td>113</td><td>751</td><td>280</td><td>180.52</td></tr><tr><td>December</td><td>1,156</td><td>116</td><td>758</td><td>282</td><td>182.19 r</td></tr><tr><td>1945-January p</td><td>1,150</td><td>117</td><td>752</td><td>282</td><td>181.97</td></tr></table>
Sources: Circulation Statements of United States Money and Annual Report of the Secretary of the Treasury for 1943, pages 710-713. Preliminary. Revieed. Excludes (1) money held by the Treasury and (2) money held by or for the account of the Federal Reserve Banks and their agents.
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.
PENALTY FOR PRIVATE USE TO AVOID
UNITED STATES TREASURY DEPARTMENT
PAYMENT OF POSTAGE, $300
OFFICE OF THE SECRETARY WASHINGTON 25,D.C.
OFFICIAL BUSINESS
PERMIT NO.1002
FORM A-3/45-2000
Treas.
HJ
10
. A2
1945
c. 2
U.S. Treasury Dept.
Treasury Bulletin
1 0031932