Treas. HJ 10 A2 c.2
copy
LIBRARY
ROOM 5030
JUN 9, 1972
TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY WASHINGTON 25, D. C.
OFFICIAL BUSINESS
PERMIT NO.1002
FORM A-5/45-2000
PENALTY FOR PRIVATE USE TO AVOID PAYMENT OF POSTAGE, $300
BULLETIN
OF THE
TREASURY DEPARTMENT
JUNE 1945
LIBRARY 19 JUN 1945 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="10">Issue and page number</th></tr><tr><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>July-Aug.</th><th>June</th></tr><tr><td>Assets and liabilities of all active banks in the United States: December 31, 1939 through December 31, 1944.</td><td>A-1-A-8</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1939 through June 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-10-A-13</td><td></td><td></td><td></td><td></td></tr><tr><td>War Loans: Seventh War Loan, May-June 1945: Comparison of features of securities offered.</td><td></td><td>A-1-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>Redemption values and investment yields of United States savings bonds and Treasury savings notes.</td><td></td><td>A-4</td><td></td><td>A-1-A-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sixth War Loan, November-December 1944: Sales of securities, classified by issues, by types of investor, and by States.</td><td></td><td></td><td></td><td></td><td></td><td>A-1-A-17</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></td><td>A-1-A-2</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>A-7</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-A-9</td><td></td><td></td><td></td><td></td></tr><tr><td>Fifth War Loan, June-July 1944: Sales of securities, classified by issues, by types of investor, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1-A-15</td><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by Treasury investment accounts: Sixth War Loan.</td><td></td><td></td><td></td><td></td><td></td><td>A-18</td><td></td><td></td><td></td><td></td><td>A-16</td><td></td></tr><tr><td>Fifth War Loan.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></tr><tr><td>Bank deposits, geographic distribution on December 31, 1941-1944.</td><td>A-5-A-19</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1-A-11</td></tr><tr><td>Invasion currency.</td><td></td><td>A-3-A-7</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>A-5-A-14</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: Maturity of Series A bonds.</td><td></td><td></td><td>A-1-A-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</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>A-2-A-3</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></td><td>A-1-A-6</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></td><td></td><td></td><td>A-1-A-8</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></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>A-9</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></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures.</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures and appropriations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures: 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>5</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>5</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>6</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>7</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>7</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>8-9</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>10</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>11</td><td>13</td><td>13</td></tr><tr><td>Social Security program: Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act.</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</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>13</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>13</td><td>15</td><td>15</td></tr><tr><td>Statement of trust accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</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>14</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>14</td><td>16</td><td>16</td></tr><tr><td>Appropriations and net contract authorisations for the war activities program.</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>5-6</td><td>5-6</td></tr><tr><td>Cash income and outgo of the Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications.</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Total cash income and outgo by months and calendar years beginning with January 1940.</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)
June 1945
11
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="5">1945</th><th colspan="7">1944</th></tr><tr><th></th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>July-Aug.</th><th>June</th></tr><tr><td>General Fund of the Treasury<br>Assets, liabilities, and balance in General Fund.<br>Analysis of changes in balance of General Fund.</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td></tr><tr><td>Public debt and guaranteed obligations of United States Government<br>Public debt and guaranteed obligations:<br>Detailed statement<br>Fiscal years, 1935-1944.<br>Monthly date.<br>Chart.</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>25-26<br>27</td><td>23-24<br>24-25<br>25</td></tr><tr><td>Public debt:<br>Insurance and retirement (receipts and expenditures).<br>Interest-bearing debt, composition of.<br>Guaranteed obligations held by Treasury.</td><td>22<br>22<br>27</td><td>22<br>22<br>27</td><td>22<br>22<br>27</td><td>22<br>22<br>27</td><td>22<br>22<br>27</td><td>22<br>22<br>27</td><td>22<br>22<br>27</td><td>22<br>22<br>27</td><td>22<br>22<br>27</td><td>22<br>22<br>27</td><td>22<br>26<br>29</td><td>22<br>24</td></tr><tr><td>Debt position of United States Government under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended:<br>June 30, 1944.<br>September 30, 1944.<br>December 31, 1944.<br>March 31, 1945.</td><td></td><td></td><td></td><td></td><td>28</td><td></td><td>28</td><td></td><td></td><td></td><td>28</td><td></td></tr><tr><td>Computed interest charge and computed interest rate.</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>29</td><td>26</td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States.</td><td>28-30</td><td>29-31</td><td>28-30</td><td>28-30</td><td>28-31</td><td>28-30</td><td>26-30</td><td>29-31</td><td>28-30</td><td>28-30</td><td>30-32</td><td>27-29</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>31</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>33</td><td>30</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>32</td><td>33</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>34</td><td></td></tr><tr><td>Offerings and maturities of Treasury bills.</td><td>33-34</td><td>34-35</td><td>33-34</td><td>33-34</td><td>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></tr><tr><td>United States savings bonds:<br>Summary of sales and redemptions, by series.<br>Sales by series, classified by denominations.<br>Sales to investors other than commercial banks by series, classified by States.<br>Maturities and redemptions of Series A-D and E combined, by States.<br>Payroll savings plans.</td><td>35-36<br>37<br>38-39<br>40<br>41</td><td>35-37<br>38<br>39-40<br>41<br>42</td><td>35-36<br>37<br>38-39<br>40<br>41</td><td>35-36<br>37<br>38-39<br>40<br>41</td><td>35-36<br>37<br>38-39<br>40<br>41</td><td>35-36<br>37<br>38-39<br>40<br>40</td><td>35-36<br>37<br>38-39<br>40<br>41</td><td>35-36<br>37<br>38-39<br>40<br>41</td><td>35-36<br>37<br>37-38<br>39</td><td>35-36<br>37<br>38-39<br>40-41</td><td>36-37<br>35-37</td><td>35-37</td></tr><tr><td>Treasury notes - tax and savings series:<br>Summary of sales and redemptions, by series.<br>Sales, classified by:<br>Denomination.<br>Type of purchaser.</td><td>41-42<br>43<br>43</td><td>42-43<br>44<br>44</td><td>41-42<br>43<br>43</td><td>41-42<br>44<br>44</td><td>42-43<br>44<br>44</td><td>40-41<br>42<br>42</td><td>41-42<br>43<br>43</td><td>40-41<br>42<br>42</td><td>40-41<br>42<br>42</td><td>41-42<br>42<br>44</td><td>40-41<br>42-43</td><td>38-39</td></tr><tr><td>United States savings stamps:<br>Summary of sales and redemptions.<br>Sales, classified by denomination.</td><td>44<br>44</td><td>45<br>45</td><td>44<br>44</td><td>44<br>45</td><td>43<br>43</td><td>43<br>43</td><td>44<br>44</td><td>43<br>43</td><td>43<br>45</td><td>41</td><td>41</td><td></td></tr><tr><td>Ownership of United States Government securities<br>Summary distribution, by holders.</td><td>46</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></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>47</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>47</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></tr><tr><td>Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):<br>Ownership by banks and insurance companies:<br>April 30, 1944.<br>May 31, 1944.<br>June 30, 1944.<br>July 31, 1944.<br>August 31, 1944.<br>September 30, 1944;<br>Revisions.<br>Original data.<br>October 31, 1944.<br>November 30, 1944.<br>December 31, 1944.<br>January 31, 1945.<br>February 28, 1945.<br>March 31, 1945.</td><td></td><td>47-50</td><td></td><td>47-50</td><td></td><td>47-50</td><td></td><td>47-51</td><td></td><td>47-52</td><td>48-52</td><td>49-52</td></tr><tr><td>Ownership by various classes of Federal Reserve member and nonmember commercial banks:<br>June 30, 1944.<br>December 31, 1944.</td><td></td><td>52-55</td><td></td><td>51-54</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
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Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="7">1945</th><th colspan="6">1944</th></tr><tr><th></th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>July-Aug.</th><th>June</th></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td>50-52</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>52-54</td><td>56-58</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></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></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>52-53</td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>52-54</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>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></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></td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1945.</td><td></td><td>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>February 28, 1945.</td><td>54-56</td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td></td><td></td><td>57</td><td>60</td><td>58</td><td>55</td><td>55</td><td>56</td><td>55</td><td>59</td><td>57</td><td>53</td></tr><tr><td>April 30, 1945.</td><td>57</td><td>58</td><td>57</td><td>60</td><td>58</td><td>55</td><td>55</td><td>56</td><td>55</td><td>59</td><td>57</td><td>53</td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td></td><td></td><td></td><td></td><td></td><td>56</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds; Discussion of revision of high-grade corporate bond average.</td><td>58</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></tr><tr><td>Yields beginning with 1937.</td><td>59</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></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>Corporations and credit agencies of the United States Government</td><td></td><td></td><td></td><td></td><td></td><td></td><td>59-63</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets, liabilities, and capital:</td><td></td><td></td><td></td><td>64-68</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New quarterly statements:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>59-63</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old monthly statements:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61-62</td><td>57-58</td><td></td></tr><tr><td>April 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>63-64</td><td></td><td></td><td></td></tr><tr><td>June 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>59-60</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>60-61</td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds:</td><td></td><td></td><td></td><td></td><td>60-64</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New quarterly statements:</td><td></td><td></td><td>61-65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First three months, fiscal year 1945.</td><td></td><td></td><td></td><td></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></td><td>62-65</td><td>61-64</td><td>65-68</td><td>63-66</td><td>59-62</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>Internal revenue statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Collections of internal revenue:</td><td></td><td>61</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></tr><tr><td>Summary data.</td><td>62</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>62</td></tr><tr><td>Chart.</td><td>63-64</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></td></tr><tr><td>Comparative details for current periods.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Monetary 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></tr><tr><td>Balance sheet of the Exchange Stabilisation Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>71-72</td><td></td><td>72-73</td><td></td></tr><tr><td>March 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944.</td><td></td><td></td><td></td><td></td><td>68-69</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>67-68</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944.</td><td>66</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></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>74</td><td></td><td></td></tr><tr><td>June 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>73</td><td></td><td></td><td></td></tr><tr><td>September 30, 1944.</td><td></td><td>69</td><td></td><td></td><td>70</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>March 31, 1945.</td><td>66</td><td></td><td>75</td><td></td><td></td><td></td><td>69</td><td></td><td>74</td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods.</td><td>66</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></tr><tr><td>Monetary stocks of gold and silver.</td><td>66</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>69</td></tr><tr><td>Components of silver monetary stock.</td><td>67</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></tr><tr><td>Silver of specified classifications acquired by mint and assay offices.</td><td>67</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></tr><tr><td>Silver production in United States.</td><td>67</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></tr><tr><td>Seignorage on silver, by types.</td><td>68</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></tr><tr><td>Capital movement between the United States and foreign countries.</td><td>68</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></tr><tr><td>Money in circulation.</td><td>69</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></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.
June 1945
A-1
Assets and Liabilities of All Active Banks in the United States December 31, 1939 through December 31, 1944
The regular semi-annual report of the Comptroller of the Currency on the assets and liabilities of all active banks in the United States and possessions as of December 31, 1944 was released on May 7. The data were compiled from call reports of national banks and from information provided by State bank supervisory authorities and cover a total of 14,579 banks. Comparable data from earlier reports have been drawn upon in the preparation of the accompanying tables and charts.
Assets
From December 31, 1939 through December 31, 1944 assets of all active banks rose from $77.6 billion to $152.9 billion, an increase of $75.4 billion or 97%. The following table presents a distribution of total assets by classes of banks as of these two dates.
National banks and State commercial banks each showed increases of over 100% during the
<table><tr><th>Class of bank</th><th colspan="2">Total assets</th><th>Percentage change</th></tr><tr><th></th><th>Dec. 31, 1939</th><th>Dec. 31, 1944</th><th></th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>National banks</td><td>35.3</td><td>76.9</td><td>+118</td></tr><tr><td>State commercial banks</td><td>29.5</td><td>61.0</td><td>+107</td></tr><tr><td>Mutual savings banks</td><td>11.9</td><td>14.8</td><td>+25</td></tr><tr><td>Private banks</td><td>0.9</td><td>0.2</td><td>-73</td></tr><tr><td>All banks</td><td>77.6</td><td>152.9</td><td>+97</td></tr></table>
five-year period. These two classes of banks hold practically all of the demand deposits of the country as well as substantial amounts of time deposits. Mutual savings banks, on the other hand, in which deposits are exclusively savings accounts, showed an increase in assets of
only 25% during the period. A decline in the number of private banks, due to the shift of larger ones into the commercial bank category, was primarily responsible for their decline in assets.
A distribution of total assets by major types of assets for each class of bank as of December 31, 1939 and 1944 is presented in the table at the bottom of this page.
United States Government securities held by all active banks increased from $19.4 billion to $86.4 billion during the period, an increase of $67.0 billion or 344%. The growth of Federal securities accounted for 89% of the total increase in assets of $75.4 billion over the period. Holdings of Federal securities by all active banks amounted to 25% of total assets at the beginning of the period, but by December 31, 1944 they accounted for over 56% (Charts 1 and 2).
In the case of national banks the increase in holdings of U. S. Government securities from the end of December 1939 through 1944 made up 83% of their total increase in assets ($34.4 billion out of $41.6 billion). Relative to total assets of national banks, U. S. Government securities accounted for 26% at the beginning of the period but by the end of December 1944 made up 57% of total assets (Charts 3 and 4).
Federal security holdings by State commercial banks followed a course over the five-year period similar to that of national banks. U.S. Government securities held by State commercial banks increased $27.7 billion and accounted for 88% of the increase in total assets of $31.5 billion. As a proportion of total assets, they in-
<table><tr><th>Assets</th><th colspan="2">All banks</th><th colspan="2">National banks</th><th colspan="2">State commercial banks</th><th colspan="2">Mutual savings banks</th><th colspan="2">Private banks</th></tr><tr><th></th><th>Dec.31, 1939</th><th>Dec.31, 1944</th><th>Dec.31, 1939</th><th>Dec.31, 1944</th><th>Dec.31, 1939</th><th>Dec.31, 1944</th><th>Dec.31, 1939</th><th>Dec.31, 1944</th><th>Dec.31, 1939</th><th>Dec.31, 1944</th></tr><tr><td>Number of banks</td><td>15,096</td><td>14,579</td><td>5,193</td><td>5,031</td><td>9,290</td><td>8,971</td><td>551</td><td>535</td><td>62</td><td>42</td></tr></table>
(In billions of dollars)
<table><tr><th>Assets:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>U. S. Government direct and guaranteed obligations...</td><td>19.4</td><td>86.4</td><td>9.1</td><td>43.5</td><td>6.8</td><td>34.5</td><td>3.1</td><td>8.3</td><td>0.5</td><td>0.1</td></tr><tr><td>Loans and discounts...</td><td>22.4</td><td>26.1</td><td>9.0</td><td>11.5</td><td>8.3</td><td>10.2</td><td>4.9</td><td>4.4</td><td>0.1</td><td>0.1</td></tr><tr><td>Other securities...</td><td>9.3</td><td>7.6</td><td>3.7</td><td>3.5</td><td>3.3</td><td>2.8</td><td>2.2</td><td>1.2</td><td>0.1</td><td>*</td></tr><tr><td>Interbank and reserve balances...</td><td>22.2</td><td>29.2</td><td>11.9</td><td>16.7</td><td>9.3</td><td>11.9</td><td>0.8</td><td>0.5</td><td>0.2</td><td>*</td></tr><tr><td>Other assets.........</td><td>4.2</td><td>3.7</td><td>1.6</td><td>1.7</td><td>1.7</td><td>1.6</td><td>0.9</td><td>0.4</td><td>*</td><td>*</td></tr><tr><td>Total assets.........</td><td>77.6</td><td>152.9</td><td>35.3</td><td>76.9</td><td>29.5</td><td>61.0</td><td>11.9</td><td>14.8</td><td>0.9</td><td>0.2</td></tr></table>
Less than $50 million.
A-2
Treasury Bulletin
ASSETS OF ALL ACTIVE BANKS IN THE UNITED STATES
December 31, 1939 - December 31, 1944
Chart 1 - Dollar Values
Chart 2 - Percentage Distribution
1) Includes territories and insular possessions
2) See accompanying Table I, footnote 2
June 1945
A-3
ASSETS OF NATIONAL, STATE COMMERCIAL, AND MUTUAL SAVINGS BANKS
December 31, 1939 and December 31, 1944
Chart 3 - Dollar Values
Chart 4- Percentage Distribution
1 Includes banks in territories and insular possessions.
2 See accompanying Table 1, footnote 2
Treasury Bulletin
creased from 23% to 57% (Charts 3 and 4).
The increase of U. S. Government securities held by mutual saving banks ($5.2 billion) was greater than the increase in total assets of those banks. A decline of $2.3 billion in loans and discounts, other securities, interbank and reserve balances, and other assets accounted for almost half of the increase in Government securities.
Total loans and discounts of all active banks increased from $22.4 billion on December 31, 1939 to $26.1 billion on December 31, 1944. This was an increase of $3.7 billion or 17%. As a proportion of total assets, however, loans and discounts declined from 29% to 17%. State and local, corporate, and other securities held by all active banks decreased from $9.3 billion
to $7.6 billion during the period and accounted for 5% of total assets by December 31, 1944 as compared with 12% at the beginning of the period (Charts 1 and 2).
Table 1, at the end of this article, presents a detailed statement of the assets and liabilities of all active banks in the United States and possessions as of December 31, 1939 and 1944 and the intervening years. Table 2 gives similar data as of December 31, 1944 for each class of bank.
Liabilities and Capital Accounts
The $75.4 billion increase in assets of all banks from December 31, 1939 through 1944 was reflected on the liability side of the balance sheet almost entirely in the growth in deposits. The following table gives the change in liabil-
Chart 5 - LIABILITIES OF ALL ACTIVE BANKS IN THE UNITED STATES
December 31, 1939 - December 31, 1944
<table><tr><th></th><th>Dec. 31, 1939</th><th>Dec. 31, 1940</th><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>Dec. 31, 1944</th></tr><tr><td>Deposits of individuals, partnerships, and corporations</td><td>33.9</td><td>41.1</td><td>46.2</td><td>51.2</td><td>55.1</td><td>58.2</td></tr><tr><td>Time</td><td>12.7</td><td>15.9</td><td>18.1</td><td>20.9</td><td>22.6</td><td>24.1</td></tr><tr><td>U.S. Government and postal savings deposits</td><td>13.6</td><td>16.8</td><td>19.0</td><td>21.4</td><td>22.9</td><td>24.3</td></tr><tr><td>Interbank and other deposits and misc. liabilities</td><td>10.3</td><td>11.3</td><td>12.1</td><td>13.1</td><td>13.9</td><td>14.6</td></tr><tr><td>Capital accounts</td><td>3.6</td><td>4.0</td><td>4.4</td><td>4.7</td><td>4.9</td><td>5.1</td></tr><tr><td>Total</td><td>73.9</td><td>89.1</td><td>99.8</td><td>111.3</td><td>120.6</td><td>136.2</td></tr></table>
1 Includes territories and insular possessions
2 See accompanying Table 1, footnote 2
June 1945
A-5
ties and capital accounts over the five-year period.
<table><tr><th>Liabilities and capital accounts</th><th>Dec.31, 1939</th><th>Dec.31, 1944</th><th>Percentage change</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td><b>Liabilities:</b></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations: 1/</td><td></td><td></td><td></td></tr><tr><td>Demand.............</td><td>28.2</td><td>65.3</td><td>+132</td></tr><tr><td>Time.............</td><td>25.4</td><td>37.2</td><td>+47</td></tr><tr><td>U. S. Government and postal savings deposits.........</td><td>0.9</td><td>20.9</td><td>+2,200</td></tr><tr><td>Interbank and other deposits and miscellaneous liabilities.</td><td>14.8</td><td>19.8</td><td>+34</td></tr><tr><td>Capital accounts.........</td><td>8.3</td><td>9.7</td><td>+17</td></tr><tr><td>Total liabilities and capital accounts.........</td><td>77.6</td><td>152.9</td><td>+97</td></tr></table>
1/ A study of the geographical distribution of demand and
Demand deposits of individuals, partnerships, and corporations increased from $28.2 billion on December 31, 1939 to $65.3 billion on December 31, 1944, an increase of $37.1 billion or 132%. This growth in demand deposits accounted for 49% of the total $75.4 billion increase in liabilities and capital accounts (Chart 5).
As shown in Table 1 at the end of this article, demand deposits of individuals, partnerships, and corporations declined from $59.4 billion as of December 31, 1943 to $58.4 billion as of June 30, 1944, and increased to $65.3 billion as of December 31, 1944. The decline in the first six months of 1944 was due primarily to the timing of war loans. The Third War Loan had been
time deposits of individuals, partnerships, and corporations by States and by 25 large metropolitan areas as of December 31, 1941 through 1944 was presented in the May 1945 issue of the "Treasury Bulletin". The minor differences between the amounts of deposits shown in that study and this one are due to differences in coverage.
Chart 6-
LIABILITIES OF NATIONAL, STATE COMMERCIAL, AND MUTUAL SAVINGS BANKS
December 31, 1939 - December 31, 1944
11 Includes territories and insular possessions
12 See accompanying Table 1, footnote 2
A 6
Treasury Bulletin
over for two and one-half months by the end of December 1943 and demand deposits of individuals, partnerships, and corporations had risen during the interval as the Government spent the proceeds; whereas the Fifth War Loan was still in progress on June 30, 1944, with a consequent transfer of deposits from individuals, partnerships, and corporations to the Government. By December 31, 1944, demand deposits of individuals, partnerships, and corporations had increased significantly from the June 30 level even though the Sixth War Loan had just closed.
Time deposits of individuals, partnerships, and corporations showed an increase of 47% from $25.4 billion to $37.2 billion over the five-year period December 31, 1939-1944. Almost one-third of this increase occurred in the last six months of 1944 (Chart 5).
United States Government deposits (including postal savings deposits) increased from $0.9 billion on December 31, 1939 to $20.9 billion on December 31, 1944. This increase in the amount of Federal deposits in banks over the period reflects both the need for a larger working balance with the growth in Federal war expenditures, and the timing of war loans. Thus, on December 31, 1943 deposits of the U. S. Government were $10.5 billion but on June 30, 1944, toward the close of the Fifth War Loan, and on December 31, 1944, the end of the Sixth Loan, they had increased to $19.7 billion and $20.9 billion, respectively.
Capital accounts remained relatively stable during the period December 31, 1939-1944. They increased from $8.3 billion at the beginning of the period to $9.7 billion at the close, an in-
creases of 17%. Of the capital stock items, capital notes and debentures and preferred stock declined $0.2 billion whereas common stock showed an increase of $0.2 billion. Surplus, undivided profits, and reserves increased $1.5 billion from December 31, 1939 to 1944. The ratio of capital accounts to total deposits was 1 to 8.27 at the beginning of the period and 1 to 14.68 on December 31, 1944. If cash and U. S. Government securities are deducted from total deposits, the ratio of capital to remaining deposits becomes 1 to 3.10 and 1 to 2.57 on December 31, 1939 and 1944, respectively.
The distribution of liabilities and capital accounts by classes of banks as of December 31, 1939 and December 31, 1944 is given in the table at the bottom of this page and in Chart 6.
The large increase in demand deposits of individuals, partnerships, and corporations shown for all active banks over the five-year period was proportionately distributed between national banks and State commercial banks. National and State commercial banks hold practically the entire amount of such demand deposits. Time deposits, of which each of the three major classes of banks hold about one-third, showed substantially smaller percentage growth. The comparatively small growth of mutual savings banks was primarily due to the lower national increase in time deposits -- since such deposits are the only type held by these banks. In addition, the geographical concentration of mutual savings banks in the Northeast, as contrasted with the growing financial importance of the West and the South, worked to the disadvantage of mutual savings banks during this period of wartime growth.
<table><tr><th rowspan="2">Liabilities and capital accounts</th><th colspan="2">All banks</th><th colspan="2">National banks</th><th colspan="2">State commercial banks</th><th colspan="2">Mutual savings banks</th><th colspan="2">Private banks</th></tr><tr><th>Dec.31, 1939</th><th>Dec.31, 1944</th><th>Dec.31, 1939</th><th>Dec.31, 1944</th><th>Dec.31, 1939</th><th>Dec.31, 1944</th><th>Dec.31, 1939</th><th>Dec.31, 1944</th><th>Dec.31, 1939</th><th>Dec.31, 1944</th></tr><tr><td colspan="11">(In billions of dollars)</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Demand.........</td><td>28.2</td><td>65.3</td><td>14.9</td><td>36.3</td><td>12.7</td><td>28.9</td><td>*</td><td>*</td><td>0.6</td><td>0.1</td></tr><tr><td>Time............</td><td>25.4</td><td>37.2</td><td>7.7</td><td>12.7</td><td>7.1</td><td>11.2</td><td>10.5</td><td>13.3</td><td>*</td><td>*</td></tr><tr><td>U. S. Government and postal savings deposits....</td><td>0.9</td><td>20.9</td><td>0.6</td><td>11.2</td><td>0.3</td><td>9.8</td><td>*</td><td>*</td><td>-</td><td>*</td></tr><tr><td>Interbank and other deposits and miscellaneous liabilities......</td><td>14.8</td><td>19.8</td><td>8.7</td><td>12.5</td><td>5.9</td><td>7.2</td><td>*</td><td>*</td><td>0.2</td><td>0.1</td></tr><tr><td>Capital accounts.....</td><td>8.3</td><td>9.7</td><td>3.4</td><td>4.3</td><td>3.5</td><td>4.0</td><td>1.3</td><td>1.4</td><td>0.1</td><td>*</td></tr><tr><td>Total liabilities and capital accounts...</td><td>77.6</td><td>152.9</td><td>35.3</td><td>76.9</td><td>29.5</td><td>61.0</td><td>11.9</td><td>14.8</td><td>0.9</td><td>0.2</td></tr></table>
Loes than $50 million.
June 1945
A-7
Table 1.- Assets and Liabilities of All Active Banks in the United States
December 31, 1939 through December 31, 1944
(In millions of dollars)
<table><tr><th></th><th>Dec. 31, 1939</th><th>Dec. 31, 1940</th><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Dec. 31, 1943</th><th>June 30, 1944</th><th>Dec. 31, 1944</th></tr><tr><td>Number of banks</td><td>15,096</td><td>14,956</td><td>14,885</td><td>14,722</td><td>14,621</td><td>14,598</td><td>14,579</td></tr><tr><td><b>Assets</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans and discounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans on real estate</td><td>9,102</td><td>9,437</td><td>9,718</td><td>9,373</td><td>8,941</td><td>8,798</td><td>8,735</td></tr><tr><td>Other loans, including overdrafts</td><td>13,273</td><td>14,531</td><td>17,120</td><td>14,628</td><td>14,733</td><td>16,706</td><td>17,367</td></tr><tr><td>Total loans and discounts</td><td>22,375</td><td>23,967</td><td>26,838</td><td>24,001</td><td>23,675</td><td>25,504</td><td>26,102</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Government obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>15,446</td><td>16,789</td><td>21,070</td><td>43,185</td><td>63,690</td><td>75,144</td><td>85,411</td></tr><tr><td>Guaranteed obligations</td><td>4,002</td><td>4,240</td><td>4,484</td><td>2,874</td><td>2,569</td><td>986</td><td>1,004</td></tr><tr><td>Total</td><td>19,447</td><td>21,029</td><td>25,554</td><td>46,059</td><td>66,259</td><td>76,130</td><td>86,415</td></tr><tr><td>Obligations of States and political subdivisions</td><td>4,008</td><td>4,340</td><td>4,197</td><td>3,926</td><td>3,564</td><td>3,639</td><td>3,659</td></tr><tr><td>Other bonds, notes, and debentures</td><td>4,618</td><td>4,416</td><td>4,165</td><td>3,755</td><td>3,352</td><td>3,401</td><td>3,383</td></tr><tr><td>Corporate stocks, including stocks of Federal Reserve Banks</td><td>721</td><td>744</td><td>674</td><td>631</td><td>551</td><td>546</td><td>554</td></tr><tr><td>Total securities</td><td>28,796</td><td>30,529</td><td>34,589</td><td>54,371</td><td>73,726</td><td>83,717</td><td>94,011</td></tr><tr><td>Total loans, discounts, and securities</td><td>51,170</td><td>54,496</td><td>61,428</td><td>78,373</td><td>97,401</td><td>109,221</td><td>120,113</td></tr><tr><td>Currency and coin</td><td>1,197</td><td>1,407</td><td>1,545</td><td>1,464</td><td>1,612</td><td>1,623</td><td>1,801</td></tr><tr><td>Balances with other banks, including reserve balances 2/</td><td>22,198</td><td>26,846</td><td>25,942</td><td>27,372</td><td>27,000</td><td>26,705</td><td>29,176</td></tr><tr><td>Bank premises owned, furniture and fixtures</td><td>1,252</td><td>1,224</td><td>1,209</td><td>1,190</td><td>1,128</td><td>1,102</td><td>1,066</td></tr><tr><td>Real estate owned other than bank premises</td><td>1,056</td><td>930</td><td>706</td><td>530</td><td>332</td><td>252</td><td>168</td></tr><tr><td>Investments and other assets indirectly representing bank premises or other real estate</td><td>160</td><td>144</td><td>133</td><td>122</td><td>102</td><td>95</td><td>86</td></tr><tr><td>Customers' liability on acceptances outstanding</td><td>131</td><td>104</td><td>84</td><td>46</td><td>49</td><td>58</td><td>68</td></tr><tr><td>Interest, commissions, rent, and other income earned or accrued but not collected</td><td>150</td><td>420</td><td>163</td><td>173</td><td>220</td><td>503</td><td>261</td></tr><tr><td>Other assets</td><td>261</td><td></td><td>242</td><td>273</td><td>278</td><td></td><td>209</td></tr><tr><td>Total assets</td><td>77,575</td><td>85,572</td><td>91,454</td><td>109,543</td><td>128,122</td><td>139,560</td><td>152,947</td></tr><tr><td><b>Liabilities</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Demand</td><td>28,212</td><td>33,636</td><td>37,805</td><td>47,969</td><td>59,385</td><td>58,421</td><td>65,316</td></tr><tr><td>Time</td><td>25,406</td><td>26,072</td><td>26,063</td><td>26,704</td><td>30,725</td><td>33,441</td><td>37,229</td></tr><tr><td>Total</td><td>53,618</td><td>59,708</td><td>63,869</td><td>74,673</td><td>90,110</td><td>91,862</td><td>102,545</td></tr><tr><td>U. S. Government and postal savings</td><td>910</td><td>805</td><td>1,948</td><td>8,507</td><td>10,532</td><td>19,651</td><td>20,926</td></tr><tr><td>States and political subdivisions</td><td>3,512</td><td>3,939</td><td>4,303</td><td>4,523</td><td>4,972</td><td>5,044</td><td>5,196</td></tr><tr><td>Banks 2/</td><td>9,902</td><td>10,973</td><td>11,015</td><td>11,324</td><td>11,032</td><td>11,240</td><td>12,264</td></tr><tr><td>Other deposits, including certified and oasebiers' oasek</td><td>624</td><td>982</td><td>1,098</td><td>1,240</td><td>1,690</td><td>1,571</td><td>1,380</td></tr><tr><td>Total deposits 2/</td><td>68,566</td><td>76,408</td><td>82,233</td><td>100,266</td><td>118,336</td><td>129,367</td><td>142,311</td></tr><tr><td>Bills payable, rediscouments, and other liabilities for borrowed money</td><td>26</td><td>25</td><td>23</td><td>19</td><td>52</td><td>87</td><td>126</td></tr><tr><td>Acceptances executed by or for account of reporting banks</td><td>150</td><td>121</td><td>101</td><td>52</td><td>60</td><td>65</td><td>78</td></tr><tr><td>Interest, discount, rent, and other income collected but not earned</td><td>73</td><td></td><td>98</td><td>58</td><td>45</td><td></td><td>48</td></tr><tr><td>Interest, taxes, and other expenses accrued and unpaid</td><td>88</td><td>609</td><td>124</td><td>138</td><td>208</td><td>685</td><td>294</td></tr><tr><td>Other liabilities</td><td>378</td><td></td><td>380</td><td>405</td><td>375</td><td></td><td>398</td></tr><tr><td>Total liabilities</td><td>69,280</td><td>77,162</td><td>82,959</td><td>100,938</td><td>119,076</td><td>130,204</td><td>143,254</td></tr><tr><td><b>Capital Accounts</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital notes and debentures</td><td>142</td><td>123</td><td>108</td><td>99</td><td>90</td><td>87</td><td>82</td></tr><tr><td>Preferred stock</td><td>381</td><td>348</td><td>312</td><td>281</td><td>254</td><td>236</td><td>207</td></tr><tr><td>Common stock</td><td>2,603</td><td>2,600</td><td>2,614</td><td>2,606</td><td>2,668</td><td>2,715</td><td>2,764</td></tr><tr><td>Surplus</td><td>3,451</td><td>3,561</td><td>3,704</td><td>3,770</td><td>4,105</td><td>4,229</td><td>4,489</td></tr><tr><td>Undivided profits</td><td>1,148</td><td>1,187</td><td>1,248</td><td>1,323</td><td>1,370</td><td>1,522</td><td>1,574</td></tr><tr><td>Reserves and retirement amount for preferred stock and capital notes and debentures</td><td>571</td><td>591</td><td>508</td><td>527</td><td>559</td><td>567</td><td>577</td></tr><tr><td>Total capital accounts</td><td>8,295</td><td>8,410</td><td>8,495</td><td>8,605</td><td>9,046</td><td>9,356</td><td>9,693</td></tr><tr><td>Total liabilities and capital accounts</td><td>77,575</td><td>85,572</td><td>91,454</td><td>109,543</td><td>128,122</td><td>139,560</td><td>152,947</td></tr></table>
Source:
Reports of the Comptroller of the Currency. Includes territories and insular possessions. (Banks in Guam and the Philippines have been excluded from the data for December 31, 1942 and subsequent dates.) Excludes assets and liabilities of trust departments and of so-called private banks not reporting to State bank supervisors.
2/ Items are shown at book value. Commencing with December 31, 1942, reciprocal interbank demand balances with banks in the United States have been excluded. For December 31, 1941 and prior dates, demand balances were reported gross.
Treasury Bulletin
A-8
Table 2.- Assets and Liabilities of All Active Banks in the United States 1, Classified by Kind of Bank, December 31, 1944
(In millions of dollars)
<table><tr><th></th><th>Total all banks 2/</th><th>National banks</th><th>State commercial banks 3/</th><th>Mutual savings banks</th><th>Private banks 2/</th></tr><tr><td>Number of banks</td><td>14,579</td><td>5,031</td><td>8,971</td><td>535</td><td>42</td></tr><tr><td colspan="6">Assets</td></tr><tr><td>Loans and discounts:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans on real estate</td><td>8,735</td><td>2,046</td><td>2,382</td><td>4,305</td><td>2</td></tr><tr><td>Other loans, including overdrafts</td><td>17,357</td><td>9,452</td><td>7,806</td><td>57</td><td>52</td></tr><tr><td>Total loans and discounts</td><td>26,102</td><td>11,498</td><td>10,188</td><td>4,362</td><td>54</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Government obligations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>85,411</td><td>42,836</td><td>34,180</td><td>8,315</td><td>79</td></tr><tr><td>Guaranteed obligations</td><td>1,004</td><td>642</td><td>356</td><td>6</td><td></td></tr><tr><td>Total</td><td>56,415</td><td>43,479</td><td>34,535</td><td>8,321</td><td>80</td></tr><tr><td>Obligations of States and political subdivisions</td><td>3,659</td><td>2,057</td><td>1,442</td><td>130</td><td>30</td></tr><tr><td>Other bonds, notes, and debentures</td><td>3,383</td><td>1,345</td><td>1,096</td><td>933</td><td>8</td></tr><tr><td>Corporate stocks, including stocks of Federal Reserve Banks</td><td>554</td><td>141</td><td>248</td><td>159</td><td>6</td></tr><tr><td>Total securities</td><td>94,011</td><td>47,022</td><td>37,321</td><td>9,544</td><td>124</td></tr><tr><td>Total loans, discounts, and securities</td><td>120,113</td><td>58,520</td><td>47,509</td><td>13,906</td><td>177</td></tr><tr><td>Currency and coin</td><td>1,801</td><td>904</td><td>808</td><td>86</td><td>2</td></tr><tr><td>Balance with other banks, including reserve balances and cash items in process of collection 4/</td><td>29,176</td><td>16,733</td><td>11,899</td><td>496</td><td>48</td></tr><tr><td>Bank premises owned, furniture and fixtures</td><td>1,066</td><td>514</td><td>450</td><td>102</td><td>1</td></tr><tr><td>Real estate owned other than bank premises</td><td>168</td><td>18</td><td>53</td><td>96</td><td></td></tr><tr><td>Investments and other assets indirectly representing bank premises or other real estate</td><td>86</td><td>48</td><td>29</td><td>9</td><td></td></tr><tr><td>Customers' liability on acceptances outstanding</td><td>68</td><td>43</td><td>20</td><td>5</td><td>5</td></tr><tr><td>Interest, commissions, rent, and other income earned or accrued but not collected</td><td>261</td><td>122</td><td>97</td><td>41</td><td></td></tr><tr><td>Other assets</td><td>209</td><td>48</td><td>135</td><td>25</td><td></td></tr><tr><td>Total assets</td><td>152,947</td><td>76,950</td><td>61,001</td><td>14,761</td><td>235</td></tr><tr><td colspan="6">Liabilities</td></tr><tr><td>Demand deposits of:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations</td><td>65,316</td><td>36,321</td><td>28,853</td><td>7</td><td>136</td></tr><tr><td>U. S. Government</td><td>20,815</td><td>11,086</td><td>9,726</td><td>1</td><td></td></tr><tr><td>States and political subdivisions</td><td>4,648</td><td>2,814</td><td>1,831</td><td></td><td>2</td></tr><tr><td>Banks in the United States and foreign countries 4/</td><td>12,156</td><td>8,020</td><td>4,090</td><td></td><td>46</td></tr><tr><td>Certified and cashiers' checks, etc.</td><td>1,380</td><td>853</td><td>525</td><td>1</td><td>2</td></tr><tr><td>Total demand deposits 4/</td><td>104,315</td><td>59,094</td><td>45,025</td><td>10</td><td>186</td></tr><tr><td>Time deposits of:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations</td><td>37,289</td><td>12,655</td><td>11,215</td><td>13,339</td><td>19</td></tr><tr><td>U. S. Government</td><td>103</td><td>80</td><td>23</td><td></td><td></td></tr><tr><td>Postal savings</td><td>5</td><td>5</td><td>3</td><td>1</td><td></td></tr><tr><td>States and political subdivisions</td><td>547</td><td>257</td><td>290</td><td></td><td></td></tr><tr><td>Banks in the United States and foreign countries</td><td>108</td><td>38</td><td>70</td><td></td><td></td></tr><tr><td>Total time deposits</td><td>37,996</td><td>13,035</td><td>11,601</td><td>13,341</td><td>19</td></tr><tr><td>Total deposits</td><td>142,311</td><td>72,129</td><td>56,626</td><td>13,351</td><td>205</td></tr><tr><td>Bills payable, rediscounts, and other liabilities for borrowed money</td><td>126</td><td>54</td><td>69</td><td></td><td>2</td></tr><tr><td>Acceptances executed by or for account of reporting banks</td><td>78</td><td>48</td><td>24</td><td></td><td>5</td></tr><tr><td>Interest, discount, rent, and other income collected but not earned</td><td>48</td><td>25</td><td>23</td><td></td><td></td></tr><tr><td>Interest, taxes, and other expenses accrued and unpaid</td><td>294</td><td>168</td><td>115</td><td>10</td><td></td></tr><tr><td>Other liabilities</td><td>398</td><td>250</td><td>123</td><td>25</td><td></td></tr><tr><td>Total liabilities</td><td>143,254</td><td>72,675</td><td>56,980</td><td>13,386</td><td>213</td></tr><tr><td colspan="6">Capital Accounts</td></tr><tr><td>Capital notes and debentures</td><td>82</td><td>-</td><td>77</td><td>5</td><td>-</td></tr><tr><td>Preferred stock</td><td>207</td><td>92</td><td>115</td><td>-</td><td>-</td></tr><tr><td>Common stock</td><td>2,764</td><td>1,475</td><td>1,283</td><td>-</td><td>6</td></tr><tr><td>Surplus</td><td>4,489</td><td>1,809</td><td>1,697</td><td>973</td><td>13</td></tr><tr><td>Undivided profits</td><td>1,574</td><td>632</td><td>582</td><td>360</td><td></td></tr><tr><td>Reserves and retirement account for preferred stock and capital notes and debentures</td><td>577</td><td>267</td><td>265</td><td>40</td><td>2</td></tr><tr><td>Total capital accounts</td><td>9,693</td><td>4,275</td><td>4,022</td><td>1,375</td><td>21</td></tr><tr><td>Total liabilities and capital accounts</td><td>152,947</td><td>76,950</td><td>61,001</td><td>14,761</td><td>235</td></tr></table>
of so-called private banks not reporting to State bank supervisors. Includes trust companies and stock savings banks. Excludes reciprocal interbank demand balances with banks in the United States.
Source: Report of the Comptroller of the Currency.
* Less than $500,000.
1/ Includes territories and insular possessions. (Banks in Guam and the Philippines have been excluded.) All items are shown at book value.
2/ Excludes assets and liabilities of trust departments and
June 1945
A-9
Treasury Market Financing
Results of April Refunding
Approximately 98% of the 7/8% Treasury certificates of indebtedness which matured May 1, 1945 were exchanged in April for new 1-year, 7/8% certificates of indebtedness to mature May 1, 1946. Exchanges accounted for $1,579 million of the $1,615 million maturing certificates outstanding. 1/
Refunding of June 1 Certificates
On May 10, 1945 it was announced that an offering of 13-month, 0.90% Treasury notes would be made on May 21 to holders of the 1-year, 7/8% certificates of indebtedness maturing June 1, 1945. It was stated that notes, rather than 1-year certificates, were being offered in exchange in order not to add the amount of the refunding to the Seventh War Loan certificate issue, which will be dated June 1, 1945 and mature June 1, 1946. The amount of certificates due June 1, 1945, was $4,770 million. The new notes were offered in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000. Subscription books were open May 21-23, inclusive, except for subscriptions from holders of $100,000 or less of the maturing issue, for whom the books were kept open through May 26.
Refunding of Called HOLC Bonds
It was also announced on May 10, 1945 that holders of the outstanding 1-1/2% Home Owners' Loan Corporation bonds of 1945-47, called for redemption on June 1, 1945, would be offered the opportunity to exchange their bonds for the new 0.90% notes to mature July 1, 1946. Subscription books for this exchange were open at the same time as the books for the exchange of the June 1 certificates. The HOLO bonds were outstanding in the amount of $755 million.
With the repayment of the HOLC bonds, the last of the publicly offered securities of Federal agencies guaranteed as to principal and interest by the United States has been retired. Since October 16, 1941, the Treasury has followed a policy of itself providing the funds needed by those Government corporations which are authorized to issue securities guaranteed by the United States as to principal and interest. Formerly these agencies sold their securities in the market, but under the current policy the securities issued by the corporations are exchanged for funds provided by the Treasury. The securities are thus indirectly reflected in the public debt. The amounts of such securities held by the Treasury are shown in the table on page 27. There remain publicly outstanding only two groups of unmatured obligations which are guaranteed by the United States: (1) $343 million of certain demand obligations of the Commodity Credit Corporation issued to commercial banks in connection with commodity transactions, and (2) $34 million of debentures issued by the Federal Housing Administration in connection with mortgage insurance.
Call of 2-3/4% Treasury Bonds
On May 14, 1945, the 2-3/4% Treasury bonds of 1945-47 were called for payment on September 15, 1945. These bonds were dated September 16, 1935. Their final maturity date was September 15, 1947 with the option to call by the Treasury, on four months' notice, extending from September 15, 1945 to final maturity. There are now outstanding $1,214 million of these bonds.
The Treasury's announcement of call stated that holders of the bonds may be offered, in advance of the redemption date, the privilege of exchanging all or any part of their called bonds for other interest-bearing obligations of the United States, in which event public notice would hereafter be given.
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 31-32.
June 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 10 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 colspan="2">Actual</th><th colspan="2">Estimated 1/</th><th colspan="2">Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1942</th><th>1943</th><th>1944</th><th>1945</th><th>1946</th><th>Actual 1944 to estimated 1945 1/</th><th>Estimated 1945 to estimated 1946 1/</th></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes 2/</td><td>11,350</td><td>27,247</td><td>28,389</td><td>+1,142</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>-1,034</td></tr><tr><td>Employment taxes</td><td>1,161</td><td>1,331</td><td>1,377</td><td>+46</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>3,841</td><td>4,349</td><td>5,831</td><td>+1,482</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>254</td><td>365</td><td>286</td><td>-79</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>463</td><td>2,612</td><td>2,543</td><td>-68</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>17,074</td><td>35,904</td><td>38,426</td><td>+2,522</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>Lease:</td><td></td><td></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>841</td><td>952</td><td>968</td><td>+16</td><td>869</td><td>1,103</td><td>1,260</td><td>1,293</td><td>1,600</td><td>+314</td><td>+307</td></tr><tr><td>Net receipts</td><td>16,233</td><td>34,952</td><td>37,458</td><td>+2,506</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><td></td></tr><tr><td>War activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>34,984</td><td>40,802</td><td>41,143</td><td>+341</td><td>14,070</td><td>42,265</td><td>49,242</td><td>48,497</td><td>38,999</td><td>-745</td><td>-9,498</td></tr><tr><td>Navy Department</td><td>15,658</td><td>21,366</td><td>25,034</td><td>+3,669</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>6,906</td><td>9,425</td><td>7,859</td><td>-1,565</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>57,548</td><td>71,592</td><td>74,036</td><td>+2,444</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>503</td><td>544</td><td>1,238</td><td>+693</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>479</td><td>389</td><td>277</td><td>-111</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>996</td><td>747</td><td>407</td><td>-340</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>682</td><td>726</td><td>742</td><td>+16</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>288</td><td>17</td><td></td><td>-17</td><td>97011/</td><td>299</td><td>17</td><td></td><td>-</td><td>-17</td><td></td></tr><tr><td>Civilian Conservation Corps</td><td>17</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>64</td><td>646</td><td>+582</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>745</td><td>938</td><td>1,601</td><td>+664</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>1,157</td><td>1,810</td><td>2,542</td><td>+732</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>62,418</td><td>76,827</td><td>81,489</td><td>+4,662</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 5/</td><td>46,184</td><td>41,875</td><td>44,031</td><td>+2,156</td><td>19,598</td><td>55,897</td><td>49,555</td><td>53,183</td><td>41,276</td><td>+3,588</td><td>-11,907</td></tr></table>
Source: Actual receipts and expenditures come from Daily Treasury Statements; source of estimated figures is explained in footnote 1. Less than $500,000.
1/ Based upon estimates as shown in the 1946 Budget. Classifications herein are based upon data susceptible of segregation according to Daily Treasury Statements and will not necessarily agree with classifications in Budget document.
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.
3/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
4/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 millions; fiscal year 1944, $2,235 millions, of which $113 millions represented a voluntary return of excise profits. Budget estimates of such deposits for the fiscal year 1945 are $1,685 millions, and for the fiscal year 1946, $952 millions.
5/ For explanation, see tables in next chapter on Social security program.
6/ Excludes expenditures for public debt retirements which are chargeable to the sinking fund, etc., under special provisions of law.
7/ Includes expenditures classified as transfers to trust accounts, etc., for the Adjusted Service Certificate Fund and the National Service Life Insurance Fund.
8/ Includes Public works transactions classified as Revolving Funds (net).
9/ Includes Aid to agriculture transactions classified as Revolving Funds (net); expenditures of the Department of Agriculture classified as Departmental in the Daily Treasury Statement; and Office of Distribution transactions classified as transfers to trust accounts, etc.
10/ Includes expenditures classified as transfers to trust accounts, etc., for the Railroad Retirement Account and the Railroad Unemployment Insurance Administration Fund. Excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of the Social Security Act.
11/ Includes National Youth Administration.
12/ Represents transfers to public debt accounts for excess profits tax refund bonds.
13/ Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Government employee retirement and insurance funds.
June 1945
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">End of first 10 months, fiscal years 1943 to 1945</th><th colspan="6">End of fiscal years, 1942 to 1946</th></tr><tr><th>Apr. 30, 1943</th><th>Apr. 30, 1944</th><th>Apr. 30, 1945</th><th>Change Apr. 30, 1944 to Apr. 30, 1945</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th><th colspan="2">Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th><th>June 30, 1946</th><th>Actual June 30, 1944 to estimated June 30, 1945 1/</th><th>Estimated June 30, 1945 to 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>91,392</td><td>127,440</td><td>162,680</td><td>+35,239</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>27,456</td><td>42,275</td><td>52,460</td><td>+10,185</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>118,848</td><td>169,715</td><td>215,140</td><td>+45,424</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>9,795</td><td>13,697</td><td>17,923</td><td>+4,226</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>128,643</td><td>183,413</td><td>233,063</td><td>+49,650</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>1,206</td><td>1,554</td><td>2,006</td><td>+452</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>129,849</td><td>184,967</td><td>235,069</td><td>+50,102</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 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>4,198</td><td>1,503</td><td>788</td><td>-715</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>166</td><td>754</td><td>343</td><td>-411</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>4,363</td><td>2,258</td><td>1,132</td><td>-1,126</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>9</td><td>16</td><td>23</td><td>+7</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>4,372</td><td>2,274</td><td>1,155</td><td>-1,119</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>134,221</td><td>187,241</td><td>236,224</td><td>+48,983</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/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">First 10 months, fiscal years 1943 to 1945</th><th colspan="5">Complete fiscal years, 1942 to 1946</th></tr><tr><th>1943</th><th>1944</th><th>1945</th><th colspan="3">Actual</th><th colspan="2">Estimated 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>1942</th><th>1943</th><th>1944</th><th>1945</th><th>1946</th></tr><tr><td>Amount required to be financed:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit 2/</td><td>46,184</td><td>41,875</td><td>44,031</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>9,626</td><td>2,773</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>1,616</td><td>3,623</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>57,427</td><td>48,271</td><td>44,031</td><td>23,461</td><td>64,274</td><td>64,307</td><td>55,820</td><td>42,501</td></tr><tr><td>Means of financing:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt</td><td>57,427</td><td>48,271</td><td>34,066</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>8,802</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>1,163</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>57,427</td><td>48,271</td><td>44,031</td><td>23,461</td><td>64,274</td><td>64,307</td><td>55,820</td><td>42,501</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon estimates as shown in the 1946 Budget. 2/ Excludes amounts for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
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
June 1945
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Net budget- ary deficit 1/</th><th rowspan="2">Public debt retire- ments 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 expend- itures</th><th>General 4/</th><th>War ac- tivities 5/</th><th>Revolving funds (net)</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>5,658</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-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>452</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><tr><td>April</td><td>2,967</td><td>2,746</td><td>33</td><td>188</td><td>39</td><td>2,929</td><td>7,968</td><td>594</td><td>7,139</td><td>•</td><td>236</td><td>5,040</td><td>-</td></tr></table>
Source: Lally Treasury Statements.
1/ Less than $500,000.
2/ Includes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
3/ For further details, see Table 2.
4/ For explanation see tables which follow entitled "Social Security Program".
5/ For further details, see Table 3.
6/ For further details, see Table 4.
7/ For further details, see Table 5. Also see footnotes 3 and 4.
8/ Total expenditures less net receipts.
9/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
10/ Includes recoveries of U. S. investments in capital funds. Such re-
10/ Receipts from reductions in capital stock and paid-in surplus available to be returned under existing law are included as negative items under expenditures. Such reductions totaled $160 millions for general expenditures and $155 millions for revolving funds during the fiscal year 1941.
11/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 millions; fiscal year 1944, $2,235 millions, of which $113 millions represented a voluntary return of excess profits.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="3">Income and profits taxes</th><th colspan="4">Employment taxes</th><th>Miscellaneous internal revenue</th><th>Agricultural adjustment taxes</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943) 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' Taxing Act of 1937 (Railroad retirement)</th><th></th><th></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>-</td><td>*</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279</td><td>*</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td><td>*</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td><td>-</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</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>180</td><td>267</td><td>5,291</td><td>-</td></tr><tr><td>1944-April</td><td>2,935</td><td>2,475</td><td>560</td><td>1,915</td><td>39</td><td>35</td><td>3</td><td>*</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>1,680</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>1,627</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>5,618</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><tr><td>April</td><td>2,746</td><td>2,167</td><td>600</td><td>1,567</td><td>45</td><td>41</td><td>3</td><td>1</td><td>534</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
1/ For further details, see chapter entitled "Internal Revenue Statistics." 
2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
3/ Includes unjust enrichment tax.
4/ For the period prior to September 1939, the date in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and IX, respectively, of the Social Security Act.
Treasury Bulletin
6
Budgetary Receipts and Expenditures - (Continued
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/ 2/</th><th>Public works 2/ 3/</th><th>Aid to agriculture 2/ 4/</th><th>Social security program 3/ 5/</th><th colspan="2">Direct and work relief</th><th>Civilian Conservation Corps</th><th>Interest on the public debt</th><th>Other departmental 8/</th><th>Other general expenditures 9/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Work Projects Administration and National Youth Administration 6/</th><th>Federal Emergency Relief Administration and Civil Works Administration 7/</th><th></th><th></th><th></th><th></th></tr><tr><td>1935</td><td>5,900</td><td>557</td><td>679</td><td>930</td><td>-</td><td>-</td><td>1,831</td><td>436</td><td>821</td><td>364</td><td>283</td></tr><tr><td>1936</td><td>5,935</td><td>578</td><td>685</td><td>966</td><td>29</td><td>1,264</td><td>495</td><td>486</td><td>719</td><td>424</td><td>258</td></tr><tr><td>1937</td><td>6,437</td><td>581</td><td>803</td><td>988</td><td>184</td><td>1,896</td><td>-1</td><td>386</td><td>866</td><td>510</td><td>223</td></tr><tr><td>1938</td><td>5,804</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>1,00610/</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-April</td><td>479</td><td>55</td><td>32</td><td>100</td><td>54</td><td>*</td><td>-</td><td>*</td><td>117</td><td>70</td><td>50</td></tr><tr><td>May</td><td>387</td><td>59</td><td>25</td><td>102</td><td>44</td><td>*</td><td>-</td><td>*</td><td>52</td><td>43</td><td>60</td></tr><tr><td>June</td><td>1,018</td><td>60</td><td>21</td><td>59</td><td>33</td><td>*</td><td>-</td><td>*</td><td>747</td><td>53</td><td>45</td></tr><tr><td>July</td><td>458</td><td>63</td><td>34</td><td>62</td><td>54</td><td>*</td><td>-</td><td>*</td><td>86</td><td>65</td><td>96</td></tr><tr><td>August</td><td>492</td><td>71</td><td>29</td><td>30</td><td>38</td><td>1</td><td>-</td><td>*</td><td>77</td><td>91</td><td>154</td></tr><tr><td>September</td><td>911</td><td>69</td><td>31</td><td>30</td><td>36</td><td>*</td><td>-</td><td>*</td><td>581</td><td>33</td><td>131</td></tr><tr><td>October</td><td>500</td><td>70</td><td>35</td><td>30</td><td>51</td><td>*</td><td>-</td><td>*</td><td>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>66</td><td>101</td></tr><tr><td>1945-January</td><td>585</td><td>78</td><td>31</td><td>55</td><td>54</td><td>*</td><td>-</td><td>*</td><td>191</td><td>67</td><td>109</td></tr><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><tr><td>April</td><td>594</td><td>85</td><td>20</td><td>85</td><td>50</td><td>*</td><td>-</td><td>*</td><td>139</td><td>61</td><td>154</td></tr></table>
Source: Daily Treasury Statements.
• Less than $500,000
1/ Includes public works undertaken by the Veterans' Administration.
2/ Does not include expenditures for (1) revolving funds or (2) transfers to trust accounts, etc. These are shown in Table 5.
3/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency. Beginning July 1941.
4/ Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, War Food Administration, and Department of Agriculture departmental expenditures. (War Food Administration comprises Agricultural Adjustment Agency, Farm Security Administration, Office of Distribution, Soil Conservation and Extension Service, and Other).
5/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of Social Security Act. For further details, see tables which fol-
low on the Social security program. Work Projects Administration was formerly Workse Progress Administration. Beginning with July 1942, expenditures for the National Youth Administration are classified as "war activities expenditures". Includes expenditures of the Reconstruction Finance Corporation for relief through loans and grants to States, municipalities, etc. Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social Security program and the Department of Agriculture departmental expenditures. 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. Gross expenditures have been reduced $160 millions representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
June 1945
7
Budgetary Receipts and Expenditures - (Continued
Table 4.- Analysis of Expenditures for War Activities (In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>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 (admitative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Admin.</th><th>Other war activities expenditures 2/</th></tr><tr><td>1935</td><td>689</td><td>273</td><td>436</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>900</td><td>383</td><td>529</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>45</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>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-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>51</td></tr><tr><td>June</td><td>7,567</td><td>4,106</td><td>2,636</td><td>825</td><td>219</td><td>5</td><td>21</td><td>28</td><td>7</td><td>188</td><td>51</td><td>201</td><td>-</td><td>-</td><td>106</td></tr><tr><td>July</td><td>7,201</td><td>3,928</td><td>2,591</td><td>682</td><td>56</td><td>6</td><td>15</td><td>22</td><td>8</td><td>124</td><td>130</td><td>194</td><td>-</td><td>4</td><td>122</td></tr><tr><td>August</td><td>7,571</td><td>4,087</td><td>2,502</td><td>982</td><td>158</td><td>26</td><td>21</td><td>17</td><td>6</td><td>152</td><td>372</td><td>134</td><td>-</td><td>4</td><td>97</td></tr><tr><td>September</td><td>6,998</td><td>3,905</td><td>2,295</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>7,503</td><td>4,194</td><td>2,439</td><td>870</td><td>112</td><td>8</td><td>15</td><td>14</td><td>4</td><td>124</td><td>312</td><td>183</td><td>-</td><td>4</td><td>91</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>2,392</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><tr><td>April</td><td>7,139</td><td>4,116</td><td>2,292</td><td>731</td><td>68</td><td>11</td><td>11</td><td>8</td><td>5</td><td>104</td><td>246</td><td>168</td><td>-</td><td>27</td><td>64</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 período prior to fiscal year 1941 are classified
Table 3. Includes war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter such expenditures are reflected within the respective departments.
Table 5.- Analysis of Expenditures for (1) Revolving Funds and (2) Transfers to Trust Accounts, Etc. (In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Revolving funds (net) 1/</th><th colspan="6">Transfers to trust accounts, etc.</th></tr><tr><th>Total</th><th>Aid to agriculture 2/</th><th>Public works 3/</th><th>Total</th><th>Veterans' Adminto- tration 4/</th><th>Social Security program 5/</th><th>Government employees' retirement funds (U. S. share)</th><th>Aid to agriculture 6/</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>1935</td><td>345</td><td>141</td><td>204</td><td>76</td><td>50</td><td>-</td><td>21</td><td>-</td><td>5</td></tr><tr><td>1936</td><td>11</td><td>-33</td><td>44</td><td>1,820</td><td>1,773</td><td>-</td><td>41</td><td>-</td><td>6</td></tr><tr><td>1937</td><td>204</td><td>-18</td><td>221</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>121</td><td>-13</td><td>134</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>92</td><td>-8</td><td>101</td><td>187</td><td>-</td><td>107</td><td>75</td><td>-</td><td>5</td></tr><tr><td>1940</td><td>54</td><td>-6</td><td>59</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>-136</td><td>-159</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-April</td><td>-6</td><td>-6</td><td>-</td><td>40</td><td>6</td><td>35</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>26</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>1</td><td>-1</td><td>40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-1</td><td>451</td><td>44</td><td>205</td><td>197</td><td>-</td><td>6</td></tr><tr><td>August</td><td>-</td><td>-1</td><td>-</td><td>57</td><td>48</td><td>9</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-1</td><td>-1</td><td>-</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-1</td><td>-2</td><td>-</td><td>47</td><td>13</td><td>34</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-3</td><td>-3</td><td>-</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-4</td><td>-4</td><td>-</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>-4</td><td>-3</td><td>-1</td><td>69</td><td>35</td><td>35</td><td>-</td><td>-</td><td>-</td></tr><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><tr><td>April</td><td>-</td><td>-</td><td>-</td><td>236</td><td>200</td><td>36</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>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</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>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</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>1935</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,957</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>5,040</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 expenditures less net receipts.
June 1945
9
BUDGETARY RECEIPTS AND EXPENDITURES
Treasury Bulletin
10
Trust Accounts, Etc. Receipts and Expenditures
Table 1.- Trust Funds
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, net receipts (+) or net expenditures (-)</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th><th colspan="3">Other trust accounts 1/</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1935</td><td>+64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+64</td><td>301</td><td>237</td></tr><tr><td>1936</td><td>+34</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>+34</td><td>2,053</td><td>2,020</td></tr><tr><td>1937</td><td>+19</td><td>-</td><td>267</td><td>267</td><td>-</td><td>294</td><td>294</td><td>-</td><td>-</td><td>-</td><td>+20</td><td>858</td><td>838</td></tr><tr><td>1938</td><td>+11</td><td>+1</td><td>402</td><td>401</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td><td>+4</td><td>323</td><td>327</td></tr><tr><td>1939</td><td>+29</td><td>+1</td><td>530</td><td>529</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td><td>+24</td><td>349</td><td>325</td></tr><tr><td>1940</td><td>+37</td><td>+3</td><td>580</td><td>577</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td><td>+35</td><td>366</td><td>331</td></tr><tr><td>1941</td><td>+37</td><td>+10</td><td>717</td><td>707</td><td>+4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td><td>+20</td><td>409</td><td>389</td></tr><tr><td>1942</td><td>+66</td><td>+9</td><td>940</td><td>931</td><td>*</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>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td><td>+141</td><td>1,853</td><td>1,713</td></tr><tr><td>1944-April</td><td>+120</td><td>+15</td><td>32</td><td>16</td><td>+9</td><td>44</td><td>35</td><td>+1</td><td>35</td><td>34</td><td>+95</td><td>202</td><td>108</td></tr><tr><td>May</td><td>+282</td><td>+289</td><td>306</td><td>17</td><td>+8</td><td>278</td><td>286</td><td>*</td><td>*</td><td>*</td><td>+1</td><td>179</td><td>178</td></tr><tr><td>June</td><td>-355</td><td>-313</td><td>102</td><td>414</td><td>+2</td><td>103</td><td>101</td><td>+1</td><td>8</td><td>7</td><td>-45</td><td>231</td><td>275</td></tr><tr><td>July</td><td>+102</td><td>+45</td><td>49</td><td>5</td><td>+4</td><td>51</td><td>47</td><td>*</td><td>205</td><td>205</td><td>+53</td><td>415</td><td>362</td></tr><tr><td>August</td><td>+282</td><td>+273</td><td>291</td><td>18</td><td>-14</td><td>295</td><td>309</td><td>+5</td><td>*</td><td>-5</td><td>+18</td><td>215</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><tr><td>April</td><td>+95</td><td>+17</td><td>39</td><td>22</td><td>+16</td><td>47</td><td>31</td><td>+1</td><td>36</td><td>35</td><td>+61</td><td>412</td><td>351</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Includee 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>-103</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-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><tr><td>April</td><td>-71</td><td>-4</td><td>-68</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-15</td><td>-</td><td>15</td></tr></table>
Sources: Daily Treasury Statements.
* Less than $500,000.
1/ Comprises PWA revolving fund, and special deposits (net). Also includes Office of Distribution (formerly Agricultural
2/ Net receipts in this column constitute net sales, and not expenditures, constitute net redemptions of obligations. 3/ Details not available.
June 1945
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th></th><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1935</td><td>3,209</td><td>3,209</td><td>-</td><td>-</td><td>3,209</td><td>1,648</td><td>741</td><td>821</td></tr><tr><td>1936</td><td>5,390</td><td>4,550</td><td>840</td><td>-</td><td>5,390</td><td>5,078</td><td>-</td><td>312</td></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>55,897</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>49,595</td><td>10,662</td><td>4,051</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>1944-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><tr><td>April</td><td>5,040</td><td>5,040</td><td>-</td><td>-</td><td>5,040</td><td>1,120</td><td>3,911</td><td>9</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="4">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 colspan="2">Social security taxes</th><th></th></tr><tr><th></th><th></th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th><th></th><th></th><th></th></tr><tr><td>1936</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>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>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>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>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>651.3</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>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>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>1,259.5</td><td>212.5</td></tr><tr><td>1944-April</td><td>38.4</td><td>35.1</td><td>3.3</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>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>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>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>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>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>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>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>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>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>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>15.3</td><td>12.0</td></tr><tr><td>April</td><td>44.0</td><td>41.2</td><td>2.8</td><td>-</td><td>38.8</td><td>5.2</td></tr></table>
Expeditures
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th colspan="5">Orante to States</th><th colspan="4">Office for Emergency Management</th><th rowspan="2">Refund of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public Health Service</th><th>Department of Labor</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th>War Manpower Commission (U. S. Employment Service)</th></tr><tr><td>1936</td><td>28.4</td><td>.6</td><td>27.8</td><td>19.7</td><td>2.0</td><td>1.0</td><td>.9</td><td>2.4</td><td>1.0</td><td>.6</td><td>.2</td><td>-</td><td>-</td><td>28.4</td></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>41.0 6/</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>1.8</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>2.5</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>2.6</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>3.5</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>20.7</td><td>2.8</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>1.3</td><td>4.2</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>-</td><td>-</td><td>311.7</td></tr><tr><td>1944-April</td><td>53.6</td><td>2.7</td><td>50.7</td><td>35.6</td><td>5.3</td><td>1.0</td><td>5.8</td><td>2.2</td><td>.3</td><td>.4</td><td>.1</td><td>-</td><td>.2</td><td>46.9</td></tr><tr><td>May</td><td>43.6</td><td>2.9</td><td>40.2</td><td>31.4</td><td>5.5</td><td>.9</td><td>.4</td><td>.2</td><td>.9</td><td>.7</td><td>.3</td><td>-</td><td>.5</td><td>25.9</td></tr><tr><td>June</td><td>32.3</td><td>2.8</td><td>29.0</td><td>25.1</td><td>2.7</td><td>.7</td><td>•</td><td>.1</td><td>.3</td><td>.1</td><td>•</td><td>-</td><td>.5</td><td>27.8</td></tr><tr><td>July</td><td>53.1</td><td>2.4</td><td>50.3</td><td>30.6</td><td>5.6</td><td>1.0</td><td>9.6</td><td>3.1</td><td>.2</td><td>.1</td><td>•</td><td>.1</td><td>.4</td><td>47.8</td></tr><tr><td>August</td><td>37.6</td><td>-1.8</td><td>38.8</td><td>31.8</td><td>5.0</td><td>.9</td><td>.2</td><td>.1</td><td>.3</td><td>.2</td><td>.3</td><td>•</td><td>.7</td><td>23.4</td></tr><tr><td>September</td><td>34.9</td><td>6.1</td><td>28.3</td><td>22.9</td><td>3.5</td><td>.7</td><td>.2</td><td>.2</td><td>.5</td><td>.2</td><td>•</td><td>•</td><td>.5</td><td>31.8</td></tr><tr><td>October</td><td>50.4</td><td>2.8</td><td>46.9</td><td>30.0</td><td>5.4</td><td>1.1</td><td>7.0</td><td>2.2</td><td>.4</td><td>.4</td><td>.3</td><td>•</td><td>.7</td><td>45.4</td></tr><tr><td>November</td><td>39.8</td><td>2.8</td><td>36.3</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>•</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>35.1</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><tr><td>April</td><td>49.3</td><td>2.8</td><td>45.9</td><td>31.6</td><td>4.7</td><td>1.0</td><td>4.8</td><td>2.2</td><td>.7</td><td>.6</td><td>.3</td><td>•</td><td>.6</td><td>44.1</td></tr></table>
Dally Treasury Statements.
Less than $50,000.
Formerly Title VIII of the Social Security Act.
Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section 1).
Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section 11, Table 1.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expense 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.
Covered by appropriations by Congress.
Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 millions for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
June 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' Taring Act of 1937</th><th colspan="4">Expenditures</th><th>Excess of expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Administrative expenses</th><th>Transfer to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th>§/</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>-6.7</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>208.3</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>257.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1944-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><tr><td>April</td><td>1.5</td><td>35.7</td><td>.2</td><td>35.5</td><td>*</td><td>34.2</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Retirement Act. 2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfere to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th><th>Excess of expenditures 5/</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1939</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1940</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1942</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1943</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1944 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><tr><td>April</td><td>•</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr></table>
Source: Daily Treasury Statements.
Less than $50,000.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1935 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 millions and were distributed by calendar
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditure</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>267.1</td><td>1.1</td><td>1.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><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>1,177.2</td><td>1.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</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>2,380.6</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>3,201.6</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>93.1</td><td>4,268.3</td><td>4,236.8</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>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945-February</td><td>7,058.1</td><td>6,642.3</td><td>415.8</td><td>837.2</td><td>693.7</td><td>143.5</td><td>6,220.9</td><td>5,953.8</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>6,153.8</td><td>35.1</td><td>32.3</td></tr><tr><td>April</td><td>7,124.6</td><td>6,701.1</td><td>423.5</td><td>886.5</td><td>738.3</td><td>148.2</td><td>6,238.1</td><td>6,153.8</td><td>50.9</td><td>33.4</td></tr></table>
Source: Daily Treasury Statemente.
* Less than $50,000.
1/ Includes transactions effected under the predecessor Old-Age Reserve
Account. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Account
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance<br>In General Fund<br>In disbursement officer's account</th></tr><tr><td>1936</td><td>46.6</td><td>46.6</td><td>-</td><td>-</td><td>46.6</td><td>-</td><td>46.6<br>-</td></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6<br>6.0</td></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2<br>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2<br>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8<br>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5<br>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6<br>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1<br>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1<br>13.4</td></tr><tr><td>1945-February</td><td>1,453.9</td><td>1,425.7</td><td>28.2</td><td>903.7</td><td>550.1</td><td>500.0</td><td>35.8<br>14.3</td></tr><tr><td>March</td><td>1,454.1</td><td>1,425.7</td><td>28.4</td><td>916.4</td><td>537.7</td><td>488.5</td><td>35.8<br>13.4</td></tr><tr><td>April</td><td>1,454.4</td><td>1,425.7</td><td>28.7</td><td>928.6</td><td>525.8</td><td>511.5</td><td>.3<br>14.0</td></tr></table>
Source: Daily Treasury Statement. * Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total receipts</th><th colspan="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>State unemployment insurance active-Deposite by States</th><th>Railroad unemployment insurance contribu-tions 2/</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 With-drawals by States</th><th>Transfere to Rail-road Unem-ployment Insurance Account 3/</th><th>Railroad Unemploy-ment Insurance Account 1/ Benefit payments</th><th>Total Invest-ments</th><th>Unexpended balance In General Fund (Special Deposit Account)</th><th>In dis-bursing officer's account 5/</th></tr><tr><td>1936</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18.9</td><td>18.9</td><td>-</td></tr><tr><td>1937</td><td>313.4</td><td>310.6</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>-</td><td>312.4</td><td>312.3</td><td>.1</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</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>633.8</td><td>633.8</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>105.6</td><td>105.9</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td></tr><tr><td>1945-February</td><td>9,223.8</td><td>8,198.7</td><td>444.8</td><td>106.2</td><td>435.1</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>439.0</td><td>2,351.4</td><td>2,200.9</td><td>106.2</td><td>44.1</td><td>6,915.0</td><td>6,911.0</td><td>3.6</td></tr><tr><td>April</td><td>9,313.8</td><td>8,257.0</td><td>473.5</td><td>106.2</td><td>439.0</td><td>2,357.7</td><td>2,207.0</td><td>106.2</td><td>44.5</td><td>6,956.1</td><td>6,936.0</td><td>19.8</td></tr></table>
Source: Daily Treasury Statements.
1/ Excludes advance of $15 millions from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Ad- ministration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
June 1945
15
Appropriations and Net Contract Authorizations for the War Activities Program As of April 30, 1945
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorisations 2/</th></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction).</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (clothing and equi-page - 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>Defence 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>25,000,000 4/</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941.</td><td>-</td><td>50,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>9,112,021,947</td><td>-</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine relief, and defence housing).</td><td>510,000,000</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>$ 49,396,437,450</td><td>$ 675,000,000 4/</td></tr></table>
<table><tr><td colspan="4">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942.</td><td>$12,525,872,474</td><td>$2,171,000,000 6/</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943.</td><td>23,738,865,474 5/</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 1/</td><td>150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943.</td><td>1,052,812,004</td><td></td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Departments Appropriation Act, 1943.</td><td>261,908,180</td><td></td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department Appropriation Act, 1943.</td><td>8,977,370</td><td></td></tr><tr><td>July 2, 1942</td><td>646</td><td>Public Law (Federal Works Agency - public roads).</td><td></td><td>15,400,000 4/</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943.</td><td>227,726,854</td><td></td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,078</td><td></td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943.</td><td>42,820,003,067</td><td></td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942.</td><td>32,500,000</td><td></td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943.</td><td>1,845,234,990</td><td></td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943.</td><td>6,299,361,448 8/</td><td></td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>$139,736,203,988</td><td>$2,336,400,000 4/</td></tr></table>
<table><tr><td colspan="4">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System)</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943</td><td>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program)</td><td>26,100,000</td><td>-</td></tr><tr><td>May 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program)</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944</td><td>1,395,013,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944</td><td>27,637,226,198 9/</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>18,520,000</td><td>-</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>Public Law (naval expansion program)</td><td>-</td><td>3,202,427,896 4/ 6/</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>$3,225,427,896 4/</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
As of April 30, 1945 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers).</td><td>$ 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 care).</td><td>6,700,000</td><td>-</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945.</td><td>27,569,798,301 10/</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>185,266,524 11/</td><td>1,880,000,000 6/</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 12/</td><td>60,000,000 6/</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>$ 55,913,179,984</td><td>$5,995,599,974</td></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946.</td><td>$ 2,697,140</td><td>-</td></tr><tr><td>Apr. 30, 1945</td><td>40</td><td>First Deficiency Appropriation Act, 1945.</td><td>2,015,384,143 13/</td><td>$ 114,300,000</td></tr><tr><td colspan="3">Total, 79th Congress, First Session.</td><td>$ 2,018,081,283</td><td>$ 114,300,000</td></tr><tr><td colspan="5">Pending 14/</td></tr><tr><td></td><td></td><td>Department of Agriculture Appropriation Bill, 1946.</td><td>$ 14,986,472r</td><td>-</td></tr><tr><td></td><td></td><td>Independent Offices Appropriation Bill, 1946.</td><td>57,288,300r 15/</td><td>$ -48,000,000</td></tr><tr><td></td><td></td><td>Interior Department Appropriation Bill, 1946.</td><td>10,075,000</td><td>-</td></tr><tr><td></td><td></td><td>Department of State, Justice, and Commerce Appropriation Bill, 1946.</td><td>34,688,500r</td><td>-</td></tr><tr><td></td><td></td><td>Naval Appropriation Bill, 1946.</td><td>23,400,502,133 16/</td><td>-2,800,222,987</td></tr><tr><td colspan="3">Total pending.</td><td>$ 23,517,540,405</td><td>$-2,848,222,987</td></tr><tr><td colspan="5">Summary</td></tr><tr><td colspan="3">Total, 76th Congress, Third Session 17/.</td><td>$ 8,994,015,828</td><td>$ 675,000,000 18/</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>49,396,437,450</td><td>2,336,400,000 19/</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>139,736,203,988</td><td>3,225,427,896 20/</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>105,916,492,321</td><td>5,995,599,974</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>55,913,179,984</td><td>114,300,000</td></tr><tr><td colspan="3">Total, 79th Congress, First Session.</td><td>2,018,081,283</td><td>114,300,000</td></tr><tr><td colspan="3">Permanent appropriations and net transfers from other than war activities appropriations 18/.</td><td>275,467,200</td><td>-</td></tr><tr><td colspan="3">Total approved.</td><td>$362,249,878,054</td><td>$12,346,727,870</td></tr><tr><td colspan="3">Total pending, 79th Congress, First Session.</td><td>23,517,540,405</td><td>-2,848,222,987</td></tr><tr><td colspan="3">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>$385,299,545,613</td><td>$ 9,498,504,883</td></tr></table><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) 3,202,427,896</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 colspan="3">Total $7,313,427,896</td></tr></table>
June 1945
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="8">1944</th><th colspan="5">1945</th></tr><tr><th></th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Srpt.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenues:</td><td></td><td></td><td></td><td></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>2,475</td><td>2,167</td><td>5,241</td><td>1,847</td><td>1,552</td><td>5,174</td><td>1,240</td><td>1,501</td><td>4,337</td><td>2,422</td><td>2,922</td><td>5,813</td><td>2,167</td></tr><tr><td>Employment taxes</td><td>39</td><td>337</td><td>71</td><td>56</td><td>519</td><td>61</td><td>60</td><td>293</td><td>60</td><td>48</td><td>341</td><td>93</td><td>45</td></tr><tr><td>Miscellaneous internal revenue</td><td>421</td><td>520</td><td>422</td><td>581</td><td>532</td><td>514</td><td>580</td><td>507</td><td>539</td><td>573</td><td>552</td><td>520</td><td>534</td></tr><tr><td>Customs</td><td>39</td><td>38</td><td>28</td><td>28</td><td>23</td><td>25</td><td>29</td><td>27</td><td>29</td><td>36</td><td>23</td><td>33</td><td>33</td></tr><tr><td>Other</td><td>144</td><td>194</td><td>160</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><td>188</td></tr><tr><td>Subtotal</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>2,094</td><td>2,505</td><td>5,410</td><td>3,541</td><td>3,986</td><td>6,907</td><td>2,967</td></tr><tr><td>Trust funds, etc.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board)</td><td>44</td><td>278</td><td>52</td><td>51</td><td>286</td><td>37</td><td>57</td><td>253</td><td>36</td><td>44</td><td>212</td><td>40</td><td>47</td></tr><tr><td>Trust accounts</td><td>195</td><td>152</td><td>90</td><td>168</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><td>210</td></tr><tr><td>Subtotal</td><td>239</td><td>430</td><td>142</td><td>219</td><td>454</td><td>173</td><td>250</td><td>460</td><td>193</td><td>259</td><td>415</td><td>261</td><td>258</td></tr><tr><td>Total cash income</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,392</td><td>3,313</td><td>6,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>3,800</td><td>4,400</td><td>7,168</td><td>3,225</td></tr><tr><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities</td><td>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><td>7,139</td></tr><tr><td>Veterans Administration</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><td>85</td></tr><tr><td>Public works 2/</td><td>32</td><td>35</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><td>20</td></tr><tr><td>Aid to agriculture 3/</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><td>85</td></tr><tr><td>Social security program 4/</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><td>50</td></tr><tr><td>Work Projects Administration</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><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>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><td>108</td></tr><tr><td>Other</td><td>96</td><td>70</td><td>62</td><td>117</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><td>106</td></tr><tr><td>Subtotal</td><td>7,773</td><td>8,213</td><td>8,262</td><td>7,581</td><td>7,957</td><td>7,807</td><td>7,917</td><td>7,717</td><td>8,303</td><td>7,980</td><td>7,326</td><td>9,250</td><td>7,592</td></tr><tr><td>Trust funds, etc.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities</td><td>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>-126</td><td>-68</td></tr><tr><td>Other</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><td>-32</td></tr><tr><td>Commodity Credit Corporation</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><td>69</td></tr><tr><td>Unemployment Trust Fund</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><td>6</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>22</td></tr><tr><td>Railroad Retirement Account</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><td>12</td></tr><tr><td>Other</td><td>-191</td><td>-366</td><td>133</td><td>-317</td><td>-38</td><td>-147</td><td>-140</td><td>-482</td><td>-133</td><td>-253</td><td>-116</td><td>-217</td><td>213</td></tr><tr><td>Subtotal</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>-94</td><td>-303</td><td>222</td></tr><tr><td>Redemption of adjusted service bonds</td><td>*</td><td>*</td><td>1</td><td>1</td><td>1</td><td>1</td><td>*</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total cash outgo</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,220</td><td>7,769</td><td>7,977</td><td>7,460</td><td>8,243</td><td>7,803</td><td>7,242</td><td>8,948</td><td>7,821</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>4,351</td><td>4,375</td><td>2,146</td><td>4,908</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,495</td><td>2,639</td><td>4,003</td><td>2,842</td><td>1,780</td><td>4,596</td></tr></table>
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939.
2/ Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority.
3/ river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects. 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 transfers to trust 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>562</td><td>781</td><td>449</td><td>724</td><td>756</td><td>458</td><td>656</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,392r</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>3,225</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>1,816</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,057</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,795</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>7,301r</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>7,803</td><td>7,242</td><td>8,948</td><td>7,821</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>4,130</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>4,908r</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>4,596</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
r Rovined.
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
June 1945
19
Assets of the General Fund of the Treasury
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposit 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>655</td><td>862</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>612</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-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>1,364</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><tr><td>April</td><td>11,809</td><td>777</td><td>1,224</td><td>9,492</td><td>315</td></tr></table>
Source: Daily Treasury Statements.
Balance in the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th><th colspan="3">Analysis of balance in the General Fund 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>Working balance</th><th>Seigniorage on silver</th><th>Increment on gold</th></tr><tr><td>1935</td><td>2,016</td><td>175</td><td>1,841</td><td>1,001</td><td>140</td><td>700</td></tr><tr><td>1936</td><td>2,936</td><td>254</td><td>2,682</td><td>2,069</td><td>316</td><td>297</td></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td><td>2,000</td><td>356</td><td>198</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td><td>1,622</td><td>446</td><td>147</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td><td>2,160</td><td>536</td><td>142</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td><td>1,163</td><td>585</td><td>143</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td><td>1,885</td><td>605</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td><td>2,229</td><td>619</td><td>143</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td><td>8,744</td><td>619</td><td>144</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td><td>19,406</td><td>619</td><td>144</td></tr><tr><td>1944-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><tr><td>April</td><td>11,809</td><td>443</td><td>11,366</td><td>10,603</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 7/</td><td>34</td><td>-</td><td>108</td><td>176</td><td>-403 6/</td></tr><tr><td>1937</td><td>-128</td><td>-70</td><td>-3,149</td><td>2,746 7/</td><td>19</td><td>-</td><td>314</td><td>40</td><td>-99</td></tr><tr><td>1938</td><td>-338</td><td>-377</td><td>-1,384</td><td>792 7/</td><td>11</td><td>-</td><td>204</td><td>90</td><td>-51</td></tr><tr><td>1939</td><td>622</td><td>537</td><td>-3,542</td><td>3,280 7/</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-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><tr><td>April</td><td>-3,911</td><td>-3,911</td><td>-5,040</td><td>1,120</td><td>95</td><td>-15</td><td>-71</td><td>-</td><td></td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ This is the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ This represents the increase in the gross public debt, except as noted. (See footnote 7.)
3/ Includes Federal Old-Age and Survivors Insurance Trust Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust funds.
4/ Comprises Public Works Administration revolving fund and special deposits (net). Also includes Office of Distribution (formerly Agricultural Marketing Administration) commodity food stamp transactions.
5/ Includes expenditures for retirement of national bank notes.
6/ In the fiscal years 1935 and 1936, $91 millions and $554 millions
were transferred from increment on gold to the working balance for retirement of national bank notes. In this statement, however, charges for retirement of national bank notes are reflected directly against increment on gold, in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance general and special accounts for the purpose of this table.
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.
June 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>Fiscal 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="5">Public debt receipts (Issueance 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 indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profits tax refund bonds</th><th>Ex- changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificatee of indebtedness, special series 2/</th><th>Ex- changes</th><th>Special issues</th></tr><tr><td>1935</td><td>28,701</td><td>1,648</td><td>13,126</td><td>5,716</td><td>-</td><td>-</td><td>-</td><td>6,964</td><td>446</td><td>11,478</td><td>4,305</td><td>-</td><td>6,964</td><td>209</td></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,958</td><td>-</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>9,043</td><td>5,542</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,446</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>48,861</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>37,194</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 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>46</td><td>7</td><td>407</td><td>5,852</td><td>5,801</td><td>-</td><td>7</td><td>15</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>4,649</td><td>457</td><td>10,740</td><td>6,077</td><td>-</td><td>4,649</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><tr><td>April</td><td>235,069</td><td>1,120</td><td>11,847</td><td>6,557</td><td>-</td><td>-</td><td>109</td><td>4,811</td><td>369</td><td>10,727</td><td>5,903</td><td>-</td><td>4,811</td><td>14</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Excludee certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="6">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th rowspan="2">Certificates of indebtedness</th><th rowspan="2">Bills</th><th rowspan="2">Special issues</th><th colspan="4">Public issues</th><th rowspan="2">Special issues</th></tr><tr><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th>Total</th><th>Bonds</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th></tr><tr><td>1935</td><td>27,645</td><td>14,874</td><td>62</td><td>10,023</td><td>-</td><td>-</td><td>2,053</td><td>633</td><td>100.0</td><td>53.8</td><td>.2</td><td>36.3</td><td>-</td><td>7.4</td><td>2.3</td></tr><tr><td>1936</td><td>32,989</td><td>17,358</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>7.1</td><td>1.3</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.1</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,503</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,804</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>1944-April</td><td>183,413</td><td>72,722</td><td>33,183</td><td>16,263</td><td>9,092</td><td>25,306</td><td>13,150</td><td>13,697</td><td>100.0</td><td>39.6</td><td>18.1</td><td>8.9</td><td>5.0</td><td>13.8</td><td>7.2</td><td>7.5</td></tr><tr><td>May</td><td>184,874</td><td>72,733</td><td>33,674</td><td>16,265</td><td>9,050</td><td>25,266</td><td>13,766</td><td>14,122</td><td>100.0</td><td>39.3</td><td>18.2</td><td>8.8</td><td>4.9</td><td>13.7</td><td>7.4</td><td>7.6</td></tr><tr><td>June</td><td>195,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>July</td><td>207,117</td><td>81,293</td><td>37,237</td><td>18,067</td><td>10,000</td><td>30,035</td><td>15,524</td><td>14,961</td><td>100.0</td><td>39.2</td><td>18.0</td><td>8.7</td><td>4.8</td><td>14.5</td><td>7.5</td><td>7.2</td></tr><tr><td>August</td><td>208,289</td><td>81,431</td><td>37,584</td><td>18,067</td><td>10,030</td><td>30,001</td><td>15,715</td><td>15,461</td><td>100.0</td><td>39.1</td><td>18.0</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.5</td><td>7.4</td></tr><tr><td>September</td><td>207,850</td><td>81,466</td><td>38,028</td><td>17,936</td><td>9,124</td><td>29,573</td><td>15,747</td><td>15,976</td><td>100.0</td><td>39.2</td><td>18.3</td><td>8.6</td><td>4.4</td><td>14.2</td><td>7.6</td><td>7.7</td></tr><tr><td>October</td><td>208,608</td><td>81,466</td><td>38,355</td><td>17,936</td><td>9,075</td><td>29,546</td><td>16,060</td><td>16,170</td><td>100.0</td><td>39.1</td><td>18.4</td><td>8.6</td><td>4.4</td><td>14.2</td><td>7.7</td><td>7.8</td></tr><tr><td>November</td><td>210,774</td><td>81,298</td><td>39,018</td><td>17,936</td><td>9,990</td><td>29,545</td><td>16,405</td><td>16,583</td><td>100.0</td><td>38.6</td><td>18.5</td><td>8.5</td><td>4.7</td><td>14.0</td><td>7.8</td><td>7.9</td></tr><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>16,326</td><td>100.0</td><td>40.1</td><td>17.9</td><td>10.1</td><td>4.3</td><td>13.3</td><td>7.2</td><td>7.1</td></tr><tr><td>1945-January</td><td>230,672</td><td>92,417</td><td>41,858</td><td>23,039</td><td>9,864</td><td>30,401</td><td>16,403</td><td>16,688</td><td>100.0</td><td>40.1</td><td>18.1</td><td>10.0</td><td>4.3</td><td>13.2</td><td>7.1</td><td>7.5</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>17,130</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>17,567</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><tr><td>April</td><td>233,063</td><td>92,572</td><td>43,351</td><td>18,588</td><td>9,109</td><td>34,478</td><td>17,041</td><td>17,923</td><td>100.0</td><td>39.7</td><td>18.6</td><td>8.0</td><td>3.9</td><td>14.8</td><td>7.3</td><td>7.7</td></tr></table>
Source: Daily Treasury Statements
June 1945
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A
A - FISCAL YEARS, 1935-1944
(in milions)
(as 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>39,885</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td></tr><tr><td>Guaranteed obligations</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td></tr><tr><td>Total</td><td>31,768</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,056</td><td>790</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td></tr><tr><td>Total outstanding</td><td>32,824</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td></tr></table>
<table><tr><th colspan="10">Public debt</th></tr><tr><td>interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>2.053</td><td>2.354</td><td>2.303</td><td>1.154</td><td>1.308</td><td>1.302</td><td>1.603</td><td>2.508</td><td>11,864</td><td>14,734</td></tr><tr><td>Certificates of indebtedness.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td></tr><tr><td>Treasury notes.</td><td>10,023</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td></tr><tr><td>Treasury bonds.</td><td>12,684</td><td>17,168</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>38,085</td><td>57,520</td><td>79,244</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>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td></tr><tr><td>Adjusted service bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td></tr><tr><td>Depository bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues.</td><td>62</td><td>1,261</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td></tr><tr><td>Total public issues.</td><td>27,012</td><td>32,363</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund.</td><td>156</td><td>127</td><td>38</td><td>26</td><td>20</td><td>11</td><td>19</td><td>18</td><td>18</td><td>17</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>100</td><td>100</td><td>95</td><td>85</td><td>101</td><td>56</td><td>90</td><td>95</td><td>103</td><td>98</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>-</td><td>-</td><td>267</td><td>662</td><td>1,177</td><td>1,738</td><td>2,381</td><td>3,133</td><td>4,044</td><td>4,766</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>106</td><td>27</td></tr><tr><td>Government Life Insurance Fund.</td><td>-</td><td>-</td><td>500</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>538</td><td>502</td></tr><tr><td>Government Retirement Fund.</td><td>253</td><td>280</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td></tr><tr><td>National Service Life Insurance Fund.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>39</td><td>352</td><td>1,213</td></tr><tr><td>Postal Savings System.</td><td>125</td><td>100</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>55</td><td>197</td><td>264</td></tr><tr><td>Canal Zone, Postal Saving System.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>4</td></tr><tr><td>Railroad Retirement Account.</td><td>-</td><td>-</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</td><td>92</td><td>178</td><td>319</td></tr><tr><td>Unemployment Trust Fund.</td><td>-</td><td>19</td><td>312</td><td>872</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>4,257</td><td>5,610</td></tr><tr><td>Total special issues.</td><td>633</td><td>626</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td></tr><tr><td>Total interest-bearing debt.</td><td>27,645</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td></tr><tr><td>Matured debt on which interest has ceased.</td><td>231</td><td>169</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td></tr><tr><td>Excess profit 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 (loose gold reserve).</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>197</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>
( Co
(continued on following page)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PART A - FISCAL YEARS, 1935-1944-(Continued)
(In millions of dollars)
<table><tr><th></th><th>June 30, 1935</th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th></tr><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,226</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>*</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>-</td><td>-</td><td>118</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>1,563</td><td>1,533</td><td>755</td></tr><tr><td>Reconstruction Finance Corporation</td><td>250</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td></tr><tr><td>Total marketable issues</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td></tr><tr><td>Total non-marketable issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td></tr><tr><td>Total interest-bearing debt</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td></tr><tr><td>Matured debt on which interest has ceased</td><td>-</td><td>-</td><td>-</td><td>*</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td></tr></table>
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th></th><th colspan="10">1944</th><th colspan="5">1945</th></tr><tr><th></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><th>Apr. 30</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>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><td>233,063</td></tr><tr><td>Guaranteed obligations</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><td>1,132</td></tr><tr><td>Total</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><td>234,194</td></tr><tr><td>Matured debt and debt bearing no interest</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><td>2,029</td></tr><tr><td>Total outstanding</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><td>236,224</td></tr><tr><td colspan="13">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>13,150</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><td>17,041</td></tr><tr><td>Certificates of indebtedness</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><td>34,478</td></tr><tr><td>Treasury notes</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><td>18,588</td></tr><tr><td>Treasury bonds</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><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>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><td>162,680</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>32,497</td><td>32,987</td><td>34,606</td><td>36,538</td><td>36,883</td><td>37,323</td><td>37,645</td><td>38,308</td><td>40,361</td><td>41,140</td><td>41,698</td><td>42,159</td><td>42,626</td></tr><tr><td>Treasury notes - tax and savings series</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>9,804</td><td>9,927</td><td>8,948</td><td>9,109</td></tr><tr><td>Adjusted service bonds</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><td>217</td></tr><tr><td>Depository bonds</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><td>508</td></tr><tr><td>Total non-marketable issues</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><td>52,460</td></tr><tr><td>Total public issues</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><td>215,140</td></tr></table>
(Continued on following page)
June 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 colspan="2">(In millions of dollars)</th><th colspan="10">1944</th><th colspan="6">1945</th></tr><tr><th></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><th>Apr. 30</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>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><td>19</td></tr><tr><td>Federal Deposit Insurance Corporation</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><td>232</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>5,216</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</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><td>35</td></tr><tr><td>Government Life Insurance Fund</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><td>557</td></tr><tr><td>Government Retirement Funds</td><td>1,393</td><td>1,405</td><td>1,469</td><td>1,668</td><td>1,695</td><td>1,708</td><td>1,720</td><td>1,727</td><td>1,736</td><td>1,748</td><td>1,759</td><td>1,769</td><td>1,777</td></tr><tr><td>National Service Life Insurance Fund</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>1,603</td><td>1,694</td><td>1,804</td><td>1,908</td><td>2,015</td><td>2,128</td><td>2,346</td></tr><tr><td>Postal Service System</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><td>701</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>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><td>512</td></tr><tr><td>Unemployment Trust Fund</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><td>6,526</td></tr><tr><td>Total special issues</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><td>17,923</td></tr><tr><td>Total interest-bearing debt</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>208,603</td><td>210,774</td><td>228,891</td><td>230,672</td><td>231,854</td><td>232,026</td><td>233,063</td></tr><tr><td>Prepayments on securities</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><td></td><td></td></tr><tr><td>Matured debt on which interest has ceased</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><td>175</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>196</td><td>198</td><td>197</td><td>180</td><td>167</td><td>168</td><td>175</td><td>181</td><td>182</td><td>183</td><td>187</td><td>189</td><td>189</td></tr><tr><td>Excess profits tax refund bonds</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><td>780</td></tr><tr><td>United States notes (lease 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>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><td>666</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>1,202</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><td>1,831</td></tr><tr><td>Total public debt outstanding</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>233,930</td><td>235,069</td></tr><tr><td colspan="14">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></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><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>138</td><td>-</td><td>-</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>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><td>32</td><td>34</td></tr><tr><td>Home Owners' Loan Corporation</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><td>755</td><td>755</td></tr><tr><td>Reconstruction Finance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues</td><td>1,503</td><td>1,190</td><td>1,190</td><td>1,191</td><td>1,191</td><td>1,192</td><td>1,153</td><td>1,193</td><td>1,194</td><td>1,197</td><td>786</td><td>787</td><td>788</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 2/</td><td>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><td>332</td><td>343</td></tr><tr><td>Reconstruction Finance Corporation 1/</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><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</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><td>332</td><td>343</td></tr><tr><td>Total interest-bearing debt</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><td>1,132</td></tr><tr><td>Matured debt on which interest has ceased</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><td>25</td><td>23</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>1,144</td><td>1,155</td></tr></table>
Source: Daily Treasury Statements.
1/ Quaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Demand obligations.
3/ Cocelets of Reconstruction Finance Corporation notes, Series X-A.
X-E, 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 Series A bonds which have matured but have not been turned in for payment.
26
Treasury Bulletin
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
June 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>0</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-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><tr><td>April</td><td>11,602</td><td>1,762</td><td>116</td><td>398</td><td>304</td><td>8,965</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>27,645</td><td>751</td><td>2.715</td><td>4,123</td><td>112</td><td>2.720</td></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.690</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</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 April</td><td>185,670</td><td>3,607</td><td>1.943</td><td>183,413</td><td>3,573</td><td>1.948</td><td>2,258</td><td>34</td><td>1.499</td></tr><tr><td>May</td><td>186,403</td><td>3,618</td><td>1.941</td><td>184,874</td><td>3,598</td><td>1.946</td><td>1,529</td><td>20</td><td>1.325</td></tr><tr><td>June</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>July</td><td>208,585</td><td>4,010</td><td>1.922</td><td>207,117</td><td>3,990</td><td>1.927</td><td>1,468</td><td>19</td><td>1.326</td></tr><tr><td>August</td><td>209,764</td><td>4,035</td><td>1.923</td><td>208,289</td><td>4,015</td><td>1.928</td><td>1,475</td><td>20</td><td>1.333</td></tr><tr><td>September</td><td>209,331</td><td>4,046</td><td>1.933</td><td>207,850</td><td>4,026</td><td>1.937</td><td>1,480</td><td>20</td><td>1.339</td></tr><tr><td>October</td><td>210,088</td><td>4,061</td><td>1.933</td><td>208,608</td><td>4,041</td><td>1.937</td><td>1,480</td><td>20</td><td>1.347</td></tr><tr><td>November</td><td>212,244</td><td>4,093</td><td>1.928</td><td>210,774</td><td>4,073</td><td>1.932</td><td>1,470</td><td>20</td><td>1.355</td></tr><tr><td>December</td><td>230,361</td><td>4,413</td><td>1.916</td><td>228,891</td><td>4,393</td><td>1.919</td><td>1,470</td><td>20</td><td>1.367</td></tr><tr><td>1945 January</td><td>232,168</td><td>4,457</td><td>1.920</td><td>230,672</td><td>4,437</td><td>1.924</td><td>1,496</td><td>20</td><td>1.369</td></tr><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>1.457</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>1.454</td></tr><tr><td>April</td><td>234,194</td><td>4,512</td><td>1.927</td><td>233,063</td><td>4,496</td><td>1.929</td><td>1,132</td><td>16</td><td>1.449</td></tr></table>
Sources: Daily Treasury Statements. 1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purpose of computing the annual interest charge and rate of interest on United States savings bonds, Series A-F are considered to yield 2.90% per annum and Series I is considered to yield 2.51%. 2/ Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States
As of April 30, 1945
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Pired-maturity issues plus callable issues classified by year of first call</th><th>Pixed-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-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, 7/8% Certificate, 6/1/45............ (6/1/39)</td><td>taxable partially taxable</td><td>5,243 755 4,770</td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>Treas. bills.................. 7/8% Certificate, 8/1/45............ (8/1/44)</td><td>taxable</td><td>5,249</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificate, 9/1/45............ (9/1/44)</td><td>taxable</td><td>2,511</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>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>39,344</td><td>1,214</td><td></td><td>40,558</td><td>39,344</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>Apr.</td><td>7/8% Certificate, 4/1/46............ (4/1/45)</td><td>taxable</td><td>4,611</td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>3% Treas. bond, 6/15/46-48............ (6/15/34) 3-1/8% Treas. bond, 6/15/46-49............ (6/15/31)</td><td>partially partially taxable</td><td>1,036 819</td><td></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>21,984</td><td>2,344</td><td></td><td>24,328</td><td>21,984</td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond, 1/1/47............ (1/1/17)</td><td>wholly taxable</td><td>13</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/4% Treas. note, 3/15/47............ (6/26/44)</td><td>taxable</td><td>1,948</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treas. bond, 9/15/45-47............ (9/16/35) 1-1/2% Treas. note, 9/15/47............ (7/12/33) 1-1/4% Treas. note, 9/15/47............ (12/1/44)</td><td>partially taxable taxable</td><td>2,707 1,687</td><td></td><td>1,214</td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treas. bond, 10/15/47-52............ (10/16/22)</td><td>partially</td><td>701</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>7,057</td><td>759</td><td>1,214</td><td>7,816</td><td>8,271</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Mar.</td><td>2% Treas. bond, 3/15/48-50............ (3/15/41) 2-3/4% Treas. bond, 3/15/48-51............ (3/16/36)</td><td>taxable partially</td><td></td><td>1,115 1,223</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treas. bond, 6/15/48-48............ (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>7,261</td><td>571</td><td>1,036</td><td>10,171</td><td>8,296</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>2,910</td><td></td><td></td><td></td></tr><tr><td>1949-June.</td><td>3-1/8% Treas. bond, 6/15/46-49............ (6/15/31) 2% Treas. bond, 6/15/49-51............ (1/15/42)</td><td>partially taxable</td><td></td><td>1,014</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>1,292</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/8% Treas. bond, 12/15/49-52............ (12/15/34) 2-1/2% Treas. bond, 12/15/49-53............ (12/15/36) 2% Treas. bond, 12/15/49-51............ (7/15/42)</td><td>partially partially taxable</td><td>491 1,786 2,098</td><td></td><td></td><td>6,682</td><td>819</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>6,682</td><td>819</td><td></td><td></td></tr><tr><td>1950-Mar.</td><td>2% Treas. bond, 3/15/48-50............ (3/15/41) 2% Treas. bond, 3/15/50-52............ (10/19/42)</td><td>taxable taxable</td><td></td><td>1,963</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>8,088</td><td>571</td><td>1,687</td><td>8,058</td><td>1,687</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
29
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1951-Mar.</td><td>2-3/4% Treas. bond, 3/15/48-51....(3/16/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,223</td><td></td><td></td></tr><tr><td>June.</td><td>2% Treas. bond, 6/15/49-51....(1/15/42)</td><td>taxable</td><td>.....</td><td>.....</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</td><td>.....</td><td>1,627</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>.....</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>taxable</td><td>.....</td><td>7,986</td><td>.....</td><td></td><td></td></tr><tr><td></td><td>3% Treas. bond, 9/15/51-55....(9/15/31)</td><td>partially</td><td>.....</td><td>755</td><td>.....</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treas. bond, 12/15/51-53....(12/22/39)</td><td>partially 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</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>.....</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>8,662</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</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</td><td>.....</td><td>.....</td><td>1,118</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>725</td><td>10,890</td><td>725</td><td>10,890</td></tr><tr><td>1954-Mar.</td><td>2-1/2% Treas. bond, 3/15/52-54....(3/31/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,024</td><td></td><td></td></tr><tr><td>June.</td><td>2-3/4% Treas. bond, 6/15/51-54....(6/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,627</td><td></td><td></td></tr><tr><td></td><td>2-1/4% Treas. bond, 6/15/51-56....(7/22/40)</td><td>partially taxable</td><td>.....</td><td>661</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>.....</td><td>5,825</td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/52-54....(12/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>8,662</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>661</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</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></td><td>2% Treas. bond, 6/15/53-55....(10/7/40)</td><td>partially</td><td>.....</td><td>.....</td><td>725</td><td></td><td></td></tr><tr><td>Sept.</td><td>3% Treas. bond, 9/15/51-55....(9/15/31)</td><td>partially</td><td>.....</td><td>.....</td><td>755</td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/51-55....(12/15/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>510</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>2,611</td><td>3,491</td><td>2,611</td><td>3,491</td></tr><tr><td>1956-Mar.</td><td>3-3/4% 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></td><td>2-1/2% Treas. bond, 3/15/56-58....(6/2/41)</td><td>partially</td><td>.....</td><td>1,449</td><td>.....</td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Treas. bond, 6/15/54-56....(7/22/40)</td><td>partially</td><td>.....</td><td>.....</td><td>661</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treas. bond, 9/15/56-59....(9/15/36)</td><td>partially</td><td>.....</td><td>982</td><td>.....</td><td></td><td></td></tr><tr><td></td><td>2-1/4% Treas. bond, 9/15/56-59....(2/1/44)</td><td>taxable</td><td>.....</td><td>3,823</td><td>.....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>6,253</td><td>1,170</td><td>6,253</td><td>1,170</td></tr><tr><td>1957</td><td></td><td></td><td></td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1958-Mar.</td><td>2-1/2% Treas. bond, 3/15/56-58....(6/2/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,449</td><td></td><td></td></tr><tr><td>June.</td><td>2-3/4% Treas. bond, 6/15/58-63....(6/15/38)</td><td>partially</td><td>.....</td><td>919</td><td>.....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-Sept.</td><td>2-3/4% 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)
June 1945
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States 1/
As of April 30, 1945 - (Continued)
(in millions of dollars)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States As of April 30, 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>Callable issues classified by year of: First call</th><th>Final maturity</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><td>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>3,761 3,838</td><td>7,600</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/ Excludes 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 matu-
rity. Callable issues with respect to which a definite notice of
call has been made, however, are listed as fixed maturities.
3/ Federal securities fall 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 curtax 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 curtax rates. "Taxable" securities are subject to both normal and curtax rates.
June 1945
31
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscription books were opened</th><th>Description of security (Date of issue is above in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th>Earliest date on which commercial banks may own restricted issues 2/</th><th>Amount of Cash subscription tendered 3/</th><th colspan="3">Amount issued (In millions of dollars)</th></tr><tr><th></th><th></th><th></th><th>1/</th><th></th><th></th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td>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) 24 7/8% Treas. bond- 9/15/51-53....(9/15/43) 1 7/8% Certificate- 9/1/44......(9/15/43)</td><td>26 yr.3 m (21 yr.3 m) 10 yr (8 yr) 1 yr</td><td>9/15/53</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td></td></tr><tr><td>10/6/43 8/16/43 10/6/43 10/6/43 11/22/43</td><td>10/6/43 10/6/43 11/22/43</td><td>7/8% Certificate - 10/1/44....(10/15/43) 2-1/2% Treas. bond - 12/15/64-69 1/2 (9/15/43) 2% Treas. bond - 9/15/51-53 1/2 (9/15/43) 7/8% Certificate - 12/1/44....(12/1/43)</td><td>1 yr 26 yr.2 m (21 yr.2 m) 5/ 9 yr.11 m (7 yr.11m) 5/ 1 yr</td><td>9/15/53</td><td>5,391 5,532</td><td>3,519 2,729 3,540</td><td>1,580 1,627</td><td>1,939 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) 2-1/2% 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 1/2 (2/1/44) 2-1/2% Treas. bond - 9/15/56-59 1/2 (2/1/44) 1-1/2% Treas. note - 9/15/48......(3/15/44) 7/8% Certificate - 4/1/45......(4/1/44) 7/8% Certificate - 5/1/45......(5/1/44)</td><td>1 yr.1 m (21 yr.) 8/ 15 yr.6 m (12 yr.6 m) 8/ 1 yr.6 m 1 yr</td><td>2/1/54 9/15/46</td><td></td><td>2,127 77 95 3,748 4,877 1,615</td><td></td><td>2,127 77 95 3,748 4,877 1,615</td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>Fifth War Loan securities: 1/ 2-1/2% Treas. bond- 3/15/65-70 1/2 (2/1/44) 2% Treas. bond- 6/15/52-54......(6/26/44) 1-1/4% Treas. note- 3/15/47......(6/26/44) 7/8% Certificate- 6/1/45......(6/26/44)</td><td>25 yr. 9 m (20 yr.9 m) 2/ 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 1/2 (11/1/44) 7/8% Certificate - 10/1/45......(10/1/44)</td><td>1 yr 1 yr 1 yr.6 m 10/ 1 yr</td><td></td><td>2,511 3,694 788 3,492</td><td>2,511 3,694 788 3,492</td><td>2,511 3,694 788 3,492</td><td></td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>Sixth War Loan securities: 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>3,447p 7,922p 1,550p 4,395</td><td>3,447p 7,922p 1,550p 4,395</td><td>3,447p 7,922p 1,550p 4,395</td><td></td></tr><tr><td>11/17/44 11/17/44 11/17/44 1/22/45 2/19/45 3/22/45 4/19/45</td><td>11/20/44 11/20/44 11/20/44 1/22/45 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......(1/1/45) 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/ 10 yr (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 4,811 1,579 p</td><td>3,416 33 740 137 5,043 4,147 4,811 1,579 p</td><td>3,416 33 740 137 5,043 4,147 4,811 1,579 p</td><td></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><tr><td>5/21/45</td><td>5/21/45</td><td>.90% Treas. note - 7/1/46......(6/1/45) 1 yr.1 m</td><td></td><td></td><td>13/</td><td>13/</td><td>13/</td><td></td></tr></table>
Back Figures: For period December 1941 through July 1942, see "Treasury Bulletin" for November 1941, page 32.
Preliminary.
1/ In the case of the reopening of a previously offered security, the period of 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 15, 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/ Accounts not yet available.
32
Treasury Bulletin
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th>Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount of maturing or called security outstanding</th><th>Amount for cash retirement</th><th>Amount exchanged</th><th>Percent exchanged</th><th>Description of new security offered</th></tr><tr><td>8/2/43 9/15/43 10/15/43</td><td>7/8% Certificate - 8/1/43......(8/15/42) 1% Treas. note - 9/15/43......(6/15/40) 3-1/4% Treas. bond - 10/15/43-45......(10/15/33)</td><td>1,609 279 1,401</td><td>53 279 239</td><td>1,556 ...... 1,161</td><td>97 ...... 83</td><td>7/8% Certificate - 8/1/44 2-1/2% Treas. bond - 12/15/64-69 2% Treas. bond - 9/15/51-53</td></tr><tr><td>10/15/43 12/1/43 12/15/43</td><td>7/8% Certificate - 11/1/43......(11/2/42) 7/8% Certificate - 12/1/43......(12/1/42) 1-1/8% Treas. note - 12/15/43......(12/15/38)</td><td>2,035 3,800 421</td><td>96 260 421</td><td>1,939 3,540 ......</td><td>95 93 ......</td><td>7/8% Certificate - 10/1/44 7/8% Certificate - 12/1/44</td></tr><tr><td>2/1/44 2/1/44</td><td>1-3/8% PPHA 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% YPMC bond - 3/15/44-54......(3/15/34) 3% YPMC bond - 5/15/44-49......(5/15/34) 1% RFC note - 4/15/44......(7/3/41) 3% HOLL bond - 5/1/44-52......(5/1/34) 3-1/4% Treas. bond - 4/15/44-46......(4/16/34) 1/4% 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 - 3/15/65-71 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)</td><td>5,048 412</td><td>400 17</td><td>4,649 395</td><td>92 96</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 2/1/45..</td><td>5,460</td><td>416</td><td>5,043</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90% Treas. note - 3/1/45......(2/1/44) 3/4% Treas. note - 3/15/45......(3/15/40) 1-1/4% Treas. note - 3/15/45......(9/25/42)</td><td>2,127 718 1,606</td><td>18 225 60</td><td>2,109 493 1,546</td><td>99 69 96</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 3/1/45..</td><td>4,451</td><td>304</td><td>4,147</td><td>93</td><td></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 35 p</td><td>4,811 1,579 p</td><td>99 98 p</td><td>7/8% Certificate - 4/1/46 7/8% Certificate - 5/1/46</td></tr><tr><td>5/21/45</td><td>7/8% Certificate - 6/1/45......(6/26/44) 1-1/2% HOLL bond - 6/1/45-47......(6/1/39)</td><td>4,770 755</td><td>3/ 3/</td><td>3/ 3/</td><td>3/ 3/</td><td>.90% Treas. note - 7/1/46</td></tr></table>
Back Figuree: For period December 1941 through July 1943 see "Treasury Bulletin" for November 1944, page 33. p Preliminary.
1/ Original call and maturity dates are used. 2/ Not available to commercial banks. 3/ Amounts not yet available.
June 1945
33
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th>Date of issue</th><th colspan="2">Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th><th>Amount of maturing issue (as of date shown in first column)</th><th>Total bills outstanding (as of date shown in first column)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th><th></th><th></th></tr><tr><td>1944-Apr. 6</td><td>1944-July 6</td><td></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></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></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></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></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></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></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></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></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></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></td><td>91</td><td>2,193.9</td><td>1,201.0</td><td>1,148.7</td><td>52.3</td><td>1,016.1</td><td>14,325.7</td></tr><tr><td>June 22</td><td>Sept. 21</td><td></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></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></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></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></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></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></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></td><td>91</td><td>2,001.1</td><td>1,210.9</td><td>1,150.3</td><td>60.6</td><td>1,206.9</td><td>15,724.9</td></tr><tr><td>Aug. 17</td><td>Nov. 16</td><td></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></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></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></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></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></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></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></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></td><td>90</td><td>2,197.0</td><td>1,312.6</td><td>1,253.9</td><td>58.7</td><td>1,203.8</td><td>15,857.8</td></tr><tr><td>Oct. 19</td><td>Jan. 18</td><td></td><td>91</td><td>2,183.9</td><td>1,313.9</td><td>1,254.1</td><td>59.7</td><td>1,206.6</td><td>15,965.1</td></tr><tr><td>Oct. 26</td><td>Jan. 25</td><td></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></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></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></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></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></td><td>91</td><td>2,061.8</td><td>1,203.7</td><td>1,138.6</td><td>65.1 1/</td><td>1,210.2</td><td>16,404.5</td></tr><tr><td>Dec. 7</td><td>Mar. 8</td><td></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></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></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></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></td><td>91</td><td>2,165.0</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></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></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></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></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></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></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></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></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></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></td><td>91</td><td>2,035.8</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></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></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><tr><td>Apr. 5</td><td>July 5</td><td></td><td>91</td><td>1,842.8</td><td>1,317.1</td><td>1,271.1</td><td>46.0</td><td>1,204.9</td><td>17,032.8</td></tr><tr><td>Apr. 12</td><td>July 12</td><td></td><td>91</td><td>2,164.0</td><td>1,303.9</td><td>1,243.2</td><td>60.8</td><td>1,303.0</td><td>17,033.7</td></tr><tr><td>Apr. 19</td><td>July 19</td><td></td><td>91</td><td>2,092.1</td><td>1,318.2</td><td>1,255.0</td><td>63.2</td><td>1,302.6</td><td>17,049.3</td></tr><tr><td>Apr. 26</td><td>July 26</td><td></td><td>91</td><td>2,109.3</td><td>1,310.3</td><td>1,254.2</td><td>56.0</td><td>1,318.4</td><td>17,041.2</td></tr></table>
securities 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.
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,
34
Treasury Bulletin
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bide accepted</th><th colspan="4">Competitive bide accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th 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-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</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 3/</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><tr><td>Apr. 5.</td><td>99.905</td><td>0.376</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 12.</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>Apr. 19.</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. 26.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Back Figures: Annual Reports of the Secretary of the Treasury. 1/ Bank discount basis.
2/ Except $10,000 at 99.925.
3/ Except $2,000,000 at 99.925.
June 1945
35
Sales and Redemptions of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 1/</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Sales</th><th rowspan="2">Accrual of redemption values</th><th colspan="3">Maturities and redemptions</th></tr><tr><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr></table>
All series
<table><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>4/</td><td>4/</td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>4/</td><td>4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>4</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>4/</td><td>4/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>4/</td><td>4/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>1,492.4</td><td>....</td><td>65.0</td><td>148.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>5,994.1</td><td>....</td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1943</td><td>21,256.2</td><td>+11,068.0</td><td>11,788.7</td><td>11,788.7</td><td>....</td><td>127.6</td><td>848.3</td><td>841.3</td><td>7.0</td></tr><tr><td>1944</td><td>34,606.1</td><td>+13,350.0</td><td>15,497.7</td><td>15,139.5</td><td>358.1</td><td>223.2</td><td>2,370.9</td><td>2,357.8</td><td>13.1</td></tr><tr><td>1944-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>790.6</td><td>748.4</td><td>2.2</td><td>18.5</td><td>278.9</td><td>277.2</td><td>1.6</td></tr><tr><td>June</td><td>34,606.1</td><td>+1,619.2</td><td>1,842.2</td><td>1,765.4</td><td>76.8</td><td>24.5</td><td>247.6</td><td>246.1</td><td>1.5</td></tr><tr><td>July</td><td>36,537.8</td><td>+1,931.6</td><td>2,125.1</td><td>2,089.0</td><td>36.1</td><td>33.5</td><td>226.9</td><td>225.4</td><td>1.6</td></tr><tr><td>August</td><td>36,883.5</td><td>+345.7</td><td>602.4</td><td>600.0</td><td>2.4</td><td>21.9</td><td>278.7</td><td>276.9</td><td>1.8</td></tr><tr><td>September</td><td>37,323.3</td><td>+439.8</td><td>692.1</td><td>691.1</td><td>1.0</td><td>30.7</td><td>283.0</td><td>281.2</td><td>1.7</td></tr><tr><td>October</td><td>37,644.7</td><td>+321.4</td><td>695.0</td><td>694.4</td><td>.6</td><td>26.9</td><td>400.6</td><td>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>2,785.8</td><td>2,393.5</td><td>32.4</td><td>32.0</td><td>365.3</td><td>362.9</td><td>2.4</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>April</td><td>42,625.6</td><td>+466.1</td><td>837.6</td><td>837.6</td><td>....</td><td>32.0</td><td>403.6</td><td>5/</td><td>5/</td></tr></table>
Series A-D 6
<table><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td></td><td>5/5/5/5/</td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td></td><td>5/5/5/5/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>-</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td></td><td>5/5/5/5/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td></td><td>5/5/5/5/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td></td><td>5/5/5/5/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>828.0/</td><td>5/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>3,650.2</td><td>+745.5</td><td>828.0</td><td>.8</td><td>....</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>-46.1</td><td>.8</td><td>.1</td><td>....</td><td>65.9</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>6.0</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-April</td><td>3,624.8</td><td>.</td><td>.</td><td>.</td><td>....</td><td>6.5</td><td>6.5</td><td>5.8</td><td>.7</td></tr><tr><td>May</td><td>3,622.9</td><td>-1.9</td><td>.</td><td>.</td><td>....</td><td>5.3</td><td>7.3</td><td>6.5</td><td>.8</td></tr><tr><td>June</td><td>3,624.8</td><td>+1.9</td><td>.</td><td>.</td><td>....</td><td>8.2</td><td>6.3</td><td>5.6</td><td>.7</td></tr><tr><td>July</td><td>3,632.7</td><td>+7.9</td><td>.</td><td>.</td><td>....</td><td>14.7</td><td>6.8</td><td>6.0</td><td>.8</td></tr><tr><td>August</td><td>3,634.2</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>6.0</td><td>.7</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</td><td>-18.2</td><td>....</td><td>....</td><td>....</td><td>7.7</td><td>25.9</td><td>5/</td><td>5/</td></tr><tr><td>April</td><td>3,613.6 1/</td><td>-15.5</td><td>.</td><td>.</td><td>....</td><td>6.9</td><td>22.4 1/</td><td>5/</td><td>5/</td></tr></table>
Series X V 8
<table><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>60.0</td><td>60.0</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>688.6</td><td>688.0</td><td>.6</td></tr><tr><td>1943</td><td>11,286.6</td><td>+7,615.8</td><td>6,271.3</td><td>6,271.3</td><td>...</td><td>33.1</td><td>...</td><td>...</td><td>5.2</td></tr><tr><td>1944</td><td>21,124.8</td><td>+9,838.2</td><td>11,819.7</td><td>11,819.7</td><td>...</td><td>118.4</td><td>2,099.9</td><td>2,094.7</td><td>...</td></tr><tr><td>1944-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>332.1 r</td><td>1.6 r</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</td><td>288.8</td><td>1.7</td></tr><tr><td>March</td><td>26,760.2</td><td>+332.2</td><td>712.1</td><td>712.1</td><td>...</td><td>26.5</td><td>306.4</td><td>303.9</td><td>2.4</td></tr><tr><td>April</td><td>27,109.3 1/</td><td>+349.1</td><td>684.4</td><td>684.4</td><td>...</td><td>23.4</td><td>358.7 1/</td><td>356.4</td><td>2.3</td></tr></table>
(Continued on following page)
Treasury Bulletin
36
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(In millions of dollars)
<table><tr><th>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 Y 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-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>38.3</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>6.9</td><td>.1</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>April</td><td>2,376.3</td><td>+19.1</td><td>23.1</td><td>23.1</td><td>...</td><td>1.5</td><td>5.8</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series G 3/ 9/</td></tr><tr><td>1941</td><td>394.0</td><td>+394.0</td><td>394.6</td><td>394.6</td><td>...</td><td>...</td><td>.5</td><td>.5</td><td>...</td></tr><tr><td>1942</td><td>2,414.3</td><td>+2,020.3</td><td>2,032.1</td><td>2,032.1</td><td>...</td><td>...</td><td>11.8</td><td>11.8</td><td>...</td></tr><tr><td>1943</td><td>5,119.2</td><td>+2,704.9</td><td>2,759.5</td><td>2,759.5</td><td>...</td><td>...</td><td>54.5</td><td>54.5</td><td>...</td></tr><tr><td>1944</td><td>7,860.8</td><td>+2,741.6</td><td>2,875.6</td><td>2,628.5</td><td>247.1</td><td>...</td><td>134.0</td><td>134.0</td><td>...</td></tr><tr><td>1944-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>8,364.2</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>+145.1</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><tr><td>April</td><td>9,526.4</td><td>+113.5</td><td>130.1</td><td>130.1</td><td>...</td><td>...</td><td>16.6</td><td>16.6</td><td>...</td></tr></table>
Source: Daily Treasury Statements. 
Rev. Less than $50,000.
1/ At current redemption values except Series G, which is stated at par.
2/ Estimated, except for Series G.
3/ For details concerning investment yields and redemption values, see "Treasury Bulletin" for May 1945, page 4-4.
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 4-2. The small amounts of maturing bonds which have not been redeemed remain in the amount outstanding.
1/ There were $62.4 millions of Series A-D and E savings bonds redeemed through April 30, 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.
Series I, on sale since May 1, 1941, is a 10 year discount bond sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any calendar year and may be made only by individuals.
Series Y and O have been on sale since May 1, 1941. Series Y is a 12 year discount bond sold at 74% of maturity value, yielding 2.53% per annum if held to maturity. Series O is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/2% per annum, redeemable at par on maturity or at stated prices less than par before maturity. Purchases of Series Y and O combined in any one calendar year are limited to $100,000 issue price ($50,000 in calendar year 1941). Commercial banks were permitted to purchase Series Y and O bonds during the calendar year 1944 under certain conditions ("Treasury Bulletin" for December 1944, page 36, foot-note 9); and from June 18 through June 30, 1945 they will again be permitted to make such purchases, subject to the following limitations: (1) purchases of Series Y and O bonds during the calendar year may not exceed the annual limit of $100,000; and (2) combined purchases of Series Y and O bonds, 1-1/2% Treasury bonds due 12/15/50, and 7/8% certificates of indebtedness due 6/1/46 may 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 may be less.
June 1945
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- Total Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="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/</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr></table>
Series E
<table><tr><td>1941 2/</td><td>203.1</td><td>14.4</td><td>13.3</td><td>41.4</td><td>40.7</td><td>93.4</td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>20.0</td><td>45.0</td><td>...</td></tr><tr><td>1942</td><td>3,526.3</td><td>615.6</td><td>341.5</td><td>812.7</td><td>636.9</td><td>1,119.5</td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>18.1</td><td>31.7</td><td>...</td></tr><tr><td>1943</td><td>8,271.3</td><td>2,988.2</td><td>1,081.0</td><td>1,713.8</td><td>1,007.3</td><td>1,431.0</td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>12.2</td><td>17.9</td><td>...</td></tr><tr><td>1944</td><td>11,819.7</td><td>4,149.1</td><td>1,642.5</td><td>2,583.5</td><td>1,396.9</td><td>2,047.8</td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>11.8</td><td>17.3</td><td>...</td></tr><tr><td>1944-April</td><td>605.7</td><td>291.3</td><td>106.7</td><td>107.6</td><td>40.3</td><td>59.9</td><td>100.0</td><td>48.1</td><td>17.6</td><td>17.7</td><td>6.7</td><td>9.9</td><td>...</td></tr><tr><td>May</td><td>624.3</td><td>305.9</td><td>110.8</td><td>111.2</td><td>39.9</td><td>56.4</td><td>100.0</td><td>49.0</td><td>17.8</td><td>17.8</td><td>6.4</td><td>9.0</td><td>...</td></tr><tr><td>June</td><td>1,349.8</td><td>402.2</td><td>174.2</td><td>309.0</td><td>186.9</td><td>277.5</td><td>100.0</td><td>32.6</td><td>12.9</td><td>21.6</td><td>13.0</td><td>19.9</td><td>...</td></tr><tr><td>July</td><td>1,686.5</td><td>526.5</td><td>248.8</td><td>384.1</td><td>216.4</td><td>309.2</td><td>100.0</td><td>.1</td><td>31.2</td><td>14.8</td><td>22.8</td><td>12.8</td><td>18.3</td></tr><tr><td>August</td><td>499.4</td><td>221.8</td><td>89.8</td><td>95.9</td><td>35.6</td><td>51.7</td><td>100.0</td><td>.9</td><td>44.4</td><td>18.0</td><td>19.2</td><td>7.1</td><td>10.4</td></tr><tr><td>September</td><td>590.8</td><td>277.1</td><td>106.3</td><td>107.6</td><td>40.4</td><td>59.5</td><td>100.0</td><td>*</td><td>46.9</td><td>18.0</td><td>18.2</td><td>6.8</td><td>10.1</td></tr><tr><td>October</td><td>598.6</td><td>281.9</td><td>109.3</td><td>108.8</td><td>36.6</td><td>52.3</td><td>100.0</td><td>1.6</td><td>47.1</td><td>18.3</td><td>18.2</td><td>6.1</td><td>8.7</td></tr><tr><td>November</td><td>806.8</td><td>301.2</td><td>126.3</td><td>165.5</td><td>84.5</td><td>124.3</td><td>100.0</td><td>.6</td><td>37.3</td><td>15.7</td><td>20.5</td><td>10.5</td><td>15.4</td></tr><tr><td>December</td><td>1,855.3</td><td>467.7</td><td>233.4</td><td>457.6</td><td>288.3</td><td>402.3</td><td>100.0</td><td>.3</td><td>25.2</td><td>12.6</td><td>24.7</td><td>15.5</td><td>21.7</td></tr><tr><td>1945-January</td><td>803.8</td><td>296.2</td><td>124.7</td><td>153.5</td><td>77.3</td><td>146.1</td><td>100.0</td><td>.7</td><td>36.9</td><td>15.5</td><td>19.1</td><td>9.6</td><td>18.2</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>100.0</td><td>.7</td><td>41.2</td><td>17.1</td><td>18.1</td><td>7.8</td><td>15.1</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>100.0</td><td>1.1</td><td>42.3</td><td>17.2</td><td>17.9</td><td>7.6</td><td>13.9</td></tr><tr><td>April</td><td>684.4</td><td>285.3</td><td>115.2</td><td>123.1</td><td>54.0</td><td>99.0</td><td>100.0</td><td>1.1</td><td>41.7</td><td>16.8</td><td>18.0</td><td>7.9</td><td>14.5</td></tr></table>
Series 7
<table><tr><td>1941 2/.</td><td>66.7</td><td>....</td><td>....</td><td>.9</td><td>2.0</td><td>13.2</td><td>12.3</td><td>38.3</td><td>100.0</td><td>....</td><td>....</td><td>1.3</td><td>3.1</td><td>19.8</td><td>18.4</td><td>57.4</td></tr><tr><td>1942 3/.</td><td>434.9</td><td>....</td><td>1.3</td><td>19.6</td><td>27.5</td><td>123.6</td><td>91.7</td><td>171.1</td><td>100.0</td><td>....</td><td>.3</td><td>4.5</td><td>6.3</td><td>28.4</td><td>21.1</td><td>39.4</td></tr><tr><td>1943</td><td>757.9</td><td>....</td><td>4.0</td><td>24.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>308.3</td><td>100.0</td><td>....</td><td>.5</td><td>3.3</td><td>5.4</td><td>27.7</td><td>22.4</td><td>40.7</td></tr><tr><td>1944</td><td>802.2</td><td>....</td><td>5.6</td><td>24.9</td><td>40.9</td><td>213.3</td><td>162.7</td><td>354.8</td><td>100.0</td><td>....</td><td>.7</td><td>3.1</td><td>5.1</td><td>26.6</td><td>20.3</td><td>44.2</td></tr><tr><td>1944-April</td><td>19.3</td><td>....</td><td>.3</td><td>....</td><td>.9</td><td>1.2</td><td>6.1</td><td>3.9</td><td>6.9</td><td>100.0</td><td>....</td><td>1.4</td><td>4.6</td><td>6.2</td><td>31.5</td><td>20.4</td><td>35.9</td></tr><tr><td>May</td><td>15.3</td><td>....</td><td>.2</td><td>.8</td><td>1.0</td><td>4.7</td><td>3.0</td><td>5.5</td><td>100.0</td><td>....</td><td>1.6</td><td>5.3</td><td>6.8</td><td>30.6</td><td>19.6</td><td>36.1</td></tr><tr><td>June</td><td>115.1</td><td>....</td><td>.7</td><td>2.8</td><td>4.9</td><td>28.5</td><td>24.2</td><td>54.1</td><td>100.0</td><td>....</td><td>.6</td><td>2.5</td><td>4.2</td><td>24.8</td><td>21.0</td><td>46.9</td></tr><tr><td>July</td><td>101.1</td><td>....</td><td>.8</td><td>3.0</td><td>5.7</td><td>29.9</td><td>22.3</td><td>39.4</td><td>100.0</td><td>....</td><td>.8</td><td>3.0</td><td>5.6</td><td>29.6</td><td>22.0</td><td>39.0</td></tr><tr><td>August</td><td>17.8</td><td>....</td><td>.2</td><td>.9</td><td>1.3</td><td>5.8</td><td>3.7</td><td>5.9</td><td>100.0</td><td>....</td><td>1.4</td><td>4.8</td><td>7.5</td><td>32.4</td><td>21.0</td><td>32.9</td></tr><tr><td>September</td><td>16.0</td><td>....</td><td>.2</td><td>.8</td><td>1.4</td><td>5.3</td><td>3.5</td><td>4.8</td><td>100.0</td><td>....</td><td>1.2</td><td>4.7</td><td>8.8</td><td>33.4</td><td>21.8</td><td>30.1</td></tr><tr><td>October</td><td>13.7</td><td>....</td><td>.2</td><td>.7</td><td>.9</td><td>5.0</td><td>3.2</td><td>3.5</td><td>100.0</td><td>....</td><td>1.6</td><td>5.4</td><td>6.9</td><td>36.9</td><td>23.4</td><td>25.8</td></tr><tr><td>November</td><td>42.7</td><td>....</td><td>.4</td><td>1.3</td><td>2.3</td><td>12.7</td><td>9.7</td><td>16.3</td><td>100.0</td><td>....</td><td>.8</td><td>3.1</td><td>5.4</td><td>29.7</td><td>22.8</td><td>38.2</td></tr><tr><td>December</td><td>124.7</td><td>....</td><td>1.1</td><td>4.3</td><td>7.5</td><td>39.8</td><td>28.8</td><td>43.1</td><td>100.0</td><td>....</td><td>.9</td><td>3.5</td><td>6.0</td><td>31.9</td><td>23.1</td><td>34.6</td></tr><tr><td>1945-January</td><td>42.0</td><td>....</td><td>.4</td><td>1.4</td><td>1.9</td><td>9.2</td><td>6.8</td><td>22.4</td><td>100.0</td><td>....</td><td>.9</td><td>3.4</td><td>4.6</td><td>21.8</td><td>16.1</td><td>53.2</td></tr><tr><td>February</td><td>30.7</td><td>....</td><td>.2</td><td>.9</td><td>1.3</td><td>6.3</td><td>5.1</td><td>16.9</td><td>100.0</td><td>....</td><td>.7</td><td>2.9</td><td>4.2</td><td>20.5</td><td>16.5</td><td>55.2</td></tr><tr><td>March</td><td>26.5</td><td>....</td><td>.3</td><td>.9</td><td>1.2</td><td>6.0</td><td>4.9</td><td>13.2</td><td>100.0</td><td>....</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></tr><tr><td>April</td><td>23.1</td><td>....</td><td>.2</td><td>.9</td><td>1.1</td><td>6.3</td><td>4.4</td><td>10.2</td><td>100.0</td><td>....</td><td>1.0</td><td>3.7</td><td>4.8</td><td>27.2</td><td>19.2</td><td>44.1</td></tr></table>
Series 0
<table><tr><td>1941 2/</td><td>394.6</td><td>4.8</td><td>11.2</td><td>82.4</td><td>71.8</td><td>224.3</td><td>100.0</td><td>1.2</td><td>2.8</td><td>20.9</td><td>18.2</td><td>56.9</td></tr><tr><td>1942</td><td>2,032.1</td><td>50.9</td><td>113.0</td><td>578.1</td><td>406.2</td><td>883.8</td><td>100.0</td><td>2.5</td><td>5.6</td><td>28.4</td><td>20.0</td><td>43.5</td></tr><tr><td>1943</td><td>2,759.5</td><td>81.5</td><td>188.7</td><td>805.7</td><td>526.3</td><td>1,157.3</td><td>100.0</td><td>3.0</td><td>6.8</td><td>29.2</td><td>19.1</td><td>41.9</td></tr><tr><td>1944</td><td>2,875.6</td><td>108.8</td><td>249.6</td><td>942.3</td><td>520.7</td><td>1,054.2</td><td>100.0</td><td>3.8</td><td>8.7</td><td>32.8</td><td>18.1</td><td>36.6</td></tr><tr><td>1944-April</td><td>113.5</td><td>4.0</td><td>10.3</td><td>41.5</td><td>21.8</td><td>36.0</td><td>100.0</td><td>3.5</td><td>9.1</td><td>36.5</td><td>19.2</td><td>31.7</td></tr><tr><td>May</td><td>111.1</td><td>4.0</td><td>10.0</td><td>42.7</td><td>21.9</td><td>32.5</td><td>100.0</td><td>3.6</td><td>9.0</td><td>38.4</td><td>19.7</td><td>29.3</td></tr><tr><td>June</td><td>377.3</td><td>14.4</td><td>33.8</td><td>128.4</td><td>70.4</td><td>130.2</td><td>100.0</td><td>3.8</td><td>9.0</td><td>34.0</td><td>18.7</td><td>34.5</td></tr><tr><td>July</td><td>337.5</td><td>14.6</td><td>34.4</td><td>123.1</td><td>65.8</td><td>99.5</td><td>100.0</td><td>4.3</td><td>10.2</td><td>36.5</td><td>19.5</td><td>29.5</td></tr><tr><td>August</td><td>85.3</td><td>3.6</td><td>8.6</td><td>34.2</td><td>16.7</td><td>22.1</td><td>100.0</td><td>4.2</td><td>10.1</td><td>40.1</td><td>19.6</td><td>26.0</td></tr><tr><td>September</td><td>85.3</td><td>3.2</td><td>8.1</td><td>33.3</td><td>16.7</td><td>24.0</td><td>100.0</td><td>3.8</td><td>9.5</td><td>39.0</td><td>19.6</td><td>28.1</td></tr><tr><td>October</td><td>82.8</td><td>3.2</td><td>7.7</td><td>31.5</td><td>16.0</td><td>24.4</td><td>100.0</td><td>3.9</td><td>9.3</td><td>38.1</td><td>19.3</td><td>29.4</td></tr><tr><td>November</td><td>173.9</td><td>6.6</td><td>16.1</td><td>65.4</td><td>35.3</td><td>50.5</td><td>100.0</td><td>3.8</td><td>9.2</td><td>37.6</td><td>20.3</td><td>29.1</td></tr><tr><td>December</td><td>405.9</td><td>19.7</td><td>45.6</td><td>140.8</td><td>85.8</td><td>114.0</td><td>100.0</td><td>4.9</td><td>11.2</td><td>34.7</td><td>21.1</td><td>28.1</td></tr><tr><td>1945-January</td><td>226.3</td><td>4.8</td><td>14.3</td><td>61.2</td><td>32.7</td><td>115.4</td><td>100.0</td><td>2.1</td><td>6.3</td><td>26.8</td><td>14.3</td><td>50.5</td></tr><tr><td>February</td><td>164.1</td><td>3.6</td><td>9.6</td><td>41.9</td><td>23.6</td><td>85.3</td><td>100.0</td><td>2.2</td><td>5.9</td><td>25.5</td><td>14.4</td><td>52.0</td></tr><tr><td>March</td><td>150.5</td><td>3.9</td><td>10.4</td><td>46.9</td><td>26.3</td><td>63.1</td><td>100.0</td><td>2.6</td><td>6.9</td><td>31.1</td><td>17.5</td><td>41.9</td></tr><tr><td>April</td><td>130.1</td><td>3.9</td><td>10.2</td><td>44.8</td><td>24.5</td><td>46.8</td><td>100.0</td><td>2.9</td><td>7.9</td><td>34.4</td><td>18.8</td><td>36.0</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement; (2) Figures by denominations are estimated on the basis of reports received by the Treasury. Less than .05%. 1/ Sale of $10 denomination Series B bonds was authorised in June
1944 This denomination is available only to members of the military and naval forces of the United States. 2/ Sales of Series X, Y, and O bonds commenced May 1, 1941. 3/ Sale of $25 denomination Series F bonds was authorized in December 1941.
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART A - SERIES E (In thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="8">1944</th><th colspan="4">1945</th></tr><tr><th></th><th>1943</th><th>1944</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><th>Apr.</th></tr><tr><td>Alabama</td><td>91,272</td><td>139,180</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><td>10,772</td></tr><tr><td>Arizona</td><td>27,846</td><td>42,252</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><td>2,398</td></tr><tr><td>Arkansas</td><td>52,764</td><td>74,176</td><td>3,037</td><td>3,718</td><td>8,947</td><td>10,693</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><td>4,090</td></tr><tr><td>California</td><td>638,877</td><td>970,414</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>77,636</td><td>55,364</td><td>61,994</td><td>50,478</td></tr><tr><td>Colorado</td><td>62,132</td><td>90,226</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><td>4,873</td></tr><tr><td>Connecticut</td><td>168,258</td><td>220,926</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>12,177</td><td>15,573</td></tr><tr><td>Delaware</td><td>21,824</td><td>27,609</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><td>1,684</td></tr><tr><td>Dist. of Columbia</td><td>83,143</td><td>135,069</td><td>7,694</td><td>7,871</td><td>13,991</td><td>23,267</td><td>4,426</td><td>8,688</td><td>7,706</td><td>7,939</td><td>22,961</td><td>11,496</td><td>6,869</td><td>8,795</td><td>8,153</td></tr><tr><td>Florida</td><td>89,496</td><td>142,682</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><td>9,838</td></tr><tr><td>Georgia</td><td>94,524</td><td>145,933</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><td>8,630</td></tr><tr><td>Idaho</td><td>27,845</td><td>40,230</td><td>1,111</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><td>1,266</td></tr><tr><td>Illinois</td><td>575,056</td><td>755,362</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><td>51,997</td></tr><tr><td>Indiana</td><td>213,813</td><td>313,594</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><td>20,747</td></tr><tr><td>Iowa</td><td>176,508</td><td>263,445</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><td>11,958</td></tr><tr><td>Kansas</td><td>106,190</td><td>163,077</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><td>7,213</td></tr><tr><td>Kentucky</td><td>87,607</td><td>127,956</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>17,348</td><td>9,803</td><td>7,081</td><td>9,720</td><td>6,454</td></tr><tr><td>Louisiana</td><td>94,910</td><td>141,106</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><td>7,291</td></tr><tr><td>Maloo</td><td>37,361</td><td>54,994</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><td>2,608</td></tr><tr><td>Maryland</td><td>108,604</td><td>152,566</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><td>9,055</td></tr><tr><td>Massachusetts</td><td>280,091</td><td>390,986</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>23,833</td><td>25,370</td></tr><tr><td>Michigan</td><td>481,637</td><td>688,159</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><td>37,125</td></tr><tr><td>Minnesota</td><td>179,108</td><td>249,962</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><td>12,173</td></tr><tr><td>Mississippi</td><td>52,870</td><td>82,588</td><td>3,087</td><td>3,137</td><td>8,981</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>4,924</td><td>3,893</td><td>3,548</td><td>3,959</td></tr><tr><td>Missouri</td><td>195,868</td><td>283,681</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><td>14,654</td></tr><tr><td>Montana</td><td>39,432</td><td>55,230</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><td>3,298</td></tr><tr><td>Nebraska</td><td>72,211</td><td>128,079</td><td>5,345</td><td>4,747</td><td>16,098</td><td>21,246</td><td>3,641</td><td>4,418</td><td>3,655</td><td>7,112</td><td>23,889</td><td>8,985</td><td>5,566</td><td>6,713</td><td>7,010</td></tr><tr><td>Nevada</td><td>11,466</td><td>13,468</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><td>712</td></tr><tr><td>New Hampshire</td><td>25,787</td><td>32,722</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><td>1,965</td></tr><tr><td>New Jersey</td><td>303,807</td><td>415,338</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><td>23,443</td></tr><tr><td>New Mexico</td><td>17,284</td><td>27,990</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><td>1,608</td></tr><tr><td>New York</td><td>991,988</td><td>1,290,035</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><td>75,751</td></tr><tr><td>North Carolina</td><td>113,859</td><td>149,443</td><td>7,157</td><td>7,281</td><td>14,021</td><td>25,034</td><td>4,697</td><td>7,195</td><td>7,880</td><td>7,815</td><td>27,985</td><td>13,650</td><td>9,009</td><td>9,360</td><td>8,416</td></tr><tr><td>North Dakota</td><td>34,349</td><td>58,224</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><td>1,970</td></tr><tr><td>Ohio</td><td>506,364</td><td>714,177</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><td>42,191</td></tr><tr><td>Oklahoma</td><td>82,143</td><td>135,264</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><td>6,809</td></tr><tr><td>Oregon</td><td>107,674</td><td>159,752</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><td>7,198</td></tr><tr><td>Pennsylvania</td><td>626,051</td><td>857,400</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><td>54,189</td></tr><tr><td>Rhode Island</td><td>53,748</td><td>60,858</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><td>4,051</td></tr><tr><td>South Carolina</td><td>53,401</td><td>76,058</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><td>4,593</td></tr><tr><td>South Dakota</td><td>33,171</td><td>53,813</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><td>2,456</td></tr><tr><td>Tennessee</td><td>100,530</td><td>147,296</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><td>8,272</td></tr><tr><td>Texas</td><td>306,265</td><td>494,995</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><td>26,267</td></tr><tr><td>Utah</td><td>33,242</td><td>56,357</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><td>2,378</td></tr><tr><td>Vermont</td><td>14,175</td><td>18,819</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><td>1,008</td></tr><tr><td>Virginia</td><td>145,459</td><td>189,563</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><td>12,310</td></tr><tr><td>Washington</td><td>163,924</td><td>257,729</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><td>10,123</td></tr><tr><td>West Virginia</td><td>64,583</td><td>92,197</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>5,650</td><td>5,723</td><td>6,273</td></tr><tr><td>Wisconsin</td><td>172,650</td><td>248,280</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>13,430</td><
(Continued on following page)
June 1945
39
Sales and Redemptions of United States Savings Bonds - (Continued
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States - (Continued
PART B - SERIES F AND G COMBINED (In thousands of dollars at issue prices)
<table><tr><th rowspan="2">State</th><th colspan="2">Fiscal year</th><th colspan="9">1944</th><th colspan="6">1945</th></tr><tr><th>1943</th><th>1944</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><th>Apr.</th></tr><tr><td>Alabama</td><td>32,007</td><td>30,156</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>3,992</td><td>1,754</td><td>1,332</td><td>1,443</td></tr><tr><td>Arizona</td><td>8,421</td><td>9,450</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>1,161</td><td>378</td><td>319</td><td>245</td></tr><tr><td>Arkansas</td><td>16,578</td><td>17,831</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><td>633</td></tr><tr><td>California</td><td>224,145</td><td>258,108</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><td>9,040</td></tr><tr><td>Colorado</td><td>29,746</td><td>30,678</td><td>1,274</td><td>1,231</td><td>4,286</td><td>4,050</td><td>632</td><td>674</td><td>822</td><td>1,447</td><td>2,750</td><td>3,670</td><td>1,103</td><td>973</td><td>1,606</td></tr><tr><td>Connecticut</td><td>81,128</td><td>64,437</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>4,863</td><td>2,795</td></tr><tr><td>Delaware</td><td>12,326</td><td>10,306</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><td>684</td></tr><tr><td>Dist. of Columbia</td><td>33,757</td><td>29,761</td><td>886</td><td>1,083</td><td>4,276</td><td>3,517</td><td>794</td><td>933</td><td>789</td><td>2,198</td><td>2,002</td><td>3,797</td><td>1,421</td><td>1,409</td><td>1,109</td></tr><tr><td>Florida</td><td>36,705</td><td>40,496</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><td>2,410</td></tr><tr><td>Georgia</td><td>37,831</td><td>41,958</td><td>1,506</td><td>1,427</td><td>5,544</td><td>4,149</td><td>1,246</td><td>1,211</td><td>1,126</td><td>2,905</td><td>2,446</td><td>6,037</td><td>1,953</td><td>1,859</td><td>1,741</td></tr><tr><td>Idaho</td><td>8,031</td><td>7,630</td><td>304</td><td>178</td><td>1,183</td><td>935</td><td>180</td><td>286</td><td>235</td><td>637</td><td>693</td><td>1,101</td><td>349</td><td>266</td><td>194</td></tr><tr><td>Illinois</td><td>272,112</td><td>236,291</td><td>10,605</td><td>10,752</td><td>27,872</td><td>27,045</td><td>9,156</td><td>7,484</td><td>8,221</td><td>15,772</td><td>21,562</td><td>38,671</td><td>15,422</td><td>17,094</td><td>15,186</td></tr><tr><td>Indiana</td><td>79,524</td><td>82,311</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>4,235</td><td>4,405</td></tr><tr><td>Iowa</td><td>72,432</td><td>106,397</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><td>4,859</td></tr><tr><td>Kansas</td><td>34,897</td><td>44,903</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><td>1,740</td></tr><tr><td>Kentucky</td><td>43,755</td><td>47,442</td><td>2,416</td><td>1,896</td><td>7,888</td><td>4,169</td><td>1,350</td><td>1,406</td><td>1,123</td><td>3,459</td><td>2,905</td><td>6,411</td><td>2,515</td><td>1,709</td><td>2,890</td></tr><tr><td>Louisiana</td><td>44,461</td><td>38,952</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><td>1,163</td></tr><tr><td>Maine</td><td>20,245</td><td>20,591</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><td>1,333</td></tr><tr><td>Maryland</td><td>54,252</td><td>52,493</td><td>1,528</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><td>2,982</td></tr><tr><td>Massachusetts</td><td>174,999</td><td>147,625</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>4,444</td><td>8,262</td><td>9,538</td><td>27,034</td><td>14,679</td><td>9,088</td><td>9,208</td></tr><tr><td>Michigan</td><td>106,363</td><td>104,768</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><td>4,626</td></tr><tr><td>Minnesota</td><td>69,692</td><td>69,836</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><td>3,223</td></tr><tr><td>Mississippi</td><td>21,812</td><td>22,296</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><td>738</td></tr><tr><td>Missouri</td><td>84,266</td><td>91,689</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><td>4,262</td></tr><tr><td>Montana</td><td>10,529</td><td>13,550</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><td>640</td></tr><tr><td>Nebraska</td><td>30,414</td><td>39,339</td><td>1,965</td><td>1,623</td><td>5,241</td><td>4,964</td><td>1,133</td><td>1,220</td><td>875</td><td>1,823</td><td>3,376</td><td>6,088</td><td>1,401</td><td>2,550</td><td>2,136</td></tr><tr><td>Nevada</td><td>4,441</td><td>3,630</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><td>173</td></tr><tr><td>New Hampshire</td><td>14,403</td><td>14,563</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>866</td><td>632</td><td>2,562</td><td>1,610</td><td>1,003</td><td>643</td></tr><tr><td>New Jersey</td><td>118,761</td><td>106,839</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><td>4,733</td></tr><tr><td>New Mexico</td><td>7,025</td><td>6,503</td><td>311</td><td>151</td><td>919</td><td>1,121</td><td>116</td><td>217</td><td>128</td><td>466</td><td>477</td><td>739</td><td>142</td><td>168</td><td>140</td></tr><tr><td>New York</td><td>627,986</td><td>472,310</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><td>19,907</td></tr><tr><td>North Carolina</td><td>44,654</td><td>42,263</td><td>1,739</td><td>1,603</td><td>5,885</td><td>4,591</td><td>1,087</td><td>1,420</td><td>1,400</td><td>2,441</td><td>2,959</td><td>6,812</td><td>2,480</td><td>2,240</td><td>2,566</td></tr><tr><td>North Dakota</td><td>10,937</td><td>14,978</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><td>1,006</td></tr><tr><td>Ohio</td><td>203,827</td><td>194,155</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><td>8,210</td></tr><tr><td>Oklahoma</td><td>25,095</td><td>26,042</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><td>702</td></tr><tr><td>Oregon</td><td>32,892</td><td>29,326</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><td>1,358</td></tr><tr><td>Pennsylvania</td><td>297,430</td><td>251,120</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><td>12,528</td></tr><tr><td>Ehode Island</td><td>30,424</td><td>20,628</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>1,486</td><td>1,276</td><td>919</td></tr><tr><td>South Carolina</td><td>21,712</td><td>21,988</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><td>970</td></tr><tr><td>South Dakota</td><td>10,416</td><td>13,222</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><td>578</td></tr><tr><td>Tennessee</td><td>39,140</td><td>39,186</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><td>1,464</td></tr><tr><td>Texas</td><td>110,993</td><td>117,537</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><td>3,627</td></tr><tr><td>Utah</td><td>7,474</td><td>8,393</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><td>225</td></tr><tr><td>Vermont</td><td>7,504</td><td>8,026</td><td>220</td><td>307</td><td>1,029</td><td>1,072</td><td>241</td><td>231</td><td>381</td><td>426</td><td>674</td><td>1,526</td><td>555</td><td>421</td><td>316</td></tr><tr><td>Virginia</td><td>53,701</td><td>51,399</td><td>1,048</td><td>1,937</td><td>7,221</td><td>4,768</td><td>1,470</td><td>1,662</td><td>1,341</td><td>4,019</td><td>4,281</td><td>7,107</td><td>2,744</td><td>3,035</td><td>2,603</td></tr><tr><td>Washington</td><td>49,753</td><td>56,253</td><td>2,126</td><td>1,698</td><td>7,347</td><td>5,636</td><td>1,808</td><td>2,007</td><td>1,414</td><td>3,910</td><td>4,200</td><td>8,026</td><td>3,352</td><td>2,717</td><td>2,112</td></tr><tr><td>West Virginia</td><td>17,905</td><td>19,552</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><td>649</td></tr><tr><td>Wisconsin</td><td>86,336</td><td>93,192</td><td>3,809</td><td>3,497</td><td>13,901</td><td>11,648</td><td>2,911</td><td>3,108</td><td>2,474</td><td>6,103</td><td>9,231</td><td>14,094</td><td>5,025</td><td>4,559</td><td>5,169</td></tr><tr><td>Wyoming</td><td>6,010</td><td>6,032</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><td>188</td></tr><tr><td>Alaska</td><td>1,297</td><td>1,316</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><td>25</td></tr><tr><td>Canal Zone</td><td>1,843</td><td>1,825</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><td>125</td></tr><tr><td>Hawaii</td><td>17,367</td><td>10,522</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>504</td><td>
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reports of gross sales.
Preliminary. Less than $500.
Treasury Bulletin
40
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Maturities and Redemptions of Series A-D and E Combined, Classified by States
(In thousands of dollars at current redemption values)
<table><tr><th>State</th><th colspan="3">1944</th><th colspan="4">1945</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March 2/</th><th>April 2/</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>5,515</td><td>4,862</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>1,836</td><td>1,643</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>2,632</td><td>2,532</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>39,544</td><td>34,919</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>2,766</td><td>2,894</td></tr><tr><td>Connecticut</td><td>6,198</td><td>5,149</td><td>5,043</td><td>4,718</td><td>4,687</td><td>6,587</td><td>5,680</td></tr><tr><td>Delaware</td><td>753</td><td>872</td><td>715</td><td>754</td><td>690</td><td>1,003</td><td>825</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>5,004</td><td>3,815</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>6,474</td><td>5,827</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>6,000</td><td>4,980</td></tr><tr><td>Idaho</td><td>928</td><td>806</td><td>762</td><td>843</td><td>802</td><td>1,121</td><td>971</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>33,239</td><td>29,416</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>14,031</td><td>13,091</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>8,088</td><td>5,843</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>4,597</td><td>4,746</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>5,287</td><td>4,784</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>5,183</td><td>4,762</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>1,587</td><td>1,522</td></tr><tr><td>Maryland</td><td>3,961</td><td>4,657</td><td>4,504</td><td>3,816</td><td>3,676</td><td>5,456</td><td>5,293</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>13,447</td><td>11,199</td></tr><tr><td>Michigan</td><td>25,410</td><td>29,182</td><td>23,640</td><td>24,581</td><td>21,397</td><td>27,373</td><td>29,417</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>8,367</td><td>7,808</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>2,331</td><td>2,355</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>11,658</td><td>11,299</td></tr><tr><td>Montana</td><td>952</td><td>947</td><td>930</td><td>1,103</td><td>873</td><td>1,351</td><td>1,257</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>4,095</td><td>3,184</td></tr><tr><td>Nevada</td><td>513</td><td>550</td><td>467</td><td>435</td><td>431</td><td>585</td><td>499</td></tr><tr><td>New Hampshire</td><td>811</td><td>903</td><td>893</td><td>737</td><td>601</td><td>938</td><td>959</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>14,834</td><td>12,859</td></tr><tr><td>New Mexico</td><td>674</td><td>782</td><td>863</td><td>815</td><td>738</td><td>1,049</td><td>947</td></tr><tr><td>New York</td><td>36,762</td><td>31,841</td><td>28,720</td><td>25,690</td><td>28,941</td><td>38,195</td><td>34,763</td></tr><tr><td>North Carolina</td><td>4,235</td><td>4,626</td><td>4,449</td><td>4,111</td><td>3,905</td><td>5,431</td><td>4,650</td></tr><tr><td>North Dakota</td><td>642</td><td>722</td><td>597</td><td>692</td><td>697</td><td>901</td><td>999</td></tr><tr><td>Ohio</td><td>28,694</td><td>26,036</td><td>22,492</td><td>19,915</td><td>21,049</td><td>29,922</td><td>26,329</td></tr><tr><td>Oklahoma</td><td>4,405</td><td>4,164</td><td>3,840</td><td>3,962</td><td>3,768</td><td>5,092</td><td>4,739</td></tr><tr><td>Oregon</td><td>5,483</td><td>5,244</td><td>4,590</td><td>4,908</td><td>4,826</td><td>6,247</td><td>5,657</td></tr><tr><td>Pennsylvania</td><td>27,866</td><td>32,994</td><td>26,883</td><td>23,919</td><td>21,337</td><td>33,525</td><td>31,284</td></tr><tr><td>Rhode Island</td><td>2,057</td><td>1,996</td><td>2,074</td><td>1,715</td><td>1,656</td><td>2,478</td><td>2,100</td></tr><tr><td>South Carolina</td><td>2,720</td><td>2,117</td><td>2,312</td><td>2,037</td><td>1,981</td><td>2,800</td><td>2,328</td></tr><tr><td>South Dakota</td><td>956</td><td>828</td><td>724</td><td>769</td><td>851</td><td>1,031</td><td>1,001</td></tr><tr><td>Tennessee</td><td>5,717</td><td>5,050</td><td>4,815</td><td>4,307</td><td>4,029</td><td>5,567</td><td>5,741</td></tr><tr><td>Texas</td><td>15,143</td><td>14,350</td><td>14,622</td><td>14,608</td><td>13,845</td><td>18,172</td><td>15,685</td></tr><tr><td>Utah</td><td>1,571</td><td>1,541</td><td>1,465</td><td>1,433</td><td>1,399</td><td>1,776</td><td>1,539</td></tr><tr><td>Vermont</td><td>305</td><td>326</td><td>309</td><td>274</td><td>269</td><td>384</td><td>405</td></tr><tr><td>Virginia</td><td>5,781</td><td>6,230</td><td>5,949</td><td>5,298</td><td>5,357</td><td>7,448</td><td>6,476</td></tr><tr><td>Washington</td><td>7,797</td><td>7,314</td><td>6,383</td><td>7,108</td><td>6,821</td><td>8,790</td><td>7,570</td></tr><tr><td>West Virginia</td><td>3,598</td><td>3,506</td><td>2,925</td><td>2,778</td><td>2,359</td><td>3,571</td><td>3,589</td></tr><tr><td>Wisconsin</td><td>9,164</td><td>6,938</td><td>6,260</td><td>6,234</td><td>6,100</td><td>8,836</td><td>7,379</td></tr><tr><td>Wyoming</td><td>457</td><td>685</td><td>491</td><td>573</td><td>480</td><td>688</td><td>570</td></tr><tr><td>Alaska</td><td>161</td><td>147</td><td>122</td><td>127</td><td>154</td><td>247</td><td>181</td></tr><tr><td>Canal Zone</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hawaii</td><td>422</td><td>2,640</td><td>1,584</td><td>2,120</td><td>1,453</td><td>1,826</td><td>1,809</td></tr><tr><td>Puerto Rico</td><td>360</td><td>762</td><td>425</td><td>380</td><td>375</td><td>479</td><td>524</td></tr><tr><td>Virgin Islands</td><td>4</td><td>-</td><td>12</td><td>13</td><td>12</td><td>11</td><td>34</td></tr><tr><td>Other possessions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unallocated</td><td>63</td><td>45</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,872</td><td>-8,903</td><td>+9,955</td><td>-3,367</td><td>-11,252</td><td>+6,801</td><td>-4,448</td></tr><tr><td>Total</td><td>378,255</td><td>359,982</td><td>340,423</td><td>313,812</td><td>296,517</td><td>432,256</td><td>381,092</td></tr></table>
Sources: (1) Total redemptions: Daily Treasury Statements; (2) Redemptions by States: Reports from Federal Reserve Banks. 1/ It should be noted that State figures presented in this table 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 shown in this table are based on
current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. Includes Series A bonds which have matured and which have been retired.
June 1945
41
Participation in Payroll Savings Plans for United States Savings Bonds
<table><tr><th rowspan="2"></th><th colspan="2">Fiscal year</th><th 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>Total number of persons participating 2/, as of end of period indicated (in millions)............</td><td>26.8</td><td>27.6</td><td>27.5</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>25.2</td><td>25.1p</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>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>470</td><td>455p</td><td>500p</td></tr><tr><td>Percent of participants' pay deducted............</td><td>8.3%</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>10.0%</td><td>9.9%</td><td>10.2%</td></tr></table>
r Revised.
p Preliminary.
1/ Estimates based on reports from a large number of participating organisations.
2/ Consists of participants in (1) private employment, (2) Federal, State, and local government employment (including their agencies), and (3) the armed forces.
Sales and Redemptions of Treasury Savings Notes
Table 1.- Summary of Sales and Redemptions, by Series
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 2/</th><th rowspan="2">Net change during fiscal year or month</th><th rowspan="2">Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for Cash</th><th>Exchanged for new series</th></tr></table>
All series
<table><tr><td>1942</td><td>3,014.5</td><td>+3,014.5</td><td>4,138.9</td><td>1,124.4</td><td>1,103.7</td><td>20.7</td><td>...</td></tr><tr><td>1943</td><td>7,1495.4</td><td>+4,1480.9</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-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>-148.6</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>+1494.4</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>-149.7</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>April</td><td>9,116.2</td><td>+160.3</td><td>407.7</td><td>247.4</td><td>224.9</td><td>22.5</td><td>...</td></tr></table>
Series A 3/
<table><tr><td>1942</td><td>54.8</td><td>+54.8</td><td>72.2</td><td>17.4</td><td>16.6</td><td>.8</td><td>....</td></tr><tr><td>1943</td><td>266.7</td><td>+211.9</td><td>334.7</td><td>122.8</td><td>114.0</td><td>8.7</td><td>.1</td></tr><tr><td>1944</td><td>112.1</td><td>-154.6</td><td></td><td>154.6</td><td>136.1</td><td>18.6</td><td>....</td></tr><tr><td>1944-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>-1.8</td><td>.....</td><td>.8</td><td>.4</td><td>.3</td><td>....</td></tr><tr><td>September</td><td>102.9</td><td>-6.7</td><td>.....</td><td>6.7</td><td>6.2</td><td>.5</td><td>....</td></tr><tr><td>October</td><td>101.4</td><td>-1.5</td><td>.....</td><td>1.5</td><td>1.2</td><td>.3</td><td>....</td></tr><tr><td>November</td><td>100.6</td><td>-1.8</td><td>.....</td><td>.8</td><td>.4</td><td>.3</td><td>....</td></tr><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><tr><td>April</td><td>77.0</td><td>-3.0</td><td>.....</td><td>3.0</td><td>2.7</td><td>.3</td><td>....</td></tr></table>
(Continued on following page)
42
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes 1/ - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Par values - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">Series B 4/</td></tr><tr><td>1942</td><td>2,959.7</td><td>+2,959.7</td><td>4,066.7</td><td>1,107.0</td><td>1,087.1</td><td>19.9</td><td>....</td></tr><tr><td>1943</td><td>764.8</td><td>-2,195.0</td><td>877.1</td><td>3,072.1</td><td>2,933.3</td><td>70.6</td><td>68.2</td></tr><tr><td>1944</td><td>22.1</td><td>-742.6</td><td>....</td><td>742.6</td><td>721.2</td><td>21.5</td><td>....</td></tr><tr><td>1944-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>-1.4</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>April</td><td>5.3</td><td>-8</td><td>....</td><td>.8</td><td>.7</td><td>.2</td><td>....</td></tr><tr><td colspan="8">Series C 5/</td></tr><tr><td>1943</td><td>6,464.0</td><td>+6,464.0</td><td>7,546.7</td><td>1,082.7</td><td>1,047.2</td><td>35.6</td><td>....</td></tr><tr><td>1944</td><td>9,447.7</td><td>+2,983.8</td><td>8,953.7</td><td>5,969.9</td><td>5,507.9</td><td>462.0</td><td>....</td></tr><tr><td>1944-April</td><td>8,971.3</td><td>-13.2</td><td>299.7</td><td>312.9</td><td>274.9</td><td>38.1</td><td>....</td></tr><tr><td>May</td><td>8,931.4</td><td>-39.9</td><td>145.1</td><td>185.0</td><td>147.3</td><td>37.7</td><td>....</td></tr><tr><td>June</td><td>9,447.7</td><td>+516.4</td><td>1,922.3</td><td>1,405.9</td><td>1,334.2</td><td>71.7</td><td>....</td></tr><tr><td>July</td><td>9,893.0</td><td>+445.2</td><td>665.5</td><td>220.2</td><td>183.6</td><td>36.6</td><td>....</td></tr><tr><td>August</td><td>9,923.4</td><td>+30.4</td><td>201.4</td><td>171.0</td><td>148.1</td><td>22.9</td><td>....</td></tr><tr><td>September</td><td>9,023.8</td><td>-899.6</td><td>281.7</td><td>1,181.3</td><td>1,158.4</td><td>22.9</td><td>....</td></tr><tr><td>October</td><td>8,976.4</td><td>-47.3</td><td>180.7</td><td>228.0</td><td>198.7</td><td>29.3</td><td>....</td></tr><tr><td>November</td><td>9,892.0</td><td>+915.6</td><td>1,081.7</td><td>165.0</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>+64.6</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><tr><td>April</td><td>9,033.9</td><td>+164.1</td><td>407.7</td><td>243.6</td><td>221.6</td><td>22.0</td><td>....</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000. 1/ These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax savings notes. Series A notes were designed for the small and moderate taxpayer; Series B and Series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for Series A tax savings notes disappeared and their sale was discontinued. Redemption provisions 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. Includes matured Treasury savings notes. Series A notes, which were sold from August 1, 1941 through June 22, 1943, yield approximately 1.92% per annum. Through June 22, 1943, the notes could be redeemed for cash only at the original purchase price; since that date, the notes have been redeemed for cash at
the tax payment value current at the time of presentation. (See also footnote 1.) Prior to October 4, 1943, the maximum amount which could be used in payment of each class of tax (income, estate, or gift) by each taxpayer during each taxable year was limited to $5,000 per value; this limitation was removed as of that date. Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately 0.43% per annum. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash only at the original purchase price. Series C notes went on sale September 14, 1942. Interest accrues each month on a graduated scale (see "Treasury Bulletin" for August 1943, page 4) to yield approximately 1.07% per annum if held to maturity. These notes may be used in payment of Federal taxes at any time two months after the date of issue. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash six months after the date of issue at the tax payment value current at the time of presentation. Prior to July 27, 1943, notice of 30 days was required for cash redemption. See also footnote 1.
June 1945
43
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="8">Sales in millions of dollars at par</th><th colspan="8">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$100 2/</th><th>$500 2/</th><th colspan="6">Denomination Thousands of dollars</th><th>Total all denominations</th><th>$100 2/</th><th>$500 2/</th><th colspan="6">Denomination Thousands of dollars</th></tr><tr><th></th><th></th><th></th><th></th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th></th><th></th><th></th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th></tr><tr><td>1943</td><td>7,546.7</td><td>....</td><td>....</td><td>249.0</td><td>332.1</td><td>1,386.6</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>1,658.5</td><td>3,086.9</td><td>1,259.3</td><td>1,808.0</td><td>100.0</td><td>.1</td><td>.3</td><td>4.4</td><td>5.7</td><td>20.7</td><td>34.5</td><td>14.1</td><td>20.2</td></tr><tr><td>1944-Apr.</td><td>299.7</td><td>.3</td><td>.6</td><td>6.3</td><td>9.9</td><td>45.3</td><td>95.3</td><td>57.5</td><td>84.5</td><td>100.0</td><td>.1</td><td>.2</td><td>2.1</td><td>3.3</td><td>15.1</td><td>31.8</td><td>19.2</td><td>28.2</td></tr><tr><td>May.</td><td>145.1</td><td>.3</td><td>.4</td><td>4.4</td><td>7.1</td><td>26.7</td><td>50.8</td><td>16.1</td><td>39.3</td><td>100.0</td><td>.2</td><td>.3</td><td>3.0</td><td>4.9</td><td>18.4</td><td>35.0</td><td>11.1</td><td>27.1</td></tr><tr><td>June.</td><td>1,922.3</td><td>3.8</td><td>7.7</td><td>71.1</td><td>103.8</td><td>376.8</td><td>682.4</td><td>248.0</td><td>428.7</td><td>100.0</td><td>.2</td><td>.4</td><td>3.7</td><td>5.4</td><td>19.6</td><td>35.5</td><td>12.9</td><td>22.3</td></tr><tr><td>July.</td><td>665.5</td><td>2.7</td><td>5.3</td><td>38.6</td><td>52.6</td><td>159.7</td><td>224.9</td><td>85.9</td><td>95.8</td><td>100.0</td><td>.4</td><td>.8</td><td>5.8</td><td>7.9</td><td>24.0</td><td>33.8</td><td>12.9</td><td>14.4</td></tr><tr><td>Aug.</td><td>201.4</td><td>.2</td><td>.6</td><td>5.8</td><td>9.3</td><td>36.7</td><td>62.0</td><td>25.6</td><td>61.2</td><td>100.0</td><td>.1</td><td>.3</td><td>2.9</td><td>4.6</td><td>18.2</td><td>30.8</td><td>12.7</td><td>30.4</td></tr><tr><td>Sept.</td><td>281.7</td><td>.3</td><td>.6</td><td>5.9</td><td>10.4</td><td>46.5</td><td>76.6</td><td>43.9</td><td>97.5</td><td>100.0</td><td>.1</td><td>.2</td><td>2.1</td><td>3.7</td><td>16.5</td><td>27.2</td><td>15.6</td><td>34.6</td></tr><tr><td>Oct.</td><td>180.7</td><td>.2</td><td>.5</td><td>5.1</td><td>7.9</td><td>31.1</td><td>59.3</td><td>9.4</td><td>67.2</td><td>100.0</td><td>.1</td><td>.3</td><td>2.8</td><td>4.4</td><td>17.2</td><td>32.8</td><td>5.2</td><td>37.2</td></tr><tr><td>Nov.</td><td>1,081.7</td><td>1.1</td><td>3.2</td><td>33.5</td><td>56.2</td><td>215.3</td><td>385.1</td><td>123.3</td><td>263.9</td><td>100.0</td><td>.1</td><td>.3</td><td>3.1</td><td>5.2</td><td>19.9</td><td>35.6</td><td>11.4</td><td>24.4</td></tr><tr><td>Dec.</td><td>1,283.8</td><td>2.6</td><td>9.0</td><td>66.7</td><td>104.0</td><td>333.8</td><td>460.9</td><td>134.8</td><td>172.0</td><td>100.0</td><td>.2</td><td>.7</td><td>5.2</td><td>8.1</td><td>26.0</td><td>35.9</td><td>10.5</td><td>13.4</td></tr><tr><td>1945-Jan.</td><td>257.7</td><td>.8</td><td>1.3</td><td>8.5</td><td>12.4</td><td>48.4</td><td>77.8</td><td>41.2</td><td>67.5</td><td>100.0</td><td>.3</td><td>.5</td><td>3.3</td><td>4.8</td><td>18.8</td><td>30.2</td><td>16.0</td><td>26.2</td></tr><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><tr><td>Apr.</td><td>407.7</td><td>.4</td><td>.8</td><td>7.7</td><td>11.8</td><td>62.0</td><td>123.5</td><td>73.8</td><td>127.6</td><td>100.0</td><td>.1</td><td>.2</td><td>1.9</td><td>2.9</td><td>15.2</td><td>30.3</td><td>18.1</td><td>31.3</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
notes may be found in the "Treasury Bulletin" for July 1943, page 46. 2/ Denominations of $100 and $500 were first offered in November, 1943.
Table 3.- Sales of Series C Notes, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars at par</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td>1943</td><td>7,546.7</td><td>611.3</td><td>6,935.4</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>1944</td><td>8,953.7</td><td>654.9</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1944-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>4.9</td><td>192.5</td><td>100.0</td><td>4.4</td><td>95.6</td></tr><tr><td>September</td><td>281.7</td><td>15.8</td><td>265.9</td><td>100.0</td><td>5.6</td><td>94.4</td></tr><tr><td>October</td><td>180.7</td><td>9.8</td><td>170.9</td><td>100.0</td><td>5.4</td><td>94.6</td></tr><tr><td>November</td><td>1,051.7</td><td>53.5</td><td>1,028.2</td><td>100.0</td><td>4.9</td><td>95.1</td></tr><tr><td>December</td><td>1,283.8</td><td>77.1</td><td>1,206.7</td><td>100.0</td><td>6.0</td><td>94.0</td></tr><tr><td>1945-January</td><td>257.7</td><td>18.8</td><td>238.9</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><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><tr><td>April</td><td>407.7</td><td>34.7</td><td>373.0</td><td>100.0</td><td>8.5</td><td>91.5</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by type of purchaser: sales reported to the Treasury. 1/ Information on sales, by type of purchaser, of Series A and B tax
earnings notes may be found in the "Treasury Bulletin" for July 1943, page 47.
44
Treasury Bulletin
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</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>4/</td><td>4/</td><td>100.0</td><td>4/</td><td>4/</td></tr><tr><td>1942 (July 1941</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,948</td><td>18,468 5/</td><td>100.0</td><td>87.4</td><td>12.6 5/</td></tr><tr><td>Aug. 1941-June 1942</td><td></td><td></td><td></td><td></td><td>474,168</td><td>70,480 5/</td><td>100.0</td><td>87.1</td><td>12.9 5/</td></tr><tr><td>1943</td><td>213,350</td><td>+45,620 6/1/</td><td>590,268 1/</td><td>544,647</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2 5/</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944-April</td><td>196,404</td><td>+582</td><td>35,717</td><td>35,134</td><td>28,261</td><td>6,873</td><td>100.0</td><td>80.4</td><td>19.6</td></tr><tr><td>May</td><td>198,407</td><td>+2,003</td><td>30,748</td><td>28,745</td><td>23,055</td><td>5,690</td><td>100.0</td><td>80.2</td><td>19.8</td></tr><tr><td>June</td><td>196,518</td><td>-1,889</td><td>22,696</td><td>24,584</td><td>20,774</td><td>3,811</td><td>100.0</td><td>84.5</td><td>15.5</td></tr><tr><td>July</td><td>180,399</td><td>-16,119</td><td>16,566</td><td>32,685</td><td>27,553</td><td>5,132</td><td>100.0</td><td>84.3</td><td>15.7</td></tr><tr><td>August</td><td>167,425</td><td>-12,974</td><td>23,138</td><td>36,112</td><td>27,996</td><td>8,116</td><td>100.0</td><td>77.5</td><td>22.5</td></tr><tr><td>September</td><td>168,253</td><td>+828</td><td>18,898</td><td>18,070</td><td>14,175</td><td>3,896</td><td>100.0</td><td>78.4</td><td>21.6</td></tr><tr><td>October</td><td>175,199</td><td>+6,945</td><td>24,679</td><td>17,734</td><td>13,816</td><td>3,917</td><td>100.0</td><td>77.9</td><td>22.1</td></tr><tr><td>November</td><td>180,587</td><td>+5,388</td><td>23,946</td><td>18,558</td><td>14,929</td><td>3,628</td><td>100.0</td><td>80.4</td><td>19.6</td></tr><tr><td>December</td><td>181,529</td><td>+942</td><td>21,163</td><td>20,221</td><td>16,618</td><td>3,602</td><td>100.0</td><td>82.2</td><td>17.8</td></tr><tr><td>1945-January</td><td>182,692</td><td>+1,164</td><td>21,088</td><td>19,924</td><td>16,321</td><td>3,603</td><td>100.0</td><td>81.9</td><td>18.1</td></tr><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><tr><td>April</td><td>188,743</td><td>-666</td><td>24,748</td><td>25,414</td><td>20,079</td><td>5,335</td><td>100.0</td><td>79.0</td><td>21.0</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 less 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-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>853</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><tr><td>April</td><td>24,748</td><td>6,966</td><td>12,226</td><td>1,878</td><td>2,755</td><td>924</td><td>100.0</td><td>28.2</td><td>49.4</td><td>7.6</td><td>11.1</td><td>3.7</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.
June 1945
45
OWNERSHIP OF GOVERNMENT SECURITIES
46
Treasury Bulletin
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Security issued by United States Government</th><th colspan="7">Securities guaranteed by United States 1/</th></tr><tr><th>Total amount out-standing</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 unmetured out-standing</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve banks</th><th colspan="3">Private investors 2/</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th></th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th></tr><tr><td>1935</td><td>27,045</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>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</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-Apr</td><td>183,413</td><td>17,767</td><td>4,060</td><td>10</td><td>13,697</td><td>13,216</td><td>152,430</td><td>110,164</td><td>42,265</td><td>2,258</td><td>7</td><td>586</td><td>1,497</td><td>168</td></tr><tr><td>May</td><td>184,874</td><td>18,195</td><td>4,064</td><td>10</td><td>14,122</td><td>14,247</td><td>152,432</td><td>109,718</td><td>42,714</td><td>1,529</td><td>7</td><td>176</td><td>1,183</td><td>163</td></tr><tr><td>June</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>July</td><td>207,117</td><td>19,586</td><td>4,615</td><td>10</td><td>14,961</td><td>14,912</td><td>172,619</td><td>125,392</td><td>47,227</td><td>1,468</td><td>4</td><td>-</td><td>1,187</td><td>277</td></tr><tr><td>Aug.</td><td>208,289</td><td>20,079</td><td>4,608</td><td>10</td><td>15,461</td><td>15,803</td><td>172,407</td><td>124,803</td><td>47,604</td><td>1,475</td><td>4</td><td>-</td><td>1,187</td><td>284</td></tr><tr><td>Sept.</td><td>207,850</td><td>20,575</td><td>4,588</td><td>10</td><td>15,976</td><td>16,651</td><td>170,625</td><td>123,483</td><td>47,142</td><td>1,480</td><td>4</td><td>-</td><td>1,187</td><td>289</td></tr><tr><td>Oct.</td><td>208,608</td><td>20,784</td><td>4,605</td><td>10</td><td>16,170</td><td>17,645</td><td>170,179</td><td>122,759</td><td>47,420</td><td>1,480</td><td>4</td><td>-</td><td>1,189</td><td>287</td></tr><tr><td>Nov.</td><td>210,774</td><td>21,185</td><td>4,592</td><td>10</td><td>16,583</td><td>18,386</td><td>171,204</td><td>122,205</td><td>48,998</td><td>1,470</td><td>4</td><td>-</td><td>1,189</td><td>277</td></tr><tr><td>Dec.</td><td>228,891</td><td>21,672</td><td>5,337</td><td>10</td><td>16,326</td><td>18,844</td><td>188,375</td><td>137,468</td><td>50,907</td><td>1,470</td><td>4</td><td>-</td><td>1,190</td><td>275</td></tr><tr><td>1945-Jan.</td><td>230,672</td><td>21,955</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>22,864</td><td>5,281</td><td>16</td><td>17,567</td><td>19,669</td><td>189,493</td><td>137,675</td><td>51,817</td><td>1,119</td><td>6</td><td>-</td><td>781</td><td>332</td></tr><tr><td>Apr.</td><td>233,063</td><td>23,165p</td><td>5,226p</td><td>16p</td><td>17,923</td><td>20,455</td><td>189,443p</td><td>136,999p</td><td>52,444p</td><td>1,132</td><td>6p</td><td>-</td><td>782p</td><td>343</td></tr></table>
Source: (1) Total amounts outstanding: Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds, reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks: Federal Reserve System. Preliminary. Less than $500,000.
Excludes matured securities, and obligations held by the Treasury. The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
June 1945
47
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>18.5</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-January</td><td>114.3</td><td>48.8</td><td>42.8</td><td>6.0</td><td>65.5</td><td>24.9</td><td>11.4</td><td>4.6</td><td>11.4</td><td>.8</td><td>12.4</td></tr><tr><td>February</td><td>117.1</td><td>49.2</td><td>43.3</td><td>5.9</td><td>67.9</td><td>25.3</td><td>11.5</td><td>4.7</td><td>12.4</td><td>.8</td><td>12.7</td></tr><tr><td>March</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.6</td><td>11.2</td><td>4.6</td><td>12.2</td><td>.8</td><td>13.1</td></tr><tr><td>April</td><td>133.0</td><td>55.4</td><td>49.0</td><td>6.5</td><td>77.6</td><td>28.7</td><td>13.0</td><td>5.2</td><td>16.1</td><td>1.3</td><td>13.4</td></tr><tr><td>May</td><td>138.8</td><td>59.0</td><td>52.8</td><td>6.2</td><td>79.8</td><td>30.0</td><td>13.0</td><td>5.2</td><td>16.4</td><td>1.3</td><td>13.8</td></tr><tr><td>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>July</td><td>144.0</td><td>62.0</td><td>53.8</td><td>8.2</td><td>82.0</td><td>31.4</td><td>13.2</td><td>5.3</td><td>16.0</td><td>1.3</td><td>14.8</td></tr><tr><td>August</td><td>146.7</td><td>64.0</td><td>54.9</td><td>9.1</td><td>82.7</td><td>31.9</td><td>13.1</td><td>5.1</td><td>16.0</td><td>1.3</td><td>15.3</td></tr><tr><td>September</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.8</td><td>1.9</td><td>15.8</td></tr><tr><td>October</td><td>167.7</td><td>71.1</td><td>61.8</td><td>9.4</td><td>96.6</td><td>36.4</td><td>14.9</td><td>6.0</td><td>21.4</td><td>2.0</td><td>16.0</td></tr><tr><td>November</td><td>168.9</td><td>71.6</td><td>61.3</td><td>10.3</td><td>97.3</td><td>36.9</td><td>15.0</td><td>6.0</td><td>21.1</td><td>2.0</td><td>16.4</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-January</td><td>171.3</td><td>73.8</td><td>61.8</td><td>12.1</td><td>97.5</td><td>38.1</td><td>14.7</td><td>5.7</td><td>19.3</td><td>1.9</td><td>17.2</td></tr><tr><td>February</td><td>185.9</td><td>76.4</td><td>64.8</td><td>11.6</td><td>109.5</td><td>41.7</td><td>16.2</td><td>6.6</td><td>24.5</td><td>2.6</td><td>17.8</td></tr><tr><td>March</td><td>185.6</td><td>76.2</td><td>64.0 r</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>April</td><td>185.7</td><td>77.0</td><td>63.7</td><td>13.2</td><td>108.7</td><td>42.2</td><td>16.4</td><td>6.8</td><td>22.3</td><td>2.6</td><td>18.4</td></tr><tr><td>May</td><td>186.4</td><td>77.5</td><td>63.2</td><td>14.3</td><td>108.9</td><td>42.5</td><td>16.5</td><td>6.7</td><td>22.3</td><td>2.6</td><td>18.4</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>July</td><td>208.6</td><td>86.9</td><td>72.0</td><td>14.9</td><td>121.7</td><td>47.3</td><td>17.9</td><td>7.5</td><td>25.9</td><td>3.5</td><td>19.6</td></tr><tr><td>August</td><td>209.8</td><td>87.4</td><td>71.6</td><td>15.8</td><td>122.4</td><td>47.5</td><td>18.1</td><td>7.6</td><td>25.6</td><td>3.5</td><td>20.1</td></tr><tr><td>September</td><td>209.3</td><td>87.2 r</td><td>70.5</td><td>16.7</td><td>122.1 r</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>October</td><td>210.1</td><td>87.8</td><td>70.1</td><td>17.6</td><td>122.3</td><td>47.9</td><td>18.4</td><td>7.7</td><td>24.1</td><td>3.5</td><td>20.8</td></tr><tr><td>November</td><td>212.2</td><td>90.1</td><td>71.7</td><td>18.4</td><td>122.2</td><td>48.4</td><td>17.9</td><td>7.3</td><td>23.9</td><td>3.5</td><td>21.2</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><tr><td>1945-January</td><td>232.2</td><td>97.5</td><td>78.5</td><td>19.0</td><td>134.7</td><td>52.9</td><td>19.9</td><td>8.6</td><td>27.1</td><td>4.3</td><td>22.0</td></tr><tr><td>February</td><td>233.0</td><td>97.6</td><td>78.1</td><td>19.4</td><td>135.4</td><td>53.2</td><td>20.1</td><td>8.7</td><td>26.7</td><td>4.3</td><td>22.4</td></tr></table>
Revised. 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 businesses.
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
(In millions of dollars)
<table><tr><th></th><th colspan="12">Net market purchases or sales (-)</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></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>-20.3</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>.</td><td>.</td><td>-1.3</td><td>-4.4</td><td>-1.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>.</td><td>-1.7</td><td>-2</td><td>.4</td><td>.</td><td>.</td><td>.</td><td>-1.2</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>-5.9</td><td>-55.6</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td></tr></table>
r Revised. 
* Less than $50,000. 
1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of
the United States, and (2) accounts under the control of certain U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
48
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 1945
Section I - Securities Issued or Guaranteed by the United States Government
The tables in Section I present summary data as of March 31, 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">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 2/</th></tr><tr><th>7,409 commercial banks 3/</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>163,412</td><td>71,503</td><td>364</td><td>8,482</td><td>19,554</td><td>17,081</td><td>2,473</td><td>24,936</td><td>38,568</td></tr><tr><td>Non-marketable securities</td><td>52,165</td><td>1,248</td><td>7</td><td>193</td><td>268</td><td>100</td><td>168</td><td>15</td><td>50,134</td></tr><tr><td>Total public securities</td><td>215,578</td><td>72,756</td><td>370</td><td>8,675</td><td>19,823</td><td>17,181</td><td>2,641</td><td>24,951</td><td>89,002</td></tr><tr><td>Special issues</td><td>17,567</td><td></td><td></td><td></td><td></td><td></td><td></td><td>17,567</td><td></td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 4/</td><td>233,145</td><td>72,756</td><td>370</td><td>8,675</td><td>19,823</td><td>17,181</td><td>2,641</td><td>42,519</td><td>89,002</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 ageocile and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,409 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><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>16,921</td><td>2,719</td><td>1</td><td>12</td><td>21</td><td>11</td><td>10</td><td>12,102</td><td>2,066</td></tr><tr><td>Certificates of indebtedness</td><td>34,544</td><td>17,803</td><td>27</td><td>269</td><td>698</td><td>432</td><td>266</td><td>5,521</td><td>10,225</td></tr><tr><td>Treasury notes</td><td>18,588</td><td>12,613</td><td>44</td><td>318</td><td>651</td><td>467</td><td>184</td><td>1,105</td><td>3,858</td></tr><tr><td>Treasury bonds</td><td>92,377</td><td>37,778</td><td>290</td><td>7,079</td><td>18,167</td><td>16,160</td><td>2,007</td><td>6,167</td><td>22,097</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>16</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>35</td><td>143</td></tr><tr><td>Guaranteed by United States 4/</td><td>787</td><td>580</td><td>1</td><td>4</td><td>17</td><td>11</td><td>5</td><td>6</td><td>179</td></tr><tr><td>Total</td><td>163,412</td><td>71,508</td><td>364</td><td>8,482</td><td>19,554</td><td>17,081</td><td>2,473</td><td>24,936</td><td>38,568</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>59,834</td><td>25,780</td><td>34</td><td>345</td><td>1,014</td><td>659</td><td>355</td><td>18,433</td><td>14,228</td></tr><tr><td>1 to 5 years</td><td>31,746</td><td>21,480</td><td>56</td><td>966</td><td>1,881</td><td>1,338</td><td>542</td><td>1,569</td><td>5,784</td></tr><tr><td>5 to 10 years</td><td>39,150</td><td>20,684</td><td>127</td><td>3,301</td><td>4,116</td><td>3,172</td><td>944</td><td>1,269</td><td>9,454</td></tr><tr><td>10 to 15 years</td><td>7,172</td><td>1,610</td><td>57</td><td>1,459</td><td>1,857</td><td>1,591</td><td>266</td><td>352</td><td>1,838</td></tr><tr><td>15 to 20 years</td><td>19,281</td><td>920</td><td>54</td><td>1,849</td><td>8,527</td><td>8,215</td><td>312</td><td>2,342</td><td>5,590</td></tr><tr><td>Over 20 years</td><td>6,197</td><td>1,025</td><td>26</td><td>361</td><td>2,147</td><td>2,095</td><td>53</td><td>965</td><td>1,673</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>32</td><td>11</td><td>*</td><td>2</td><td>11</td><td>11</td><td>1</td><td>6</td><td>2</td></tr><tr><td>Total</td><td>163,412</td><td>71,508</td><td>364</td><td>8,482</td><td>19,554</td><td>17,081</td><td>2,473</td><td>24,936</td><td>38,568</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>Usually exempt from Federal income taxes</td><td>196</td><td>16</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>35</td><td>143</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>22,935</td><td>13,644</td><td>105</td><td>292</td><td>2,035</td><td>1,096</td><td>939</td><td>2,261</td><td>4,598</td></tr><tr><td>Subject to Federal income taxes</td><td>140,281</td><td>57,849</td><td>259</td><td>8,190</td><td>17,518</td><td>15,985</td><td>1,533</td><td>22,639</td><td>33,827</td></tr><tr><td>Total</td><td>163,412</td><td>71,508</td><td>364</td><td>8,482</td><td>19,554</td><td>17,081</td><td>2,473</td><td>24,936</td><td>38,568</td></tr></table>
(Continued on following page)
June 1945
49
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 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>7,409 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">Percentage distribution by classes of securities</td></tr><tr><th colspan="10">Types of security:</th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>10.4</td><td>3.8</td><td>.2</td><td>.1</td><td>.1</td><td>.1</td><td>.4</td><td>48.5</td><td>5.4</td></tr><tr><td>Certificates of indebtedness</td><td>21.1</td><td>24.9</td><td>7.5</td><td>3.2</td><td>3.6</td><td>2.5</td><td>10.8</td><td>22.1</td><td>26.5</td></tr><tr><td>Treasury notes</td><td>11.4</td><td>17.6</td><td>12.2</td><td>3.7</td><td>3.3</td><td>2.7</td><td>7.4</td><td>4.4</td><td>10.0</td></tr><tr><td>Treasury bonds</td><td>56.5</td><td>52.8</td><td>79.8</td><td>92.9</td><td>92.9</td><td>94.6</td><td>81.1</td><td>24.7</td><td>57.3</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><th colspan="10">Call classes:</th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>36.6</td><td>36.1</td><td>9.3</td><td>4.1</td><td>5.2</td><td>3.9</td><td>14.4</td><td>73.9</td><td>36.9</td></tr><tr><td>1 to 5 years</td><td>19.4</td><td>30.0</td><td>18.2</td><td>11.4</td><td>9.6</td><td>7.5</td><td>21.9</td><td>6.3</td><td>15.0</td></tr><tr><td>5 to 10 years</td><td>24.0</td><td>28.9</td><td>34.9</td><td>41.3</td><td>21.0</td><td>18.6</td><td>38.2</td><td>5.1</td><td>24.5</td></tr><tr><td>10 to 15 years</td><td>4.4</td><td>2.3</td><td>15.6</td><td>17.2</td><td>9.5</td><td>9.3</td><td>10.8</td><td>1.4</td><td>4.8</td></tr><tr><td>15 to 20 years</td><td>11.8</td><td>1.3</td><td>14.9</td><td>21.8</td><td>43.6</td><td>48.1</td><td>12.6</td><td>9.4</td><td>14.5</td></tr><tr><td>Over 20 years</td><td>3.8</td><td>1.4</td><td>7.2</td><td>4.3</td><td>11.0</td><td>12.3</td><td>2.1</td><td>3.9</td><td>4.3</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th colspan="10">Tax-exemption provisions: 5/</th></tr><tr><td>Wholly exempt from Federal income taxes</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>Partially exempt from Federal income taxes</td><td>14.0</td><td>19.1</td><td>28.9</td><td>3.4</td><td>10.4</td><td>6.4</td><td>18.0</td><td>9.1</td><td>11.9</td></tr><tr><td>Subject to Federal income taxes</td><td>85.8</td><td>80.9</td><td>71.1</td><td>96.6</td><td>89.6</td><td>93.6</td><td>62.0</td><td>90.8</td><td>87.7</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td colspan="10">Percentage distribution by groups of investors</td></tr><tr><th colspan="10">Types of security:</th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>16.1</td><td>*</td><td>.1</td><td>.1</td><td>.1</td><td>.1</td><td>71.5</td><td>12.2</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>51.5</td><td>.1</td><td>.8</td><td>2.0</td><td>1.3</td><td>.8</td><td>16.0</td><td>29.6</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>67.9</td><td>.2</td><td>1.7</td><td>3.5</td><td>2.5</td><td>1.0</td><td>5.9</td><td>20.8</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>40.9</td><td>.3</td><td>8.5</td><td>19.7</td><td>17.5</td><td>2.2</td><td>6.7</td><td>23.9</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.2</td><td>*</td><td>.2</td><td>.7</td><td>.1</td><td>.6</td><td>18.0</td><td>72.9</td></tr><tr><td>Guaranteed by United States 4/</td><td>100.0</td><td>73.7</td><td>.1</td><td>.5</td><td>2.1</td><td>1.4</td><td>.7</td><td>.8</td><td>22.8</td></tr><tr><td>Total</td><td>100.0</td><td>43.8</td><td>.2</td><td>5.2</td><td>12.0</td><td>10.5</td><td>1.5</td><td>15.3</td><td>23.6</td></tr><tr><th colspan="10">Call classes:</th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>43.1</td><td>.1</td><td>.6</td><td>1.7</td><td>1.1</td><td>.6</td><td>30.8</td><td>23.8</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>67.7</td><td>.2</td><td>3.0</td><td>5.9</td><td>4.2</td><td>1.7</td><td>4.9</td><td>18.2</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>52.8</td><td>.3</td><td>8.9</td><td>10.5</td><td>8.1</td><td>2.4</td><td>3.2</td><td>24.1</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>82.4</td><td>.8</td><td>20.3</td><td>25.9</td><td>22.2</td><td>3.7</td><td>4.9</td><td>25.6</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>4.8</td><td>.3</td><td>9.6</td><td>44.2</td><td>42.6</td><td>1.6</td><td>12.1</td><td>29.0</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>16.5</td><td>.4</td><td>5.8</td><td>34.7</td><td>33.8</td><td>.8</td><td>15.6</td><td>27.0</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>33.6</td><td>.1</td><td>6.3</td><td>35.3</td><td>33.3</td><td>2.0</td><td>18.7</td><td>6.1</td></tr><tr><td>Total</td><td>100.0</td><td>43.8</td><td>.2</td><td>5.2</td><td>12.0</td><td>10.5</td><td>1.5</td><td>15.3</td><td>23.6</td></tr><tr><th colspan="10">Tax-exemption provisions: 5/</th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>8.2</td><td>*</td><td>.2</td><td>.7</td><td>.1</td><td>.6</td><td>18.0</td><td>72.9</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>59.5</td><td>.5</td><td>1.3</td><td>8.9</td><td>4.8</td><td>4.1</td><td>9.9</td><td>20.0</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>41.2</td><td>.2</td><td>5.8</td><td>12.5</td><td>11.4</td><td>1.1</td><td>16.1</td><td>24.1</td></tr><tr><td>Total</td><td>100.0</td><td>43.8</td><td>.2</td><td>5.2</td><td>12.0</td><td>10.5</td><td>1.5</td><td>15.3</td><td>23.6</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, March 31, 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
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="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>7,409 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>16,921</td><td>2,719</td><td>1</td><td>12</td><td>21</td><td>11</td><td>10</td><td>12,102</td><td>2,066</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% April 1945.....(taxable)</td><td>4,877</td><td>2,872</td><td>3</td><td>56</td><td>20</td><td>13</td><td>8</td><td>1,210</td><td>716</td></tr><tr><td>7/8% May 1945.....(taxable)</td><td>1,615</td><td>1,045</td><td>1</td><td>2</td><td>7</td><td>3</td><td>4</td><td>375</td><td>185</td></tr><tr><td>7/8% June 1945.....(taxable)</td><td>4,770</td><td>1,712</td><td>4</td><td>35</td><td>141</td><td>87</td><td>53</td><td>639</td><td>2,240</td></tr><tr><td>7/8% August 1945.....(taxable)</td><td>2,512</td><td>1,574</td><td>3</td><td>16</td><td>29</td><td>17</td><td>11</td><td>654</td><td>235</td></tr><tr><td>7/8% September 1945.....(taxable)</td><td>3,694</td><td>1,995</td><td>4</td><td>32</td><td>164</td><td>143</td><td>20</td><td>660</td><td>839</td></tr><tr><td>7/8% October 1945.....(taxable)</td><td>3,492</td><td>2,348</td><td>2</td><td>11</td><td>76</td><td>69</td><td>8</td><td>718</td><td>336</td></tr><tr><td>7/8% December 1945.....(taxable)</td><td>4,395</td><td>477</td><td>1</td><td>32</td><td>164</td><td>60</td><td>103</td><td>10</td><td>3,711</td></tr><tr><td>7/8% February 1946.....(taxable)</td><td>5,043</td><td>3,008</td><td>5</td><td>48</td><td>47</td><td>17</td><td>30</td><td>739</td><td>1,198</td></tr><tr><td>7/8% March 1946.....(taxable)</td><td>4,147</td><td>2,772</td><td>4</td><td>38</td><td>52</td><td>23</td><td>29</td><td>517</td><td>766</td></tr><tr><td>Total certificates of indebtedness</td><td>34,544</td><td>17,803</td><td>27</td><td>269</td><td>698</td><td>432</td><td>266</td><td>5,521</td><td>10,225</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% December 1945.....(taxable)</td><td>531</td><td>368</td><td>1</td><td>5</td><td>13</td><td>2</td><td>11</td><td>27</td><td>115</td></tr><tr><td>1% January 1946.....(taxable)</td><td>3,416</td><td>2,441</td><td>1</td><td>10</td><td>54</td><td>50</td><td>4</td><td>398</td><td>511</td></tr><tr><td>1% March 1946.....(taxable)</td><td>1,291</td><td>952</td><td>2</td><td>9</td><td>50</td><td>38</td><td>12</td><td>76</td><td>201</td></tr><tr><td>1-1/2% December 1946.....(taxable)</td><td>3,261</td><td>2,479</td><td>8</td><td>58</td><td>102</td><td>79</td><td>23</td><td>284</td><td>330</td></tr><tr><td>1-1/4% March 1947.....(taxable)</td><td>1,948</td><td>847</td><td>13</td><td>52</td><td>279</td><td>242</td><td>37</td><td>1</td><td>757</td></tr><tr><td>1-1/4% September 1947.....(taxable)</td><td>1,687</td><td>559</td><td>9</td><td>76</td><td>70</td><td>32</td><td>37</td><td>1</td><td>973</td></tr><tr><td>1-1/2% September 1947.....(taxable)</td><td>2,707</td><td>2,068</td><td>5</td><td>49</td><td>43</td><td>13</td><td>30</td><td></td><td>542</td></tr><tr><td>1-1/2% September 1948.....(taxable)</td><td>3,748</td><td>2,899</td><td>4</td><td>59</td><td>41</td><td>10</td><td>30</td><td>318</td><td>427</td></tr><tr><td>Total Treasury notes</td><td>18,588</td><td>12,613</td><td>44</td><td>318</td><td>651</td><td>467</td><td>184</td><td>1,105</td><td>3,858</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-3/4% September 1945-47.....(partially)</td><td>1,214</td><td>506</td><td>*</td><td>26</td><td>77</td><td>58</td><td>19</td><td>179</td><td>426</td></tr><tr><td>2-1/2% December 1945.....(partially)</td><td>541</td><td>237</td><td>*</td><td>3</td><td>18</td><td>1</td><td>18</td><td>18</td><td>265</td></tr><tr><td>3-3/4% March 1946-56.....(partially)</td><td>489</td><td>170</td><td>*</td><td>8</td><td>76</td><td>66</td><td>10</td><td>77</td><td>158</td></tr><tr><td>3% June 1946-48.....(partially)</td><td>1,036</td><td>443</td><td>1</td><td>15</td><td>118</td><td>94</td><td>24</td><td>207</td><td>251</td></tr><tr><td>3-1/8% June 1946-49.....(partially)</td><td>819</td><td>366</td><td>*</td><td>14</td><td>71</td><td>56</td><td>16</td><td>87</td><td>279</td></tr><tr><td>4-1/4% October 1947-52.....(partially)</td><td>759</td><td>275</td><td>*</td><td>17</td><td>67</td><td>39</td><td>29</td><td>81</td><td>319</td></tr><tr><td>2% December 1947.....(partially)</td><td>701</td><td>561</td><td>*</td><td>2</td><td>31</td><td>1</td><td>30</td><td></td><td>107</td></tr><tr><td>2% March 1948-50.....(taxable)</td><td>1,115</td><td>769</td><td>1</td><td>83</td><td>83</td><td>71</td><td>12</td><td>45</td><td>133</td></tr><tr><td>2-3/4% March 1948-51.....(partially)</td><td>1,223</td><td>840</td><td>2</td><td>19</td><td>82</td><td>40</td><td>42</td><td>160</td><td>121</td></tr><tr><td>1-3/4% June 1948.....(taxable)</td><td>3,062</td><td>2,320</td><td>1</td><td>123</td><td>101</td><td>64</td><td>37</td><td>27</td><td>489</td></tr><tr><td>2-1/2% September 1948.....(partially)</td><td>451</td><td>349</td><td>*</td><td>2</td><td>36</td><td>21</td><td>14</td><td></td><td>65</td></tr><tr><td>2% December 1948-50.....(partially)</td><td>571</td><td>454</td><td>2</td><td>1</td><td>19</td><td>3</td><td>16</td><td>44</td><td>52</td></tr><tr><td>2% June 1949-51.....(taxable)</td><td>1,014</td><td>745</td><td>*</td><td>73</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>972</td><td>1</td><td>84</td><td>118</td><td>91</td><td>28</td><td>10</td><td>108</td></tr><tr><td>2% December 1949-51.....(taxable)</td><td>2,098</td><td>1,449</td><td>3</td><td>105</td><td>193</td><td>169</td><td>25</td><td>11</td><td>336</td></tr><tr><td>3-1/8% December 1949-52.....(partially)</td><td>491</td><td>332</td><td>1</td><td>14</td><td>47</td><td>25</td><td>23</td><td>40</td><td>58</td></tr><tr><td>2-1/2% December 1949-53.....(partially)</td><td>1,786</td><td>1,258</td><td>9</td><td>11</td><td>62</td><td>8</td><td>54</td><td>230</td><td>216</td></tr><tr><td>2% March 1950-52.....(taxable)</td><td>1,963</td><td>1,494</td><td>5</td><td>109</td><td>199</td><td>174</td><td>25</td><td>11</td><td>144</td></tr><tr><td>2% September 1950-52.....(taxable)</td><td>4,939</td><td>2,899</td><td>8</td><td>379</td><td>477</td><td>399</td><td>78</td><td>77</td><td>1,098</td></tr><tr><td>2-1/2% September 1950-52.....(partially)</td><td>1,186</td><td>972</td><td>2</td><td>36</td><td>59</td><td>8</td><td>51</td><td>112</td><td>5</td></tr><tr><td>2-3/4% June 1951-54.....(partially)</td><td>1,627</td><td>1,122</td><td>8</td><td>23</td><td>125</td><td>58</td><td>67</td><td>164</td><td>184</td></tr></table>
(Continued on following page)
June 1945
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 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 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 1/</th></tr><tr><th></th><th></th><th>7,409 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>24 September 1951-53......(taxable)</td><td>7,986</td><td>4,612</td><td>22</td><td>707</td><td>860</td><td>716</td><td>144</td><td>128</td><td>1,658</td></tr><tr><td>24 September 1951-55......(partially)</td><td>755</td><td>299</td><td>*</td><td>10</td><td>83</td><td>49</td><td>34</td><td>79</td><td>283</td></tr><tr><td>24 December 1951-55......(taxable)</td><td>510</td><td>369</td><td>2</td><td>14</td><td>34</td><td>28</td><td>7</td><td>16</td><td>75</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>867</td><td>2</td><td>3</td><td>34</td><td>2</td><td>32</td><td>98</td><td>114</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>349</td><td>*</td><td>317</td><td>79</td><td>58</td><td>21</td><td>67</td><td>211</td></tr><tr><td>24 June 1952-54......(taxable)</td><td>5,825</td><td>3,136</td><td>19</td><td>532</td><td>673</td><td>575</td><td>98</td><td>13</td><td>1,452</td></tr><tr><td>24 December 1952-54......(taxable)</td><td>8,662</td><td>3,101</td><td>26</td><td>1,158</td><td>1,172</td><td>984</td><td>188</td><td>39</td><td>3,166</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>730</td><td>3</td><td>280</td><td>205</td><td>179</td><td>26</td><td>75</td><td>208</td></tr><tr><td>24 June 1953-55......(partially)</td><td>725</td><td>627</td><td>1</td><td>2</td><td>35</td><td>6</td><td>29</td><td>14</td><td>45</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>510</td><td>2</td><td>3</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>1,090</td><td>31</td><td>36</td><td>226</td><td>95</td><td>131</td><td>351</td><td>876</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,449</td><td>412</td><td>10</td><td>229</td><td>480</td><td>462</td><td>18</td><td>54</td><td>263</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>258</td><td>19</td><td>1,202</td><td>927</td><td>825</td><td>102</td><td>116</td><td>1,300</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>982</td><td>493</td><td>16</td><td>13</td><td>184</td><td>112</td><td>72</td><td>121</td><td>155</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>446</td><td>12</td><td>15</td><td>266</td><td>192</td><td>74</td><td>60</td><td>120</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,485</td><td>853</td><td>14</td><td>17</td><td>255</td><td>143</td><td>113</td><td>102</td><td>244</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>353</td><td>1,142</td><td>1,098</td><td>43</td><td>207</td><td>412</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>-</td><td>3</td><td>484</td><td>1,382</td><td>1,349</td><td>32</td><td>265</td><td>698</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>5,761</td><td>-</td><td>11</td><td>532</td><td>1,657</td><td>1,619</td><td>38</td><td>409</td><td>1,253</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,833</td><td>-</td><td>10</td><td>346</td><td>1,620</td><td>1,575</td><td>45</td><td>503</td><td>1,360</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>66</td><td>12</td><td>117</td><td>2,471</td><td>2,430</td><td>41</td><td>857</td><td>1,674</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>60</td><td>8</td><td>91</td><td>1,573</td><td>1,553</td><td>20</td><td>667</td><td>1,082</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>965</td><td>18</td><td>269</td><td>575</td><td>542</td><td>32</td><td>298</td><td>591</td></tr><tr><td>Total Treasury bonds......</td><td>92,377</td><td>37,773</td><td>290</td><td>7,879</td><td>18,167</td><td>16,160</td><td>2,007</td><td>6,167</td><td>22,097</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds......(wholly)</td><td>117</td><td>14</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>35</td><td>66</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>*</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>2</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>*</td><td>1</td><td>*</td><td>1</td><td>35</td><td>143</td></tr><tr><td>Guaranteed securities 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures......(partially) (taxable)</td><td>10 23</td><td>11</td><td>*</td><td>2</td><td>11</td><td>11</td><td>1</td><td>6</td><td>2</td></tr><tr><td>Home Owners' Loan Corporation 1-1/2% June 1945-47......(partially)</td><td>755</td><td>569</td><td>1</td><td>2</td><td>5</td><td>1</td><td>5</td><td>-</td><td>178</td></tr><tr><td>Total guaranteed securities......</td><td>787</td><td>580</td><td>1</td><td>4</td><td>17</td><td>11</td><td>5</td><td>6</td><td>179</td></tr><tr><td>Total public marketable securities......</td><td>163,412</td><td>71,508</td><td>364</td><td>8,482</td><td>19,554</td><td>17,081</td><td>2,473</td><td>24,936</td><td>38,568</td></tr></table>
Figures: The Treasury Survey commenced with data for March 31, 1941 and
The figures in this table have 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%. 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 headnote to this section. 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 surtax rates. "Taxable" securities are subject to both normal and surtax rates.
52
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par value 1/ - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 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 5/</th></tr><tr><th>7,409 commercial banks 4/</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>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>3,629</td><td>192</td><td>1</td><td>5</td><td>11</td><td>3</td><td>8</td><td>*</td><td>3,420</td></tr><tr><td>Series E....................(taxable)</td><td>26,760</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>26,760</td></tr><tr><td>Series F....................(taxable)</td><td>2,357</td><td>114</td><td>1</td><td>6</td><td>32</td><td>14</td><td>18</td><td>1</td><td>2,203</td></tr><tr><td>Series G....................(taxable)</td><td>9,413</td><td>256</td><td>4</td><td>182</td><td>207</td><td>79</td><td>128</td><td>9</td><td>8,755</td></tr><tr><td>Total United States savings bonds</td><td>42,159</td><td>563</td><td>6</td><td>193</td><td>250</td><td>96</td><td>155</td><td>10</td><td>41,137</td></tr><tr><td>Treasury tax and savings notes.....(taxable)</td><td>8,948</td><td>58</td><td>1</td><td>*</td><td>18</td><td>5</td><td>13</td><td>5</td><td>8,865</td></tr><tr><td>Adjusted service bonds............(wholly)</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>217</td></tr><tr><td>Depositary bonds................(taxable)</td><td>509</td><td>467</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</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</td><td>332</td><td>159</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>173</td></tr><tr><td>Total public non-marketable securities</td><td>52,165</td><td>1,248</td><td>7</td><td>193</td><td>268</td><td>100</td><td>168</td><td>15</td><td>50,434</td></tr></table>
Less than $500,000. 
1/ United States savings bonds, Series A-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement. 
2/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of prin-
cipal amount owned by any one holder is also exempt from the sur-tax rates. "Taxable" securities are subject to both normal and surtax rates.
3/ Securities held in trust departments are excluded.
4/ Includes trust companies.
5/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
6/ Series A-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable.
7/ 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
(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>7,409 commercial banks 4/</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">Federal land bank bonds</td></tr><tr><td>3-1/4% May 1945-55......(wholly)</td><td>157</td><td>23</td><td>*</td><td>1</td><td>1</td><td>1</td><td>*</td><td>-</td><td>133</td></tr><tr><td>3% July 1945-55......(wholly)</td><td>230</td><td>41</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>188</td></tr><tr><td>3% January 1946-56......(wholly)</td><td>171</td><td>19</td><td>-</td><td>*</td><td>1</td><td>1</td><td>1</td><td>-</td><td>150</td></tr><tr><td>3% May 1946-56......(wholly)</td><td>170</td><td>18</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>151</td></tr><tr><td>2-1/4% February 1953-55......(taxable)</td><td>114</td><td>63</td><td>*</td><td>3</td><td>2</td><td>1</td><td>1</td><td>-</td><td>45</td></tr><tr><td>Total Federal land bank bonds</td><td>842</td><td>165</td><td>*</td><td>5</td><td>6</td><td>3</td><td>3</td><td>-</td><td>667</td></tr></table>
Less than $500,000. 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
of both the normal and surtax Federal income tax rates. 3/ Securities held in trust departments are excluded. 4/ Includes trust companies. 5/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
June 1945
53
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
Treasury Bulletin
54
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies April 30, 1945
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount out-standing (Millions)</th><th>Description</th><th colspan="4">Price data (Price decimals are thirty-secondes)</th><th colspan="2">Yield date 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-secondes)</th><th colspan="4">1945 price range 3/ (Price decimals are thirty-secondes)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar. 31, 1945</th><th>Yield 3/</th><th>Change in yield from Mar.31 1945</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><th colspan="16">Issued by U. S. Government</th></tr><tr><td colspan="16">Treasury bonds</td></tr><tr><td>$1,115</td><td>2 3/15/48-50</td><td>102.09</td><td>102.10</td><td>102.10</td><td>.00</td><td>1.18</td><td>-.02</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 6/15/48</td><td>101.23</td><td>101.24</td><td>101.24</td><td>-.01</td><td>1.18</td><td>.00</td><td>12/1/42</td><td>101.28</td><td>4/17/45</td><td>100.01</td><td>12/23/42</td><td>101.28</td><td>4/17</td><td>101.09</td><td>1/3</td></tr><tr><td>1,014</td><td>2 6/15/49-51</td><td>102.31</td><td>103.00</td><td>103.00</td><td>+.14</td><td>1.25</td><td>-.12</td><td>1/15/42</td><td>103.00</td><td>4/30/45</td><td>100.06</td><td>8/5/42</td><td>103.00</td><td>4/30</td><td>101.26</td><td>1/4</td></tr><tr><td>1,292</td><td>2 9/15/49-51</td><td>103.01</td><td>103.02</td><td>103.02</td><td>+.16</td><td>1.28</td><td>-.12</td><td>5/15/42</td><td>103.02</td><td>4/30/45</td><td>100.04</td><td>10/6/42</td><td>103.02</td><td>4/30</td><td>101.24</td><td>1/4</td></tr><tr><td>2,098</td><td>2 -12/15/49-51</td><td>103.02</td><td>103.03</td><td>103.02</td><td>+.16</td><td>1.32</td><td>-.11</td><td>7/15/42</td><td>103.02</td><td>4/30/45</td><td>100.03</td><td>8/5/42</td><td>103.02</td><td>4/30</td><td>101.20</td><td>1/2</td></tr><tr><td>1,963</td><td>2 3/15/50-52</td><td>103.01</td><td>103.02</td><td>103.02</td><td>+.17</td><td>1.35</td><td>-.12</td><td>10/19/42</td><td>103.02</td><td>4/30/45</td><td>100.01</td><td>11/2/42</td><td>103.02</td><td>4/30</td><td>101.16</td><td>1/2</td></tr><tr><td>4,939</td><td>2 9/15/50-52</td><td>103.00</td><td>103.01</td><td>103.00</td><td>+.15</td><td>1.42</td><td>-.09</td><td>4/15/43</td><td>103.01</td><td>4/23/45</td><td>100.08</td><td>5/3/43</td><td>103.01</td><td>4/23</td><td>101.08</td><td>1/2</td></tr><tr><td>7,986</td><td>2 9/15/51-53</td><td>102.31</td><td>103.00</td><td>103.00</td><td>+.24</td><td>1.50</td><td>-.13</td><td>9/15/43</td><td>103.00</td><td>4/30/45</td><td>100.03</td><td>11/8/43</td><td>103.00</td><td>4/30</td><td>100.26</td><td>1/4</td></tr><tr><td>510</td><td>2 -12/15/51-55</td><td>103.00</td><td>103.02</td><td>103.01</td><td>+.24</td><td>1.52</td><td>-.12</td><td>12/15/41</td><td>103.01</td><td>4/30/45</td><td>100.01</td><td>12/5/42</td><td>103.01</td><td>4/30</td><td>100.26</td><td>1/9</td></tr><tr><td>1,024</td><td>2-1/2 3/15/52-54</td><td>106.01</td><td>106.03</td><td>106.02</td><td>+.22</td><td>1.57</td><td>-.11</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>106.02</td><td>4/30</td><td>104.00</td><td>1/9</td></tr><tr><td>5,825</td><td>2 6/15/52-54</td><td>102.28</td><td>102.29</td><td>102.28</td><td>+.22</td><td>1.57</td><td>-.11</td><td>6/26/44</td><td>102.28</td><td>4/30/45</td><td>100.08</td><td>7/24/44</td><td>102.28</td><td>4/30</td><td>100.16</td><td>1/2</td></tr><tr><td>1,501</td><td>2-1/4 6/15/52-55</td><td>104.12</td><td>104.11</td><td>104.13</td><td>+.21</td><td>1.59</td><td>-.11</td><td>2/25/42</td><td>104.13</td><td>4/30/45</td><td>100.16</td><td>2/18/42</td><td>104.13</td><td>4/30</td><td>102.04</td><td>1/2</td></tr><tr><td>8,662</td><td>2 12/15/52-54</td><td>102.28</td><td>102.29</td><td>102.28</td><td>+.23</td><td>1.60</td><td>-.10</td><td>12/1/44</td><td>102.28</td><td>4/30/45</td><td>100.09</td><td>12/19/44</td><td>102.28</td><td>4/30</td><td>100.12</td><td>1/2</td></tr><tr><td>1,449</td><td>2-1/2 3/15/56-58</td><td>106.29</td><td>106.31</td><td>106.30</td><td>+.11</td><td>1.79</td><td>-.14</td><td>6/2/41</td><td>106.30</td><td>4/30/45</td><td>101.30</td><td>12/26/41</td><td>106.30</td><td>4/30</td><td>103.23</td><td>1/2</td></tr><tr><td>3,823</td><td>2-1/4 9/15/56-59</td><td>103.01</td><td>103.03</td><td>103.02</td><td>+.31</td><td>1.95</td><td>-.09</td><td>2/1/44</td><td>103.03</td><td>4/28/45</td><td>100.01</td><td>2/29/44</td><td>103.03</td><td>4/28</td><td>100.26</td><td>1/2</td></tr><tr><td>2,118</td><td>2-1/2 6/15/62-67</td><td>102.07</td><td>102.09</td><td>102.08</td><td>+.06</td><td>2.34</td><td>-.01</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>2-1/2 -12/15/63-68</td><td>101.14</td><td>101.16</td><td>101.15</td><td>+.03</td><td>2.40</td><td>-.01</td><td>12/1/42</td><td>102.10</td><td>2/26/45</td><td>100.00</td><td>2/17/44</td><td>102.10</td><td>2/26</td><td>100.18</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/2 6/15/64-69</td><td>101.07</td><td>101.09</td><td>101.08</td><td>+.01</td><td>2.42</td><td>.00</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>2-1/2 -12/15/64-69</td><td>101.03</td><td>101.05</td><td>101.04</td><td>-.02</td><td>2.43</td><td>+.01</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>2-1/2 3/15/65-70</td><td>101.01</td><td>101.03</td><td>101.02</td><td>-.04</td><td>2.43</td><td>+.01</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>3,481</td><td>2-1/2 3/15/66-71</td><td>101.00</td><td>101.02</td><td>101.01</td><td>-.05</td><td>2.44</td><td>+.01</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>2-1/2 9/15/67-72</td><td>103.23</td><td>103.25</td><td>103.24</td><td>+.14</td><td>2.29</td><td>-.08</td><td>10/20/41</td><td>103.24</td><td>4/30/45</td><td>100.01</td><td>1/2/42</td><td>103.24</td><td>4/30</td><td>100.23</td><td>1/2</td></tr><tr><td colspan="16">Treasury notes</td></tr><tr><td>531</td><td>3/4 8-12/15/45</td><td>100.00</td><td>100.01</td><td>100.00</td><td>-.01</td><td>.75</td><td>+.04</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>4/9</td><td>100.00</td><td>4/30</td></tr><tr><td>3,416</td><td>.90 1-1/1/46 5/</td><td>.77</td><td>.75</td><td>.76</td><td>+.02</td><td>-.78</td><td>+.01</td><td>12/1/44</td><td>.72</td><td>4/4/45</td><td>.85</td><td>12/29/44</td><td>.72</td><td>4/4</td><td>.84</td><td>1/2</td></tr><tr><td>1,291</td><td>1 3/15/46</td><td>100.05</td><td>100.06</td><td>100.06</td><td>-.01</td><td>.78</td><td>+.01</td><td>11/1/41</td><td>100.18</td><td>10/25/41</td><td>99.02</td><td>12/29/42</td><td>100.08</td><td>4/9</td><td>100.04</td><td>1/6</td></tr><tr><td>3,261</td><td>1-1/2 8-12/15/46</td><td>100.29</td><td>100.30</td><td>100.30</td><td>.00</td><td>.92</td><td>-.02</td><td>6/5/42</td><td>101.00</td><td>4/4/45</td><td>100.01</td><td>1/2/43</td><td>101.00</td><td>4/4</td><td>100.24</td><td>1/4</td></tr><tr><td>1,948</td><td>1-1/4 8-3/15/47</td><td>100.16</td><td>100.17</td><td>100.16</td><td>-.02</td><td>.98</td><td>+.02</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>1-1/2 9/15/47</td><td>101.02</td><td>101.03</td><td>101.02</td><td>-.02</td><td>1.05</td><td>+.02</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>1-1/4 9/15/47</td><td>100.17</td><td>100.18</td><td>100.18</td><td>-.02</td><td>1.01</td><td>+.02</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>1-1/2 9/15/48</td><td>101.05</td><td>101.06</td><td>101.06</td><td>+.02</td><td>1.14</td><td>-.03</td><td>3/15/44</td><td>101.07</td><td>4/26/45</td><td>100.05</td><td>3/8/44</td><td>101.07</td><td>4/26</td><td>100.17</td><td>1/2</td></tr><tr><td colspan="16">Certificate of indebtedness 5/</td></tr><tr><td>1,615</td><td>7/8 D 5/1/45</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>5/1/44</td><td>per M</td><td>1/19/45</td><td>.87</td><td>4/28/45</td><td>per M</td><td>4/19</td><td>.87</td><td>4/28</td></tr><tr><td>4,770</td><td>7/8 C 6/1/45</td><td>.14</td><td>.06</td><td>.10</td><td>-.18</td><td></td><td></td><td>6/26/44</td><td>.09</td><td>4/9/45</td><td>.79</td><td>7/10/44</td><td>.09</td><td>4/9</td><td>.76</td><td>1/3</td></tr><tr><td>2,511</td><td>7/8 E 8/1/45</td><td>.62</td><td>.59</td><td>.60</td><td>+.04</td><td></td><td></td><td>8/1/44</td><td>.52</td><td>4/10/45</td><td>.80</td><td>11/21/44</td><td>.52</td><td>4/10</td><td>.78</td><td>1/2</td></tr><tr><td>3,694</td><td>7/8 P 9/1/45</td><td>.69</td><td>.66</td><td>.68</td><td>+.06</td><td></td><td></td><td>9/1/44</td><td>.58</td><td>4/5/45</td><td>.81</td><td>11/21/44</td><td>.58</td><td>4/5</td><td>.79</td><td>1/2</td></tr><tr><td>3,492</td><td>7/8 O 10/1/45</td><td>.72</td><td>.70</td><td>.71</td><td>+.05</td><td></td><td></td><td>10/1/44</td><td>.64</td><td>4/5/45</td><td>.81</td><td>11/21/44</td><td>.64</td><td>4/5</td><td>.80</td><td>1/2</td></tr><tr><td>4,395</td><td>7/8 8-12/1/45</td><td>.75</td><td>.73</td><td>.74</td><td>+.04</td><td></td><td></td><td>12/1/44</td><td>.68</td><td>4/5/45</td><td>.82</td><td>12/19/44</td><td>.68</td><td>4/5</td><td>.81</td><td>1/2</td></tr><tr><td>5,043</td><td>7/8 A 2/1/46</td><td>.79</td><td>.77</td><td>.78</td><td>+.03</td><td></td><td></td><td>2/1/45</td><td>.73</td><td>4/4/45</td><td>.83</td><td>1/24/45</td><td>.73</td><td>4/4</td><td>.83</td><td>1/24</td></tr><tr><td>4,147</td><td>7/8 B 3/1/46</td><td>.80</td><td>.78</td><td>.79</td><td>+.03</td><td></td><td></td><td>3/1/45</td><td>.74</td><td>4/4/45</td><td>.80</td><td>4/25/45</td><td>.74</td><td>4/4</td><td>.80</td><td>4/25</td></tr><tr><td>4,811</td><td>7/8 C 4/1/46</td><td>.81</td><td>.79</td><td>.80</td><td>+.02</td><td></td><td></td><td>4/1/45</td><td>.75</td><td>4/4/45</td><td>.80</td><td>4/30/45</td><td>.75</td><td>4/4</td><td>.80</td><td>4/30</td></tr><tr><td>1/</td><td>7/8 D 5/1/46</td><td>.81</td><td>.79</td><td>.80</td><td></td><td></td><td></td><td>5/1/45</td><td>.80</td><td>4/30/45</td><td>.80</td><td>4/30/45</td><td>.80</td><td>4/30</td><td>.80</td><td>4/30</td></tr></table>
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar. 31, 1945</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar. 31, 1945</th></tr><tr><td>$1,316</td><td>5/3/45</td><td>2/1/45</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,303</td><td>6/21/45</td><td>3/22/45</td><td>.375%</td><td>.30%</td><td>.34%</td><td>-.02%</td></tr><tr><td>1,310</td><td>5/10/45</td><td>2/8/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,314</td><td>6/28/45</td><td>3/29/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1,300</td><td>5/17/45</td><td>2/15/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,317</td><td>7/5/45</td><td>4/5/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,309</td><td>5/24/45</td><td>2/23/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,304</td><td>7/12/45</td><td>4/12/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,314</td><td>5/31/45</td><td>3/1/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,318</td><td>7/19/45</td><td>4/19/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,310</td><td>6/7/45</td><td>3/8/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,310</td><td>7/26/45</td><td>4/26/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,316</td><td>6/14/45</td><td>3/15/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
June 1945
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies April 30, 1945 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government - (Continued
PART C - TAX-EXEMPT BONDS AND NOTES
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar.31, 1945</th><th>Yield 1/</th><th>Change in yield from Mar.31, 1945</th><th>Maturity yield</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="16">Issued by U. S. Government</td></tr><tr><td colspan="16">Treasury bonds</td></tr><tr><td>$1,214</td><td>2-3/4$ - 9/15/45-17</td><td>100.30</td><td>100.31</td><td>100.30</td><td>-.04</td><td>.23%</td><td>-1.6%</td><td>2.34%</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>100.30</td><td>4/30</td></tr><tr><td>541</td><td>2-1/2$ - 12/15/45</td><td>101.11</td><td>101.12</td><td>101.12</td><td>-.04</td><td>.29</td><td>-.07</td><td>-</td><td>12/15/37</td><td>109.24</td><td>12/14/40</td><td>101.12</td><td>1/30/45</td><td>102.00</td><td>1/23</td><td>101.12</td><td>4/30</td></tr><tr><td>489</td><td>3-3/4$ - 3/15/46-56</td><td>102.30</td><td>103.00</td><td>102.31</td><td>-.07</td><td>.34</td><td>-.05</td><td>3.42</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>102.31</td><td>4/30</td></tr><tr><td>1,036</td><td>3$ - 6/15/46-18</td><td>102.30</td><td>103.00</td><td>102.31</td><td>-.05</td><td>.35</td><td>-.04</td><td>2.01</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>102.31</td><td>4/30</td></tr><tr><td>819</td><td>3-1/8$ - 6/15/46-19</td><td>103.03</td><td>103.05</td><td>103.04</td><td>-.05</td><td>.34</td><td>-.05</td><td>2.33</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>103.04</td><td>4/30</td></tr><tr><td>759</td><td>4-1/4$ - 10/15/47-52</td><td>109.03</td><td>109.05</td><td>109.04</td><td>-.09</td><td>.51</td><td>.00</td><td>2.88</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>109.04</td><td>4/30</td></tr><tr><td>701</td><td>2$ - 12/15/47</td><td>103.22</td><td>103.24</td><td>103.23</td><td>-.07</td><td>.57</td><td>+.04</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>1/2</td></tr><tr><td>1,223</td><td>2-3/4$ - 3/15/48-51</td><td>105.25</td><td>105.27</td><td>105.26</td><td>-.05</td><td>.70</td><td>.00</td><td>1.71</td><td>3/15/35</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>105.14</td><td>1/31</td><td>105.26</td><td>4/30</td></tr><tr><td>451</td><td>2-1/2$ - 9/15/48</td><td>105.28</td><td>105.30</td><td>105.29</td><td>-.03</td><td>.72</td><td>-.02</td><td>1.71</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>105.29</td><td>4/30</td></tr><tr><td>571</td><td>2$ - 12/15/48-50</td><td>104.15</td><td>104.17</td><td>104.16</td><td>-.02</td><td>.74</td><td>-.01</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</td><td>3-1/8$ - 12/15/49-52</td><td>110.08</td><td>110.10</td><td>110.09</td><td>-.02</td><td>.85</td><td>-.03</td><td>1.68</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</td><td>2-1/2$ - 12/15/49-53</td><td>107.12</td><td>107.14</td><td>107.13</td><td>-.02</td><td>.85</td><td>-.02</td><td>1.58</td><td>12/15/35</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</td><td>2-1/2$ - 9/15/50-52</td><td>108.08</td><td>108.10</td><td>108.09</td><td>-.04</td><td>.92</td><td>.00</td><td>1.32</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</td><td>2-3/4$ - 6/15/51-54</td><td>110.07</td><td>110.09</td><td>110.08</td><td>-.05</td><td>1.02</td><td>+.01</td><td>1.54</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</td><td>3$ - 9/15/51-55</td><td>111.27</td><td>111.29</td><td>111.28</td><td>+.01</td><td>1.07</td><td>-.02</td><td>1.74</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</td><td>2-1/4$ - 12/15/51-53</td><td>107.21</td><td>107.23</td><td>107.22</td><td>-.04</td><td>1.05</td><td>+.01</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>106.71</td><td>1/2</td></tr><tr><td>725</td><td>2$ - 6/15/53-55</td><td>106.31</td><td>107.01</td><td>107.00</td><td>+.05</td><td>1.10</td><td>-.02</td><td>1.26</td><td>10/7/40</td><td>107.07</td><td>4/19/45</td><td>101.19</td><td>2/15/41</td><td>107.07</td><td>4/19</td><td>105.26</td><td>1/2</td></tr><tr><td>681</td><td>2-1/4$ - 6/15/51-56</td><td>108.23</td><td>108.25</td><td>108.24</td><td>+.05</td><td>1.23</td><td>-.03</td><td>1.40</td><td>7/22/40</td><td>108.30</td><td>4/13/45</td><td>102.02</td><td>7/20/40</td><td>108.30</td><td>4/13</td><td>107.25</td><td>1/2</td></tr><tr><td>2,611</td><td>2-7/8$ - 3/15/55-60</td><td>113.26</td><td>113.28</td><td>113.27</td><td>+.08</td><td>1.37</td><td>-.04</td><td>1.81</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</td><td>2-3/4$ - 9/15/56-59</td><td>113.06</td><td>113.08</td><td>113.07</td><td>+.07</td><td>1.48</td><td>-.03</td><td>1.71</td><td>9/15/36</td><td>113.17</td><td>3/8/45</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</td><td>2-3/4$ - 6/15/58-63</td><td>113.19</td><td>113.21</td><td>113.20</td><td>+.10</td><td>1.60</td><td>-.03</td><td>1.86</td><td>6/15/38</td><td>113.27</td><td>4/13/45</td><td>99.15</td><td>9/25/39</td><td>113.27</td><td>4/13</td><td>112.04</td><td>1/2</td></tr><tr><td>1,485</td><td>2-3/4$ - 12/15/60-65 8/</td><td>114.20</td><td>114.22</td><td>114.21</td><td>+.13</td><td>1.68</td><td>-.03</td><td>1.89</td><td>12/15/38</td><td>114.28</td><td>4/13/45</td><td>99.14</td><td>9/25/39</td><td>114.28</td><td>4/13</td><td>112.16</td><td>1/2</td></tr><tr><td colspan="16">Other bonds 9/</td></tr><tr><td>16</td><td>3$ Converelon - 1/1/46</td><td>101.24</td><td>101.28</td><td>101.26</td><td>-.12</td><td>.28</td><td>+.21</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>101.26</td><td>4/30</td></tr><tr><td>13</td><td>3$ Converelon - 1/1/47</td><td>104.04</td><td>104.12</td><td>104.08</td><td>-.14</td><td>.44</td><td>+.13</td><td>-</td><td>1/1/17</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>133.24</td><td>4/30</td><td>133.16</td><td>2/10</td></tr><tr><td>50</td><td>3$ Panama Canal- 6/1/61</td><td>133.08</td><td>134.08</td><td>133.24</td><td>.00</td><td>.77</td><td>-.01</td><td>-</td><td>6/1/11</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="16">Guaranteed by U. S. Government 10/</td></tr><tr><td>$755</td><td>Home Owners' Loan Corporation bonds 1-1/2% M - 6/1/45-17 11/</td><td>100.03*</td><td>100.04*</td><td>100.04</td><td>-.04</td><td>.03%</td><td>+1.05%</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>100.04</td><td>4/30</td></tr></table>
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield columns in thirty-eccords.
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.
5/ Not quoted on April 30. From April 21 through April 28, quoted at par. Prior thereto, quoted on basis of zero yield plus premium per thousand dollars.
1/ For amount of this security issued on May 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.
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
April 30, 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 prices range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar.31, 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><tr><td></td><td></td><td></td><td></td><td></td><td>Change in yield from Mar.31, 1945</td><td>Maturity yield</td><td></td><td>Prices</td><td></td><td>Price</td><td></td><td>Price</td><td></td><td>Price</td><td></td></tr></table>
Taxable securities
<table><tr><td></td><td colspan="2">Federal Home Loan Bank debentures 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>$ 50</td><td>.85%</td><td>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>.92%</td><td>4/30/45</td><td>.82%</td><td>4/30/45</td><td>.82%</td><td>4/30</td><td>.82%</td><td>4/30</td></tr><tr><td></td><td colspan="2">Federal Intermediate Credit Bank debentures 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>27</td><td>.90%</td><td>5/1/45</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>8/1/44</td><td>100.00</td><td>4/28/45</td><td>100.00</td><td>4/28/45</td><td>100.00</td><td>4/28</td><td>100.00</td><td>4/28</td></tr><tr><td>19</td><td>.80%</td><td>5/1/45</td><td>8/</td><td>5/</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>11/1/44</td><td>100.00</td><td>4/28/45</td><td>100.00</td><td>4/28/45</td><td>100.00</td><td>4/28</td><td>100.00</td><td>4/28</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>9/1/44</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>12/1/44</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>10/2/44</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>11/1/44</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>12/1/44</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>1/2/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>2/1/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>.00</td><td>.85</td><td>.00</td><td>3/1/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</td></tr><tr><td>25</td><td>.90%</td><td>1/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>-</td><td>.90</td><td>-</td><td>4/2/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30/45</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</td></tr><tr><td></td><td colspan="2">Federal Land Bank bonds 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></tr><tr><td>114</td><td>2-1/4%</td><td>2/1/53-55</td><td>103.20</td><td>103.28</td><td>103.24</td><td>+1.12</td><td>1.73</td><td>-1.19</td><td>1.83%</td><td>2/1/45</td><td>103.26</td><td>4/28/45</td><td>101.14</td><td>1/18/45</td><td>103.26</td><td>4/28</td><td>101.14</td><td>1/18</td></tr></table>
Tax-exempt securities
<table><tr><th colspan="14">Federal Land Bank bande 7</th></tr><tr><td>$157</td><td>3-1/4</td><td>4-1/14</td><td>5-55/8</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>6/</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>100.00</td><td>4/28</td></tr><tr><td>230</td><td>3%</td><td>-7/1/45</td><td>-55</td><td>100.15</td><td>100.15</td><td>100.14</td><td>-.08</td><td>.32%</td><td>+1.14%</td><td>2.95%</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>100.14</td><td>4/30</td></tr><tr><td>171</td><td>3%</td><td>-1/1/46</td><td>-56</td><td>101.27</td><td>101.29</td><td>101.28</td><td>-.08</td><td>.17</td><td>+1.03</td><td>2.80</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>101.28</td><td>4/30</td></tr><tr><td>170</td><td>3%</td><td>-5/1/46</td><td>-56</td><td>102.25</td><td>102.27</td><td>102.26</td><td>-.09</td><td>.18</td><td>+1.05</td><td>2.70</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>102.26</td><td>4/30</td></tr></table>
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield column in thirty-seconds.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices are included beginning November 1, 1941. Dates of highs and lows, in case of recurrences, are the latest dates.
3/ Computed on mean prices to call date when mean prices is above par and
4/ to maturity date when mean price is below par. Quoted on a yield basis. 5/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue. 6/ No data because security was not quoted on April 30. 7/ Excludes issues completely held by Farm Credit Administration agencies. 8/ Called on April 13, 1945, for redemption on May 1, 1945.
June 1945
57
YIELDS OF TREASURY SECURITIES
APR. 30, 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.
58
Treasury Bulletin
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="12">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>2.71</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td></tr><tr><td>Apr.</td><td>2.83</td><td>...</td><td>3.43</td><td>Apr.</td><td>2.26</td><td>...</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td></tr><tr><td>May.</td><td>2.80</td><td>...</td><td>3.36</td><td>May.</td><td>2.39</td><td>...</td><td>2.87</td><td>May.</td><td>1.96</td><td>2.46</td><td>2.65</td></tr><tr><td>June.</td><td>2.81</td><td>...</td><td>3.31</td><td>June.</td><td>2.40</td><td>...</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.63</td></tr><tr><td>July.</td><td>2.78</td><td>...</td><td>3.27</td><td>July.</td><td>2.30</td><td>...</td><td>2.85</td><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td></tr><tr><td>Aug.</td><td>2.78</td><td>...</td><td>3.25</td><td>Aug.</td><td>2.31</td><td>...</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.82</td><td>...</td><td>3.26</td><td>Sept.</td><td>2.25</td><td>...</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td>Oct.</td><td>2.82</td><td>...</td><td>3.26</td><td>Oct.</td><td>2.21</td><td>...</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td>Nov.</td><td>2.78</td><td>...</td><td>3.22</td><td>Nov.</td><td>2.09</td><td>...</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.73</td><td>...</td><td>3.17</td><td>Dec.</td><td>2.01</td><td>...</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td></tr><tr><td>1938-Jan.</td><td>2.69</td><td>...</td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td>...</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td>...</td><td>3.15</td><td>Feb.</td><td>2.22</td><td>...</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</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>2.34</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Nov.</td><td>2.56</td><td>...</td><td>3.04</td><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.56</td><td>...</td><td>3.02</td><td>Dec.</td><td>2.06</td><td>2.47</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>2.48</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>2.48</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>2.46</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>2.44</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>...</td><td>2.86</td><td>May.</td><td>2.06</td><td>2.45</td><td>2.76</td><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>2.43</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>2.46</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>2.47</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>2.46</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>2.45</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>2.47</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>2.49</td><td>2.72</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Weekly series - Saturday figures 5/</td></tr><tr><td>1944-Nov. 4.</td><td>1.92</td><td>2.48</td><td>2.62</td><td>1945-Jan. 6.</td><td>1.83</td><td>2.45</td><td>2.59</td><td>1945-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>1.79</td><td>2.44</td><td>2.58</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>Dec. 2.</td><td>1.89</td><td>2.48</td><td>2.59</td><td>Feb. 3.</td><td>1.77</td><td>2.40</td><td>2.57</td><td>31.</td><td>1.71</td><td>2.40</td><td>2.49</td></tr><tr><td>9.</td><td>1.88</td><td>2.48</td><td>2.58</td><td>10.</td><td>1.75</td><td>2.40</td><td>2.57</td><td>Apr. 7.</td><td>1.69</td><td>2.39</td><td>2.49</td></tr><tr><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><td>13.</td><td>1.67</td><td>2.38</td><td>2.50</td></tr><tr><td>23.</td><td>1.64</td><td>2.47</td><td>2.59</td><td>24.</td><td>1.73</td><td>2.35</td><td>2.55</td><td>21.</td><td>1.68</td><td>2.40</td><td>2.49</td></tr><tr><td>30.</td><td>1.84</td><td>2.47</td><td>2.59</td><td>28.</td><td>...</td><td>...</td><td>...</td><td>28.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td colspan="12">Daily Series</td></tr><tr><td>1945-Apr. 2.</td><td>1.71</td><td>2.40</td><td>2.49</td><td>1946-Apr. 12.</td><td>1.67</td><td>2.38</td><td>2.49</td><td>1945-Apr. 23.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>3.</td><td>1.71</td><td>2.40</td><td>2.49</td><td>13.</td><td>1.67</td><td>2.38</td><td>2.50</td><td>24.</td><td>1.69</td><td>2.40</td><td>2.49</td></tr><tr><td>4.</td><td>1.70</td><td>2.39</td><td>2.49</td><td>14.</td><td>1/</td><td>1/</td><td>1/</td><td>25.</td><td>1.69</td><td>2.40</td><td>2.49</td></tr><tr><td>5.</td><td>1.70</td><td>2.39</td><td>2.49</td><td>16.</td><td>1.67</td><td>2.39</td><td>2.49</td><td>26.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>6.</td><td>1.69</td><td>2.39</td><td>2.49</td><td>17.</td><td>1.67</td><td>2.39</td><td>2.49</td><td>27.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>7.</td><td>1.69</td><td>2.39</td><td>2.49</td><td>18.</td><td>1.67</td><td>2.40</td><td>2.50</td><td>28.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>9.</td><td>1.69</td><td>2.38</td><td>2.49</td><td>19.</td><td>1.67</td><td>2.41</td><td>2.49</td><td>30.</td><td>1.68</td><td>2.39</td><td>2.50</td></tr><tr><td>10.</td><td>1.68</td><td>2.38</td><td>2.49</td><td>20.</td><td>1.68</td><td>2.40</td><td>2.49</td><td></td><td></td><td></td><td></td></tr><tr><td>11.</td><td>1.68</td><td>2.39</td><td>2.49</td><td>21.</td><td>1.68</td><td>2.40</td><td>2.49</td><td></td><td></td><td></td><td></td></tr></table>
Basis of Computation: (1) Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. (2) Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Back Figures: Monthly and weekly data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61. 1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of "average see "Treasury Bulletin" for March 1944, page 58. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the case of partially tax-exempt Treasury and United States savings bonds, interest derived from
$5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax.
2/ For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61.
3/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures.
4/ The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. The old average for November 1944 was 2.56%. See footnote 2.
5/ On days when the exchanges are closed, the date and prices of the previous day are used.
6/ Indicates change in composition of average.
7/ Exchanges were closed.
June 1945
59
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS Monthly Series 11
Treasury Bulletin
60
INTERNAL REVENUE STATISTICS
June 1945
61
Summary of Internal Revenue Collections 1/
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous- profit taxes 4/</th><th>Total employment taxes</th><th>Social Security taxes Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1935</td><td>3,277,690</td><td>-4,101</td><td>3,281,791</td><td>1,105,788</td><td>527,113</td><td>572,115</td><td>6,560</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>3,512,852</td><td>+18,521</td><td>3,541,331</td><td>1,427,446</td><td>674,416</td><td>738,521</td><td>14,509</td><td>48</td><td>-</td><td>-</td><td>48</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>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>902,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,772</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>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,667,462</td><td>56,621</td><td>1,185,352</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>41,664,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,394</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-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>1,984,646</td><td>-635,503</td><td>2,620,149</td><td>1,729,491</td><td>1,318,941</td><td>403,887</td><td>6,663</td><td>136,475</td><td>127,846</td><td>5,941</td><td>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>13,145</td><td>61,571</td><td>5,789</td><td>3,362</td><td>52,419</td></tr><tr><td>April</td><td>2,745,867</td><td>-285,266</td><td>3,031,133</td><td>2,407,751</td><td>1,760,877</td><td>637,651</td><td>9,224</td><td>106,510</td><td>99,916</td><td>4,931</td><td>1,663</td></tr></table>
<table><tr><th>Fiscal year or month</th><th colspan="8">Miscellaneous internal revenue</th><th>Agricultural adjustment taxes</th></tr><tr><th></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></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>360,725</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>829,869</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-April</td><td>423,827</td><td>193</td><td>56,103</td><td>169,333</td><td>71,893</td><td>4,800</td><td>51,297</td><td>70,206</td><td>-</td></tr><tr><td>May</td><td>482,986</td><td>152</td><td>41,862</td><td>182,345</td><td>80,868</td><td>4,321</td><td>76,663</td><td>96,775</td><td>-</td></tr><tr><td>June</td><td>498,849</td><td>1,035</td><td>50,064</td><td>194,863</td><td>81,083</td><td>4,450</td><td>64,444</td><td>102,910</td><td>-</td></tr><tr><td>July</td><td>754,183</td><td>128,357</td><td>47,687</td><td>209,939</td><td>77,314</td><td>5,233</td><td>71,586</td><td>214,068</td><td>-</td></tr><tr><td>August</td><td>776,889</td><td>193,918</td><td>62,670</td><td>201,914</td><td>85,022</td><td>5,591</td><td>87,679</td><td>139,094</td><td>-</td></tr><tr><td>September</td><td>529,058</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>95,299</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><tr><td>April</td><td>516,871</td><td>409</td><td>75,473</td><td>171,062</td><td>67,625</td><td>5,435</td><td>96,517</td><td>100,350</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. Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
Treasury Bulletin
62
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
June 1945
63
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 10 months</th><th rowspan="2">April 1944</th><th rowspan="2">April 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>Income and profits taxes: Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>-</td><td>7,038,438</td><td>5,455,850</td><td>8,465,852</td><td>804,453</td><td>915,077</td></tr><tr><td>Revenue Act of 1942</td><td>686,015</td><td>784,997</td><td>784,720</td><td>800</td><td>467</td><td>25</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>8,700,153</td><td>7,239,475p 4/</td><td>1,426,827 r</td><td>906,695p 4/</td></tr><tr><td>Back</td><td>172,916</td><td>183,740</td><td>172,152</td><td>130,256p</td><td>12,047</td><td>-60,920p</td></tr><tr><td>Total individual income taxes</td><td>6,629,932</td><td>18,261,005</td><td>15,112,875</td><td>15,836,382</td><td>2,243,794</td><td>1,760,877</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>3,633,157</td><td>3,494,007</td><td>152,094</td><td>159,881</td></tr><tr><td>Back</td><td>383,885</td><td>521,431</td><td>455,654</td><td>372,950</td><td>31,254</td><td>34,898</td></tr><tr><td>Excise profits taxes (Second Revenue Act of 1940, as amended)</td><td>5,063,864</td><td>9,345,198</td><td>6,859,045</td><td>8,813,455</td><td>369,612</td><td>442,872</td></tr><tr><td>Total corporation taxes</td><td>9,584,715</td><td>14,629,344</td><td>10,948,456</td><td>12,680,412</td><td>552,959</td><td>637,651</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>108,272</td><td>112,973</td><td>12,245</td><td>9,221</td></tr><tr><td>Vineon Act</td><td>420</td><td>39</td><td>39</td><td>-</td><td>6 r</td><td>3</td></tr><tr><td>Unjust enrichment</td><td>1,808</td><td>434</td><td>419</td><td>137</td><td></td><td></td></tr><tr><td>Total miscellaneous profits taxes</td><td>84,241</td><td>137,452</td><td>108,730</td><td>113,110</td><td>12,250</td><td>9,224</td></tr><tr><td>Total income and profits taxes</td><td>16,298,888</td><td>33,027,802</td><td>26,170,061</td><td>28,629,904</td><td>2,509,003</td><td>2,407,751</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 5/</td><td>1,131,546</td><td>1,290,025</td><td>1,030,768</td><td>1,047,189</td><td>91,109</td><td>99,916</td></tr><tr><td>Unemployment insurance 6/</td><td>156,008</td><td>183,337</td><td>171,088</td><td>175,030</td><td>4,602</td><td>4,971</td></tr><tr><td>Total Social Security taxes</td><td>1,287,554</td><td>1,473,361</td><td>1,201,856</td><td>1,222,219</td><td>95,711</td><td>104,847</td></tr><tr><td>Railroad retirement 7/</td><td>211,151</td><td>265,011</td><td>188,262</td><td>216,212</td><td>1,894</td><td>1,663</td></tr><tr><td>Total employment taxes</td><td>1,498,705</td><td>1,738,372</td><td>1,390,118</td><td>1,438,431</td><td>97,605</td><td>106,510</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>379,515</td><td>371,805</td><td>193</td><td>409</td></tr><tr><td>Estate tax</td><td>414,531</td><td>473,466</td><td>383,153</td><td>473,050</td><td>53,002</td><td>71,950</td></tr><tr><td>Gift tax</td><td>32,965</td><td>37,745</td><td>36,132</td><td>43,901</td><td>3,100</td><td>3,523</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>227,139</td><td>150,242</td><td>42,727 r</td><td>19,070</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>698,300</td><td>611,835</td><td>475,335 r</td><td>1,096,548</td><td>61,104 r</td><td>93,473</td></tr><tr><td>Distilled sprite rectification tax</td><td>18,836</td><td>18,874</td><td>15,477</td><td>26,600</td><td>1,597</td><td>2,680</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>743</td><td>4,027</td><td>2,853</td><td>1,872</td><td>598</td><td>126</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>32,920</td><td>30,068</td><td>23,394</td><td>38,204</td><td>3,487</td><td>3,712</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>6</td><td>12</td><td>8</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>5,812</td><td>5,471</td><td>90</td><td>80</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>48</td><td>43</td></tr><tr><td>Case stamps for distilled sprite bottled in bond</td><td>1,299</td><td>1,369</td><td>1,287</td><td>760</td><td>782</td><td>801</td></tr><tr><td>Container stamps</td><td>10,949</td><td>8,516</td><td>6,997</td><td>9,466</td><td>10,056</td><td>231</td></tr><tr><td>Floor taxes</td><td>111,539</td><td>85,834</td><td>35,975</td><td>82,555</td><td>48,729</td><td>50,815</td></tr><tr><td>Fermented malt liquors</td><td>455,634</td><td>559,152</td><td>444,045</td><td>524,935</td><td>54</td><td>30</td></tr><tr><td>Bravos; dealers in malt liquors (special taxes)</td><td>3,238</td><td>3,375</td><td>2,521</td><td>2,136</td><td></td><td></td></tr><tr><td>Total alcoholic beverage taxes</td><td>1,423,480</td><td>1,618,5</td><td>1,240,837 r</td><td>1,938,847</td><td>169,333</td><td>171,062</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>24,778</td><td>30,313</td><td>2,442</td><td>3,054</td></tr><tr><td>Cigars (small)</td><td>97</td><td>107</td><td>85</td><td>71</td><td>11 r</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>30</td><td>88</td><td>61</td><td>441</td><td>9</td><td>80</td></tr><tr><td>Cigarettes (small)</td><td>835,231</td><td>903,958</td><td>756,144 r</td><td>676,481</td><td>65,725</td><td>59,521</td></tr><tr><td>Stuff</td><td>7,543</td><td>7,692</td><td>6,373</td><td>6,395</td><td>560</td><td>665</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>47,849</td><td>45,269</td><td>38,071</td><td>41,139</td><td>3,047</td><td>3,873</td></tr><tr><td>Cigarette papers and tubes</td><td>1,472</td><td>1,164</td><td>983 r</td><td>1,043</td><td>97</td><td>126</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>4</td><td>2</td><td>1</td><td>1</td><td></td><td></td></tr><tr><td>Cigarette and cigar floor taxes</td><td>8,566</td><td>50</td><td>37</td><td>6</td><td>3</td><td></td></tr><tr><td>Total tobacco taxes</td><td>923,857</td><td>988,483</td><td>826,533 r</td><td>755,890</td><td>71,893</td><td>67,625</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>21,484</td><td>26,615</td><td>2,206</td><td>2,801</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>15,585</td><td>17,096</td><td>14,314</td><td>20,280</td><td>1,975</td><td>2,159</td></tr><tr><td>Playing cards</td><td>7,694</td><td>7,414</td><td>6,188</td><td>6,331</td><td>615</td><td>474</td></tr><tr><td>Silver bullion sales or transfers</td><td>111</td><td>47</td><td>42</td><td>19</td><td>4</td><td></td></tr><tr><td>Total stamp taxes</td><td>45,155</td><td>50,800</td><td>42,028</td><td>53,245</td><td>4,800</td><td>5,435</td></tr></table>
(Continued on following page)
Treasury Bulletin
64
Detailed Analysis of Internal Revenue Collections 1 - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 10 months</th><th rowspan="2">April 1944</th><th rowspan="2">April 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): 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>43,406</td><td>69,404</td><td>3,496</td><td>7,469</td></tr><tr><td>Gasoline</td><td>288,786</td><td>271,217</td><td>223,400</td><td>327,905</td><td>15,953</td><td>29,475</td></tr><tr><td>Tires and tubes</td><td>18,280</td><td>40,309</td><td>32,468</td><td>61,521</td><td>3,708</td><td>7,171</td></tr><tr><td>Floor taxes on tires and tubes</td><td>65</td><td>25</td><td>25</td><td></td><td>*</td><td>*</td></tr><tr><td>Automobile trucks and buses</td><td>4,230</td><td>3,247</td><td>1,450</td><td>13,574</td><td>203</td><td>2,688</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,424</td><td>1,222</td><td>998</td><td>2,037</td><td>55</td><td>384</td></tr><tr><td>Parts and accessories for automobiles</td><td>20,478</td><td>31,551</td><td>25,318</td><td>37,748</td><td>2,880</td><td>4,476</td></tr><tr><td>Electrical energy</td><td>48,705</td><td>51,239</td><td>41,713</td><td>47,852</td><td>4,283</td><td>4,634</td></tr><tr><td>Electric, gas, and oil appliances</td><td>6,913</td><td>5,027</td><td>3,847</td><td>8,653</td><td>478</td><td>1,210</td></tr><tr><td>Electric light bulbs and tubes</td><td>3,657</td><td>5,368</td><td>3,298</td><td>9,518</td><td>459</td><td>281</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>614</td><td>255</td><td>209</td><td>47</td><td>27</td><td>3</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>5,561</td><td>3,402</td><td>2,592</td><td>3,946</td><td>249</td><td>297</td></tr><tr><td>Photograph records</td><td>1,817</td><td>1,889</td><td>1,494</td><td>1,676</td><td>85</td><td>268</td></tr><tr><td>Musical instruments</td><td>1,280</td><td>633</td><td>534</td><td>729</td><td>35</td><td>126</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>5,966</td><td>2,406</td><td>2,208</td><td>1,243</td><td>83</td><td>112</td></tr><tr><td>Matches</td><td>9,367</td><td>8,671</td><td>7,077</td><td>7,457</td><td>836</td><td>821</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>2,994</td><td>7,955</td><td>466</td><td>1,116</td></tr><tr><td>Pure - retailers' excise</td><td>44,223</td><td>58,726</td><td>51,580</td><td>72,583</td><td>4,843</td><td>6,339</td></tr><tr><td>Jewelry - retailers' excise</td><td>38,366</td><td>113,373</td><td>91,259</td><td>156,292</td><td>7,976</td><td>14,075</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>-</td><td>8,343</td><td>2</td><td>62,180</td><td>2</td><td>5,985</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>5,682</td><td>4,777</td><td>4,579 r</td><td>6</td><td>345</td><td>*</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>293</td><td>8</td><td>7</td><td>11</td><td>*</td><td>2</td></tr><tr><td>Photographic apparatus</td><td>11,164</td><td>11,907</td><td>9,882 r</td><td>15,020</td><td>987</td><td>2,536</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>14,855</td><td>295</td><td>286</td><td>200</td><td>17</td><td>1</td></tr><tr><td>Sporting goods</td><td>4,068</td><td>2,498</td><td>1,983</td><td>3,341</td><td>234</td><td>455</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>32,677</td><td>44,790</td><td>34,014</td><td>73,098</td><td>3,564</td><td>6,421</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>750</td><td>2,718</td><td>19</td><td>170</td></tr><tr><td>Pistols and revolvers</td><td>62</td><td>37</td><td>35</td><td>2</td><td>*</td><td>*</td></tr><tr><td>Repealed taxes not listed above</td><td>451</td><td>98</td><td>94</td><td>32</td><td>4</td><td>*</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>670,015</td><td>728,694</td><td>587,587</td><td>986,726</td><td>51,297</td><td>96,517</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>1,383</td><td>26</td><td>11</td><td>6</td></tr><tr><td>Sugar Act of 1937</td><td>53,552</td><td>68,789</td><td>57,805</td><td>62,806</td><td>6,263</td><td>7,052</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased wires, etc.</td><td>91,174</td><td>141,275</td><td>115,137</td><td>167,350</td><td>11,916</td><td>17,369</td></tr><tr><td>Local telephone service</td><td>66,987</td><td>90,199</td><td>73,861</td><td>107,285</td><td>7,464</td><td>11,040</td></tr><tr><td>Transportation of oil by pipe line</td><td>13,672</td><td>15,851</td><td>12,653</td><td>13,395</td><td>943</td><td>1,036</td></tr><tr><td>Transportation of persons, seats, berths</td><td>87,132</td><td>153,683</td><td>123,734</td><td>196,565</td><td>9,933</td><td>15,450</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>82,556</td><td>215,488</td><td>176,549 r</td><td>182,158</td><td>15,997</td><td>16,049</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>146,289</td><td>134,326</td><td>126,375</td><td>120,218</td><td>106</td><td>126</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>378</td><td>352</td><td>208</td><td>204</td><td>13</td><td>1</td></tr><tr><td>Leases of safe-deposit boxes</td><td>6,070</td><td>6,594</td><td>5,506</td><td>5,985</td><td>628</td><td>668</td></tr><tr><td>Admissions to theatres, concerts, etc.</td><td>138,054</td><td>178,563</td><td>133,130</td><td>249,962</td><td>13,136</td><td>24,222</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>16,397</td><td>26,726</td><td>17,301</td><td>47,422</td><td>1,772</td><td>4,855</td></tr><tr><td>Club dues and initiation fees</td><td>6,520</td><td>9,182</td><td>6,907</td><td>10,675</td><td>1,200</td><td>1,318</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>1,853</td><td>2,208</td><td>1,637</td><td>3,479</td><td>21</td><td>33</td></tr><tr><td>Coin operated devices</td><td>10,487</td><td>18,475</td><td>16,221</td><td>15,764</td><td>212</td><td>211</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour & filled cheese</td><td>59</td><td>18</td><td>15</td><td>35</td><td>1</td><td>2</td></tr><tr><td>Oleomargarines, including special taxes</td><td>2,621</td><td>4,084</td><td>3,286</td><td>4,471</td><td>244</td><td>369</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>788</td><td>779</td><td>513</td><td>493</td><td>45</td><td>53</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>1,939</td><td>7,190</td><td>3,460</td><td>5,174</td><td>302</td><td>479</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>17</td><td>1</td><td>1</td></tr><tr><td>Total miscellaneous taxes</td><td>732,332</td><td>1,075,401</td><td>875,716</td><td>1,193,496</td><td>70,206</td><td>100,350</td></tr><tr><td>Total miscellaneous internal revenue</td><td>4,571,131</td><td>5,353,336</td><td>4,371,501</td><td>5,816,960</td><td>423,827</td><td>516,871</td></tr><tr><td>Total internal revenue collections</td><td>22,368,724</td><td>40,119,510</td><td>31,931,680</td><td>35,885,295</td><td>3,330,435</td><td>3,031,133</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-224,755</td><td>+1,565,477</td><td>+995,593</td><td>-238,624</td><td>-395,320</td><td>-285,266</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>22,143,969</td><td>41,684,987</td><td>32,927,273</td><td>35,596,671</td><td>2,935,115</td><td>2,745,867</td></tr></table>
Source: (1) Total receipts from internal revenue; (2) Detailed collections by type of tax; Reports of collections made by collectors of internal revenue. Preliminary. Revised. Less than $500. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Consists only of collections for which returns have been filed with the Collector of Internal Revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings deposited in Government depositories in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3/ Current collections conelst in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4/ Current individual income tax collections for the fiscal year 1945 include payments on unforogorn portion of 1942 tax, due March 15, 1945, as follows: $308,570 thousand (preliminary) for the first 10 months of the fiscal year 1945 and $134,975 thousand (preliminary) for April 1945.
5/ Represents collections under the Federal Insurance Contributions Act.
6/ Represents collections under the Federal Unemployment Tax Act.
7/ Represents collections under the Carriers' Taxing Act of 1937.
8/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
June 1945
65
MONETARY STATISTICS
Treasury Bulletin
66
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 reserves 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>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>155.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,325.4</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>23,564.8</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>22,511.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1944 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>18,709.7</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>18,582.1</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>155.4</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</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><tr><td>April p</td><td>20,373.6</td><td>18,259.7</td><td>156.0</td><td>1,800.0</td><td>157.8</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 Cen-
(b) the Redemption Fund - Federal Reserve notes. 2/3/ Excludes gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1940 - Jan.-Mar.....</td><td>46.77</td><td>739.62</td><td>2.93</td><td>789.32</td></tr><tr><td>Apr.-June.....</td><td>46.37</td><td>1,480.79</td><td>3.14</td><td>1,530.30</td></tr><tr><td>July-Sept.....</td><td>52.27</td><td>1,225.88</td><td>3.16</td><td>1,281.31</td></tr><tr><td>Oct.-Dec.....</td><td>73.63</td><td>674.04</td><td>2.50</td><td>750.17</td></tr><tr><td>1941 - Jan.-Mar.....</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr.-June.....</td><td>30.91</td><td>224.76</td><td>1.40</td><td>257.07</td></tr><tr><td>July-Sept.....</td><td>57.05</td><td>76.11</td><td>3.27</td><td>136.43</td></tr><tr><td>Oct.-Dec.....</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan.-Mar.....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June.....</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept.....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec.....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar.....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June.....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept.....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec.....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar.....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June.....</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept.....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec.....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan.-Mar.....</td><td>-17.89 3/</td><td>-183.33</td><td>1.10</td><td>-200.12</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,951.1</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-April</td><td>21,429.2</td><td>4,088.3</td><td>16.0</td></tr><tr><td>May</td><td>21,263.7</td><td>4,083.6</td><td>16.1</td></tr><tr><td>June</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>July</td><td>20,995.9</td><td>3,938.3</td><td>15.8</td></tr><tr><td>August</td><td>20,926.3</td><td>3,910.1</td><td>15.7</td></tr><tr><td>September</td><td>20,825.1</td><td>3,905.9</td><td>15.8</td></tr><tr><td>October</td><td>20,726.7</td><td>3,889.0</td><td>15.8</td></tr><tr><td>November</td><td>20,688.4</td><td>3,876.5</td><td>15.8</td></tr><tr><td>December</td><td>20,618.8</td><td>3,870.6</td><td>15.8</td></tr><tr><td>1945-January</td><td>20,549.8</td><td>3,841.1</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</td><td>20,418.7</td><td>3,800.7</td><td>15.7</td></tr><tr><td>April p</td><td>20,373.6</td><td>3,779.6</td><td>15.6</td></tr></table>
Sources: Daily Treasury Statement and Circulation Statements of United States Money. p. Preliminary.
June 1945
67
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="3">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoining 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>.2</td><td>262.7</td><td>38.4</td><td>323.5</td><td>1,970.1</td></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,238.2</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-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>4,068.3</td></tr><tr><td>May</td><td>1,520.1</td><td>390.8</td><td>21.1</td><td>9.7</td><td>499.8</td><td>103.5</td><td>706.0</td><td>4,083.6</td></tr><tr><td>June</td><td>1,520.1</td><td>389.2</td><td>20.4</td><td>7.8</td><td>448.8</td><td>105.2</td><td>714.1</td><td>3,947.9</td></tr><tr><td>July</td><td>1,520.1</td><td>387.6</td><td>20.4</td><td>2.8</td><td>443.9</td><td>106.8</td><td>722.3</td><td>3,938.3</td></tr><tr><td>August</td><td>1,520.1</td><td>385.8</td><td>21.2</td><td>1.1</td><td>431.6</td><td>108.6</td><td>729.4</td><td>3,910.1</td></tr><tr><td>September</td><td>1,520.1</td><td>383.7</td><td>15.1</td><td>.9</td><td>428.9</td><td>110.6</td><td>739.1</td><td>3,905.9</td></tr><tr><td>October</td><td>1,520.1</td><td>381.8</td><td>11.9</td><td>-</td><td>420.1</td><td>112.5</td><td>750.3</td><td>3,889.0</td></tr><tr><td>November</td><td>1,520.1</td><td>379.5</td><td>10.2</td><td>-</td><td>411.9</td><td>114.8</td><td>762.1</td><td>3,876.5</td></tr><tr><td>December</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945-January</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</td><td>1,520.1</td><td>372.1</td><td>9.9</td><td>.1</td><td>378.2</td><td>121.9</td><td>779.9</td><td>3,800.7</td></tr><tr><td>April p</td><td>1,520.1</td><td>371.0</td><td>19.8</td><td>.1</td><td>365.0</td><td>123.0</td><td>786.6</td><td>3,779.6</td></tr></table>
Source: Daily Treasury Statements and Circulation Statements of United States Money. p Preliminary. Less than $50,000. 1/ Valued at $1.23+ per ounce.
2/ Valued at $.38+ per ounce.
3/ Valued at $.38+ per ounce or at $.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 1/
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="7">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>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-March</td><td>4.0 5/</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>April</td><td>3.1 5/</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>May</td><td>3.5 5/</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>June</td><td>2.9 5/</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>July</td><td>3.5 5/</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>August</td><td>3.1 5/</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>September</td><td>2.3 5/</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>October</td><td>2.9 5/</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>November</td><td>3.1 5/</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>December</td><td>3.2 5/</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>1945-January</td><td>2.6</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>February</td><td>2.2</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>March</td><td>2.5</td><td>4</td><td>4</td><td>...</td><td>...</td><td>-</td><td>-</td><td>4</td><td>4</td></tr></table>
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 64.0+ 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 64.04+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at
3/ 71.11t 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.
68
Treasury Bulletin
Seigniorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="6">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1934</td><td>4.5</td><td>48.7</td><td>.4</td><td>...</td><td>51.1</td><td>28.5</td><td>128.7</td><td>132.6</td></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</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-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>361.7</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><tr><td>April</td><td>380.1</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>646.2</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 deigniorage thereon changes.
Net Capital Movement to the United States, 1935 through February 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>-286,622</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942 (Jan. 1, 1942-Dec. 31, 1942)</td><td>604,321</td><td>561,573</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943 (Jan. 1, 1943-Dec. 31, 1943)</td><td>1,283,593</td><td>1,164,758</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944 (Jan. 1, 1944-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-Feb. 28, 1945)</td><td>279,630</td><td>328,858</td><td>3,645</td><td>-66,863</td><td>13,980</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 28, 1945)</td><td>7,755,369</td><td>5,747,115</td><td>129,929</td><td>844,969</td><td>1,033,356</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944-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>16,569</td></tr><tr><td>October</td><td>29,275</td><td>26,852</td><td>4,911</td><td>-2,061</td><td>-427</td></tr><tr><td>November</td><td>70,296</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>-472</td></tr><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><tr><td>February</td><td>122,225</td><td>174,973</td><td>3,840</td><td>-64,055</td><td>7,467</td></tr></table>
Back Figures: For monthly data for the period January 1941 through June 1942, see "Treasury Bulletin" for September 1943, page 73.
June 1945
69
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>5,324</td><td>88</td><td>1,078</td><td>1</td><td>251</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-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</td><td>25,899</td><td>24,729</td><td>53</td><td>1,589</td><td>1</td><td>320</td><td>22,100</td><td>544</td><td>122</td></tr><tr><td>April p</td><td>26,193</td><td>25,013</td><td>52</td><td>1,592</td><td>1</td><td>321</td><td>22,388</td><td>537</td><td>121</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-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</td><td>1,170</td><td>120</td><td>765</td><td>285</td><td>186.11</td></tr><tr><td>April p</td><td>1,180</td><td>121</td><td>772</td><td>287</td><td>188.11</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.
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY WASHINGTON 25, D. C.
OFFICIAL BUSINESS
PERMIT NO. 1002
FORM A-6/45-2000
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, $300
<table><tr><td>Treas. HJ 10 .A2 1945 c. 2</td><td>U.S. Treasury Dept. Treasury Bulletin</td></tr></table>
U.S. TREASURY LIBRARY
1 0031934