Treas. HJ 10 .A2 c.2
ASIN: 0-8143-2721-4
LIBRARY ROOM 5013
Copy 1
LIBRARY
DOGM 5030
JUN 21 1972
TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY WASHINGTON 25, D. C.
OFFICIAL BUSINESS
PERMIT NO.1002
FORM A-4/45-2000
PENALTY FOR PRIVATE USE TO AVOID PAYMENT OF POSTAGE, $300
FOR VICTORY
COPY No.1
BULLETIN
OF THE TREASURY DEPARTMENT
MAY
1945
LIBRARY
MAY 1 C 45
Treasury Department Room 5013
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
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="2">Issue and page number</th><th colspan="10">1945</th><th colspan="7">1944</th></tr><tr><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>July-Aug.</th><th>June</th><th>May</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th></tr><tr><td>Maturity of Adjusted service bonds on June 15, 1945....................</td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank deposits, geographic distribution on December 31, 1941-1944.........</td><td>A-5</td><td>A-19</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td>A-11</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Seventh War Loan, May-June 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><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of features of securities offered.....................</td><td>A-1</td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Redemption values and investment yields of United States savings bonds and Treasury savings notes.....................</td><td>A-4</td><td>A-1</td><td>A-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans.....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sixth War Loan, November-December 1944:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of securities, classified by issues, by types of investor, and by States.....................</td><td></td><td></td><td></td><td></td><td>A-1</td><td>A-17</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales patterns for Loan.....................</td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td>A-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans.....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-7</td><td>A-9</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of features of securities offered.....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-8</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fifth War Loan, June-July 1944:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of securities, classified by issues, by types of investor, and by States.....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td>A-15</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by Treasury investment accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-18</td><td></td><td></td><td></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>A-16</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>A-5</td><td>A-7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Invasion currency.....................</td><td></td><td>A-8</td><td>A-14</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual and taxable fiduciary income tax returns for 1942.........</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Series A bonds.....................</td><td></td><td>A-1</td><td>A-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New provisions for redemption through banks.....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Excise taxes in the United States, Canada, and United Kingdom.........</td><td></td><td></td><td></td><td></td><td></td><td>A-2</td><td>A-3</td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Finance policies (Three speeches by the Secretary of the Treasury).</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td>A-6</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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></td><td></td><td>A-10</td><td>A-13</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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></td><td></td><td></td><td>A-1</td><td>A-8</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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></td><td></td><td></td><td></td><td>A-2</td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing.....................</td><td>A-20</td><td>A-7</td><td>A-1</td><td>A-1</td><td>A-18</td><td></td><td>A-14</td><td>A-1</td><td>A-8</td><td>A-16</td><td></td><td>A-4</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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><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><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><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><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><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>5</td><td>5</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of receipts from internal revenue.....................</td><td>5</td><td>5</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><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of general expenditures.....................</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>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td></tr><tr><td>Analysis of expenditures for war activities.....................</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.....................</td><td>7</td><td>7</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><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>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><td>10-11</td><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>10</td><td>10</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><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>11</td><td>11</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><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><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>12</td><td>12</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><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>13</td><td>13</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><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>13</td><td>13</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><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><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>14</td><td>14</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><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>14</td><td>14</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><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>14</td><td>14</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Appropriations and net contract authorizations 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>15-16</td><td>15-16</td><td>5-6</td><td>5-6</td><td>5-6</td><td>5-6</td><td>5-6</td><td>5-6</td><td>5-6</td><td>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><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><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><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)
May 1945
11
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="2">1945</th><th colspan="10">Issue and page number</th></tr><tr><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>July-Aug.</th><th>June</th><th>May</th></tr><tr><td><b>General Fund of the Treasury</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets, liabilities, and balance in General Fund.</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Analysis of changes in balance of General Fund.</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td><b>Publlo debt and guaranteed obligations of United States Government</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td></tr><tr><td>Fiscal years, 1935-1944.</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>25-26</td><td>23-24</td><td>23-24</td></tr><tr><td>Monthly data.</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>27</td><td>25</td><td>25</td></tr><tr><td>Chart.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance and retirement (receipts and expenditures).</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Interest-bearing debt, composition of.</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>26</td><td>24</td><td>24</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>27</td><td>27</td><td>29</td><td>26</td><td>26</td></tr><tr><td>Debt position of United States Government under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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>28</td><td></td><td></td><td></td></tr><tr><td>September 30, 1944.</td><td></td><td></td><td></td><td></td><td>26</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944.</td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td></td><td></td><td></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></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>27</td><td>27</td><td>29</td><td>26</td><td>26</td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States.</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td><td>28-30</td><td>28-30</td><td>30-32</td><td>27-29</td><td>27-29</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>33</td><td>30</td><td>30</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>33</td><td>32</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></td><td></td></tr><tr><td>Offerings and maturities of Treasury bills.</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>34-35</td><td>33-34</td><td>33-34</td><td>35-36</td><td>31-32</td><td>31-32</td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>36-37</td><td>35-36</td><td>35-36</td><td>36-37</td><td>35-36</td><td>35-36</td><td>36-37</td><td>35-36</td><td>35-36</td><td>37-38</td><td>33-34</td><td>33-34</td></tr><tr><td>Sales by series, classified by denominations.</td><td>38</td><td>37</td><td>37</td><td>38</td><td>37</td><td>37</td><td>38</td><td>37</td><td>37</td><td>39</td><td>35</td><td>35</td></tr><tr><td>Sales to investors other than commercial banks by series, classified by States.</td><td>39-40</td><td>38-39</td><td>38-39</td><td>39-40</td><td>38-39</td><td>38-39</td><td>39-40</td><td>38-39</td><td>38-39</td><td>40-41</td><td>36-37</td><td>36-37</td></tr><tr><td>Redemptions of Series A-D and E by States.</td><td>41</td><td>40</td><td>40</td><td>41</td><td>40</td><td>40</td><td>41</td><td>40</td><td>40</td><td>42</td><td>38</td><td>38</td></tr><tr><td>Payroll savings plans.</td><td>42</td><td>41</td><td>41</td><td>42</td><td>40</td><td>40</td><td>41</td><td>40</td><td>40</td><td>42-43</td><td>38-39</td><td>39-40</td></tr><tr><td>Treasury notes - tax and savings series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>42-43</td><td>41-42</td><td>41-42</td><td>42-43</td><td>40-41</td><td>40-41</td><td>41-42</td><td>40-41</td><td>40-41</td><td>42-43</td><td>38-39</td><td>39-40</td></tr><tr><td>Sales, classified by:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Denomination.</td><td>44</td><td>43</td><td>43</td><td>44</td><td>42</td><td>42</td><td>43</td><td>42</td><td>42</td><td>44</td><td>40</td><td>41</td></tr><tr><td>Type of purchaser.</td><td>44</td><td>43</td><td>43</td><td>44</td><td>42</td><td>42</td><td>43</td><td>42</td><td>42</td><td>44</td><td>40</td><td>41</td></tr><tr><td>United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions.</td><td>45</td><td>44</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></tr><tr><td>Sales, classified by denomination.</td><td>45</td><td>44</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></tr><tr><td><b>Ownership of United States Government securities</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary distribution, by holders.</td><td>47</td><td>46</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></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>48</td><td>47</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>48</td><td>47</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></tr><tr><td>Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing 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>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>46-51</td><td></td></tr><tr><td>April 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>45-48</td><td></td><td></td></tr><tr><td>May 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-52</td><td></td><td></td><td></td></tr><tr><td>June 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>47-50</td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>48-51</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>September 30, 1944:</td><td></td><td></td><td></td><td>53</td><td></td><td>47-50</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revisions.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Original data.</td><td></td><td></td><td></td><td></td><td></td><td>47-50</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1944.</td><td></td><td></td><td></td><td></td><td>49-52</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>49-52</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>48-51</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>48-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1945.</td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by various classes of Federal Reserve member and nonmember commercial banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-54</td><td></td><td>58-63</td></tr><tr><td>June 30, 1944.</td><td></td><td></td><td></td><td>52-55</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></table>
(Continued on following page)
111
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="10">Issue and page number</th></tr><tr><th></th><th colspan="4">1945</th><th colspan="7">1944</th></tr><tr><th></th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>July-Aug.</th><th>June</th><th>May</th></tr><tr><td colspan="12">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>50-52</td><td>56-58</td><td>65-67</td></tr><tr><td>April 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td></td><td></td></tr><tr><td>May 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>52-54</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td>53-55</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></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>September 30, 1944</td><td></td><td></td><td></td><td></td><td>52-54</td><td>52-54</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1944</td><td></td><td></td><td></td><td>55-57</td><td>52-54</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>57-59</td><td>55-57</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>54-56</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1945</td><td>55-57</td><td></td><td></td><td></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></tr><tr><td>February 28, 1945</td><td></td><td></td><td>60</td><td>58</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td>58</td><td>57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes</td><td>59</td><td>58</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></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds: Discussion of revision of high-grade corporate bond average</td><td>60</td><td>59</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></tr><tr><td>Yields beginning with 1937</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Corporations and credit agencies of the United States Government</td></tr><tr><td>Assets, liabilities, and capital: New quarterly statements: September 30, 1944</td><td></td><td></td><td>64-68</td><td></td><td>59-63</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: 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>72-73</td><td></td></tr><tr><td>April 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-58</td><td></td><td></td></tr><tr><td>May 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61-62</td><td></td><td></td><td></td></tr><tr><td>June 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>63-64</td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td>59-60</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>60-61</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds: New quarterly statements: First three months, fiscal year 1945</td><td>61-65</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></tr><tr><td>First six months, fiscal year 1945</td><td></td><td></td><td></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></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: Summary data</td><td>62</td><td>67</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></tr><tr><td>Chart</td><td>63</td><td>68</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></tr><tr><td>Comparative details for current periods</td><td>64-65</td><td>69-70</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>66</td><td>81</td></tr><tr><td colspan="12">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund: March 31, 1944</td><td></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></tr><tr><td>June 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td>71-72</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1944</td><td>67-68</td><td></td><td>68-69</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>Gold assets and liabilities of the Treasury</td><td>69</td><td>72</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></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to: June 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>74</td><td></td><td></td><td></td></tr><tr><td>September 30, 1944</td><td>69</td><td></td><td>75</td><td>70</td><td></td><td></td><td>73</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>March 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>Treasury gold receipts, for recent quarterly periods</td><td>69</td><td>72</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></tr><tr><td>Monetary stocks of gold and silver</td><td>70</td><td>73</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></tr><tr><td>Components of silver monetary stock</td><td>70</td><td>73</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></tr><tr><td>Silver of specified classifications acquired by mints and assay offices</td><td>70</td><td>73</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></tr><tr><td>Silver production in United States</td><td>71</td><td>74</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></tr><tr><td>Seigniorage on silver, by types</td><td>71</td><td>74</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></tr><tr><td>Capital movement between the United States and foreign countries</td><td>72</td><td>75</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></tr><tr><td>Money in circulation</td><td></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>
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.
May 1945
A-1
Maturity of Adjusted Service Bonds on June 15
On April 18, 1945, Secretary of the Treasury Morgenthau reminded veterans of the First World War that 3% Adjusted Service Bonds of 1945 will mature on June 15, 1945, when the face amount of the bonds and interest for the full nine-year period since they were issued will be payable. The amount due on each bond is $63.50, which includes $50 principal and $13.50 interest. No further interest will accrue after June 15. The bonds were originally issued as of June 15, 1936 in payment of amounts due on Adjusted Service Certificates.
The bonds may be presented at any post office in the United States. After proper identification, the request for payment on the back of each bond must be executed, that is, signed by the registered owner in the presence of the postmaster who will certify the signature. The postmaster will issue a receipt for the bonds, and will forward them to the appropriate Federal Reserve Bank for payment, without charge to the veteran. The bonds may also be presented by owners direct to any Federal Reserve Bank or Branch, or to the Treasurer of the United States, Washington, D. C., after the requests for payment on the backs of the bonds have been properly executed. Payment will be made, in each instance, by check drawn to the order of the registered owner and mailed to his address.
Many veterans owning Adjusted Service Bonds have expressed the wish to continue their invest-
ment in United States securities and have requested the right to exchange their bonds for other interest-bearing securities. While direct exchanges are not possible, the Secretary pointed out the availability of War Savings Bonds, Series E, which are on sale at post offices and commercial banks generally, and at many other agencies. In addition to these bonds, United States Savings Bonds of Series F and G are on continuous sale. During the period of the Seventh War Loan Drive, three series of marketable Treasury bonds will also be available for purchase, in the denominations of $500 and upward. Information concerning any of these securities may be obtained from any commercial bank.
Because of the considerable number of Adjusted Service Bonds outstanding, the Secretary urged veterans to forward their bonds well in advance of June 15, but not before May 15. This will insure prompt payment when due by reducing congestion in handling the bonds. Any bonds received on or after May 15 will be assumed to be presented for redemption on June 15, unless specific instructions for earlier redemption are given by the owner.
The veterans originally received bonds totaling $1,847 millions. Of these almost $217 millions remain outstanding, on which accrued interest to June 15 will amount to about $59 millions. Accordingly, the value of the outstanding bonds at their maturity is $275 millions.
Securities Offered in the Seventh War Loan,
May-June 1945
On April 3, Secretary Morgenthau announced the specific maturity dates of the marketable securities to be offered in the Seventh War Loan. The general characteristics of the four nonmarketable and four marketable securities, including the coupon rates on the marketable issues, had been announced previously. The four nonmarketable securities consist of Series E, F, and G savings bonds and Series C savings notes. The four marketable issues comprise 1-year, 7/8% certificates; 5-1/2-year, 1-1/2% Treasury bonds; 2-1/4% Treasury bonds due June 15, 1962, callable June 15, 1959; and 2-1/2% Treasury bonds due June 15, 1972, callable June 15, 1967.
The three issues of savings bonds and the Series C savings notes will be dated the first of the month in which purchased, as explained in Table 1 which presents a comparison of the chief characteristics of the eight securities to be offered during the Seventh War Loan. All sales of these nonmarketable securities (except sales to commercial banks) which are processed by the Federal Reserve Banks or the Treasury between April
9 and July 7 inclusive will be credited to the Seventh War Loan, in order to permit an extended payroll savings campaign to be carried on as part of the drive.
The marketable issues will be dated June 1. Subscriptions will be received from individuals from May 14 through June 30, and from other eligible investors from June 18 through June 30. Accrued interest from June 1 will be charged on all subscriptions entered and paid for after that date except subscriptions amounting to $1,000 or less for the 1-1/2%, 2-1/4%, and 2-1/2% Treasury bonds. Larger subscriptions from all nonbank investors other than individuals must include accrued interest to June 18 or such later date as payment is received. The Treasury is requesting that there be no trading in the new marketable securities until after June 30.
Table 2 shows the redemption values and investment yields of each of the four nonmarketable securities from date of original issuance to date of final maturity.
A-2
Treasury Bulletin
Securities Offered in the Seventh War Loan, May-June 1945
Table 1. - Comparison of Various Features of Securities Offered
<table><tr><th>Feature</th><th colspan="4">Marketable securities offered in the Seventh War Loan</th></tr><tr><th></th><th>2-1/2% Treasury bonds</th><th>2-1/4% Treasury bonds</th><th>1-1/2% Treasury bonds</th><th>7/8% certificates</th></tr><tr><td>Issue price</td><td>Par 1/</td><td>Par 1/</td><td>Par 1/</td><td>Par 1/</td></tr><tr><td>Issue date</td><td>June 1, 1945</td><td>June 1, 1945</td><td>June 1, 1945</td><td>June 1, 1945</td></tr><tr><td>Maturity date</td><td>June 15, 1972</td><td>June 15, 1962</td><td>December 15, 1950</td><td>June 1, 1946</td></tr><tr><td>Interest</td><td>2-1/2% per annum, payable semi-annually on June 15 and December 15</td><td>2-1/4% per annum, payable semi-annually on June 15 and December 15</td><td>1-1/2% per annum, payable semi-annually on June 15 and December 15</td><td>7/8% per annum, payable semi-annually on December 1, 1945 and June 1, 1946</td></tr><tr><td>Redeemability prior to maturity: At option of Treasury</td><td>On and after June 15, 1967, on any interest date on four months' notice</td><td>On and after June 15, 1959, on any interest date on four months' notice</td><td>None</td><td>None</td></tr><tr><td>At option of holder: For cash</td><td>None</td><td>None</td><td>None</td><td>None</td></tr><tr><td>For payment of Federal income, estate, and gift taxes</td><td>Bonds owned by decedent at time of death are redeemable at par and accrued interest for the sole purpose of paying Federal estate taxes</td><td>Bonds owned by decedent at time of death are redeemable at par and accrued interest for the sole purpose of paying Federal estate taxes</td><td>None</td><td>None</td></tr><tr><td>Negotiability</td><td>Negotiable 2/; but commercial banks may not purchase in the market before June 15, 1962 3/</td><td>Negotiable 2/; but commercial banks may not purchase in the market before June 15, 1952 3/</td><td>Fully negotiable 2/</td><td>Fully negotiable 2/</td></tr><tr><td>Eligibility as collateral for loans</td><td>Complete 4/</td><td>Complete 4/</td><td>Complete</td><td>Complete</td></tr><tr><td>Eligible subscribers</td><td>All except commercial banks 3/</td><td>All except commercial banks 3/</td><td>Individuals only; although commercial banks may subscribe for the limited investment of time deposits 3/ 5/</td><td>All, except that commercial banks may subscribe only for the limited investment of time deposits 3/ 5/</td></tr><tr><td>Limits on subscriptions by eligible subscribers</td><td>None</td><td>None</td><td>None for investors other than commercial banks 3/ 5/</td><td>None for investors other than commercial banks 3/ 5/</td></tr><tr><td>Denominations</td><td>$500, $1,000, $5,000, $10,000, $100,000, and $1,000,000</td><td>$500, $1,000, $5,000, $10,000, $100,000, and $1,000,000</td><td>$500, $1,000, $5,000, $10,000, $100,000, and $1,000,000</td><td>$1,000, $5,000, $10,000, $100,000, and $1,000,000</td></tr><tr><td>Bearer or registered</td><td>Bearer form, coupons attached; or registered form</td><td>Bearer form, coupons attached; or registered form</td><td>Bearer form, coupons attached; or registered form</td><td>Bearer form only, coupons attached</td></tr></table>
1/ Accrued interest will be charged from June 1, 1945 on all purchases made after that date, except subscriptions of $1,000 or less for the 2-1/2%, 2-1/4% and 1-1/2% Treasury bonds. Only individuals may purchase the 1-1/2% Treasury bonds. Subscriptions from others than individuals for the other three marketable securities must be accompanied by payment at par and accrued interest to June 18, 1945 or to date of later payment. 
2/ The Treasury is requesting that there be no trading in the new marketable securities until after June 30, 1945.
3/ A commercial bank is defined for this purpose as one which accepts demand deposits.
4/ Although a commercial bank may make loans on this issue prior to the time that it is eligible to purchase the bonds in the market, it must dispose of any bonds acquired during that period by failure of a loan to be paid at maturity.
5/ Commercial banks may subscribe concurrently with the Seventh War Loan, but not as part of the Loan, to the 1-1/2% Treasury bonds and 7/8% certificates offered in the Seventh War Loan and to
May 1945
A-3
Securities Offered in the Seventh War Loan, May-June 1945 - (Continued)
Table 1. - Comparison of Various Features of Securities Offered - (Continued)
<table><tr><th rowspan="2">Feature</th><th colspan="4">Non-marketable securities offered on continuous sale</th></tr><tr><th colspan="3">United States savings bonds</th><th>Treasury savings notes</th></tr><tr><th></th><th>Series E</th><th>Series F</th><th>Series G</th><th>Series C</th></tr><tr><td>Issue price</td><td>75% of maturity (par) value</td><td>7¼% of maturity (par) value</td><td>Par</td><td>Par</td></tr><tr><td>Issue date</td><td>First of month in which payment is received by an authorised issuing agent</td><td>First of month in which payment is received by a Federal Reserve Bank or branch or the U. S. Treasury</td><td>First of month in which payment is received by a Federal Reserve Bank or branch or the U. S. Treasury</td><td>First of month in which paid for and check actually collected</td></tr><tr><td>Maturity date</td><td>10 years from issue date</td><td>12 years from issue date</td><td>12 years from issue date</td><td>3 years from issue date</td></tr><tr><td>Interest</td><td>Accrues to par to provide approximately 2.9% compounded semi-annually if held to maturity; lesser yields if redeemed at earlier dates 6/</td><td>Accrues to par to provide approximately 2.53% compounded semi-annually if held to maturity; lesser yields if redeemed at earlier dates 6/</td><td>2-1/2% per annum, paid semi-annually. Redemption values cut back below par to provide lesser yields if redeemed before maturity; but redeemable at par in event of death 6/</td><td>Accrues to provide approximately 1.07% compounded semi-annually if held to maturity; lesser yields if redeemed for cash or tendered in payment of taxes at earlier dates 6/ 1/</td></tr><tr><td>Redeemability prior to maturity: At option of Treasury</td><td>None</td><td>None</td><td>None</td><td>None</td></tr><tr><td>At option of holder: For cash</td><td>At any time after 60 days from issue date without notice, at stated redemption values, at any qualified bank or other paying agent, any Federal Reserve Bank or branch, or at the U. S. Treasury 6/</td><td>On first of any month after 6 months from issue date on 1 month's notice, at stated redemption values, at any Federal Reserve Bank or branch, or at the U. S. Treasury 6/</td><td>On first of any month after 6 months from issue date on 1 month's notice, at stated redemption values, at any Federal Reserve Bank or branch, or at the U. S. Treasury 6/. Redeemable at par in event of death</td><td>At any time 6 months after issue date without notice, at stated redemption values at offices which issued the notes 6/ 1/</td></tr><tr><td>For payment of Federal income, estate, and gift taxes</td><td>None</td><td>None</td><td>None, but Series G bonds are redeemable at par in case of death and proceeds may be used for any estate purpose</td><td>At any time 2 months after issue date without notice, at stated redemption values 6/</td></tr><tr><td>Negotiability</td><td>None</td><td>None</td><td>None</td><td>None 8/</td></tr><tr><td>Eligibility as collateral for loans</td><td>None</td><td>None</td><td>None</td><td>May be pledged as collateral for loans from banking institutions</td></tr><tr><td>Eligible subscribers</td><td>Natural persons only</td><td>All, except that commercial banks are subject to the limits stated below 3/ 5/</td><td>All, except that commercial banks are subject to the limits stated below 3/ 5/</td><td>All</td></tr><tr><td>Limit on subscriptions by eligible subscribers</td><td>Annual limit of $5,000 maturity value ($3,750 issue price)</td><td>Annual limit for all subscribers of $100,000 (issue price) for Series Y and Series O combined. Commercial banks are subject to additional restrictions 3/ 5/</td><td>None</td></tr><tr><td>Denominations</td><td>$25, $50, $100, $500, and $1,000 (maturity value); also $10 denomination available only to the armed forces</td><td>$25, $100, $500, $1,000, $5,000, and $10,000 (maturity value)</td><td>$100, $500, $1,000, $5,000, and $10,000</td><td>$100, $500, $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000</td></tr><tr><td>Bearer or registered</td><td>Registered form only</td><td>Registered form only</td><td>Registered form only</td><td>Not registered, but name and address of owner are inscribed thereon</td></tr></table>
Series Y and O savings bonds. These subscriptions, which will be accepted from June 18 through June 30, will be limited to 10% of the combined amount of the certificates of deposit of individuals and non-profit corporations or associations and of savings deposits, but not to exceed $500,000. Purchases of Series Y and O savings bonds will also be subject to the regular annual limit, applicable to all investors, of $100,000 for both series combined. For redemption values and investment yields of savings bonds and savings notes, see Table 2.
1/ If inscribed in the name of a bank accepting demand deposits, cash payment at or before maturity will be made only at issue price (par), and without accrual of interest. However, if a note is acquired by any such bank through forfeiture of a loan, cash payment will be made at par plus accrued interest to the month in which so acquired.
2/ Savings notes may be transferred by a corporation to its subsidiary providing that it owns at least 50% of the stock with voting power of such subsidiary.
A-4
Treasury Bulletin
Securities Offered
in the Seventh War Loan, May-June 1945 - (Continued)
Table 2.- Redemption Values and Investment Yields of United States Savings Bonds and Treasury Savings Notes
PART A - UNITED STATES SAVINGS BONDS
<table><tr><th rowspan="2">Period after issue date</th><th colspan="3">Redemption values of $100 bond</th><th colspan="3">Approximate investment yield on purchase price from issue date to beginning of each half-year period</th><th colspan="3">Approximate investment yield on current redemption value from beginning of each half-year period to maturity</th></tr><tr><th>Series E (Issue price-$75)</th><th>Series F (Issue price-$74)</th><th>Series G (Issue price-$100)</th><th>Series E</th><th>Series F</th><th>Series G</th><th>Series E</th><th>Series F</th><th>Series G</th></tr><tr><td>Less than 1/2 year....................</td><td>$75.00</td><td>Not redeemable</td><td></td><td>0.00</td><td>....</td><td>....</td><td>2.90 1/2</td><td>2.53 1/2</td><td>2.50 1/2</td></tr><tr><td>1/2 to 1 year....................</td><td>75.00</td><td>$74.00</td><td>$98.80</td><td>0.00</td><td>0.00</td><td>0.10</td><td>3.05</td><td>2.64</td><td>2.62</td></tr><tr><td>1 to 1-1/2 years....................</td><td>75.50</td><td>74.20</td><td>97.80</td><td>.67</td><td>.27</td><td>.30</td><td>3.15</td><td>2.73</td><td>2.73</td></tr><tr><td>1-1/2 to 2 years....................</td><td>76.00</td><td>74.50</td><td>96.90</td><td>.88</td><td>.45</td><td>.44</td><td>3.25</td><td>2.82</td><td>2.84</td></tr><tr><td>2 to 2-1/2 years....................</td><td>76.50</td><td>74.90</td><td>96.20</td><td>.99</td><td>.61</td><td>.61</td><td>3.38</td><td>2.91</td><td>2.94</td></tr><tr><td>2-1/2 to 3 years....................</td><td>77.00</td><td>75.40</td><td>95.60</td><td>1.06</td><td>.75</td><td>.75</td><td>3.52</td><td>2.99</td><td>3.04</td></tr><tr><td>3 to 3-1/2 years....................</td><td>78.00</td><td>76.00</td><td>95.10</td><td>1.31</td><td>.89</td><td>.88</td><td>3.58</td><td>3.07</td><td>3.13</td></tr><tr><td>3-1/2 to 4 years....................</td><td>79.00</td><td>76.70</td><td>94.80</td><td>1.49</td><td>1.03</td><td>1.04</td><td>3.66</td><td>3.15</td><td>3.20</td></tr><tr><td>4 to 4-1/2 years....................</td><td>80.00</td><td>77.60</td><td>94.70</td><td>1.62</td><td>1.19</td><td>1.20</td><td>3.75</td><td>3.20</td><td>3.26</td></tr><tr><td>4-1/2 to 5 years....................</td><td>81.00</td><td>78.60</td><td>94.70</td><td>1.72</td><td>1.34</td><td>1.35</td><td>3.87</td><td>3.24</td><td>3.30</td></tr><tr><td>5 to 5-1/2 years....................</td><td>82.00</td><td>79.70</td><td>94.90</td><td>1.79</td><td>1.49</td><td>1.51</td><td>4.01</td><td>3.27</td><td>3.32</td></tr><tr><td>5-1/2 to 6 years....................</td><td>83.00</td><td>80.90</td><td>95.20</td><td>1.85</td><td>1.63</td><td>1.66</td><td>4.18</td><td>3.29</td><td>3.33</td></tr><tr><td>6 to 6-1/2 years....................</td><td>84.00</td><td>82.20</td><td>95.50</td><td>1.90</td><td>1.76</td><td>1.79</td><td>4.41</td><td>3.29</td><td>3.33</td></tr><tr><td>6-1/2 to 7 years....................</td><td>86.00</td><td>83.50</td><td>95.80</td><td>2.12</td><td>1.87</td><td>1.89</td><td>4.36</td><td>3.31</td><td>3.34</td></tr><tr><td>7 to 7-1/2 years....................</td><td>88.00</td><td>84.80</td><td>96.10</td><td>2.30</td><td>1.96</td><td>1.98</td><td>4.31</td><td>3.32</td><td>3.35</td></tr><tr><td>7-1/2 to 8 years....................</td><td>90.00</td><td>86.10</td><td>96.40</td><td>2.45</td><td>2.03</td><td>2.05</td><td>4.26</td><td>3.35</td><td>3.37</td></tr><tr><td>8 to 8-1/2 years....................</td><td>92.00</td><td>87.40</td><td>96.70</td><td>2.57</td><td>2.09</td><td>2.12</td><td>4.21</td><td>3.40</td><td>3.39</td></tr><tr><td>8-1/2 to 9 years....................</td><td>94.00</td><td>88.70</td><td>97.00</td><td>2.67</td><td>2.14</td><td>2.18</td><td>4.17</td><td>3.46</td><td>3.42</td></tr><tr><td>9 to 9-1/2 years....................</td><td>96.00</td><td>90.00</td><td>97.30</td><td>2.76</td><td>2.19</td><td>2.23</td><td>4.12</td><td>3.54</td><td>3.46</td></tr><tr><td>9-1/2 to 10 years....................</td><td>98.00</td><td>91.40</td><td>97.60</td><td>2.84</td><td>2.24</td><td>2.27</td><td>4.08</td><td>3.63</td><td>3.51</td></tr><tr><td>10 to 10-1/2 years....................</td><td>100.00</td><td>92.90</td><td>97.90</td><td>2.90</td><td>2.29</td><td>2.31</td><td>....</td><td>3.72</td><td>3.60</td></tr><tr><td>10-1/2 to 11 years....................</td><td>....</td><td>94.50</td><td>98.20</td><td>....</td><td>2.34</td><td>2.35</td><td>....</td><td>3.81</td><td>3.75</td></tr><tr><td>11 to 11-1/2 years....................</td><td>....</td><td>96.20</td><td>98.60</td><td>....</td><td>2.40</td><td>2.39</td><td>....</td><td>3.91</td><td>3.94</td></tr><tr><td>11-1/2 to 12 years....................</td><td>....</td><td>98.00</td><td>99.20</td><td>....</td><td>2.46</td><td>2.44</td><td>....</td><td>4.08</td><td>4.13</td></tr><tr><td>12 years....................</td><td>....</td><td>100.00</td><td>100.00</td><td>....</td><td>2.53</td><td>2.50</td><td>....</td><td>....</td><td>....</td></tr></table>
PART B - TREASURY SAVINGS NOTES, SERIES C
<table><tr><th>Period after issue date</th><th>Tax-payment and redemption values of $1,000 note</th><th>Approximate investment yield on purchase price from issue date to beginning of each monthly period (Percent)</th><th>Approximate investment yield on current tax-payment or redemption values from beginning of each monthly period to maturity (Percent)</th><th>Period after issue date</th><th>Tax-payment and redemption values of $1,000 note</th><th>Approximate investment yield on purchase price from issue date to beginning of each monthly period (Percent)</th><th>Approximate investment yield on current tax-payment or redemption values from beginning of each monthly period to maturity (Percent)</th></tr><tr><td>Less than 1 month</td><td>Not redeemable</td><td>....</td><td>1.07 1/</td><td>19 to 20 months..</td><td>$1,014.20</td><td>.89</td><td>1.26</td></tr><tr><td>1 to 2 months....</td><td>Not redeemable</td><td>.60</td><td>1.08</td><td>20 to 21 months..</td><td>1,015.20</td><td>.91</td><td>1.26</td></tr><tr><td>2 to 3 months....</td><td>$1,001.00 2/</td><td>.60</td><td>1.09</td><td>21 to 22 months..</td><td>1,016.20</td><td>.92</td><td>1.27</td></tr><tr><td>3 to 4 months....</td><td>1,001.50 2/</td><td>.60</td><td>1.11</td><td>22 to 23 months..</td><td>1,017.20</td><td>.93</td><td>1.28</td></tr><tr><td>4 to 5 months....</td><td>1,002.00 2/</td><td>.60</td><td>1.12</td><td>23 to 24 months..</td><td>1,018.20</td><td>.94</td><td>1.28</td></tr><tr><td>5 to 6 months....</td><td>1,002.50 2/</td><td>.60</td><td>1.14</td><td>24 to 25 months..</td><td>1,019.20</td><td>.95</td><td>1.29</td></tr><tr><td>6 to 7 months....</td><td>1,003.00</td><td>.60</td><td>1.16</td><td>25 to 26 months..</td><td>1,020.30</td><td>.97</td><td>1.29</td></tr><tr><td>7 to 8 months....</td><td>1,003.80</td><td>.65</td><td>1.17</td><td>26 to 27 months..</td><td>1,021.40</td><td>.98</td><td>1.29</td></tr><tr><td>8 to 9 months....</td><td>1,004.60</td><td>.69</td><td>1.17</td><td>27 to 28 months..</td><td>1,022.50</td><td>.99</td><td>1.29</td></tr><tr><td>9 to 10 months...</td><td>1,005.40</td><td>.72</td><td>1.18</td><td>28 to 29 months..</td><td>1,023.60</td><td>1.00</td><td>1.29</td></tr><tr><td>10 to 11 months..</td><td>1,006.20</td><td>.74</td><td>1.19</td><td>29 to 30 months..</td><td>1,024.70</td><td>1.01</td><td>1.29</td></tr><tr><td>11 to 12 months..</td><td>1,007.00</td><td>.76</td><td>1.20</td><td>30 to 31 months..</td><td>1,025.80</td><td>1.02</td><td>1.29</td></tr><tr><td>12 to 13 months..</td><td>1,007.80</td><td>.78</td><td>1.21</td><td>31 to 32 months..</td><td>1,026.90</td><td>1.03</td><td>1.29</td></tr><tr><td>13 to 14 months..</td><td>1,008.70</td><td>.80</td><td>1.22</td><td>32 to 33 months..</td><td>1,028.00</td><td>1.04</td><td>1.29</td></tr><tr><td>14 to 15 months..</td><td>1,009.60</td><td>.82</td><td>1.22</td><td>33 to 34 months..</td><td>1,029.10</td><td>1.05</td><td>1.28</td></tr><tr><td>15 to 16 months..</td><td>1,010.50</td><td>.84</td><td>1.23</td><td>34 to 35 months..</td><td>1,030.20</td><td>1.05</td><td>1.28</td></tr><tr><td>16 to 17 months..</td><td>1,011.40</td><td>.85</td><td>1.24</td><td>35 to 36 months..</td><td>1,031.30</td><td>1.06</td><td>1.28</td></tr><tr><td>17 to 18 months..</td><td>1,012.30</td><td>.86</td><td>1.25</td><td>36 months.........</td><td>1,032.40</td><td>1.07</td><td>.....</td></tr><tr><td>18 to 19 months..</td><td>1,013.20</td><td>.88</td><td>1.26</td><td></td><td></td><td></td><td></td></tr></table>
1/ Approximate investment yield for entire period from issuance to maturity.
2/ May be redeemed only for tax payment.
May 1945
A-5
Geographic Distribution of Bank Deposits
Summary
In keeping with the practices of recent years, the Treasury Department has prepared a compilation of the distribution of bank deposits as of December 31, 1944, by States and counties, in order to help State War Finance Chairmen in setting local quotas for war bond drives. This compilation has been made from data supplied by (1) the Comptroller of the Currency for all national banks and banks in the District of Columbia, (2) the Board of Governors of the Federal Reserve System and the Federal Reserve Banks for all member banks, and (3) the Federal Deposit Insurance Corporation for all nonmember insured banks. The Federal Deposit Insurance Corporation also obtained data on the deposits of noninsured banks from the appropriate State supervisory authorities. All banks in the Continental United States, including commercial, stock savings, and mutual savings banks are included.
The data were compiled to show bank deposits by counties. They cover the time and demand deposits of "individuals, partnerships, and corporations" combined, as used in the call reports of bank supervisory agencies; they exclude the deposits of Federal, State, and local governments, interbank deposits, and certain minor classes of deposits. The total for all deposits of individuals, partnerships, and corporations as of December 31, 1944, was $102 billions. For purposes of this article, the county figures have been combined to summarize the distribution of the deposit figures among the different States, and between twenty-five large metropolitan areas and the remainder of the country.
In order to retain comparability, the metropolitan areas are the same as those used in a similar report of bank deposits as of December 31, 1943. The areas selected at that time were the twenty-five having the largest volume of deposits of individuals, partnerships, and corporations. (See article entitled "Geographic Distribution of Bank Deposits" in "Treasury Bulletin", June 1944.) These areas and their component counties are listed in Table 1 (Part D) at the end of this article and in Map 8.
National Figures
The first section of the table below summarizes the amount of total bank deposits of individuals, partnerships, and corporations in the metropolitan areas, in the remainder of the country, and the total for the United States as of December 31, 1941 through 1944; the second section gives the percentage distribution between the metropolitan areas and the other areas; and the third section of the table shows the annual percentage changes in deposits.
The table shows that deposits in the metropolitan areas increased at a much slower rate than in the other areas. As a result, the percentage of total deposits in these metropolitan areas declined from 66.7% on December 31, 1941, to 59.7% on December 31, 1944. The materially greater percentage increase in the other areas may be accounted for by the geographical shifts
in production resulting from the war and by the improved financial position of the agricultural population.
<table><tr><th></th><th>Total United States</th><th>25 metropolitan areas</th><th>Other areas</th></tr><tr><td colspan="4">Amounts (in millions of dollars)</td></tr><tr><td>December 31:</td><td></td><td></td><td></td></tr><tr><td>1941</td><td>63,513</td><td>42,373</td><td>21,140</td></tr><tr><td>1942</td><td>74,191</td><td>47,161</td><td>27,029</td></tr><tr><td>1943</td><td>89,579</td><td>55,654</td><td>33,926</td></tr><tr><td>1944</td><td>101,933</td><td>60,902</td><td>41,031</td></tr><tr><td colspan="4">Percentage distribution</td></tr><tr><td>December 31:</td><td></td><td></td><td></td></tr><tr><td>1941</td><td>100.0</td><td>66.7</td><td>33.3</td></tr><tr><td>1942</td><td>100.0</td><td>63.6</td><td>36.4</td></tr><tr><td>1943</td><td>100.0</td><td>62.1</td><td>37.9</td></tr><tr><td>1944</td><td>100.0</td><td>59.7</td><td>40.3</td></tr><tr><td colspan="4">Annual percentage change</td></tr><tr><td>Calendar year:</td><td></td><td></td><td></td></tr><tr><td>1942</td><td>+16.8</td><td>+11.3</td><td>+27.9</td></tr><tr><td>1943</td><td>+20.7</td><td>+18.0</td><td>+25.5</td></tr><tr><td>1944</td><td>+13.8</td><td>+9.4</td><td>+20.9</td></tr></table>
Demand and time deposits of individuals, partnerships, and corporations have increased at sharply different rates over the three-year period. The table below gives a summary of the amounts and the annual percentage changes of time and demand deposits as of December 31, 1941-1944 and the years between. Shown also are demand and time deposits as percentages of total deposits of individuals, partnerships, and corporations. Time deposits increased more sharply in each successive year while demand deposits showed a declining rate of increase. Thus the percentage increase in demand deposits, which was 26.7% in the calendar year 1942, dropped to 24.0% in 1943 and 10.0% in 1944. Time deposits, on the other hand, increased by only 2.4% in the calendar year 1942 but rose by 14.9% and 21.2% in the calendar years 1943 and 1944, respectively.
<table><tr><th></th><th>Total United States</th><th>Demand deposits</th><th>Time deposits</th></tr><tr><td colspan="4">Amounts (in millions of dollars)</td></tr><tr><td>December 31:</td><td></td><td></td><td></td></tr><tr><td>1941</td><td>63,513</td><td>37,595</td><td>25,917</td></tr><tr><td>1942</td><td>74,191</td><td>47,641</td><td>26,550</td></tr><tr><td>1943</td><td>89,579</td><td>59,078</td><td>30,501</td></tr><tr><td>1944</td><td>101,933</td><td>64,967</td><td>36,966</td></tr><tr><td colspan="4">Percentage distribution</td></tr><tr><td>December 31:</td><td></td><td></td><td></td></tr><tr><td>1941</td><td>100.0</td><td>59.2</td><td>40.8</td></tr><tr><td>1942</td><td>100.0</td><td>64.2</td><td>35.8</td></tr><tr><td>1943</td><td>100.0</td><td>66.0</td><td>34.0</td></tr><tr><td>1944</td><td>100.0</td><td>63.7</td><td>36.3</td></tr><tr><td colspan="4">Annual percentage change</td></tr><tr><td>Calendar year:</td><td></td><td></td><td></td></tr><tr><td>1942</td><td>+16.8</td><td>+26.7</td><td>+2.4</td></tr><tr><td>1943</td><td>+20.7</td><td>+24.0</td><td>+14.9</td></tr><tr><td>1944</td><td>+13.8</td><td>+10.0</td><td>+21.2</td></tr></table>
A-6
Treasury Bulletin
Note: Northeastern Section enlarged on Map 2 because of the concentration of Metropolitan Areas.
May 1945
A-7
The small increase for demand deposits in 1944 reflects to a large extent the timing of the three war loan drives held that year. Demand deposits tend to be built up prior to war loan drives and are brought down sharply during the drives. Thus the fact that the Fourth War Loan started shortly after December 31, 1943, and the Sixth War Loan ended on December 31, 1944, was largely responsible for the relatively small increase in demand deposits shown in the table for 1944.
Table 1, which appears at the end of this article, presents total deposits, and demand and time deposits of individuals, partnerships, and corporations for each of the twenty-five metro-politan areas as of December 31, 1941-1944. The table also shows the absolute and percentage increases for each year and for the total three-year period. Part A of Table 1 provides data on total deposits; Part B, data on demand deposits; and Part C, data on time deposits.
Table 2, Parts A, B, and C give similar information for each of the States and for each State divided between metropolitan areas and other areas.
State Growth in Deposits
Total deposits. All States have experienced some percentage increase in total bank deposits, demand and time combined, of individuals, partnerships, and corporations. There has been, however, a substantial difference in growth among
the various States. The percentage increase in deposits from December 31, 1941, to December 31, 1944, varied from a low of 28% in New York and New Hampshire to a high of 175% in Idaho. State increases on a percentage basis are presented in Map 1. The map has been arranged to separate the country into three regional areas with States having roughly similar percentage growth in deposits. The small detached portion of the map covering New York, Pennsylvania, Maryland, and all the northeastern States shows the States with the smallest percentage growth in deposits over the period, in each case less than 60%. This region will hereafter be referred to as the Northeastern region.
To the west and south of the Northeastern region is a group of States which have had percentage increases in deposits running from 60% to 99%. This region, which will be called the Central section of the country, includes most of the middle western States, but extends to the Atlantic coast by including Virginia.
The remainder of the country, which in this article will be called the Western and Southern section, is the section in which the highest percentage increases in deposits occurred. Each State in this region, with two exceptions, showed deposit increases of 100 percent or more over the three-year period. The two exceptions, Wyoming and Colorado, showed increases of almost 100% (97 and 99%, respectively).
Map 3 - NATIONAL INCREASE IN TOTAL DEPOSITS DEC. 31, 1941 TO DEC. 31, 1944 DIVIDED INTO THREE SECTIONS OF THE COUNTRY
Treasury Bulletin
A-8
PERCENTAGE CHANGE IN DEMAND AND TIME DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, DEC. 31, 1941 TO DEC. 31, 1944
Map 4 - Demand Deposits
LEGEND
Under 100% 100% to 124%
125% to 149%
150% or over
U.S. Total 73%
Map 5 - Time Deposits
LEGEND
Under 50%
50% to 74%
75% to 99%
100% or over
U.S. Total 43%
May 1945
A-9
It is clear from this map that the smallest percentage increases in deposits occurred in the more highly industrialized east with the middle west running second. On the other hand, the largest percentage increases occurred in areas which were previously less well developed industrially. These sharp differences may be attributed to such factors as (1) the new industrial development brought about by the war in areas formerly predominantly rural, (2) the establishment of military camps in southern and western communities, and (3) the significantly increased income of farmers.
Similar tendencies are brought out in Map 2, which shows separately the percentage change in total deposits over the three-year period in 25 large metropolitan areas and in the States exclusive of the metropolitan areas. Only 3 of the 25 metropolitan areas showed a percentage increase in deposits of 100% or more. Two of these are located on the west coast (Seattle and Los Angeles), and the third is Detroit. All the metropolitan areas in the Northeastern section, except Washington, D. C., and 3 in the Central region had increases of less than 60%; the remaining metropolitan areas had increases between 60% and 99%. The name and location of each of the 25 metropolitan areas are presented in Map 8 at the end of the text of this article.
As the Map shows, all except 5 of the metropolitan areas are located in the Central and Northeastern sections. The effect of separating the metropolitan areas from the States in these sections resulted in changing 4 States to a higher percentage class. Missouri and Illinois climbed into the over 100% group and New Jersey and Maryland rose from the lowest into the 60% to 99% group.
in the Western and Southern section 2 States, California and Washington, changed into higher percentage groups when the metropolitan areas were segregated, whereas Texas and Kansas remained in the same percentage classes. More detailed information on total bank deposits in the metropolitan areas and the States is given in Part A of Tables 1 and 2.
Map 3 presents data on the dollar value of the increase in total deposits over the three-year period, December 31, 1941 to December 31, 1944, divided between the three geographical sections of the country referred to above. Each section accounted for about one-third of the increase in total deposits. Thus although the States in the Western and Southern section had the highest percentage increases in deposits, they accounted for only a little over one-third of the National increase in deposits over the three-year period ($14.3 billions out of $38.4 billions). This reflects the fact that deposits were customarily less heavily concentrated in these States than in States in the Central and Northeastern sections.
On the other hand, States in the North-eastern section of the country had in all cases shown percentage increases of less than 60%, but nevertheless accounted for $12.5 billions or 32.5% of the National increase in deposits. This is obviously due to the large concentration of deposits before the war in these States, principally the huge corporate deposits in New York.
Demand and time deposits. Demand and time deposits have shown significantly different growth patterns in the various States. The percentage changes of these two types of deposits from December 31, 1941 to December 31, 1944 are given by States in Maps 4 and 5.
As presented in Map 4 the percentage changes in demand deposits show a sectional distribution similar to that of total deposits although at a somewhat higher level. Thus the highest percentage increases again occurred in the Western and Southern section. All States in this section except Colorado had increases in demand deposits of 125% or more. In 13 of the States there were increases of 150% or more.
The States in the Northeastern section showed the lowest relative growth over the period. All States in this section except Maine had increases of less than 100%. The Central section, as was the case in total deposits, was between the other two sections in percentage increases. Seven States in the Central section had increases in demand deposits between 100% and 124%, and 4 States had increases under 100%.
Washington, Oregon, Arizona, and Florida, of the States which showed large increases in demand deposits, were the only ones which also increased in time deposits by 100% or more (Map 5). Of the other States with increases of 125% or more in demand deposits, 6 showed increases of less than 50% in time deposits and 15 showed increases between 50% and 99% from December 31, 1941, to December 31, 1944.
For the calendar year 1944 alone, however, the situation was completely different as is shown in Table 2, Parts B and C, at the end of this article. The growth in demand deposits was relatively low all over the country with only 9 States showing increases of 25% or more. Time deposits, on the other hand, increased by 25% or more in 33, or more than two-thirds of the States, from December 31, 1943, to December 31, 1944. A rise of 30% or more occurred in 15 States located, for the most part, in the Western and Southern section of the country.
In Tables 1 and 2, Parts B and C, more detailed data on time and demand deposits are presented.
Amounts of Bank Deposits in States and Metropolitan Areas
Distribution of the absolute amount of bank
A-10
Treasury Bulletin
AMOUNT OF TOTAL DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS AS OF DEC. 31, 1944
Map 6 - States
Note: Northeastern Section enlarged on Map 7 because of the concentration of Metropolitan Areas.
May 1945
A-11
deposits of individuals, partnerships, and corporations among the States as of December 31, 1944 is shown in Map 6. Total deposits in the 25 metropolitan areas and the States excluding the metropolitan areas are given in Map 7.
As is well known, deposits are highly concentrated in banks in large cities, due to the tendency of large corporations to place their deposits in cities like New York, Chicago, Philadelphia, etc. This is clearly shown in Map 7, which gives the amounts in the metropolitan areas and in the States excluding the metropolitan
areas. Of the 20 States in which the 25 metropolitan areas are located, only 6 do not move to a lower bank deposit class with the exclusion of those areas. In the remainder of the country the relatively small portion of remaining deposits is distributed widely.
Additional information is given in Parts A, B, and C of Tables 1 and 2 on total, demand, and time deposits by metropolitan areas and by States. The location of the twenty-five metropolitan areas is presented in Map 8 and in Part D of Table 1.
A-12
Treasury Bulletin
Bank Deposits of Individuals, Partnerships, and Corporations,
December 31, 1941 - 1944
Table 1.- Deposits in Twenty-five Metropolitan Areas
Part A - Total Deposits
<table><tr><th rowspan="3">Metropolitan area</th><th colspan="4">Total deposits</th><th colspan="6">Increase in total deposits</th></tr><tr><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th colspan="3">Amount</th><th colspan="3">Percentage increase</th></tr><tr><th colspan="4">(In millions of dollars)</th><th colspan="3">Calendar years</th><th colspan="3">Calendar years</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1942</th><th>1943</th><th>1944</th><th>Total Dec. 31, 1941 to Dec. 31, 1944</th><th>1942</th><th>1943</th><th>1944</th><th>Dec. 31, 1941 to Dec. 31, 1944</th></tr><tr><td>New York</td><td>19,616</td><td>20,408</td><td>23,535</td><td>25,101</td><td>792</td><td>3,127</td><td>1,566</td><td>5,485</td><td>4.0</td><td>15.3</td><td>6.7</td><td>28.0</td></tr><tr><td>Chicago</td><td>3,370</td><td>3,949</td><td>4,763</td><td>5,213</td><td>579</td><td>814</td><td>450</td><td>1,843</td><td>17.2</td><td>20.6</td><td>9.4</td><td>54.7</td></tr><tr><td>Boston</td><td>2,943</td><td>3,179</td><td>3,619</td><td>3,855</td><td>236</td><td>440</td><td>236</td><td>912</td><td>8.0</td><td>13.8</td><td>6.5</td><td>31.0</td></tr><tr><td>Philadelphia</td><td>2,320</td><td>2,579</td><td>2,906</td><td>3,180</td><td>219</td><td>367</td><td>274</td><td>860</td><td>9.4</td><td>14.4</td><td>9.4</td><td>37.1</td></tr><tr><td>Los Angeles</td><td>1,594</td><td>2,069</td><td>2,750</td><td>3,426</td><td>475</td><td>681</td><td>676</td><td>1,832</td><td>29.8</td><td>32.9</td><td>24.6</td><td>114.9</td></tr><tr><td>San Francisco</td><td>1,740</td><td>2,113</td><td>2,603</td><td>2,953</td><td>372</td><td>490</td><td>350</td><td>1,212</td><td>21.4</td><td>23.2</td><td>13.4</td><td>69.7</td></tr><tr><td>Detroit</td><td>1,079</td><td>1,548</td><td>1,959</td><td>2,160</td><td>469</td><td>411</td><td>201</td><td>1,081</td><td>43.5</td><td>26.6</td><td>10.3</td><td>100.2</td></tr><tr><td>Pittsburgh</td><td>1,417</td><td>1,511</td><td>1,770</td><td>1,929</td><td>93</td><td>260</td><td>159</td><td>512</td><td>6.6</td><td>17.2</td><td>9.0</td><td>36.1</td></tr><tr><td>Cleveland</td><td>950</td><td>1,121</td><td>1,400</td><td>1,596</td><td>171</td><td>279</td><td>196</td><td>646</td><td>18.0</td><td>24.9</td><td>14.0</td><td>68.0</td></tr><tr><td>Bt. Louie</td><td>794</td><td>946</td><td>1,058</td><td>1,194</td><td>151</td><td>112</td><td>136</td><td>400</td><td>19.1</td><td>11.8</td><td>12.9</td><td>50.4</td></tr><tr><td>Baltimore</td><td>667</td><td>770</td><td>918</td><td>992</td><td>103</td><td>148</td><td>74</td><td>325</td><td>15.4</td><td>19.3</td><td>8.1</td><td>48.7</td></tr><tr><td>Buffalo</td><td>646</td><td>717</td><td>880</td><td>1,012</td><td>71</td><td>163</td><td>132</td><td>366</td><td>11.1</td><td>22.7</td><td>15.0</td><td>56.7</td></tr><tr><td>Minneapolis-Bt. Paul</td><td>461</td><td>625</td><td>775</td><td>847</td><td>145</td><td>150</td><td>72</td><td>366</td><td>30.1</td><td>24.0</td><td>9.3</td><td>76.1</td></tr><tr><td>Hartford</td><td>571</td><td>629</td><td>746</td><td>756</td><td>58</td><td>117</td><td>10</td><td>185</td><td>10.1</td><td>18.6</td><td>1.3</td><td>32.4</td></tr><tr><td>Washington</td><td>496</td><td>605</td><td>683</td><td>798</td><td>109</td><td>77</td><td>115</td><td>302</td><td>22.0</td><td>12.7</td><td>16.8</td><td>60.9</td></tr><tr><td>Cincinnati</td><td>453</td><td>558</td><td>651</td><td>712</td><td>105</td><td>93</td><td>61</td><td>259</td><td>23.1</td><td>16.7</td><td>9.4</td><td>57.2</td></tr><tr><td>Providence</td><td>507</td><td>576</td><td>631</td><td>713</td><td>69</td><td>55</td><td>82</td><td>206</td><td>13.6</td><td>9.6</td><td>13.0</td><td>40.6</td></tr><tr><td>Seattle</td><td>365</td><td>523</td><td>640</td><td>748</td><td>158</td><td>118</td><td>102</td><td>377</td><td>43.2</td><td>22.5</td><td>15.9</td><td>103.3</td></tr><tr><td>Milwaukee</td><td>344</td><td>448</td><td>564</td><td>619</td><td>99</td><td>122</td><td>55</td><td>275</td><td>28.7</td><td>27.6</td><td>9.8</td><td>79.9</td></tr><tr><td>Rochester</td><td>371</td><td>400</td><td>475</td><td>516</td><td>29</td><td>75</td><td>41</td><td>145</td><td>7.7</td><td>18.9</td><td>8.6</td><td>39.1</td></tr><tr><td>Houston</td><td>275</td><td>349</td><td>472</td><td>524</td><td>74</td><td>123</td><td>52</td><td>249</td><td>27.1</td><td>35.4</td><td>11.0</td><td>90.5</td></tr><tr><td>New Haven</td><td>358</td><td>399</td><td>468</td><td>514</td><td>42</td><td>69</td><td>46</td><td>156</td><td>11.6</td><td>17.3</td><td>9.8</td><td>43.6</td></tr><tr><td>Bridgeport</td><td>361</td><td>400</td><td>465</td><td>520</td><td>39</td><td>65</td><td>55</td><td>159</td><td>10.7</td><td>16.3</td><td>11.8</td><td>44.0</td></tr><tr><td>Kansas City</td><td>277</td><td>381</td><td>464</td><td>539</td><td>103</td><td>84</td><td>75</td><td>262</td><td>37.2</td><td>21.9</td><td>16.2</td><td>94.6</td></tr><tr><td>Worcester</td><td>376</td><td>405</td><td>456</td><td>492</td><td>29</td><td>52</td><td>36</td><td>116</td><td>7.6</td><td>12.7</td><td>7.9</td><td>30.9</td></tr><tr><td>Total</td><td>42,373</td><td>47,161</td><td>55,654</td><td>60,902</td><td>4,789</td><td>8,492</td><td>5,248</td><td>18,529</td><td>11.3</td><td>18.0</td><td>9.4</td><td>43.7</td></tr></table>
Part B - Demand Deposits
<table><tr><th rowspan="3">Metropolitan area</th><th colspan="4">Demand deposits</th><th colspan="6">Increase in demand deposits</th></tr><tr><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th colspan="3">Amount</th><th colspan="4">Percentage increase</th></tr><tr><th colspan="4">(In millions of dollars)</th><th colspan="3">Calendar years</th><th colspan="3">Calendar years</th><th>Dec. 31, 1941 to Dec. 31, 1944</th></tr><tr><th></th><th>1942</th><th>1943</th><th>1944</th><th>Total Dec. 31, 1941 to Dec. 31, 1944</th><th>1942</th><th>1943</th><th>1944</th><th>1942</th><th>1943</th><th>1944</th></tr><tr><td>New York</td><td>13,035</td><td>13,851</td><td>16,165</td><td>16,423</td><td>816</td><td>2,315</td><td>258</td><td>3,388</td><td>6.3</td><td>16.7</td><td>1.6</td><td>26.0</td></tr><tr><td>Chicago</td><td>2,576</td><td>3,147</td><td>3,797</td><td>3,959</td><td>573</td><td>650</td><td>162</td><td>1,384</td><td>22.2</td><td>20.7</td><td>4.3</td><td>53.7</td></tr><tr><td>Boston</td><td>1,240</td><td>1,447</td><td>1,734</td><td>1,754</td><td>206</td><td>287</td><td>20</td><td>514</td><td>16.6</td><td>19.9</td><td>1.2</td><td>41.5</td></tr><tr><td>Philadelphia</td><td>1,380</td><td>1,650</td><td>1,904</td><td>2,018</td><td>270</td><td>254</td><td>114</td><td>638</td><td>19.6</td><td>15.4</td><td>6.0</td><td>46.2</td></tr><tr><td>Los Angeles</td><td>898</td><td>1,308</td><td>1,786</td><td>2,153</td><td>410</td><td>479</td><td>367</td><td>1,255</td><td>45.6</td><td>36.6</td><td>20.5</td><td>139.8</td></tr><tr><td>San Francisco</td><td>736</td><td>1,047</td><td>1,362</td><td>1,445</td><td>310</td><td>315</td><td>83</td><td>709</td><td>42.2</td><td>30.1</td><td>6.1</td><td>96.3</td></tr><tr><td>Detroit</td><td>687</td><td>1,100</td><td>1,361</td><td>1,355</td><td>413</td><td>261</td><td>-6</td><td>668</td><td>60.2</td><td>23.7</td><td>-0.4</td><td>97.2</td></tr><tr><td>Pittsburgh</td><td>931</td><td>1,072</td><td>1,318</td><td>1,415</td><td>141</td><td>246</td><td>97</td><td>484</td><td>15.1</td><td>23.0</td><td>7.4</td><td>52.0</td></tr><tr><td>Cleveland</td><td>536</td><td>685</td><td>882</td><td>945</td><td>149</td><td>198</td><td>63</td><td>409</td><td>27.7</td><td>28.8</td><td>7.1</td><td>76.3</td></tr><tr><td>St. Louis</td><td>558</td><td>703</td><td>776</td><td>835</td><td>145</td><td>72</td><td>59</td><td>277</td><td>26.0</td><td>10.3</td><td>7.6</td><td>49.6</td></tr><tr><td>Baltimore</td><td>342</td><td>431</td><td>525</td><td>534</td><td>89</td><td>94</td><td>9</td><td>192</td><td>26.0</td><td>21.9</td><td>1.7</td><td>56.1</td></tr><tr><td>Buffalo</td><td>243</td><td>302</td><td>391</td><td>431</td><td>59</td><td>89</td><td>40</td><td>188</td><td>24.2</td><td>29.4</td><td>10.2</td><td>77.4</td></tr><tr><td>Minneapolis-St. Paul</td><td>302</td><td>436</td><td>545</td><td>553</td><td>134</td><td>110</td><td>8</td><td>251</td><td>44.5</td><td>25.2</td><td>1.5</td><td>83.1</td></tr><tr><td>Hartford</td><td>251</td><td>295</td><td>377</td><td>343</td><td>44</td><td>82</td><td>-34</td><td>92</td><td>17.4</td><td>28.0</td><td>-9.0</td><td>36.7</td></tr><tr><td>Washington</td><td>346</td><td>447</td><td>509</td><td>590</td><td>101</td><td>62</td><td>81</td><td>244</td><td>29.1</td><td>13.8</td><td>15.9</td><td>70.5</td></tr><tr><td>Cincinnati</td><td>300</td><td>404</td><td>482</td><td>507</td><td>104</td><td>78</td><td>25</td><td>207</td><td>34.6</td><td>19.2</td><td>5.2</td><td>69.0</td></tr><tr><td>Providence</td><td>186</td><td>243</td><td>268</td><td>295</td><td>57</td><td>25</td><td>27</td><td>109</td><td>30.4</td><td>10.4</td><td>10.1</td><td>58.6</td></tr><tr><td>Seattle</td><td>212</td><td>340</td><td>407</td><td>439</td><td>129</td><td>67</td><td>32</td><td>227</td><td>60.7</td><td>19.5</td><td>7.9</td><td>107.1</td></tr><tr><td>Milwaukee</td><td>228</td><td>317</td><td>411</td><td>429</td><td>89</td><td>94</td><td>18</td><td>201</td><td>39.3</td><td>29.6</td><td>4.4</td><td>88.2</td></tr><tr><td>Rocheester</td><td>112</td><td>146</td><td>200</td><td>212</td><td>34</td><td>54</td><td>12</td><td>100</td><td>30.2</td><td>37.1</td><td>6.0</td><td>89.3</td></tr><tr><td>Houston</td><td>233</td><td>308</td><td>423</td><td>460</td><td>74</td><td>115</td><td>37</td><td>227</td><td>31.9</td><td>37.4</td><td>8.7</td><td>97.4</td></tr><tr><td>New Haven</td><td>120</td><td>152</td><td>189</td><td>191</td><td>32</td><td>37</td><td>2</td><td>71</td><td>26.4</td><td>24.1</td><td>1.1</td><td>59.2</td></tr><tr><td>Bridgeport</td><td>109</td><td>134</td><td>167</td><td>176</td><td>25</td><td>33</td><td>9</td><td>67</td><td>22.9</td><td>24.1</td><td>5.4</td><td>61.5</td></tr><tr><td>Kansas City</td><td>224</td><td>320</td><td>388</td><td>439</td><td>96</td><td>67</td><td>51</td><td>215</td><td>43.0</td><td>21.0</td><td>13.1</td><td>96.0</td></tr><tr><td>Worcester</td><td>86</td><td>110</td><td>133</td><td>132</td><td>24</td><td>23</td><td>-1</td><td>46</td><td>27.9</td><td>21.1</td><td>-0.8</td><td>53.5</td></tr><tr><td>Total</td><td>25,871</td><td>30,394</td><td>36,499</td><td>38,033</td><td>4,523</td><td>6,105</td><td>1,534</td><td>12,162</td><td>17.5</td><td>20.1</td><td>4.2</td><td>47.0</td></tr></table>
(Continued on following page)
May 1945
A-13
Bank Deposits of Individuales, Partnerships, and Corporations, December 31, 1941 - 1944 - (Continued)
Table 1.- Deposits in Twenty-five Metropolitan Areas 1- (Continued) Part C - Time Deposits
<table><tr><th rowspan="2">Metropolitan area</th><th colspan="4">Time deposits</th><th colspan="6">Increase in time deposits</th></tr><tr><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th colspan="3">Amount</th><th colspan="3">Percentage increase</th></tr><tr><th></th><th colspan="4">(In millions of dollars)</th><th colspan="3">Calendar years</th><th colspan="3">Total Dec. 31, 1941 to Dec. 31, 1944</th><th>Calendar years</th><th>Dec. 31, 1941 to Dec. 31, 1944</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1942</th><th>1943</th><th>1944</th><th>1942</th><th>1943</th><th>1944</th><th></th><th></th></tr><tr><td>New York</td><td>6,581</td><td>6,558</td><td>7,370</td><td>8,679</td><td>-24</td><td>812</td><td>1,309</td><td>2,098</td><td>-0.4</td><td>12.4</td><td>17.8</td><td>31.9</td></tr><tr><td>Chicago</td><td>796</td><td>802</td><td>966</td><td>1,254</td><td>6</td><td>164</td><td>288</td><td>458</td><td>0.8</td><td>20.5</td><td>29.8</td><td>57.5</td></tr><tr><td>Boston</td><td>1,703</td><td>1,733</td><td>1,885</td><td>2,101</td><td>30</td><td>153</td><td>216</td><td>398</td><td>1.8</td><td>8.8</td><td>11.5</td><td>23.4</td></tr><tr><td>Philadelphia</td><td>940</td><td>889</td><td>1,001</td><td>1,163</td><td>-51</td><td>112</td><td>162</td><td>223</td><td>-5.4</td><td>12.6</td><td>16.2</td><td>23.7</td></tr><tr><td>Los Angeles</td><td>696</td><td>761</td><td>964</td><td>1,273</td><td>65</td><td>203</td><td>309</td><td>577</td><td>9.4</td><td>26.6</td><td>32.1</td><td>82.9</td></tr><tr><td>San Francisco</td><td>1,004</td><td>1,066</td><td>1,241</td><td>1,508</td><td>62</td><td>175</td><td>267</td><td>504</td><td>6.2</td><td>16.4</td><td>21.5</td><td>50.2</td></tr><tr><td>Detroit</td><td>392</td><td>448</td><td>598</td><td>805</td><td>56</td><td>151</td><td>207</td><td>413</td><td>14.3</td><td>33.6</td><td>34.6</td><td>105.4</td></tr><tr><td>Pittsburgh</td><td>486</td><td>439</td><td>452</td><td>514</td><td>-47</td><td>14</td><td>62</td><td>28</td><td>-9.7</td><td>3.1</td><td>13.7</td><td>5.8</td></tr><tr><td>Cleveland</td><td>414</td><td>436</td><td>517</td><td>651</td><td>22</td><td>81</td><td>134</td><td>237</td><td>5.3</td><td>18.6</td><td>25.9</td><td>57.2</td></tr><tr><td>St. Louis</td><td>236</td><td>242</td><td>282</td><td>358</td><td>6</td><td>40</td><td>76</td><td>122</td><td>2.6</td><td>16.3</td><td>27.0</td><td>51.7</td></tr><tr><td>Baltimore</td><td>325</td><td>339</td><td>393</td><td>458</td><td>14</td><td>54</td><td>65</td><td>133</td><td>4.2</td><td>15.9</td><td>16.5</td><td>40.9</td></tr><tr><td>Buffalo</td><td>403</td><td>415</td><td>489</td><td>581</td><td>12</td><td>74</td><td>92</td><td>178</td><td>3.1</td><td>17.8</td><td>18.8</td><td>44.2</td></tr><tr><td>Minneapolis-St. Paul</td><td>179</td><td>190</td><td>230</td><td>294</td><td>11</td><td>40</td><td>64</td><td>115</td><td>5.9</td><td>21.3</td><td>27.8</td><td>64.2</td></tr><tr><td>Hartford</td><td>320</td><td>334</td><td>369</td><td>413</td><td>14</td><td>35</td><td>44</td><td>93</td><td>4.3</td><td>10.4</td><td>11.9</td><td>29.1</td></tr><tr><td>Washington</td><td>150</td><td>158</td><td>174</td><td>208</td><td>8</td><td>16</td><td>34</td><td>58</td><td>5.4</td><td>9.9</td><td>19.5</td><td>38.7</td></tr><tr><td>Cincinnati</td><td>153</td><td>154</td><td>169</td><td>205</td><td>1</td><td>15</td><td>36</td><td>52</td><td>0.5</td><td>10.0</td><td>21.3</td><td>34.0</td></tr><tr><td>Providence</td><td>320</td><td>333</td><td>363</td><td>419</td><td>12</td><td>30</td><td>56</td><td>99</td><td>3.8</td><td>9.1</td><td>15.4</td><td>30.9</td></tr><tr><td>Seattle</td><td>153</td><td>182</td><td>233</td><td>303</td><td>29</td><td>51</td><td>70</td><td>150</td><td>19.0</td><td>28.1</td><td>30.0</td><td>98.0</td></tr><tr><td>Milwaukee</td><td>116</td><td>125</td><td>153</td><td>190</td><td>9</td><td>28</td><td>37</td><td>74</td><td>7.8</td><td>22.4</td><td>24.2</td><td>63.8</td></tr><tr><td>Rochester</td><td>259</td><td>254</td><td>276</td><td>304</td><td>-5</td><td>22</td><td>28</td><td>45</td><td>-1.9</td><td>8.5</td><td>10.1</td><td>17.4</td></tr><tr><td>Houston</td><td>41</td><td>41</td><td>50</td><td>64</td><td>*</td><td>8</td><td>14</td><td>23</td><td>0.1</td><td>19.9</td><td>28.0</td><td>56.1</td></tr><tr><td>New Haven</td><td>237</td><td>247</td><td>280</td><td>322</td><td>10</td><td>32</td><td>42</td><td>85</td><td>4.1</td><td>13.1</td><td>15.0</td><td>35.9</td></tr><tr><td>Bridgeport</td><td>252</td><td>266</td><td>299</td><td>344</td><td>14</td><td>33</td><td>45</td><td>92</td><td>5.4</td><td>12.4</td><td>15.1</td><td>36.5</td></tr><tr><td>Kansas City</td><td>53</td><td>60</td><td>77</td><td>100</td><td>7</td><td>16</td><td>23</td><td>47</td><td>13.1</td><td>26.7</td><td>29.9</td><td>88.7</td></tr><tr><td>Worcester</td><td>290</td><td>295</td><td>323</td><td>359</td><td>5</td><td>28</td><td>36</td><td>69</td><td>1.6</td><td>9.6</td><td>11.1</td><td>23.8</td></tr><tr><td>Total</td><td>16,502</td><td>16,768</td><td>19,154</td><td>22,870</td><td>266</td><td>2,387</td><td>3,716</td><td>6,368</td><td>1.6</td><td>14.2</td><td>19.4</td><td>38.6</td></tr></table>
Part D.- Counties Comprising the Twenty-five Metropolitan Areas2/
<table><tr><th>Metropolitan area and county</th><th>Metropolitan area and county</th><th>Metropolitan area and county</th><th>Metropolitan area and county</th><th>Metropolitan area and county</th></tr><tr><td>New York<br>Bronx, N. Y.<br>Kings, N. Y.<br>Nassau, N. Y.<br>New York, N. Y.<br>Queens, N. Y.<br>Richmond, N. Y.<br>Rockland, N. Y.<br>Westchester, N. Y.<br>Bergen, N. J.<br>Essex, N. J.<br>Hudson, N. J.<br>Middlesex, N. J.<br>Monmouth, M. J.<br>Morris, N. J.<br>Passaic, N. J.<br>Union, N. J.</td><td>Boaton<br>Eseax, Masa.<br>Middlesex, Masa.<br>Norfolk, Masa.<br>Plymouth, Masa.<br>Suffolk, Masa.<br>Philadelphia<br>Delaware, Pa.<br>Montgomery, Pa.<br>Philadelphia, Pa.<br>Burlington, N. J.<br>Camden, N. J.<br>Glouceater, N. J.<br>Los Angeles<br>Los Angeles, Cal.<br>Orange, Cal.<br>San Francisco<br>Alameda, Cal.<br>Contra Costa, Cal.<br>Marin, Cal.<br>San Francisco, Cal.<br>San Mateo, Cal.<br>Solano, Cal.</td><td>Detroit<br>Maocomb, Mich.<br>Oakland, Mich.<br>Wayne, Mich.<br>Pittsburgh<br>Alleghany, Pa.<br>Fayette, Pa.<br>Washington, Pa.<br>Westmoreland, Pa.<br>Cleveland<br>Cuyahoga, Ohio<br>St. Louis<br>St. Louis, Mo. 3/<br>St. Charles, Mo.<br>St. Louis, Mo.<br>Madison, Ill.<br>St. Clair, Ill.<br>Baltimore<br>Baltimore, Md. 3/<br>Anne Arundel, Md.<br>Baltimore, Md.</td><td>Buffalo<br>Erie, N. Y.<br>Niagara, N. Y.<br>Minneapolis-St. Paul<br>Anoka, Minn.<br>Hennepin, Minn.<br>Ramsey, Minn.<br>Washington, Minn.<br>Hartford<br>Hartford, Conn.<br>Middlesex, Conn.<br>Washington<br>Dist. of Columbia<br>Montgomery, Md.<br>Prince Georgea, Md.<br>Alexandria, Va. 3/<br>Arlington, Va.<br>Cincinnati<br>Hamilton, Ohio<br>Dearborn, Ind.<br>Campbell, Ky.<br>Kenton, Ky.</td><td>Providence<br>Bristol, R. I.<br>Kent, R. I.<br>Newport, R. I.<br>Providence, R. I.<br>Seattle<br>King, Wash.<br>Milwaukee<br>Milwaukee, Wis.<br>Rocheater<br>Monroe, N. Y.<br>Houston<br>Harrie, Texas<br>New Haven<br>New Haven, Conn.<br>Bridgeport<br>Fairfield, Conn.<br>Kansaa City<br>Jackson, Mo.<br>Johneon, Kane.<br>Wyandotte, Kane.<br>Worcestaer<br>Worcestaer, Mase.</td></tr><tr><td>Chicago<br>Cook, Ill.<br>Du Page, Ill.<br>Lake, Ill.<br>Lake, Ind.</td><td></td><td></td><td></td><td></td></tr></table>
Less than $500,000. 1/ The twenty-five metropolitan areas selected are those having the largest volume of total bank deposits on
December 31, 1943. Source: Bureau of the Census. Independent city not a part of any county.
A-14-
Treasury Bulletin
Bank Deposits of Individuals, Partnerships, and Corporations, December 31, 1941 - 1944 - (Continued)
Table 2.- Deposits by States and Metropolitan Areas
Part A - Total Deposits
<table><tr><th rowspan="2">State and metropolitan area</th><th colspan="4">Total deposits</th><th colspan="3">Increase in total deposits</th><th colspan="3">Percentage increase</th></tr><tr><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th colspan="3">Amount</th><th colspan="3">Percentage increase</th></tr><tr><th></th><th colspan="4">(In millions of dollars)</th><th colspan="3">Calendar years</th><th colspan="3">Calendar years</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1942</th><th>1943</th><th>1944</th><th>Total Dec. 31, 1941 to Dec. 31, 1944</th><th>1942</th><th>1943</th><th>1944</th><th>Dec. 31, 1941 to Dec. 31, 1944</th></tr><tr><td>Alabama</td><td>356</td><td>494</td><td>624</td><td>756</td><td>138</td><td>131</td><td>132</td><td>400</td><td>38.7</td><td>26.5</td><td>21.2</td><td>112.4</td></tr><tr><td>Arizona</td><td>92</td><td>144</td><td>184</td><td>236</td><td>52</td><td>40</td><td>52</td><td>144</td><td>56.6</td><td>27.8</td><td>28.3</td><td>156.5</td></tr><tr><td>Arkansas</td><td>210</td><td>305</td><td>365</td><td>471</td><td>95</td><td>60</td><td>106</td><td>261</td><td>45.3</td><td>19.7</td><td>29.0</td><td>124.3</td></tr><tr><td>California: Loe Angeles</td><td>1,594</td><td>2,069</td><td>2,750</td><td>3,426</td><td>475</td><td>681</td><td>676</td><td>1,832</td><td>29.8</td><td>32.9</td><td>24.6</td><td>114.9</td></tr><tr><td>San Francisco</td><td>1,740</td><td>2,113</td><td>2,603</td><td>2,953</td><td>372</td><td>490</td><td>350</td><td>1,213</td><td>21.4</td><td>23.2</td><td>13.4</td><td>69.7</td></tr><tr><td>Other</td><td>922</td><td>1,323</td><td>1,836</td><td>2,296</td><td>400</td><td>513</td><td>460</td><td>1,374</td><td>43.4</td><td>38.8</td><td>25.1</td><td>149.0</td></tr><tr><td>Total</td><td>4,257</td><td>5,504</td><td>7,189</td><td>8,675</td><td>1,247</td><td>1,684</td><td>1,486</td><td>4,418</td><td>29.3</td><td>30.6</td><td>20.7</td><td>103.8</td></tr><tr><td>Colorado</td><td>327</td><td>445</td><td>572</td><td>651</td><td>117</td><td>127</td><td>79</td><td>324</td><td>35.9</td><td>28.7</td><td>13.8</td><td>99.1</td></tr><tr><td>Connecticut: Bridgeport</td><td>361</td><td>400</td><td>465</td><td>520</td><td>39</td><td>65</td><td>55</td><td>159</td><td>10.7</td><td>16.3</td><td>11.8</td><td>44.0</td></tr><tr><td>Hartford</td><td>571</td><td>629</td><td>746</td><td>756</td><td>58</td><td>117</td><td>10</td><td>185</td><td>10.1</td><td>18.6</td><td>1.3</td><td>32.4</td></tr><tr><td>New Haven</td><td>358</td><td>399</td><td>468</td><td>514</td><td>42</td><td>69</td><td>46</td><td>156</td><td>11.6</td><td>17.3</td><td>9.8</td><td>43.6</td></tr><tr><td>Other</td><td>208</td><td>230</td><td>258</td><td>285</td><td>21</td><td>29</td><td>27</td><td>77</td><td>10.1</td><td>12.4</td><td>10.5</td><td>37.0</td></tr><tr><td>Total</td><td>1,499</td><td>1,658</td><td>1,938</td><td>2,074</td><td>159</td><td>280</td><td>136</td><td>575</td><td>10.6</td><td>16.9</td><td>7.0</td><td>38.4</td></tr><tr><td>Delaware</td><td>270</td><td>291</td><td>341</td><td>379</td><td>21</td><td>50</td><td>38</td><td>109</td><td>7.9</td><td>17.0</td><td>11.1</td><td>40.4</td></tr><tr><td>District of Columbia: Washington 2/</td><td>441</td><td>534</td><td>597</td><td>693</td><td>93</td><td>62</td><td>96</td><td>252</td><td>21.2</td><td>11.6</td><td>16.1</td><td>57.1</td></tr><tr><td>Florida</td><td>384</td><td>523</td><td>743</td><td>979</td><td>139</td><td>221</td><td>236</td><td>595</td><td>36.1</td><td>42.2</td><td>31.8</td><td>154.9</td></tr><tr><td>Georgia</td><td>456</td><td>636</td><td>815</td><td>996</td><td>181</td><td>179</td><td>181</td><td>540</td><td>39.6</td><td>28.1</td><td>22.2</td><td>118.4</td></tr><tr><td>Idaho</td><td>101</td><td>154</td><td>214</td><td>278</td><td>53</td><td>60</td><td>64</td><td>177</td><td>52.7</td><td>38.7</td><td>29.9</td><td>175.2</td></tr><tr><td>Illinois: Chicago 2/</td><td>3,316</td><td>3,882</td><td>4,679</td><td>5,105</td><td>567</td><td>796</td><td>426</td><td>1,789</td><td>17.1</td><td>20.5</td><td>9.1</td><td>54.0</td></tr><tr><td>St. Louis 2/</td><td>96</td><td>115</td><td>142</td><td>171</td><td>18</td><td>27</td><td>29</td><td>75</td><td>19.1</td><td>23.7</td><td>20.4</td><td>78.1</td></tr><tr><td>Other</td><td>823</td><td>1,045</td><td>1,349</td><td>1,660</td><td>222</td><td>304</td><td>311</td><td>837</td><td>27.0</td><td>29.1</td><td>23.1</td><td>101.7</td></tr><tr><td>Total</td><td>4,235</td><td>5,042</td><td>6,170</td><td>6,937</td><td>807</td><td>1,128</td><td>767</td><td>2,702</td><td>19.1</td><td>22.4</td><td>12.4</td><td>63.8</td></tr><tr><td>Indiana: Chicago 2/</td><td>55</td><td>67</td><td>85</td><td>107</td><td>12</td><td>18</td><td>22</td><td>52</td><td>22.1</td><td>27.4</td><td>25.9</td><td>94.5</td></tr><tr><td>Cincinnati 2/</td><td>6</td><td>7</td><td>8</td><td>10</td><td>1</td><td>2</td><td>2</td><td>4</td><td>20.7</td><td>24.7</td><td>25.0</td><td>66.7</td></tr><tr><td>Other</td><td>892</td><td>1,162</td><td>1,467</td><td>1,745</td><td>270</td><td>306</td><td>278</td><td>853</td><td>30.3</td><td>26.3</td><td>19.0</td><td>95.6</td></tr><tr><td>Total</td><td>952</td><td>1,235</td><td>1,560</td><td>1,863</td><td>283</td><td>326</td><td>303</td><td>911</td><td>29.7</td><td>26.4</td><td>19.4</td><td>95.7</td></tr><tr><td>Iowa</td><td>665</td><td>857</td><td>1,067</td><td>1,272</td><td>192</td><td>209</td><td>205</td><td>607</td><td>28.8</td><td>24.4</td><td>19.2</td><td>91.3</td></tr><tr><td>Kansas: Kansas City 2/</td><td>33</td><td>49</td><td>64</td><td>76</td><td>16</td><td>15</td><td>12</td><td>43</td><td>50.0</td><td>31.0</td><td>18.8</td><td>130.3</td></tr><tr><td>Other</td><td>335</td><td>508</td><td>670</td><td>835</td><td>173</td><td>162</td><td>165</td><td>500</td><td>51.7</td><td>31.9</td><td>24.6</td><td>149.3</td></tr><tr><td>Total</td><td>368</td><td>557</td><td>734</td><td>911</td><td>189</td><td>177</td><td>177</td><td>543</td><td>51.5</td><td>31.8</td><td>24.1</td><td>147.6</td></tr><tr><td>Kentucky: Cincinnati 2/</td><td>36</td><td>39</td><td>46</td><td>54</td><td>3</td><td>6</td><td>8</td><td>18</td><td>9.1</td><td>15.4</td><td>17.4</td><td>50.0</td></tr><tr><td>Other</td><td>445</td><td>569</td><td>720</td><td>869</td><td>124</td><td>151</td><td>149</td><td>424</td><td>27.9</td><td>26.6</td><td>20.7</td><td>95.3</td></tr><tr><td>Total</td><td>481</td><td>608</td><td>765</td><td>923</td><td>127</td><td>157</td><td>158</td><td>442</td><td>26.5</td><td>25.9</td><td>20.7</td><td>91.9</td></tr><tr><td>Louisiana</td><td>432</td><td>577</td><td>718</td><td>897</td><td>145</td><td>142</td><td>179</td><td>465</td><td>33.6</td><td>24.6</td><td>24.9</td><td>107.6</td></tr><tr><td>Maine</td><td>334</td><td>382</td><td>450</td><td>514</td><td>47</td><td>69</td><td>64</td><td>180</td><td>14.1</td><td>18.0</td><td>14.2</td><td>53.9</td></tr><tr><td>Maryland: Baltimore</td><td>667</td><td>770</td><td>918</td><td>992</td><td>103</td><td>148</td><td>74</td><td>325</td><td>15.4</td><td>19.3</td><td>8.1</td><td>48.7</td></tr><tr><td>Washington 2/</td><td>35</td><td>43</td><td>52</td><td>64</td><td>8</td><td>9</td><td>12</td><td>29</td><td>22.9</td><td>21.3</td><td>23.1</td><td>82.9</td></tr><tr><td>Other</td><td>162</td><td>190</td><td>236</td><td>279</td><td>29</td><td>46</td><td>43</td><td>117</td><td>17.6</td><td>24.1</td><td>18.2</td><td>72.2</td></tr><tr><td>Total</td><td>864</td><td>1,003</td><td>1,207</td><td>1,334</td><td>139</td><td>203</td><td>127</td><td>470</td><td>16.1</td><td>20.3</td><td>10.5</td><td>54.4</td></tr><tr><td>Massachusetts: Boston</td><td>2,943</td><td>3,179</td><td>3,619</td><td>3,855</td><td>236</td><td>440</td><td>236</td><td>912</td><td>8.0</td><td>13.8</td><td>6.5</td><td>31.0</td></tr><tr><td>Worcester</td><td>376</td><td>405</td><td>456</td><td>492</td><td>29</td><td>52</td><td>36</td><td>116</td><td>7.6</td><td>12.7</td><td>7.9</td><td>30.9</td></tr><tr><td>Other</td><td>685</td><td>761</td><td>869</td><td>955</td><td>75</td><td>108</td><td>86</td><td>270</td><td>11.0</td><td>14.2</td><td>9.9</td><td>39.4</td></tr><tr><td>Total</td><td>4,004</td><td>4,345</td><td>4,944</td><td>5,302</td><td>340</td><td>600</td><td>358</td><td>1,298</td><td>8.5</td><td>13.8</td><td>7.2</td><td>32.4</td></tr><tr><td>Michigan: Detroit</td><td>1,079</td><td>1,548</td><td>1,959</td><td>2,160</td><td>469</td><td>411</td><td>201</td><td>1,081</td><td>43.5</td><td>26.6</td><td>10.3</td><td>100.2</td></tr><tr><td>Other</td><td>662</td><td>840</td><td>1,095</td><td>1,315</td><td>178</td><td>254</td><td>220</td><td>653</td><td>26.9</td><td>30.2</td><td>20.1</td><td>98.6</td></tr><tr><td>Total</td><td>1,741</td><td>2,389</td><td>3,054</td><td>3,475</td><td>648</td><td>665</td><td>421</td><td>1,734</td><td>37.2</td><td>27.9</td><td>13.8</td><td>99.6</td></tr><tr><td>Minnesota: Minneapolis-St. Paul</td><td>481</td><td>625</td><td>775</td><td>847</td><td>145</td><td>150</td><td>72</td><td>366</td><td>30.1</td><td>24.0</td><td>9.3</td><td>76.1</td></tr><tr><td>Other</td><td>401</td><td>504</td><td>635</td><td>737</td><td>103</td><td>131</td><td>102</td><td>336</td><td>25.7</td><td>25.9</td><td>16.1</td><td>83.8</td></tr><tr><td>Total</td><td>882</td><td>1,130</td><td>1,410</td><td>1,584</td><td>248</td><td>280</td><td>174</td><td>702</td><td>28.1</td><td>24.8</td><td>12.3</td><td>79.6</td></tr><tr><td>Mississippi</td><td>214</td><td>299</td><td>364</td><td>459</td><td>85</td><td>65</td><td>95</td><td>245</td><td>39.6</td><td>21.9</td><td>26.1</td><td>114.5</td></tr><tr><td>Missouri: Kansas City 2/</td><td>245</td><td>332</td><td>400</td><td>462</td><td>87</td><td>68</td><td>62</td><td>217</td><td>35.5</td><td>20.6</td><td>15.5</td><td>88.6</td></tr><tr><td>St. Louis 2/</td><td>698</td><td>831</td><td>916</td><td>1,022</td><td>133</td><td>85</td><td>106</td><td>324</td><td>19.0</td><td>10.2</td><td>11.6</td><td>46.4</td></tr><tr><td>Other</td><td>316</td><td>419</td><td>535</td><td>673</td><td>103</td><td>115</td><td>138</td><td>357</td><td>32.8</td><td>27.5</td><td>25.8</td><td>113.0</td></tr><tr><td>Total</td><td>1,258</td><td>1,582</td><td>1,850</td><td>2,158</td><td>323</td><td>269</td><td>308</td><td>900</td><td>25.7</td><td>17.0</td><td>16.6</td><td>71.5</td></tr></table>
(Continued on following page)
May 1945
A-15
Bank Deposits of Individuals, Partnerships, and Corporations,
December 31, 1941 - 1944 - (Continued)
Table 2.- Deposits by States and Metropolitan Areas 1/ - (Continued)
Part A - Total Deposits - (Continued)
<table><tr><th>State and metro-politan area</th><th colspan="4">Total deposits</th><th colspan="3">Increase in total deposits</th><th colspan="3">Percentage increase</th></tr><tr><th></th><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th colspan="3">Amount</th><th colspan="3">Percentage increase</th></tr><tr><th></th><th colspan="4">(In millions of dollars)</th><th colspan="3">Calendar years</th><th colspan="3">Calendar years</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1942</th><th>1943</th><th>1944</th><th>Total Dec. 31, 1941 to Dec. 31, 1944</th><th>1942</th><th>1943</th><th>1944</th><th>Dec. 31, 1941 to Dec. 31, 1944</th></tr><tr><td>Montana</td><td>146</td><td>203</td><td>246</td><td>306</td><td>56</td><td>43</td><td>60</td><td>160</td><td>38.5</td><td>21.4</td><td>24.4</td><td>109.6</td></tr><tr><td>Nebraska</td><td>283</td><td>438</td><td>587</td><td>688</td><td>155</td><td>149</td><td>101</td><td>405</td><td>54.7</td><td>34.0</td><td>17.2</td><td>143.1</td></tr><tr><td>Nevada</td><td>44</td><td>67</td><td>80</td><td>96</td><td>23</td><td>13</td><td>16</td><td>52</td><td>52.1</td><td>18.8</td><td>20.0</td><td>118.2</td></tr><tr><td>New Hampshire</td><td>286</td><td>300</td><td>332</td><td>366</td><td>14</td><td>33</td><td>34</td><td>80</td><td>4.8</td><td>10.9</td><td>10.2</td><td>28.0</td></tr><tr><td>New Jersey:</td><td></td><td></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 York City 2/</td><td>1,764</td><td>1,967</td><td>2,369</td><td>2,708</td><td>203</td><td>402</td><td>339</td><td>944</td><td>11.5</td><td>20.4</td><td>14.3</td><td>53.5</td></tr><tr><td>Philadelphia 2/</td><td>135</td><td>158</td><td>186</td><td>217</td><td>24</td><td>28</td><td>31</td><td>82</td><td>17.5</td><td>17.7</td><td>16.7</td><td>60.7</td></tr><tr><td>Other</td><td>262</td><td>298</td><td>371</td><td>449</td><td>35</td><td>74</td><td>78</td><td>187</td><td>13.5</td><td>24.7</td><td>21.0</td><td>71.4</td></tr><tr><td>Total</td><td>2,161</td><td>2,423</td><td>2,926</td><td>3,374</td><td>262</td><td>503</td><td>448</td><td>1,213</td><td>12.1</td><td>20.8</td><td>15.3</td><td>56.1</td></tr><tr><td>New Mexico</td><td>60</td><td>94</td><td>123</td><td>156</td><td>35</td><td>29</td><td>33</td><td>96</td><td>58.7</td><td>30.4</td><td>26.8</td><td>160.0</td></tr><tr><td>New York:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Buffalo</td><td>646</td><td>717</td><td>880</td><td>1,012</td><td>71</td><td>163</td><td>132</td><td>366</td><td>11.1</td><td>22.7</td><td>15.0</td><td>56.7</td></tr><tr><td>New York City 2/</td><td>17,852</td><td>18,411</td><td>21,166</td><td>22,393</td><td>589</td><td>2,725</td><td>1,227</td><td>4,541</td><td>3.3</td><td>14.8</td><td>5.8</td><td>25.4</td></tr><tr><td>Rochester</td><td>371</td><td>400</td><td>475</td><td>516</td><td>29</td><td>75</td><td>41</td><td>145</td><td>7.7</td><td>18.9</td><td>8.6</td><td>39.1</td></tr><tr><td>Other</td><td>1,815</td><td>2,009</td><td>2,327</td><td>2,650</td><td>194</td><td>319</td><td>323</td><td>835</td><td>10.7</td><td>15.9</td><td>13.9</td><td>46.0</td></tr><tr><td>Total</td><td>20,684</td><td>21,567</td><td>24,849</td><td>26,572</td><td>884</td><td>3,282</td><td>1,723</td><td>5,888</td><td>4.3</td><td>15.2</td><td>6.9</td><td>28.5</td></tr><tr><td>North Carolina</td><td>445</td><td>612</td><td>755</td><td>961</td><td>167</td><td>143</td><td>206</td><td>516</td><td>37.5</td><td>23.5</td><td>27.3</td><td>116.0</td></tr><tr><td>North Dakota</td><td>106</td><td>163</td><td>226</td><td>284</td><td>58</td><td>62</td><td>58</td><td>178</td><td>54.8</td><td>38.2</td><td>25.7</td><td>167.9</td></tr><tr><td>Ohio:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cincinnati 2/</td><td>412</td><td>512</td><td>597</td><td>648</td><td>100</td><td>85</td><td>51</td><td>236</td><td>24.3</td><td>16.7</td><td>8.5</td><td>57.3</td></tr><tr><td>Cleveland</td><td>950</td><td>1,121</td><td>1,400</td><td>1,596</td><td>171</td><td>279</td><td>196</td><td>646</td><td>18.0</td><td>24.9</td><td>14.0</td><td>68.0</td></tr><tr><td>Other</td><td>1,409</td><td>1,745</td><td>2,210</td><td>2,630</td><td>336</td><td>465</td><td>420</td><td>1,221</td><td>23.8</td><td>26.7</td><td>19.0</td><td>86.7</td></tr><tr><td>Total</td><td>2,771</td><td>3,378</td><td>4,207</td><td>4,873</td><td>607</td><td>829</td><td>666</td><td>2,102</td><td>21.9</td><td>24.5</td><td>15.8</td><td>75.9</td></tr><tr><td>Oklahoma</td><td>359</td><td>473</td><td>603</td><td>774</td><td>114</td><td>130</td><td>171</td><td>415</td><td>31.8</td><td>27.4</td><td>28.4</td><td>115.6</td></tr><tr><td>Oregon</td><td>379</td><td>564</td><td>741</td><td>930</td><td>185</td><td>177</td><td>189</td><td>551</td><td>48.7</td><td>31.5</td><td>25.5</td><td>145.4</td></tr><tr><td>Pennsylvania:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Philadelphia 2/</td><td>2,185</td><td>2,381</td><td>2,719</td><td>2,963</td><td>196</td><td>339</td><td>244</td><td>778</td><td>9.0</td><td>14.2</td><td>9.0</td><td>35.6</td></tr><tr><td>Pittsburgh</td><td>1,417</td><td>1,511</td><td>1,770</td><td>1,929</td><td>93</td><td>260</td><td>159</td><td>512</td><td>6.6</td><td>17.2</td><td>9.0</td><td>36.1</td></tr><tr><td>Other</td><td>1,678</td><td>1,870</td><td>2,160</td><td>2,548</td><td>192</td><td>290</td><td>388</td><td>370</td><td>11.4</td><td>15.5</td><td>18.0</td><td>51.8</td></tr><tr><td>Total</td><td>5,280</td><td>5,761</td><td>6,650</td><td>7,440</td><td>481</td><td>889</td><td>790</td><td>2,160</td><td>9.1</td><td>15.4</td><td>11.9</td><td>40.9</td></tr><tr><td>Rhode Island:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Providence</td><td>507</td><td>576</td><td>631</td><td>713</td><td>69</td><td>55</td><td>82</td><td>206</td><td>13.6</td><td>9.6</td><td>13.0</td><td>40.6</td></tr><tr><td>Other</td><td>22</td><td>19</td><td>29</td><td>33</td><td>-3</td><td>10</td><td>4</td><td>11</td><td>-12.8</td><td>50.8</td><td>13.8</td><td>50.0</td></tr><tr><td>Total</td><td>529</td><td>595</td><td>661</td><td>746</td><td>66</td><td>65</td><td>85</td><td>217</td><td>12.5</td><td>11.0</td><td>12.9</td><td>41.0</td></tr><tr><td>South Carolina</td><td>172</td><td>245</td><td>306</td><td>392</td><td>73</td><td>61</td><td>86</td><td>220</td><td>42.6</td><td>25.0</td><td>28.1</td><td>127.9</td></tr><tr><td>South Dakota</td><td>95</td><td>144</td><td>189</td><td>226</td><td>49</td><td>44</td><td>37</td><td>131</td><td>52.2</td><td>30.6</td><td>19.6</td><td>137.9</td></tr><tr><td>Tennessee</td><td>511</td><td>668</td><td>843</td><td>1,035</td><td>156</td><td>175</td><td>192</td><td>524</td><td>30.6</td><td>26.3</td><td>22.8</td><td>102.5</td></tr><tr><td>Texas:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Houston</td><td>275</td><td>349</td><td>472</td><td>524</td><td>74</td><td>123</td><td>52</td><td>249</td><td>27.1</td><td>35.4</td><td>11.0</td><td>90.5</td></tr><tr><td>Other</td><td>1,124</td><td>1,591</td><td>2,095</td><td>2,604</td><td>467</td><td>504</td><td>509</td><td>1,480</td><td>41.5</td><td>31.7</td><td>24.3</td><td>131.7</td></tr><tr><td>Total</td><td>1,399</td><td>1,940</td><td>2,567</td><td>3,127</td><td>541</td><td>627</td><td>560</td><td>1,728</td><td>38.7</td><td>32.3</td><td>21.8</td><td>123.5</td></tr><tr><td>Utah</td><td>151</td><td>224</td><td>286</td><td>340</td><td>73</td><td>62</td><td>54</td><td>189</td><td>48.6</td><td>27.6</td><td>18.9</td><td>125.2</td></tr><tr><td>Vermont</td><td>173</td><td>184</td><td>208</td><td>235</td><td>12</td><td>24</td><td>27</td><td>62</td><td>6.8</td><td>13.0</td><td>13.0</td><td>35.8</td></tr><tr><td>Virginia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Washington 2/</td><td>20</td><td>28</td><td>34</td><td>41</td><td>8</td><td>6</td><td>7</td><td>21</td><td>37.1</td><td>20.8</td><td>20.6</td><td>105.0</td></tr><tr><td>Other</td><td>616</td><td>766</td><td>891</td><td>1,061</td><td>150</td><td>125</td><td>170</td><td>445</td><td>24.3</td><td>16.3</td><td>19.1</td><td>72.2</td></tr><tr><td>Total</td><td>637</td><td>794</td><td>925</td><td>1,102</td><td>157</td><td>131</td><td>177</td><td>465</td><td>24.7</td><td>16.5</td><td>19.1</td><td>73.0</td></tr><tr><td>Washington:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Seattle</td><td>365</td><td>523</td><td>640</td><td>742</td><td>158</td><td>118</td><td>102</td><td>377</td><td>43.2</td><td>22.5</td><td>15.9</td><td>103.3</td></tr><tr><td>Other</td><td>320</td><td>496</td><td>692</td><td>862</td><td>176</td><td>196</td><td>170</td><td>542</td><td>55.0</td><td>39.6</td><td>24.6</td><td>169.4</td></tr><tr><td>Total</td><td>685</td><td>1,018</td><td>1,332</td><td>1,604</td><td>334</td><td>314</td><td>272</td><td>919</td><td>48.7</td><td>30.8</td><td>20.4</td><td>134.2</td></tr><tr><td>West Virginia</td><td>298</td><td>342</td><td>424</td><td>529</td><td>44</td><td>82</td><td>105</td><td>231</td><td>14.6</td><td>24.1</td><td>24.8</td><td>77.5</td></tr><tr><td>Wisconsin:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Milwaukee</td><td>344</td><td>442</td><td>564</td><td>619</td><td>99</td><td>122</td><td>55</td><td>275</td><td>28.7</td><td>27.6</td><td>9.8</td><td>79.9</td></tr><tr><td>Other</td><td>630</td><td>776</td><td>971</td><td>1,212</td><td>146</td><td>195</td><td>241</td><td>582</td><td>23.2</td><td>25.1</td><td>24.8</td><td>92.4</td></tr><tr><td>Total</td><td>974</td><td>1,218</td><td>1,535</td><td>1,830</td><td>245</td><td>317</td><td>295</td><td>856</td><td>25.1</td><td>26.0</td><td>19.2</td><td>87.9</td></tr><tr><td>Wyoming</td><td>66</td><td>85</td><td>105</td><td>130</td><td>20</td><td>20</td><td>25</td><td>64</td><td>29.9</td><td>23.2</td><td>23.8</td><td>97.0</td></tr><tr><td>Totals:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>25 metropolitan areas</td><td>42,373</td><td>47,161</td><td>55,654</td><td>60,902</td><td>4,789</td><td>8,492</td><td>5,248</td><td>18,529</td><td>11.3</td><td>18.0</td><td>9.4</td><td>43.7</td></tr><tr><td>Other</td><td>21,140</td><td>27,029</td><td>33,926</td><td>41,031</td><td>5,890</td><td>6,896</td><td>7,105</td><td>19,891</td><td>27.9</td><td>25.5</td><td>20.9</td><td>94.1</td></tr><tr><td>Grand total</td><td>63,513</td><td>74,191</td><td>89,579</td><td>101,933</td><td>10,678</td><td>15,389</td><td>12,354</td><td>38,420</td><td>16.8</td><td>20.7</td><td>13.8</td><td>60.5</td></tr></table>
(Continued on following page)
A-16
Treasury Bulletin
Bank Deposits of Individuals, Partnerships, and Corporations,
December 31, 1941 - 1944 - (Continued)
Table 2.- Deposits by States and Metropolitan Areas 1/ - (Continued)
Part B - Demand Deposits
<table><tr><th rowspan="2">State and metropolitan area</th><th colspan="4">Demand deposits</th><th colspan="3">Increase in demand deposits</th><th colspan="4">Percentage increase</th></tr><tr><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th>1942</th><th>1943</th><th>1944</th><th>Total Dec. 31, 1941 to Dec. 31, 1944</th><th>1942</th><th>1943</th><th>1944</th><th>Dec. 31, 1941 to Dec. 31, 1944</th></tr><tr><td colspan="13">(In millions of dollars)</td></tr><tr><td>Alabama</td><td>244</td><td>372</td><td>485</td><td>579</td><td>128</td><td>113</td><td>94</td><td>335</td><td>52.5</td><td>30.5</td><td>19.4</td><td>137.3</td></tr><tr><td>Arizona</td><td>62</td><td>109</td><td>139</td><td>175</td><td>47</td><td>30</td><td>36</td><td>113</td><td>77.0</td><td>27.7</td><td>25.9</td><td>182.3</td></tr><tr><td>Arkansas</td><td>162</td><td>255</td><td>312</td><td>407</td><td>93</td><td>58</td><td>95</td><td>245</td><td>57.6</td><td>22.6</td><td>30.4</td><td>151.2</td></tr><tr><td>California: Lo Angeles</td><td>898</td><td>1,308</td><td>1,786</td><td>2,153</td><td>410</td><td>479</td><td>367</td><td>1,255</td><td>45.6</td><td>36.6</td><td>20.5</td><td>139.8</td></tr><tr><td>San Francisco</td><td>736</td><td>1,047</td><td>1,362</td><td>1,445</td><td>310</td><td>315</td><td>83</td><td>709</td><td>42.2</td><td>30.1</td><td>6.1</td><td>96.3</td></tr><tr><td>Other</td><td>419</td><td>750</td><td>1,101</td><td>1,327</td><td>331</td><td>351</td><td>226</td><td>908</td><td>79.1</td><td>46.7</td><td>20.5</td><td>216.7</td></tr><tr><td>Total</td><td>2,053</td><td>3,105</td><td>4,249</td><td>4,925</td><td>1,051</td><td>1,144</td><td>676</td><td>2,872</td><td>51.2</td><td>36.9</td><td>15.9</td><td>139.9</td></tr><tr><td>Colorado</td><td>236</td><td>345</td><td>452</td><td>499</td><td>109</td><td>107</td><td>47</td><td>263</td><td>46.2</td><td>31.1</td><td>10.4</td><td>111.4</td></tr><tr><td>Connecticut: Bridgeport</td><td>109</td><td>134</td><td>167</td><td>176</td><td>25</td><td>32</td><td>9</td><td>67</td><td>22.9</td><td>24.1</td><td>5.4</td><td>61.5</td></tr><tr><td>Hartford</td><td>251</td><td>295</td><td>377</td><td>343</td><td>44</td><td>82</td><td>-34</td><td>92</td><td>17.4</td><td>28.0</td><td>-9.0</td><td>36.7</td></tr><tr><td>New Haven</td><td>120</td><td>152</td><td>189</td><td>191</td><td>32</td><td>37</td><td>2</td><td>71</td><td>26.4</td><td>24.1</td><td>1.1</td><td>59.2</td></tr><tr><td>Other</td><td>33</td><td>46</td><td>56</td><td>59</td><td>13</td><td>10</td><td>3</td><td>26</td><td>39.8</td><td>22.0</td><td>5.4</td><td>78.8</td></tr><tr><td>Total</td><td>514</td><td>627</td><td>789</td><td>770</td><td>113</td><td>161</td><td>-19</td><td>256</td><td>22.1</td><td>25.8</td><td>-2.4</td><td>49.8</td></tr><tr><td>Delaware</td><td>185</td><td>205</td><td>246</td><td>270</td><td>21</td><td>40</td><td>24</td><td>85</td><td>11.2</td><td>19.7</td><td>9.8</td><td>45.9</td></tr><tr><td>District of Columbia: Washington 2/</td><td>316</td><td>404</td><td>456</td><td>526</td><td>88</td><td>52</td><td>70</td><td>210</td><td>27.7</td><td>12.9</td><td>15.4</td><td>66.5</td></tr><tr><td>Florida</td><td>296</td><td>427</td><td>612</td><td>783</td><td>132</td><td>185</td><td>176</td><td>492</td><td>44.5</td><td>43.2</td><td>28.8</td><td>166.2</td></tr><tr><td>Georgia</td><td>325</td><td>501</td><td>652</td><td>781</td><td>176</td><td>151</td><td>129</td><td>456</td><td>54.2</td><td>30.2</td><td>19.8</td><td>140.3</td></tr><tr><td>Idaho</td><td>68</td><td>118</td><td>166</td><td>213</td><td>50</td><td>48</td><td>47</td><td>145</td><td>74.3</td><td>40.9</td><td>28.3</td><td>213.2</td></tr><tr><td>Illinois: Chicago 2/</td><td>2,543</td><td>3,106</td><td>3,746</td><td>3,899</td><td>563</td><td>641</td><td>153</td><td>1,356</td><td>22.1</td><td>20.6</td><td>4.1</td><td>53.3</td></tr><tr><td>St. Louis 2/</td><td>55</td><td>71</td><td>88</td><td>100</td><td>16</td><td>17</td><td>12</td><td>45</td><td>29.3</td><td>24.6</td><td>13.6</td><td>81.8</td></tr><tr><td>Other</td><td>549</td><td>763</td><td>1,016</td><td>1,233</td><td>214</td><td>253</td><td>217</td><td>684</td><td>38.9</td><td>33.2</td><td>21.4</td><td>124.6</td></tr><tr><td>Total</td><td>3,147</td><td>3,939</td><td>4,851</td><td>5,231</td><td>793</td><td>912</td><td>380</td><td>2,084</td><td>25.2</td><td>23.1</td><td>7.8</td><td>66.2</td></tr><tr><td>Indiana: Chicago 2/</td><td>32</td><td>42</td><td>51</td><td>60</td><td>10</td><td>9</td><td>9</td><td>28</td><td>31.5</td><td>22.0</td><td>17.6</td><td>87.5</td></tr><tr><td>Cincinnati 2/</td><td>4</td><td>5</td><td>6</td><td>7</td><td>1</td><td>1</td><td>1</td><td>3</td><td>32.0</td><td>28.9</td><td>16.7</td><td>75.0</td></tr><tr><td>Other</td><td>549</td><td>811</td><td>1,048</td><td>1,202</td><td>262</td><td>237</td><td>154</td><td>653</td><td>47.8</td><td>29.2</td><td>14.7</td><td>118.9</td></tr><tr><td>Total</td><td>584</td><td>857</td><td>1,105</td><td>1,269</td><td>273</td><td>247</td><td>164</td><td>685</td><td>46.8</td><td>28.8</td><td>14.8</td><td>117.3</td></tr><tr><td>Iowa</td><td>414</td><td>599</td><td>782</td><td>907</td><td>185</td><td>184</td><td>125</td><td>493</td><td>44.6</td><td>30.7</td><td>16.0</td><td>119.1</td></tr><tr><td>Kansas: Kansas City 2/</td><td>17</td><td>31</td><td>42</td><td>48</td><td>14</td><td>11</td><td>6</td><td>31</td><td>78.6</td><td>35.1</td><td>14.3</td><td>182.4</td></tr><tr><td>Other</td><td>269</td><td>441</td><td>601</td><td>749</td><td>172</td><td>159</td><td>148</td><td>460</td><td>64.0</td><td>36.1</td><td>24.6</td><td>178.4</td></tr><tr><td>Total</td><td>287</td><td>472</td><td>643</td><td>797</td><td>186</td><td>170</td><td>154</td><td>510</td><td>64.9</td><td>36.0</td><td>24.0</td><td>177.7</td></tr><tr><td>Kentucky: Cincinnati 2/</td><td>17</td><td>21</td><td>25</td><td>29</td><td>4</td><td>4</td><td>4</td><td>12</td><td>22.4</td><td>21.1</td><td>16.0</td><td>70.6</td></tr><tr><td>Other</td><td>330</td><td>463</td><td>612</td><td>740</td><td>133</td><td>149</td><td>128</td><td>410</td><td>40.4</td><td>32.2</td><td>20.9</td><td>124.2</td></tr><tr><td>Total</td><td>347</td><td>483</td><td>637</td><td>769</td><td>137</td><td>153</td><td>132</td><td>422</td><td>39.5</td><td>31.7</td><td>20.7</td><td>121.6</td></tr><tr><td>Louisiana</td><td>319</td><td>461</td><td>583</td><td>718</td><td>142</td><td>122</td><td>135</td><td>399</td><td>44.5</td><td>26.5</td><td>23.2</td><td>125.1</td></tr><tr><td>Maine</td><td>58</td><td>129</td><td>164</td><td>180</td><td>41</td><td>35</td><td>16</td><td>92</td><td>46.1</td><td>26.8</td><td>9.8</td><td>104.5</td></tr><tr><td>Maryland: Baltimore</td><td>342</td><td>431</td><td>525</td><td>534</td><td>89</td><td>94</td><td>9</td><td>192</td><td>26.0</td><td>21.9</td><td>1.7</td><td>56.1</td></tr><tr><td>Washington 2/</td><td>17</td><td>24</td><td>29</td><td>35</td><td>7</td><td>5</td><td>6</td><td>18</td><td>37.7</td><td>21.9</td><td>20.7</td><td>105.9</td></tr><tr><td>Other</td><td>66</td><td>93</td><td>126</td><td>148</td><td>27</td><td>33</td><td>22</td><td>82</td><td>40.2</td><td>35.6</td><td>17.5</td><td>124.2</td></tr><tr><td>Total</td><td>426</td><td>548</td><td>681</td><td>717</td><td>122</td><td>133</td><td>36</td><td>291</td><td>28.7</td><td>24.2</td><td>5.3</td><td>68.3</td></tr><tr><td>Massachusetts: Boston</td><td>1,240</td><td>1,447</td><td>1,734</td><td>1,754</td><td>206</td><td>287</td><td>20</td><td>514</td><td>16.6</td><td>19.9</td><td>1.2</td><td>41.5</td></tr><tr><td>Worcester</td><td>86</td><td>110</td><td>133</td><td>132</td><td>24</td><td>23</td><td>-1</td><td>46</td><td>27.9</td><td>21.1</td><td>-1.8</td><td>53.5</td></tr><tr><td>Other</td><td>156</td><td>212</td><td>266</td><td>271</td><td>55</td><td>54</td><td>5</td><td>115</td><td>35.5</td><td>25.7</td><td>1.9</td><td>73.7</td></tr><tr><td>Total</td><td>1,482</td><td>1,768</td><td>2,133</td><td>2,158</td><td>286</td><td>365</td><td>25</td><td>676</td><td>19.3</td><td>20.6</td><td>1.2</td><td>45.6</td></tr><tr><td>Michigan: Detroit</td><td>687</td><td>1,100</td><td>1,361</td><td>1,355</td><td>413</td><td>261</td><td>-6</td><td>668</td><td>60.2</td><td>23.7</td><td>-1.4</td><td>97.2</td></tr><tr><td>Other</td><td>295</td><td>439</td><td>560</td><td>637</td><td>144</td><td>141</td><td>57</td><td>342</td><td>48.9</td><td>32.2</td><td>9.8</td><td>115.9</td></tr><tr><td>Total</td><td>982</td><td>1,539</td><td>1,941</td><td>1,992</td><td>557</td><td>402</td><td>51</td><td>1,010</td><td>56.8</td><td>26.1</td><td>2.6</td><td>102.9</td></tr><tr><td>Minnesota: Minneapolis-St. Paul</td><td>302</td><td>436</td><td>545</td><td>553</td><td>134</td><td>110</td><td>8</td><td>251</td><td>44.5</td><td>25.2</td><td>1.5</td><td>83.1</td></tr><tr><td>Other</td><td>182</td><td>267</td><td>352</td><td>387</td><td>85</td><td>85</td><td>35</td><td>205</td><td>46.8</td><td>31.9</td><td>9.9</td><td>112.6</td></tr><tr><td>Total</td><td>483</td><td>702</td><td>897</td><td>940</td><td>219</td><td>195</td><td>43</td><td>457</td><td>45.4</td><td>27.7</td><td>4.8</td><td>94.6</td></tr><tr><td>Mississippi</td><td>140</td><td>227</td><td>288</td><td>370</td><td>87</td><td>61</td><td>82</td><td>230</td><td>62.5</td><td>26.9</td><td>28.5</td><td>164.3</td></tr><tr><td>Missouri: Kansas City 2/</td><td>207</td><td>289</td><td>346</td><td>391</td><td>83</td><td>56</td><td>45</td><td>184</td><td>40.0</td><td>19.5</td><td>13.0</td><td>88.9</td></tr><tr><td>St. Louis 2/</td><td>503</td><td>633</td><td>687</td><td>735</td><td>129</td><td>55</td><td>48</td><td>232</td><td>25.7</td><td>8.7</td><td>7.0</td><td>46.1</td></tr><tr><td>Other</td><td>236</td><td>342</td><td>456</td><td>578</td><td>106</td><td>114</td><td>122</td><td>342</td><td>44.9</td><td>33.3</td><td>26.8</td><td>144.9</td></tr><tr><td>Total</td><td>946</td><td>1,263</td><td>1,489</td><td>1,705</td><td>318</td><td>225</td><td>216</td><td>759</td><td>33.6</td><td>17.8</td><td>14.5</td><td>80.2</td></tr></table>
(Continued on following page)
May 1945
A-17
Bank Deposits of Individuals, Partnerships, and Corporations,
December 31, 1941 - 1944 - (Continued)
Table 2.- Deposits by States and Metropolitan Areas 1/ - (Continued)
Part B - Demand Deposits - (Continued)
<table><tr><th>State and metropolitan area</th><th colspan="4">Demand deposits</th><th colspan="3">Increase in demand deposits</th><th colspan="4">Percentage increase</th></tr><tr><th></th><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th colspan="3">Amount</th><th colspan="3">Percentage</th><th>Dec. 31, 1941 to Dec. 31, 1944</th></tr><tr><th></th><th colspan="4">(In millions of dollars)</th><th colspan="3">Calendar years</th><th colspan="3">Calendar years</th><th></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1942</th><th>1943</th><th>1944</th><th>Total Dec. 31, 1941 to Dec. 31, 1944</th><th>1942</th><th>1943</th><th>1944</th><th></th></tr><tr><td>Montana</td><td>107</td><td>161</td><td>199</td><td>244</td><td>55</td><td>38</td><td>45</td><td>137</td><td>51.3</td><td>23.5</td><td>22.6</td><td>128.0</td></tr><tr><td>Nebraska</td><td>221</td><td>372</td><td>509</td><td>590</td><td>151</td><td>137</td><td>81</td><td>369</td><td>68.3</td><td>37.0</td><td>15.9</td><td>167.0</td></tr><tr><td>Nevada</td><td>26</td><td>46</td><td>54</td><td>62</td><td>19</td><td>8</td><td>8</td><td>36</td><td>72.6</td><td>18.3</td><td>14.8</td><td>138.5</td></tr><tr><td>New Hampshire</td><td>55</td><td>68</td><td>84</td><td>90</td><td>13</td><td>15</td><td>6</td><td>35</td><td>23.8</td><td>22.7</td><td>7.1</td><td>63.6</td></tr><tr><td>New Jersey: New York City 2/</td><td>747</td><td>920</td><td>1,157</td><td>1,233</td><td>173</td><td>238</td><td>76</td><td>486</td><td>23.1</td><td>25.8</td><td>6.6</td><td>65.1</td></tr><tr><td>Philadelphia 2/</td><td>75</td><td>96</td><td>116</td><td>133</td><td>22</td><td>20</td><td>17</td><td>58</td><td>29.3</td><td>20.4</td><td>14.7</td><td>77.3</td></tr><tr><td>Other</td><td>116</td><td>149</td><td>196</td><td>234</td><td>33</td><td>47</td><td>38</td><td>118</td><td>28.8</td><td>31.5</td><td>19.4</td><td>101.7</td></tr><tr><td>Total</td><td>938</td><td>1,165</td><td>1,470</td><td>1,599</td><td>228</td><td>304</td><td>129</td><td>661</td><td>24.3</td><td>26.1</td><td>8.8</td><td>70.5</td></tr><tr><td>New Mexico</td><td>44</td><td>78</td><td>103</td><td>130</td><td>33</td><td>26</td><td>27</td><td>86</td><td>74.6</td><td>33.1</td><td>26.2</td><td>195.5</td></tr><tr><td>New York: Buffalo</td><td>243</td><td>302</td><td>391</td><td>431</td><td>59</td><td>89</td><td>40</td><td>188</td><td>24.2</td><td>29.4</td><td>10.2</td><td>77.4</td></tr><tr><td>New York City 2/</td><td>12,287</td><td>12,931</td><td>15,008</td><td>15,190</td><td>643</td><td>2,077</td><td>182</td><td>2,903</td><td>5.2</td><td>16.1</td><td>1.2</td><td>23.6</td></tr><tr><td>Rochester</td><td>112</td><td>146</td><td>200</td><td>212</td><td>34</td><td>54</td><td>12</td><td>100</td><td>30.2</td><td>37.1</td><td>6.0</td><td>89.3</td></tr><tr><td>Other</td><td>495</td><td>664</td><td>830</td><td>924</td><td>169</td><td>166</td><td>94</td><td>429</td><td>34.0</td><td>25.0</td><td>11.3</td><td>86.7</td></tr><tr><td>Total</td><td>13,138</td><td>14,042</td><td>16,428</td><td>16,757</td><td>905</td><td>2,386</td><td>329</td><td>3,619</td><td>6.9</td><td>17.0</td><td>2.0</td><td>27.5</td></tr><tr><td>North Carolina</td><td>316</td><td>477</td><td>600</td><td>755</td><td>161</td><td>123</td><td>155</td><td>439</td><td>50.9</td><td>25.7</td><td>25.8</td><td>138.9</td></tr><tr><td>North Dakota</td><td>72</td><td>127</td><td>180</td><td>222</td><td>55</td><td>53</td><td>42</td><td>150</td><td>76.1</td><td>42.1</td><td>23.3</td><td>208.3</td></tr><tr><td>Ohio: Cincinnati 2/</td><td>280</td><td>379</td><td>451</td><td>471</td><td>99</td><td>72</td><td>20</td><td>191</td><td>35.4</td><td>19.0</td><td>4.4</td><td>68.2</td></tr><tr><td>Cleveland</td><td>536</td><td>685</td><td>882</td><td>945</td><td>149</td><td>198</td><td>63</td><td>409</td><td>27.7</td><td>28.8</td><td>7.1</td><td>76.3</td></tr><tr><td>Other</td><td>788</td><td>1,090</td><td>1,407</td><td>1,578</td><td>301</td><td>317</td><td>171</td><td>790</td><td>38.2</td><td>29.1</td><td>12.2</td><td>100.3</td></tr><tr><td>Total</td><td>1,604</td><td>2,153</td><td>2,740</td><td>2,994</td><td>549</td><td>586</td><td>254</td><td>1,390</td><td>34.2</td><td>27.2</td><td>9.3</td><td>86.7</td></tr><tr><td>Oklahoma</td><td>287</td><td>408</td><td>537</td><td>694</td><td>121</td><td>129</td><td>157</td><td>407</td><td>42.3</td><td>31.7</td><td>29.2</td><td>141.8</td></tr><tr><td>Oregon</td><td>239</td><td>398</td><td>520</td><td>630</td><td>159</td><td>122</td><td>110</td><td>391</td><td>66.7</td><td>30.6</td><td>21.2</td><td>163.6</td></tr><tr><td>Pennsylvania: Philadelphia 2/</td><td>1,305</td><td>1,554</td><td>1,788</td><td>1,885</td><td>248</td><td>235</td><td>97</td><td>580</td><td>19.0</td><td>15.1</td><td>5.4</td><td>44.4</td></tr><tr><td>Pittsburgh</td><td>931</td><td>1,072</td><td>1,318</td><td>1,415</td><td>141</td><td>246</td><td>97</td><td>484</td><td>15.1</td><td>23.0</td><td>7.4</td><td>52.0</td></tr><tr><td>Other</td><td>696</td><td>908</td><td>1,111</td><td>1,301</td><td>211</td><td>203</td><td>190</td><td>605</td><td>30.4</td><td>22.4</td><td>17.1</td><td>86.9</td></tr><tr><td>Total</td><td>2,933</td><td>3,533</td><td>4,217</td><td>4,601</td><td>600</td><td>684</td><td>384</td><td>1,668</td><td>20.5</td><td>19.4</td><td>9.1</td><td>56.9</td></tr><tr><td>Rhode Island: Providence</td><td>186</td><td>243</td><td>268</td><td>295</td><td>57</td><td>25</td><td>27</td><td>109</td><td>30.4</td><td>10.4</td><td>10.1</td><td>58.6</td></tr><tr><td>Other</td><td>5</td><td>6</td><td>9</td><td>9</td><td>1</td><td>3</td><td>0</td><td>4</td><td>19.1</td><td>53.6</td><td>.0</td><td>80.0</td></tr><tr><td>Total</td><td>191</td><td>249</td><td>277</td><td>303</td><td>58</td><td>28</td><td>26</td><td>112</td><td>30.1</td><td>11.3</td><td>9.4</td><td>58.6</td></tr><tr><td>South Carolina</td><td>135</td><td>206</td><td>262</td><td>334</td><td>71</td><td>56</td><td>72</td><td>199</td><td>52.8</td><td>27.0</td><td>27.5</td><td>147.4</td></tr><tr><td>South Dakota</td><td>64</td><td>111</td><td>150</td><td>177</td><td>47</td><td>39</td><td>27</td><td>113</td><td>74.2</td><td>35.4</td><td>18.0</td><td>176.6</td></tr><tr><td>Tennessee</td><td>331</td><td>484</td><td>631</td><td>761</td><td>153</td><td>147</td><td>130</td><td>430</td><td>46.4</td><td>30.3</td><td>20.6</td><td>129.9</td></tr><tr><td>Texas: Houston</td><td>233</td><td>308</td><td>423</td><td>460</td><td>74</td><td>115</td><td>37</td><td>227</td><td>31.9</td><td>37.4</td><td>8.7</td><td>97.4</td></tr><tr><td>Other</td><td>958</td><td>1,430</td><td>1,914</td><td>2,367</td><td>472</td><td>484</td><td>453</td><td>1,409</td><td>49.3</td><td>33.8</td><td>23.7</td><td>147.1</td></tr><tr><td>Total</td><td>1,191</td><td>1,738</td><td>2,337</td><td>2,827</td><td>546</td><td>599</td><td>490</td><td>1,636</td><td>45.9</td><td>34.5</td><td>21.0</td><td>137.4</td></tr><tr><td>Utah</td><td>85</td><td>147</td><td>188</td><td>215</td><td>62</td><td>41</td><td>27</td><td>130</td><td>72.7</td><td>28.1</td><td>14.4</td><td>152.9</td></tr><tr><td>Vermont</td><td>35</td><td>47</td><td>58</td><td>63</td><td>11</td><td>12</td><td>5</td><td>28</td><td>31.7</td><td>24.9</td><td>8.6</td><td>80.0</td></tr><tr><td>Virginia: Washington 2/</td><td>13</td><td>20</td><td>24</td><td>29</td><td>7</td><td>4</td><td>5</td><td>16</td><td>50.9</td><td>22.2</td><td>20.8</td><td>123.1</td></tr><tr><td>Other</td><td>333</td><td>475</td><td>579</td><td>689</td><td>142</td><td>104</td><td>110</td><td>356</td><td>42.5</td><td>21.9</td><td>19.0</td><td>106.9</td></tr><tr><td>Total</td><td>347</td><td>495</td><td>603</td><td>718</td><td>149</td><td>108</td><td>115</td><td>371</td><td>42.9</td><td>21.9</td><td>19.1</td><td>106.9</td></tr><tr><td>Washington: Seattle</td><td>212</td><td>340</td><td>407</td><td>439</td><td>129</td><td>67</td><td>32</td><td>227</td><td>60.7</td><td>19.5</td><td>7.9</td><td>107.1</td></tr><tr><td>Other</td><td>202</td><td>354</td><td>503</td><td>605</td><td>153</td><td>149</td><td>102</td><td>403</td><td>75.8</td><td>42.1</td><td>20.3</td><td>199.5</td></tr><tr><td>Total</td><td>413</td><td>695</td><td>910</td><td>1,044</td><td>281</td><td>216</td><td>134</td><td>631</td><td>68.1</td><td>31.0</td><td>14.7</td><td>152.8</td></tr><tr><td>West Virginia</td><td>176</td><td>222</td><td>287</td><td>355</td><td>46</td><td>65</td><td>68</td><td>179</td><td>26.3</td><td>29.3</td><td>23.7</td><td>101.7</td></tr><tr><td>Wisconsin: Milwaukee</td><td>228</td><td>317</td><td>411</td><td>429</td><td>89</td><td>94</td><td>18</td><td>201</td><td>39.3</td><td>29.6</td><td>4.4</td><td>88.2</td></tr><tr><td>Other</td><td>274</td><td>383</td><td>491</td><td>588</td><td>109</td><td>108</td><td>97</td><td>314</td><td>39.7</td><td>28.2</td><td>19.8</td><td>114.6</td></tr><tr><td>Total</td><td>502</td><td>700</td><td>902</td><td>1,017</td><td>198</td><td>202</td><td>115</td><td>515</td><td>39.5</td><td>28.8</td><td>12.7</td><td>102.6</td></tr><tr><td>Wyoming</td><td>44</td><td>63</td><td>81</td><td>99</td><td>19</td><td>18</td><td>18</td><td>55</td><td>44.7</td><td>27.9</td><td>22.2</td><td>125.0</td></tr><tr><td>Totals: 25 metropolitan areas</td><td>25,671</td><td>30,394</td><td>36,499</td><td>38,033</td><td>4,523</td><td>6,105</td><td>1,534</td><td>12,162</td><td>17.5</td><td>20.1</td><td>4.2</td><td>47.0</td></tr><tr><td>Other</td><td>11,724</td><td>17,247</td><td>22,579</td><td>26,934</td><td>5,523</td><td>5,332</td><td>4,355</td><td>15,210</td><td>47.1</td><td>30.9</td><td>19.3</td><td>129.7</td></tr><tr><td>Grand total</td><td>37,595</td><td>47,641</td><td>59,078</td><td>64,967</td><td>10,046</td><td>11,437</td><td>5,889</td><td>27,372</td><td>26.7</td><td>24.0</td><td>10.0</td><td>72.8</td></tr></table>
(Continued on following page)
A-18
Treasury Bulletin
Bank Deposits of Individuals, Partnerships, and Corporations,
December 31, 1941 - 1944 - (Continued)
Table 2.- Deposits by States and Metropolitan Areas 1/ - (Continued)
Part C - Time Deposits
<table><tr><th rowspan="2">State and metro-politan area</th><th colspan="4">Time deposita</th><th colspan="3">Increase in time deposita</th><th colspan="3">Percentage increase</th></tr><tr><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th colspan="3">Amount</th><th colspan="3">Percentage increase</th></tr><tr><th></th><th colspan="4">(In millions of dollars)</th><th colspan="3">Calendar years</th><th colspan="3">Calendar years</th><th>Dec. 31, 1941 to Dec. 31, 1944</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1942</th><th>1943</th><th>1944</th><th>Total Dec. 31, 1941 to Dec. 31, 1944</th><th>1942</th><th>1943</th><th>1944</th></tr><tr><td>Alabama</td><td>112</td><td>122</td><td>139</td><td>177</td><td>10</td><td>17</td><td>38</td><td>65</td><td>8.6</td><td>14.2</td><td>27.3</td><td>58.0</td></tr><tr><td>Arizona</td><td>30</td><td>35</td><td>45</td><td>60</td><td>5</td><td>10</td><td>15</td><td>30</td><td>15.1</td><td>28.2</td><td>33.3</td><td>100.0</td></tr><tr><td>Arkansas</td><td>48</td><td>50</td><td>52</td><td>65</td><td>2</td><td>2</td><td>13</td><td>17</td><td>3.9</td><td>4.6</td><td>25.0</td><td>35.4</td></tr><tr><td>California: Los Angeles</td><td>696</td><td>761</td><td>964</td><td>1,273</td><td>65</td><td>203</td><td>309</td><td>577</td><td>9.4</td><td>26.6</td><td>32.1</td><td>82.9</td></tr><tr><td>San Francisco</td><td>1,004</td><td>1,066</td><td>1,241</td><td>1,508</td><td>62</td><td>175</td><td>267</td><td>504</td><td>6.2</td><td>16.4</td><td>21.5</td><td>50.2</td></tr><tr><td>Other</td><td>504</td><td>572</td><td>735</td><td>969</td><td>69</td><td>163</td><td>234</td><td>465</td><td>13.6</td><td>28.4</td><td>31.8</td><td>92.3</td></tr><tr><td>Total</td><td>2,204</td><td>2,399</td><td>2,940</td><td>3,751</td><td>196</td><td>540</td><td>811</td><td>1,547</td><td>8.9</td><td>22.5</td><td>27.6</td><td>70.2</td></tr><tr><td>Colorado</td><td>91</td><td>100</td><td>120</td><td>151</td><td>8</td><td>20</td><td>31</td><td>60</td><td>9.2</td><td>20.3</td><td>25.8</td><td>65.9</td></tr><tr><td>Connecticut: Bridgeport</td><td>252</td><td>266</td><td>299</td><td>344</td><td>14</td><td>33</td><td>45</td><td>92</td><td>5.4</td><td>12.4</td><td>15.1</td><td>36.5</td></tr><tr><td>Hartford</td><td>320</td><td>334</td><td>369</td><td>413</td><td>14</td><td>35</td><td>44</td><td>93</td><td>4.3</td><td>10.4</td><td>11.9</td><td>29.1</td></tr><tr><td>New Haven</td><td>237</td><td>247</td><td>280</td><td>322</td><td>10</td><td>32</td><td>42</td><td>85</td><td>4.1</td><td>13.1</td><td>15.0</td><td>35.9</td></tr><tr><td>Other</td><td>175</td><td>183</td><td>202</td><td>225</td><td>8</td><td>18</td><td>23</td><td>50</td><td>4.5</td><td>10.0</td><td>11.4</td><td>28.6</td></tr><tr><td>Total</td><td>985</td><td>1,031</td><td>1,149</td><td>1,304</td><td>45</td><td>119</td><td>155</td><td>319</td><td>4.6</td><td>11.5</td><td>13.5</td><td>32.4</td></tr><tr><td>Delaware</td><td>85</td><td>86</td><td>95</td><td>109</td><td>*</td><td>9</td><td>14</td><td>24</td><td>0.6</td><td>10.7</td><td>14.7</td><td>28.2</td></tr><tr><td>District of Columbia: Washington 2/</td><td>125</td><td>131</td><td>141</td><td>167</td><td>6</td><td>10</td><td>26</td><td>42</td><td>4.6</td><td>7.8</td><td>18.4</td><td>33.6</td></tr><tr><td>Florida</td><td>88</td><td>95</td><td>131</td><td>190</td><td>7</td><td>36</td><td>59</td><td>102</td><td>8.0</td><td>37.7</td><td>45.0</td><td>116.9</td></tr><tr><td>Georgia</td><td>131</td><td>135</td><td>163</td><td>215</td><td>4</td><td>28</td><td>52</td><td>84</td><td>3.1</td><td>20.4</td><td>31.9</td><td>64.1</td></tr><tr><td>Idaho</td><td>33</td><td>36</td><td>47</td><td>64</td><td>3</td><td>11</td><td>17</td><td>31</td><td>8.6</td><td>31.8</td><td>36.2</td><td>93.9</td></tr><tr><td>Illinois: Chicago 2/</td><td>773</td><td>777</td><td>932</td><td>1,207</td><td>4</td><td>155</td><td>275</td><td>434</td><td>0.5</td><td>20.0</td><td>29.5</td><td>56.1</td></tr><tr><td>St. Louis 2/</td><td>42</td><td>44</td><td>54</td><td>71</td><td>2</td><td>10</td><td>17</td><td>29</td><td>5.7</td><td>22.1</td><td>31.5</td><td>69.0</td></tr><tr><td>Other</td><td>274</td><td>282</td><td>333</td><td>427</td><td>8</td><td>51</td><td>94</td><td>153</td><td>3.1</td><td>18.0</td><td>28.2</td><td>55.8</td></tr><tr><td>Total</td><td>1,088</td><td>1,103</td><td>1,319</td><td>1,706</td><td>15</td><td>216</td><td>387</td><td>618</td><td>1.3</td><td>19.6</td><td>29.3</td><td>56.8</td></tr><tr><td>Indiana: Chicago 2/</td><td>23</td><td>25</td><td>34</td><td>47</td><td>2</td><td>9</td><td>13</td><td>24</td><td>9.0</td><td>36.3</td><td>38.2</td><td>104.3</td></tr><tr><td>Cincinnati 2/</td><td>2</td><td>2</td><td>2</td><td>3</td><td>*</td><td>*</td><td>1</td><td>1</td><td>1.0</td><td>15.2</td><td>50.0</td><td>50.0</td></tr><tr><td>Other</td><td>343</td><td>351</td><td>419</td><td>543</td><td>8</td><td>69</td><td>124</td><td>200</td><td>2.2</td><td>19.7</td><td>29.6</td><td>58.3</td></tr><tr><td>Total</td><td>368</td><td>377</td><td>456</td><td>594</td><td>10</td><td>78</td><td>138</td><td>226</td><td>2.7</td><td>20.7</td><td>30.3</td><td>61.4</td></tr><tr><td>Iowa</td><td>251</td><td>259</td><td>284</td><td>364</td><td>7</td><td>26</td><td>80</td><td>113</td><td>2.9</td><td>9.9</td><td>28.2</td><td>45.0</td></tr><tr><td>Kansas: Kansas City 2/</td><td>15</td><td>18</td><td>22</td><td>29</td><td>3</td><td>4</td><td>7</td><td>14</td><td>17.5</td><td>23.9</td><td>31.8</td><td>93.3</td></tr><tr><td>Other</td><td>66</td><td>66</td><td>69</td><td>86</td><td>1</td><td>3</td><td>17</td><td>20</td><td>1.2</td><td>4.1</td><td>24.6</td><td>30.3</td></tr><tr><td>Total</td><td>81</td><td>84</td><td>91</td><td>114</td><td>3</td><td>7</td><td>23</td><td>33</td><td>4.2</td><td>8.3</td><td>25.3</td><td>40.7</td></tr><tr><td>Kentucky: Cincinnati 2/</td><td>19</td><td>19</td><td>21</td><td>25</td><td>-*</td><td>2</td><td>4</td><td>6</td><td>-2.4</td><td>9.1</td><td>19.0</td><td>31.6</td></tr><tr><td>Other</td><td>115</td><td>106</td><td>108</td><td>129</td><td>-9</td><td>2</td><td>21</td><td>14</td><td>-8.1</td><td>1.9</td><td>19.4</td><td>12.2</td></tr><tr><td>Total</td><td>134</td><td>124</td><td>128</td><td>155</td><td>-10</td><td>4</td><td>27</td><td>21</td><td>-7.2</td><td>3.0</td><td>21.1</td><td>15.7</td></tr><tr><td>Louisiana</td><td>113</td><td>116</td><td>135</td><td>179</td><td>3</td><td>20</td><td>44</td><td>66</td><td>2.8</td><td>16.9</td><td>32.6</td><td>58.4</td></tr><tr><td>Maine</td><td>246</td><td>252</td><td>286</td><td>334</td><td>6</td><td>34</td><td>48</td><td>88</td><td>2.6</td><td>13.5</td><td>16.8</td><td>35.8</td></tr><tr><td>Maryland: Baltimore</td><td>325</td><td>339</td><td>393</td><td>458</td><td>14</td><td>54</td><td>65</td><td>133</td><td>4.2</td><td>15.9</td><td>16.5</td><td>40.9</td></tr><tr><td>Washington 2/</td><td>18</td><td>19</td><td>23</td><td>29</td><td>1</td><td>4</td><td>6</td><td>11</td><td>8.3</td><td>20.5</td><td>26.1</td><td>61.1</td></tr><tr><td>Other</td><td>96</td><td>98</td><td>110</td><td>131</td><td>2</td><td>13</td><td>21</td><td>35</td><td>2.0</td><td>13.0</td><td>19.1</td><td>36.5</td></tr><tr><td>Total</td><td>438</td><td>455</td><td>526</td><td>617</td><td>17</td><td>71</td><td>91</td><td>179</td><td>3.9</td><td>15.5</td><td>17.3</td><td>40.9</td></tr><tr><td>Massachusetts: Boston</td><td>1,703</td><td>1,733</td><td>1,885</td><td>2,101</td><td>30</td><td>153</td><td>216</td><td>398</td><td>1.8</td><td>8.8</td><td>11.5</td><td>23.4</td></tr><tr><td>Worcester</td><td>290</td><td>295</td><td>323</td><td>359</td><td>5</td><td>28</td><td>36</td><td>69</td><td>1.6</td><td>9.6</td><td>11.1</td><td>23.8</td></tr><tr><td>Other</td><td>529</td><td>549</td><td>603</td><td>684</td><td>20</td><td>54</td><td>81</td><td>155</td><td>3.8</td><td>9.8</td><td>13.4</td><td>29.3</td></tr><tr><td>Total</td><td>2,522</td><td>2,577</td><td>2,812</td><td>3,144</td><td>55</td><td>235</td><td>332</td><td>622</td><td>2.2</td><td>9.1</td><td>11.8</td><td>24.7</td></tr><tr><td>Michigan: Detroit</td><td>392</td><td>448</td><td>598</td><td>805</td><td>56</td><td>151</td><td>207</td><td>413</td><td>14.3</td><td>33.6</td><td>34.6</td><td>105.4</td></tr><tr><td>Other</td><td>368</td><td>402</td><td>515</td><td>678</td><td>34</td><td>113</td><td>163</td><td>310</td><td>9.3</td><td>28.1</td><td>31.7</td><td>84.2</td></tr><tr><td>Total</td><td>759</td><td>850</td><td>1,113</td><td>1,483</td><td>90</td><td>263</td><td>370</td><td>724</td><td>11.9</td><td>31.0</td><td>33.2</td><td>95.4</td></tr><tr><td>Minnesota: Minneapolis-St. Paul</td><td>179</td><td>190</td><td>230</td><td>294</td><td>11</td><td>40</td><td>64</td><td>115</td><td>5.9</td><td>21.3</td><td>27.8</td><td>64.2</td></tr><tr><td>Other</td><td>219</td><td>237</td><td>283</td><td>350</td><td>18</td><td>45</td><td>67</td><td>131</td><td>8.2</td><td>19.1</td><td>23.7</td><td>59.8</td></tr><tr><td>Total</td><td>399</td><td>427</td><td>513</td><td>644</td><td>29</td><td>86</td><td>131</td><td>245</td><td>7.2</td><td>20.1</td><td>25.5</td><td>61.4</td></tr><tr><td>Mississippi</td><td>74</td><td>71</td><td>76</td><td>90</td><td>-3</td><td>4</td><td>14</td><td>16</td><td>-3.7</td><td>6.0</td><td>18.4</td><td>21.6</td></tr><tr><td>Missouri: Kansas City 2/</td><td>38</td><td>42</td><td>54</td><td>71</td><td>4</td><td>12</td><td>17</td><td>33</td><td>11.3</td><td>27.9</td><td>31.5</td><td>86.8</td></tr><tr><td>St. Louis 2/</td><td>194</td><td>198</td><td>228</td><td>287</td><td>4</td><td>30</td><td>59</td><td>93</td><td>1.9</td><td>15.1</td><td>25.9</td><td>47.9</td></tr><tr><td>Other</td><td>80</td><td>78</td><td>79</td><td>95</td><td>-2</td><td>2</td><td>16</td><td>15</td><td>-3.0</td><td>2.1</td><td>20.3</td><td>18.8</td></tr><tr><td>Total</td><td>313</td><td>318</td><td>361</td><td>453</td><td>6</td><td>43</td><td>92</td><td>140</td><td>1.8</td><td>13.6</td><td>25.5</td><td>44.7</td></tr></table>
(Continued on following page)
May 1945
A-19
Bank Deposits of Individuals, Partnerships, and Corporations, December 31, 1941 - 1944 - (Continued)
Table 2. - Deposits by States and Metropolitan Areas 1/ - (Continued)
Part C - Time Deposits - (Continued)
<table><tr><th>State and metro-politan area</th><th colspan="4">Time deposits</th><th colspan="3">Amount</th><th colspan="3">Percentage increase</th></tr><tr><th></th><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th><th colspan="3">Calendar years</th><th colspan="3">Calendar years</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1942</th><th>1943</th><th>1944</th><th>Total Dec. 31, 1941 to Dec. 31, 1944</th><th>1942</th><th>1943</th><th>1944</th><th>Dec. 31, 1941 to Dec. 31, 1944</th></tr><tr><td colspan="5">(In millions of dollars)</td><td colspan="3">(In millions of dollars)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Montana</td><td>40</td><td>42</td><td>47</td><td>62</td><td>2</td><td>6</td><td>15</td><td>22</td><td>4.4</td><td>13.3</td><td>31.9</td><td>55.0</td></tr><tr><td>Nebraska</td><td>62</td><td>66</td><td>78</td><td>98</td><td>4</td><td>12</td><td>20</td><td>36</td><td>6.4</td><td>17.7</td><td>25.6</td><td>58.1</td></tr><tr><td>Nevada</td><td>18</td><td>22</td><td>26</td><td>34</td><td>4</td><td>4</td><td>8</td><td>16</td><td>21.7</td><td>19.9</td><td>30.8</td><td>88.9</td></tr><tr><td>New Hampshire</td><td>231</td><td>232</td><td>249</td><td>276</td><td>1</td><td>17</td><td>27</td><td>45</td><td>0.3</td><td>7.4</td><td>10.8</td><td>19.5</td></tr><tr><td>New Jersey:</td><td></td><td></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 York City 2/</td><td>1,017</td><td>1,047</td><td>1,211</td><td>1,475</td><td>30</td><td>164</td><td>264</td><td>458</td><td>3.0</td><td>15.7</td><td>21.8</td><td>45.9</td></tr><tr><td>Philadelphia 2/</td><td>60</td><td>62</td><td>70</td><td>85</td><td>2</td><td>8</td><td>15</td><td>25</td><td>2.9</td><td>13.4</td><td>21.4</td><td>41.7</td></tr><tr><td>Other</td><td>146</td><td>148</td><td>175</td><td>216</td><td>2</td><td>27</td><td>41</td><td>70</td><td>1.3</td><td>17.9</td><td>23.4</td><td>47.9</td></tr><tr><td>Total</td><td>1,224</td><td>1,258</td><td>1,456</td><td>1,775</td><td>34</td><td>199</td><td>319</td><td>551</td><td>2.8</td><td>15.8</td><td>21.9</td><td>45.0</td></tr><tr><td>New Mexico</td><td>15</td><td>17</td><td>20</td><td>26</td><td>2</td><td>3</td><td>6</td><td>11</td><td>11.7</td><td>18.1</td><td>30.0</td><td>73.3</td></tr><tr><td>New York:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Buffalo</td><td>403</td><td>415</td><td>489</td><td>581</td><td>12</td><td>74</td><td>92</td><td>178</td><td>3.1</td><td>17.8</td><td>18.8</td><td>44.2</td></tr><tr><td>New York City 2/</td><td>5,564</td><td>5,510</td><td>6,158</td><td>7,204</td><td>-54</td><td>648</td><td>1,046</td><td>1,640</td><td>-1.0</td><td>11.8</td><td>17.0</td><td>29.5</td></tr><tr><td>Rochester</td><td>259</td><td>254</td><td>276</td><td>304</td><td>-5</td><td>22</td><td>28</td><td>45</td><td>-1.9</td><td>8.5</td><td>10.1</td><td>17.4</td></tr><tr><td>Other</td><td>1,319</td><td>1,345</td><td>1,497</td><td>1,726</td><td>25</td><td>152</td><td>229</td><td>407</td><td>1.9</td><td>11.3</td><td>15.3</td><td>30.9</td></tr><tr><td>Total</td><td>7,546</td><td>7,525</td><td>8,420</td><td>9,815</td><td>-21</td><td>896</td><td>1,395</td><td>2,269</td><td>-0.3</td><td>11.9</td><td>16.6</td><td>30.1</td></tr><tr><td>North Carolina</td><td>128</td><td>134</td><td>155</td><td>207</td><td>6</td><td>21</td><td>52</td><td>79</td><td>4.6</td><td>15.5</td><td>33.5</td><td>61.7</td></tr><tr><td>North Dakota</td><td>34</td><td>36</td><td>45</td><td>62</td><td>3</td><td>9</td><td>17</td><td>28</td><td>8.4</td><td>25.0</td><td>37.8</td><td>82.4</td></tr><tr><td>Ohio:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cincinnati 2/</td><td>132</td><td>133</td><td>146</td><td>177</td><td>1</td><td>13</td><td>31</td><td>45</td><td>0.9</td><td>10.0</td><td>21.2</td><td>34.1</td></tr><tr><td>Cleveland</td><td>414</td><td>436</td><td>517</td><td>651</td><td>22</td><td>81</td><td>134</td><td>237</td><td>5.3</td><td>18.6</td><td>25.9</td><td>57.2</td></tr><tr><td>Other</td><td>621</td><td>655</td><td>804</td><td>1,052</td><td>35</td><td>148</td><td>248</td><td>431</td><td>5.6</td><td>22.6</td><td>30.8</td><td>69.4</td></tr><tr><td>Total</td><td>1,167</td><td>1,225</td><td>1,467</td><td>1,879</td><td>58</td><td>243</td><td>412</td><td>712</td><td>4.9</td><td>19.8</td><td>28.1</td><td>61.0</td></tr><tr><td>Oklahoma</td><td>72</td><td>65</td><td>66</td><td>80</td><td>-7</td><td>*</td><td>14</td><td>8</td><td>-9.8</td><td>0.7</td><td>21.2</td><td>11.1</td></tr><tr><td>Oregon</td><td>140</td><td>166</td><td>221</td><td>299</td><td>25</td><td>55</td><td>78</td><td>159</td><td>18.2</td><td>33.5</td><td>35.3</td><td>113.6</td></tr><tr><td>Pennsylvania:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Philadelphia 2/</td><td>880</td><td>827</td><td>931</td><td>1,078</td><td>-53</td><td>104</td><td>147</td><td>198</td><td>-6.0</td><td>12.5</td><td>15.8</td><td>22.5</td></tr><tr><td>Pittsburgh</td><td>486</td><td>439</td><td>452</td><td>514</td><td>-47</td><td>14</td><td>62</td><td>28</td><td>-9.7</td><td>3.1</td><td>13.7</td><td>5.8</td></tr><tr><td>Other</td><td>982</td><td>962</td><td>1,050</td><td>1,247</td><td>-20</td><td>87</td><td>197</td><td>265</td><td>-2.0</td><td>9.1</td><td>18.8</td><td>27.0</td></tr><tr><td>Total</td><td>2,348</td><td>2,228</td><td>2,433</td><td>2,840</td><td>-119</td><td>205</td><td>407</td><td>492</td><td>-5.1</td><td>9.2</td><td>16.7</td><td>21.0</td></tr><tr><td>Rhode Island:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Providence</td><td>320</td><td>333</td><td>363</td><td>419</td><td>12</td><td>30</td><td>56</td><td>99</td><td>3.8</td><td>9.1</td><td>15.4</td><td>30.9</td></tr><tr><td>Other</td><td>18</td><td>14</td><td>21</td><td>24</td><td>-4</td><td>7</td><td>3</td><td>6</td><td>-21.3</td><td>49.6</td><td>14.3</td><td>33.3</td></tr><tr><td>Total</td><td>338</td><td>346</td><td>384</td><td>443</td><td>8</td><td>37</td><td>59</td><td>105</td><td>2.5</td><td>10.7</td><td>15.4</td><td>31.1</td></tr><tr><td>South Carolina</td><td>37</td><td>39</td><td>44</td><td>58</td><td>2</td><td>6</td><td>14</td><td>21</td><td>5.3</td><td>14.5</td><td>31.8</td><td>56.8</td></tr><tr><td>South Dakota</td><td>31</td><td>33</td><td>38</td><td>48</td><td>2</td><td>5</td><td>10</td><td>17</td><td>6.9</td><td>14.5</td><td>26.3</td><td>54.8</td></tr><tr><td>Tennessee</td><td>181</td><td>183</td><td>212</td><td>274</td><td>3</td><td>29</td><td>62</td><td>93</td><td>1.6</td><td>15.6</td><td>29.2</td><td>51.4</td></tr><tr><td>Texas:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Houston</td><td>41</td><td>41</td><td>49</td><td>64</td><td>*</td><td>8</td><td>15</td><td>23</td><td>0.1</td><td>19.3</td><td>30.6</td><td>56.1</td></tr><tr><td>Other</td><td>166</td><td>161</td><td>181</td><td>236</td><td>-5</td><td>20</td><td>55</td><td>70</td><td>-3.0</td><td>12.6</td><td>30.4</td><td>42.2</td></tr><tr><td>Total</td><td>207</td><td>203</td><td>231</td><td>300</td><td>-5</td><td>28</td><td>69</td><td>93</td><td>2.4</td><td>14.0</td><td>29.9</td><td>44.9</td></tr><tr><td>Utah</td><td>66</td><td>77</td><td>98</td><td>125</td><td>12</td><td>21</td><td>27</td><td>59</td><td>17.6</td><td>26.8</td><td>27.6</td><td>89.4</td></tr><tr><td>Vermont</td><td>137</td><td>138</td><td>150</td><td>172</td><td>*</td><td>12</td><td>22</td><td>35</td><td>0.3</td><td>9.0</td><td>14.7</td><td>25.5</td></tr><tr><td>Virginia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Washington 2/</td><td>7</td><td>8</td><td>10</td><td>12</td><td>1</td><td>1</td><td>2</td><td>5</td><td>12.1</td><td>17.5</td><td>20.0</td><td>71.4</td></tr><tr><td>Other</td><td>283</td><td>291</td><td>312</td><td>372</td><td>8</td><td>21</td><td>60</td><td>89</td><td>2.8</td><td>7.3</td><td>19.2</td><td>31.4</td></tr><tr><td>Total</td><td>290</td><td>299</td><td>322</td><td>384</td><td>9</td><td>23</td><td>62</td><td>94</td><td>3.0</td><td>7.6</td><td>19.3</td><td>32.4</td></tr><tr><td>Washington:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Seattle</td><td>153</td><td>182</td><td>233</td><td>303</td><td>29</td><td>51</td><td>70</td><td>150</td><td>19.0</td><td>28.1</td><td>30.0</td><td>98.0</td></tr><tr><td>Other</td><td>118</td><td>141</td><td>188</td><td>257</td><td>23</td><td>47</td><td>69</td><td>139</td><td>19.6</td><td>33.3</td><td>36.7</td><td>117.8</td></tr><tr><td>Total</td><td>271</td><td>324</td><td>422</td><td>559</td><td>52</td><td>98</td><td>137</td><td>288</td><td>19.3</td><td>30.3</td><td>32.5</td><td>106.3</td></tr><tr><td>West Virginia</td><td>123</td><td>120</td><td>137</td><td>174</td><td>-3</td><td>17</td><td>37</td><td>51</td><td>-2.2</td><td>14.4</td><td>27.0</td><td>41.5</td></tr><tr><td>Wiscosin:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Milwaukee</td><td>116</td><td>125</td><td>153</td><td>190</td><td>9</td><td>28</td><td>37</td><td>74</td><td>7.8</td><td>22.4</td><td>24.2</td><td>63.6</td></tr><tr><td>Other</td><td>356</td><td>393</td><td>480</td><td>624</td><td>37</td><td>87</td><td>144</td><td>266</td><td>10.4</td><td>22.1</td><td>30.0</td><td>75.3</td></tr><tr><td>Total</td><td>472</td><td>518</td><td>633</td><td>814</td><td>46</td><td>115</td><td>181</td><td>342</td><td>9.8</td><td>22.2</td><td>28.6</td><td>72.5</td></tr><tr><td>Wyoming</td><td>22</td><td>22</td><td>24</td><td>31</td><td>*</td><td>2</td><td>7</td><td>9</td><td>0.6</td><td>9.8</td><td>29.2</td><td>40.9</td></tr><tr><td>Totals:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>25 metropolitan areas</td><td>16,502</td><td>16,768</td><td>19,154</td><td>22,870</td><td>266</td><td>2,387</td><td>3,716</td><td>6,368</td><td>1.6</td><td>14.2</td><td>19.4</td><td>38.6</td></tr><tr><td>Other</td><td>9,416</td><td>9,782</td><td>11,347</td><td>14,096</td><td>367</td><td>1,565</td><td>2,749</td><td>4,680</td><td>3.9</td><td>16.0</td><td>24.2</td><td>49.7</td></tr><tr><td>Grand total</td><td>25,917</td><td>26,550</td><td>30,501</td><td>36,966</td><td>632</td><td>3,951</td><td>6,465</td><td>11,049</td><td>2.4</td><td>14.9</td><td>21.2</td><td>42.6</td></tr></table>
Less than $500,000. The twenty-five metropolitan areas selected are those having the largest volume of total bank deposits on December 31, 1943.
2/ Consists only of that portion of the metropolitan area lying within this State. For data on the entire metropolitan area see Table 1.
A-20
Treasury Bulletin
Treasury Market Financing
Results of March Refunding
Nearly 99% of the 7/8% certificates of indebtedness due April 1, 1945, were exchanged for new 1-year, 7/8% certificates offered by the Treasury in March for the purpose of refunding the maturing issue. The amount of the April 1, 1945, certificates of indebtedness outstanding was $4,877 millions. Of this amount, $4,810 millions was converted into the new certificates due April 1, 1946.
May 1 Certificate Exchange
On April 19, 1945, the Secretary of the Treasury announced the offering of an issue of 1-year, 7/8% certificates of indebtedness, to mature May 1, 1946, in exchange for certificates due May 1, 1945, which were outstanding in the amount of $1,615 millions. The new certificates were offered in denominations of $1,000, $5,000 $10,000, $100,000, and $1,000,000. Interest is payable November 1, 1945, and May 1, 1946.
Subscription books for the exchange were open April 19-21, inclusive, except for subscriptions from holders of $100,000 or less of the maturing issue, for whom the books were kept open through April 25.
Treasury Bill Offerings 2/
The four weekly Treasury bill offerings during April were for approximately $1,300 millions each. The issue of bills maturing April 5 amounted to $1,205 millions, as compared with about $1,300 millions each for the remaining three issues. Thus $100 millions of new money was raised during April by the issuance of Treasury bills.
HOLC Bonds Called for Redemption
By an announcement dated March 23, 1945, the 1-1/2% bonds of the Home Owners' Loan Corporation maturing June 1, 1947, but callable two years earlier, were called for redemption on their first optional retirement date, June 1, 1945. It was also stated that an offering of Treasury securities in exchange for the maturing bonds would be made at a later date.
The called bonds were issued June 1, 1939, and are outstanding in the amount of $755 millions.
1/ Historical details of Treasury market financing operations involving bonds, notes, and certificates of indebtedness, beginning with the Third War Loan, are published in the tables on pages 32-33.
2/ Details of weekly Treasury bill offerings are shown on pages 34-35 of this Bulletin.
May 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 9 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>Estimated 1944</th><th>Estimated 1945</th><th>Estimated 1946</th><th>Change 1944 to 1945</th><th>Estimated 1945 to 1946</th></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes 2/</td><td>10,349</td><td>24,772</td><td>26,222</td><td>+1,451</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>1,111</td><td>1,292</td><td>1,331</td><td>+39</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>3,495</td><td>3,928</td><td>5,297</td><td>+1,369</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>222</td><td>326</td><td>252</td><td>-74</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>341</td><td>2,467</td><td>2,355</td><td>-112</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>15,519</td><td>32,785</td><td>35,438</td><td>+2,672</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>Loans:</td><td></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>800</td><td>920</td><td>929</td><td>+9</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>14,719</td><td>31,865</td><td>34,529</td><td>+2,664</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>31,257</td><td>36,642</td><td>37,027</td><td>+385</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>Naval Department</td><td>13,556</td><td>19,104</td><td>22,742</td><td>+3,638</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>5,761</td><td>8,501</td><td>7,128</td><td>-1,372</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>1,338</td><td>+1,134</td><td>+264</td></tr><tr><td>Total war activities</td><td>50,574</td><td>64,246</td><td>66,897</td><td>+2,651</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>453</td><td>484</td><td>952</td><td>+468</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>444</td><td>356</td><td>257</td><td>-99</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>878</td><td>653</td><td>322</td><td>-331</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>588</td><td>638</td><td>651</td><td>+19</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>278</td><td>16</td><td>*</td><td>-16</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>-3</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 profits tax refund bonds 12/</td><td>....</td><td>40</td><td>536</td><td>+496</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>671</td><td>841</td><td>1,496</td><td>+654</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>1,068</td><td>1,693</td><td>2,403</td><td>+711</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>54,951</td><td>68,968</td><td>73,520</td><td>+4,552</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>40,232</td><td>37,103</td><td>38,991</td><td>+1,888</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><tr><td>Source: Actual receipts and expenditures come from Daily Treasury Statements; source of estimated figures is explained in footnote 1.</td><td colspan="11">6/ Excludes expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law. Includes expenditures classified as transfers to trust accounts, etc., for the Adjusted Service Certificate Fund and the National Service Life Insurance Fund.</td></tr><tr><td>1/ Based upon estimates as shown in the 1946 Budget. Classifications herein are based upon data susceptible of segregation according to Daily Treasury Statements and will not necessarily agree with classifications in Budget document.</td><td colspan="11">1/ Includes Public works transactions classified as Revolving Funds (net).</td></tr><tr><td>2/ Includes unjust enrichment tax and taxes withheld by employers 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.</td><td colspan="11">2/ 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.</td></tr><tr><td>3/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.</td><td colspan="11">3/ 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.</td></tr><tr><td>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.</td><td colspan="11">10/ Includes National Youth Administration.</td></tr><tr><td>5/ For explanation, see tables in next chapter on Social security program.</td><td colspan="11">11/ Represents transfers to public debt accounts for excess profits tax refund bonds.</td></tr><tr><td></td><td colspan="11">12/ Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Government employee retirement and insurance funds.</td></tr></table>
May 1945
3
Public Debt and Guaranteed Obligations Outstanding
(in millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">End of first 9 months, fiscal years 1943 to 1945</th><th colspan="6">End of fiscal years, 1942 to 1946</th></tr><tr><th>Mar. 31, 1943</th><th>Mar. 31, 1944</th><th>Mar. 31, 1945</th><th>Change Mar. 31, 1944 to Mar. 31, 1945</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th><th>June 30, 1946</th><th>Change 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><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>79,662</td><td>128,080</td><td>162,625</td><td>+34,546</td><td>50,573</td><td>95,310</td><td>140,401</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable</td><td>24,622</td><td>41,762</td><td>51,833</td><td>+10,072</td><td>13,510</td><td>29,200</td><td>44,855</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public issues</td><td>104,284</td><td>169,842</td><td>214,459</td><td>+44,617</td><td>64,083</td><td>124,509</td><td>185,256</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Special issues</td><td>10,004</td><td>13,507</td><td>17,567</td><td>+4,061</td><td>7,885</td><td>10,871</td><td>14,287</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>114,287</td><td>183,348</td><td>232,026</td><td>+48,678</td><td>71,968</td><td>135,380</td><td>199,543</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,219</td><td>1,367</td><td>1,923</td><td>+557</td><td>454</td><td>1,316</td><td>1,460</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public debt outstanding</td><td>115,507</td><td>184,715</td><td>233,950</td><td>+49,235</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><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>4,197</td><td>1,544</td><td>787</td><td>-757</td><td>4,549</td><td>3,908</td><td>1,190</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable</td><td>153</td><td>714</td><td>332</td><td>-383</td><td>-</td><td>183</td><td>326</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>4,350</td><td>2,258</td><td>1,119</td><td>-1,139</td><td>4,549</td><td>4,092</td><td>1,516</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt</td><td>11</td><td>20</td><td>25</td><td>+5</td><td>20</td><td>8</td><td>107</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding</td><td>4,360</td><td>2,278</td><td>1,144</td><td>-1,134</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>119,867</td><td>186,993</td><td>235,094</td><td>+48,103</td><td>76,991</td><td>140,796</td><td>202,626</td><td>251,952</td><td>292,373</td><td>+49,326</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 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 9 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>1942</th><th>1943</th><th>1944</th><th>1945</th><th>1946</th></tr><tr><td colspan="9">Amount required to be financed:</td></tr><tr><td>Net budgetary deficit 2/.</td><td>40,232</td><td>37,103</td><td>38,991</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>1,188</td><td>7,100</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>1,664</td><td>3,816</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>43,084</td><td>48,019</td><td>38,991</td><td>23,461</td><td>64,274</td><td>64,307</td><td>55,820</td><td>42,501</td></tr><tr><td colspan="9">Means of financing:</td></tr><tr><td>Increase in public debt.</td><td>43,084</td><td>48,019</td><td>32,946</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>4,891</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>1,154</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed.</td><td>43,084</td><td>48,019</td><td>38,991</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/ Includes 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.
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 1/</th><th rowspan="2">Public debt retirements 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less: net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War activities 5/</th><th>Revolving funds (net) 6/</th><th>Transfer to trust accounts, etc. 6/</th></tr><tr><td>1935</td><td>3,800</td><td>3,278</td><td>343</td><td>179</td><td>-</td><td>3,800</td><td>7,010</td><td>5,900</td><td>689</td><td>345</td><td>76</td><td>3,209</td><td>574</td></tr><tr><td>1936</td><td>4,116</td><td>3,513</td><td>387</td><td>216</td><td>-</td><td>4,116</td><td>8,666</td><td>5,935</td><td>900</td><td>11</td><td>1,820</td><td>4,550</td><td>403</td></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,177</td><td>6,437</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>387</td><td>5,855</td><td>7,239</td><td>5,864</td><td>1,029</td><td>121</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,707</td><td>7,221</td><td>1,206</td><td>92</td><td>187</td><td>3,542</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 9/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,055</td><td>1,657</td><td>54</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 9/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,215 10/</td><td>6,301</td><td>-136 10/</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 9/</td><td>869</td><td>12,799</td><td>32,397</td><td>5,986</td><td>26,011</td><td>18</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 9/11/</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,595</td><td>72,109</td><td>40</td><td>435</td><td>55,897</td><td>3</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 11/</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,188</td><td>87,039</td><td>-39</td><td>556</td><td>49,595</td><td></td></tr><tr><td>1944-March</td><td>6,576</td><td>6,353</td><td>42</td><td>181</td><td>2</td><td>6,573</td><td>8,525</td><td>795</td><td>7,726</td><td>-3</td><td>7</td><td>1,952</td><td></td></tr><tr><td>April</td><td>3,119</td><td>2,935</td><td>39</td><td>145</td><td>32</td><td>3,087</td><td>7,859</td><td>479</td><td>7,346</td><td>-6</td><td>40</td><td>4,772</td><td></td></tr><tr><td>May</td><td>3,256</td><td>3,024</td><td>38</td><td>195</td><td>306</td><td>2,950</td><td>8,292</td><td>387</td><td>7,879</td><td></td><td>26</td><td>5,342</td><td></td></tr><tr><td>June</td><td>6,249</td><td>5,734</td><td>28</td><td>486</td><td>2</td><td>6,247</td><td>8,625</td><td>1,018</td><td>7,567</td><td></td><td>40</td><td>2,378</td><td></td></tr><tr><td>July</td><td>2,212</td><td>1,985</td><td>28</td><td>199</td><td>49</td><td>2,163</td><td>8,110</td><td>458</td><td>7,201</td><td></td><td>451</td><td>5,947</td><td></td></tr><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></td><td>57</td><td>5,551</td><td></td></tr><tr><td>September</td><td>5,927</td><td>5,749</td><td>25</td><td>153</td><td>1</td><td>5,926</td><td>7,930</td><td>911</td><td>6,998</td><td>-1</td><td>22</td><td>2,004</td><td></td></tr><tr><td>October</td><td>2,054</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></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></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></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></td></tr><tr><td>February</td><td>3,987</td><td>3,815</td><td>23</td><td>149</td><td>220</td><td>3,767</td><td>7,460</td><td>465</td><td>6,948</td><td>-1</td><td>48</td><td>3,693</td><td></td></tr><tr><td>March</td><td>6,908</td><td>6,431</td><td>33</td><td>444</td><td>15</td><td>6,892</td><td>9,433</td><td>1,143</td><td>8,246</td><td>-1</td><td>45</td><td>2,540</td><td></td></tr></table>
Source: Daily Treasury Statements.
1 Less than $500,000.
Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2 For further details, see Table 2.
3 For explanation see tables which follow on the Social Security program.
4 For further details, see Table 3.
5 For further details, see Table 4.
6 For further details, see Table 5. Also see footnotes 3 and 4.
7 Total expenditures less net receipts.
8 Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9 Includes recoveries of U. S. investments in capital funds. Such re-
coveries totaled $54 millions in the fiscal year 1940; $319 millions in the fiscal year 1941; $18 millions in the fiscal year 1942; and $10 millions in the fiscal year 1943. 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. 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 employer (Current Tax Payment Act of 1943) 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 4/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taring Act of 1937 (Railroad retirement)</th></tr><tr><td>1935</td><td>3,278</td><td>1,099</td><td>-</td><td>1,099</td><td>-</td><td>-</td><td>-</td><td>-</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>58</td><td>*</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>90</td><td>150</td><td>2,181</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>101</td><td>109</td><td>2,279</td><td>*</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>108</td><td>121</td><td>2,332</td><td>-</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>98</td><td>137</td><td>2,345</td><td>-</td></tr><tr><td>1941</td><td>7,352</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>120</td><td>170</td><td>2,967</td><td>-</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td><td>-</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>209</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>1,292</td><td>150</td><td>267</td><td>5,291</td><td>-</td></tr><tr><td>1944-March</td><td>6,353</td><td>5,911</td><td>750</td><td>5,161</td><td>67</td><td>4</td><td>4</td><td>59</td><td>375</td><td>-</td></tr><tr><td>April</td><td>2,935</td><td>2,475</td><td>560</td><td>1,915</td><td>39</td><td>35</td><td>3</td><td>*</td><td>421</td><td>-</td></tr><tr><td>May</td><td>3,024</td><td>2,167</td><td>1,104</td><td>1,063</td><td>337</td><td>309</td><td>14</td><td>13</td><td>520</td><td>-</td></tr><tr><td>June</td><td>5,734</td><td>5,241</td><td>746</td><td>4,495</td><td>71</td><td>5</td><td>1</td><td>65</td><td>422</td><td>-</td></tr><tr><td>July</td><td>1,985</td><td>1,247</td><td>594</td><td>654</td><td>56</td><td>52</td><td>3</td><td>1</td><td>681</td><td>-</td></tr><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>14</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>57</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>1</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>14</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>55</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>1</td><td>573</td><td>-</td></tr><tr><td>February</td><td>3,815</td><td>2,922</td><td>1,295</td><td>1,827</td><td>341</td><td>222</td><td>114</td><td>5</td><td>552</td><td>-</td></tr><tr><td>March</td><td>6,431</td><td>5,818</td><td>883</td><td>4,935</td><td>93</td><td>18</td><td>10</td><td>65</td><td>520</td><td>-</td></tr></table>
Sources: Daily Treasury Statements. 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.
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
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>Work Projects Administration and National Youth Administration 6/</th><th>Federal Emergency Relief Administration and Civil Works Administration 1/</th><th>Civilian Conservation Corps</th><th>Interest on the public debt</th><th>Other departmental 8/</th><th>Other general expenditures 9/</th></tr><tr><td>1935</td><td>5,900</td><td>557</td><td>679</td><td>930</td><td>-</td><td>-</td><td>1,831</td><td>436</td><td>821</td><td>364</td><td>283</td></tr><tr><td>1936</td><td>5,935</td><td>578</td><td>685</td><td>966</td><td>29</td><td>1,264</td><td>495</td><td>486</td><td>749</td><td>424</td><td>258</td></tr><tr><td>1937</td><td>6,437</td><td>581</td><td>803</td><td>988</td><td>184</td><td>1,836</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-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>41</td><td>-</td><td>-</td><td>-</td><td>52</td><td>43</td><td>60</td></tr><tr><td>June</td><td>1,018</td><td>60</td><td>21</td><td>59</td><td>33</td><td>-</td><td>-</td><td>-</td><td>747</td><td>53</td><td>45</td></tr><tr><td>July</td><td>458</td><td>63</td><td>34</td><td>62</td><td>54</td><td>-</td><td>-</td><td>-</td><td>86</td><td>65</td><td>96</td></tr><tr><td>August</td><td>492</td><td>71</td><td>29</td><td>30</td><td>38</td><td>1</td><td>-</td><td>-</td><td>77</td><td>91</td><td>154</td></tr><tr><td>September</td><td>911</td><td>69</td><td>31</td><td>30</td><td>36</td><td>-</td><td>-</td><td>-</td><td>581</td><td>33</td><td>131</td></tr><tr><td>October</td><td>500</td><td>70</td><td>35</td><td>30</td><td>51</td><td>-</td><td>-</td><td>-</td><td>133</td><td>68</td><td>112</td></tr><tr><td>November</td><td>412</td><td>73</td><td>25</td><td>23</td><td>40</td><td>-</td><td>-</td><td>-</td><td>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>68</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><tr><td>February</td><td>465</td><td>75</td><td>18</td><td>22</td><td>32</td><td>-1</td><td>-</td><td>-</td><td>91</td><td>64</td><td>164</td></tr><tr><td>March</td><td>1,143</td><td>85</td><td>24</td><td>56</td><td>37</td><td>-</td><td>-</td><td>-</td><td>628</td><td>70</td><td>242</td></tr></table>
Source: Daily Treasury Statements.
Less than $500,000.
1/ Includes public works undertaken by the Veterans' Administration.
2/ Does not include expenditures for (1) revolving funds or (2) transfers to trust accounts, etc. These are shown in Table 5.
3/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
4/ Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, War Food Administration, and Department of Agriculture departmental expenditures. (War Food Administration comprises Agricultural Adjustment Agency, Farm Security Administration, Office of Distribution, Soil Conservation and Ertension 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-
6/ Work Projects Administration was formerly Works Progress Administration. Beginning with July 1942, expenditures for the National Youth Administration are classified as "war activities expenditures".
7/ Includes expenditures of the Reconstruction Finance Corporation for relief through loans and grants to States, municipalities, etc.
8/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social Security program and the Department of Agriculture departmental expenditures.
9/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; refunds of taxes and duties by the Treasury Department; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation.
10/ Gross expenditures have been reduced $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.
May 1945
7
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War Activities
(in millions of dollars)
<table><tr><th>Pieceal year or month</th><th>Total</th><th>War Department</th><th>Heavy 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>-</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>3,578</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>62</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>25,011</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>352</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-March</td><td>7,726</td><td>4,461</td><td>2,281</td><td>983</td><td>188</td><td>8</td><td>16</td><td>38</td><td>3</td><td>97</td><td>386</td><td>165</td><td>-</td><td>-</td><td>82</td></tr><tr><td>April</td><td>7,346</td><td>4,160</td><td>2,262</td><td>924</td><td>224</td><td>8</td><td>11</td><td>35</td><td>5</td><td>130</td><td>273</td><td>149</td><td>-</td><td>-</td><td>90</td></tr><tr><td>May</td><td>7,879</td><td>4,334</td><td>2,536</td><td>1,010</td><td>205</td><td>7</td><td>7</td><td>31</td><td>6</td><td>118</td><td>364</td><td>191</td><td>-</td><td>-</td><td>81</td></tr><tr><td>June</td><td>7,567</td><td>4,106</td><td>2,636</td><td>825</td><td>219</td><td>5</td><td>21</td><td>28</td><td>7</td><td>188</td><td>51</td><td>201</td><td>-</td><td>-</td><td>106</td></tr><tr><td>July</td><td>7,201</td><td>3,928</td><td>2,591</td><td>682</td><td>56</td><td>5</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>4,687</td><td>2,502</td><td>982</td><td>158</td><td>26</td><td>21</td><td>17</td><td>6</td><td>152</td><td>372</td><td>134</td><td>-</td><td>4</td><td>97</td></tr><tr><td>September</td><td>6,998</td><td>3,905</td><td>2,295</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>4</td><td>71</td></tr><tr><td>October</td><td>7,479</td><td>4,091</td><td>2,648</td><td>740</td><td>-3</td><td>17</td><td>19</td><td>1</td><td>6</td><td>110</td><td>326</td><td>145</td><td>20</td><td>4</td><td>99</td></tr><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>4</td><td>94</td></tr><tr><td>December</td><td>7,593</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>4</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><tr><td>February</td><td>6,948</td><td>3,866</td><td>2,332</td><td>690</td><td>147</td><td>5</td><td>12</td><td>-24</td><td>5</td><td>94</td><td>228</td><td>166</td><td>-</td><td>3</td><td>56</td></tr><tr><td>March</td><td>8,246</td><td>4,684</td><td>2,759</td><td>803</td><td>85</td><td>9</td><td>14</td><td>8</td><td>4</td><td>136</td><td>259</td><td>189</td><td>-</td><td>8</td><td>91</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: Monthly figures for the period July 1940 through April 1943 appeared in the "Treasury Bulletin" for May 1943, page 7.
Less than $500,000.
1/ Includes war public housing functions.
2/ Similar items for periods prior to fiscal year 1941 are classified under Other departmental and Other general expenditures in Table J.
war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 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 fund (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 1/</td><td>23</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>18</td><td>7</td><td>11</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>40</td><td>41</td><td>-1</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>-39</td><td>-38</td><td>-1</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1944-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>-1</td><td>-1</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><tr><td>February</td><td>-1</td><td>-2</td><td>1</td><td>48</td><td>48</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-1</td><td>-1</td><td>-</td><td>45</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements. 
Less than $500,000.
1/ Additional transactions on Aid to agriculture and Public works are shown in Table 3.
2/ Farm Credit Administration.
3/ Public Works Administration.
4/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
5/ Includes railroad retirement and railroad unemployment activities. For further explanations see tables which follow on Social Security program.
6/ Office of Distribution (formerly Agricultural Marketing Administration) - surplus commodity stamps.
7/ Gross expenditures have been reduced $155 millions representing the repayment of capital funds by certain United States Government agencies.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1936
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>362</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>5,415</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</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="14">Budgetary expenditures 2/</td></tr><tr><td>1936</td><td>521</td><td>480</td><td>636</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,892</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,888</td><td>8,415</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</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="14">Net budgetary deficit 3/</td></tr><tr><td>1936</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>577</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>140</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,957</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>52,737</td></tr><tr><td>1945</td><td>4,645</td><td>3,693</td><td>2,540</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statements. 1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements. 3/ Total expenditureee less not recolpte.
May 1945
9
BUDGETARY RECEIPTS AND EXPENDITURES
10
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
Table 1. Trust Funds
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, net receipts (+) or net expenditures (-)</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th><th colspan="3">Other trust accounts 1/</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1935</td><td>+64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>753</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>365</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>*</td><td>1,244</td><td>1,243</td><td>*</td><td>144</td><td>144</td><td>+57</td><td>512</td><td>455</td></tr><tr><td>1943</td><td>+92</td><td>+6</td><td>1,190</td><td>1,185</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td><td>+88</td><td>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>1,557</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-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>285</td><td>*</td><td>*</td><td>*</td><td>-1</td><td>179</td><td>178</td></tr><tr><td>June</td><td>-355</td><td>-313</td><td>102</td><td>414</td><td>+2</td><td>103</td><td>101</td><td>+1</td><td>8</td><td>7</td><td>-45</td><td>231</td><td>275</td></tr><tr><td>July</td><td>+102</td><td>+45</td><td>49</td><td>5</td><td>+4</td><td>51</td><td>47</td><td>*</td><td>205</td><td>205</td><td>+53</td><td>415</td><td>352</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>159</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><tr><td>February</td><td>+338</td><td>+200</td><td>220</td><td>19</td><td>-14</td><td>212</td><td>227</td><td>-1</td><td>*</td><td>+1</td><td>+151</td><td>250</td><td>100</td></tr><tr><td>March</td><td>-138</td><td>-200</td><td>23</td><td>223</td><td>-3</td><td>43</td><td>46</td><td>-1</td><td>*</td><td>1</td><td>+66</td><td>270</td><td>205</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. y/ Includes Government insurance and retirement funds, etc.
Table 2.- Other Funds
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Transactions in checking accounts of Government agencies, etc.</th><th colspan="3">Increment on gold</th><th colspan="3">Seigniorage on silver</th><th colspan="3">Miscellaneous funds and accounts 1/</th></tr><tr><th>Total all transactions</th><th>Issuance of obligations 2/</th><th>Other transactions</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1935</td><td>+637</td><td>3/</td><td>3/</td><td>-111</td><td>2</td><td>113</td><td>+140</td><td>140</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>+108</td><td>3/</td><td>3/</td><td>-403</td><td>1</td><td>404</td><td>+176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>+314</td><td>3/</td><td>3/</td><td>-99</td><td>2</td><td>101</td><td>+40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+204</td><td>3/</td><td>3/</td><td>-51</td><td>1</td><td>52</td><td>+90</td><td>90</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>1939</td><td>+768</td><td>+1,106</td><td>-337</td><td>-5</td><td>*</td><td>5</td><td>+90</td><td>90</td><td>-</td><td>+2</td><td>*</td><td>-2</td></tr><tr><td>1940</td><td>+314</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-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>-29</td></tr><tr><td>October</td><td>-95</td><td>-5</td><td>-89</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+130</td><td>-</td><td>-130</td></tr><tr><td>November</td><td>+71</td><td>+1</td><td>+70</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+311</td><td>-</td><td>-311</td></tr><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><tr><td>February</td><td>-313</td><td>-305</td><td>-8</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+76</td><td>-</td><td>-76</td></tr><tr><td>March</td><td>+407</td><td>-4</td><td>+411</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-7</td><td>-</td><td>7</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Comprises PWA 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.
May 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-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><tr><td>February</td><td>3,693</td><td>3,693</td><td>-</td><td>-</td><td>3,693</td><td>1,300</td><td>2,292</td><td>101</td></tr><tr><td>March</td><td>2,540</td><td>2,540</td><td>-</td><td>-</td><td>2,540</td><td>242</td><td>2,036</td><td>262</td></tr></table>
Source: Daily Treasury Statements.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises trust accounts, checking accounts of Government agencies.
etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program
Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th><th colspan="2"></th></tr><tr><td>1936.</td><td>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1944-March.</td><td>8.0</td><td>4.4</td><td>3.6</td><td>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</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>-</td><td>-</td><td>31.0</td><td>15.5</td></tr><tr><td>February.</td><td>336.3</td><td>222.1</td><td>114.3</td><td>-</td><td>-</td><td>219.7</td><td>116.6</td></tr><tr><td>March.</td><td>27.4</td><td>17.6</td><td>9.7</td><td>-</td><td>-</td><td>15.3</td><td>12.0</td></tr><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="8">Expenditures</th></tr><tr><th>Total</th><th colspan="3">Social Security Board</th><th colspan="2">Public Health Service</th><th>Department of Labor</th><th>Office for Emergency Management</th><th>War Manpower Commission (U. S. Employment Service)</th><th>Refunds of taxes</th><th>Excess of expenditures 5/</th></tr><tr><th></th><th>Administrative expenses 4/</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 service</th><th></th><th></th></tr><tr><td>1936.</td><td>28.4</td><td>.6</td><td>27.8</td><td>19.7</td><td>2.0</td><td>1.0</td><td>.9</td><td>2.4</td><td>1.0</td><td>.6</td><td>.2</td><td>-</td><td>28.4</td></tr><tr><td>1937.</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>195.5</td></tr><tr><td>1938.</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>115.1</td></tr><tr><td>1939.</td><td>347.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>215.1</td></tr><tr><td>1940.</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>209.7</td></tr><tr><td>1941.</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>322.5</td></tr><tr><td>1942.</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>357.8</td></tr><tr><td>1943.</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944.</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1944-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>-</td><td>.1</td><td>47.8</td></tr><tr><td>August.</td><td>37.6</td><td>-1.8</td><td>38.8</td><td>31.8</td><td>5.0</td><td>.9</td><td>.2</td><td>.1</td><td>.3</td><td>.2</td><td>.3</td><td>-</td><td>.7</td><td>23.4</td></tr><tr><td>September.</td><td>34.9</td><td>6.1</td><td>28.3</td><td>22.9</td><td>3.5</td><td>.7</td><td>.2</td><td>.2</td><td>.5</td><td>.2</td><td>-</td><td>-</td><td>.5</td><td>31.8</td></tr><tr><td>October.</td><td>50.4</td><td>2.8</td><td>46.9</td><td>30.0</td><td>5.4</td><td>1.1</td><td>7.0</td><td>2.2</td><td>.4</td><td>.4</td><td>.3</td><td>-</td><td>.7</td><td>45.4</td></tr><tr><td>November.</td><td>39.8</td><td>2.8</td><td>36.3</td><td>29.1</td><td>4.4</td><td>.7</td><td>1.0</td><td>.2</td><td>.5</td><td>.3</td><td>.3</td><td>-</td><td>.7</td><td>26.8</td></tr><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><tr><td>February.</td><td>31.8</td><td>2.3</td><td>28.9</td><td>22.4</td><td>4.6</td><td>.8</td><td>-</td><td>.3</td><td>.6</td><td>.3</td><td>-</td><td>-</td><td>.6</td><td>-84.8</td></tr><tr><td>March.</td><td>36.1</td><td>3.2</td><td>32.5</td><td>27.6</td><td>3.4</td><td>.8</td><td>.1</td><td>.2</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>.5</td><td>24.1</td></tr></table><p>Source: Daily Treasury Statements.</p><p>1/ Less than $50,000.</p><p>2/ Formerly Title VIII of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).</p><p>3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in 4/.</p><p>4/ Section II, Table 1.</p><p>5/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.</p><p>5/ Covered by appropriations by Congress.</p><p>Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 millions for refunding to certain States portions of Federal employers' tax for 1935 collected under the Social Security Act.</p>
May 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>Fiscal year or month</th><th>Receipts Carriers' Taxing Act of 1937</th><th>Total</th><th>Expenditures Administrative expenses 1/</th><th>Transfere to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th>Excess of expenditures 2/</th></tr><tr><td>1936</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>1937</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1944-March</td><td>58.6</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-58.4</td></tr><tr><td>April</td><td>.4</td><td>34.7</td><td>.2</td><td>34.5</td><td>*</td><td>34.3</td></tr><tr><td>May</td><td>13.4</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-13.2</td></tr><tr><td>June</td><td>64.9</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-64.7</td></tr><tr><td>July</td><td>1.4</td><td>205.0</td><td>.2</td><td>204.8</td><td>-</td><td>203.6</td></tr><tr><td>August</td><td>14.2</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-14.1</td></tr><tr><td>September</td><td>56.9</td><td>.2</td><td>.2</td><td>-</td><td>-</td><td>-56.7</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><tr><td>February</td><td>4.7</td><td>.2</td><td>.2</td><td>-</td><td>.1</td><td>-4.4</td></tr><tr><td>March</td><td>65.5</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-65.3</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for
2/ administrative expenses relating to the Railroad Retirement Act. Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions $</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures $</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) $</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund $</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1944-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>.2</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><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 104 of contributions under the Railroad Unemployment Insurance Act; the remaining 96% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section 11, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 millions and were distributed by calendar
years, as follows: 1936, $2.7 millions; 1937, $5.3 millions; 1938, $6.8 millions; and for the first six months of the calendar year 1939, $2.9 millions. These amounts are included in Table 1 under Federal Unemployment Tax Act (unemployment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total investments</th><th>Unexpanded 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</td><td>.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</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>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>16.1</td><td>21.4</td></tr><tr><td>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><tr><td>February</td><td>7,058.1</td><td>6,642.3</td><td>415.8</td><td>377.2</td><td>653.7</td><td>143.5</td><td>6,220.9</td><td>234.1</td><td>32.9</td></tr><tr><td>March</td><td>7,083.5</td><td>6,659.9</td><td>423.5</td><td>862.3</td><td>716.5</td><td>145.8</td><td>6,221.2</td><td>35.1</td><td>32.3</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000. 1/ Includes transactions effected under the predecessor Old-Age Reserve
2/ Account. Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Account
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures Benefit payments</th><th colspan="4">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1936</td><td>46.6</td><td>46.6</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>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>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.2</td><td>3.6</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>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>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>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>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>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945-January</td><td>1,453.6</td><td>1,425.7</td><td>27.9</td><td>561.0</td><td>512.0</td><td>35.8</td><td>13.2</td></tr><tr><td>February</td><td>1,453.9</td><td>1,425.7</td><td>28.2</td><td>550.1</td><td>500.0</td><td>35.8</td><td>14.3</td></tr><tr><td>March</td><td>1,454.1</td><td>1,425.7</td><td>28.4</td><td>537.7</td><td>488.5</td><td>35.8</td><td>13.4</td></tr></table>
Source: Daily Treasury Statements. * Less then $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposits by States</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from States 3/</th><th></th><th></th><th>With-drawals by States</th><th></th><th>Benefit payments</th><th></th><th>In General Fund (Special Deposit Account)</th><th>In disbursing officer's account 5/</th></tr><tr><td>1936</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18.9</td><td>18.9</td><td>-</td></tr><tr><td>1937</td><td>313.4</td><td>310.5</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>-</td><td>312.4</td><td>312.3</td><td>1.1</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>13.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>44.8</td><td>633.3</td><td>633.3</td><td>-</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>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.5</td><td>105.9</td><td>7.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</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>138.9</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>17.4</td><td>281.4</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,357.0</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>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.3</td><td>5,878.8</td><td>5,870.0</td><td>8.5</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>436.1</td><td>2,336.5</td><td>2,186.2</td><td>106.2</td><td>44.2</td><td>6,574.8</td><td>6,553.0</td><td>21.3</td></tr><tr><td>February</td><td>9,223.8</td><td>8,198.7</td><td>444.8</td><td>106.2</td><td>38.0</td><td>436.1</td><td>2,343.3</td><td>2,192.9</td><td>106.2</td><td>44.3</td><td>6,880.5</td><td>6,873.0</td><td>7.0</td></tr><tr><td>March</td><td>9,266.4</td><td>8,210.1</td><td>473.1</td><td>106.2</td><td>38.0</td><td>433.0</td><td>2,351.4</td><td>2,200.9</td><td>106.2</td><td>44.4</td><td>6,915.0</td><td>6,911.0</td><td>3.6</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Excludes advance of $15 millions from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
May 1945
15
Appropriations and Net Contract Authorizations for the War Activities Program As of March 31, 1945
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction).</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (clothing and equipage - War Department).</td><td>175,000,000</td><td>-</td></tr><tr><td>Mar. 1, 1941</td><td>9</td><td>Urgent Deficiency Appropriation Act, 1941.</td><td>6,047,775</td><td>-</td></tr><tr><td>Mar. 17, 1941</td><td>13</td><td>Fourth Supplemental National Defense Appropriation Act, 1941.</td><td>1,376,464,602</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>Navy Department Appropriation Act, 1942.</td><td>3,415,521,750</td><td>-</td></tr><tr><td>May 23, 1941</td><td>71</td><td>War Department Civil Appropriation Act, 1942.</td><td>37,920,370</td><td>-</td></tr><tr><td>May 24, 1941</td><td>73</td><td>Additional Urgent Deficiency Appropriation Act, 1941.</td><td>168,556,000</td><td>-</td></tr><tr><td>May 31, 1941</td><td>88</td><td>Treasury Department Appropriation Act, 1942.</td><td>62,193,150</td><td>-</td></tr><tr><td>June 28, 1941</td><td>135</td><td>Justice, State and Commerce Departments Appropriation Act, 1942.</td><td>129,227,750</td><td>-</td></tr><tr><td>June 28, 1941</td><td>136</td><td>Interior Department Appropriation Act, 1942.</td><td>2,035,000</td><td>-</td></tr><tr><td>June 30, 1941</td><td>139</td><td>Military Appropriation Act, 1942.</td><td>10,384,821,624</td><td>-</td></tr><tr><td>July 1, 1941</td><td>146</td><td>Labor - Federal Security Appropriation Act, 1942.</td><td>173,168,500</td><td>-</td></tr><tr><td>July 3, 1941</td><td>150</td><td>Second Deficiency Appropriation Act, 1941.</td><td>998,894,561</td><td>-</td></tr><tr><td>Aug. 25, 1941</td><td>247</td><td>First Supplemental National Defense Appropriation Act, 1942.</td><td>6,580,012,448</td><td>-</td></tr><tr><td>Oct. 28, 1941</td><td>282</td><td>Second Supplemental National Defense Appropriation Act, 1942: (Title I).</td><td>5,985,000,000</td><td>$ 600,000,000 3/</td></tr><tr><td></td><td></td><td>(Title II).</td><td>159,005,585</td><td>28,400,000</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941.</td><td>9,112,021,947</td><td>50,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>510,000,000</td><td>-</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine relief, and defense housing).</td><td></td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>$ 49,396,437,450</td><td>$ 678,400,000</td></tr></table>
77th Congress, Second Session
<table><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942.</td><td>$ 12,525,872,474</td><td>$ 2,171,000,000 5/</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943.</td><td>23,738,865,474 4/</td><td>-</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China).</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942.</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,737,900</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>261,908,130</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department Appropriation Act, 1943.</td><td>8,977,370</td><td>-</td></tr><tr><td>July 2, 1942</td><td>646</td><td>Public Law (Federal Works Agency - public roads).</td><td>-</td><td>35,000,000</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943.</td><td>227,126,854</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,978</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943.</td><td>42,820,003,057</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></td><td>Total, 77th Congress, Second Session.</td><td></td><td>$139,736,203,988</td><td>$ 2,356,000,000</td></tr></table>
78th Congress, First Session
<table><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System)</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943</td><td>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program)</td><td>26,100,000</td><td>-</td></tr><tr><td>May 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program)</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944</td><td>1,395,013,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944</td><td>27,637,226,198 8/</td><td>$ 9,000,000</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Departments of State, Justice, and Commerce Appropriation Act, 1944</td><td>67,635,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944</td><td>14,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>National War Agencies Appropriation Act, 1944</td><td>2,911,697,224</td><td>14,000,000</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943</td><td>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department)</td><td>18,620,000</td><td>-</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>Public Law (naval expansion program)</td><td>-</td><td>3,304,994,892 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>$105,916,492,321</td><td>$ 3,327,994,892</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of March 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>288</td><td>Public Law (Federal Works Agency - public roads)</td><td>-</td><td>-</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant cars)</td><td>6,700,000</td><td>-</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945</td><td>27,569,798,301 9/</td><td>2,774,931,400</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945</td><td>1,451,840</td><td>-</td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945</td><td>6,836,008,943</td><td>1,208,168,574</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Department of State, Justice and Commerce Appropriation Act, 1945</td><td>47,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945</td><td>1,030,937,242</td><td>2,500,000</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944</td><td>186,266,524 10/</td><td>1,880,000,000 5/</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945</td><td>450,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945</td><td>19,750,000</td><td>-</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945</td><td>410,291,029 11/</td><td>60,000,000 5/</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$55,913,179,984</td><td>$5,995,599,974</td></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1945</td><td>$2,697,140</td><td>-</td></tr><tr><td colspan="5">Pending 12/</td></tr><tr><td></td><td></td><td>Department of Agriculture Appropriation Bill, 1946</td><td>$13,636,472</td><td>$-48,000,000</td></tr><tr><td></td><td></td><td>Independent Offices Appropriation Bill, 1946</td><td>56,803,000 13/</td><td></td></tr><tr><td></td><td></td><td>First Deficiency Appropriation Bill, 1945</td><td>2,015,484,143 14/</td><td>$91,300,000</td></tr><tr><td></td><td></td><td>Department of State, Justice, and Commerce Appropriation Bill, 1946</td><td>34,009,500</td><td>-</td></tr><tr><td colspan="3">Total pending</td><td>$2,119,933,115</td><td>$43,300,000</td></tr><tr><td colspan="5">Summary</td></tr><tr><td></td><td></td><td>Total, 76th Congress, Third Session 15/</td><td>$8,994,015,828</td><td>$678,400,000</td></tr><tr><td></td><td></td><td>Total, 77th Congress, First Session</td><td>49,396,437,450</td><td>2,356,000,000</td></tr><tr><td></td><td></td><td>Total, 77th Congress, Second Session</td><td>139,736,203,988</td><td>3,327,994,892</td></tr><tr><td></td><td></td><td>Total, 78th Congress, First Session</td><td>105,916,492,321</td><td>5,995,599,974</td></tr><tr><td></td><td></td><td>Total, 78th Congress, Second Session</td><td>55,913,179,984</td><td></td></tr><tr><td></td><td></td><td>Total, 79th Congress, First Session</td><td>2,697,140</td><td>-</td></tr><tr><td></td><td></td><td>Permanent appropriations and net transfers from other than war activities appropriations 16/</td><td>244,789,106</td><td>-</td></tr><tr><td></td><td></td><td>Total approved</td><td>360,203,815,816</td><td>$12,357,994,866</td></tr><tr><td></td><td></td><td>Total pending, 79th Congress, First Session</td><td>2,119,933,115</td><td>43,300,000</td></tr><tr><td></td><td></td><td>Liquidations of 1940 and prior contract authorizations</td><td>-467,872,846</td><td>-</td></tr><tr><td colspan="3">Total approved and pending appropriations and net contract authorizations 1/</td><td>$361,855,876,085</td><td>$12,401,294,866</td></tr></table>
Consists of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Re-construction Finance Corporation and its affiliates for war purposes and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations) available for expenditure in the fiscal year 1941.
2/ Contract authorizations have been reduced by later appropriations which were earmarked in authorizing acts for this purpose.
3/ Represents the net amount of contractual authority that the President may authorize the head of any department or agency of the Government to enter into for the procurement of defense articles, information, or services for the government of any country whose defense the President deems vital to the defense of the United States.
4/ Includes $9,693,525,500 for the fiscal year 1943.
4/ includes $9,693,525,500 for the fiscal year 1942.
5/ Unappropriated contract authorizations for the naval expansion program are as follows:
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Amount</th></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>$.2,171,000,000</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>(Estimated by Navy Department) 3,304,994,892</td></tr><tr><td>June 28, 1944</td><td>375</td><td>55,000,000</td></tr><tr><td>June 28, 1944</td><td>375</td><td>(Estimated by Navy Department) 1,825,000,000</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>60,000,000</td></tr><tr><td></td><td>Total</td><td>$7,415,994,892</td></tr></table>
6/ Includes $650,000 for the fiscal year 1941 and $209,440,000 for the fiscal year 1943. Of the latter amount, $440,000 was made immediately available.
1/ Includes $1,851,460 for the fiscal year 1942.
8/ Includes $30,000,000 for the fiscal year 1942 and $172,439,000 for the fiscal year 1943.
2/ Includes $1,031,000,000 for the fiscal year 1944
10/ Includes $179,140,000 for the fiscal year 197
11/ Includes $36,550,000 for the fiscal year 1943. 
12/ Pending appropriations, as used herein, represent appropriation bills reported from the Committee on Appropriations to the House, or in subsequent stages of Congressional action before Presidential ap-proval. Estimates of appropriations for war purposes reported by
the President to Congress and submitted to the Committee on Appropriations, amounting to $60,998,720,950, are not included.
13/ Includes $48,000,000 for liquidation of prior contract authorizations.
14/ Includes $80,000,000 for the fiscal year 1944 and $23,000,000 for
15/ For details of appropriations made by 76th Congress, Third Session see Treasury Bulletin for March 20th, page 5
16/ see "Treasury Bulletin" for March, 1944, page 5. Includes actual transfer of balances of the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard, Navy, in the amount of $1,153,802 in accordance with Executive Order 9083, dated February 28, 1942. Also includes $5,591,276 received as war contributions under authority of the Second War Powers Act and deposits of advance payments made by foreign governments to the Defense Aid Special Fund for the procurement of defense articles amounting to $85,438,276.
May 1945
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></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>Feb.</th><th>Mar.</th></tr><tr><td colspan="14">1944</td><td colspan="3">1945</td></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>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><td>2,922</td><td>5,818</td></tr><tr><td>Employment taxes</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><td>341</td><td>93</td></tr><tr><td>Miscellaneous internal revenue</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><td>552</td><td>520</td></tr><tr><td>Customs</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>23</td><td>36</td><td>23</td><td>33</td></tr><tr><td>Other</td><td>181</td><td>144</td><td>194</td><td>450</td><td>160</td><td>134</td><td>152</td><td>145</td><td>177</td><td>436</td><td>463</td><td>148</td><td>443</td></tr><tr><td>Subtotal</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><td>3,986</td><td>6,907</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>43</td><td>44</td><td>278</td><td>52</td><td>51</td><td>226</td><td>37</td><td>57</td><td>253</td><td>36</td><td>44</td><td>212</td><td>40</td></tr><tr><td>Trust accounts</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><td>202</td><td>221</td></tr><tr><td>Subtotal</td><td>126</td><td>239</td><td>430</td><td>142</td><td>220</td><td>394</td><td>173</td><td>250</td><td>460</td><td>193</td><td>259</td><td>415</td><td>261</td></tr><tr><td>Total cash income</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,393</td><td>3,213</td><td>6,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>3,800</td><td>4,400</td><td>7,168</td></tr><tr><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities</td><td>7,726</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><td>6,948</td><td>8,246</td></tr><tr><td>Veterans' Administration</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><td>75</td><td>85</td></tr><tr><td>Public works 2/</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><td>19</td><td>24</td></tr><tr><td>Aid to agriculture 3/</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><td>20</td><td>55</td></tr><tr><td>Social security program 4/</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><td>32</td><td>37</td></tr><tr><td>Work Projects Administration</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-1</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 5/</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><td>59</td><td>579</td></tr><tr><td>Other</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><td>174</td><td>224</td></tr><tr><td>Subtotal</td><td>8,459</td><td>7,773</td><td>8,213</td><td>8,262</td><td>7,520</td><td>7,957</td><td>7,897</td><td>7,917</td><td>7,717</td><td>8,303</td><td>7,980</td><td>7,326</td><td>9,250</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>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><td>4</td><td>-128</td></tr><tr><td>Other</td><td>-25</td><td>-31</td><td>-20</td><td>-7</td><td>-56</td><td>-24</td><td>-11</td><td>-32</td><td>-13</td><td>-21</td><td>-53</td><td>-27</td><td>-7</td></tr><tr><td>Commodity Credit Corporation</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><td>16</td><td>7</td></tr><tr><td>Unemployment Trust Fund</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><td>7</td><td>8</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>19</td><td>23</td></tr><tr><td>Railroad Retirement Account</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><td>11</td><td>13</td></tr><tr><td>Other</td><td>-56</td><td>-191</td><td>-366</td><td>133</td><td>-317</td><td>-38</td><td>-1147</td><td>-140</td><td>-482</td><td>-133</td><td>-253</td><td>-116</td><td>-217</td></tr><tr><td>Subtotal</td><td>116</td><td>-63</td><td>-152</td><td>267</td><td>-281</td><td>263</td><td>-38</td><td>60</td><td>-257</td><td>-61</td><td>-178</td><td>-84</td><td>-303</td></tr><tr><td>Redemption of adjusted service bonds</td><td>*</td><td>*</td><td>*</td><td>1</td><td>1</td><td>1r</td><td>1r</td><td>*</td><td>*</td><td>1r</td><td>1r</td><td>*</td><td>*</td></tr><tr><td>Total cash outgo</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>7,803</td><td>7,242</td><td>8,948</td></tr><tr><td>EXCESS OF CASH OUTGO</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><td>2,842</td><td>1,780</td></tr></table>
Revised. Less than $500,000. These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939. Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority.
river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects. 3/ 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). 4/ Excludes transactions under transfer s ... at accounts, etc. 5/ 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>1,113</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>2,714</td><td>4,881</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>4,400</td><td>7,168</td><td></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>793</td><td>691</td><td>886</td><td>806</td><td>870</td><td>832</td><td>976</td><td>962</td><td>1,244</td><td>10,317</td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,673</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,201</td><td>5,919</td><td>6,990</td><td>57,359</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,725</td><td>7,852</td><td>89,334</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>95,445</td></tr><tr><td>1945</td><td>7,803r</td><td>7,242</td><td>8,943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>329</td><td>65</td><td>-138</td><td>408</td><td>130</td><td>105</td><td>357</td><td>146</td><td>76</td><td>518</td><td>306</td><td>446</td><td>2,748</td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</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>46,560</td></tr><tr><td>1945</td><td>4,003</td><td>2,842</td><td>1,780</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>
r Revised.
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
May 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>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>241</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-March</td><td>17,270</td><td>933</td><td>1,540</td><td>14,306</td><td>491</td></tr><tr><td>April</td><td>12,896</td><td>890</td><td>954</td><td>10,546</td><td>506</td></tr><tr><td>May</td><td>9,144</td><td>912</td><td>942</td><td>6,766</td><td>524</td></tr><tr><td>June</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>July</td><td>22,513</td><td>807</td><td>1,269</td><td>19,850</td><td>587</td></tr><tr><td>August</td><td>18,277</td><td>877</td><td>1,215</td><td>15,693</td><td>492</td></tr><tr><td>September</td><td>15,753</td><td>838</td><td>1,314</td><td>13,013</td><td>588</td></tr><tr><td>October</td><td>10,609</td><td>835</td><td>998</td><td>8,242</td><td>533</td></tr><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><tr><td>February</td><td>17,734</td><td>792</td><td>1,384</td><td>15,265</td><td>292</td></tr><tr><td>March</td><td>15,722</td><td>779</td><td>1,547</td><td>13,055</td><td>341</td></tr></table>
Source: Daily Treasury Statements
Balance in the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th><th colspan="3">Analysis of balance in the General Fund 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>Working balance</th><th>Seigniorage on silver</th><th>Increment on gold</th></tr><tr><td>1935</td><td>2,016</td><td>175</td><td>1,841</td><td>1,001</td><td>140</td><td>700</td></tr><tr><td>1936</td><td>2,936</td><td>254</td><td>2,682</td><td>2,069</td><td>316</td><td>297</td></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td><td>2,000</td><td>356</td><td>198</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td><td>1,622</td><td>446</td><td>147</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td><td>2,150</td><td>536</td><td>142</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td><td>1,263</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-March</td><td>17,270</td><td>684</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><tr><td>February</td><td>17,734</td><td>420</td><td>17,313</td><td>16,551</td><td>619</td><td>144</td></tr><tr><td>March</td><td>15,722</td><td>445</td><td>15,277</td><td>14,514</td><td>619</td><td>144</td></tr></table>
Source: Daily Treasury Statements. 1/ In the fiscal years 1935 and 1936, $91 millions and $554 millions, respectively, were transferred from increment on gold to the working balance for retirement of national bank notes. In this statement, however, charges for retirement of national bank notes are
reflected directly against increment on gold in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance.
20
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Change during fiscal year or month</th><th>Total change in General Fund balance</th><th colspan="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></th></tr><tr><td>1935</td><td>-741</td><td>-769 6/</td><td>-3,209</td><td>1,739 1/</td><td>64</td><td>-</td><td>637</td><td>140</td><td>-111 6/</td></tr><tr><td>1936</td><td>840</td><td>1,067 5/</td><td>-4,550</td><td>5,475 1/</td><td>34</td><td>-</td><td>108</td><td>176</td><td>-403 5/</td></tr><tr><td>1937</td><td>-128</td><td>-70</td><td>-3,149</td><td>2,746 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-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><tr><td>February</td><td>-2,292</td><td>-2,292</td><td>-3,693</td><td>1,300</td><td>338</td><td>76</td><td>-313</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-2,036</td><td>-2,036</td><td>-2,540</td><td>242</td><td>-138</td><td>-7</td><td>407</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, charge 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.
May 1945
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
22
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(in millions of dollars)
<table><tr><th>Piecral year or month</th><th>Public debt outstanding end of fiscal year or month</th><th>Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issuance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Cash 1/</th><th>Certificates of indebted- nese, special series 2/</th><th>Adjusted service bonds</th><th>Excess profits tax refund bonds</th><th>Ex- changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebted- nese, 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>5,642</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1944-March</td><td>184,715</td><td>1,608</td><td>10,355</td><td>8,019</td><td>-</td><td>-</td><td>38</td><td>1,946</td><td>350</td><td>8,746</td><td>6,789</td><td>-</td><td>1,946</td><td>11</td></tr><tr><td>April</td><td>184,967</td><td>252</td><td>10,322</td><td>5,192</td><td>-</td><td>-</td><td>24</td><td>4,903</td><td>203</td><td>10,070</td><td>5,155</td><td>-</td><td>4,903</td><td>12</td></tr><tr><td>May</td><td>186,366</td><td>1,399</td><td>7,700</td><td>5,613</td><td>-</td><td>-</td><td>34</td><td>1,618</td><td>436</td><td>6,301</td><td>4,672</td><td>-</td><td>1,618</td><td>11</td></tr><tr><td>June</td><td>201,003</td><td>14,637</td><td>27,837</td><td>21,406</td><td>-</td><td>-</td><td>37</td><td>-</td><td>6,394</td><td>13,199</td><td>6,971</td><td>-</td><td>-</td><td>6,228</td></tr><tr><td>July</td><td>208,574</td><td>7,570</td><td>12,162</td><td>11,422</td><td>-</td><td>-</td><td>44</td><td>-</td><td>696</td><td>4,592</td><td>4,570</td><td>-</td><td>-</td><td>22</td></tr><tr><td>August</td><td>209,802</td><td>1,229</td><td>10,151</td><td>7,044</td><td>-</td><td>-</td><td>85</td><td>2,511</td><td>511</td><td>8,922</td><td>6,400</td><td>-</td><td>2,511</td><td>11</td></tr><tr><td>September</td><td>209,496</td><td>-307</td><td>10,991</td><td>5,920</td><td>-</td><td>-</td><td>64</td><td>4,481</td><td>526</td><td>11,298</td><td>6,805</td><td>-</td><td>4,481</td><td>11</td></tr><tr><td>October</td><td>210,244</td><td>748</td><td>9,822</td><td>6,092</td><td>-</td><td>-</td><td>32</td><td>3,492</td><td>205</td><td>9,073</td><td>5,571</td><td>-</td><td>3,492</td><td>11</td></tr><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>1</td><td>46</td><td>7</td><td>5,852</td><td>5,801</td><td>-</td><td>7</td><td>45</td></tr><tr><td>February</td><td>233,707</td><td>1,300</td><td>12,040</td><td>6,879</td><td>-</td><td>1</td><td>54</td><td>1,649</td><td>457</td><td>10,740</td><td>6,077</td><td>-</td><td>1,649</td><td>14</td></tr><tr><td>March</td><td>233,950</td><td>242</td><td>12,471</td><td>7,782</td><td>4</td><td>1</td><td>89</td><td>4,147</td><td>449</td><td>12,229</td><td>8,066</td><td>4</td><td>4,147</td><td>12</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. Excludes certificates of indebtedness, special series.
2/ Conelate 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 rowspan="2">Certificates of indebtedness</th><th rowspan="2">Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th rowspan="2">Certificates of indebtedness</th><th rowspan="2">Bills</th><th rowspan="2">Special issues</th></tr><tr><th></th><th>Marketable</th><th>Non-marketable 1/</th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th></tr><tr><td>1935</td><td>27,645</td><td>14,874</td><td>62</td><td>10,023</td><td>-</td><td>2,053</td><td>633</td><td>100.0</td><td>53.8</td><td>.2</td><td>36.3</td><td>-</td><td>7.4</td><td>2.3</td></tr><tr><td>1936</td><td>32,989</td><td>17,368</td><td>1,261</td><td>11,381</td><td>-</td><td>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>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>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,856</td><td>25,414</td><td>2,151</td><td>7,243</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>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>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,368</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.2</td></tr><tr><td>1944-March</td><td>183,348</td><td>73,009</td><td>32,046</td><td>16,244</td><td>9,116</td><td>25,680</td><td>13,147</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>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>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>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>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>208,239</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>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>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>100.0</td><td>39.1</td><td>18.4</td><td>8.6</td><td>4.4</td><td>14.2</td><td>7.7</td><td>7.8</td></tr><tr><td>November</td><td>210,774</td><td>81,298</td><td>39,018</td><td>17,936</td><td>9,990</td><td>29,545</td><td>16,405</td><td>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>228,891</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>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>9,804</td><td>30,401</td><td>16,403</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><tr><td>February</td><td>231,854</td><td>92,545</td><td>42,418</td><td>23,039</td><td>9,927</td><td>30,396</td><td>16,399</td><td>100.0</td><td>39.9</td><td>18.3</td><td>9.9</td><td>4.3</td><td>13.1</td><td>7.1</td><td>7.4</td></tr><tr><td>March</td><td>232,026</td><td>92,572</td><td>42,885</td><td>18,588</td><td>8,948</td><td>34,544</td><td>16,921</td><td>100.0</td><td>39.9</td><td>18.5</td><td>8.0</td><td>3.9</td><td>14.9</td><td>7.3</td><td>7.6</td></tr></table>
Source: Daily Treasury Statements. 1/ Commencing with March 1945, figures include small amounts of matured United States savings bonds - Series A which had not been redeemed.
May 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="11">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><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,053</td><td>2,354</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,864</td><td>14,734</td></tr><tr><td>Certificates of indebtedness</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td></tr><tr><td>Treasury notes</td><td>10,023</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td></tr><tr><td>Treasury bonds</td><td>12,684</td><td>17,168</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>38,085</td><td>57,520</td><td>79,244</td></tr><tr><td>Postal savings and other bonds</td><td>2,190</td><td>200</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>26,950</td><td>31,102</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td></tr><tr><td>Non-marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds</td><td>62</td><td>316</td><td>800</td><td>1,238</td><td>1,868</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td></tr><tr><td>Treasury notes - tax and savings series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</td><td>9,557</td></tr><tr><td>Adjusted service bonds</td><td>-</td><td>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td></tr><tr><td>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>-</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</td><td>92</td><td>178</td><td>319</td></tr><tr><td>Unemployment Trust Fund</td><td>-</td><td>19</td><td>312</td><td>872</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>4,257</td><td>5,610</td></tr><tr><td>Total special issues</td><td>633</td><td>626</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td></tr><tr><td>Total interest-bearing debt</td><td>27,645</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td></tr><tr><td>Matured debt on which interest has ceased</td><td>231</td><td>169</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td></tr><tr><td>Excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>629</td><td>424</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td></tr><tr><td>Other debt bearing no interest</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>825</td><td>620</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td></tr><tr><td>Total public debt outstanding</td><td>28,701</td><td>33,779</td><td>36,425</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>11</td><td>21</td><td>23</td><td>24</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,647</td><td>3,044</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,553</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>5,150</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>5,150</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>5,151</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="10">1944</th><th colspan="3">1945</th></tr><tr><th></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><th>Feb. 28</th><th>Mar. 31</th></tr><tr><th colspan="13">Public debt and guaranteed obligations 1/</th></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>183,345</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><td>231,854</td><td>232,026</td></tr><tr><td>Guaranteed obligations</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><td>1,114</td><td>1,119</td></tr><tr><td>Total</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><td>232,968</td><td>233,145</td></tr><tr><td>Matured debt and debt bearing no interest</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><td>1,883</td><td>1,949</td></tr><tr><td>Total outstanding</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><td>234,851</td><td>235,094</td></tr><tr><th colspan="13">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><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>13,147</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><td>16,399</td><td>16,921</td></tr><tr><td>Certificates of indebtedness</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><td>30,396</td><td>34,544</td></tr><tr><td>Treasury notes</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><td>23,039</td><td>18,588</td></tr><tr><td>Treasury bonds</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><td>92,349</td><td>92,377</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>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><td>162,379</td><td>162,625</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 5/</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>37,045</td><td>38,308</td><td>40,361</td><td>41,140</td><td>41,698</td><td>42,159</td></tr><tr><td>Treasury notes - tax and savings series</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><td>9,927</td><td>8,948</td></tr><tr><td>Adjusted service bonds</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><td>216</td><td>217</td></tr><tr><td>Depositary bonds</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><td>503</td><td>509</td></tr><tr><td>Total non-marketable issues</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><td>52,345</td><td>51,833</td></tr><tr><td>Total public issues</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><td>214,724</td><td>214,459</td></tr></table>
(Continued on following page)
May 1945
25
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART B - MONTHLY DATA-(Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="10">1944</th><th colspan="4">1945</th></tr><tr><th></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><th>Feb. 28</th><th>Mar. 31</th></tr><tr><td colspan="13">Public debt - (Continued)</td></tr><tr><td>Interest-bearing debt (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>18</td><td>18</td><td>18</td><td>17</td><td>26</td><td>26</td><td>26</td><td>25</td><td>25</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>93</td><td>98</td><td>98</td><td>98</td><td>158</td><td>168</td><td>183</td><td>193</td><td>193</td><td>98</td><td>172</td><td>202</td><td>217</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>4,669</td><td>4,669</td><td>4,669</td><td>4,766</td><td>4,754</td><td>4,754</td><td>5,034</td><td>5,034</td><td>5,034</td><td>5,029</td><td>5,016</td><td>5,016</td><td>5,216</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>24</td><td>25</td><td>25</td><td>27</td><td>27</td><td>27</td><td>29</td><td>29</td><td>30</td><td>32</td><td>33</td><td>33</td><td>34</td></tr><tr><td>Government Life Insurance Fund</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>539</td><td>543</td><td>546</td><td>549</td><td>554</td></tr><tr><td>Government Retirement Funds</td><td>1,382</td><td>1,393</td><td>1,405</td><td>1,469</td><td>1,658</td><td>1,695</td><td>1,708</td><td>1,720</td><td>1,727</td><td>1,736</td><td>1,748</td><td>1,759</td><td>1,769</td></tr><tr><td>National Service Life Insurance Fund</td><td>922</td><td>982</td><td>1,071</td><td>1,213</td><td>1,323</td><td>1,440</td><td>1,540</td><td>1,608</td><td>1,694</td><td>1,804</td><td>1,908</td><td>2,015</td><td>2,128</td></tr><tr><td>Postal Savings System</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>552</td><td>402</td><td>488</td><td>571</td><td>637</td></tr><tr><td>Canal Zone, Postal Savings System</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><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</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>501</td><td>490</td><td>512</td><td>500</td><td>489</td></tr><tr><td>Unemployment Trust Fund</td><td>5,356</td><td>5,384</td><td>5,664</td><td>5,610</td><td>5,653</td><td>5,951</td><td>5,985</td><td>6,008</td><td>6,286</td><td>6,169</td><td>6,243</td><td>6,463</td><td>6,501</td></tr><tr><td>Total special issues</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><td>16,326</td><td>16,688</td><td>17,130</td><td>17,567</td></tr><tr><td>Total interest-bearing debt</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><td>231,854</td><td>232,026</td></tr><tr><td>Prepayments on securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2,546</td><td></td><td></td><td></td><td></td></tr><tr><td>Matured debt on which interest has ceased</td><td>182</td><td>352</td><td>260</td><td>201</td><td>175</td><td>167</td><td>240</td><td>199</td><td>178</td><td>186</td><td>145</td><td>209</td><td>194</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>196</td><td>196</td><td>198</td><td>197</td><td>180</td><td>167</td><td>158</td><td>175</td><td>181</td><td>182</td><td>183</td><td>187</td><td>189</td></tr><tr><td>Excess profits tax refund bonds</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><td>481</td><td>527</td><td>582</td><td>670</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>752</td><td>746</td><td>740</td><td>732</td><td>726</td><td>721</td><td>714</td><td>706</td><td>699</td><td>694</td><td>685</td><td>679</td><td>673</td></tr><tr><td>Other debt bearing no interest</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>1,185</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><td>1,553</td><td>1,591</td><td>1,644</td><td>1,729</td></tr><tr><td>Total public debt outstanding</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><td>230,630</td><td>232,408</td><td>233,707</td><td>233,950</td></tr></table>
Guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>159</td><td>138</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 Housing Administration</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>28</td><td>30</td><td>32</td></tr><tr><td>Home Owners' Loan Corporation</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><td>755</td><td>755</td></tr><tr><td>Reconstruction Finance Corporation</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues</td><td>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><td>1,197</td><td>786</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>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><td>300</td><td>328</td></tr><tr><td>Reconstruction Finance Corporation 3/</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><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</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><td>300</td><td>328</td></tr><tr><td>Total interest-bearing debt</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><td>1,114</td></tr><tr><td>Matured debt on which interest has ceased</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>44</td><td>34</td><td>30</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>1,530</td><td>1,144</td></tr></table>
Source: Daily Treasury Statements.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Demand obligations.
3/ Consists of Reconstruction Finance Corporation notes, Series I-A.
X-B, and X-C, which were held by United States Government corporations and credit agencies, includes prepayments on securities. Commencing with March 1945, figures for United States savings bonds include small amounts of matured Series A bonds which have not been redeemed.
26
Treasury Bulletin
INTEREST - BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
May 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>6</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-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>398</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><tr><td>February</td><td>11,735</td><td>1,588</td><td>128</td><td>398</td><td>351</td><td>9,213</td><td>57</td></tr><tr><td>March</td><td>11,563</td><td>1,596</td><td>121</td><td>398</td><td>324</td><td>9,067</td><td>57</td></tr></table>
Source
Daily Treasury Statements. Less than $500,000.
These securities are not included in preceding statements of guaranteed obligations outstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>1935</td><td>31,768</td><td>863</td><td>2.716</td><td>27,045</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>1.961</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.964</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>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1944-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>1.439</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>1,579</td><td>20</td><td>1.745</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>1,458</td><td>19</td><td>1.726</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>1.331</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>1.319</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>1.317</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>1.312</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>1.317</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>1.79</td></tr><tr><td>February</td><td>232,968</td><td>4,482</td><td>1.924</td><td>231,854</td><td>4,465</td><td>1.926</td><td>1,114</td><td>16</td><td>1.47</td></tr><tr><td>March</td><td>233,145</td><td>4,488</td><td>1.925</td><td>232,026</td><td>4,472</td><td>1.927</td><td>1,119</td><td>16</td><td>1.44</td></tr></table>
Sources
Daily Treasury Statements
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-1 are transferred to child 2.00% of accrued interest for each year
2/ Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
28
Treasury Bulletin
Statement of the Debt Position of the United States Government under Limitations Imposed by Section 21 of the Second Liberty Bond Act, as amended
As of March 31, 1945
<table><tr><td>Total face amount which may be outstanding at any one time.</td><td>$260,000,000,000</td></tr><tr><td>Face amount outstanding as of March 31, 1945:</td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td></tr><tr><td>Bonds:</td><td></td></tr><tr><td>Treasury</td><td>$92,376,042,450</td></tr><tr><td>Savings (maturity value) 1/.</td><td>52,031,761,700</td></tr><tr><td>Depository</td><td>508,932,000</td></tr><tr><td>Adjusted Service</td><td>717,067,706</td></tr><tr><td>Total bonds</td><td>$145,634,403,856</td></tr><tr><td>Treasury notes</td><td>37,201,483,900</td></tr><tr><td>Certificates of indebtedness</td><td>41,946,053,000</td></tr><tr><td>Treasury bills (maturity value)</td><td>16,920,689,000</td></tr><tr><td>Total interest-bearing securities</td><td>$241,702,629,756</td></tr><tr><td>Natured obligations on which interest has ceased</td><td>187,785,125</td></tr><tr><td>Debt bearing no interest:</td><td></td></tr><tr><td>United States savings stamps</td><td>$189,409,182</td></tr><tr><td>Excess profit tax refund bonds</td><td>670,156,063</td></tr><tr><td>Total debt bearing no interest</td><td>859,565,245</td></tr><tr><td>Total face amount of securities outstanding</td><td>242,749,920,126</td></tr><tr><td>Total amount of authorisation unused as of March 31, 1945</td><td>$17,250,079,874</td></tr></table>
1/ Approximate maturity value. The current redemption value of United States savings bonds (except Series G which is stated at par) amounted to $42,159,472,429 on March 31, 1945.
Reconciliation of the Debt Position under Section 21 of the Second Liberty Bond Act, as amended, With the Gross Public Debt of the United States as shown in the Daily Treasury Statement As of March 31, 1945
<table><tr><td>Gross public debt outstanding.</td><td></td><td>$233,949,585,101</td></tr><tr><td>Total face amount of securities outstanding limited by Section 21 of the Second Liberty Bond Act, as amended.</td><td>$242,749,920,126</td><td></td></tr><tr><td>Less: Unearned discount on savings bonds (difference between security value and current redemption value).</td><td>9,872,289,271</td><td>$232,877,630,855</td></tr><tr><td>Add: Securities outstanding not subject to limitation under Section 21:</td><td></td><td></td></tr><tr><td>Interest-bearing securities.</td><td>$195,824,740</td><td></td></tr><tr><td>Matured obligations on which interest has ceased.</td><td>6,414,435</td><td></td></tr><tr><td>Debt bearing no interest.</td><td>859,715,071</td><td>1,071,954,246</td></tr><tr><td>Gross public debt outstanding.</td><td></td><td>$233,949,585,101</td></tr></table>
May 1945
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of March 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 first call</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-Apr.</td><td>Treas. bills 7/8% Certificate, 4/1/45 (4/1/44)</td><td>taxable taxable</td><td>5,129 4,877</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>May</td><td>Treas. bills 7/8% Certificate, 5/1/45 (5/1/44)</td><td>taxable taxable</td><td>6,549 1,615</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>Treas. bills 1-1/2% HOLC bond, 6/1/45-47 (6/1/39) 7/8% Certificate, 6/1/45 (6/26/44)</td><td>taxable partially taxable</td><td>5,243 4,770</td><td>755</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</td><td>1,214</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>43,345</td><td>1,969</td><td>.....</td><td>45,315</td><td>43,345</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>Feb.</td><td>7/8% Certificate, 2/1/46 (2/1/45)</td><td>taxable</td><td>5,043</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Mar.</td><td>7/8% Certificate, 3/1/46 (3/1/45) 1% Treas. note, 3/15/46 (11/1/41) 3-3/4% Treas. bond, 3/15/46-56 (3/15/26)</td><td>taxable taxable partially</td><td>4,147 1,291</td><td>..... 489</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>17,174</td><td>2,344</td><td>.....</td><td>19,517</td><td>17,174</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 1,943</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>1-1/2% HOLC bond, 6/1/45-47 (6/1/39)</td><td>partially</td><td>.....</td><td>.....</td><td>755</td><td>.....</td><td>.....</td></tr><tr><td>Sept.</td><td>2-1/4% Treas. bond, 9/15/47-47 (9/16/35) 1-1/2% Treas. note, 9/15/47 (7/12/43) 1-1/4% Treas. note, 9/15/47 (12/1/44)</td><td>partially taxable taxable</td><td>2,707 1,687</td><td>..... 1,214</td><td>.....</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>759</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>..... 1,115 1,223</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) 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>..... 1,024</td><td>819</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>.....</td><td>1,292</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>..... 1,786 2,098</td><td>..... 491</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>..... 1,963</td><td>.....</td><td>1,115</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>.....</td><td>8,088</td><td>1,687</td><td>8,088</td><td>1,687</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 March 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 taxable</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></td><td>2-3/4% Treas. bond, 6/15/51-54.... (6/15/36)</td><td>partially taxable</td><td>.....</td><td></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>.....</td><td>7,986</td><td>1,292</td><td></td><td></td></tr><tr><td></td><td>2% Treas. bond, 9/15/51-53.... (9/15/43)</td><td>partially taxable</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 taxable</td><td>.....</td><td>1,118</td><td>.....</td><td></td><td></td></tr><tr><td></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></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></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, 6/15/52-55.... (2/25/42)</td><td>taxable</td><td>.....</td><td>1,501</td><td>.....</td><td></td><td></td></tr><tr><td></td><td>2% Treas. bond, 6/15/52-54.... (6/26/44)</td><td>taxable</td><td>.....</td><td>5,825</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 taxable</td><td>.....</td><td>.....</td><td>1,186</td><td></td><td></td></tr><tr><td></td><td>2% Treas. bond, 9/15/50-52.... (4/15/43)</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 taxable</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 taxable</td><td>.....</td><td>8,662</td><td>491</td><td></td><td></td></tr><tr><td></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>17,012</td><td>9,338</td><td>17,012</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 taxable</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 taxable</td><td>.....</td><td>.....</td><td>1,786</td><td></td><td></td></tr><tr><td></td><td>2-1/4% Treas. bond, 12/15/51-53.... (12/22/39)</td><td>partially taxable</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 taxable</td><td>.....</td><td>.....</td><td>1,627</td><td></td><td></td></tr><tr><td></td><td>2-1/4% Treas. bond, 6/15/54-56.... (7/22/40)</td><td>partially taxable</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>Total....</td><td></td><td></td><td>.....</td><td>681</td><td>17,138</td><td>681</td><td>17,138</td></tr><tr><td>1955-Mar....</td><td>2-7/8% Treas. bond, 3/15/55-60.... (3/15/35)</td><td>partially taxable</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, 9/15/51-55.... (9/15/31)</td><td>partially taxable</td><td>.....</td><td>.....</td><td>725</td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treas. bond, 12/15/51-55.... (12/15/41)</td><td>partially taxable</td><td>.....</td><td>.....</td><td>755</td><td></td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>.....</td><td>2,611</td><td>3,491</td><td>2,611</td><td>3,491</td></tr><tr><td>1956-Mar....</td><td>3-3/4% Treas. bond, 3/15/46-56.... (3/15/26)</td><td>partially taxable</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>partially taxable</td><td>.....</td><td>1,449</td><td>.....</td><td></td><td></td></tr><tr><td></td><td>2-1/4% Treas. bond, 6/15/54-56.... (7/22/40)</td><td>partially taxable</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 taxable</td><td>.....</td><td>982</td><td>.....</td><td></td><td></td></tr><tr><td></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 taxable</td><td>.....</td><td>919</td><td>.....</td><td></td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>.....</td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-Sept....</td><td>2-3/4% Treas. bond, 9/15/56-59.... (9/15/36)</td><td>partially taxable</td><td>.....</td><td>.....</td><td>982</td><td></td><td></td></tr><tr><td></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)
May 1945
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of March 31, 1945 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/ (Date of issue is shown in parentheses)</th><th rowspan="2">Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></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-Mar.... Dec....</td><td>2-1/2% Treas. bond, 3/15/65-70....(2/1/44) 2-3/4% Treas. bond, 12/15/60-65....(12/15/38) Total.</td><td>taxable partially</td><td>.....</td><td>..... 5,197</td><td>..... 1,485</td><td>..... 5,197</td><td>..... 1,485</td></tr><tr><td>1966-Mar....</td><td>2-1/2% Treas. bond, 3/15/66-71....(12/1/44)</td><td>taxable</td><td>.....</td><td>..... 3,481</td><td>.....</td><td>..... 3,481</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-Mar....</td><td>2-1/2% Treas. bond, 3/15/66-71....(12/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>..... 3,481</td><td>.....</td><td>..... 3,481</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/ Exclude postal savings bonds, Federal Housing Administration de-bentures, 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.
3/ Federal securities fell into three broad groups with respect to im-
position 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.
32
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscrip-tion books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses) 1/</th><th>Earliest date on which commercial banks may own restricted issues 2/</th><th>Amount of cash subscrip-tions tendered 3/</th><th colspan="3">Amount issued (in millions of dollars)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td>8/16/43</td><td>9/9/43</td><td>Third War Loan securities: 2-1/2% Treas. bond-12/15/64-69........(9/15/43) 2% Treas. bond- 9/15/51-53........(9/15/43) 7/8% Certificate- 9/1/44............(9/15/43)</td><td>26 yr.3 m (21 yr.3 m) 10 yr (8 yr.) 1 yr</td><td>9/15/53</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td></td></tr><tr><td>10/6/43 8/16/43 10/6/43 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 4/..(9/15/43) 2% Treas. bond - 9/15/51-53 4/..(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 1,102 3,540</td></tr><tr><td>11/22/43</td><td>1/18/44</td><td>Fourth War Loan securities: 1/ 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 m (12 yr.7 m) 1 yr</td><td>2/1/54 9/15/46</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td></td></tr><tr><td>1/24/44 3/2/44 3/2/44 3/2/44 3/22/44 4/24/44</td><td>1/24/44 3/2/44 3/2/44 3/2/44 3/22/44 4/24/44</td><td>.90% Treas. note - 3/1/45............(2/1/44) 2-1/2% Treas. bond - 3/15/65-70 4/..(2/1/44) 2-1/4% Treas. bond - 9/15/56-59 4/..(2/1/44) 1-1/2% Treas. note - 9/15/48........(3/15/44) 7/8% Certificate - 4/1/45............(4/1/44) 7/8% Certificate - 5/1/45............(5/1/44)</td><td>1 yr.1 m (21 yr.) 8/ 26 yr 15 yr.6 m (12 yr.6 m) 8/ 4 yr.6 m 1 yr 1 yr</td><td>2/1/54 9/15/46</td><td>2,127 77 95 3,748 4,877 1,615</td><td></td><td></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: 1/ 2-1/2% Treas. bond- 3/15/65-70 4/..(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 - 8/1/45............(8/1/44) 7/8% Certificate - 9/1/45............(9/1/44) 1% Treas. note - 3/15/46 4/..(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></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: 1/ 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 m) 10 yr (8 yr.) 2 yr.9 m 1 yr</td><td>12/1/54</td><td>3,447 7,922 1,550 4,395</td><td>3,447 7,922 1,550 4,395</td><td>3,447 7,922 1,550 4,395</td><td></td></tr><tr><td>11/17/44 11/17/44 11/17/44 11/22/45 2/19/45 3/22/45 4/19/45</td><td>11/20/44 11/20/44 11/20/44 11/22/45 2/19/45 3/22/45 4/19/45</td><td>.90% Treas. note - 1/1/46............(12/1/44) 2-1/2% Treas. bond - 3/15/66-71 11/..(12/1/44) 2% Treas. bond - 12/15/52-54 11/..(12/1/44) 1-1/4% Treas. note - 9/15/47 11/..(12/1/44) 7/8% Certificate - 2/1/46............(2/1/45) 7/8% Certificate - 3/1/46............(3/1/45) 7/8% Certificate - 4/1/46............(4/1/45) 7/8% Certificate - 5/1/46............(5/1/45)</td><td>1 yr.1 m (21 yr.3 m) 12/ 26 yr.3 m (8 yr.) 12/ 2 yr.9 m 12/ 1 yr 1 yr 1 yr</td><td>12/1/54</td><td>3,416 33 740 137 5,043 4,147 4,810 p 13/</td><td></td><td></td><td>3,416 33 740 137 5,043 4,147 4,810 p 13/</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>Seventh War Loan securities: 2-1/2% Treas. bond- 6/15/67-72........(6/1/45) 2-1/4% Treas. bond- 6/15/59-62........(6/1/45) 1-1/2% Treas. bond-12/15/50........(6/1/45) 7/8% Certificate - 6/1/46............(6/1/45)</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr.6 m 1 yr</td><td>6/15/62 6/15/52</td><td>13/ 13/ 13/</td><td>13/ 13/ 13/</td><td>13/ 13/ 13/</td><td></td></tr></table>
Back Figures: For period December 1941 through July 1943, see "Treasury Bulletin" for November 1944, page 32. Preliminary. 1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening. 2/ Restricted issues are those which commercial banks (defined for this purpose as banks which accept demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the Fourth, Fifth and Sixth War Loans, commercial banks were permitted to subscribe to the restricted issue offered in the War Loan for limited investment of their 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.
6 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 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.
May 1945
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th>Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount of maturing or called security outstanding</th><th>Amount for cash retirement</th><th>Amount exchanged</th><th>Percent exchanged</th><th>Description of new security offered</th></tr><tr><td colspan="7">(In millions of dollars)</td></tr><tr><td>8/2/43 9/15/43 10/15/43</td><td>7/8% Certificate - 8/1/43......(8/15/42) Treas. note - 9/15/43......(6/15/40) 3-1/4% Treas. bond - 10/15/43-45......(10/15/33)</td><td>1,609 279 1,401</td><td>53 279 239</td><td>1,556 ...... 1,161</td><td>97 ...... 83</td><td>7/8% Certificate - 8/1/44 {2-1/2% Treas. bond - 12/15/64-69 2% Treas. bond - 9/15/51-53</td></tr><tr><td>10/15/43 12/1/43 12/15/43</td><td>7/8% Certificate - 11/1/43......(11/2/42) 7/8% Certificate - 12/1/43......(12/1/42) 1-1/8% Treas. note - 12/15/43......(12/15/38)</td><td>2,035 3,800 421</td><td>96 260 421</td><td>1,939 3,540 ......</td><td>95 93 ......</td><td>7/8% Certificate - 10/1/44 7/8% Certificate - 12/1/44</td></tr><tr><td>2/1/44 2/1/44</td><td>1-3/8% FPA note - 2/1/44......(2/1/39) 7/8% Certificate - 2/1/44......(2/1/43)</td><td>114 2,211</td><td>114 84</td><td>...... 2,127</td><td>...... 96</td><td>.90% Treas. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% FMC bond - 3/15/44-64......(3/15/34) 3% FMC bond - 5/15/44-49......(5/15/34) 1% RFC note - 4/15/44......(7/3/41) 3% HLO bond - 5/1/44-52......(5/1/34) 3-1/4% Treas. bond - 4/15/44-46......(4/16/34) 1% Treas. note - 3/15/44......(11/1/39) 3/4% Treas. note - 6/15/44......(6/15/39)</td><td>95 835 571 779 1,519 515 416</td><td>19 130 12 175 296 32 146</td><td>76 705 559 604 1,223 483 270</td><td>80 84 98 78 81 94 65</td><td>2-1/4% Treas. bond - 9/15/56-59 2-1/2% Treas. bond - 3/15/65-70 1-1/2% Treas. note - 9/15/48</td></tr><tr><td colspan="2">Totals for exchange transaction of 3/15/44..</td><td>4,729</td><td>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% Certificate - 4/1/44......(4/15/43) 7/8% Certificate - 5/1/44......(5/1/43) 7/8% Certificate - 8/1/44......(8/2/43) 7/8% Certificate - 9/1/44......(9/15/43)</td><td>5,251 1,655 2,545 4,122</td><td>374 40 34 428</td><td>4,877 1,615 2,511 3,694</td><td>93 98 99 90</td><td>7/8% Certificate - 4/1/45 7/8% Certificate - 5/1/45 7/8% Certificate - 8/1/45 7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% Treas. note - 9/15/44......(1/31/41) 1% Treas. note - 9/15/44......(12/22/39)</td><td>635 283</td><td>33 98</td><td>602 185</td><td>95 66</td><td>1% Treas. note - 3/15/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 9/15/44..</td><td>918</td><td>130</td><td>788</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% Certificate - 10/1/44......(10/15/43) 7/8% Certificate - 12/1/44......(12/1/43)</td><td>3,519 3,540</td><td>27 124</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% Treas. bond - 12/15/44-54......(12/15/24)</td><td>1,037</td><td>126</td><td>911</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 - 3/15/66-71 2/1</td></tr><tr><td>2/1/45</td><td>7/8% Certificate - 2/1/45......(2/1/44) 1-1/8% CCC note - 2/15/45......(7/21/41) Totals for exchange transaction of 2/1/45..</td><td>5,048 412 5,460</td><td>400 17 416</td><td>4,649 395 5,043</td><td>92 96 92</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td>3/1/45</td><td>.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) Totals for exchange transaction of 3/1/45...</td><td>2,127 718 1,606 4,451</td><td>18 225 60 304</td><td>2,109 493 1,546 4,147</td><td>99 69 96 93</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% Certificate - 4/1/45......(4/1/44) 7/8% Certificate - 5/1/45......(5/1/44)</td><td>4,877 1,615</td><td>66 p 3/</td><td>4,810 p 3/</td><td>99 p 2/</td><td>7/8% Certificate - 4/1/46 7/8% Certificate - 5/1/45</td></tr></table>
Figures: For period December 1941 through July 1943 see "Treasury Bulletin" for November 1944, page 33. Preliminary.
1/ Original call and maturity dates are used. 2/ Not available to commercial banks. 3/ Amounts not yet available.
Treasury Bulletin
34
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="3">Description of new issue</th><th colspan="3">Amount of bids accepted</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th></tr><tr><td>1944-Mar. 2</td><td>1944-June 1</td><td>91</td><td>2,151.5</td><td>1,007.4</td><td>936.3</td><td>71.1</td><td>1,006.4</td><td>13,113.0</td></tr><tr><td>Mar. 9</td><td>June 8</td><td>91</td><td>2,450.7</td><td>1,035.5</td><td>969.5</td><td>66.0</td><td>1,011.4</td><td>13,137.1</td></tr><tr><td>Mar. 16</td><td>June 15</td><td>91</td><td>2,095.1</td><td>1,016.1</td><td>951.1</td><td>65.1</td><td>1,000.2</td><td>13,153.1</td></tr><tr><td>Mar. 23</td><td>June 22</td><td>91</td><td>2,116.7</td><td>1,001.1</td><td>937.1</td><td>63.9</td><td>1,005.5</td><td>13,148.6</td></tr><tr><td>Mar. 30</td><td>June 29</td><td>91</td><td>1,976.7</td><td>1,009.7</td><td>954.5</td><td>55.2</td><td>1,011.0</td><td>13,147.3</td></tr><tr><td>Apr. 6</td><td>July 6</td><td>91</td><td>1,997.8</td><td>1,007.7</td><td>960.7</td><td>47.0</td><td>1,014.8</td><td>13,140.1</td></tr><tr><td>Apr. 13</td><td>July 13</td><td>91</td><td>1,927.7</td><td>1,014.5</td><td>959.0</td><td>55.5</td><td>1,000.2</td><td>13,154.4</td></tr><tr><td>Apr. 20</td><td>July 20</td><td>91</td><td>2,028.4</td><td>1,013.4</td><td>959.5</td><td>54.0</td><td>1,017.2</td><td>13,150.7</td></tr><tr><td>Apr. 27</td><td>July 27</td><td>91</td><td>2,131.1</td><td>1,015.9</td><td>961.3</td><td>54.6</td><td>1,016.9</td><td>13,149.7</td></tr><tr><td>May 4</td><td>Aug. 3</td><td>91</td><td>2,149.7</td><td>1,017.1</td><td>966.6</td><td>50.5</td><td>1,002.3</td><td>13,164.5</td></tr><tr><td>May 11</td><td>Aug. 10</td><td>91</td><td>2,172.7</td><td>1,206.9</td><td>1,148.0</td><td>59.0</td><td>1,005.7</td><td>13,365.8</td></tr><tr><td>May 18</td><td>Aug. 17</td><td>91</td><td>2,170.2</td><td>1,206.3</td><td>1,147.0</td><td>59.3</td><td>1,012.7</td><td>13,559.3</td></tr><tr><td>May 25</td><td>Aug. 24</td><td>91</td><td>1,958.4</td><td>1,214.1</td><td>1,157.1</td><td>57.0</td><td>1,007.7</td><td>13,765.8</td></tr><tr><td>June 1</td><td>Aug. 31</td><td>91</td><td>1,887.1</td><td>1,215.3</td><td>1,164.6</td><td>50.7</td><td>1,007.4</td><td>13,973.7</td></tr><tr><td>June 8</td><td>Sept. 7</td><td>91</td><td>1,990.1</td><td>1,202.6</td><td>1,150.0</td><td>52.6</td><td>1,035.5</td><td>14,140.8</td></tr><tr><td>June 15</td><td>Sept. 14</td><td>91</td><td>2,133.9</td><td>1,201.0</td><td>1,148.7</td><td>52.3</td><td>1,016.1</td><td>14,325.7</td></tr><tr><td>June 22</td><td>Sept. 21</td><td>91</td><td>2,173.8</td><td>1,211.6</td><td>1,156.5</td><td>55.1</td><td>1,001.1</td><td>14,536.2</td></tr><tr><td>June 29</td><td>Sept. 28</td><td>91</td><td>2,308.9</td><td>1,207.8</td><td>1,154.9</td><td>52.9</td><td>1,009.7</td><td>14,734.1</td></tr><tr><td>July 6</td><td>Oct. 5</td><td>91</td><td>2,215.1</td><td>1,216.3</td><td>1,167.4</td><td>48.8</td><td>1,007.7</td><td>14,943.0</td></tr><tr><td>July 13</td><td>Oct. 13</td><td>92</td><td>2,042.3</td><td>1,203.8</td><td>1,149.4</td><td>54.4</td><td>1,014.5</td><td>15,132.3</td></tr><tr><td>July 20</td><td>Oct. 19</td><td>91</td><td>2,074.3</td><td>1,206.6</td><td>1,146.9</td><td>59.7</td><td>1,013.4</td><td>15,325.4</td></tr><tr><td>July 27</td><td>Oct. 26</td><td>91</td><td>2,177.4</td><td>1,214.4</td><td>1,158.2</td><td>56.2</td><td>1,015.9</td><td>15,523.9</td></tr><tr><td>Aug. 3</td><td>Nov. 2</td><td>91</td><td>2,010.4</td><td>1,214.1</td><td>1,156.6</td><td>57.5</td><td>1,017.1</td><td>15,720.9</td></tr><tr><td>Aug. 10</td><td>Nov. 9</td><td>91</td><td>2,001.1</td><td>1,210.9</td><td>1,150.3</td><td>60.6</td><td>1,006.9</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>1,212.6</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>1,213.9</td><td>1,254.1</td><td>59.7</td><td>1,206.6</td><td>15,965.1</td></tr><tr><td>Oct. 26</td><td>Jan. 25</td><td>91</td><td>2,356.3</td><td>1,308.9</td><td>1,254.6</td><td>54.3</td><td>1,214.4</td><td>16,059.6</td></tr><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>1,307.7</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>1,934.4</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>16,443.7</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>1,218.0</td><td>16,414.7</td></tr><tr><td>Jan. 11</td><td>Apr. 12</td><td>91</td><td>2,157.4</td><td>1,303.0</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>1,302.6</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>1,318.4</td><td>1,248.4</td><td>69.9</td><td>1,308.9</td><td>16,403.3</td></tr><tr><td>Feb. 1</td><td>May 3</td><td>91</td><td>2,056.7</td><td>1,315.8</td><td>1,258.0</td><td>57.8</td><td>1,311.0</td><td>16,408.1</td></tr><tr><td>Feb. 8</td><td>May 10</td><td>91</td><td>2,027.9</td><td>1,310.2</td><td>1,252.7</td><td>57.5</td><td>1,314.3</td><td>16,404.0</td></tr><tr><td>Feb. 15</td><td>May 17</td><td>91</td><td>1,891.8</td><td>1,300.1</td><td>1,249.8</td><td>50.3</td><td>1,300.6</td><td>16,403.5</td></tr><tr><td>Feb. 23</td><td>May 24</td><td>90</td><td>1,888.0</td><td>1,308.7</td><td>1,242.7</td><td>66.0</td><td>1,313.5</td><td>16,398.7</td></tr><tr><td>Mar. 1</td><td>May 31</td><td>91</td><td>2,065.8</td><td>1,314.2</td><td>1,255.1</td><td>59.0</td><td>1,203.7</td><td>16,509.2</td></tr><tr><td>Mar. 8</td><td>June 7</td><td>91</td><td>2,436.4</td><td>1,310.2</td><td>1,249.6</td><td>60.5</td><td>1,204.9</td><td>16,614.5</td></tr><tr><td>Mar. 15</td><td>June 14</td><td>91</td><td>2,085.8</td><td>1,316.1</td><td>1,253.4</td><td>62.7</td><td>1,207.0</td><td>16,723.6</td></tr><tr><td>Mar. 22</td><td>June 21</td><td>91</td><td>2,075.2</td><td>1,302.5</td><td>1,233.9</td><td>68.6</td><td>1,217.2</td><td>16,808.9</td></tr><tr><td>Mar. 29</td><td>June 28</td><td>91</td><td>2,022.1</td><td>1,314.0</td><td>1,254.0</td><td>60.1</td><td>1,202.3</td><td>16,920.7</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 in full at a fixed price of 99.905 per hundred. This amount was increased to $200,000 or less commencing with the offering dated November 30, 1944.
May 1945
35
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-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><tr><td>Feb. 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>Feb. 8.</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. 15.</td><td>99.905</td><td>0.375</td><td>99.911</td><td>0.352</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 23.</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>Mar. 1.</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>Mar. 8.</td><td>99.905</td><td>0.375</td><td>99.915 1/</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 15.</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. 22.</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>Mar. 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></table>
Source: Public Debt Service.
Back Figures: Annual Reports of the Secretary of the Treasury.
2/ Except $10,000 at 99.925. 3/ Except $2,000,000 at 99.925.
36
Treasury Bulletin
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">Maturities and redemptions</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="9">All series 3/</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>4/</td><td>4/</td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>4/</td><td>4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>.</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>4/</td><td>17.1</td><td>66.5</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>4/</td><td>4/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>4/</td><td>4/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>1,492.4</td><td>....</td><td>65.0</td><td>148.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>5,994.1</td><td>....</td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1943</td><td>21,256.2</td><td>+11,068.0</td><td>11,788.7</td><td>11,788.7</td><td>....</td><td>127.6</td><td>848.3</td><td>841.3</td><td>7.0</td></tr><tr><td>1944</td><td>34,606.1</td><td>+13,350.0</td><td>15,497.7</td><td>15,139.5</td><td>358.1</td><td>223.2</td><td>2,370.9</td><td>2,357.8</td><td>13.1</td></tr><tr><td>1944-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>37,044.7</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>398.2</td><td>2.4</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>380.0</td><td>2.4</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>February</td><td>41,698.2</td><td>+557.9</td><td>848.0</td><td>848.0</td><td>....</td><td>33.0</td><td>323.1</td><td>5/</td><td>5/</td></tr><tr><td>March</td><td>42,159.5</td><td>+461.3</td><td>889.1</td><td>889.1</td><td>....</td><td>36.0</td><td>463.8</td><td>5/</td><td>5/</td></tr><tr><td colspan="9">Series A-D 6/</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>4/</td><td>4/</td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>4/</td><td>4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>.</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>4/</td><td>4/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>....</td><td>4/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>3,650.2</td><td>+745.5</td><td>828.0</td><td>828.0</td><td>....</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>+461.1</td><td>.8</td><td>.8</td><td>....</td><td>85.9</td><td>132.7</td><td>126.2</td><td>6.5</td></tr><tr><td>1943</td><td>3,608.0</td><td>+3.8</td><td>.1</td><td>.1</td><td>....</td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>1944</td><td>3,624.8</td><td>+16.8</td><td>.1</td><td>.1</td><td>....</td><td>96.0</td><td>79.3</td><td>71.7</td><td>7.5</td></tr><tr><td>1944-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>+2.9</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>3,634.2</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>5.0</td><td>.7</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>5.7</td><td>.7</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</td><td>+7.0</td><td>....</td><td>....</td><td>....</td><td>14.9</td><td>8.0</td><td>5/</td><td>5/</td></tr><tr><td>February</td><td>3,647.3</td><td>+2.3</td><td>....</td><td>....</td><td>....</td><td>8.3</td><td>6.0</td><td>5/</td><td>5/</td></tr><tr><td>March</td><td>3,629.1 1/</td><td>-18.2</td><td>....</td><td>....</td><td>....</td><td>7.7</td><td>25.9 1/</td><td>5/</td><td>5/</td></tr><tr><td colspan="9">Series E 3/ 6/</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>21,124.8</td><td>+9,838.2</td><td>11,819.7</td><td>11,819.7</td><td>....</td><td>118.4</td><td>2,099.9</td><td>2,094.7</td><td>5.2</td></tr><tr><td>1944-March</td><td>19,185.8</td><td>+344.1</td><td>575.8</td><td>575.8</td><td>....</td><td>9.7</td><td>241.4</td><td>240.8</td><td>.6</td></tr><tr><td>April</td><td>19,592.8</td><td>+407.0</td><td>605.7</td><td>605.7</td><td>....</td><td>14.2</td><td>212.9</td><td>212.2</td><td>.6</td></tr><tr><td>May</td><td>19,979.5</td><td>+386.7</td><td>624.3</td><td>624.3</td><td>....</td><td>12.1</td><td>249.7</td><td>248.8</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>22,898.9</td><td>+266.6</td><td>499.4</td><td>499.4</td><td>....</td><td>13.0</td><td>245.7</td><td>244.7</td><td>1.0</td></tr><tr><td>September</td><td>23,256.9</td><td>+357.9</td><td>590.8</td><td>590.8</td><td>....</td><td>21.9</td><td>254.7</td><td>253.7</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>1.6</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>1.6*</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</td><td>+527.4</td><td>803.8</td><td>803.8</td><td>....</td><td>29.4</td><td>305.9</td><td>304.1</td><td>1.7</td></tr><tr><td>February</td><td>26,428.0</td><td>+386.1</td><td>653.2</td><td>653.2</td><td>....</td><td>23.4</td><td>290.5 1/</td><td>288.8</td><td>1.7</td></tr><tr><td>March</td><td>26,760.2 1/</td><td>+332.2</td><td>712.1</td><td>712.1</td><td>....</td><td>26.5</td><td>406.4 1/</td><td>403.9</td><td>2.4</td></tr></table>
(Continued on following page)
May 1945
37
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>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">Maturities and redemptions</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">Series F 3/ 9/</td></tr><tr><td>1941</td><td>66.6</td><td>+66.6</td><td>66.7</td><td>66.7</td><td>....</td><td>-</td><td>·</td><td>·</td><td>-</td></tr><tr><td>1942</td><td>498.9</td><td>+432.3</td><td>434.9</td><td>434.9</td><td>....</td><td>.2</td><td>2.9</td><td>2.9</td><td>·</td></tr><tr><td>1943</td><td>1,242.3</td><td>+743.4</td><td>757.9</td><td>757.9</td><td>....</td><td>2.5</td><td>17.0</td><td>17.0</td><td>·</td></tr><tr><td>1944</td><td>1,995.7</td><td>+753.4</td><td>802.2</td><td>691.2</td><td>111.0</td><td>8.8</td><td>57.7</td><td>57.4</td><td>.3</td></tr><tr><td>1944-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>6.7</td><td>.1</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>6.9</td><td>.1</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><tr><td>February</td><td>2,338.0</td><td>+23.4</td><td>30.7</td><td>30.7</td><td>....</td><td>1.3</td><td>8.6</td><td>5/</td><td>5/</td></tr><tr><td>March</td><td>2,357.3</td><td>+19.2</td><td>26.5</td><td>26.5</td><td>....</td><td>1.8</td><td>9.1</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series O 3/ 9/</td></tr><tr><td>1941</td><td>394.0</td><td>+394.0</td><td>394.6</td><td>394.6</td><td>....</td><td>....</td><td>.5</td><td>.5</td><td>....</td></tr><tr><td>1942</td><td>2,414.3</td><td>+2,030.3</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-March</td><td>7,302.4</td><td>+96.8</td><td>110.3</td><td>107.6</td><td>2.8</td><td>....</td><td>13.5</td><td>13.5</td><td>....</td></tr><tr><td>April</td><td>7,403.3</td><td>+100.8</td><td>113.5</td><td>112.2</td><td>1.3</td><td>....</td><td>12.7</td><td>12.7</td><td>....</td></tr><tr><td>May</td><td>7,498.7</td><td>+95.4</td><td>111.1</td><td>109.6</td><td>1.5</td><td>....</td><td>15.7</td><td>15.7</td><td>....</td></tr><tr><td>June</td><td>7,860.8</td><td>+362.1</td><td>377.3</td><td>326.5</td><td>50.7</td><td>....</td><td>15.1</td><td>15.1</td><td>....</td></tr><tr><td>July</td><td>8,181.6</td><td>+320.8</td><td>337.5</td><td>314.2</td><td>23.3</td><td>....</td><td>16.7</td><td>16.7</td><td>....</td></tr><tr><td>August</td><td>8,248.1</td><td>+66.5</td><td>85.3</td><td>83.7</td><td>1.6</td><td>....</td><td>18.8</td><td>18.8</td><td>....</td></tr><tr><td>September</td><td>8,317.0</td><td>+68.9</td><td>85.3</td><td>84.5</td><td>.8</td><td>....</td><td>16.4</td><td>16.4</td><td>....</td></tr><tr><td>October</td><td>8,384.2</td><td>+67.3</td><td>82.8</td><td>82.4</td><td>.4</td><td>....</td><td>15.5</td><td>15.5</td><td>....</td></tr><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><tr><td>February</td><td>9,284.9</td><td>+146.1</td><td>164.1</td><td>164.1</td><td>....</td><td>....</td><td>18.0</td><td>18.0</td><td>....</td></tr><tr><td>March</td><td>9,412.9</td><td>+128.0</td><td>150.5</td><td>150.5</td><td>....</td><td>....</td><td>22.4</td><td>22.4</td><td>....</td></tr></table>
Source: Daily Treasury Statements.
r Revised.
* Less than $50,000.
1/ At current redemption values except Series G, which is stated at par.
2/ Estimated, except for Series G.
3/ For details concerning investment yields and redemption values, see page A-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. Series A bonds began to mature in March 1945. For information on the approximate monthly distribution of maturities during 1945 see "Treasury Bulletin" for March 1945, page A-2. The small amounts of matured bonds which have not been redeemed remain in the amount outstanding.
7/ There were $71.2 millions of Series A-D and E savings bonds redeemed through March 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 E, on sale since May 1, 1941, is a 10 year discount bond sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any calendar year and may be made only by individuals.
9/ 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, 24 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.
38
Treasury Bulletin
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="9">Sales in millions of dollars at issue price</th><th colspan="9">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="17">Series II</td></tr><tr><td>1941 2/</td><td>203.1</td><td>14.4</td><td>13.3</td><td>41.4</td><td>40.7</td><td>93.4</td><td></td><td></td><td></td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>20.0</td><td>46.0</td><td></td><td></td><td></td></tr><tr><td>1942</td><td>3,526.3</td><td>615.6</td><td>341.5</td><td>812.7</td><td>636.9</td><td>1,119.5</td><td></td><td></td><td></td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>18.1</td><td>31.7</td><td></td><td></td><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></td><td></td><td></td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>12.2</td><td>17.9</td><td></td><td></td><td></td></tr><tr><td>1944</td><td>11,819.7</td><td>4,149.1</td><td>1,642.5</td><td>2,583.5</td><td>1,396.9</td><td>2,047.8</td><td></td><td></td><td></td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>11.8</td><td>17.3</td><td></td><td></td><td></td></tr><tr><td>1944-March</td><td>575.8</td><td>274.3</td><td>102.9</td><td>125.3</td><td>29.7</td><td>43.6</td><td></td><td></td><td></td><td>100.0</td><td>47.6</td><td>17.9</td><td>21.7</td><td>5.2</td><td>7.6</td><td></td><td></td><td></td></tr><tr><td>April</td><td>605.7</td><td>291.3</td><td>106.7</td><td>107.6</td><td>40.3</td><td>59.9</td><td></td><td></td><td></td><td>100.0</td><td>48.1</td><td>17.6</td><td>17.7</td><td>6.7</td><td>9.9</td><td></td><td></td><td></td></tr><tr><td>May</td><td>624.3</td><td>305.9</td><td>110.8</td><td>111.2</td><td>39.9</td><td>56.4</td><td></td><td></td><td></td><td>100.0</td><td>49.0</td><td>17.8</td><td>17.8</td><td>6.4</td><td>9.0</td><td></td><td></td><td></td></tr><tr><td>June</td><td>1,349.8</td><td>402.2</td><td>174.2</td><td>309.0</td><td>186.9</td><td>277.5</td><td></td><td></td><td></td><td>100.0</td><td>32.6</td><td>12.9</td><td>21.6</td><td>13.0</td><td>19.9</td><td></td><td></td><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></td><td></td><td></td><td>100.0</td><td>.1</td><td>14.8</td><td>22.8</td><td>12.8</td><td>18.3</td><td></td><td></td><td></td></tr><tr><td>August</td><td>499.4</td><td>221.8</td><td>59.8</td><td>95.9</td><td>35.6</td><td>51.7</td><td></td><td></td><td></td><td>100.0</td><td>.9</td><td>18.0</td><td>19.2</td><td>7.1</td><td>10.4</td><td></td><td></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></td><td></td><td></td><td>100.0</td><td>*</td><td>18.0</td><td>18.2</td><td>6.8</td><td>10.1</td><td></td><td></td><td></td></tr><tr><td>October</td><td>598.6</td><td>281.9</td><td>109.3</td><td>108.8</td><td>36.6</td><td>52.3</td><td></td><td></td><td></td><td>100.0</td><td>1.6</td><td>18.3</td><td>18.2</td><td>6.1</td><td>8.7</td><td></td><td></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></td><td></td><td></td><td>100.0</td><td>.6</td><td>15.7</td><td>20.5</td><td>10.5</td><td>15.4</td><td></td><td></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></td><td></td><td></td><td>100.0</td><td>.3</td><td>12.6</td><td>24.7</td><td>15.5</td><td>21.7</td><td></td><td></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></td><td></td><td></td><td>100.0</td><td>.7</td><td>15.5</td><td>19.1</td><td>9.6</td><td>18.2</td><td></td><td></td><td></td></tr><tr><td>February</td><td>653.2</td><td>269.1</td><td>112.0</td><td>118.2</td><td>50.8</td><td>98.3</td><td></td><td></td><td></td><td>100.0</td><td>.7</td><td>17.1</td><td>18.1</td><td>7.8</td><td>15.1</td><td></td><td></td><td></td></tr><tr><td>March</td><td>712.1</td><td>301.4</td><td>122.5</td><td>127.5</td><td>54.1</td><td>99.0</td><td></td><td></td><td></td><td>100.0</td><td>1.1</td><td>17.2</td><td>17.9</td><td>7.6</td><td>13.9</td><td></td><td></td><td></td></tr><tr><td colspan="17">Series F</td></tr><tr><td>1941 2/</td><td>66.7</td><td></td><td></td><td>.9</td><td>2.0</td><td>13.2</td><td>12.3</td><td>38.3</td><td></td><td>100.0</td><td></td><td>1.3</td><td>3.1</td><td>19.8</td><td>18.4</td><td>57.4</td><td></td><td></td></tr><tr><td>1942 3/</td><td>434.9</td><td>1.3</td><td></td><td>19.6</td><td>27.5</td><td>123.6</td><td>91.7</td><td>171.1</td><td></td><td>100.0</td><td>.3</td><td>4.5</td><td>6.3</td><td>28.4</td><td>21.1</td><td>39.4</td><td></td><td></td></tr><tr><td>1943</td><td>757.9</td><td>4.0</td><td></td><td>24.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>308.3</td><td></td><td>100.0</td><td>.5</td><td>3.3</td><td>5.4</td><td>27.7</td><td>22.4</td><td>40.7</td><td></td><td></td></tr><tr><td>1944</td><td>802.2</td><td>5.6</td><td></td><td>24.9</td><td>40.9</td><td>213.3</td><td>162.7</td><td>354.8</td><td></td><td>100.0</td><td>.7</td><td>3.1</td><td>5.1</td><td>26.6</td><td>20.3</td><td>44.2</td><td></td><td></td></tr><tr><td>1944-March</td><td>22.9</td><td>.3</td><td></td><td>1.1</td><td>1.5</td><td>6.6</td><td>4.5</td><td>8.9</td><td></td><td>100.0</td><td>1.5</td><td>5.0</td><td>6.4</td><td>28.8</td><td>19.6</td><td>38.7</td><td></td><td></td></tr><tr><td>April</td><td>19.3</td><td>.3</td><td></td><td>.9</td><td>1.2</td><td>6.1</td><td>3.9</td><td>6.9</td><td></td><td>100.0</td><td>1.4</td><td>4.6</td><td>6.2</td><td>31.5</td><td>20.4</td><td>35.9</td><td></td><td></td></tr><tr><td>May</td><td>15.3</td><td>.2</td><td></td><td>.8</td><td>1.0</td><td>4.7</td><td>3.0</td><td>5.5</td><td></td><td>100.0</td><td>1.6</td><td>5.3</td><td>6.8</td><td>30.6</td><td>19.6</td><td>36.1</td><td></td><td></td></tr><tr><td>June</td><td>115.1</td><td>.7</td><td></td><td>2.8</td><td>4.9</td><td>28.5</td><td>24.2</td><td>54.1</td><td></td><td>100.0</td><td>.6</td><td>2.5</td><td>4.2</td><td>24.8</td><td>21.0</td><td>46.9</td><td></td><td></td></tr><tr><td>July</td><td>101.1</td><td>.8</td><td></td><td>3.0</td><td>5.7</td><td>29.9</td><td>22.3</td><td>39.4</td><td></td><td>100.0</td><td>.8</td><td>3.0</td><td>5.6</td><td>29.6</td><td>22.0</td><td>39.0</td><td></td><td></td></tr><tr><td>August</td><td>17.8</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></td><td>100.0</td><td>1.4</td><td>4.8</td><td>7.5</td><td>32.4</td><td>21.0</td><td>32.9</td><td></td><td></td></tr><tr><td>September</td><td>16.0</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></td><td>100.0</td><td>1.2</td><td>4.7</td><td>8.8</td><td>33.4</td><td>21.8</td><td>30.1</td><td></td><td></td></tr><tr><td>October</td><td>13.7</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></td><td>100.0</td><td>1.6</td><td>5.4</td><td>6.9</td><td>36.9</td><td>23.4</td><td>25.8</td><td></td><td></td></tr><tr><td>November</td><td>42.7</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></td><td>100.0</td><td>.8</td><td>3.1</td><td>5.4</td><td>29.7</td><td>22.8</td><td>35.2</td><td></td><td></td></tr><tr><td>December</td><td>124.7</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></td><td>100.0</td><td>.9</td><td>3.5</td><td>6.0</td><td>31.9</td><td>23.1</td><td>34.6</td><td></td><td></td></tr><tr><td>1945-January</td><td>42.0</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></td><td>100.0</td><td>.9</td><td>3.4</td><td>4.6</td><td>21.8</td><td>16.1</td><td>53.2</td><td></td><td></td></tr><tr><td>February</td><td>30.7</td><td>.2</td><td></td><td>.9</td><td>1.3</td><td>6.3</td><td>5.1</td><td>16.9</td><td></td><td>100.0</td><td>.7</td><td>2.9</td><td>4.2</td><td>20.5</td><td>16.5</td><td>55.2</td><td></td><td></td></tr><tr><td>March</td><td>26.5</td><td>.3</td><td></td><td>.9</td><td>1.2</td><td>6.0</td><td>4.9</td><td>13.2</td><td></td><td>100.0</td><td>1.0</td><td>3.3</td><td>4.5</td><td>22.9</td><td>18.6</td><td>49.7</td><td></td><td></td></tr><tr><td colspan="17">Series O</td></tr><tr><td>1941 2/</td><td>394.6</td><td></td><td></td><td>4.8</td><td>11.2</td><td>82.4</td><td>71.8</td><td>224.3</td><td></td><td>100.0</td><td></td><td>1.2</td><td>2.8</td><td>20.9</td><td>18.2</td><td>56.9</td><td></td><td></td></tr><tr><td>1942</td><td>2,032.1</td><td></td><td></td><td>50.9</td><td>113.0</td><td>578.1</td><td>406.2</td><td>883.8</td><td></td><td>100.0</td><td></td><td>2.5</td><td>5.6</td><td>28.4</td><td>20.0</td><td>43.5</td><td></td><td></td></tr><tr><td>1943</td><td>2,759.5</td><td></td><td></td><td>81.5</td><td>188.7</td><td>805.7</td><td>526.3</td><td>1,157.3</td><td></td><td>100.0</td><td></td><td>3.0</td><td>6.8</td><td>29.2</td><td>19.1</td><td>41.9</td><td></td><td></td></tr><tr><td>1944</td><td>2,875.6</td><td></td><td></td><td>108.8</td><td>249.6</td><td>942.3</td><td>520.7</td><td>1,054.2</td><td></td><td>100.0</td><td></td><td>3.8</td><td>8.7</td><td>32.8</td><td>18.1</td><td>36.6</td><td></td><td></td></tr><tr><td>1944-March</td><td>110.3</td><td></td><td></td><td>4.0</td><td>9.5</td><td>38.3</td><td>20.9</td><td>37.6</td><td></td><td>100.0</td><td></td><td>3.6</td><td>8.6</td><td>34.7</td><td>19.0</td><td>34.1</td><td></td><td></td></tr><tr><td>April</td><td>113.5</td><td></td><td></td><td>4.0</td><td>10.3</td><td>41.5</td><td>21.8</td><td>36.0</td><td></td><td>100.0</td><td></td><td>3.5</td><td>9.1</td><td>36.5</td><td>19.2</td><td>31.7</td><td></td><td></td></tr><tr><td>May</td><td>111.1</td><td></td><td></td><td>4.0</td><td>10.0</td><td>42.7</td><td>21.9</td><td>32.5</td><td></td><td>100.0</td><td></td><td>3.6</td><td>9.0</td><td>38.4</td><td>19.7</td><td>29.3</td><td></td><td></td></tr><tr><td>June</td><td>377.3</td><td></td><td></td><td>14.4</td><td>33.8</td><td>128.4</td><td>70.4</td><td>130.2</td><td></td><td>100.0</td><td></td><td>3.8</td><td>9.0</td><td>34.0</td><td>18.7</td><td>34.5</td><td></td><td></td></tr><tr><td>July</td><td>337.5</td><td></td><td></td><td>14.5</td><td>34.4</td><td>123.1</td><td>65.8</td><td>99.5</td><td></td><td>100.0</td><td></td><td>4.3</td><td>10.2</td><td>35.5</td><td>19.5</td><td>29.5</td><td></td><td></td></tr><tr><td>August</td><td>85.3</td><td></td><td></td><td>3.6</td><td>8.6</td><td>34.2</td><td>16.7</td><td>22.1</td><td></td><td>100.0</td><td></td><td>4.2</td><td>10.1</td><td>40.1</td><td>19.6</td><td>26.0</td><td></td><td></td></tr><tr><td>September</td><td>85.3</td><td></td><td></td><td>3.2</td><td>8.1</td><td>33.3</td><td>16.7</td><td>24.0</td><td></td><td>100.0</td><td></td><td>3.8</td><td>9.5</td><td>39.0</td><td>19.6</td><td>28.1</td><td></td><td></td></tr><tr><td>October</td><td>82.8</td><td></td><td></td><td>3.2</td><td>7.7</td><td>31.5</td><td>16.0</td><td>24.4</td><td></td><td>100.0</td><td></td><td>3.9</td><td>9.3</td><td>38.1</td><td>19.3</td><td>29.4</td><td></td><td></td></tr><tr><td>November</td><td>173.9</td><td></td><td></td><td>6.6</td><td>16.1</td><td>65.4</td><td>35.3</td><td>50.5</td><td></td><td>100.0</td><td></td><td>3.8</td><td>9.2</td><td>37.6</td><td>20.3</td><td>29.1</td><td></td><td></td></tr><tr><td>December</td><td>405.9</td><td></td><td></td><td>19.7</td><td>45.6</td><td>140.8</td><td>85.8</td><td>114.0</td><td></td><td>100.0</td><td></td><td>4.9</td><td>11.2</td><td>34.7</td><td>21.1</td><td>28.1</td><td></td><td></td></tr><tr><td>1945-January</td><td>228.3</td><td></td><td></td><td>4.8</td><td>14.3</td><td>61.2</td><td>32.7</td><td>115.4</td><td></td><td>100.0</td><td></td><td>2.1</td><td>6.3</td><td>26.8</td><td>14.3</td><td>50.5</td><td></td><td></td></tr><tr><td>February</td><td>164.1</td><td></td><td></td><td>3.6</td><td>9.6</td><td>41.9</td><td>23.6</td><td>85.3</td><td></td><td>100.0</td><td></td><td>2.2</td><td>5.9</td><td>25.5</td><td>14.4</td><td>52.0</td><td></td><td></td></tr><tr><td>March</td><td>150.5</td><td></td><td></td><td>3.9</td><td>10.4</td><td>46.9</td><td>26.3</td><td>63.1</td><td></td><td>100.0</td><td></td><td>2.6</td><td>6.9</td><td>31.1</td><td>17.5</td><td>41.9</td><td></td><td></td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Figures by denominations are estimated on the basis of reports received by the Treasury. Less than .05%. i/ Sale of $10 denomination Series E 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 I, P, and O bonds commenced May 1, 1941. 3/ Sale of $25 denomination Series P bonds was authorised in December 1941.
May 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
PART A - SERIES E (In thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="10">1944</th><th colspan="4">1945</th></tr><tr><th></th><th>1943</th><th>1944</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>Feb.</th><th>Mar.</th></tr><tr><td>Alabama</td><td>91,272</td><td>139,180</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><td>7,935</td><td>8,211</td></tr><tr><td>Arizona</td><td>27,846</td><td>42,252</td><td>2,075</td><td>2,098</td><td>2,096</td><td>4,353</td><td>7,763</td><td>1,412</td><td>1,829</td><td>2,024</td><td>2,346</td><td>7,087</td><td>3,531</td><td>2,540</td><td>2,480</td></tr><tr><td>Arkansas</td><td>52,764</td><td>74,176</td><td>2,879</td><td>3,037</td><td>3,718</td><td>8,947</td><td>10,699</td><td>2,351</td><td>3,100</td><td>4,000</td><td>5,532</td><td>13,270</td><td>5,162</td><td>3,954</td><td>4,121</td></tr><tr><td>California</td><td>638,877</td><td>970,414</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>77,616</td><td>55,364</td><td>61,994</td></tr><tr><td>Colorado</td><td>62,132</td><td>90,226</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><td>3,957</td><td>4,511</td></tr><tr><td>Connecticut</td><td>168,256</td><td>220,926</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><td>12,857</td><td>12,171</td></tr><tr><td>Delaware</td><td>21,824</td><td>27,609</td><td>1,574</td><td>1,383</td><td>1,391</td><td>3,177</td><td>3,610</td><td>1,382</td><td>1,556</td><td>1,572</td><td>1,753</td><td>4,045</td><td>2,091</td><td>1,544</td><td>1,730</td></tr><tr><td>Dist. of Columbia</td><td>83,143</td><td>135,069</td><td>5,483</td><td>7,694</td><td>7,871</td><td>13,991</td><td>23,267</td><td>4,426</td><td>8,648</td><td>7,706</td><td>7,939</td><td>22,961</td><td>11,496</td><td>6,669</td><td>8,795</td></tr><tr><td>Florida</td><td>89,496</td><td>142,682</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><td>9,251</td><td>10,346</td></tr><tr><td>Georgia</td><td>94,524</td><td>145,933</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><td>9,157</td><td>8,812</td></tr><tr><td>Idaho</td><td>27,845</td><td>40,230</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><td>1,581</td><td>1,711</td></tr><tr><td>Illinois</td><td>575,056</td><td>755,362</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>50,668</td><td>118,436</td><td>67,824</td><td>51,074</td><td>51,143</td></tr><tr><td>Indiana</td><td>213,813</td><td>313,594</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><td>20,824</td><td>19,239</td></tr><tr><td>Iowa</td><td>176,508</td><td>263,445</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>16,376</td><td>10,173</td><td>11,149</td></tr><tr><td>Kansas</td><td>106,190</td><td>163,077</td><td>7,257</td><td>6,646</td><td>7,202</td><td>19,625</td><td>24,485</td><td>6,580</td><td>6,435</td><td>5,406</td><td>10,727</td><td>28,277</td><td>11,727</td><td>9,167</td><td>11,638</td></tr><tr><td>Kentucky</td><td>87,607</td><td>127,956</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><td>7,081</td><td>9,720</td></tr><tr><td>Louisiana</td><td>94,910</td><td>141,106</td><td>6,696</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><td>8,085</td><td>8,437</td></tr><tr><td>Maine</td><td>37,361</td><td>54,994</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><td>2,991</td><td>2,998</td></tr><tr><td>Maryland</td><td>108,604</td><td>152,566</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><td>9,630</td><td>10,019</td></tr><tr><td>Massachusetts</td><td>280,091</td><td>390,986</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><td>20,936</td><td>23,883</td></tr><tr><td>Michigan</td><td>481,637</td><td>688,159</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><td>38,420</td><td>37,334</td></tr><tr><td>Minnesota</td><td>179,108</td><td>249,962</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><td>9,896</td><td>11,147</td></tr><tr><td>Mississippi</td><td>52,870</td><td>82,588</td><td>2,807</td><td>3,087</td><td>3,137</td><td>8,941</td><td>14,815</td><td>1,850</td><td>2,296</td><td>4,068</td><td>4,937</td><td>17,664</td><td>4,542</td><td>3,893</td><td>3,548</td></tr><tr><td>Missouri</td><td>195,868</td><td>283,681</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><td>13,449</td><td>15,776</td></tr><tr><td>Montana</td><td>39,432</td><td>55,230</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><td>2,124</td><td>2,223</td></tr><tr><td>Nebraska</td><td>72,211</td><td>128,079</td><td>4,706</td><td>5,345</td><td>4,747</td><td>16,098</td><td>21,246</td><td>3,611</td><td>4,418</td><td>3,655</td><td>7,112</td><td>23,889</td><td>8,985</td><td>5,556</td><td>6,713</td></tr><tr><td>Nevada</td><td>11,466</td><td>13,468</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><td>656</td><td>850</td></tr><tr><td>New Hampshire</td><td>25,787</td><td>32,722</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><td>1,478</td><td>1,932</td></tr><tr><td>New Jersey</td><td>303,807</td><td>415,338</td><td>21,497</td><td>23,426</td><td>23,752</td><td>44,085</td><td>67,594</td><td>21,046</td><td>22,744</td><td>24,465</td><td>24,967</td><td>61,801</td><td>36,712</td><td>23,703</td><td>27,755</td></tr><tr><td>New Mexico</td><td>17,284</td><td>27,990</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><td>1,809</td><td>1,761</td></tr><tr><td>New York</td><td>991,988</td><td>1,290,035</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><td>78,972</td><td>83,077</td></tr><tr><td>North Carolina</td><td>113,869</td><td>149,443</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>7,580</td><td>7,815</td><td>27,985</td><td>13,650</td><td>9,009</td><td>9,360</td></tr><tr><td>North Dakota</td><td>34,349</td><td>53,224</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><td>1,925</td><td>2,131</td></tr><tr><td>Ohio</td><td>506,364</td><td>714,177</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><td>40,703</td><td>46,252</td></tr><tr><td>Oklahoma</td><td>82,143</td><td>135,264</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>9,536</td><td>23,984</td><td>13,060</td><td>7,066</td><td>7,475</td></tr><tr><td>Oregon</td><td>107,674</td><td>159,752</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><td>7,683</td><td>7,514</td></tr><tr><td>Pennsylvania</td><td>626,051</td><td>857,400</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><td>51,109</td><td>55,339</td></tr><tr><td>Rhode Island</td><td>53,748</td><td>60,858</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><td>3,681</td><td>4,487</td></tr><tr><td>South Carolina</td><td>53,401</td><td>76,058</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><td>4,636</td><td>5,084</td></tr><tr><td>South Dakota</td><td>33,171</td><td>53,813</td><td>1,589</td><td>1,625</td><td>1,604</td><td>7,386</td><td>8,224</td><td>1,182</td><td>1,495</td><td>1,739</td><td>3,052</td><td>10,655</td><td>2,519</td><td>1,640</td><td>1,777</td></tr><tr><td>Tennessee</td><td>100,530</td><td>147,296</td><td>8,944</td><td>7,533</td><td>7,982</td><td>13,852</td><td>23,957</td><td>5,316</td><td>7,365</td><td>7,775</td><td>8,449</td><td>23,297</td><td>12,247</td><td>8,572</td><td>9,001</td></tr><tr><td>Texas</td><td>306,265</td><td>494,995</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><td>26,910</td><td>28,045</td></tr><tr><td>Utah</td><td>33,242</td><td>56,357</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><td>2,715</td><td>2,956</td></tr><tr><td>Vermont</td><td>14,175</td><td>18,819</td><td>645</td><td>766</td><td>918</td><td>1,947</td><td>3,164</td><td>687</td><td>746</td><td>912</td><td>870</td><td>3,030</td><td>1,838</td><td>943</td><td>869</td></tr><tr><td>Virginia</td><td>145,459</td><td>189,563</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><td>11,265</td><td>12,922</td></tr><tr><td>Washington</td><td>163,924</td><td>257,729</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><td>14,760</td><td>14,225</td></tr><tr><td>West Virginia</td><td>64,583</td><td>92,197</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><td>5,690</td><td>5,723</td></tr><tr><td>Wisconsin</td><td>172,650</td><td>248,280</td><td>10,129</td><td>11,089</td><td>10,768</td><td>28,704</td><td>44,158</td><td>9,915</td><td>12,970</td><td>13,
(Continued on following page)
40
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 - (Continued)
PART B - SERIES F AND G COMBINED
(In thousands of dollars at issue prices)
<table><tr><th rowspan="2">State</th><th colspan="2">Fiscal year</th><th colspan="10">1944</th><th colspan="4">1945</th></tr><tr><th>1943</th><th>1944</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>Feb.</th><th>Mar.</th></tr><tr><td>Alabama</td><td>32,007</td><td>30,156</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><td>1,754</td><td>1,332</td></tr><tr><td>Arizona</td><td>8,421</td><td>9,450</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><td>378</td><td>319</td></tr><tr><td>Arkansas</td><td>16,578</td><td>17,831</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><td>654</td><td>685</td></tr><tr><td>California</td><td>224,145</td><td>258,108</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><td>11,738</td><td>13,678</td></tr><tr><td>Colorado</td><td>29,746</td><td>30,678</td><td>1,276</td><td>1,274</td><td>1,231</td><td>4,286</td><td>4,090</td><td>532</td><td>674</td><td>622</td><td>1,447</td><td>2,750</td><td>3,570</td><td>1,103</td><td>973</td></tr><tr><td>Connecticut</td><td>81,128</td><td>64,437</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><td>5,033</td><td>4,861</td></tr><tr><td>Delaware</td><td>12,326</td><td>10,306</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><td>528</td><td>962</td></tr><tr><td>Dist. of Columbia</td><td>33,757</td><td>29,761</td><td>1,106</td><td>856</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><td>1,421</td><td>1,409</td></tr><tr><td>Florida</td><td>36,705</td><td>40,496</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><td>2,228</td><td>1,774</td></tr><tr><td>Georgia</td><td>37,871</td><td>41,958</td><td>1,230</td><td>1,506</td><td>1,427</td><td>5,944</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><td>1,953</td><td>1,859</td></tr><tr><td>Idaho</td><td>8,031</td><td>7,630</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><td>349</td><td>265</td></tr><tr><td>Illinois</td><td>272,112</td><td>236,291</td><td>13,542</td><td>10,605</td><td>10,752</td><td>27,872</td><td>27,635</td><td>9,156</td><td>7,484</td><td>8,221</td><td>15,772</td><td>21,562</td><td>36,671</td><td>15,422</td><td>17,094</td></tr><tr><td>Indiana</td><td>79,524</td><td>82,311</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><td>4,566</td><td>4,335</td></tr><tr><td>Iowa</td><td>71,432</td><td>106,397</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><td>4,742</td><td>5,842</td></tr><tr><td>Kansas</td><td>34,897</td><td>44,903</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><td>3,077</td><td>2,988</td></tr><tr><td>Kentucky</td><td>43,755</td><td>47,442</td><td>1,697</td><td>2,416</td><td>1,896</td><td>7,888</td><td>4,169</td><td>1,390</td><td>1,406</td><td>1,123</td><td>3,459</td><td>2,905</td><td>6,411</td><td>2,515</td><td>1,709</td></tr><tr><td>Louisiana</td><td>44,461</td><td>38,952</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><td>2,148</td><td>1,447</td></tr><tr><td>Maine</td><td>20,245</td><td>20,591</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><td>1,902</td><td>984</td></tr><tr><td>Maryland</td><td>54,252</td><td>52,493</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><td>2,799</td><td>2,978</td></tr><tr><td>Massachusetts</td><td>174,999</td><td>147,625</td><td>5,198</td><td>5,563</td><td>7,288</td><td>17,887</td><td>15,469</td><td>3,560</td><td>4,153</td><td>4,484</td><td>8,262</td><td>9,538</td><td>27,034</td><td>14,679</td><td>9,088</td></tr><tr><td>Michigan</td><td>106,363</td><td>104,768</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><td>5,289</td><td>5,119</td></tr><tr><td>Minnesota</td><td>69,692</td><td>69,836</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><td>3,106</td><td>2,917</td></tr><tr><td>Mississippi</td><td>21,812</td><td>22,296</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><td>779</td><td>630</td></tr><tr><td>Missouri</td><td>84,266</td><td>91,689</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><td>4,827</td><td>5,833</td></tr><tr><td>Montana</td><td>10,529</td><td>13,550</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><td>441</td><td>508</td></tr><tr><td>Nebraska</td><td>30,414</td><td>39,339</td><td>2,153</td><td>1,955</td><td>1,623</td><td>5,241</td><td>4,964</td><td>1,133</td><td>1,220</td><td>875</td><td>1,823</td><td>3,376</td><td>6,088</td><td>1,401</td><td>2,550</td></tr><tr><td>Nevada</td><td>4,441</td><td>3,630</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><td>118</td><td>177</td></tr><tr><td>New Hampshire</td><td>14,403</td><td>14,553</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><td>1,610</td><td>1,003</td></tr><tr><td>New Jersey</td><td>118,751</td><td>106,839</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><td>4,908</td><td>4,621</td></tr><tr><td>New Mexico</td><td>7,025</td><td>6,503</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>456</td><td>477</td><td>739</td><td>142</td><td>168</td></tr><tr><td>New York</td><td>627,986</td><td>472,310</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><td>31,246</td><td>28,158</td></tr><tr><td>North Carolina</td><td>44,654</td><td>42,263</td><td>1,580</td><td>1,739</td><td>1,603</td><td>5,685</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>6,612</td><td>2,480</td><td>2,240</td></tr><tr><td>North Dakota</td><td>10,937</td><td>14,978</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><td>423</td><td>569</td></tr><tr><td>Ohio</td><td>203,827</td><td>194,155</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><td>11,119</td><td>8,923</td></tr><tr><td>Oklahoma</td><td>25,095</td><td>26,042</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><td>1,369</td><td>1,090</td></tr><tr><td>Oregon</td><td>32,892</td><td>29,326</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><td>1,498</td><td>1,254</td></tr><tr><td>Pennsylvania</td><td>297,430</td><td>251,120</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><td>12,971</td><td>12,245</td></tr><tr><td>Rhode Island</td><td>30,424</td><td>20,628</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><td>1,485</td><td>1,276</td></tr><tr><td>South Carolina</td><td>21,712</td><td>21,988</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><td>1,435</td><td>1,085</td></tr><tr><td>South Dakota</td><td>10,416</td><td>13,222</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><td>418</td><td>380</td></tr><tr><td>Tennessee</td><td>39,140</td><td>39,186</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><td>1,735</td><td>1,473</td></tr><tr><td>Texas</td><td>110,933</td><td>117,537</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><td>4,292</td><td>3,489</td></tr><tr><td>Utah</td><td>7,474</td><td>8,393</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><td>510</td><td>155</td></tr><tr><td>Vermont</td><td>7,504</td><td>8,026</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>361</td><td>426</td><td>674</td><td>1,526</td><td>555</td><td>421</td></tr><tr><td>Virginia</td><td>53,701</td><td>51,399</td><td>1,267</td><td>1,648</td><td>1,937</td><td>7,221</td><td>4,758</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><td>2,744</td><td>3,035</td></tr><tr><td>Washington</td><td>49,753</td><td>56,253</td><td>2,065</td><td>2,126</td><td>1,698</td><td>7,317</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><td>3,352</td><td>2,717</td></tr><tr><td>West Virginia</td><td>17,905</td><td>19,552</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><td>825</td><td>655</td></tr><tr><td>Wisconsin</td><td>86,336</td><td>93,192</td><td>3,625</td><td>3,809</td><td>3,497</td><td>13,301</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><td>5,025</td><td>4,559</td></tr><tr><td>Wyoming</td><td>6,010</td><td>6,032</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><td>136</td><td>197</td></tr><tr><td>Alaska</td><td>1,297</td><td>1,316</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><td>93</td><td>71</td></tr><tr><td>Canal Zone</td><td>1,843</td><td>1,825</td><td>154</td><td>41</td><td>33</td><td>275</td><td>79</td><td>67</td><td>43</td><td>17</td><td>67</td><td>202</td><td>32</td><td>87</td><td>55</td></tr><tr><td>Hawaii</td><td>17,367</td><td>10,522</td><td>83</td><td>548</td><td>502</td><td>673</td><td>1,565</td><td>259</td><td>344</td><td>400</td><td>742</td><td>1,544</td><td>946</td><td>564</
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reports of gross sales.
p Preliminary. r Revised. * Less than $500.
May 1945
41
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Redemptions of Series A-D and E Combined, Classified by States
Data on savings bond redemptions by States for Series A-D and E combined became available beginning in October 1944. Figures for the months from October 1944 through February 1945 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 colspan="2">1945</th><th>State</th><th colspan="3">1944</th><th colspan="2">1945</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th></tr><tr><td>Alabama</td><td>5,389</td><td>4,648</td><td>4,481</td><td>4,368</td><td>4,602</td><td>New York</td><td>36,762r</td><td>31,91r</td><td>28,720r</td><td>25,690r</td><td>28,941</td></tr><tr><td>Arizona</td><td>1,757</td><td>1,547</td><td>1,441</td><td>1,615</td><td>1,597</td><td>North Carolina</td><td>4,235</td><td>4,626</td><td>4,449</td><td>4,111</td><td>3,905</td></tr><tr><td>Arkansas</td><td>2,662</td><td>2,478</td><td>2,351</td><td>2,298</td><td>2,108</td><td>North Dakota</td><td>642</td><td>722</td><td>597</td><td>692</td><td>697</td></tr><tr><td>California</td><td>35,263</td><td>34,861</td><td>31,467</td><td>33,346</td><td>31,610</td><td>Ohio</td><td>28,694</td><td>26,036</td><td>22,492</td><td>19,915</td><td>21,049</td></tr><tr><td>Colorado</td><td>2,673</td><td>2,834</td><td>2,611</td><td>2,663</td><td>2,073</td><td>Oklahoma</td><td>4,405</td><td>4,164</td><td>3,840</td><td>3,968</td><td>3,768</td></tr><tr><td>Connecticut</td><td>6,198</td><td>5,149</td><td>5,048</td><td>4,718</td><td>4,687</td><td>Oregon</td><td>5,483</td><td>5,244</td><td>4,590</td><td>4,908</td><td>4,826</td></tr><tr><td>Delaware</td><td>753</td><td>872</td><td>715</td><td>754</td><td>690</td><td>Pennsylvania</td><td>27,866</td><td>32,994</td><td>26,883</td><td>23,919</td><td>21,337</td></tr><tr><td>District of Columbia</td><td>3,918</td><td>3,986</td><td>4,329</td><td>3,639</td><td>3,525</td><td>Rhode Island</td><td>2,057</td><td>1,996</td><td>2,074</td><td>1,715</td><td>1,656</td></tr><tr><td>Florida</td><td>4,960</td><td>5,094</td><td>5,630</td><td>5,592</td><td>5,417</td><td>South Carolina</td><td>2,720</td><td>2,117</td><td>2,312</td><td>2,037</td><td>1,931</td></tr><tr><td>Georgia</td><td>4,526</td><td>5,008</td><td>4,540</td><td>4,718</td><td>4,333</td><td>South Dakota</td><td>956</td><td>828</td><td>724</td><td>769</td><td>851</td></tr><tr><td>Idaho</td><td>928</td><td>806</td><td>762</td><td>843</td><td>802</td><td>Tennessee</td><td>5,717</td><td>5,050</td><td>4,815</td><td>4,307</td><td>4,029</td></tr><tr><td>Illinois</td><td>28,883</td><td>28,233</td><td>24,285</td><td>22,264</td><td>22,413</td><td>Texas</td><td>15,143</td><td>14,350</td><td>14,622</td><td>14,608</td><td>13,845</td></tr><tr><td>Indiana</td><td>16,618</td><td>13,381</td><td>11,164</td><td>10,756</td><td>10,252</td><td>Utah</td><td>1,571</td><td>1,541</td><td>1,465</td><td>1,433</td><td>1,399</td></tr><tr><td>Iowa</td><td>7,366</td><td>5,217</td><td>5,124</td><td>4,997</td><td>6,241</td><td>Vermont</td><td>305</td><td>326</td><td>309</td><td>274</td><td>269</td></tr><tr><td>Kansas</td><td>3,755</td><td>3,485</td><td>3,067</td><td>3,525</td><td>2,998</td><td>Virginia</td><td>5,781</td><td>6,230</td><td>5,949</td><td>5,238</td><td>5,357</td></tr><tr><td>Kentucky</td><td>4,265</td><td>4,833</td><td>3,947</td><td>3,683</td><td>3,677</td><td>Washington</td><td>7,797</td><td>7,314</td><td>6,383</td><td>7,108</td><td>6,821</td></tr><tr><td>Louisiana</td><td>4,136</td><td>4,019</td><td>4,166</td><td>4,136</td><td>4,034</td><td>West Virginia</td><td>3,598</td><td>3,506</td><td>2,925</td><td>2,778</td><td>2,359</td></tr><tr><td>Maine</td><td>1,563</td><td>1,394</td><td>1,362</td><td>1,212</td><td>1,045</td><td>Wisconsin</td><td>9,164</td><td>6,938</td><td>6,260</td><td>6,234</td><td>6,100</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Wyoming</td><td>457</td><td>685</td><td>491</td><td>573</td><td>480</td></tr><tr><td>Maryland</td><td>3,961</td><td>4,657</td><td>4,564</td><td>3,816</td><td>3,676</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Massachusetts</td><td>10,914</td><td>10,825</td><td>10,906</td><td>9,500</td><td>9,260</td><td>Alaska</td><td>161</td><td>147</td><td>122</td><td>127</td><td>154</td></tr><tr><td>Michigan</td><td>25,410</td><td>29,182</td><td>23,640</td><td>24,541</td><td>21,397</td><td>Canal Zone</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Hawaii</td><td>432</td><td>2,640</td><td>1,584</td><td>2,120</td><td>1,453</td></tr><tr><td>Minnesota</td><td>7,660</td><td>7,204</td><td>5,935</td><td>5,847</td><td>5,528</td><td>Puerto Rico</td><td>360r</td><td>762r</td><td>425r</td><td>380r</td><td>375</td></tr><tr><td>Mississippi</td><td>1,784</td><td>1,705</td><td>1,971</td><td>1,825</td><td>1,740</td><td>Virgin Islands</td><td>4</td><td>-</td><td>12</td><td>13</td><td>12</td></tr><tr><td>Missouri</td><td>8,690</td><td>8,671</td><td>7,437</td><td>7,724</td><td>7,403</td><td>Other possessions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Unallocated</td><td>63</td><td>45</td><td>16</td><td>-</td><td>-</td></tr><tr><td>Montana</td><td>952</td><td>947</td><td>930</td><td>1,103</td><td>873</td><td></td><td></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>2,663</td><td>2,449</td><td>Adjustment to Daily</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Nevada</td><td>513</td><td>550</td><td>467</td><td>435</td><td>431</td><td>Treasury Statement</td><td>+1,872</td><td>-8,903</td><td>+9,955</td><td>-3,367</td><td>-11,252</td></tr><tr><td>New Hampshire</td><td>811</td><td>903</td><td>893</td><td>737</td><td>601</td><td>Total</td><td>378,255</td><td>359,982</td><td>340,423</td><td>313,812</td><td>296,517</td></tr><tr><td>New Jersey</td><td>12,749</td><td>12,553</td><td>11,912</td><td>10,075</td><td>9,904</td><td></td><td></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>815</td><td>738</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Sources: (1) Total redemptions: Daily Treasury Statements; (2) Redemptions by States: Reports from Federal Reserve Banks.
42
Treasury Bulletin
Participation in Payroll Savings Plans for United States Savings Bonds
<table><tr><th rowspan="2"></th><th colspan="2">Fiscal year</th><th colspan="11">1944</th><th colspan="2">1945</th></tr><tr><th>1943</th><th>1944</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>Feb.</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>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><td>25.3 r</td><td>25.0p</td></tr><tr><td>Total amount deducted (in millions of dollars)......</td><td>4,067</td><td>5,546</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>485</td><td>565</td><td>475p</td><td>450p</td></tr><tr><td>Percent of participants' pay deducted......</td><td>8.3%</td><td>9.6%</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%</td><td>11.1%</td><td>10.1%</td><td>9.8%</td></tr></table>
2/ Consists of participants in (1) private employment, (2) Federal, State, and local government employment (including their agencies), and (3) the armed forces.
r Revised. p Preliminary. 1/ Estimates based on reports from a large number of participating organisations.
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>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">All series</td></tr><tr><td>1942</td><td>3,014.5</td><td>+3,014.5</td><td>4,138.9</td><td>1,124.4</td><td>1,103.7</td><td>20.7</td><td>....</td></tr><tr><td>1943</td><td>7,495.4</td><td>+4,480.9</td><td>8,758.5</td><td>4,277.6</td><td>4,094.4</td><td>114.9</td><td>68.3</td></tr><tr><td>1944</td><td>9,582.0</td><td>+2,086.5</td><td>8,953.7</td><td>6,867.2</td><td>6,365.1</td><td>502.1</td><td>....</td></tr><tr><td>1944-March</td><td>9,169.7</td><td>-1,159.6</td><td>238.1</td><td>1,397.8</td><td>1,344.9</td><td>52.9</td><td>....</td></tr><tr><td>April</td><td>9,136.2</td><td>-33.6</td><td>299.7</td><td>333.3</td><td>293.8</td><td>39.5</td><td>....</td></tr><tr><td>May</td><td>9,087.6</td><td>-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><tr><td>February</td><td>9,937.7</td><td>+62.3</td><td>212.4</td><td>150.1</td><td>129.4</td><td>20.6</td><td>....</td></tr><tr><td>March</td><td>8,955.9</td><td>-981.7</td><td>233.1</td><td>1,214.8</td><td>1,187.7</td><td>27.0</td><td>....</td></tr><tr><td colspan="8">Series A 3/</td></tr><tr><td>1942</td><td>54.8</td><td>+54.8</td><td>72.2</td><td>17.4</td><td>16.6</td><td>.8</td><td>....</td></tr><tr><td>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-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>.8</td><td>.4</td><td>.3</td><td>....</td></tr><tr><td>September</td><td>102.9</td><td>-6.7</td><td>....</td><td>6.7</td><td>6.2</td><td>.5</td><td>....</td></tr><tr><td>October</td><td>101.4</td><td>-1.5</td><td>....</td><td>1.5</td><td>1.2</td><td>.3</td><td>....</td></tr><tr><td>November</td><td>100.6</td><td>-.8</td><td>....</td><td>.8</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><tr><td>February</td><td>88.2</td><td>-1.9</td><td>....</td><td>1.9</td><td>1.5</td><td>.4</td><td>....</td></tr><tr><td>March</td><td>80.0</td><td>-8.1</td><td>....</td><td>8.1</td><td>7.5</td><td>.6</td><td>....</td></tr></table>
(Continued on following page)
May 1945
43
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 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><tr><td colspan="8">Series B 4/</td></tr><tr><td>1942-1943-1944</td><td>2,959.7 764.8 22.1</td><td>+2,959.7 -2,195.0 -742.6</td><td>4,066.7 877.1</td><td>1,107.0 3,072.1 742.6</td><td>1,087.1 2,933.3 721.2</td><td>19.9 70.6 21.5</td><td>.... 68.2</td></tr><tr><td>1944-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>February</td><td>8.6</td><td>-.4</td><td>....</td><td>.4</td><td>.2</td><td>.1</td><td>....</td></tr><tr><td>March</td><td>6.1</td><td>-2.5</td><td>....</td><td>2.5</td><td>2.4</td><td>.1</td><td>....</td></tr><tr><td colspan="8">Series C 5/</td></tr><tr><td>1943-1944</td><td>6,464.0 9,447.7</td><td>+6,464.0 +2,983.8</td><td>7,546.7 8,953.7</td><td>1,082.7 5,969.9</td><td>1,047.2 5,507.9</td><td>35.6 462.0</td><td>....</td></tr><tr><td>1944-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>9,833.0</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><tr><td>February</td><td>9,840.9</td><td>+54.6</td><td>212.4</td><td>147.8</td><td>127.7</td><td>20.1</td><td>....</td></tr><tr><td>March</td><td>8,869.8</td><td>-971.1</td><td>233.1</td><td>1,204.2</td><td>1,177.8</td><td>26.3</td><td>....</td></tr></table><p>Source: Daily Treasury Statements.</p><p>1/ Less than $50,000.</p><p>2/ 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 B and Series C notes were intended for the small and moderate taxpayer; Series A notes were designed 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 of 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.</p><p>3/ Includes matured Treasury savings notes.</p><p>4/ 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.</p><p>5/ Series C 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.</p><p>6/ Series C notes were sold 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.</p>
44
Treasury Bulletin
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 Thousands of dollars</th><th>Total all denominations</th><th colspan="8">Denomination Thousands of dollars</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>4.1</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-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>30.5</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><tr><td>Feb...</td><td>212.4</td><td>.4</td><td>.8</td><td>5.7</td><td>10.0</td><td>38.4</td><td>75.4</td><td>17.6</td><td>63.9</td><td>100.0</td><td>.2</td><td>.4</td><td>2.7</td><td>4.7</td><td>18.1</td><td>35.5</td><td>8.3</td><td>30.1</td></tr><tr><td>Mar...</td><td>233.1</td><td>.5</td><td>.7</td><td>6.1</td><td>8.9</td><td>36.4</td><td>73.9</td><td>24.2</td><td>82.5</td><td>100.0</td><td>.2</td><td>.3</td><td>2.6</td><td>3.8</td><td>15.6</td><td>31.7</td><td>10.4</td><td>35.4</td></tr></table>
Source: (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
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-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>130.7</td><td>9.5</td><td>170.9</td><td>100.0</td><td>5.4</td><td>94.6</td></tr><tr><td>November</td><td>1,031.7</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>1,283.5</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><tr><td>February</td><td>212.4</td><td>19.1</td><td>193.3</td><td>100.0</td><td>9.0</td><td>91.0</td></tr><tr><td>March</td><td>233.1</td><td>18.2</td><td>214.9</td><td>100.0</td><td>7.8</td><td>92.2</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by type of purchaser: sales reported to the Treasury. 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.
May 1945
45
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</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</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1941 3/</td><td>5,294</td><td>+5,143</td><td>6,087</td><td>943</td><td>1/4</td><td>1/4</td><td>100.0</td><td>1/4</td><td>1/4</td></tr><tr><td>1942 (July 1941</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,948</td><td>18,468</td><td>100.0</td><td>87.4</td><td>12.8</td></tr><tr><td>1942 (Aug. 1941-June 1942.)</td><td>213,350</td><td>+45,620 6/1/</td><td>590,268 1/</td><td>544,647</td><td>474,168</td><td>70,480</td><td>100.0</td><td>87.1</td><td>12.9</td></tr><tr><td>1943</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1944-March</td><td>195,821</td><td>-4,755</td><td>40,029</td><td>44,784</td><td>35,784</td><td>9,000</td><td>100.0</td><td>79.9</td><td>20.1</td></tr><tr><td>April</td><td>196,404</td><td>+582</td><td>35,717</td><td>35,134</td><td>28,261</td><td>6,873</td><td>100.0</td><td>80.4</td><td>19.6</td></tr><tr><td>May</td><td>198,407</td><td>+2,003</td><td>30,748</td><td>28,745</td><td>23,055</td><td>5,690</td><td>100.0</td><td>80.2</td><td>19.8</td></tr><tr><td>June</td><td>196,518</td><td>-1,889</td><td>22,696</td><td>24,504</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>35,112</td><td>27,996</td><td>8,116</td><td>100.0</td><td>77.5</td><td>22.5</td></tr><tr><td>September</td><td>168,253</td><td>+828</td><td>18,898</td><td>18,070</td><td>14,175</td><td>3,896</td><td>100.0</td><td>78.4</td><td>21.6</td></tr><tr><td>October</td><td>175,199</td><td>+6,945</td><td>24,679</td><td>17,734</td><td>13,816</td><td>3,917</td><td>100.0</td><td>77.9</td><td>22.1</td></tr><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>+1,104</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><tr><td>February</td><td>186,710</td><td>+4,018</td><td>20,731</td><td>16,714</td><td>13,421</td><td>3,293</td><td>100.0</td><td>80.3</td><td>19.7</td></tr><tr><td>March</td><td>189,409</td><td>+2,699</td><td>28,254</td><td>25,555</td><td>20,140</td><td>5,414</td><td>100.0</td><td>78.8</td><td>21.2</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ 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 series of postal savings stamps outstanding on April 30, 1941 was
$150 thousands.
Details not available for May, June, and July 1941.
Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousands for the period August 1, 1941 through June 30, 1942 and $55 thousands for the period July 1, 1942 through October 31, 1942.
Net of sales lose redemptions. See footnote 1.
Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1941</td><td>6,087</td><td>400</td><td>2,691</td><td>1,012</td><td>1,130</td><td>854</td><td>100.0</td><td>6.6</td><td>44.2</td><td>16.6</td><td>18.6</td><td>14.0</td></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1944-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><tr><td>February</td><td>20,731</td><td>5,857</td><td>10,155</td><td>1,463</td><td>2,288</td><td>967</td><td>100.0</td><td>28.2</td><td>49.0</td><td>7.1</td><td>11.0</td><td>4.7</td></tr><tr><td>March</td><td>28,254</td><td>8,059</td><td>13,981</td><td>2,017</td><td>3,201</td><td>996</td><td>100.0</td><td>28.5</td><td>49.5</td><td>7.2</td><td>11.3</td><td>3.5</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.
Treasury Bulletin
46
OWNERSHIP OF GOVERNMENT SECURITIES
May 1945
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Securities issued by United States Government</th><th colspan="4">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>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th>Total amount unmatured outstanding</th><th colspan="3">Distribution by classes of holders</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>U. S. Government agencies and trust funds and Federal Reserve banks</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable non-marketable issues</th></tr><tr><td>1935</td><td>27,645</td><td>1,656</td><td>1,023</td><td>*</td><td>633</td><td>2,433</td><td>23,556</td><td>23,494</td><td>62</td><td>4,123</td><td>366</td><td>-</td><td>3,757</td><td>-</td></tr><tr><td>1936</td><td>32,989</td><td>1,959</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</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>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,032</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>155,725</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>1944-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>4,084</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>21,955</td><td>5,256</td><td>11</td><td>16,688</td><td>19,004</td><td>189,713</td><td>138,002</td><td>51,712</td><td>1,496</td><td>6</td><td>-</td><td>1,191</td><td>300</td></tr><tr><td>Feb.</td><td>231,854</td><td>22,391</td><td>5,245</td><td>16</td><td>17,130</td><td>19,439</td><td>190,024</td><td>137,695</td><td>52,329</td><td>1,114</td><td>6</td><td>-</td><td>780</td><td>328</td></tr><tr><td>Mar.</td><td>232,026</td><td>22,823p</td><td>5,240p</td><td>16p</td><td>17,567</td><td>19,669</td><td>189,534p</td><td>137,716p</td><td>51,817p</td><td>1,119</td><td>6p</td><td>-</td><td>781p</td><td>332</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. 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.
48
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par value $1/ - in billions of dollars)
<table><tr><th>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><tr><td>December</td><td>230.4</td><td>96.6</td><td>77.8</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.6</td><td>4.2</td><td>21.7</td></tr></table>
1/ United States savings bonds. Series A-D, E, and F are included at current redemption values.
2/ Guaranteed securities held by the Treasury are excluded.
3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions. Excludes securities held in trust departments.
4/ Includes partnerships, personal trust accounts, and unincorporated business.
5/ Includes dealers and brokers and investments of 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 1/
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="12">Net market purchasee or salee (-)</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>-48.1</td><td>-2.9</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.
May 1945
49
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, February 28, 1945
Section I - Securities Issued or Guaranteed by the United States Government
The tables in Section I present summary data as of February 28, 1945 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 II presents summary data on the ownership of Federal land bank bonds.
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="3">Banks 1/</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>7,410 commercial banks 2/</th><th>34 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>163,166</td><td>72,186</td><td>357</td><td>8,476</td><td>19,289</td><td>16,828</td><td>2,460</td><td>24,690</td><td>38,168</td></tr><tr><td>Non-marketable securities</td><td>52,672</td><td>1,286</td><td>7</td><td>189</td><td>268</td><td>98</td><td>169</td><td>15</td><td>50,907</td></tr><tr><td>Total public securities</td><td>215,838</td><td>73,472</td><td>364</td><td>8,665</td><td>19,556</td><td>16,927</td><td>2,630</td><td>24,705</td><td>89,075</td></tr><tr><td>Special issues</td><td>17,130</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>17,130</td><td>.....</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 4/</td><td>232,968</td><td>73,472</td><td>364</td><td>8,665</td><td>19,556</td><td>16,927</td><td>2,630</td><td>41,836</td><td>89,075</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">Banks 1/</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>7,410 commercial banks 2/</th><th>34 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Par values - in millions of dollars</td></tr><tr><th>Types of security:</th><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>16,399</td><td>3,386</td><td>1</td><td>7</td><td>*</td><td>*</td><td>-</td><td>11,841</td><td>1,164</td></tr><tr><td>Certificate of indebtedness</td><td>30,396</td><td>15,235</td><td>24</td><td>203</td><td>429</td><td>197</td><td>232</td><td>4,997</td><td>9,509</td></tr><tr><td>Treasury notes</td><td>23,039</td><td>15,517</td><td>43</td><td>330</td><td>662</td><td>445</td><td>217</td><td>1,622</td><td>4,866</td></tr><tr><td>Treasury bonds</td><td>92,349</td><td>37,448</td><td>289</td><td>7,931</td><td>18,182</td><td>16,175</td><td>2,006</td><td>6,168</td><td>22,311</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>16</td><td>*</td><td>1</td><td>1</td><td>10</td><td>1</td><td>35</td><td>143</td></tr><tr><td>Guaranteed by United States 4/</td><td>786</td><td>585</td><td>1</td><td>4</td><td>16</td><td>10</td><td>5</td><td>6</td><td>175</td></tr><tr><td>Total</td><td>163,166</td><td>72,186</td><td>357</td><td>8,476</td><td>19,289</td><td>16,828</td><td>2,460</td><td>24,690</td><td>38,168</td></tr><tr><th>Call classes:</th><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>57,836</td><td>25,673</td><td>29</td><td>274</td><td>605</td><td>287</td><td>318</td><td>18,014</td><td>13,240</td></tr><tr><td>1 to 5 years</td><td>31,563</td><td>21,011</td><td>60</td><td>859</td><td>1,910</td><td>1,362</td><td>548</td><td>1,712</td><td>6,004</td></tr><tr><td>5 to 10 years</td><td>38,468</td><td>20,926</td><td>100</td><td>3,655</td><td>4,040</td><td>3,199</td><td>641</td><td>947</td><td>6,801</td></tr><tr><td>10 to 15 years</td><td>9,783</td><td>2,648</td><td>88</td><td>1,498</td><td>2,124</td><td>1,729</td><td>394</td><td>704</td><td>2,722</td></tr><tr><td>15 to 20 years</td><td>14,084</td><td>852</td><td>43</td><td>1,690</td><td>6,049</td><td>5,785</td><td>264</td><td>1,478</td><td>3,971</td></tr><tr><td>Over 20 years</td><td>11,400</td><td>1,060</td><td>36</td><td>497</td><td>4,550</td><td>4,456</td><td>95</td><td>1,829</td><td>3,427</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>32</td><td>10</td><td>*</td><td>2</td><td>10</td><td>10</td><td>1</td><td>6</td><td>3</td></tr><tr><td>Total</td><td>163,166</td><td>72,186</td><td>357</td><td>8,476</td><td>19,289</td><td>16,828</td><td>2,460</td><td>24,690</td><td>38,168</td></tr><tr><th>Tax-exemption provisions: 5/</th><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>258</td><td>*</td><td>1</td><td>11</td><td>*</td><td>10</td><td>56</td><td>588</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>22,935</td><td>13,552</td><td>106</td><td>292</td><td>2,103</td><td>1,153</td><td>950</td><td>2,274</td><td>4,608</td></tr><tr><td>Subject to Federal income taxes</td><td>139,317</td><td>58,377</td><td>251</td><td>8,182</td><td>17,175</td><td>15,675</td><td>1,500</td><td>22,359</td><td>32,972</td></tr><tr><td>Total</td><td>163,166</td><td>72,186</td><td>357</td><td>8,476</td><td>19,289</td><td>16,828</td><td>2,460</td><td>24,690</td><td>38,168</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, February 28, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX-EXEMPTION PROVISIONS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</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>7,410 commercial banks 2/</th><th>34 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><th colspan="10">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>4.7</td><td>.2</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>48.0</td><td>3.1</td></tr><tr><td>Certificate of indebtedness</td><td>18.6</td><td>21.1</td><td>6.6</td><td>2.4</td><td>2.2</td><td>1.2</td><td>9.4</td><td>20.2</td><td>24.9</td></tr><tr><td>Treasury notes</td><td>14.1</td><td>21.5</td><td>12.1</td><td>3.9</td><td>3.4</td><td>2.6</td><td>8.8</td><td>6.6</td><td>12.7</td></tr><tr><td>Treasury bonds</td><td>56.6</td><td>51.9</td><td>80.8</td><td>93.6</td><td>94.3</td><td>96.1</td><td>81.5</td><td>25.1</td><td>58.5</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.4</td></tr><tr><td>Guaranteed by United States 4/</td><td>.5</td><td>.8</td><td>.3</td><td>*</td><td>.1</td><td>.1</td><td>.2</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>35.4</td><td>35.6</td><td>8.3</td><td>3.2</td><td>3.1</td><td>1.7</td><td>12.9</td><td>73.0</td><td>34.7</td></tr><tr><td>1 to 5 years</td><td>19.3</td><td>29.1</td><td>16.9</td><td>10.1</td><td>9.9</td><td>8.1</td><td>22.3</td><td>6.9</td><td>15.7</td></tr><tr><td>5 to 10 years</td><td>23.6</td><td>29.0</td><td>28.0</td><td>43.1</td><td>20.9</td><td>19.0</td><td>34.2</td><td>3.8</td><td>23.1</td></tr><tr><td>10 to 15 years</td><td>6.0</td><td>3.7</td><td>24.6</td><td>17.7</td><td>11.0</td><td>10.3</td><td>16.0</td><td>2.8</td><td>7.1</td></tr><tr><td>15 to 20 years</td><td>8.6</td><td>1.2</td><td>12.1</td><td>19.9</td><td>31.4</td><td>34.4</td><td>10.7</td><td>6.0</td><td>10.4</td></tr><tr><td>Over 20 years</td><td>7.0</td><td>1.5</td><td>10.2</td><td>5.9</td><td>23.6</td><td>26.5</td><td>3.8</td><td>7.4</td><td>9.0</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><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>.4</td><td>*</td><td>*</td><td>.1</td><td>*</td><td>.4</td><td>.2</td><td>1.5</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>14.2</td><td>18.8</td><td>29.6</td><td>3.4</td><td>10.9</td><td>6.9</td><td>38.6</td><td>9.2</td><td>12.1</td></tr><tr><td>Subject to Federal income taxes</td><td>85.4</td><td>80.9</td><td>70.4</td><td>96.5</td><td>89.0</td><td>93.1</td><td>61.0</td><td>90.6</td><td>86.4</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="10">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>20.6</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>72.2</td><td>7.1</td></tr><tr><td>Certificate of indebtedness</td><td>100.0</td><td>50.1</td><td>.1</td><td>.7</td><td>1.4</td><td>.6</td><td>.8</td><td>16.4</td><td>31.3</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>67.3</td><td>.2</td><td>1.4</td><td>2.9</td><td>1.9</td><td>.9</td><td>7.0</td><td>21.1</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>40.6</td><td>.3</td><td>8.6</td><td>19.7</td><td>17.5</td><td>2.2</td><td>6.7</td><td>24.2</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.3</td><td>*</td><td>.5</td><td>.4</td><td>.1</td><td>.3</td><td>17.9</td><td>72.9</td></tr><tr><td>Guaranteed by United States 4/</td><td>100.0</td><td>74.3</td><td>.1</td><td>.5</td><td>2.0</td><td>1.3</td><td>.7</td><td>.8</td><td>22.3</td></tr><tr><td>Total</td><td>100.0</td><td>44.2</td><td>.2</td><td>5.2</td><td>11.8</td><td>10.3</td><td>1.5</td><td>15.1</td><td>23.4</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>44.4</td><td>.1</td><td>.5</td><td>1.0</td><td>.5</td><td>.5</td><td>31.1</td><td>22.9</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>66.6</td><td>.2</td><td>2.7</td><td>6.1</td><td>4.3</td><td>1.7</td><td>5.4</td><td>19.0</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>54.4</td><td>.3</td><td>9.5</td><td>10.5</td><td>8.3</td><td>2.2</td><td>2.5</td><td>22.9</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>27.1</td><td>.9</td><td>15.3</td><td>21.7</td><td>17.7</td><td>4.0</td><td>7.2</td><td>27.8</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>6.1</td><td>.3</td><td>12.0</td><td>43.0</td><td>41.1</td><td>1.9</td><td>10.5</td><td>28.2</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>9.3</td><td>.3</td><td>4.4</td><td>39.9</td><td>39.1</td><td>.8</td><td>16.0</td><td>30.1</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>32.5</td><td>.1</td><td>6.4</td><td>33.0</td><td>31.0</td><td>2.0</td><td>19.1</td><td>8.9</td></tr><tr><td>Total</td><td>100.0</td><td>44.2</td><td>.2</td><td>5.2</td><td>11.8</td><td>10.3</td><td>1.5</td><td>15.1</td><td>23.4</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>28.2</td><td>*</td><td>.1</td><td>1.1</td><td>*</td><td>1.1</td><td>6.2</td><td>64.3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>59.1</td><td>.5</td><td>1.3</td><td>9.2</td><td>5.0</td><td>4.1</td><td>9.9</td><td>20.1</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>41.9</td><td>.2</td><td>5.9</td><td>12.3</td><td>11.3</td><td>1.1</td><td>16.0</td><td>23.7</td></tr><tr><td>Total</td><td>100.0</td><td>44.2</td><td>.2</td><td>5.2</td><td>11.8</td><td>10.3</td><td>1.5</td><td>15.1</td><td>23.4</td></tr></table>
(Continued on following page)
May 1945
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, February 28, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (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">Banke 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>7,410 commercial banks 2/</th><th>34 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>16,399</td><td>3,386</td><td>1</td><td>7</td><td>*</td><td>*</td><td>-</td><td>11,841</td><td>1,164</td></tr><tr><td colspan="10">Certificatee of indebtedness</td></tr><tr><td>7/8% April 1945......(taxable)</td><td>4,877</td><td>2,906</td><td>3</td><td>42</td><td>21</td><td>13</td><td>8</td><td>1,207</td><td>698</td></tr><tr><td>7/8% May 1945......(taxable)</td><td>1,615</td><td>1,068</td><td>1</td><td>1</td><td>5</td><td>3</td><td>2</td><td>374</td><td>166</td></tr><tr><td>7/8% June 1945......(taxable)</td><td>4,770</td><td>1,756</td><td>4</td><td>26</td><td>87</td><td>36</td><td>52</td><td>639</td><td>2,258</td></tr><tr><td>7/8% August 1945......(taxable)</td><td>2,511</td><td>1,613</td><td>3</td><td>8</td><td>25</td><td>14</td><td>11</td><td>653</td><td>209</td></tr><tr><td>7/8% September 1945......(taxable)</td><td>3,694</td><td>2,159</td><td>4</td><td>22</td><td>41</td><td>23</td><td>18</td><td>658</td><td>809</td></tr><tr><td>7/8% October 1945......(taxable)</td><td>3,492</td><td>2,358</td><td>2</td><td>8</td><td>64</td><td>57</td><td>8</td><td>718</td><td>332</td></tr><tr><td>7/8% December 1945......(taxable)</td><td>4,395</td><td>414</td><td>1</td><td>79</td><td>145</td><td>42</td><td>104</td><td>10</td><td>3,786</td></tr><tr><td>7/8% February 1946......(taxable)</td><td>5,043</td><td>2,949</td><td>5</td><td>57</td><td>41</td><td>11</td><td>30</td><td>739</td><td>1,253</td></tr><tr><td>Total certificatee of indebtedness......</td><td>30,396</td><td>15,235</td><td>24</td><td>203</td><td>429</td><td>197</td><td>232</td><td>4,997</td><td>9,509</td></tr><tr><td colspan="10">Treasury notes</td></tr><tr><td>.90% March 1945......(taxable)</td><td>2,127</td><td>1,539</td><td>1</td><td>7</td><td>12</td><td>*</td><td>11</td><td>325</td><td>243</td></tr><tr><td>3/4% March 1945......(wholly)</td><td>718</td><td>241</td><td>*</td><td>*</td><td>10</td><td>*</td><td>10</td><td>21</td><td>445</td></tr><tr><td>1-1/4% March 1945......(taxable)</td><td>1,606</td><td>1,163</td><td>1</td><td>7</td><td>9</td><td>2</td><td>7</td><td>157</td><td>270</td></tr><tr><td>3/4% December 1945......(taxable)</td><td>531</td><td>381</td><td>1</td><td>5</td><td>13</td><td>2</td><td>11</td><td>27</td><td>103</td></tr><tr><td>.90% January 1946......(taxable)</td><td>3,416</td><td>2,411</td><td>1</td><td>9</td><td>29</td><td>25</td><td>4</td><td>413</td><td>553</td></tr><tr><td>1% March 1946......(taxable)</td><td>1,291</td><td>942</td><td>1</td><td>10</td><td>50</td><td>38</td><td>12</td><td>76</td><td>213</td></tr><tr><td>1-1/2% December 1946......(taxable)</td><td>3,261</td><td>2,455</td><td>7</td><td>54</td><td>103</td><td>79</td><td>24</td><td>284</td><td>358</td></tr><tr><td>1-1/4% March 1947......(taxable)</td><td>1,948</td><td>846</td><td>13</td><td>50</td><td>281</td><td>243</td><td>38</td><td>1</td><td>758</td></tr><tr><td>1-1/4% September 1947......(taxable)</td><td>1,687</td><td>468</td><td>9</td><td>92</td><td>72</td><td>34</td><td>38</td><td>1</td><td>1,045</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>2,144</td><td>5</td><td>43</td><td>41</td><td>10</td><td>31</td><td>*</td><td>473</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,929</td><td>4</td><td>52</td><td>41</td><td>10</td><td>30</td><td>317</td><td>405</td></tr><tr><td>Total Treasury notes......</td><td>23,039</td><td>15,517</td><td>43</td><td>330</td><td>662</td><td>445</td><td>217</td><td>1,622</td><td>4,866</td></tr><tr><td colspan="10">Treasury bonds</td></tr><tr><td>2-3/4% September 1945-47......(partially)</td><td>1,214</td><td>486</td><td>*</td><td>31</td><td>78</td><td>58</td><td>19</td><td>179</td><td>442</td></tr><tr><td>2-1/2% December 1945......(partially)</td><td>541</td><td>243</td><td>*</td><td>3</td><td>19</td><td>1</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>186</td><td>*</td><td>8</td><td>76</td><td>66</td><td>10</td><td>77</td><td>142</td></tr><tr><td>3% June 1946-48......(partially)</td><td>1,036</td><td>451</td><td>1</td><td>15</td><td>122</td><td>96</td><td>25</td><td>207</td><td>240</td></tr><tr><td>3-1/8% June 1946-49......(partially)</td><td>819</td><td>371</td><td>*</td><td>14</td><td>74</td><td>58</td><td>16</td><td>87</td><td>273</td></tr><tr><td>4-1/4% October 1947-52......(partially)</td><td>759</td><td>293</td><td>*</td><td>17</td><td>69</td><td>39</td><td>30</td><td>81</td><td>299</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>569</td><td>*</td><td>2</td><td>30</td><td>1</td><td>29</td><td>*</td><td>99</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>729</td><td>1</td><td>92</td><td>84</td><td>71</td><td>13</td><td>49</td><td>161</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>826</td><td>2</td><td>13</td><td>92</td><td>52</td><td>41</td><td>160</td><td>131</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,304</td><td>1</td><td>105</td><td>150</td><td>112</td><td>38</td><td>27</td><td>475</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>344</td><td>*</td><td>2</td><td>37</td><td>23</td><td>13</td><td>-</td><td>69</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>455</td><td>2</td><td>1</td><td>20</td><td>4</td><td>16</td><td>44</td><td>50</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>741</td><td>*</td><td>77</td><td>119</td><td>106</td><td>12</td><td>12</td><td>65</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,292</td><td>971</td><td>1</td><td>79</td><td>113</td><td>85</td><td>27</td><td>10</td><td>119</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,443</td><td>3</td><td>107</td><td>186</td><td>163</td><td>24</td><td>11</td><td>347</td></tr><tr><td>3-1/8% December 1949-52......(partially)</td><td>491</td><td>326</td><td>1</td><td>13</td><td>57</td><td>33</td><td>24</td><td>40</td><td>54</td></tr><tr><td>2-1/2% December 1949-53......(partially)</td><td>1,786</td><td>1,225</td><td>9</td><td>12</td><td>94</td><td>38</td><td>56</td><td>230</td><td>217</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,504</td><td>5</td><td>116</td><td>225</td><td>200</td><td>25</td><td>11</td><td>102</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>2,933</td><td>8</td><td>377</td><td>418</td><td>342</td><td>76</td><td>77</td><td>1,125</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>965</td><td>2</td><td>39</td><td>61</td><td>8</td><td>53</td><td>112</td><td>7</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>1,121</td><td>8</td><td>23</td><td>129</td><td>61</td><td>69</td><td>164</td><td>182</td></tr></table>
(Continued on following page)
Treasury Bulletin
52
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, February 28, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (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">Banke 1/</th><th colspan="3">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banke</th><th>Held by all other investors 2/</th></tr><tr><th></th><th></th><th>7,410 commercial banks 2/</th><th>34 stock savings banks</th><th>542 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% September 1951-53......(taxable)</td><td>7,986</td><td>4,670</td><td>22</td><td>713</td><td>851</td><td>706</td><td>145</td><td>128</td><td>1,603</td></tr><tr><td>3% September 1951-55......(partially)</td><td>755</td><td>310</td><td>*</td><td>11</td><td>85</td><td>50</td><td>35</td><td>79</td><td>270</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>510</td><td>364</td><td>2</td><td>18</td><td>34</td><td>27</td><td>6</td><td>20</td><td>73</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>793</td><td>2</td><td>3</td><td>34</td><td>2</td><td>32</td><td>108</td><td>178</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>350</td><td>*</td><td>316</td><td>80</td><td>58</td><td>22</td><td>67</td><td>210</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>5,825</td><td>3,116</td><td>19</td><td>520</td><td>671</td><td>582</td><td>89</td><td>13</td><td>1,486</td></tr><tr><td>2% December 1952-54......(taxable)</td><td>8,628</td><td>2,936</td><td>25</td><td>1,225</td><td>1,164</td><td>971</td><td>193</td><td>45</td><td>3,233</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>730</td><td>2</td><td>289</td><td>202</td><td>176</td><td>26</td><td>74</td><td>204</td></tr><tr><td>2% June 1953-55......(partially)</td><td>725</td><td>624</td><td>1</td><td>3</td><td>33</td><td>1</td><td>32</td><td>14</td><td>50</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>510</td><td>2</td><td>2</td><td>53</td><td>16</td><td>37</td><td>35</td><td>78</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>2,611</td><td>1,089</td><td>31</td><td>37</td><td>228</td><td>95</td><td>132</td><td>354</td><td>873</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,449</td><td>364</td><td>10</td><td>230</td><td>510</td><td>493</td><td>17</td><td>54</td><td>281</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>259</td><td>19</td><td>1,207</td><td>932</td><td>835</td><td>97</td><td>114</td><td>1,291</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>982</td><td>492</td><td>16</td><td>9</td><td>186</td><td>113</td><td>73</td><td>121</td><td>157</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>443</td><td>12</td><td>15</td><td>268</td><td>192</td><td>76</td><td>61</td><td>119</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,485</td><td>851</td><td>15</td><td>18</td><td>251</td><td>143</td><td>108</td><td>102</td><td>247</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>347</td><td>1,144</td><td>1,102</td><td>42</td><td>204</td><td>419</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>-</td><td>3</td><td>473</td><td>1,382</td><td>1,350</td><td>32</td><td>262</td><td>711</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>-</td><td>11</td><td>516</td><td>1,653</td><td>1,616</td><td>37</td><td>407</td><td>1,174</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>-</td><td>10</td><td>335</td><td>1,620</td><td>1,575</td><td>45</td><td>502</td><td>1,371</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>66</td><td>12</td><td>115</td><td>2,466</td><td>2,426</td><td>41</td><td>867</td><td>1,671</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,487</td><td>59</td><td>8</td><td>96</td><td>1,507</td><td>1,487</td><td>20</td><td>664</td><td>1,153</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>935</td><td>17</td><td>287</td><td>577</td><td>543</td><td>34</td><td>298</td><td>603</td></tr><tr><td>Total Treasury bonds.</td><td>92,349</td><td>37,448</td><td>289</td><td>7,931</td><td>18,182</td><td>16,175</td><td>2,006</td><td>6,188</td><td>22,311</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds......(wholly)</td><td>117</td><td>14</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>35</td><td>66</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>49</td></tr><tr><td>Conversion bonds......(wholly)</td><td>29</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>27</td></tr><tr><td>Total postal savings and other bonds.</td><td>196</td><td>16</td><td>*</td><td>1</td><td>1</td><td>*</td><td>1</td><td>35</td><td>143</td></tr><tr><td>Guaranteed securities 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures......(partially) (taxable)</td><td>10 22</td><td>10</td><td>*</td><td>2</td><td>10</td><td>10</td><td>1</td><td>6</td><td>3</td></tr><tr><td>Home Owners' Loan Corporation 1-1/2% June 1945-47......(partially)</td><td>755</td><td>574</td><td>1</td><td>2</td><td>5</td><td>1</td><td>5</td><td>-</td><td>172</td></tr><tr><td>Total guaranteed securities.</td><td>786</td><td>585</td><td>1</td><td>4</td><td>16</td><td>10</td><td>5</td><td>6</td><td>175</td></tr><tr><td>Total public marketable securities.</td><td>163,166</td><td>72,186</td><td>357</td><td>8,476</td><td>19,289</td><td>16,828</td><td>2,460</td><td>24,690</td><td>38,168</td></tr></table>
Back Figures: The Treasury Survey commenced with date 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
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. "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 cur-tax rates. "Taxable" securities are subject to both normal and surtax rates.
May 1945
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, February 28, 1945 - (Continued
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
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">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 5/</th></tr><tr><th>7,410 commercial banks 3/</th><th>34 stock saving banks</th><th>542 mutual saving banks</th><th>Total</th><th>317 life insurance companies</th><th>653 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>3,647</td><td>195</td><td>1</td><td>5</td><td>11</td><td>3</td><td>8</td><td>*</td><td>3,435</td></tr><tr><td>Series E.....................(taxable)</td><td>26,428</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>26,427</td></tr><tr><td>Series F.....................(taxable)</td><td>2,338</td><td>114</td><td>1</td><td>6</td><td>30</td><td>13</td><td>18</td><td>1</td><td>2,186</td></tr><tr><td>Series O.....................(taxable)</td><td>9,285</td><td>257</td><td>4</td><td>178</td><td>205</td><td>77</td><td>127</td><td>9</td><td>8,632</td></tr><tr><td>Total United States savings bond.........</td><td>41,698</td><td>567</td><td>6</td><td>189</td><td>246</td><td>93</td><td>153</td><td>10</td><td>40,680</td></tr><tr><td>Treasury tax and savings notes........(taxable)</td><td>9,927</td><td>68</td><td>1</td><td>*</td><td>22</td><td>5</td><td>16</td><td>5</td><td>9,831</td></tr><tr><td>Adjusted service bonds.............(wholly)</td><td>216</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>216</td></tr><tr><td>Depositary bonds..................(taxable)</td><td>503</td><td>459</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>45</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>328</td><td>192</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>135</td></tr><tr><td>Total public non-marketable securities.</td><td>52,672</td><td>1,286</td><td>7</td><td>189</td><td>268</td><td>98</td><td>169</td><td>15</td><td>50,907</td></tr></table>
1/ United States earning 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. 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 curtail rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and saving bonds, interest derived from $5,000 of prin-
opial amount owned by any one holder is also exempt from the sur-tax rates. "Taxable" securities are subject to both normal and surtax rates. Securities held in trust departments are excluded. Includes trust companies. 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. Series A-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable. Guaranteed securities held by the Treasury are not included.
Section II - Interest-Bearing Securities issued by Federal Agencies But not Guaranteed by the United States
Note: Data on Federal land bank bonds held by banks and insurance companies covered in the Treasury Survey are not entirely comparable with figures on holdings of securities issued and guaranteed by the
United States because a total of 90 fewer institutions reported with respect to their holdings of Federal land bank bonds. Eventually the two series should be fully comparable.
(Par values - 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>7,330 commercial banks 4/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>309 life insurance companies</th><th>652 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Federal land bank bonds</td></tr><tr><td>3-1/4% May 1945-55......(wholly)</td><td>157.3</td><td>20.3</td><td>*</td><td>.5</td><td>.9</td><td>.5</td><td>.5</td><td>-</td><td>135.6</td></tr><tr><td>3% July 1945-55......(wholly)</td><td>230.1</td><td>41.0</td><td>*</td><td>.1</td><td>.3</td><td>*</td><td>.3</td><td>-</td><td>188.7</td></tr><tr><td>3% January 1946-56......(wholly)</td><td>170.5</td><td>24.6</td><td>-</td><td>.2</td><td>1.2</td><td>.5</td><td>.7</td><td>-</td><td>144.8</td></tr><tr><td>3% May 1946-56......(wholly)</td><td>170.2</td><td>17.9</td><td>*</td><td>*</td><td>.5</td><td>.3</td><td>.2</td><td>-</td><td>151.8</td></tr><tr><td>2-1/4% February 1953-55......(taxable)</td><td>114.0</td><td>61.7</td><td>.2</td><td>2.3</td><td>2.4</td><td>1.4</td><td>1.0</td><td>-</td><td>47.4</td></tr><tr><td>Total Federal land bank bonds</td><td>642.4</td><td>165.5</td><td>.2</td><td>3.1</td><td>5.3</td><td>2.8</td><td>2.6</td><td>-</td><td>668.3</td></tr></table>
1/ Securities issued by the Federal home loan banks and by the Federal intermediate credit banks are not included in the Treasury Survey. 2/ The income from "wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates; the income from "taxable" securities is subject to the imposition
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.
54
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
May 1945
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
March 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 (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-secondes)</th><th colspan="3">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-secondes)</th><th colspan="4">1945 price range 2/ (Price decimals are thirty-secondes)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb.28, 1945</th><th>Yield 3/</th><th>Change in yield from Feb.28, 1945</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Issued by U. S. Government
<table><tr><th colspan="13">Treasury bonds</th></tr><tr><td>$1.115</td><td>24</td><td>- 3/15/48-50</td><td>102.10</td><td>102.11</td><td>102.10</td><td>-.04</td><td>1.20%</td><td>+-.02%</td><td>1.51%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.16</td><td>2/26</td><td>101.28</td><td>1/6</td></tr><tr><td>3,062</td><td>1-3/4%</td><td>- 6/15/48</td><td>101.24</td><td>101.26</td><td>101.25</td><td>.00</td><td>1.18</td><td>-.02</td><td>-</td><td>12/1/42</td><td>101.27</td><td>3/5/45</td><td>100.01</td><td>12/23/42</td><td>101.27</td><td>3/5</td><td>101.09</td><td>1/3</td></tr><tr><td>1,014</td><td>24</td><td>- 6/15/49-51</td><td>102.18</td><td>102.19</td><td>102.18</td><td>.00</td><td>1.37</td><td>-.01</td><td>1.57</td><td>1/15/42</td><td>102.22</td><td>3/5/45</td><td>100.06</td><td>8/5/42</td><td>102.22</td><td>3/5</td><td>101.26</td><td>1/4</td></tr><tr><td>1,292</td><td>24</td><td>- 9/15/49-51</td><td>102.17</td><td>102.18</td><td>102.18</td><td>+.03</td><td>1.40</td><td>-.04</td><td>1.58</td><td>5/15/42</td><td>102.20</td><td>3/23/45</td><td>100.04</td><td>10/6/42</td><td>102.20</td><td>3/23</td><td>101.24</td><td>1/4</td></tr><tr><td>2,098</td><td>24</td><td>-12/15/49-51</td><td>102.17</td><td>102.18</td><td>102.18</td><td>+.04</td><td>1.43</td><td>-.04</td><td>1.60</td><td>7/15/42</td><td>102.20</td><td>3/23/45</td><td>100.03</td><td>8/5/42</td><td>102.20</td><td>3/23</td><td>101.20</td><td>1/2</td></tr><tr><td>1,963</td><td>24</td><td>- 3/15/50-52</td><td>102.16+</td><td>102.17+</td><td>102.17</td><td>+.03</td><td>1.47</td><td>-.03</td><td>1.61</td><td>10/19/42</td><td>102.20</td><td>3/23/45</td><td>100.01</td><td>11/2/42</td><td>102.20</td><td>3/23</td><td>101.16</td><td>1/2</td></tr><tr><td>4,939</td><td>24</td><td>- 9/15/50-52</td><td>102.16+</td><td>102.17+</td><td>102.17</td><td>+.05</td><td>1.51</td><td>-.04</td><td>1.64</td><td>4/15/43</td><td>102.20</td><td>3/23/45</td><td>100.08</td><td>5/3/43</td><td>102.20</td><td>3/23</td><td>101.08</td><td>1/2</td></tr><tr><td>7,986</td><td>24</td><td>- 9/15/51-53</td><td>102.08</td><td>102.09</td><td>102.08</td><td>+.08</td><td>1.63</td><td>-.05</td><td>1.71</td><td>9/15/43</td><td>102.13</td><td>3/23/45</td><td>100.03</td><td>11/8/43</td><td>102.13</td><td>3/23</td><td>100.26</td><td>1/4</td></tr><tr><td>510</td><td>24</td><td>-12/15/51-55</td><td>102.08</td><td>102.10</td><td>102.09</td><td>+.07</td><td>1.64</td><td>-.04</td><td>1.77</td><td>12/15/41</td><td>102.13</td><td>3/23/45</td><td>100.01</td><td>12/5/42</td><td>102.13</td><td>3/23</td><td>100.26</td><td>1/9</td></tr><tr><td>1,024</td><td>2-1/24</td><td>- 3/15/52-54</td><td>105.11</td><td>105.13</td><td>105.12</td><td>+.06</td><td>1.68</td><td>-.03</td><td>1.85</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>105.17</td><td>3/23</td><td>104.00</td><td>1/9</td></tr><tr><td>5,825</td><td>24</td><td>- 6/15/52-54</td><td>102.05</td><td>102.06</td><td>102.06</td><td>+.12</td><td>1.68</td><td>-.05</td><td>1.74</td><td>6/26/44</td><td>102.12</td><td>3/23/45</td><td>100.08</td><td>7/24/44</td><td>102.12</td><td>3/23</td><td>100.16</td><td>1/2</td></tr><tr><td>1,501</td><td>2-1/4%</td><td>- 6/15/52-55</td><td>103.23</td><td>103.25</td><td>103.24</td><td>+.16</td><td>1.70</td><td>-.07</td><td>1.85</td><td>2/25/42</td><td>103.31</td><td>3/23/45</td><td>100.16</td><td>2/18/42</td><td>103.31</td><td>3/23</td><td>102.04</td><td>1/2</td></tr><tr><td>8,628</td><td>24</td><td>-12/15/52-54</td><td>102.04+</td><td>102.05+</td><td>102.05</td><td>+.13</td><td>1.70</td><td>-.06</td><td>1.76</td><td>12/1/44</td><td>102.12</td><td>3/23/45</td><td>100.09</td><td>12/19/44</td><td>102.12</td><td>3/23</td><td>100.12</td><td>1/2</td></tr><tr><td>1,449</td><td>2-1/24</td><td>- 3/15/56-58</td><td>105.18</td><td>105.20</td><td>105.19</td><td>+.05</td><td>1.93</td><td>-.02</td><td>2.01</td><td>6/2/41</td><td>105.23</td><td>2/26/45</td><td>101.30</td><td>12/25/41</td><td>105.23</td><td>2/26</td><td>103.23</td><td>1/2</td></tr><tr><td>3,623</td><td>2-1/4%</td><td>- 9/15/56-59</td><td>102.02</td><td>102.04</td><td>102.03</td><td>-.11</td><td>2.04</td><td>+.03</td><td>2.08</td><td>2/1/44</td><td>102.26</td><td>2/26/45</td><td>100.01</td><td>2/29/44</td><td>102.26</td><td>2/26</td><td>100.26</td><td>1/2</td></tr><tr><td>2,118</td><td>2-1/24</td><td>- 6/15/62-67 1/2</td><td>102.01</td><td>102.03</td><td>102.02</td><td>-.12</td><td>2.35</td><td>+.02</td><td>2.38</td><td>5/5/42</td><td>102.30</td><td>2/26/45</td><td>100.00</td><td>8/17/42</td><td>102.30</td><td>2/26</td><td>100.28</td><td>1/2</td></tr><tr><td>2,831</td><td>2-1/24</td><td>-12/15/63-68 1/2</td><td>101.11</td><td>101.13</td><td>101.12</td><td>-.14</td><td>2.41</td><td>+.03</td><td>2.42</td><td>12/1/42</td><td>102.10</td><td>2/26/45</td><td>100.00</td><td>2/11/44</td><td>102.10</td><td>2/26</td><td>100.18</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/24</td><td>- 6/15/64-69 1/2</td><td>101.06</td><td>101.08</td><td>101.07</td><td>-.14</td><td>2.42</td><td>+.03</td><td>2.43</td><td>4/15/43</td><td>102.05</td><td>2/26/45</td><td>100.00</td><td>3/2/44</td><td>102.05</td><td>2/26</td><td>100.15</td><td>1/2</td></tr><tr><td>3,838</td><td>2-1/24</td><td>-12/15/64-69 1/2</td><td>101.05</td><td>101.07</td><td>101.06</td><td>-.14</td><td>2.42</td><td>+.02</td><td>2.44</td><td>9/15/43</td><td>102.04</td><td>2/26/45</td><td>100.00</td><td>3/2/44</td><td>102.04</td><td>2/26</td><td>100.15</td><td>1/2</td></tr><tr><td>5,197</td><td>2-1/24</td><td>- 3/15/69-70 1/2</td><td>101.05</td><td>101.07</td><td>101.06</td><td>-.13</td><td>2.42</td><td>+.02</td><td>2.44</td><td>2/1/44</td><td>102.03</td><td>2/26/45</td><td>100.00</td><td>2/16/44</td><td>102.03</td><td>2/26</td><td>100.15</td><td>1/2</td></tr><tr><td>3,487</td><td>2-1/24</td><td>- 3/15/66-71 1/2</td><td>101.05</td><td>101.07</td><td>101.06</td><td>-.13</td><td>2.43</td><td>+.03</td><td>2.44</td><td>12/1/44</td><td>102.03</td><td>2/26/45</td><td>100.06</td><td>12/19/44</td><td>102.03</td><td>2/26</td><td>100.15</td><td>1/2</td></tr><tr><td>2,716</td><td>2-1/24</td><td>- 9/15/67-72 1/2</td><td>102.09</td><td>102.11</td><td>102.10</td><td>.00</td><td>2.37</td><td>.00</td><td>2.38</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>102.26</td><td>2/26</td><td>100.23</td><td>1/2</td></tr><tr><th colspan="13">Treasury notes</th></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>.00</td><td>.71</td><td>.00</td><td>-</td><td>12/18/40</td><td>100.18</td><td>9/9/41</td><td>98.28</td><td>10/6/42</td><td>100.02</td><td>2/19</td><td>100.00</td><td>1/25</td></tr><tr><td>3,416</td><td>.90%</td><td>C- 1/1/46 5/2</td><td>.75%</td><td>.73%</td><td>.74%</td><td>-.02%</td><td>-</td><td>-</td><td>-</td><td>12/1/44</td><td>.74%</td><td>3/1/45</td><td>.85%</td><td>12/29/44</td><td>.74%</td><td>3/31</td><td>.84%</td><td>1/2</td></tr><tr><td>1,291</td><td>14</td><td>A- 3/15/46</td><td>100.06+</td><td>100.07+</td><td>100.07</td><td>.00</td><td>.77</td><td>-.02</td><td>-</td><td>11/1/41</td><td>100.18</td><td>10/25/41</td><td>99.02</td><td>12/29/42</td><td>100.08</td><td>2/27</td><td>100.04</td><td>1/6</td></tr><tr><td>3,261</td><td>1-1/24</td><td>B-12/15/46</td><td>100.30</td><td>100.31</td><td>100.30</td><td>+.01</td><td>.94</td><td>-.05</td><td>-</td><td>6/5/42</td><td>100.30</td><td>3/31/45</td><td>100.01</td><td>1/2/43</td><td>100.30</td><td>3/31</td><td>100.24</td><td>1/4</td></tr><tr><td>1,948</td><td>1-1/44</td><td>B- 3/15/47</td><td>100.17</td><td>100.18</td><td>100.18</td><td>-.01</td><td>.96</td><td>.00</td><td>-</td><td>6/26/44</td><td>100.20</td><td>3/5/45</td><td>100.07</td><td>12/28/44</td><td>100.20</td><td>3/5</td><td>100.08</td><td>1/4</td></tr><tr><td>2,707</td><td>1-1/24</td><td>A- 9/15/47</td><td>101.03</td><td>101.04</td><td>101.04</td><td>.00</td><td>1.03</td><td>-.02</td><td>-</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.16</td><td>10/14/43</td><td>101.06</td><td>3/5</td><td>100.25</td><td>1/2</td></tr><tr><td>1,687</td><td>1-1/44</td><td>C- 9/15/47</td><td>100.19</td><td>100.20</td><td>100.20</td><td>-.01</td><td>.99</td><td>.00</td><td>-</td><td>12/1/44</td><td>100.23</td><td>3/5/45</td><td>100.06</td><td>12/27/44</td><td>100.23</td><td>3/5</td><td>100.08</td><td>1/5</td></tr><tr><td>3,748</td><td>1-1/24</td><td>A- 9/15/48</td><td>101.03+</td><td>101.04+</td><td>101.04</td><td>+.03</td><td>1.17</td><td>-.03</td><td>-</td><td>3/15/44</td><td>101.04</td><td>3/31/45</td><td>100.05</td><td>3/8/44</td><td>101.04</td><td>3/31</td><td>100.17</td><td>1/2</td></tr><tr><th colspan="13">Certificates of indebtedness 5/1</th></tr><tr><td>4,877</td><td>7/8%</td><td>B - 4/1/45</td><td>6/</td><td>6/</td><td>6/</td><td>. 6/</td><td>6/</td><td>6/</td><td>-</td><td>4/1/44</td><td>.00%</td><td>3/22/45</td><td>.84%</td><td>3/29/44</td><td>.00%</td><td>3/22</td><td>.70%</td><td>1/2</td></tr><tr><td>1,615</td><td>7/8%</td><td>D - 5/1/45</td><td>.00%</td><td>.00%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5/1/44</td><td>per M</td><td>3/31/45</td><td>.79%</td><td>6/23/44</td><td>per M</td><td>3/31</td><td>.71%</td><td>1/2</td></tr><tr><td>4,770</td><td>7/8%</td><td>C - 6/1/45</td><td>.20%</td><td>.30%</td><td>.25%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6/26/44</td><td>per M</td><td>3/31/45</td><td>.79%</td><td>7/10/44</td><td>.28%</td><td>3/31</td><td>.76%</td><td>1/3</td></tr><tr><td>2,511</td><td>7/8%</td><td>B - 8/1/45</td><td>.58%</td><td>.55%</td><td>.56%</td><td>-.24%</td><td>-</td><td>-</td><td>-</td><td>8/1/44</td><td>.28%</td><td>3/31/45</td><td>.80%</td><td>11/21/44</td><td>.56%</td><td>3/31</td><td>.78%</td><td>1/2</td></tr><tr><td>3,694</td><td>7/8%</td><td>E - 9/1/45</td><td>.64%</td><td>.61%</td><td>.62%</td><td>-.07%</td><td>-</td><td>-</td><td>-</td><td>9/1/44</td><td>.62%</td><td>3/31/45</td><td>.81%</td><td>11/21/44</td><td>.62%</td><td>3/31</td><td>.79%</td><td>1/2</td></tr><tr><td>3,492</td><td>7/8%</td><td>O - 10/1/45</td><td>.61%</td><td>.65%</td><td>.66%</td><td>-.05%</td><td>-</td><td>-</td><td>-</td><td>10/1/44</td><td>.66%</td><td>3/31/45</td><td>.81%</td><td>11/21/44</td><td>.66%</td><td>3/31</td><td>.80%</td><td>1/2</td></tr><tr><td>4,395</td><td>7/8%</td><td>B - 12/1/45</td><td>.71%</td><td>.69%</td><td>.70%</td><td>-.04%</td><td>-</td><td>-</td><td>-</td><td>12/1/44</td><td>.70%</td><td>3/31/45</td><td>.82%</td><td>12/19/44</td><td>.70%</td><td>3/31</td><td>.81%</td><td>1/2</td></tr><tr><td>5,043</td><td>7/8%</td><td>A - 2/1/46</td><td>.76%</td><td>.74%</td><td>.75%</td><td>-.02%</td><td>-</td><td>-</td><td>-</td><td>2/1/45</td><td>.75%</td><td>3/31/45</td><td>.83%</td><td>1/28/45</td><td>.75%</td><td>3/31</td><td>.83%</td><td>1/24</td></tr><tr><td>4,147</td><td>7/8%</td><td>B - 3/1/46</td><td>.77%</td><td>.75%</td><td>.76%</td><td>-.03%</td><td>-</td><td>-</td><td>-</td><td>3/1/45</td><td>.76%</td><td>3/31/45</td><td>.80%</td><td>2/21/45</td><td>.76%</td><td>3/31</td><td>.80%</td><td>2/21</td></tr><tr><td>1/</td><td>7/8%</td><td>C - 4/1/46</td><td>.79%</td><td>.77%</td><td>.78%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4/1/45</td><td>.78%</td><td>3/31/45</td><td>.80%</td><td>3/22/45</td><td>.78%</td><td>3/31</td><td>.90%</td><td>3/22</td></tr></table>
PART B - TAXABLE TREASURY BILLS
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb. 28, 1945</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb. 28, 1945</th></tr><tr><td>$1,205</td><td>4/5/45</td><td>1/4/45</td><td>.375%</td><td>.20%</td><td>.29%</td><td>.00%</td><td>$1,309</td><td>5/24/45</td><td>2/23/45</td><td>.375%</td><td>.30%</td><td>.34%</td><td>-.02%</td></tr><tr><td>1,303</td><td>4/12/45</td><td>1/11/45</td><td>.375</td><td>.20</td><td>.29</td><td>.00</td><td>1,314</td><td>5/31/45</td><td>3/1/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1,303</td><td>4/19/45</td><td>1/18/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,310</td><td>6/7/45</td><td>3/8/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,318</td><td>4/26/45</td><td>1/25/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1,316</td><td>5/3/45</td><td>2/1/45</td><td>.375</td><td>.30</td><td>.34</td><td>.00</td><td>1,316</td><td>6/14/45</td><td>3/15/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,310</td><td>5/10/45</td><td>2/8/45</td><td>.375</td><td>.30</td><td>.34</td><td>.00</td><td>1,303</td><td>6/23/45</td><td>3/22/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,300</td><td>5/17/45</td><td>2/15/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,314</td><td>6/28/45</td><td>5/29/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr></table>
(Continued on following page)
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
March 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 rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th rowspan="2">Yield date 1/</th><th rowspan="2">Change in yield from Feb.28, 1945</th><th rowspan="2">Maturity yield</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945 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 Feb.28, 1945</th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr></table>
Issued by U. S. Government
<table><tr><th colspan="13">Treasury bonds</th></tr><tr><td>$1,214 2-3/4% - 9/15/45-47</td><td>101.02</td><td>101.03</td><td>101.02</td><td>-1.10</td><td>.39%</td><td>+2.0%</td><td>2.30%</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>101.22</td><td>1/23</td><td>101.02</td><td>3/31</td></tr><tr><td>541 2-1/2% - 12/15/45</td><td>101.15</td><td>101.16</td><td>101.16</td><td>-1.08</td><td>.36</td><td>+0.08</td><td>-</td><td>12/15/37</td><td>109.24</td><td>12/14/40</td><td>101.16</td><td>3/31/45</td><td>102.00</td><td>1/23</td><td>101.16</td><td>3/31</td></tr><tr><td>489 3-3/4% - 3/15/46-56</td><td>103.05</td><td>103.07</td><td>103.06</td><td>-1.13</td><td>.39</td><td>+1.11</td><td>3.40</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>103.30</td><td>2/7</td><td>103.06</td><td>3/31</td></tr><tr><td>1,036 3% 6/15/46-48</td><td>103.03</td><td>103.05</td><td>103.04</td><td>-1.11</td><td>.39</td><td>+0.08</td><td>1.99</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>103.21</td><td>2/13</td><td>103.04</td><td>3/31</td></tr><tr><td>819 3-1/8% - 6/15/46-49</td><td>103.08</td><td>103.10</td><td>103.09</td><td>-1.11</td><td>.39</td><td>+0.08</td><td>2.30</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>103.27</td><td>2/8</td><td>103.09</td><td>3/31</td></tr><tr><td>759 4-1/4% - 10/15/47-52</td><td>109.12</td><td>109.14</td><td>109.13</td><td>-1.13</td><td>.51</td><td>+0.03</td><td>2.85</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>109.28</td><td>2/26</td><td>109.13</td><td>3/31</td></tr><tr><td>701 2% 12/15/47</td><td>103.29</td><td>103.31</td><td>103.30</td><td>-1.06</td><td>.53</td><td>+0.02</td><td>-</td><td>12/15/38</td><td>107.20</td><td>12/12/40</td><td>99.14</td><td>9/25/39</td><td>104.05</td><td>2/26</td><td>103.21</td><td>2/3</td></tr><tr><td>1,223 2-3/4% - 3/15/48-51</td><td>105.30</td><td>106.00</td><td>105.31</td><td>-1.11</td><td>.70</td><td>+0.05</td><td>1.69</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>106.14</td><td>1/31</td><td>105.31</td><td>3/31</td></tr><tr><td>451 2-1/2% - 9/15/48</td><td>105.31</td><td>106.01</td><td>106.00</td><td>-1.11</td><td>.74</td><td>+0.06</td><td>-</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>106.15</td><td>1/23</td><td>106.00</td><td>3/31</td></tr><tr><td>571 2% 12/15/48-50</td><td>104.17</td><td>104.19</td><td>104.18</td><td>-1.06</td><td>.75</td><td>+0.02</td><td>1.17</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>104.26</td><td>2/10</td><td>104.11</td><td>1/2</td></tr><tr><td>491 3-1/8% - 12/15/49-52</td><td>110.10</td><td>110.12</td><td>110.11</td><td>-1.02</td><td>.58</td><td>+0.02</td><td>1.69</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>110.16</td><td>3/9</td><td>109.30</td><td>1/2</td></tr><tr><td>1,786 2-1/2% - 12/15/49-53</td><td>107.14</td><td>107.16</td><td>107.15</td><td>-1.01</td><td>.68</td><td>+0.02</td><td>1.58</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>107.23</td><td>3/8</td><td>106.31</td><td>1/2</td></tr><tr><td>1,186 2-1/2% - 9/15/50-52</td><td>108.12</td><td>108.14</td><td>108.13</td><td>-1.04</td><td>.92</td><td>.00</td><td>1.31</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>108.24</td><td>3/8</td><td>107.16</td><td>1/2</td></tr><tr><td>1,627 2-3/4% - 6/15/51-54</td><td>110.12</td><td>110.14</td><td>110.13</td><td>-1.03</td><td>1.01</td><td>-0.01</td><td>1.53</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>110.24</td><td>3/8</td><td>109.11</td><td>1/2</td></tr><tr><td>755 3% 9/15/51-55</td><td>111.26</td><td>111.28</td><td>111.27</td><td>.00</td><td>1.09</td><td>-0.03</td><td>1.76</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>112.00</td><td>3/15</td><td>110.27</td><td>1/2</td></tr><tr><td>1,118 2-1/4% - 12/15/51-53</td><td>107.25</td><td>107.27</td><td>107.26</td><td>-1.00</td><td>1.04</td><td>+0.02</td><td>1.30</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>101.08</td><td>5/24/40</td><td>108.01</td><td>3/10</td><td>106.31</td><td>1/2</td></tr><tr><td>725 2% 6/15/53-55</td><td>106.26</td><td>106.28</td><td>106.27</td><td>-1.02</td><td>1.12</td><td>-0.01</td><td>1.28</td><td>10/17/40</td><td>107.02</td><td>3/12/45</td><td>101.19</td><td>2/15/41</td><td>107.02</td><td>3/12</td><td>105.26</td><td>1/2</td></tr><tr><td>681 2-1/4% - 6/15/54-56</td><td>108.18</td><td>108.20</td><td>108.19</td><td>-1.01</td><td>1.26</td><td>.00</td><td>1.42</td><td>7/22/40</td><td>108.28</td><td>3/8/45</td><td>102.02</td><td>7/24/40</td><td>108.28</td><td>3/8</td><td>107.25</td><td>1/2</td></tr><tr><td>2,611 2-7/8% - 3/15/55-60</td><td>113.18</td><td>113.20</td><td>113.19</td><td>-1.04</td><td>1.41</td><td>.00</td><td>1.83</td><td>3/15/35</td><td>114.08</td><td>3/8/45</td><td>98.30</td><td>9/20/35</td><td>114.08</td><td>3/8</td><td>112.23</td><td>1/29</td></tr><tr><td>982 2-3/4% - 9/15/56-59</td><td>112.31</td><td>113.01</td><td>113.00</td><td>-1.03</td><td>1.51</td><td>.00</td><td>1.73</td><td>9/15/36</td><td>113.17</td><td>3/6/45</td><td>98.10</td><td>4/1/37</td><td>113.17</td><td>3/8</td><td>112.04</td><td>1/2</td></tr><tr><td>919 2-3/4% - 6/15/58-63</td><td>113.09</td><td>113.11</td><td>113.10</td><td>-1.01</td><td>1.63</td><td>.00</td><td>1.88</td><td>6/15/38</td><td>113.27</td><td>3/8/45</td><td>99.15</td><td>9/25/39</td><td>113.27</td><td>3/8</td><td>112.04</td><td>1/2</td></tr><tr><td>1,485 2-3/4% - 12/15/60-65 8/</td><td>114.07</td><td>114.09</td><td>114.08</td><td>+0.03</td><td>1.71</td><td>-0.01</td><td>1.91</td><td>12/15/38</td><td>114.24</td><td>3/8/45</td><td>99.14</td><td>9/25/39</td><td>114.24</td><td>3/8</td><td>112.16</td><td>1/2</td></tr><tr><th colspan="13">Other bonds 9/</th></tr><tr><td>16 3% Conversion - 1/1/46</td><td>102.04</td><td>102.08</td><td>102.06</td><td>.00</td><td>.07</td><td>-.31</td><td>-</td><td>1/1/16</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>102.16</td><td>1/13</td><td>102.06</td><td>3/31</td></tr><tr><td>13 3% Conversion - 1/1/47</td><td>104.20</td><td>104.24</td><td>104.22</td><td>-1.02</td><td>.31</td><td>-0.09</td><td>-</td><td>1/1/17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>104.29</td><td>1/13</td><td>104.22</td><td>3/31</td></tr><tr><td>50 3% Panama Canal- 6/1/61</td><td>133.08</td><td>134.08</td><td>133.24</td><td>.00</td><td>.78</td><td>-.01</td><td>-</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>133.24</td><td>3/31</td><td>133.16</td><td>2/10</td></tr><tr><th colspan="13">Guaranteed by U. S. Government 10/</th></tr><tr><th colspan="13">Home Owners' Loan Corporation bonds</th></tr><tr><td>$755 1-1/2% W - 6/1/45-47 11/</td><td>100.08</td><td>100.09</td><td>100.08</td><td>-1.04</td><td>0/32</td><td>-.04%</td><td>-</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>100.14</td><td>1/31</td><td>100.08</td><td>3/31</td></tr></table>
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield columns in thirty-seconds.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market 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 a yield basis.
6/ Not quoted on March 31. From March 24 through March 29, quoted at par. Prior thereto, quoted on a yield basis.
1/ For amount of this security issued on April 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."
8/ This is the only bond eligible to remain in the average of long-term partially tax-exempt Treasury bonds.
9/ Excludes postal savings bonds.
10/ Excludes Federal Housing Administration debentures.
11/ Called on March 23 for redemption on June 1, 1945.
May 1945
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
March 31, '1945 - (Continued)
Table II. - Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th rowspan="2">Yield 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">1945 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 Feb.25, 1945</th><th>Yield 3/</th><th>Change in yield from Feb.25, 1945</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>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr></table>
Tangible securities
<table><tr><th></th><th colspan="4">Federal Home Loan Bank debentures 4/</th><th colspan="10">Federal Intermediate Credit Bank debentures 5/</th><th colspan="3">Federal Land Bank bonds 6/</th></tr><tr><td>$ 50</td><td>.85% C - 7/16/45</td><td>.90%</td><td>.75%</td><td>.82%</td><td>.00%</td><td>-</td><td>-</td><td>1/15/45</td><td>.82%</td><td>3/31/45</td><td>.82%</td><td>3/31/45</td><td>.82%</td><td>3/31</td><td>.82%</td><td>3/31</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>.00</td><td>.90%</td><td>.00%</td><td>-</td><td>7/1/44</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</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>.00</td><td>.90</td><td>.00</td><td>-</td><td>8/1/44</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</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>.00</td><td>.80</td><td>.00</td><td>-</td><td>11/1/44</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</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>.00</td><td>.85</td><td>.00</td><td>-</td><td>9/1/44</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</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>.00</td><td>.85</td><td>.00</td><td>-</td><td>12/1/44</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</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>.00</td><td>.85</td><td>.00</td><td>-</td><td>10/2/44</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</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>.00</td><td>.90</td><td>.00</td><td>-</td><td>11/1/44</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</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>.00</td><td>.90</td><td>.00</td><td>-</td><td>12/1/44</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</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>.00</td><td>.90</td><td>.00</td><td>-</td><td>1/2/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</td></tr><tr><td>33</td><td>7/8%</td><td>11/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>-</td><td>2/1/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</td></tr><tr><td>27</td><td>.85%</td><td>12/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>-</td><td>.85</td><td>-</td><td>-</td><td>3/1/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31/45</td><td>100.00</td><td>3/31</td><td>100.00</td><td>3/31</td></tr><tr><td>114</td><td>2-1/4%- 2/1/53-55</td><td>102.10</td><td>102.14</td><td>102.12</td><td>+.08</td><td>1.92</td><td>-.04</td><td>1.98%</td><td>2/1/45</td><td>102.17</td><td>3/26/45</td><td>101.14</td><td>1/18/45</td><td>102.17</td><td>3/26</td><td>101.14</td><td>1/18</td><td></td></tr></table>
Tax-exempt securities
<table><tr><th colspan="2">Federal Land Bank bonds 67</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>$1.57</td><td>3-1/4% 5/1/45-55</td><td>100.07</td><td>100.08</td><td>100.08</td><td>-.08</td><td>.04%</td><td>-.15%</td><td>3.22%</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>100.30</td><td>1/2</td><td>100.08</td><td>3/31</td></tr><tr><td>230</td><td>3%</td><td>1/1/45-55</td><td>100.22</td><td>100.23</td><td>100.22</td><td>-.08</td><td>.18</td><td>+.02</td><td>2.92</td><td>7/1/35</td><td>110.12</td><td>12/10/40</td><td>97.24</td><td>10/2/35</td><td>101.10</td><td>1/2</td><td>100.22</td><td>3/31</td></tr><tr><td>171</td><td>3%</td><td>1/1/46-56</td><td>102.03</td><td>102.04</td><td>102.04</td><td>-.07</td><td>.14</td><td>-.03</td><td>2.77</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>102.21</td><td>1/3</td><td>102.04</td><td>3/31</td></tr><tr><td>170</td><td>3%</td><td>5/1/46-56</td><td>103.02</td><td>103.04</td><td>103.03</td><td>-.06</td><td>.13</td><td>-.05</td><td>2.68</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>103.20</td><td>1/8</td><td>103.03</td><td>3/31</td></tr></table>
3/ Computed on mean price to call date when mean price is above par and to maturity date when mean price is below par.
4/ Quoted on a yield basis.
5/ Prices quoted are subject to a dealer's commission.
6/ Excludes issues completely held by Farm Credit Administration agencies.
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield column in thirty-seconds. 2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
Treasury Bulletin
58
YIELDS OF TREASURY SECURITIES MAR. 31, 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.
May 1945
59
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>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td></tr><tr><td>Feb.</td><td>2.54</td><td>....</td><td>3.24</td><td>Feb.</td><td>2.32</td><td>....</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td></tr><tr><td>Mar.</td><td>2.66</td><td>....</td><td>3.36</td><td>Mar.</td><td>2.26</td><td>....</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td></tr><tr><td>Apr.</td><td>2.53</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>2.63</td></tr><tr><td>July.</td><td>2.75</td><td>....</td><td>3.27</td><td>July.</td><td>2.30</td><td>....</td><td>2.65</td><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td></tr><tr><td>Aug.</td><td>2.75</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>2.45</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.82</td><td>....</td><td>3.26</td><td>Sept.</td><td>2.25</td><td>....</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td>Oct.</td><td>2.52</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 1/</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>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</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>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</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-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><td>1945-Feb. 3.</td><td>1.77</td><td>2.40</td><td>2.57</td></tr><tr><td>14.</td><td>1.92</td><td>2.48</td><td>2.55</td><td>9.</td><td>1.85</td><td>2.48</td><td>2.58</td><td>10.</td><td>1.75</td><td>2.40</td><td>2.57</td></tr><tr><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><td>17.</td><td>1.73</td><td>2.39</td><td>2.56</td></tr><tr><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><td>24.</td><td>1.73</td><td>2.39</td><td>2.53</td></tr><tr><td>Nov. 4.</td><td>1.92</td><td>2.48</td><td>2.62 1/</td><td>1945-Jan. 6.</td><td>1.84</td><td>2.47</td><td>2.59</td><td>Mar. 3.</td><td>1.71</td><td>2.40</td><td>2.52</td></tr><tr><td>10.</td><td>1.91</td><td>2.48</td><td>2.62</td><td>13.</td><td>1.89</td><td>2.45</td><td>2.59</td><td>10.</td><td>1.69</td><td>2.40</td><td>2.51</td></tr><tr><td>18.</td><td>1.89</td><td>2.48</td><td>2.61</td><td>20.</td><td>1.80</td><td>2.44</td><td>2.58</td><td>17.</td><td>1.70</td><td>2.41</td><td>2.50</td></tr><tr><td>25.</td><td>1.89</td><td>2.48</td><td>2.60</td><td>27.</td><td>1.82</td><td>2.42</td><td>2.58</td><td>24.</td><td>1.70</td><td>2.39</td><td>2.49</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>31.</td><td>1.71</td><td>2.40</td><td>2.49</td></tr><tr><td colspan="11">Daily Series</td></tr><tr><td>1945-Mar. 1.</td><td>1.72</td><td>2.40</td><td>2.53</td><td>1945-Mar. 12.</td><td>1.69</td><td>2.41</td><td>2.51</td><td>1945-Mar. 22.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>2.</td><td>1.72</td><td>2.41</td><td>2.53</td><td>13.</td><td>1.69</td><td>2.41</td><td>2.51</td><td>23.</td><td>1.70</td><td>2.39</td><td>2.49</td></tr><tr><td>3.</td><td>1.71</td><td>2.40</td><td>2.52</td><td>14.</td><td>1.69</td><td>2.41</td><td>2.51</td><td>24.</td><td>1.70</td><td>2.39</td><td>2.49</td></tr><tr><td>5.</td><td>1.70</td><td>2.39</td><td>2.51</td><td>15.</td><td>1.70</td><td>2.40</td><td>2.51</td><td>26.</td><td>1.70</td><td>2.39</td><td>2.50</td></tr><tr><td>6.</td><td>1.69</td><td>2.39</td><td>2.51</td><td>16.</td><td>1.70</td><td>2.41</td><td>2.51</td><td>27.</td><td>1.71</td><td>2.39</td><td>2.50</td></tr><tr><td>7.</td><td>1.68</td><td>2.40</td><td>2.51</td><td>17.</td><td>1.70</td><td>2.41</td><td>2.50</td><td>28.</td><td>1.71</td><td>2.39</td><td>2.50</td></tr><tr><td>8.</td><td>1.68</td><td>2.41</td><td>2.51</td><td>19.</td><td>1.70</td><td>2.41</td><td>2.50</td><td>29.</td><td>1.71</td><td>2.40</td><td>2.50</td></tr><tr><td>9.</td><td>1.69</td><td>2.40</td><td>2.51</td><td>20.</td><td>1.70</td><td>2.41</td><td>2.50</td><td>30.</td><td>1/</td><td>1/</td><td>1/</td></tr><tr><td>10.</td><td>1.69</td><td>2.40</td><td>2.51</td><td>21.</td><td>1.70</td><td>2.40</td><td>2.51</td><td>31.</td><td>1.71</td><td>2.40</td><td>2.49</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 Figure: Monthly and weekly data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, page 57-61.
1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the case of partially tax-exempt Treasury and United States earning bonds, interest derived from
$5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax.
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 bond averages 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 2.564. 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/ Exchanges were closed.
60
Treasury Bulletin
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
May 1945
61
INTERNAL REVENUE STATISTICS
62
Treasury Bulletin
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="4">Income and profit taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits 4/</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Railroad retirement 1/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th></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>148</td><td>-</td><td>-</td><td>48</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>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1937</td><td>4,597,140</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>742,660</td><td>502,928</td><td>90,267</td><td>149,476</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>1,299,932</td><td>42,786</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,214</td><td>1,028,834</td><td>1,122,541</td><td>33,780</td><td></td><td></td><td></td><td></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>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>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,737</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>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>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>265,011</td></tr><tr><td>1944-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>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>1,894</td></tr><tr><td>May</td><td>3,023,545</td><td>-52,628</td><td>3,076,173</td><td>2,289,328</td><td>1,859,231</td><td>420,344</td><td>9,753</td><td>303,859</td><td>254,715</td><td>11,084</td><td>38,060</td></tr><tr><td>June</td><td>5,734,169</td><td>+622,512</td><td>5,111,658</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>38,689</td></tr><tr><td>July</td><td>1,984,046</td><td>-635,503</td><td>2,620,149</td><td>1,729,491</td><td>1,318,941</td><td>403,887</td><td>6,663</td><td>136,475</td><td>127,846</td><td>5,941</td><td>2,688</td></tr><tr><td>August</td><td>2,702,486</td><td>-47,863</td><td>2,750,349</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>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>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>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>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>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>1,502</td></tr><tr><td>February</td><td>3,814,557</td><td>-170,735</td><td>3,985,292</td><td>3,157,954</td><td>2,726,523</td><td>425,366</td><td>6,065</td><td>317,412</td><td>194,263</td><td>106,572</td><td>16,577</td></tr><tr><td>March</td><td>6,431,321</td><td>+813,540</td><td>5,617,781</td><td>4,995,874</td><td>1,821,017</td><td>3,161,712</td><td>13,245</td><td>61,571</td><td>5,789</td><td>3,362</td><td>58,419</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>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,332</td><td>-</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</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-March</td><td>401,192</td><td>472</td><td>60,304</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>51,237</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>193,918</td><td>62,670</td><td>201,914</td><td>86,022</td><td>5,591</td><td>87,679</td><td>135,034</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>4,448</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><tr><td>February</td><td>509,926</td><td>247</td><td>37,445</td><td>194,594</td><td>66,047</td><td>5,893</td><td>115,946</td><td>89,755</td><td>-</td></tr><tr><td>March</td><td>560,337</td><td>409</td><td>89,153</td><td>170,878</td><td>73,621</td><td>5,546</td><td>104,199</td><td>116,530</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. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaskan railroads. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Consists of the declared value excess profits tax, the profit limit-
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 Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividend tax imposed by the Act of June 16, 1933.
63
May 1945
DOLLARS
Billions
Individual Income Taxes
18
17
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
0
1930 '32 '34 '36 '38 '40 '42 '44
Estate and Gift Taxes
0
1
2
1930 '32 '34 '36 '38 '40 '42 '44
Alcohol and Tobacco Taxes
0
1
2
1930 '32 '34 '36 '38 '40 '42 '44
COLLECTIONS OF INTERNAL REVENUE
DOLLARS Billions Total Fiscal year Comparison first 9 months fiscal years 1944 and 1945 DOLLARS Billions 1930 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45
DOLLARS Millions
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
0
1930 '32 '34 '36 '38 '40 '42 '44
Corporation Income
and Excess Profits Taxes
DOLLARS
Billions
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
0
3
Employment Taxes
2
1
0
1930 '32 '34 '36 '38 '40 '42 '44
2
Manufacturers' and Retailers'
Excise Taxes
1
0
1930 '32 '34 '36 '38 '40 '42 '44
2
Other Internal Revenue
1
0
1930 '32 '34 '36 '38 '40 '42 '44
64
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 9 months</th><th>March 1944</th><th>March 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:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>-</td><td>7,038,438</td><td>4,651,397</td><td>7,550,775</td><td>70,378</td><td>60,908</td></tr><tr><td>Revenue Act of 1942</td><td>686,015</td><td>784,997</td><td>784,253</td><td>775</td><td>186</td><td>14</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>7,273,326</td><td>6,332,779</td><td>1,832,645</td><td>1,736,927</td></tr><tr><td>Back</td><td>172,916</td><td>183,740</td><td>160,105</td><td>191,176</td><td>10,929</td><td>23,166</td></tr><tr><td>Total individual income taxes</td><td>6,629,932</td><td>18,261,005</td><td>12,869,082 r</td><td>14,075,505</td><td>1,914,138</td><td>1,821,017</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>3,481,063</td><td>3,334,126</td><td>994,426</td><td>955,771</td></tr><tr><td>Back</td><td>383,885</td><td>521,431</td><td>424,401</td><td>338,052</td><td>51,748</td><td>36,081</td></tr><tr><td>Excise profits taxes (Second Revenue Act of 1940, as amended)</td><td>5,063,854</td><td>9,345,198</td><td>6,490,033</td><td>8,370,583</td><td>2,369,782</td><td>2,169,860</td></tr><tr><td>Total corporation taxes</td><td>9,584,715</td><td>14,629,344</td><td>10,395,497</td><td>12,042,762</td><td>3,415,956</td><td>3,161,712</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>96,027</td><td>103,752</td><td>27,981</td><td>13,112</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>413</td><td>134</td><td>32 r</td><td>33</td></tr><tr><td>Total miscellaneous profits taxes</td><td>84,241</td><td>137,452</td><td>96,479</td><td>103,886</td><td>28,012</td><td>13,145</td></tr><tr><td>Total income and profits taxes</td><td>16,298,888</td><td>33,027,802</td><td>23,361,058 r</td><td>26,222,153</td><td>5,358,106</td><td>4,995,874</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 4/</td><td>1,131,546</td><td>1,290,025</td><td>939,659</td><td>947,273</td><td>3,483</td><td>5,789</td></tr><tr><td>Unemployment insurance 5/</td><td>156,008</td><td>183,337</td><td>166,485</td><td>170,099</td><td>3,049</td><td>3,362</td></tr><tr><td>Total Social Security taxes</td><td>1,287,554</td><td>1,473,361</td><td>1,106,144</td><td>1,117,372</td><td>6,533</td><td>9,152</td></tr><tr><td>Railroad retirement 6/</td><td>211,151</td><td>265,011</td><td>186,369</td><td>214,549</td><td>43,057</td><td>52,419</td></tr><tr><td>Total employment taxes</td><td>1,498,705</td><td>1,738,372</td><td>1,292,513</td><td>1,331,920</td><td>49,590</td><td>61,571</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>379,322</td><td>371,396</td><td>472</td><td>409</td></tr><tr><td>Estate tax</td><td>414,531</td><td>473,466</td><td>330,151</td><td>401,100</td><td>34,827</td><td>55,966</td></tr><tr><td>Gift tax</td><td>32,965</td><td>37,745</td><td>33,031 r</td><td>40,377</td><td>25,537</td><td>33,187</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>184,411</td><td>131,173</td><td>29,471</td><td>11,981</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>698,300</td><td>611,835</td><td>414,171</td><td>1,003,076</td><td>45,434 r</td><td>99,525</td></tr><tr><td>Distilled spirits rectification tax</td><td>18,836</td><td>18,874</td><td>13,879 r</td><td>23,920</td><td>1,745</td><td>2,847</td></tr><tr><td>Vine, cordials, etc. (imported, excise)</td><td>743</td><td>4,027</td><td>2,255</td><td>1,746</td><td>386</td><td>139</td></tr><tr><td>Vine, cordials, etc. (domestic, excise)</td><td>32,920</td><td>30,068</td><td>19,907</td><td>34,492</td><td>2,406</td><td>4,247</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>51</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>5,722</td><td>5,391</td><td>62</td><td>95</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>1</td><td>2</td><td>2</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Cases stamps for distilled spirits bottled in bond</td><td>1,299</td><td>1,369</td><td>1,239</td><td>717</td><td>70</td><td>55</td></tr><tr><td>Container stamps</td><td>10,549</td><td>8,516</td><td>6,215</td><td>8,665</td><td>824</td><td>617</td></tr><tr><td>Floor taxes</td><td>111,539</td><td>85,834</td><td>25,919</td><td>82,324</td><td>257</td><td>350</td></tr><tr><td>Fermented malt liquors</td><td>455,634</td><td>559,152</td><td>395,316</td><td>474,120</td><td>43,321</td><td>50,993</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,238</td><td>3,375</td><td>2,467</td><td>2,106</td><td>22 r</td><td>29</td></tr><tr><td>Total alcoholic beverage taxes</td><td>1,423,480</td><td>1,618,045</td><td>1,071,504</td><td>1,767,785</td><td>123,999</td><td>170,878</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>22,336</td><td>27,259</td><td>2,806</td><td>3,176</td></tr><tr><td>Cigars (small)</td><td>97</td><td>107</td><td>74</td><td>67</td><td>11 r</td><td>8</td></tr><tr><td>Cigarettes (large)</td><td>30</td><td>88</td><td>52</td><td>361</td><td>7</td><td>71</td></tr><tr><td>Cigarettes (small)</td><td>835,231</td><td>903,958</td><td>690,418</td><td>616,660</td><td>69,846</td><td>65,379</td></tr><tr><td>Snuff</td><td>7,543</td><td>7,692</td><td>5,813</td><td>5,729</td><td>736</td><td>787</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>47,849</td><td>45,269</td><td>35,025</td><td>37,266</td><td>3,227</td><td>4,141</td></tr><tr><td>Cigarette papers and tubes</td><td>1,472</td><td>1,164</td><td>885</td><td>917</td><td>61</td><td>119</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>4</td><td>2</td><td>2</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>8,556</td><td>50</td><td>34</td><td>6</td><td>2</td><td>-</td></tr><tr><td>Total tobacco taxes</td><td>923,857</td><td>988,483</td><td>754,639</td><td>688,266</td><td>76,697</td><td>73,621</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>19,278</td><td>23,814</td><td>2,252</td><td>2,666</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>15,585</td><td>17,096</td><td>12,339</td><td>18,120</td><td>1,617</td><td>2,313</td></tr><tr><td>Playing cards</td><td>7,694</td><td>7,414</td><td>5,573</td><td>5,857</td><td>714</td><td>565</td></tr><tr><td>Silver bullion sales or transfers</td><td>111</td><td>47</td><td>37</td><td>18</td><td>3</td><td>2</td></tr><tr><td>Total stamp taxes</td><td>45,155</td><td>50,800</td><td>37,227</td><td>47,810</td><td>4,586</td><td>5,546</td></tr></table>
(Continued on following page)
May 1945
65
Detailed Analysis of Internal Revenue Collections V - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 9 months</th><th rowspan="2">March 1944</th><th rowspan="2">March 1945</th></tr><tr><th></th><th>1943</th><th>1944</th><th>Fiscal year 1944</th><th>Fiscal year 1945</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>39,909</td><td>61,935</td><td>4,862</td><td>9,902</td></tr><tr><td>Gasoline.</td><td>288,786</td><td>271,217</td><td>207,447</td><td>298,430</td><td>25,043 r</td><td>34,898</td></tr><tr><td>Tires and tubes.</td><td>18,280</td><td>40,309</td><td>28,761 r</td><td>54,390</td><td>3,297</td><td>7,229</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>1,247</td><td>10,846</td><td>185</td><td>1,604</td></tr><tr><td>Other automobiles and motorcycles.</td><td>1,424</td><td>1,222</td><td>943</td><td>1,652</td><td>43</td><td>259</td></tr><tr><td>Parts and accessories for automobiles.</td><td>20,478</td><td>31,551</td><td>22,439</td><td>33,272</td><td>3,132</td><td>4,680</td></tr><tr><td>Electrical energy.</td><td>48,705</td><td>51,239</td><td>37,429</td><td>43,218</td><td>3,778 r</td><td>5,452</td></tr><tr><td>Electric gas, and oil appliances.</td><td>6,913</td><td>5,027</td><td>3,368</td><td>7,443</td><td>458</td><td>931</td></tr><tr><td>Electric light bulbs and tubes.</td><td>3,657</td><td>5,368</td><td>2,829</td><td>9,237</td><td>164</td><td>581</td></tr><tr><td>Electric signs (repealed as of 11/1/42).</td><td>614</td><td>255</td><td>182</td><td>44</td><td>20</td><td>2</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>5,561</td><td>3,402</td><td>2,343</td><td>3,649</td><td>230</td><td>592</td></tr><tr><td>Phonograph records.</td><td>1,817</td><td>1,889</td><td>1,409</td><td>1,409</td><td>223</td><td>188</td></tr><tr><td>Musical instruments.</td><td>1,280</td><td>633</td><td>500</td><td>603</td><td>30</td><td>97</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>5,966</td><td>2,406</td><td>2,125</td><td>1,131</td><td>97</td><td>235</td></tr><tr><td>Matches.</td><td>9,367</td><td>8,671</td><td>6,242</td><td>6,635</td><td>1,263</td><td>1,294</td></tr><tr><td>Floor taxes on matches.</td><td>6</td><td>55</td><td>55</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>2,528</td><td>6,849</td><td>280</td><td>1,019</td></tr><tr><td>Pure - retailers' excise.</td><td>44,223</td><td>58,726</td><td>46,737</td><td>66,244</td><td>4,392</td><td>8,940</td></tr><tr><td>Jewelry - retailers' excise.</td><td>88,366</td><td>113,373</td><td>83,283</td><td>114,216</td><td>6,476</td><td>12,931</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44).</td><td>-</td><td>8,343</td><td>-</td><td>56,195</td><td>-</td><td>4,217</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44).</td><td>5,682</td><td>4,777</td><td>4,234</td><td>6</td><td>390</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>9</td><td>*</td><td>1</td></tr><tr><td>Photographic apparatus.</td><td>11,164</td><td>11,907</td><td>8,895</td><td>12,485</td><td>943</td><td>2,237</td></tr><tr><td>Rubber articles (repealed as of 11/1/42).</td><td>14,885</td><td>295</td><td>269</td><td>199</td><td>28</td><td>2</td></tr><tr><td>Sporting goods.</td><td>4,068</td><td>2,498</td><td>1,749</td><td>2,886</td><td>159</td><td>438</td></tr><tr><td>Toilet preparations - retailers' excise.</td><td>32,677</td><td>44,790</td><td>30,450</td><td>66,677</td><td>2,595</td><td>6,271</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>-</td><td>-</td></tr><tr><td>Firearms, shells and cartridges.</td><td>1,149</td><td>1,061</td><td>731</td><td>2,547</td><td>24</td><td>199</td></tr><tr><td>Pistols and revolvers.</td><td>62</td><td>37</td><td>35</td><td>2</td><td>3</td><td>*</td></tr><tr><td>Repealed taxes not listed above.</td><td>481</td><td>98</td><td>90</td><td>32</td><td>3</td><td>1</td></tr><tr><td>Total manufacturers' and retailers' excise taxes.</td><td>670,015</td><td>728,694</td><td>536,290</td><td>890,209</td><td>58,720</td><td>104,199</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>1,372</td><td>21</td><td>5</td><td>1</td></tr><tr><td>Sugar Act of 1937.</td><td>53,552</td><td>68,789</td><td>51,541</td><td>55,755</td><td>5,411</td><td>5,138</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased wires, etc.</td><td>91,174</td><td>141,275</td><td>103,222</td><td>149,981</td><td>14,979</td><td>23,462</td></tr><tr><td>Local telephone service.</td><td>66,987</td><td>90,199</td><td>65,397</td><td>96,245</td><td>9,060 r</td><td>12,182</td></tr><tr><td>Transportation of oil by pipe line.</td><td>13,672</td><td>15,851</td><td>11,710</td><td>12,359</td><td>1,483</td><td>1,445</td></tr><tr><td>Transportation of persons, seats, berths.</td><td>87,132</td><td>153,683</td><td>113,800</td><td>181,104</td><td>11,219</td><td>20,513</td></tr><tr><td>Transportation of property (effective 12/1/42).</td><td>82,556</td><td>215,488</td><td>160,553</td><td>166,109</td><td>17,202</td><td>19,607</td></tr><tr><td>Use of motor vehicles (effective 2/1/42).</td><td>146,289</td><td>134,326</td><td>126,269</td><td>120,092</td><td>88</td><td>129</td></tr><tr><td>Use of boats (effective 2/1/42).</td><td>378</td><td>352</td><td>195</td><td>203</td><td>1</td><td>1</td></tr><tr><td>Lease of safe-deposit boxes.</td><td>6,070</td><td>6,594</td><td>4,878</td><td>5,317</td><td>558</td><td>658</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>138,054</td><td>178,563</td><td>119,995</td><td>225,740</td><td>13,198</td><td>25,959</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>16,397</td><td>26,726</td><td>15,529</td><td>42,568</td><td>1,695</td><td>4,687</td></tr><tr><td>Club dues and initiation fees.</td><td>6,520</td><td>9,182</td><td>5,707</td><td>9,357</td><td>696</td><td>1,473</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>1,853</td><td>2,208</td><td>1,616</td><td>3,406</td><td>18</td><td>36</td></tr><tr><td>Coin operated devices.</td><td>10,487</td><td>18,475</td><td>16,010</td><td>15,553</td><td>106</td><td>151</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour I/ and filled cheese.</td><td>59</td><td>18</td><td>14</td><td>33</td><td>1</td><td>9</td></tr><tr><td>Oleomargarine, including special taxes.</td><td>2,621</td><td>4,084</td><td>3,043 r</td><td>4,102</td><td>246</td><td>356</td></tr><tr><td>Hercoitice, including marijuana and special taxes.</td><td>788</td><td>779</td><td>468</td><td>440</td><td>35</td><td>49</td></tr><tr><td>Coconut and other vegetable oils processed.</td><td>1,939</td><td>7,190</td><td>3,198 r</td><td>4,695</td><td>352</td><td>673</td></tr><tr><td>National Firearms Act.</td><td>20</td><td>16</td><td>13</td><td>11</td><td>*</td><td>*</td></tr><tr><td>All other, including repealed taxes not listed above.</td><td>158</td><td>201</td><td>20</td><td>16</td><td>2</td><td>1</td></tr><tr><td>Total miscellaneous taxes.</td><td>732,332</td><td>1,075,401</td><td>805,509 r</td><td>1,093,146</td><td>76,354</td><td>116,530</td></tr><tr><td>Total miscellaneous internal revenue.</td><td>4,571,131</td><td>5,353,336</td><td>3,947,674 r</td><td>5,300,089</td><td>401,192</td><td>560,337</td></tr><tr><td>Total internal revenue collections.</td><td>22,368,724</td><td>40,119,510</td><td>28,601,245</td><td>32,854,162</td><td>5,808,888</td><td>5,617,781</td></tr><tr><td>Adjustment to Daily Treasury Statement.</td><td>-224,755</td><td>+1,565,477</td><td>+1,390,913</td><td>-3,358</td><td>+543,647</td><td>+813,540</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement).</td><td>22,143,969</td><td>41,684,987</td><td>29,992,158</td><td>32,850,805</td><td>6,352,536</td><td>6,431,321</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 
Revised. 
Less than $500. 
Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 
Consists only of collections for which returns have been filed with the collectors of internal revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings
3/ Represents collections under the Federal Insurance Contributions Act.
4/ Represents collections under the Federal Unemployment Tax Act.
5/ Represents collections under the Carriers' Taxing Act of 1937.
6/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
66
Treasury Bulletin
MONETARY STATISTICS
May 1945
67
Balance Sheet of the Exchange Stabilization Fund As of June 30, 1944 and December 31, 1944
<table><tr><th></th><th>June 30, 1944</th><th>December 31, 1944</th></tr><tr><td><b>Assets</b></td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold....................</td><td>$1,800,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, checking account........</td><td>1,333,369.61</td><td>1,161,528.15</td></tr><tr><td>Federal Reserve Bank of New York, special account......</td><td>207,139,648.14</td><td>217,677,479.91</td></tr><tr><td>Disturbing officers' balances and advance accounts.....</td><td>10,370.12</td><td>4,094.53</td></tr><tr><td>Total cash............................................</td><td>$2,008,483,387.87</td><td>$2,018,843,102.59</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1)................</td><td>21,139,971.77</td><td>12,046,716.12</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs............................................</td><td>$107,594.92</td><td>$188,612.98</td></tr><tr><td>French francs............................................</td><td>17.88</td><td>17.88</td></tr><tr><td>Belgian francs............................................</td><td>505.06</td><td>505.06</td></tr><tr><td>Sterling.................................................</td><td>2,980.05</td><td>2,980.05</td></tr><tr><td>All other.................................................</td><td>2,406,548.84</td><td>20,133,098.65</td></tr><tr><td>Foreign depositaries.....................................</td><td>686,390.41</td><td>42,929.77</td></tr><tr><td>Total due from foreign banks............................</td><td>3,204,037.16</td><td>20,368,144.39</td></tr><tr><td>Due from the Government of the Republic of Cuba..........</td><td>5,012,700.54</td><td>5,012,694.76</td></tr><tr><td>Investments in United States Government securities (Schedule 2)....................</td><td>20,448,723.13</td><td>20,448,723.13</td></tr><tr><td>Accrued interest receivable (Schedule 2)................</td><td>12,448.12</td><td>84,331.51</td></tr><tr><td>Other accounts (deferred charges)........................</td><td>35.51</td><td>37.57</td></tr><tr><td>Commodity sales contracts (deferred charges)............</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets............................................</td><td>$2,058,303,940.10</td><td>$2,076,806,386.07</td></tr><tr><td><b>Liabilities and Capital</b></td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable.........................................</td><td>$390.79</td><td>$369.03</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds....................</td><td>768.66</td><td>775.29</td></tr><tr><td>Withholding taxes.........................................</td><td>-</td><td>1,876.50</td></tr><tr><td>Miscellaneous............................................</td><td>9,041.17</td><td>11,674.74</td></tr><tr><td>Total accounts payable...................................</td><td>$10,200.62</td><td>$14,695.56</td></tr><tr><td>Reserve for expenses and contingencies (net)............</td><td>10,181,027.03</td><td>10,461,773.98</td></tr><tr><td>Capital account...........................................</td><td>2,000,000,000.00</td><td>2,000,000,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)....................</td><td>48,112,712.45</td><td>66,329,916.53</td></tr><tr><td>Total liabilities and capital............................</td><td>$2,058,303,940.10</td><td>$2,076,806,386.07</td></tr></table>
Back Figures: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury for
1940. Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin".
Schedule a for Balance Sheet of the Exchange Stabilization Fund
Schedule 1
Location of gold held by and for account of the Exchange Stabilization Fund 1/
<table><tr><th rowspan="2"></th><th colspan="2">June 30, 1944</th><th colspan="2">December 31, 1944</th></tr><tr><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>209,317.543</td><td>$7,326,114.00</td><td>31,433.108</td><td>$1,100,158.50</td></tr><tr><td>U. S. Assay Office, New York</td><td>394,681.648</td><td>13,813,857.77</td><td>312,758.780</td><td>10,946,557.32</td></tr><tr><td>Total</td><td>603,999.191</td><td>$21,139,971.77</td><td>344,191.888</td><td>$12,046,716.12</td></tr></table>
1/ Excludes gold held by Treasurer of the United States.
68
Treasury Bulletin
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued
Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1944</th><th colspan="4">December 31, 1944</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/4% Treasury bonds, 1951-53</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$9,221.31</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$9,890.11</td></tr><tr><td>2-3/4% Treasury bonds, 1958-63</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>56.35</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>60.44</td></tr><tr><td>2-3/4% Treasury bonds, 1960-65</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>453.07</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>485.93</td></tr><tr><td>2-1/2% Treasury bonds, 1965-70</td><td>10,000,000</td><td>10,000,000.00</td><td>100.0000</td><td>2,717.39</td><td>10,000,000</td><td>10,000,000.00</td><td>100.0000</td><td>73,895.03</td></tr><tr><td>Total United States Government securities</td><td>$20,452,000</td><td>$20,448,723.13</td><td>......</td><td>$12,448.12</td><td>$20,452,000</td><td>$20,448,723.13</td><td>......</td><td>$84,331.51</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilisation Fund
<table><tr><th>Source</th><th>January 31, 1934 through June 30, 1944</th><th>January 31, 1934 through December 31, 1944</th></tr><tr><td>Profits on British sterling transactions</td><td>$310,638.09</td><td>$310,638.09</td></tr><tr><td>Profits on French franc transactions</td><td>351,537.99</td><td>351,537.99</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold)</td><td>24,413,668.10</td><td>25,772,620.39</td></tr><tr><td>Profits on other gold and exchange transactions</td><td>14,000,000.00</td><td>31,000,000.00</td></tr><tr><td>Profits on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sales of silver bullion to Treasury (nationalised)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>1,019,326.18</td><td>1,019,326.18</td></tr><tr><td>Interest on investments</td><td>4,188,586.53</td><td>4,438,212.09</td></tr><tr><td>Miscellaneous profits</td><td>744,414.21</td><td>744,485.62</td></tr><tr><td>Interest earned on foreign balances</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total earnings</td><td>$50,706,110.32</td><td>$69,310,759.58</td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilisation Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1944</th><th>January 31, 1934 through December 31, 1944</th></tr><tr><td>Salaries</td><td>$1,704,201.97</td><td>$1,862,091.66</td></tr><tr><td>Travel</td><td>75,715.10</td><td>83,620.45</td></tr><tr><td>Subsistence</td><td>66,984.46</td><td>79,147.50</td></tr><tr><td>Telephone and telegraph</td><td>392,240.50</td><td>407,415.16</td></tr><tr><td>Stationery, etc.</td><td>21,140.28</td><td>22,259.32</td></tr><tr><td>All other</td><td>333,115.56</td><td>526,308.96</td></tr><tr><td>Total administrative expenses</td><td>$2,593,397.87</td><td>$2,980,843.05</td></tr></table>
May 1945
69
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1935</td><td>10,122.9</td><td>7,679.5</td><td>156.0</td><td>1,800.0</td><td>487.4</td></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>311.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>488.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,917.8</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-March</td><td>21,599.9</td><td>19,477.2</td><td>156.0</td><td>1,800.0</td><td>166.7</td></tr><tr><td>April</td><td>21,429.2</td><td>19,319.2</td><td>156.0</td><td>1,800.0</td><td>154.0</td></tr><tr><td>May</td><td>21,263.7</td><td>19,150.9</td><td>156.0</td><td>1,800.0</td><td>156.8</td></tr><tr><td>June</td><td>21,173.1</td><td>19,063.5</td><td>156.0</td><td>1,800.0</td><td>153.5</td></tr><tr><td>July</td><td>20,995.9</td><td>18,876.9</td><td>156.0</td><td>1,800.0</td><td>163.0</td></tr><tr><td>August</td><td>20,926.3</td><td>18,812.4</td><td>156.0</td><td>1,800.0</td><td>157.9</td></tr><tr><td>September</td><td>20,825.1</td><td>18,700.7</td><td>156.0</td><td>1,800.0</td><td>168.3</td></tr><tr><td>October</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</td><td>20,549.8</td><td>18,426.0</td><td>156.0</td><td>1,800.0</td><td>167.7</td></tr><tr><td>February</td><td>20,506.0</td><td>18,398.3</td><td>156.0</td><td>1,800.0</td><td>151.6</td></tr><tr><td>March p.</td><td>20,418.7</td><td>18,313.6</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr></table>
Sources: Daily Treasury Statements. p Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Certificate Fund - Board of Governors, Federal Reserve System, and (b) the Redemption Fund - Federal Reserve notes. 2/ Excludes against United States notes and Treasury notes of 1890. 3/ Excludes gold in active portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,243.5</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>12,965.0</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-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>3,918.3</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>20,925.1</td><td>3,905.9</td><td>15.8</td></tr><tr><td>October</td><td>20,726.7</td><td>3,839.0</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</td><td>20,549.8</td><td>3,941.1</td><td>15.7</td></tr><tr><td>February</td><td>20,506.0</td><td>3,833.6</td><td>15.8</td></tr><tr><td>March p.</td><td>20,418.7</td><td>3,803.1</td><td>15.7</td></tr></table>
Source: Daily Treasury Statement and Circulation Statements of United States Money. p Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, March 31, 1945
Increment Resulting from the Reduction in the Weight of the Gold Dollar, March 31, 1945
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,852,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,850,797.59</td><td>324,324.34</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>5,023,624.60</td><td>-</td><td>5,023,624.60</td></tr><tr><td><b>Total increment</b></td><td><b>$2,818,749,013.75</b></td><td><b>$2,674,755,074.01</b></td><td><b>$143,963,945.74</b></td></tr></table>
70
Treasury Bulletin
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="4">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">in General Fund</th><th></th><th></th><th></th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>.2</td><td>262.7</td><td>38.4</td><td>323.5</td><td>1,970.1</td></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>356.9</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-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>498.8</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</td><td>1,520.1</td><td>375.4</td><td>14.8</td><td>*</td><td>393.8</td><td>118.6</td><td>772.4</td><td>3,841.1</td></tr><tr><td>February</td><td>1,520.1</td><td>374.0</td><td>14.0</td><td>.2</td><td>391.0</td><td>120.0</td><td>773.3</td><td>3,833.6</td></tr><tr><td>March p.</td><td>1,520.1</td><td>372.4</td><td>9.7</td><td>.1</td><td>379.1</td><td>121.6</td><td>780.2</td><td>3,803.1</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.
2/3 Valued at $1.38+ per ounce. 3/ Valued at $1.38+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(in millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalised silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>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>1944-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><tr><td>1945-January</td><td>2.6</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2.2</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Silver production: Annual Reports of the Director of the Mint for annual figures through 1942, releases of American Bureau of Metal Statistics for all later figures. Less than 50,000 ounces or $50,000. 1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74. 2/ Acquired at 64.64¢ 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
3/ 71.11¢ cents since July 1, 1939. Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938.
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.
May 1945
71
Signorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on silver and minor coins</th><th colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1933)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-sliced silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1934</td><td>4.5</td><td>48.7</td><td>.4</td><td>....</td><td>51.1</td><td>28.5</td><td>128.7</td><td>132.6</td></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</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-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><tr><td>February</td><td>367.7</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>692.5</td></tr><tr><td>March</td><td>369.1</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>670.9</td></tr></table>
Source: Daily Treasury Statements. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Net Capital Movement to the United States, 1935 through January 1945
In thousands of dollars. Net capital outflow (-)
<table><tr><th>Period</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement</th></tr><tr><th></th><th></th><th>Movement in short-term banking funds</th><th>Movement in brokerage balances</th><th>Movement in transactions in domestic securities</th><th>Movement in transactions in foreign securities</th></tr><tr><td>Calendar year:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,412,486</td><td>964,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>331,268</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>706,380</td><td>852,928</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941 (Jan. 1, 1941-Dec. 31, 1941)</td><td>-496,923</td><td>-286,682</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942 (Jan. 1, 1942-Dec. 31, 1942)</td><td>604,321</td><td>561,573</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943 (Jan. 1, 1943-Dec. 31, 1943)</td><td>1,283,593</td><td>1,164,758</td><td>13,372</td><td>27,167</td><td>77,696</td></tr><tr><td>1944 (Jan. 1, 1944-Dec. 31, 1944)</td><td>357,154</td><td>44,394</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945 (Jan. 1, 1945-Jan. 31, 1945)</td><td>157,405</td><td>153,895</td><td>-195</td><td>-2,808</td><td>6,513</td></tr><tr><td>Total (Jan. 2, 1935-Jan. 31, 1945)</td><td>7,633,144</td><td>5,572,142</td><td>126,089</td><td>909,024</td><td>1,025,589</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944-January</td><td>154,350</td><td>155,209</td><td>-713</td><td>-6,005</td><td>5,859</td></tr><tr><td>February</td><td>145,622</td><td>147,637</td><td>1,831</td><td>3,686</td><td>-7,532</td></tr><tr><td>March</td><td>44,341</td><td>76,736</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,405</td><td>1,038</td><td>-1,289</td><td>411</td><td>1,245</td></tr><tr><td>May</td><td>-5,438</td><td>1,151</td><td>1,616</td><td>-6,082</td><td>-2,123</td></tr><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-36,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,534</td><td>650</td><td>2,445</td><td>3,851</td></tr><tr><td>September</td><td>-9,953</td><td>-57,289</td><td>2,313</td><td>28,454</td><td>16,559</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><tr><td>December</td><td>-54,773</td><td>-229,521</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>157,405</td><td>153,895</td><td>-195</td><td>-2,808</td><td>6,513</td></tr></table>
Back Figures: For monthly data for the period January 1941 through June 1942, see "Treasury Bulletin" for September 1943, page 73.
72
Treasury Bulletin
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1935</td><td>5,567</td><td>5,114</td><td>117</td><td>701</td><td>1</td><td>285</td><td>3,223</td><td>81</td><td>704</td></tr><tr><td>1936</td><td>6,241</td><td>5,755</td><td>101</td><td>955</td><td>1</td><td>278</td><td>4,002</td><td>52</td><td>366</td></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1944-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</td><td>25,290</td><td>24,140</td><td>53</td><td>1,561</td><td>1</td><td>316</td><td>21,533</td><td>554</td><td>123</td></tr><tr><td>February</td><td>25,751</td><td>24,593</td><td>53</td><td>1,583</td><td>1</td><td>320</td><td>21,964</td><td>550</td><td>122</td></tr><tr><td>March p</td><td>25,890</td><td>24,720</td><td>53</td><td>1,589</td><td>1</td><td>320</td><td>22,092</td><td>544</td><td>122</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (In dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>1935</td><td>453</td><td>32</td><td>296</td><td>125</td><td>$ 43.66</td></tr><tr><td>1936</td><td>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-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</td></tr><tr><td>1945-January</td><td>1,150</td><td>117</td><td>751</td><td>282</td><td>181.95</td></tr><tr><td>February</td><td>1,158</td><td>118</td><td>757</td><td>283</td><td>185.15</td></tr><tr><td>March p</td><td>1,170</td><td>120</td><td>765</td><td>285</td><td>186.04</td></tr></table>
Source: Circulation Statements of United States Money and Annual Report of the Secretary of the Treasury for 1944, pages 774-777. Preliminary. Excludes (1) money held by the Treasury and (2) money held by or for the account of the Federal Reserve Banks and their agents. Includes paper currency held outside the continental limits of the
United States. 2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. 3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
Treas.
HJ
10
A2
1945
c.2
U.S. Treasury Dept. Treasury Bulletin
U.S. TREASURY LIBRARY
1 0031934