copy
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
AUGUST-1945
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
1
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Article</th><th colspan="12">Issue and page number</th></tr><tr><th>Aug.</th><th>July</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></tr><tr><td>Financial operations of the United States Government:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td>4-25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-1</td></tr><tr><td>Fiscal year 1944</td><td>4-32</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-8</td></tr><tr><td>Statistics of 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></tr><tr><td>Taxable individual and fiduciary income tax returns, with net income of $5,000 and over, for 1943 (advance tabulation)</td><td>4-33</td><td>4-40</td><td></td><td></td><td>4-6</td><td>4-14</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual and taxable fiduciary returns for 1942 (complete report)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Seventh War Loan, May-June 1945:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-1</td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States</td><td>4-1</td><td>4-22</td><td></td><td>4-1</td><td>4-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Redemption values and investment yields of United States savings bonds and Treasury savings notes</td><td></td><td></td><td></td><td>4-4</td><td>4-1</td><td>4-2</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>4-1</td><td>4-17</td><td></td><td></td></tr><tr><td>Sixth War Loan, November-December 1944:</td><td></td><td></td><td></td><td></td><td></td><td>4-2</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-1</td><td>4-2</td><td></td><td>4-7</td></tr><tr><td>Sales patterns for Loan</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-9</td><td></td></tr><tr><td>Outline of plans and comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by Treasury investment accounts:</td><td></td><td></td><td></td><td>4-23</td><td></td><td></td><td></td><td></td><td>4-18</td><td></td><td></td><td></td></tr><tr><td>Seventh War Loan</td><td></td><td></td><td></td><td></td><td>4-1</td><td>4-7</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sixth War Loan</td><td></td><td></td><td></td><td></td><td></td><td>4-3</td><td>4-7</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Invasion currency</td><td></td><td></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 land bank bonds</td><td></td><td>4-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets and liabilities of all active banks in the United States:</td><td></td><td></td><td>4-1</td><td>4-8</td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-10</td><td>4-13</td></tr><tr><td>December 31, 1939 through 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>December 31, 1939 through June 30, 1941</td><td></td><td></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, 1941-44</td><td></td><td></td><td>4-5</td><td>4-19</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></td><td></td><td>4-1</td><td></td><td>4-1</td><td>4-2</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Series A bonds</td><td>4-23</td><td></td><td></td><td></td><td></td><td>4-1</td><td>4-2</td><td></td><td></td><td></td><td>4-1</td><td></td></tr><tr><td>Redemption through banks and additional financial institutions</td><td>4-24</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-2</td><td>4-3</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></td><td></td><td></td><td></td><td>4-1</td><td>4-6</td></tr><tr><td>War Finance policies (Three speeches by the Secretary of the Treasury)</td><td></td><td>4-2</td><td>4-9</td><td>4-20</td><td>4-7</td><td>4-1</td><td>4-1</td><td>4-15</td><td>4-14</td><td>4-1</td><td>4-8</td><td></td></tr><tr><td>Treasury market financing</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures and appropriations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by major classifications</td><td>6-5</td><td>6-5</td><td>6-5</td><td>6-5</td><td>6-5</td><td>6-5</td><td>6-5</td><td>6-5</td><td>6-5</td><td>6-5</td><td>6-5</td><td>6-5</td></tr><tr><td>Analysis of receipts from 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>Analysis of general 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>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>7</td><td>7</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>7</td><td>7</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>8-9</td><td>8-9</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>10</td><td>10</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>11</td><td>11</td></tr><tr><td>Social Security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</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>13</td><td>13</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>13</td><td>13</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>14</td><td>14</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>14</td><td>14</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>14</td><td>14</td></tr><tr><td>Appropriations and moneys for consolidations 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>15-16</td><td>15-16</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)
August 1945
11
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="10">Issue and page number</th></tr><tr><th>Aug.</th><th>July</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></tr><tr><td colspan="12">1945</td></tr><tr><td colspan="12">1944</td></tr><tr><td>General Fund 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>Assets, liabilities, and balance in General Fund.</td><td>19</td><td>19</td><td>15</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Analysis of changes in balance of General Fund.</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Public debt and guaranteed obligations of United States Government</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td></tr><tr><td>Fiscal years, 1935-1944.</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td></tr><tr><td>Monthly date.</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Chart.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance and retirement (receipts and expenditures).</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Interest-bearing debt, composition of.</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Guaranteed obligations held by Treasury</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Statutory limitation on the public debt - condition, as of:</td><td></td><td></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>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</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>26</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>27</td></tr><tr><td>June 30, 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>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>27</td><td>27</td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States.</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td><td>28-30</td><td>29-31</td><td>28-30</td><td>28-30</td><td>28-30</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>33</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td></tr><tr><td>Offerings and maturities of Treasury bills.</td><td>34-35</td><td>33-34</td><td>33-34</td><td>34-35</td><td>33-34</td><td>33-34</td><td>34-35</td><td>33-34</td><td>33-34</td><td>34-35</td><td>33-34</td><td>33-34</td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>35-37</td><td>35-36</td><td>35-36</td><td>35-37</td><td>35-36</td><td>35-36</td><td>35-37</td><td>35-36</td><td>35-37</td><td>35-36</td><td>35-36</td><td>35-36</td></tr><tr><td>Sales by series, classified by denominations.</td><td>38</td><td>37</td><td>37</td><td>38</td><td>37</td><td>37</td><td>38</td><td>37</td><td>37</td><td>38</td><td>37</td><td>37</td></tr><tr><td>Sales to investors other than commercial banks by series, classified by States.</td><td>39-40</td><td>38-39</td><td>38-39</td><td>39-40</td><td>38-39</td><td>38-39</td><td>39-40</td><td>38-39</td><td>38-39</td><td>39-40</td><td>38-39</td><td>38-39</td></tr><tr><td>Maturities and redemptions of Series A-D and E combined, by States.</td><td>41</td><td>40</td><td>40</td><td>41</td><td>40</td><td>40</td><td>41</td><td>40</td><td>40</td><td>41</td><td>40</td><td>40</td></tr><tr><td>Payroll savings plans.</td><td>42</td><td>41</td><td>41</td><td>42</td><td>41</td><td>41</td><td>42</td><td>41</td><td>41</td><td>42</td><td>41</td><td>40</td></tr><tr><td>Treasury notes - tax and savings series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>42-43</td><td>41-42</td><td>41-42</td><td>42-43</td><td>41-42</td><td>41-42</td><td>42-43</td><td>41-42</td><td>41-42</td><td>42-43</td><td>41-42</td><td>40-41</td></tr><tr><td>Sales, classified by:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Denomination.</td><td>44</td><td>43</td><td>43</td><td>44</td><td>43</td><td>43</td><td>44</td><td>43</td><td>42</td><td>43</td><td>42</td><td>42</td></tr><tr><td>Type of purchaser.</td><td>44</td><td>43</td><td>43</td><td>44</td><td>43</td><td>43</td><td>44</td><td>42</td><td>42</td><td>43</td><td>42</td><td>42</td></tr><tr><td>United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions.</td><td>45</td><td>44</td><td>44</td><td>45</td><td>44</td><td>44</td><td>45</td><td>43</td><td>43</td><td>44</td><td>43</td><td>43</td></tr><tr><td>Sales, classified by denomination.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership of United States Government securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary distribution, by holders.</td><td>47</td><td>46</td><td>46</td><td>47</td><td>46</td><td>46</td><td>47</td><td>46</td><td>45</td><td>46</td><td>45</td><td>45</td></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>48</td><td>47</td><td>47</td><td>48</td><td>47</td><td>47</td><td>48</td><td>46</td><td>46</td><td>47</td><td>46</td><td>46</td></tr><tr><td>Market transactions in Government securities for Treasury investment account, monthly beginning January 1937.</td><td>48</td><td>47</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></tr><tr><td>Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944.</td><td>47-50</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>48-51</td><td></td><td>47-50</td><td></td></tr><tr><td>August 31, 1944.</td><td>53</td><td>47-50</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revisions.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Original data.</td><td>49-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>48-51</td><td></td><td></td><td></td></tr><tr><td>November 30, 1944.</td><td></td><td></td><td></td><td></td><td>49-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944.</td><td>48-51</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1945.</td><td>48-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td>48-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1945.</td><td>48-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1945.</td><td>49-53</td><td>48-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by various classes of Federal Reserve member and nonmember commercial banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944.</td><td>51-54</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944.</td><td>52-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
111
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="9">1945</th><th colspan="5">1944</th></tr><tr><th></th><th>Aug.</th><th>July</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></tr><tr><td colspan="12">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>56-58</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>53-55</td><td>52-54</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>52-54</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>55-57</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1944.</td><td></td><td></td><td></td><td></td><td>54-56</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>51-53</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></tr><tr><td>January 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td>58</td><td>59</td><td>55</td><td>56</td><td>55</td><td>59</td><td></td></tr><tr><td>February 28, 1945.</td><td>55-57</td><td>57</td><td>57</td><td>58</td><td>57</td><td>60</td><td>58</td><td>55</td><td>56</td><td>55</td><td>59</td><td></td></tr><tr><td>March 31, 1945.</td><td>59</td><td>58</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></tr><tr><td>April 30, 1945.</td><td>60</td><td>59</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></tr><tr><td>May 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td>58</td><td>57</td><td>57</td><td>58</td><td>57</td><td>60</td><td>58</td><td>55</td><td>56</td><td>55</td><td>59</td><td></td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discussion of revision of high-grade corporate bond average.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1937.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>56</td><td>56</td><td>57</td><td>56</td><td>60</td></tr><tr><td>Chart.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57</td><td>58</td><td>57</td><td>57</td><td>61</td></tr><tr><td colspan="12">Corporations and certain other agencies of the United States</td></tr><tr><td>Government</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets, liabilities, and capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>59-61</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>64-66</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td></td><td>61</td><td>62-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary, segregating interagency items.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>60-61</td><td>59-60</td><td>63-64</td></tr><tr><td>Loans outstanding, classified by type of loan.</td><td></td><td>64-66</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statements for each agency.</td><td></td><td></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>62-65</td><td>61-64</td><td>65-68</td></tr><tr><td>Sources and application of funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>60-64</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>61-65</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>69-74</td><td></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 nine 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>Old monthly statements.</td><td></td><td></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></tr><tr><td colspan="12">Internal revenue statistics</td></tr><tr><td>Collection of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary date.</td><td>62</td><td>76</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></tr><tr><td>Chart.</td><td>63</td><td>77</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></tr><tr><td>Comparative detail for current periods.</td><td>64-65</td><td>78-79</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></tr><tr><td colspan="12">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>71-72</td><td></td><td></td></tr><tr><td>June 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td>68-69</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>67-68</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>67-68</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td>69</td><td>81</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></tr><tr><td>Increase from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>73</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>70</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>69</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>69</td><td></td><td></td><td></td><td></td><td>75</td><td></td><td></td><td>69</td><td></td><td></td><td>74</td></tr><tr><td>June 30, 1945.</td><td></td><td></td><td>66</td><td></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></tr><tr><td>Treasury gold receipts, for recent quarterly periods.</td><td>69</td><td>81</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></tr><tr><td>Monetary stocks of gold and silver.</td><td>70</td><td>82</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></tr><tr><td>Components of silver monetary stock.</td><td>70</td><td>82</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></tr><tr><td>Silver of specified classifications acquired by mint and assay offices.</td><td>70</td><td>82</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></tr><tr><td>Silver production in United States.</td><td>70</td><td>82</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></tr><tr><td>Seigniorage on silver, by types.</td><td>71</td><td>83</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></tr><tr><td>Capital movement between the United States and foreign countries.</td><td>71</td><td>83</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></tr><tr><td>Money in circulation.</td><td>72</td><td>84</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></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentage calculations) have been made from unrounded figures. Therefore, details will not necessarily add to the totals shown.
August 1945
A-1
Sales in the 7th War Loan
Part 1 - Results of the 7th War Loan
Sales by Investor Classes
Sales of United States Government securities in the 7th War Loan totaled $26.3 billion, $12.3 billion greater than the $14.0 billion national goal and the largest volume of sales in any war loan to date. The total quota of $14.0 billion was equally divided between individuals and corporations and other investors, and both groups exceeded their quotas.
Individuals. Sales to individuals reached $8.7 billion, thereby reaching a new peak for any war loan and exceeding the quota of $7.0 billion by 24%. The $7.0 billion goal set for individuals was greater than that of any previous war loan and was divided between $4.0 billion for
Series E bonds and $3.0 billion for other securities. The E bond quota of $4.0 billion, the highest in any bond drive, was practically reached, with sales totaling $3,976 million. This was the largest amount of E bonds sold in any war loan to date. Sales of other securities to individuals reached $4.7 billion, thereby exceeding the $3.0 billion goal by 57%. As in previous loans, the figures for individuals include sales to partnerships and personal trust accounts.
Because of the sharp increase in the goal for individuals as a whole and for E bonds alone, the sales period for the 7th War Loan was lengthened as compared with previous drives.
Chart 1
SALES IN 7TH WAR LOAN
1Available to individuals only
2Commercial banks are not permitted to purchase these securities for specified periods of years.
A-2
Treasury Bulletin
extensive campaign for the sale of Series E bonds through expanded payroll savings was begun on April 9; on May 14 this was supplemented by the formal opening of the drive for individuals to cover the sale of all marketable and non-marketable securities. The formal closing of the drive was June 30, but it was originally announced that non-marketable issues processed through July 7 would be credited to the drive to allow time for processing under payroll savings plans. The final date was later extended to July 9 because of processing lags.
Corporations and other investors. Sales to corporations and other investors aggregated $17.6 billion, an oversubscription of 152% on the $7.3 billion goal. Of this group sales to insurance companies reached $4.2 billion and sales to savings banks totaled $2.2 billion. The remaining $11.2 billion of sales to corporations and other investors went to corporations and associations, savings and loan associations, dealers and brokers, and State and local Governments. Marketable securities were issued to corporations and other investors in the 7th War Loan only from June 18 through June 30.
Summary table. The following table summarizes sales and goals in the 7th War Loan by major investor classes.
<table><tr><th></th><th>Goal</th><th>Sales</th><th>Percent of goal achieved</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Individuals:</td><td></td><td></td><td></td></tr><tr><td>Series E savings bonds</td><td>4.0</td><td>4.0</td><td>99.4</td></tr><tr><td>Other securities</td><td>3.0</td><td>4.7</td><td>156.8</td></tr><tr><td>Total</td><td>7.0</td><td>8.7</td><td>124.0</td></tr><tr><td>Corporations and other investors:</td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td></td><td>4.2</td><td></td></tr><tr><td>Savings banks</td><td></td><td>2.2</td><td></td></tr><tr><td>Corporations and associations</td><td>7.0</td><td>8.3</td><td>251.9</td></tr><tr><td>Savings and loan associations</td><td></td><td>0.8</td><td></td></tr><tr><td>Dealers and brokers</td><td></td><td>0.3</td><td></td></tr><tr><td>State and local governments</td><td></td><td>1.8</td><td></td></tr><tr><td>Total</td><td>7.0</td><td>17.6</td><td>251.9</td></tr><tr><td>Total for all investors</td><td>14.0</td><td>26.3</td><td>188.0</td></tr></table>
A distribution of total sales by major investor classes is also presented in Chart 1.
Table 1, at the end of this article presents detailed figures on sales of each security to each investor class.
The sales figures reported above and throughout this article refer to gross purchases of securities offered in the War Loan and do not necessarily reflect the net new investment by any investor class during the period of the loan. Net acquisitions of securities by each investor class are affected not only by purchases of new securities but by redemptions and cash maturities of securities already held and by market operations carried on between investor groups. Estimates of ownership for recent months are reported in the statistical section of the "Treasury Bulletin", page 46.
Sales by Issues
Four non-marketable and four marketable securities were offered for sale in the 7th War Loan. The table below lists the various issues and the distribution of total sales among them.
<table><tr><th></th><th>Sales</th><th>Percentage distribution</th></tr><tr><td colspan="2">(In billions of dollars)</td><td></td></tr><tr><td>Non-marketable issues:</td><td></td><td></td></tr><tr><td>Savings bonds:</td><td></td><td></td></tr><tr><td>Series E.....................</td><td>4.0</td><td>15.1</td></tr><tr><td>Series F and G..............</td><td>1.0</td><td>3.8</td></tr><tr><td>Savings notes, Series Q....</td><td>2.7</td><td>10.3</td></tr><tr><td>Total non-marketable issues</td><td>7.7</td><td>29.2</td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Restricted as to bank ownership:</td><td></td><td></td></tr><tr><td>2-1/2% Treasury bonds, due 6/15/67-72............</td><td>7.1</td><td>26.9</td></tr><tr><td>2-1/4% Treasury bonds, due 6/15/59-62............</td><td>5.1</td><td>19.3</td></tr><tr><td>Total.....................</td><td>12.2</td><td>46.2</td></tr><tr><td>Unrestricted marketable issues:</td><td></td><td></td></tr><tr><td>1-1/2% Treasury bonds, due 12/15/50............</td><td>1.7</td><td>6.4</td></tr><tr><td>7/8% Certificates of indebtedness, due 6/1/46....</td><td>4.8</td><td>18.2</td></tr><tr><td>Total.....................</td><td>6.5</td><td>24.6</td></tr><tr><td>Total marketable issues...</td><td>18.6</td><td>70.8</td></tr><tr><td>Total.....................</td><td>26.3</td><td>100.0</td></tr></table>
Non-marketable issues. Sales of the non-marketable issues totaled $7.7 billion, or 29% of total sales, reflecting a new peak in sales of these securities in a war loan.
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August 1945
marketable issues, sales of Series E savings bonds and Series C savings notes hit new highs with $4.0 billion and $2.7 billion, respectively. Sales of the Series F and G savings bonds reached $1.0 billion, almost as high as peak sales in the 4th War Loan.
Marketable issues restricted as to bank ownership. Of the four marketable securities offered during the 7th War Loan, the two long-term issues -- the 2-1/2% and 2-1/4% Treasury bonds -- are restricted as to bank ownership. Neither issue may be owned by commercial banks until the period to the final maturity date does not exceed 10 years. The offering of two such restricted issues was in keeping with Treasury requests that indirect bank participation be kept to a minimum during the Loan.
Subscriptions to the 2-1/2% Treasury bonds reached $7.1 billion or more than one-fourth of total sales, a record high. This was almost three times the amount of sales of similar issues in the 5th and 6th War Loans. Sales of the 2-1/4%
bonds aggregated $5.1 billion, substantially greater than the amount of sales of the 2-1/4% issue offered in the 4th War Loan. Sales of the two restrioted issues combined thus totaled $12.2 billion or 46% of total sales.
Combining these sales with sales of all non-marketable issues, an aggregate amount of $19.8 billion, or three-fourths of total sales during the 7th War Loan, consisted of securities which may not be shifted to commercial banks, at least for an extended period. This is almost double the proportion of such sales in the 6th War Loan, when they accounted for about 40% of the total.
Unrestricted marketable issues. Of the two other marketable issues available during the 7th War Loan, the 1-1/2% Treasury bonds were offered only to individuals. Sales of this security totaled $1.7 billion. Sales of the remaining issue, the one-year 71/8% certificates of indebtedness, aggregated $4.8 billion, somewhat higher than sales of a similar issue in the 6th War Loan.
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Treasury Bulletin
Preferences among investor classes. Among insurance companies, the popularity of the 2-1/2% Treasury bonds of 1967-72 far outranked that of any other security, with 79% of their purchases in this issue. Purchases by savings banks were concentrated in the two long-term issues, with about 42% in the 2-1/2% bonds and 55% in the 2-1/4% bonds. Savings bank purchases of the 2-1/2% bonds were much increased over similar purchases in recent war loans.
Corporations and associations showed their preference for short-term issues by placing 72% of their purchases in this category. The 7/8% certificates accounted for 44% of their purchases and the Series C savings notes for 28%. On the other hand, corporations and associations purchased more of the long-term 2-1/4% and 2-1/2% bonds than in any previous loan.
Savings and loan associations concentrated over two-thirds of their purchases in the 2-1/4% bonds. State and local governments placed about half of their purchases in the two long-term bonds. State and local governments in earlier war loans had concentrated more in shorter-term securities.
Dealers and brokers were limited to purchases of the 2-1/4% and 2-1/2% Treasury bonds. There were also restrictions on the amount of these securities which any one organization was permitted to purchase.
Dating of marketable securities. All marketable securities available during the War Loan were dated June 1, 1945 and bore interest from that date. Subscriptions from nonbank investors other than individuals, however, were not accepted until June 18. Accrued interest from June 1 to date of payment was charged on all marketable issues except for subscriptions of $500 or $1,000 to each of the Treasury bond issues. The Treasury requested that there be no trading in these securities and no purchases other than on direct subscription until after June 30. The chief characteristics of the securities offered in the 7th War Loan are fully described in the "Treasury Bulletin" for May 1945 (pages A-2 and A-3).
Sales by States
Each State surpassed its total quota and its quota for corporations and other investors in the
7th War Loan (Map 1). The quotas for individuals were also reached in all of the States (Map 2). About two-thirds of the States surpassed their E bond quotas (Map 3) 1/.
Achievements in total sales to individuals. State records for sales to individuals in the 7th War Loan showed substantial improvement over the already outstanding achievements in earlier loans. All the States surpassed their quotas, with the top State, Kentucky, showing 150% of its individual quota achieved. In 11 States the quotas were exceeded by 30% or more. This is particularly striking because of the peak individual quotas set for the 7th War Loan. Of all the States, only one did not show an increase in the dollar value of sales in the 7th War Loan over the 6th. The five States with the largest dollar increases were New York, Ohio, Illinois, Texas, and Pennsylvania. The largest percentage increases in sales to individuals in the 7th over the 6th War Loan were recorded in Kentucky, Missouri, Georgia, Ohio, and Rhode Island. The State quotas for sales to individuals of securities other than Series E bonds were surpassed in all States but one, North Dakota (Map 4).
State records for E bond quotas. As previously mentioned, the E bond quota was practically reached on the national level despite the increase in the quota to a new high. In the case of the various States, 31 States exceeded their quotas by amounts ranging as high as 20%. Of the remaining 19 States, 12 reached 90% or more of their goals and 4 achieved 95% or more. The impact of V-E Day on May 8, followed by outbacks, or the imminence of them, affected primarily the industrial States. Large dollar increases in E bond sales occurred under the payroll savings plan in these States, as compared with previous war loans, but they were not always sufficient to meet the expanded E bond quotas.
Agricultural States have generally had a better record than industrial States in their achievement of E bond quotas. The following table presents the percent of Series E bond goals reached in the last four war loans in the ten leading industrial States as compared with the five leading farm States.
In the War Finance Organization, Northern and Southern California and the District of Columbia are treated as separate States.
August 1945
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Map 2
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Treasury Bulletin
in the order of percent of E bond quotas reached in the 7th War Loan.
<table><tr><th></th><th colspan="4">Percent of Series E bond goal achieved</th></tr><tr><th></th><th>7th War Loan</th><th>6th War Loan</th><th>5th War Loan</th><th>4th War Loan</th></tr><tr><td>Leading industrial States: 1/</td><td></td><td></td><td></td><td></td></tr><tr><td>New York.</td><td>101</td><td>114</td><td>93</td><td>95</td></tr><tr><td>Indiana.</td><td>101</td><td>110</td><td>106</td><td>108</td></tr><tr><td>Illinois.</td><td>101</td><td>111</td><td>106</td><td>101</td></tr><tr><td>Pennsylvania.</td><td>98</td><td>113</td><td>97</td><td>103</td></tr><tr><td>Ohio.</td><td>98</td><td>110</td><td>102</td><td>102</td></tr><tr><td>California, Southern.</td><td>92</td><td>108</td><td>100</td><td>107</td></tr><tr><td>Michigan.</td><td>92</td><td>105</td><td>100</td><td>111</td></tr><tr><td>California, Northern.</td><td>91</td><td>109</td><td>104</td><td>113</td></tr><tr><td>Massachusetts.</td><td>89</td><td>106</td><td>88</td><td>104</td></tr><tr><td>New Jersey.</td><td>89</td><td>108</td><td>96</td><td>94</td></tr><tr><td>Leading agricultural States: 2/</td><td></td><td></td><td></td><td></td></tr><tr><td>Iowa.</td><td>119</td><td>136</td><td>133</td><td>147</td></tr><tr><td>Wisconsin.</td><td>103</td><td>120</td><td>109</td><td>106</td></tr><tr><td>Texas.</td><td>102</td><td>120</td><td>111</td><td>111</td></tr><tr><td>Minnesota.</td><td>101</td><td>113</td><td>106</td><td>113</td></tr><tr><td>Missouri.</td><td>101</td><td>108</td><td>98</td><td>106</td></tr></table>
1/ The industrial States were selected on the basis of those having the highest manufacturing salaries and wages in the calendar year 1944, according to Department of Commerce figures.
2/ The agricultural States selected were those which had the highest cash farm income (including Government pay-
Sales in United States territories and possessions. All the territories and possessions made their 7th War Loan quotas. The Canal Zone and Hawaii showed 161% and 31% of their E bond quotas reached. Puerto Rico stood out with 34% of its total quota achieved.
Sales Patterns
Anticipated sales patterns were worked out in advance of the 7th War Loan to show what cumulative day-to-day sales would have to be in order to achieve the final quotas. In keeping with the emphasis on sales to individuals during the drive, separate sales patterns were prepared for (1) total sales to individuals, (2) sales of Series E bonds alone, and (3) sales of other securities to individuals. Chart 2 presents a set of these patterns for the United States as a whole. It shows that the national goal for individuals of $7.0 billion was passed on June 28. Sales of E bonds ran below the expected pattern throughout most of the drive but recorded a substantial spurt in the last few days. Sales of other se-
ments) in the calendar year 1944, according to Department of Agriculture data. For purposes of war loan analysis, California, Illinois, and Ohio are considered as industrial States although they are also leading in cash farm income.
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Chart 2
SALES TO INDIVIDUALS IN 7TH WAR LOAN - U.S. TOTAL
Actual Sales Compared with Expected Sales Pattern
CUMULATIVE
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Treasury Bulletin
Chart 3
SALES TO INDIVIDUALS IN 7TH WAR LOAN - IOWA
Actual Sales Compared with Expected Sales Pattern
CUMULATIVE
August 1945
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Chort 4
SALES IN THE SEVEN WAR LOANS, BY INVESTOR CLASSES
Total Sales to All Investors
Insurance Companies
BILLIONS OF DOLLARS
Corporations and Associations (Including Savings and Loan Associations)
BILLIONS OF DOLLARS
Treasury Investment Accounts
BILLIONS OF DOLLARS
Dealers and Brokers
LIONS OF DO
Commercial Banks
LIONS OF DO
Note. For detailed figures, see Table 4 and footnotes therefo
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Treasury Bulletin
curities to individuals passed the goal on June 13.
A similar set of patterns was prepared for each State and provided to the State War Finance chairmen. Chart 3 shows this information for one State (Iowa).
Subscriptions under the Deferred Payment Plan
Of total sales of $26.3 billion in the 7th War Loan, $779 million was made up of sales under the deferred payment plan. This plan permitted certain classes of investors, namely, life insurance companies, savings institutions, State and local governmental units, and similar public corporations and agencies, to defer payment in whole or in part at par and accrued interest through August 31, 1945 on their subscriptions to the two long-term Treasury bonds.
Sales to savings banks and insurance companies under the deferred payment plan accounted for $657 million, the major portion of sales under this plan. The following table presents a summary of deferred payment sales.
<table><tr><th></th><th>Total</th><th>2-1/2% Treasury bonds</th><th>2-1/4% Treasury bonds</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>Insurance companies</td><td>232</td><td>193</td><td>39</td></tr><tr><td>Savings banks</td><td>425</td><td>163</td><td>263</td></tr><tr><td>Savings and loan associations</td><td>58</td><td>15</td><td>43</td></tr><tr><td>State and local governments</td><td>59</td><td>37</td><td>22</td></tr><tr><td>Fraternal benefit associations and other investors</td><td>4</td><td>4</td><td>*</td></tr><tr><td>Total</td><td>779</td><td>412</td><td>367</td></tr></table>
Comparison with Prior War Loans
With sales of $26.3 billion, the highest in any drive, recorded in the 7th War Loan, sales in the war loans to date totaled $136 billion. Sales to individuals aggregated $36 billion or 27% of the total and sales to corporations and other nonbank investors accounted for $89 billion or 66%. Sales to commercial banks, which were included for stated amounts in only the first two war loans, made up $10 billion or 7% of total sales to date.
The following table summarizes the distribution of sales in each of the seven war loans by major investor classes. Chart 4 also presents the distribution of sales by major investor classes for each war loan. Chart 5 shows a distribution of Less than $500,000.
of sales in each loan by type of security.
<table><tr><th></th><th>Total</th><th>Individuals</th><th>Corporations and other investors</th><th>Commercial banks 1/</th></tr><tr><td colspan="5">Amounts in billions of dollars</td></tr><tr><td>1st War Loan</td><td>12.9</td><td>1.6</td><td>6.3</td><td>5.1</td></tr><tr><td>2nd War Loan</td><td>18.6</td><td>3.3</td><td>10.2</td><td>5.1</td></tr><tr><td>3rd War Loan</td><td>18.9</td><td>5.4</td><td>13.6</td><td>...</td></tr><tr><td>4th War Loan</td><td>16.7</td><td>5.3</td><td>11.4</td><td>...</td></tr><tr><td>5th War Loan</td><td>20.6</td><td>6.4</td><td>14.3</td><td>...</td></tr><tr><td>6th War Loan</td><td>21.6</td><td>5.9</td><td>15.7</td><td>...</td></tr><tr><td>7th War Loan</td><td>26.3</td><td>8.7</td><td>17.6</td><td>...</td></tr><tr><td>Total for seven war loans</td><td>135.7</td><td>36.5</td><td>89.1</td><td>10.2</td></tr><tr><td colspan="5">Percentage distribution</td></tr><tr><td>1st War Loan</td><td>100.0</td><td>12.3</td><td>48.4</td><td>39.3</td></tr><tr><td>2nd War Loan</td><td>100.0</td><td>17.7</td><td>54.9</td><td>27.4</td></tr><tr><td>3rd War Loan</td><td>100.0</td><td>28.4</td><td>71.6</td><td>...</td></tr><tr><td>4th War Loan</td><td>100.0</td><td>31.7</td><td>68.3</td><td>...</td></tr><tr><td>5th War Loan</td><td>100.0</td><td>30.8</td><td>69.2</td><td>...</td></tr><tr><td>6th War Loan</td><td>100.0</td><td>27.2</td><td>72.8</td><td>...</td></tr><tr><td>7th War Loan</td><td>100.0</td><td>33.0</td><td>67.0</td><td>...</td></tr><tr><td>Total for seven war loans</td><td>100.0</td><td>26.9</td><td>65.6</td><td>7.5</td></tr></table>
As already noted sales of E bonds reached a new peak in the 7th War Loan. The number of pieces of E bonds sold also made a new record (92 million). Chart 6 presents the value and number of pieces of E bonds sold in each of the war loans to date.
A comparison of goals and sales for each of the seven war loans is presented in Chart 7 for the major investor groups. Additional historical information on all seven war loans is given in Table 6.
Statistical Tables
A set of six tables follows this article with more detailed information on sales. Table 1 presents a distribution of total sales in the 7th War Loan by investor classes and by issues.
Table 2 compares the dollar value of sales in the 7th War Loan with goals in each State for (1) total sales, (2) total sales to individuals, (3) sales of Series E savings bonds, (4) sales of other securities to individuals, and (5) sales to corporations and other investors. In Table 3, sales to individuals in each State are broken down between Series E savings bonds, Series F and G
1/ Commercial banks were allowed to buy only $5 billion of Federal securities during each of the first two war loans, and were excluded from direct participation in all later war loans.
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Commercial banks are not permitted to purchase these securities for specified periods of years except for such purchases as were permitted concurrently with the Fourth, Fifth, and Sixth War Loans for the limited investment of time deposits.
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Treasury Bulletin
SALES OF SERIES E SAVINGS BONDS IN THE SEVEN WAR LOANS
savings bonds, and savings notes and marketable securities as a group; total sales to corporations and other investors are classified by detailed investor groups for each State.
Table 4 gives a historical analysis of sales of securities by major investor classes and by issues for the seven war loans. Table 5 gives the dollar value of and number of units of each denomination of Series E bonds sold during each
of the seven drives. Table 6 summarizes sales and goals for the seven drives.
A supplement to this article, and to the current "Treasury Bulletin", showing by States the sales of each security in the 7th War Loan to each investor class, is being prepared for early release. This supplement will be available upon request.
Part 2 - Background of the 7th War Loan
Development of Quotas
Final determination of the $14.0 billion national quota for the 7th War Loan was made after analysis of both the current financial needs of the Treasury and the flow of funds throughout the country. Government operations as a part of the economy as a whole have attained a position of
greatly increased importance during the war period, and it is, therefore, necessary to study the income flow throughout the nation in order to examine the funds which may be reached for Federal borrowing.
Total expenditures by the different segments
August 1945
A-13
Chort 7
GOALS AND SALES IN THE SEVEN WAR LOANS
By Investor Classes
Combined goal of $4 billion for all investors excluding commercial banks.
No separate goal was set for Series E bonds.
This figure represents the fixed amount which commercial banks were allowed to buy, rather than a goal for such investors.
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Treasury Bulletin
of the economy measure the total production and thereby the total income of the nation. The income of the country in turn is equal to the value of the goods and services produced. During the war period there has been a disproportionate amount of expenditures by the Federal Government as compared with the income it has received in the form of taxes. At the same time the people of the country have had a far smaller amount of goods and services available for purchase than the amount of income they have left after taxes. The deficit the Government incurs and the surplus the remainder of the economy enjoys are identical. It is this surplus, with its inherent inflationary character, which the Treasury seeks to borrow as far as possible in covering the Government's financial needs.
During the financing period January through June 1947, from the close of the 6th War Loan to the close of the 7th, Federal Government expenditures totaled $51 billion. A little over one-half of this amount was covered by net budgetary receipts of $26 billion, leaving a deficit of $25 billion to be financed through borrowing. Of the equivalent current surplus of $25 billion which was being accumulated by individuals, corporations, and other investors, it is estimated that new liquid savings by individuals alone aggregated $21 billion, made up of savings from: (1) Wages and salaries, dividends, interest, rents, and royalties; (2) operations of farms and unincorporated businesses, including allowances for reserves for depreciation, depletion, etc., set up by these businesses but not invested in new capital assets; and (3) net social insurance accumulations.
The actual amount of current savings available for investment by individuals is limited, however, by two types of transactions (1) transfers to other nonbank investor classes who in turn may invest in Federal securities, and (2) the need or preference for additional accumulations in cash, including both currency and deposits in commercial banks. The transfers mentioned here include net payments on insurance by individuals whereby funds are transferred from individuals to insurance companies and Government insurance funds. Debt retirement also involves transfers from individuals to other investor classes such as banks, insurance companies, savings and loan associations, etc. Deposits in mutual savings banks and the postal savings system likewise transfer funds to other nonbank investors. It is estimated that about $7 billion
of total liquid savings by individuals during the January-June 1945 financing period were thus transferred, leaving $14 billion as the net amount of new savings of individuals available for investment in Federal securities and to satisfy needs for additional savings in the form of cash. This total of $14 billion was a greater amount of new savings available than in any prior war loan period.
Moreover, these accumulations of new savings available after transfers during the current period are an addition to the already unpre-identified accumulations of savings made since the beginning of the war.
Accordingly, the quota for individuals was set at $7 billion in the 7th War Loan, the highest in any war loan to date. On the other hand, the quota for corporations and other investors was reduced from $9 billion in the 6th War Loan to $7 billion in the 7th. Sales to these investors absorb savings transferred from individuals to other nonbank investors, as noted above, as well as funds' arising from corporation profits and reserves. The reduction in the quota for corporations and other investors was a reflection of (1) the fact that corporations' new savings have not been growing as rapidly as during the early part of the war period, and (2) the efforts of the Treasury Department to discourage the speculative purchases by nonbank investors.
In conformity with the decentralized operation of the war loan program, the national quotas were broken down by States and supplied to the respective chairmen of the State War Finance Committees some time before the opening of the drive. State quotas were in turn broken down by the State chairmen by counties and frequently by other geographical units. Certain economic data were provided the State chairmen for this purpose but the breakdown into local quotas was ultimately determined in each State in conformity with local conditions.
Speculative Purchases Discouraged
Special efforts were made to achieve maximum investment of non-bank funds in the 7th War Loan and to hold indirect participation of commercial banks to a minimum. In this connection, the Secretary of the Treasury sent a letter on March 20, 1945 to all commercial banks, requesting their assistance in carrying out these policies. The letter, which described the steps taken by the Treasury in this regard, was reprinted in the
August 1945
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April 1945 issue of the "Treasury Bulletin", page A-1.
The efforts made to carry out this policy included the previously mentioned reduction in the quota for corporations and other investors and the limitation of available unrestricted securities to only one issue -- the 7½% certificates of indebtedness -- for corporations and other investors. The 1-1/2% Treasury bonds were offered only to individuals because it was on an issue of this type that corporations had entered speculative subscriptions in previous drives.
In addition, all banks were requested to cooperate with the Treasury by declining to make loans for purchases of Government securities for speculative purposes during the 7th War Loan. This policy, however, was not intended to imply any disapproval of loans to enable investors to purchase securities in anticipation of income, provided that the loans were on a short-term or amortization basis fully repayable within six months. These principles were set forth in the joint statement on bank loans by national and State bank supervisory authorities on November 23, 1942. This statement was reprinted in the "Treasury Bulletin" for March 1944, page A-3. The Treasury also requested that commercial banks not make loans for the purpose of acquiring the drive securities later for their own account.
Sales Allocations Between States
In order to prevent disturbances to the money market and the banking situation, the practice started in previous war loans was used again to avoid transfers of funds by subscribers who wished to help local communities make their quotas. Under this procedure, the Treasury and the Federal Reserve Banks undertook to give statistical credit to the various localities for subscriptions made by investors with interests in more than one community or for purchases made at the central offices of business organizations operating in more than one area.
In the case of many large business organizations, Series E bonds bought by employees under payroll savings plans or during special plant drives were issued from central offices; the procedure worked out for allocating credit made it possible in these cases to transfer the credit to the purchaser's home address or to the place of his employment. Likewise, stubs representing sales by the Federal Reserve Banks, the Office of the Treasurer of the United States, etc., were
sorted by city, in order to pass credits to local communities. Sales by issuing agents whose activities are largely confined to one city or county (such as banks, post offices, etc.) were credited to the place of their location. All subscriptions from insurance companies were assigned to the address of the home office, as in the past.
Sales Promotion
The general pattern of promotion for the 7th War Loan differed from that of earlier drives in the extended sales period for payroll savings plans which allowed three months, from April 9 through July 7, to meet the increased E bond quota. A large number of volunteer salesmen—6 million or more—were organized in local committees throughout the country for the job of personally soliciting potential buyers. As in previous war loans the organization was set on State, county, and local lines with State War Finance Chairmen taking top responsibility and maintaining liaison between national headquarters and local groups.
Total company quotas for participation of employees were set on a sliding scale basis, depending on average wages. The range was from $18.75 per employee in companies whose average wage was less than $100 per month to $137.50 per employee in companies whose average wage was $250 or more per month. The realization of these company quotas depended on enlarging payroll savings deductions for bonds as well as on extra purchases for cash. Many millions of workers were reached and asked to subscribe for extra war bonds through plant campaigns which included meetings held by top management officials and the distribution of educational material emphasizing personal interest in savings for future homes, education, retirement, etc.
The program of War Finance has touched literally every important organization in the country--patriotic, fraternal, religious, educational, farm, labor, and countless others. For example, the schools of every State took a direct part in the 7th War Loan. For the country as a whole, schools undertook responsibility for about 7% of the E bond quota. Women's organizations took a large part in personal solicitation, and worked out special programs in many States. Agricultural States intensified their programs to reach bond buyers on farms; country banks were of great assistance in this respect. Theatres again co-operated in the drive, holding special War Bond
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Treasury Bulletin
shows at which bonds were the price of admittance. Special programs by retail stores, newspaper and periodical advertising, and radio time all contributed extensively to the success of the drive. Special events and exhibitions as well as military personnel were made available by the Army and Navy.
its War Loan Committee, cooperated very closely in the sales work. The Association's "Plan of Action", which featured not only reporting and recording of bank sales but direct solicitation of depositors, was more widely adopted by banks than ever before. Investment bankers and security dealers also stressed special promotions for the sale of E bonds.
The American Bankers Association, through
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A-17
Table 1.- Sales in the 7th War Loan, by Investor Classes and by Issues
<table><tr><th>Investor class</th><th>Total</th><th colspan="2">Savings bonds (issue price)</th><th>Savings notes, Series C</th><th>7/8% Certificates of indebtedness 6/1/46</th><th>1-1/2% Treasury bonds, 12/15/50</th><th>2-1/4% Treasury bonds, 6/15/59-62</th><th>2-1/2% Treasury bonds, 6/15/67-72</th></tr><tr><th colspan="9">Amounts in millions of dollars</th></tr><tr><td>Individuals 1/</td><td>8,681</td><td>3,976</td><td>653</td><td>148</td><td>301</td><td>1,690</td><td>766</td><td>1,117</td></tr><tr><td>Corporations and other investors: Insurance companies</td><td>4,179</td><td>....</td><td>14</td><td>1</td><td>99</td><td>....</td><td>774</td><td>3,291</td></tr><tr><td>Savings banks</td><td>2,241</td><td>....</td><td>5</td><td>2</td><td>43</td><td>....</td><td>1,241</td><td>950</td></tr><tr><td>Corporations and associations</td><td>8,304</td><td>....</td><td>234</td><td>2,333</td><td>3,671</td><td>....</td><td>1,259</td><td>807</td></tr><tr><td>Savings and loan associations</td><td>811</td><td>....</td><td>23</td><td>4</td><td>25</td><td>....</td><td>565</td><td>194</td></tr><tr><td>Dealers and brokers</td><td>286</td><td>....</td><td>*</td><td>*</td><td>*</td><td>....</td><td>150</td><td>136</td></tr><tr><td>State and local governments 2/</td><td>1,811</td><td>....</td><td>32</td><td>219</td><td>645</td><td>....</td><td>322</td><td>593</td></tr><tr><td>Total for corporations and other investors</td><td>17,632</td><td>....</td><td>308</td><td>2,559</td><td>4,483</td><td>....</td><td>4,311</td><td>5,971</td></tr><tr><td>Total sales</td><td>26,313</td><td>3,976</td><td>991</td><td>2,707</td><td>4,784</td><td>1,690</td><td>5,077</td><td>7,088</td></tr><tr><th colspan="9">Percentage distribution, by investor classes</th></tr><tr><td>Individuals 1/</td><td>100.0</td><td>45.8</td><td>7.9</td><td>1.7</td><td>3.5</td><td>19.5</td><td>8.8</td><td>12.9</td></tr><tr><td>Corporations and other investors: Insurance companies</td><td>100.0</td><td>....</td><td>.3</td><td>*</td><td>2.4</td><td>....</td><td>18.5</td><td>78.8</td></tr><tr><td>Savings banks</td><td>100.0</td><td>....</td><td>.2</td><td>.1</td><td>1.9</td><td>....</td><td>55.4</td><td>42.4</td></tr><tr><td>Corporations and associations</td><td>100.0</td><td>....</td><td>2.5</td><td>28.1</td><td>44.2</td><td>....</td><td>15.2</td><td>9.7</td></tr><tr><td>Savings and loan associations</td><td>100.0</td><td>....</td><td>2.8</td><td>.5</td><td>3.1</td><td>....</td><td>69.7</td><td>23.9</td></tr><tr><td>Dealers and brokers</td><td>100.0</td><td>....</td><td>*</td><td>*</td><td>*</td><td>....</td><td>52.4</td><td>47.6</td></tr><tr><td>State and local governments 2/</td><td>100.0</td><td>....</td><td>1.9</td><td>12.1</td><td>35.6</td><td>....</td><td>17.8</td><td>32.7</td></tr><tr><td>Total for corporations and other investors</td><td>100.0</td><td>....</td><td>1.7</td><td>14.5</td><td>25.4</td><td>....</td><td>24.4</td><td>33.9</td></tr><tr><td>Total sales</td><td>100.0</td><td>15.1</td><td>3.8</td><td>10.3</td><td>18.2</td><td>6.4</td><td>19.3</td><td>26.9</td></tr><tr><th colspan="9">Percentage distribution, by issues</th></tr><tr><td>Individuals 1/</td><td>33.0</td><td>100.0</td><td>68.9</td><td>5.5</td><td>6.3</td><td>100.0</td><td>15.1</td><td>15.8</td></tr><tr><td>Corporations and other investors: Insurance companies</td><td>15.9</td><td>....</td><td>1.4</td><td>*</td><td>2.1</td><td>....</td><td>15.2</td><td>46.4</td></tr><tr><td>Savings banks</td><td>8.5</td><td>....</td><td>.5</td><td>.1</td><td>.9</td><td>....</td><td>24.4</td><td>13.4</td></tr><tr><td>Corporations and associations</td><td>31.6</td><td>....</td><td>23.6</td><td>86.2</td><td>76.7</td><td>....</td><td>24.8</td><td>11.4</td></tr><tr><td>Savings and loan associations</td><td>3.1</td><td>....</td><td>2.3</td><td>.1</td><td>.5</td><td>....</td><td>11.1</td><td>2.7</td></tr><tr><td>Dealers and brokers</td><td>1.1</td><td>....</td><td>*</td><td>*</td><td>*</td><td>....</td><td>3.0</td><td>1.9</td></tr><tr><td>State and local governments 2/</td><td>6.9</td><td>....</td><td>3.2</td><td>8.1</td><td>13.5</td><td>....</td><td>6.3</td><td>8.4</td></tr><tr><td>Total for corporations and other investors</td><td>67.0</td><td>....</td><td>31.1</td><td>94.5</td><td>93.7</td><td>....</td><td>84.9</td><td>84.2</td></tr><tr><td>Total sales</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
* Less than $500,000 or .05%.
1/ Includes partnerships and personal trust accounts.
2/ Includes their agencies and their trust, sinking, and investment funds.
A-18
Treasury Bulletin
Table 2.
Comparison of Goals and Sales in the 7th War Loan, by States
<table><tr><th>State</th><th colspan="3">Total</th><th colspan="3">Total</th><th colspan="3">Individuals 1/</th><th colspan="3">Other securities 3/</th><th colspan="3">Corporations and other investors 2/</th></tr><tr><th></th><th>Goal</th><th>Sales</th><th>Percent of goal</th><th>Goal</th><th>Sales</th><th>Percent of goal</th><th>Goal</th><th>Sales</th><th>Percent of goal</th><th>Goal</th><th>Sales</th><th>Percent of goal</th><th>Goal</th><th>Sales</th><th>Percent of goal</th></tr><tr><td colspan="16">(In millions of dollars)</td></tr><tr><td>Alabama</td><td>100.0</td><td>183</td><td>183</td><td>74.0</td><td>95</td><td>128</td><td>49.0</td><td>58</td><td>119</td><td>25.0</td><td>37</td><td>147</td><td>26.0</td><td>85</td><td>329</td></tr><tr><td>Arizona</td><td>33.0</td><td>49</td><td>149</td><td>23.0</td><td>26</td><td>114</td><td>15.0</td><td>16</td><td>105</td><td>8.0</td><td>10</td><td>131</td><td>10.0</td><td>23</td><td>220</td></tr><tr><td>Arkansas</td><td>54.0</td><td>77</td><td>142</td><td>42.0</td><td>50</td><td>120</td><td>28.0</td><td>29</td><td>103</td><td>14.0</td><td>22</td><td>155</td><td>12.0</td><td>26</td><td>220</td></tr><tr><td>California (Northern)</td><td>399.0</td><td>635</td><td>159</td><td>250.0</td><td>252</td><td>101</td><td>164.0</td><td>149</td><td>91</td><td>86.0</td><td>103</td><td>120</td><td>140.0</td><td>383</td><td>257</td></tr><tr><td>Arkansas (Southern)</td><td>462.0</td><td>814</td><td>176</td><td>288.0</td><td>342</td><td>119</td><td>184.0</td><td>169</td><td>92</td><td>104.0</td><td>173</td><td>166</td><td>174.0</td><td>473</td><td>272</td></tr><tr><td>Colorado</td><td>79.0</td><td>121</td><td>153</td><td>54.0</td><td>60</td><td>111</td><td>31.0</td><td>31</td><td>100</td><td>23.0</td><td>29</td><td>126</td><td>25.0</td><td>60</td><td>242</td></tr><tr><td>Connecticut</td><td>386.0</td><td>812</td><td>210</td><td>119.0</td><td>137</td><td>115</td><td>79.0</td><td>70</td><td>88</td><td>40.0</td><td>67</td><td>167</td><td>267.0</td><td>675</td><td>253</td></tr><tr><td>Delaware</td><td>43.0</td><td>76</td><td>176</td><td>22.0</td><td>24</td><td>109</td><td>10.0</td><td>9</td><td>88</td><td>12.0</td><td>15</td><td>126</td><td>21.0</td><td>52</td><td>247</td></tr><tr><td>District of Columbia</td><td>113.0</td><td>233</td><td>207</td><td>70.0</td><td>86</td><td>122</td><td>48.0</td><td>49</td><td>101</td><td>22.0</td><td>37</td><td>169</td><td>43.0</td><td>148</td><td>344</td></tr><tr><td>Florida</td><td>122.0</td><td>216</td><td>177</td><td>85.0</td><td>113</td><td>133</td><td>50.0</td><td>53</td><td>106</td><td>35.0</td><td>60</td><td>170</td><td>37.0</td><td>103</td><td>278</td></tr><tr><td>Georgia</td><td>121.0</td><td>283</td><td>184</td><td>83.0</td><td>118</td><td>135</td><td>55.0</td><td>55</td><td>100</td><td>28.0</td><td>57</td><td>204</td><td>38.0</td><td>110</td><td>290</td></tr><tr><td>Idaho</td><td>29.0</td><td>42</td><td>144</td><td>20.0</td><td>22</td><td>110</td><td>15.0</td><td>13</td><td>101</td><td>7.0</td><td>9</td><td>126</td><td>9.0</td><td>20</td><td>221</td></tr><tr><td>Illinois</td><td>965.0</td><td>1,689</td><td>175</td><td>490.0</td><td>572</td><td>117</td><td>273.0</td><td>281</td><td>101</td><td>211.0</td><td>292</td><td>138</td><td>475.0</td><td>1,117</td><td>235</td></tr><tr><td>Indiana</td><td>240.0</td><td>428</td><td>178</td><td>167.0</td><td>191</td><td>115</td><td>104.0</td><td>105</td><td>101</td><td>63.0</td><td>87</td><td>138</td><td>72.0</td><td>237</td><td>324</td></tr><tr><td>Iowa</td><td>189.0</td><td>369</td><td>195</td><td>135.0</td><td>173</td><td>128</td><td>82.0</td><td>98</td><td>119</td><td>53.0</td><td>75</td><td>142</td><td>94.0</td><td>196</td><td>363</td></tr><tr><td>Kansas</td><td>106.0</td><td>176</td><td>166</td><td>86.0</td><td>101</td><td>117</td><td>55.0</td><td>57</td><td>104</td><td>31.0</td><td>44</td><td>141</td><td>20.0</td><td>75</td><td>374</td></tr><tr><td>Kentucky</td><td>113.0</td><td>215</td><td>190</td><td>81.0</td><td>121</td><td>150</td><td>44.0</td><td>43</td><td>98</td><td>37.0</td><td>78</td><td>212</td><td>32.0</td><td>93</td><td>232</td></tr><tr><td>Louisiana</td><td>112.0</td><td>178</td><td>159</td><td>76.0</td><td>84</td><td>110</td><td>49.0</td><td>42</td><td>86</td><td>27.0</td><td>41</td><td>153</td><td>36.0</td><td>94</td><td>262</td></tr><tr><td>Maine</td><td>56.0</td><td>101</td><td>181</td><td>33.0</td><td>34</td><td>102</td><td>20.0</td><td>17</td><td>84</td><td>13.0</td><td>17</td><td>129</td><td>23.0</td><td>68</td><td>294</td></tr><tr><td>Maryland</td><td>231.0</td><td>494</td><td>214</td><td>148.0</td><td>154</td><td>104</td><td>60.0</td><td>51</td><td>84</td><td>88.0</td><td>104</td><td>118</td><td>83.0</td><td>340</td><td>409</td></tr><tr><td>Massachusetts</td><td>700.0</td><td>1,516</td><td>216</td><td>238.0</td><td>282</td><td>119</td><td>140.0</td><td>125</td><td>89</td><td>98.0</td><td>158</td><td>161</td><td>462.0</td><td>1,233</td><td>267</td></tr><tr><td>Michigan</td><td>501.0</td><td>752</td><td>150</td><td>333.0</td><td>340</td><td>102</td><td>226.0</td><td>207</td><td>92</td><td>107.0</td><td>133</td><td>125</td><td>168.0</td><td>412</td><td>245</td></tr><tr><td>Minnesota</td><td>224.0</td><td>414</td><td>185</td><td>140.0</td><td>148</td><td>106</td><td>80.0</td><td>61</td><td>101</td><td>60.0</td><td>67</td><td>112</td><td>84.0</td><td>265</td><td>316</td></tr><tr><td>Mississippi</td><td>52.0</td><td>85</td><td>164</td><td>45.0</td><td>56</td><td>124</td><td>29.0</td><td>34</td><td>117</td><td>16.0</td><td>22</td><td>137</td><td>7.0</td><td>29</td><td>420</td></tr><tr><td>Missouri</td><td>280.0</td><td>563</td><td>201</td><td>171.0</td><td>241</td><td>141</td><td>101.0</td><td>102</td><td>101</td><td>70.0</td><td>140</td><td>199</td><td>109.0</td><td>322</td><td>295</td></tr><tr><td>Montana</td><td>35.0</td><td>62</td><td>176</td><td>25.0</td><td>31</td><td>122</td><td>16.0</td><td>19</td><td>120</td><td>9.0</td><td>11</td><td>127</td><td>10.0</td><td>31</td><td>309</td></tr><tr><td>Nebraska</td><td>92.0</td><td>164</td><td>200</td><td>65.0</td><td>85</td><td>131</td><td>43.0</td><td>49</td><td>115</td><td>22.0</td><td>36</td><td>163</td><td>27.0</td><td>99</td><td>367</td></tr><tr><td>Nevada</td><td>12.0</td><td>16</td><td>137</td><td>9.0</td><td>11</td><td>123</td><td>4.5</td><td>5</td><td>109</td><td>4.5</td><td>6</td><td>136</td><td>3.0</td><td>5</td><td>180</td></tr><tr><td>New Hampshire</td><td>36.0</td><td>97</td><td>270</td><td>17.0</td><td>20</td><td>118</td><td>12.0</td><td>11</td><td>90</td><td>5.0</td><td>9</td><td>186</td><td>19.0</td><td>77</td><td>406</td></tr><tr><td>New Jersey</td><td>622.0</td><td>1,318</td><td>212</td><td>261.0</td><td>331</td><td>127</td><td>148.0</td><td>132</td><td>89</td><td>113.0</td><td>199</td><td>176</td><td>361.0</td><td>987</td><td>274</td></tr><tr><td>New Mexico</td><td>17.0</td><td>28</td><td>166</td><td>13.0</td><td>16</td><td>127</td><td>9.0</td><td>10</td><td>112</td><td>4.0</td><td>6</td><td>158</td><td>4.0</td><td>12</td><td>295</td></tr><tr><td>New York</td><td>3,959.0</td><td>7,226</td><td>182</td><td>1,134.0</td><td>1,602</td><td>141</td><td>460.0</td><td>465</td><td>101</td><td>674.0</td><td>1,137</td><td>169</td><td>2,825.0</td><td>5,624</td><td>199</td></tr><tr><td>North Carolina</td><td>132.5</td><td>304</td><td>230</td><td>90.5</td><td>119</td><td>132</td><td>53.5</td><td>52</td><td>96</td><td>37.0</td><td>68</td><td>182</td><td>42.0</td><td>185</td><td>441</td></tr><tr><td>North Dakota</td><td>33.5</td><td>49</td><td>146</td><td>26.5</td><td>29</td><td>108</td><td>18.5</td><td>21</td><td>114</td><td>8.0</td><td>7</td><td>95</td><td>7.0</td><td>20</td><td>288</td></tr><tr><td>Ohio</td><td>713.0</td><td>1,419</td><td>199</td><td>403.0</td><td>489</td><td>122</td><td>238.0</td><td>232</td><td>98</td><td>165.0</td><td>257</td><td>150</td><td>310.0</td><td>930</td><td>300</td></tr><tr><td>Oklahoma</td><td>95.0</td><td>180</td><td>182</td><td>72.0</td><td>95</td><td>132</td><td>45.0</td><td>51</td><td>112</td><td>27.0</td><td>44</td><td>164</td><td>27.0</td><td>85</td><td>315</td></tr><tr><td>Oregon</td><td>110.0</td><td>205</td><td>187</td><td>80.0</td><td>100</td><td>125</td><td>55.0</td><td>58</td><td>106</td><td>25.0</td><td>42</td><td>169</td><td>30.0</td><td>105</td><td>351</td></tr><tr><td>Pennsylvania</td><td>939.0</td><td>1,759</td><td>187</td><td>506.0</td><td>676</td><td>134</td><td>288.0</td><td>283</td><td>98</td><td>218.0</td><td>392</td><td>180</td><td>433.0</td><td>1,083</td><td>250</td></tr><tr><td>Rhode Island</td><td>79.0</td><td>173</td><td>219</td><td>44.0</td><td>47</td><td>106</td><td>24.0</td><td>28</td><td>92</td><td>20.0</td><td>25</td><td>124</td><td>35.0</td><td>126</td><td>360</td></tr><tr><td>South Carolina</td><td>53.0</td><td>86</td><td>162</td><td>37.0</td><td>45</td><td>121</td><td>25.0</td><td>26</td><td>104</td><td>12.0</td><td>19</td><td>156</td><td>16.0</td><td>41</td><td>258</td></tr><tr><td>South Dakota</td><td>34.0</td><td>56</td><td>164</td><td>27.0</td><td>29</td><td>108</td><td>18.0</td><td>20</td><td>112</td><td>9.0</td><td>9</td><td>101</td><td>7.0</td><td>26</td><td>378</td></tr><tr><td>Tennessee</td><td>125.0</td><td>285</td><td>228</td><td>85.0</td><td>100</td><td>118</td><td>48.0</td><td>51</td><td>105</td><td>37.0</td><td>49</td><td>133</td><td>40.0</td><td>185</td><td>463</td></tr><tr><td>Texas</td><td>430.0</td><td>766</td><td>178</td><td>312.0</td><td>432</td><td>138</td><td>168.0</td><td>171</td><td>102</td><td>144.0</td><td>261</td><td>182</td><td>118.0</td><td>334</td><td>283</td></tr><tr><td>Utah</td><td>41.0</td><td>72</td><td>175</td><td>28.0</td><td>31</td><td>112</td><td>20.0</td><td>21</td><td>104</td><td>8.0</td><td>11</td><td>132</td><td>13.0</td><td>40</td><td>311</td></tr><tr><td>Vermont</td><td>23.0</td><td>49</td><td>211</td><td>11.0</td><td>13</td><td>119</td><td>6.5</td><td>6</td><td>94</td><td>4.5</td><td>7</td><td>156</td><td>12.0</td><td>35</td><td>295</td></tr><tr><td>Virginia</td><td>149.0</td><td>276</td><td>185</td><td>103.0</td><td>133</td><td>129</td><td>61.0</td><td>74</td><td>117</td><td>40.0</td><td>59</td><td>149</td><td>46.0</td><td>143</td><td>310</td></tr><tr><td>Washington</td><td>189.0</td><td>364</td><td>193</td><td>128.0</td><td>130</td><td>102</td><td>86.0</td><td>80</td><td>93</td><td>42.0</td><td>50</td><td>120</td><td>61.0</td><td>235</td><td>184</td></tr><tr><td>West Virginia</td><td>83.0</td><td>139</td><td>168</td><td>64.0</td><td>86</td><td>103</td><td>34.0</td><td>32</td><td>93</td><td>30.0</td><td>34</td><td>114</td><td>19.0</td><td>73</td><td>386</td></tr><tr><td>Wisconsin</td><td>267.0</td><td>525</td><td>197</td><td>150.0</td><td>164</td><td>109</td><td>89.0</td><td>91</td><td>103</td><td>61.0</td><td>73</td><td>119</td><td>117.0</td><td>361</td><td>209</td></tr><tr><td>Wyoming</td><td>10.0</td><td>19</td><td>191</td><td>8.0</td><td>11</td><td>135</td><td>6.0</td><td>7</td><td>119</td><td>2.0</td><td>4</td><td>185</td><td>2.0</td><td>8</td><td>416</td></tr><tr><td>Alaska</td><td>4.0</td><td>5</td><td>118</td><td>3.0</td><td>4</td><td>121</td><td>2.5</td><td>3</td><td>106</td><td>.5</td><td>1</td><td>193</td><td>1.0</td><td>1</td><td>112</td></tr><tr><td>Canal Zone</td><td>2.0</td><td>4</td><td>210</td><td>2.0</td><td>4</td><td>195</td><td>2.0</td><td>3</td><td>161</td><td>.5</td><td>1</td><td>233</td><td>.5</td><td>*</td><td>112</td></tr><tr><td>Hawaii</td><td>27.0</td><td>51</td><td>189</td><td>19.0</td><td>26</td><td>136</td><td>18.0</td><td>24</td><td>131</td><td>1.0</td><td>2</td><td>233</td><td>8.0</td><td>25</td><td>314</td></tr><tr><td>Puerto Rico</td><td>12.1</td><td>41</td><td>340</td><td>6.1</td><td>8</td><td>131</td><td>4.1</td><td>4</td><td>105</td><td>2.0</td><td>4</td><td>185</td><td>6.0</td><td>33</td><td>552</td></tr><tr><td>Other 5/</td><td>-</td><td>95</td><td>-</td><td>-</td><td>17</td><td>-</td><td>-</td><td>13</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>78</td><td>-</td></tr><tr><td>Total sales</td><td>14,000.0</td><td>26,313</td><td>186</td><td>7,000.0</td><td>8,681</td><td>124</td><td>4,000.0</td><td>3,976</td><td>99</td><td>3,000.0</td><td>4,705</td><td>157</td><td>7,000.0</td><td>17,632</td><td>252</td></tr></table>
1/ Less than $500,000. Includes partnerships and personal trust accounts.
2/ Comprises insurance companies, savings banks, corporations and associations, savings and loan associations, dealers and brokers, and State and local governments (including their
3/ agencies and their trust, sinking, and investment funds). Savings bonds are shown at issue price. 
4/ For further details see Table 3. 
5/ Includes other possessions and investors giving foreign addresses.
August 1945
A-19
Table 3.- Sales in the 7th War Loan, by States and by Investor Classes
(In millions of dollars)
<table><tr><th>State</th><th>Total sales</th><th colspan="4">Sales to individuals 1/ (Classified by securities)</th><th colspan="8">Sales to corporations and other investees (Classified by investor classes)</th></tr><tr><th></th><th></th><th>Total</th><th colspan="2">Savings bonds (Issue price)</th><th>Savings notes and marketable securities</th><th>Total</th><th>Insurance companies</th><th>Savings banks</th><th>Corporations and associations</th><th>Savings and loan associations</th><th>Dealers and local brokers</th><th>State and local governments 2/</th></tr><tr><th></th><th></th><th></th><th>Series E</th><th>Series F and G</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Alabama</td><td>183</td><td>95</td><td>58</td><td>5</td><td>32</td><td>88</td><td>23</td><td>2</td><td>53</td><td>2</td><td>*</td><td>7</td></tr><tr><td>Arizona</td><td>49</td><td>26</td><td>16</td><td>2</td><td>8</td><td>23</td><td>*</td><td>2</td><td>13</td><td>4</td><td>-</td><td>1</td></tr><tr><td>Arkansas</td><td>77</td><td>50</td><td>29</td><td>3</td><td>18</td><td>26</td><td>2</td><td>-</td><td>20</td><td>1</td><td>1</td><td>3</td></tr><tr><td>California (Northern)</td><td>635</td><td>252</td><td>149</td><td>27</td><td>76</td><td>383</td><td>18</td><td>39</td><td>216</td><td>10</td><td>3</td><td>97</td></tr><tr><td>California (Southern)</td><td>814</td><td>342</td><td>169</td><td>29</td><td>144</td><td>473</td><td>66</td><td>180</td><td>180</td><td>44</td><td>3</td><td>178</td></tr><tr><td>Colorado</td><td>121</td><td>60</td><td>31</td><td>5</td><td>24</td><td>60</td><td>7</td><td>-</td><td>43</td><td>2</td><td>*</td><td>9</td></tr><tr><td>Connecticut</td><td>812</td><td>137</td><td>70</td><td>12</td><td>55</td><td>675</td><td>407</td><td>146</td><td>104</td><td>8</td><td>*</td><td>10</td></tr><tr><td>Delaware</td><td>76</td><td>24</td><td>9</td><td>5</td><td>12</td><td>52</td><td>6</td><td>2</td><td>42</td><td>*</td><td>*</td><td>1</td></tr><tr><td>District of Columbia</td><td>233</td><td>86</td><td>49</td><td>5</td><td>32</td><td>148</td><td>23</td><td>-</td><td>111</td><td>14</td><td>-</td><td>-</td></tr><tr><td>Florida</td><td>216</td><td>113</td><td>52</td><td>3</td><td>51</td><td>103</td><td>3</td><td>3</td><td>59</td><td>28</td><td>*</td><td>10</td></tr><tr><td>Georgia</td><td>223</td><td>112</td><td>55</td><td>6</td><td>51</td><td>110</td><td>*</td><td>1</td><td>72</td><td>14</td><td>1</td><td>11</td></tr><tr><td>Idaho</td><td>42</td><td>22</td><td>13</td><td>1</td><td>7</td><td>20</td><td>*</td><td>*</td><td>10</td><td>4</td><td>-</td><td>6</td></tr><tr><td>Illinois</td><td>1,689</td><td>572</td><td>281</td><td>54</td><td>238</td><td>1,117</td><td>121</td><td>-</td><td>807</td><td>59</td><td>15</td><td>113</td></tr><tr><td>Indiana</td><td>428</td><td>191</td><td>105</td><td>18</td><td>69</td><td>237</td><td>49</td><td>1</td><td>154</td><td>26</td><td>6</td><td>6</td></tr><tr><td>Iowa</td><td>369</td><td>173</td><td>98</td><td>20</td><td>55</td><td>196</td><td>103</td><td>-</td><td>65</td><td>4</td><td>*</td><td>24</td></tr><tr><td>Kansas</td><td>176</td><td>101</td><td>57</td><td>10</td><td>33</td><td>75</td><td>10</td><td>-</td><td>54</td><td>8</td><td>*</td><td>3</td></tr><tr><td>Kentucky</td><td>215</td><td>121</td><td>43</td><td>10</td><td>68</td><td>93</td><td>9</td><td>-</td><td>69</td><td>11</td><td>1</td><td>5</td></tr><tr><td>Louisiana</td><td>178</td><td>84</td><td>42</td><td>5</td><td>36</td><td>94</td><td>6</td><td>-</td><td>82</td><td>4</td><td>*</td><td>2</td></tr><tr><td>Maine</td><td>101</td><td>34</td><td>17</td><td>6</td><td>11</td><td>68</td><td>3</td><td>28</td><td>27</td><td>1</td><td>*</td><td>9</td></tr><tr><td>Maryland</td><td>494</td><td>154</td><td>51</td><td>10</td><td>94</td><td>340</td><td>62</td><td>87</td><td>132</td><td>17</td><td>2</td><td>39</td></tr><tr><td>Massachusetts</td><td>1,516</td><td>282</td><td>125</td><td>32</td><td>126</td><td>1,233</td><td>401</td><td>457</td><td>280</td><td>68</td><td>6</td><td>20</td></tr><tr><td>Michigan</td><td>752</td><td>340</td><td>207</td><td>26</td><td>107</td><td>412</td><td>19</td><td>7</td><td>289</td><td>15</td><td>2</td><td>81</td></tr><tr><td>Minnesota</td><td>414</td><td>148</td><td>81</td><td>12</td><td>55</td><td>265</td><td>33</td><td>16</td><td>140</td><td>29</td><td>2</td><td>45</td></tr><tr><td>Mississippi</td><td>85</td><td>56</td><td>34</td><td>4</td><td>18</td><td>29</td><td>4</td><td>16</td><td>23</td><td>1</td><td>*</td><td>1</td></tr><tr><td>Missouri</td><td>563</td><td>241</td><td>102</td><td>21</td><td>118</td><td>322</td><td>57</td><td>-</td><td>218</td><td>5</td><td>2</td><td>10</td></tr><tr><td>Montana</td><td>62</td><td>31</td><td>19</td><td>3</td><td>9</td><td>31</td><td>2</td><td>-</td><td>16</td><td>1</td><td>*</td><td>11</td></tr><tr><td>Nebraska</td><td>184</td><td>85</td><td>49</td><td>9</td><td>27</td><td>99</td><td>32</td><td>-</td><td>37</td><td>9</td><td>*</td><td>20</td></tr><tr><td>Nevada</td><td>16</td><td>11</td><td>5</td><td>1</td><td>5</td><td>5</td><td>*</td><td>*</td><td>11</td><td>*</td><td>*</td><td>1</td></tr><tr><td>New Hampshire</td><td>97</td><td>20</td><td>11</td><td>2</td><td>5</td><td>77</td><td>3</td><td>57</td><td>12</td><td>4</td><td>*</td><td>1</td></tr><tr><td>New Jersey</td><td>1,318</td><td>331</td><td>132</td><td>22</td><td>177</td><td>987</td><td>567</td><td>42</td><td>207</td><td>43</td><td>1</td><td>108</td></tr><tr><td>New Mexico</td><td>28</td><td>16</td><td>10</td><td>1</td><td>6</td><td>12</td><td>*</td><td>*</td><td>8</td><td>*</td><td>*</td><td>4</td></tr><tr><td>New York</td><td>7,226</td><td>1,602</td><td>465</td><td>99</td><td>1,038</td><td>5,624</td><td>1,325</td><td>1,099</td><td>2,591</td><td>73</td><td>233</td><td>303</td></tr><tr><td>North Carolina</td><td>304</td><td>119</td><td>52</td><td>7</td><td>61</td><td>185</td><td>23</td><td>-</td><td>79</td><td>14</td><td>1</td><td>69</td></tr><tr><td>North Dakota</td><td>49</td><td>29</td><td>21</td><td>3</td><td>5</td><td>20</td><td>1</td><td>-</td><td>11</td><td>4</td><td>*</td><td>5</td></tr><tr><td>Ohio</td><td>1,419</td><td>489</td><td>232</td><td>36</td><td>221</td><td>930</td><td>129</td><td>31</td><td>497</td><td>146</td><td>3</td><td>124</td></tr><tr><td>Oklahoma</td><td>180</td><td>95</td><td>51</td><td>4</td><td>40</td><td>85</td><td>4</td><td>-</td><td>46</td><td>6</td><td>*</td><td>30</td></tr><tr><td>Oregon</td><td>205</td><td>100</td><td>58</td><td>6</td><td>36</td><td>105</td><td>10</td><td>1</td><td>49</td><td>19</td><td>*</td><td>26</td></tr><tr><td>Pennsylvania</td><td>1,759</td><td>676</td><td>283</td><td>54</td><td>338</td><td>1,083</td><td>212</td><td>129</td><td>595</td><td>27</td><td>5</td><td>116</td></tr><tr><td>Rhode Island</td><td>173</td><td>47</td><td>22</td><td>5</td><td>20</td><td>126</td><td>26</td><td>-</td><td>45</td><td>8</td><td>*</td><td>2</td></tr><tr><td>South Carolina</td><td>86</td><td>45</td><td>26</td><td>3</td><td>16</td><td>41</td><td>4</td><td>*</td><td>30</td><td>3</td><td>*</td><td>4</td></tr><tr><td>South Dakota</td><td>56</td><td>29</td><td>20</td><td>3</td><td>7</td><td>26</td><td>2</td><td>-</td><td>10</td><td>1</td><td>-</td><td>13</td></tr><tr><td>Tennessee</td><td>285</td><td>100</td><td>51</td><td>6</td><td>43</td><td>185</td><td>74</td><td>-</td><td>97</td><td>6</td><td>2</td><td>6</td></tr><tr><td>Texas</td><td>766</td><td>432</td><td>171</td><td>20</td><td>241</td><td>334</td><td>89</td><td>-</td><td>192</td><td>11</td><td>1</td><td>41</td></tr><tr><td>Utah</td><td>72</td><td>31</td><td>21</td><td>1</td><td>9</td><td>40</td><td>3</td><td>-</td><td>18</td><td>5</td><td>*</td><td>11</td></tr><tr><td>Vermont</td><td>49</td><td>13</td><td>6</td><td>1</td><td>6</td><td>35</td><td>6</td><td>15</td><td>11</td><td>1</td><td>-</td><td>3</td></tr><tr><td>Virginia</td><td>276</td><td>133</td><td>74</td><td>9</td><td>50</td><td>142</td><td>35</td><td>-</td><td>69</td><td>5</td><td>*</td><td>34</td></tr><tr><td>Washington</td><td>364</td><td>130</td><td>80</td><td>11</td><td>39</td><td>234</td><td>10</td><td>23</td><td>85</td><td>35</td><td>1</td><td>54</td></tr><tr><td>West Virginia</td><td>139</td><td>66</td><td>32</td><td>3</td><td>32</td><td>73</td><td>3</td><td>-</td><td>49</td><td>3</td><td>*</td><td>18</td></tr><tr><td>Wisconsin</td><td>525</td><td>164</td><td>91</td><td>20</td><td>52</td><td>361</td><td>115</td><td>1</td><td>164</td><td>10</td><td>1</td><td>70</td></tr><tr><td>Wyoming</td><td>19</td><td>11</td><td>7</td><td>1</td><td>3</td><td>8</td><td>*</td><td>-</td><td>5</td><td>*</td><td>*</td><td>3</td></tr><tr><td>Alaska</td><td>5</td><td>4</td><td>3</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Canal Zone</td><td>4</td><td>4</td><td>3</td><td>1</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td></tr><tr><td>Hawaii</td><td>51</td><td>26</td><td>24</td><td>2</td><td>1</td><td>25</td><td>*</td><td>*</td><td>17</td><td>1</td><td>*</td><td>8</td></tr><tr><td>Puerto Rico</td><td>41</td><td>8</td><td>4</td><td>1</td><td>3</td><td>33</td><td>-</td><td>-</td><td>33</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Other 3/</td><td>95</td><td>17</td><td>13</td><td>10</td><td>78</td><td>47</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sales</td><td>26,313</td><td>8,681</td><td>3,976</td><td>683</td><td>4,082</td><td>17,632</td><td>4,179</td><td>2,241</td><td>8,304</td><td>811</td><td>286</td><td>1,811</td></tr></table>
Less than $500,000. Includes partnerships and personal trust accounts. Includes their agencies and their trust, sinking, and
3/ Includes other possessions and investors giving foreign addresses.
A-20
Treasury Bulletin
Table 4.- Comparison of Sales in the Seven War Loans, By Investor Classes and by Issues
Part A - Sales of Each Issue in Each War Loan
(In millions of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total sales to all investors</th><th colspan="8">Sales to nonbank investors</th><th rowspan="2">Sales to commercial banks 5/</th></tr><tr><th>Total sales to nonbank investors</th><th>Individuals 1/</th><th>Total</th><th>Insurance companies</th><th>Savings banks</th><th>Corporations and associations, and savings and loan associations 2/</th><th>Dealers and brokers 3/</th><th>State and local government 4/</th><th>Treasury investment accounts 5/</th></tr><tr><th colspan="10">Non-marketable issues</th></tr><tr><td>Series E savings bonds: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan</td><td>726</td><td>726</td><td>726</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>2nd War Loan</td><td>1,473</td><td>1,473</td><td>2,472</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>3rd War Loan</td><td>2,472</td><td>2,472</td><td>3,187</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>4th War Loan</td><td>3,187</td><td>3,187</td><td>3,976</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>5th War Loan</td><td>3,036</td><td>3,036</td><td>3,036</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>6th War Loan</td><td>2,858</td><td>2,858</td><td>2,858</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>7th War Loan</td><td>3,976</td><td>3,976</td><td>3,976</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Series F and O savings bonds: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan</td><td>288</td><td>288</td><td>216</td><td>72 8/</td><td>-</td><td>72 8/</td><td>-</td><td>-</td><td>-</td><td>......</td></tr><tr><td>2nd War Loan</td><td>667</td><td>667</td><td>425</td><td>242 8/</td><td>-</td><td>242 8/</td><td>-</td><td>-</td><td>-</td><td>......</td></tr><tr><td>3rd War Loan</td><td>831</td><td>831</td><td>565</td><td>266</td><td>4</td><td>231</td><td>1</td><td>30</td><td>39</td><td>......</td></tr><tr><td>4th War Loan</td><td>1,024</td><td>1,024</td><td>573</td><td>451</td><td>35</td><td>341</td><td>35</td><td>......</td><td>......</td><td>......</td></tr><tr><td>5th War Loan</td><td>818</td><td>818</td><td>574</td><td>244</td><td>7</td><td>207</td><td>2</td><td>28</td><td>18</td><td>......</td></tr><tr><td>6th War Loan</td><td>719</td><td>719</td><td>562</td><td>197</td><td>6</td><td>172</td><td>1</td><td>18</td><td>18</td><td>......</td></tr><tr><td>7th War Loan</td><td>991</td><td>991</td><td>683</td><td>308</td><td>14</td><td>257</td><td>5</td><td>32</td><td>32</td><td>......</td></tr><tr><td>Series C savings notes: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan 2/</td><td>1,335</td><td>1,335</td><td>188</td><td>1,147 8/</td><td>-</td><td>1,147 8/</td><td>-</td><td>-</td><td>-</td><td>......</td></tr><tr><td>2nd War Loan</td><td>1,652</td><td>1,652</td><td>132</td><td>1,520 8/</td><td>-</td><td>1,520 8/</td><td>-</td><td>-</td><td>-</td><td>......</td></tr><tr><td>3rd War Loan</td><td>2,483</td><td>2,483</td><td>193</td><td>2,290</td><td>1</td><td>2,262</td><td>1</td><td>26</td><td>47</td><td>......</td></tr><tr><td>4th War Loan</td><td>2,232</td><td>2,232</td><td>183</td><td>2,049</td><td>3</td><td>1,997</td><td>2</td><td>......</td><td>......</td><td>......</td></tr><tr><td>5th War Loan</td><td>2,575</td><td>2,575</td><td>181</td><td>2,394</td><td>2</td><td>2,271</td><td>1</td><td>120</td><td>40</td><td>......</td></tr><tr><td>6th War Loan</td><td>2,529</td><td>2,529</td><td>146</td><td>2,283</td><td>1</td><td>2,242</td><td>1</td><td>40</td><td>40</td><td>......</td></tr><tr><td>7th War Loan</td><td>2,707</td><td>2,707</td><td>148</td><td>2,559</td><td>1</td><td>2,337</td><td>2</td><td>219</td><td>219</td><td>......</td></tr><tr><th colspan="10">Unrestricted marketable issues</th></tr><tr><td>Treasury bills: 10/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>906 810</td></tr><tr><td>1st War Loan</td><td>906</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>810</td></tr><tr><td>2nd War Loan</td><td>810</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>810</td></tr><tr><td>7/8% Certificates of Indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan..... (due 12/1/43)</td><td>3,800</td><td>1,679</td><td>121</td><td>1,558</td><td>76</td><td>51</td><td>899</td><td>450</td><td>82</td><td>2,121</td></tr><tr><td>2nd War Loan..... (due 4/1/44)</td><td>5,251</td><td>3,104</td><td>246</td><td>2,858</td><td>123</td><td>105</td><td>2,033</td><td>355</td><td>241</td><td>1</td><td>2,147</td></tr><tr><td>3rd War Loan..... (due 9/1/44)</td><td>4,122</td><td>4,122</td><td>366</td><td>3,756</td><td>136</td><td>119</td><td>2,803</td><td>322</td><td>376</td><td>......</td></tr><tr><td>4th War Loan..... (due 2/1/45)</td><td>5,036</td><td>5,036</td><td>496</td><td>4,540</td><td>207</td><td>136</td><td>3,479</td><td>266</td><td>458</td><td>......</td></tr><tr><td>5th War Loan..... (due 6/1/45)</td><td>4,770</td><td>4,770</td><td>468</td><td>4,302</td><td>170</td><td>84</td><td>3,318</td><td>148</td><td>582</td><td>......</td></tr><tr><td>6th War Loan..... (due 12/1/45)</td><td>4,405</td><td>4,405</td><td>339</td><td>4,066</td><td>150</td><td>46</td><td>3,282</td><td>64</td><td>524</td><td>......</td></tr><tr><td>7th War Loan..... (due 6/1/46)</td><td>4,784</td><td>4,784</td><td>301</td><td>4,483</td><td>99</td><td>43</td><td>3,696</td><td>......</td><td>645</td><td>......</td></tr><tr><td>1-1/4% Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5th War Loan..... (due 3/15/47)</td><td>1,948</td><td>1,948</td><td>353</td><td>1,595</td><td>309</td><td>121</td><td>913</td><td>133</td><td>119</td><td>......</td></tr><tr><td>6th War Loan..... (due 9/15/47)</td><td>1,550</td><td>1,550</td><td>210</td><td>1,340</td><td>98</td><td>133</td><td>857</td><td>54</td><td>198</td><td>......</td></tr><tr><td>1-1/2% Treasury bonds: 11/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7th War Loan..... (due 12/15/50)</td><td>1,690</td><td>1,690</td><td>1,690</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1-3/4% Treasury bonds: 1st War Loan..... (due 6/15/48)</td><td>3,062</td><td>1,001</td><td>85</td><td>916</td><td>240</td><td>86</td><td>242</td><td>318</td><td>30</td><td>2,061</td></tr><tr><td>2% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2nd War Loan..... (due 9/15/50-52)</td><td>4,939</td><td>2,817</td><td>472</td><td>2,345</td><td>703</td><td>539</td><td>832</td><td>189</td><td>82</td><td>2,122</td></tr><tr><td>3rd War Loan..... (due 9/15/51-53)</td><td>5,257</td><td>5,257</td><td>1,280</td><td>4,037</td><td>994</td><td>1,032</td><td>1,351</td><td>480</td><td>123</td><td>151</td></tr><tr><td>5th War Loan..... (due 6/15/52-54)</td><td>5,289</td><td>5,289</td><td>1,322</td><td>3,907</td><td>924</td><td>1,250</td><td>1,242</td><td>242</td><td>249</td><td>......</td></tr><tr><td>6th War Loan..... (due 12/15/52-54)</td><td>6,939</td><td>6,939</td><td>1,295</td><td>5,644</td><td>1,339</td><td>2,018</td><td>1,773</td><td>181</td><td>333</td><td>......</td></tr><tr><th colspan="10">Marketable issues restricted as to bank ownership 12/</th></tr><tr><td>2-1/4% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4th War Loan..... (due 9/15/56-59)</td><td>3,331</td><td>3,331</td><td>517</td><td>2,814</td><td>801</td><td>1,028</td><td>722</td><td>158</td><td>104</td><td>......</td></tr><tr><td>7th War Loan..... (due 6/15/59-62)</td><td>5,077</td><td>5,077</td><td>766</td><td>4,311</td><td>774</td><td>1,241</td><td>1,824</td><td>150</td><td>322</td><td>......</td></tr><tr><td>2-1/2% Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan..... (due 12/15/63-65)</td><td>2,531</td><td>2,531</td><td>257</td><td>2,574</td><td>1,382</td><td>483</td><td>265</td><td>117</td><td>88</td><td>239</td></tr><tr><td>2nd War Loan..... (due 6/15/64-67)</td><td>3,762</td><td>3,762</td><td>540</td><td>3,222</td><td>1,582</td><td>550</td><td>560</td><td>181</td><td>349</td><td>......</td></tr><tr><td>3rd War Loan..... (due 12/15/66-69)</td><td>3,779</td><td>3,779</td><td>561</td><td>3,218</td><td>1,585</td><td>354</td><td>473</td><td>92</td><td>235</td><td>479</td></tr><tr><td>4th War Loan..... (due 12/15/65-70)</td><td>1,920</td><td>1,920</td><td>352</td><td>1,568</td><td>1,095</td><td>61</td><td>256</td><td>8</td><td>147</td><td>......</td></tr><tr><td>5th War Loan..... (due 3/15/66-71)</td><td>2,263</td><td>2,263</td><td>417</td><td>1,846</td><td>1,357</td><td>68</td><td>249</td><td>9</td><td>163</td><td>......</td></tr><tr><td>6th War Loan..... (due 6/15/67-72)</td><td>2,711</td><td>2,711</td><td>502</td><td>2,209</td><td>1,603</td><td>116</td><td>286</td><td>18</td><td>186</td><td>......</td></tr><tr><td>7th War Loan..... (due 6/15/67-72)</td><td>7,088</td><td>7,088</td><td>1,117</td><td>5,971</td><td>3,291</td><td>950</td><td>1,001</td><td>136</td><td>593</td><td>......</td></tr><tr><td>Total - All issues</td><td></td><td></td><td>1,593</td><td>6,267</td><td>1,699</td><td>620</td><td>2,625</td><td>886</td><td>200</td><td>239</td><td>5,087</td></tr><tr><td>1st War Loan</td><td>12,947</td><td>7,860</td><td>1,593</td><td>6,267</td><td>1,699</td><td>620</td><td>2,625</td><td>544</td><td>503</td><td>350</td><td>5,079</td></tr><tr><td>2nd War Loan</td><td>18,555</td><td>13,476</td><td>3,290</td><td>10,186</td><td>2,408</td><td>1,195</td><td>5,187</td><td>894</td><td>795</td><td>630</td><td>......</td></tr><tr><td>3rd War Loan</td><td>18,924</td><td>18,924</td><td>5,371</td><td>13,037</td><td>2,620</td><td>1,508</td><td>7,121</td><td>433</td><td>789</td><td>......</td><td>......</td></tr><tr><td>4th War Loan</td><td>16,730</td><td>16,730</td><td>5,309</td><td>11,421</td><td>2,141</td><td>1,268</td><td>6,196</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>5th War Loan</td><td>20,639</td><td>20,639</td><td>6,351</td><td>14,288</td><td>2,769</td><td>1,525</td><td>8,201</td><td>533</td><td>1,260</td><td>......</td><td>......</td></tr><tr><td>6th War Loan</td><td>21,621</td><td>21,621</td><td>5,882</td><td>15,739</td><td>3,196</td><td>2,314</td><td>8,613</td><td>317</td><td>1,299</td><td>......</td><td>......</td></tr><tr><td>7th War Loan</td><td>26,313</td><td>26,313</td><td>8,681</td><td>17,632</td><td>4,179</td><td>2,241</td><td>9,115</td><td>286</td><td>1,811</td><td>......</td><td>......</td></tr></table>
(Continued on following page)
August 1945
A-21
Table 4.- Comparison of Sales in the Seven War Loans, by Investor Classes and by Issues - (Continued)
Part B - Summary
(In millions of dollars)
<table><tr><th></th><th>Total sales to all investors</th><th>Total sales to nonbank investors</th><th>Individuals 1/</th><th>Total</th><th>Insurance companies</th><th>Savings banks</th><th>Corporations and associations, and savings and loan associations 2/</th><th>Dealers and brokers 3/</th><th>State and local government accounts 4/</th><th>Treasury investment accounts 5/</th><th>Sales to commercial banks 6/</th></tr><tr><td colspan="12">Total sales of each issue in all war loans combined</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series E savings bonds 7/</td><td>17,738</td><td>17,738</td><td>17,738</td><td>1,780</td><td>66</td><td>44</td><td>1,522</td><td>1</td><td>147</td><td>-</td><td>-</td></tr><tr><td>Series F and G savings bonds 7/</td><td>57,318</td><td>57,318</td><td>57,558</td><td>14,282</td><td>8</td><td>4</td><td>13,776</td><td>1</td><td>452</td><td>-</td><td>-</td></tr><tr><td>Series C savings notes</td><td>15,413</td><td>15,413</td><td>1,171</td><td>14,242</td><td></td><td></td><td>15,238</td><td>2</td><td>599</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>38,489</td><td>38,489</td><td>22,467</td><td>16,022</td><td>74</td><td>48</td><td></td><td></td><td></td><td></td><td>-</td></tr><tr><td>Unrestricted marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills 1/8/4$ Certificates of indebtedness 1-1/4% Treasury notes</td><td>1,716</td><td>27,900</td><td>2,737</td><td>25,563</td><td>961</td><td>584</td><td>19,510</td><td>1,605</td><td>2,902</td><td>1</td><td>2,716</td></tr><tr><td>1-1/2% Treasury bonds</td><td>1,630</td><td>1,630</td><td>1,630</td><td>2,916</td><td>240</td><td>86</td><td>242</td><td>318</td><td>30</td><td>-</td><td>2,061</td></tr><tr><td>1-3/4% Treasury bonds</td><td>3,052</td><td>1,002</td><td>85</td><td>15,933</td><td>3,860</td><td>4,839</td><td>5,204</td><td>1,092</td><td>787</td><td>151</td><td>2,122</td></tr><tr><td>2% Treasury bonds</td><td>22,364</td><td>20,242</td><td>4,309</td><td>45,347</td><td>5,468</td><td>5,763</td><td>26,726</td><td>3,202</td><td>4,036</td><td>152</td><td>10,166</td></tr><tr><td>Total</td><td>64,498</td><td>54,331</td><td>8,984</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues restricted as to bank ownership:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% Treasury bonds</td><td>8,408</td><td>8,408</td><td>1,283</td><td>7,125</td><td>1,575</td><td>2,269</td><td>2,546</td><td>308</td><td>426</td><td>-</td><td>-</td></tr><tr><td>2-1/2% Treasury bonds</td><td>29,754</td><td>24,294</td><td>3,746</td><td>20,608</td><td>11,895</td><td>2,582</td><td>3,090</td><td>380</td><td>1,593</td><td>1,067</td><td>-</td></tr><tr><td>Total</td><td>32,762</td><td>32,762</td><td>5,029</td><td>27,733</td><td>13,470</td><td>4,851</td><td>5,636</td><td>688</td><td>2,019</td><td>1,067</td><td>-</td></tr><tr><td>Total - All issues in all war loans combined</td><td>135,749</td><td>125,583</td><td>36,483</td><td>89,100</td><td>19,012</td><td>10,665</td><td>47,658</td><td>3,893</td><td>6,657</td><td>1,219</td><td>10,166</td></tr><tr><td colspan="12">Sales by major types of issue for each war loan</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan</td><td>2,349</td><td>2,349</td><td>1,130</td><td>1,219</td><td></td><td>-</td><td>1,219</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2nd War Loan</td><td>3,792</td><td>3,792</td><td>2,030</td><td>1,762</td><td>5</td><td>1</td><td>1,762</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>3rd War Loan</td><td>5,786</td><td>5,786</td><td>3,230</td><td>2,556</td><td>2</td><td>1</td><td>2,553</td><td>-</td><td>56</td><td>-</td><td>-</td></tr><tr><td>4th War Loan</td><td>8,443</td><td>8,443</td><td>3,943</td><td>2,500</td><td>38</td><td>37</td><td>2,338</td><td>-</td><td>86</td><td>-</td><td>-</td></tr><tr><td>5th War Loan</td><td>6,429</td><td>6,429</td><td>3,791</td><td>2,638</td><td>9</td><td>2</td><td>2,478</td><td>1</td><td>148</td><td>-</td><td>-</td></tr><tr><td>6th War Loan</td><td>9,016</td><td>6,016</td><td>4,526</td><td>2,860</td><td>15</td><td>1</td><td>2,914</td><td>-</td><td>58</td><td>-</td><td>-</td></tr><tr><td>7th War Loan</td><td>7,674</td><td>1,674</td><td>2,807</td><td>1,867</td><td></td><td>74</td><td>1,594</td><td>2</td><td>251</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>38,489</td><td>38,489</td><td>22,467</td><td>16,022</td><td>74</td><td>48</td><td>15,238</td><td>2</td><td>599</td><td>-</td><td>-</td></tr><tr><td>Unrestricted marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan</td><td>7,768</td><td>2,680</td><td>206</td><td>2,474</td><td>316</td><td>127</td><td>1,142</td><td>768</td><td>112</td><td>1</td><td>5,087</td></tr><tr><td>2nd War Loan</td><td>11,000</td><td>5,321</td><td>718</td><td>5,203</td><td>826</td><td>644</td><td>2,856</td><td>544</td><td>323</td><td>151</td><td>5,079</td></tr><tr><td>3rd War Loan</td><td>9,679</td><td>9,379</td><td>1,886</td><td>7,793</td><td>1,030</td><td>151</td><td>4,105</td><td>302</td><td>499</td><td>-</td><td>-</td></tr><tr><td>4th War Loan</td><td>5,036</td><td>5,036</td><td>496</td><td>4,540</td><td>207</td><td>136</td><td>3,479</td><td>266</td><td>452</td><td>-</td><td>-</td></tr><tr><td>5th War Loan</td><td>11,947</td><td>11,947</td><td>2,143</td><td>9,804</td><td>1,403</td><td>1,455</td><td>5,472</td><td>523</td><td>950</td><td>-</td><td>-</td></tr><tr><td>6th War Loan</td><td>12,894</td><td>12,894</td><td>1,844</td><td>11,050</td><td>1,182</td><td>2,191</td><td>5,412</td><td>299</td><td>1,055</td><td>-</td><td>-</td></tr><tr><td>7th War Loan</td><td>6,474</td><td>6,474</td><td>1,991</td><td>4,483</td><td>99</td><td>43</td><td>3,596</td><td>-</td><td>645</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>64,498</td><td>54,331</td><td>8,984</td><td>45,347</td><td>5,468</td><td>5,763</td><td>26,726</td><td>3,202</td><td>4,036</td><td>152</td><td>10,166</td></tr><tr><td>Marketable issues restricted as to bank ownership: 12/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1st War Loan</td><td>2,831</td><td>2,831</td><td>257</td><td>2,574</td><td>1,382</td><td>483</td><td>265</td><td>117</td><td>88</td><td>239</td><td>-</td></tr><tr><td>2nd War Loan</td><td>3,762</td><td>3,762</td><td>540</td><td>3,222</td><td>1,582</td><td>550</td><td>560</td><td>-</td><td>181</td><td>359</td><td>-</td></tr><tr><td>3rd War Loan</td><td>3,179</td><td>3,179</td><td>561</td><td>3,218</td><td>1,585</td><td>354</td><td>473</td><td>92</td><td>235</td><td>479</td><td>-</td></tr><tr><td>4th War Loan</td><td>5,251</td><td>5,251</td><td>869</td><td>4,382</td><td>1,896</td><td>1,089</td><td>978</td><td>166</td><td>251</td><td>-</td><td>-</td></tr><tr><td>5th War Loan</td><td>2,263</td><td>2,263</td><td>417</td><td>1,846</td><td>1,357</td><td>68</td><td>249</td><td>9</td><td>163</td><td>-</td><td>-</td></tr><tr><td>6th War Loan</td><td>2,711</td><td>2,711</td><td>502</td><td>2,209</td><td>1,603</td><td>116</td><td>286</td><td>18</td><td>186</td><td>-</td><td>-</td></tr><tr><td>7th War Loan</td><td>12,165</td><td>12,165</td><td>1,883</td><td>10,282</td><td>4,065</td><td>2,191</td><td>2,825</td><td>286</td><td>915</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>32,762</td><td>32,762</td><td>5,029</td><td>27,733</td><td>13,470</td><td>4,851</td><td>5,636</td><td>688</td><td>2,019</td><td>1,067</td><td>-</td></tr><tr><td>Total - all issues in all war loans combined</td><td>135,749</td><td>125,583</td><td>36,483</td><td>89,100</td><td>19,012</td><td>10,665</td><td>47,658</td><td>3,893</td><td>6,657</td><td>1,219</td><td>10,166</td></tr></table>
2/ Less than $500,000
3/ Includes partnerships and personal trust accounts.
4/ This savings and commercial loan account is aggregated in $11 million in the 2nd War Loan, and shown separately in Tables 1 and 3 of this article. The corresponding figure in the 6th War Loan, the first in which such purchases were made, was approximately $954 million (see "Treasury Bulletin" for January 1945, pages A-13 and A-15).
3/ Figures for the 2nd War Loan exclude amounts distributed to or earmarked for nonbank investors by dealers and brokerage houses, or amounts classified in the appropriate nonbank investor classes.
4/ Includes their agencies and their trust, sinking, and investment funds
5/ Treasury investment accounts, which were included in the 1st, 2nd, and 3rd War Loans only, represent those United States Government agencies and trust funds of the Treasury Department. Purchases by United States Government agency
5/ Commercial banks were included in 1st and 2nd War Loans only.
7/ Savings bonds are shown at issue price.
9/ Sales were arbitrarily assigned to corporations and associations.
10/ Includes sales of small amounts of Series A tax notes.
11/ Figures represent net increase in Treasury bills outstanding--interest was arbitrarily assigned to commercial banks.
12/ Commercial banks are not permitted to purchase these securities for specified periods of years except for such purchase as were permitted concurrently with the 4th, 5th, and 6th War Loans for the limited investment of time deposits.
A-22
Treasury Bulletin
Table 5.- Comparison of Sales of Series E Savings Bonds by Denomination in the Seven War Loans
PART A. - AMOUNTS OF SALES
<table><tr><th rowspan="2">War Loan</th><th colspan="6">Sales in millions of dollars at issue prices</th><th colspan="6">Percentage distribution</th></tr><tr><th>Total all denominations</th><th colspan="5">Denomination</th><th>Total all denominations</th><th colspan="5">Denomination</th></tr><tr><th></th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th></tr><tr><td>1st War Loan</td><td>726</td><td>265</td><td>99</td><td>157</td><td>89</td><td>116</td><td>100.0</td><td>36.5</td><td>13.6</td><td>21.6</td><td>12.3</td><td>16.0</td></tr><tr><td>2nd War Loan</td><td>1,473</td><td>426</td><td>171</td><td>314</td><td>225</td><td>338</td><td>100.0</td><td>28.9</td><td>11.6</td><td>21.3</td><td>15.3</td><td>22.9</td></tr><tr><td>3rd War Loan</td><td>2,472</td><td>653</td><td>291</td><td>617</td><td>388</td><td>522</td><td>100.0</td><td>26.4</td><td>11.8</td><td>25.0</td><td>15.7</td><td>21.1</td></tr><tr><td>4th War Loan</td><td>3,187</td><td>892</td><td>388</td><td>733</td><td>447</td><td>726</td><td>100.0</td><td>28.0</td><td>12.2</td><td>23.0</td><td>14.0</td><td>22.8</td></tr><tr><td>5th War Loan</td><td>3,036</td><td>929</td><td>423</td><td>693</td><td>403</td><td>587</td><td>100.0</td><td>0.1</td><td>30.6</td><td>13.9</td><td>22.8</td><td>13.3</td><td>19.3</td></tr><tr><td>6th War Loan</td><td>2,868</td><td>817</td><td>383</td><td>676</td><td>407</td><td>574</td><td>100.0</td><td>0.4</td><td>28.5</td><td>13.4</td><td>23.5</td><td>14.2</td><td>20.0</td></tr><tr><td>7th War Loan</td><td>3,976</td><td>26</td><td>1,140</td><td>536</td><td>816</td><td>535</td><td>983</td><td>100.0</td><td>0.7</td><td>28.7</td><td>13.5</td><td>20.5</td><td>13.4</td><td>23.2</td></tr></table>
PART B. - NUMBER OF UNITS
<table><tr><th rowspan="2">War Loan</th><th colspan="6">Number of units in thousands</th><th colspan="6">Percentage distribution</th></tr><tr><th>Total all denomina-tions</th><th colspan="6">Denomination</th><th>Total all denomina-tions</th><th colspan="6">Denomination</th></tr><tr><th></th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th></th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th></tr><tr><td>1st War Loan</td><td>19,247</td><td>14,136</td><td>2,630</td><td>2,088</td><td>238</td><td>155</td><td>100.0</td><td>73.4</td><td>13.7</td><td>10.9</td><td>1.2</td><td>.8</td></tr><tr><td>2nd War Loan</td><td>32,515</td><td>22,710</td><td>4,568</td><td>4,189</td><td>599</td><td>450</td><td>100.0</td><td>69.8</td><td>14.1</td><td>12.9</td><td>1.8</td><td>1.4</td></tr><tr><td>3rd War Loan</td><td>52,577</td><td>34,848</td><td>7,766</td><td>8,232</td><td>1,035</td><td>696</td><td>100.0</td><td>66.3</td><td>14.8</td><td>15.6</td><td>2.0</td><td>1.3</td></tr><tr><td>4th War Loan</td><td>69,856</td><td>47,563</td><td>10,355</td><td>9,777</td><td>1,193</td><td>968</td><td>100.0</td><td>68.1</td><td>14.8</td><td>14.0</td><td>1.7</td><td>1.4</td></tr><tr><td>5th War Loan</td><td>72,113</td><td>204</td><td>49,530</td><td>11,281</td><td>9,241</td><td>1,075</td><td>782</td><td>100.0</td><td>0.3</td><td>68.7</td><td>15.6</td><td>12.8</td><td>1.5</td><td>1.1</td></tr><tr><td>6th War Loan</td><td>66,132</td><td>1,488</td><td>43,560</td><td>10,226</td><td>9,007</td><td>1,085</td><td>766</td><td>100.0</td><td>2.2</td><td>65.9</td><td>15.5</td><td>13.6</td><td>1.6</td><td>1.2</td></tr><tr><td>7th War Loan</td><td>92,128</td><td>3,519</td><td>60,777</td><td>14,288</td><td>10,886</td><td>1,427</td><td>1,230</td><td>100.0</td><td>3.8</td><td>66.0</td><td>15.6</td><td>11.8</td><td>1.5</td><td>1.3</td></tr></table>
The $10 denomination Series E bond was authorized by the Secretary of the Treasury on June 7, 1944, and was made available only to members of the Armed Forces.
Table 6.- Dates and Goals Relating to the Seven War Loans
<table><tr><th rowspan="2">War Loan</th><th rowspan="2">Sales period for marketable issues 1/</th><th rowspan="2">Sales period for non-marketable issues</th><th rowspan="2">Date interest commenced on marketable issues</th><th colspan="6">Goals (In millions of dollars) Nonbank investors</th></tr><tr><th>Total</th><th>Total for nonbank investors</th><th>Total individual</th><th>Series E savings bonds</th><th>Other securities</th><th>Corporations and other investors</th><th>Commercial banks</th></tr><tr><td>1st War Loan</td><td>11/30-12/23/42</td><td>12/1 -12/31/42</td><td>12/1/42</td><td>9,000</td><td>4,000</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td><td>5,000 2/</td></tr><tr><td>2nd War Loan</td><td>4/12-5/1/43</td><td>4/1 -5/8/43</td><td>4/15/43</td><td>13,000</td><td>8,000</td><td>2,500</td><td>1/</td><td>1/</td><td>5,500</td><td>5,000 2/</td></tr><tr><td>3rd War Loan</td><td>9/9 -10/2/43</td><td>9/1 -10/16/43</td><td>9/15/43</td><td>15,000</td><td>15,000</td><td>5,000</td><td>3,000</td><td>2,000</td><td>10,000</td><td>.....</td></tr><tr><td>4th War Loan</td><td>1/18 -2/15/44</td><td>1/1 -2/29/44</td><td>2/1/44</td><td>14,000</td><td>14,000</td><td>5,500</td><td>3,000</td><td>2,500</td><td>8,500</td><td>.....</td></tr><tr><td>5th War Loan</td><td>6/12-7/8/44</td><td>6/1 -7/31/44</td><td>6/26/44</td><td>16,000</td><td>16,000</td><td>6,000</td><td>3,000</td><td>3,000</td><td>10,000</td><td>.....</td></tr><tr><td>6th War Loan</td><td>11/20-12/16/44</td><td>11/1 -12/31/44 5/</td><td>12/1/44</td><td>14,000</td><td>14,000</td><td>5,000</td><td>2,500</td><td>2,500</td><td>9,000</td><td>.....</td></tr><tr><td>7th War Loan</td><td>5/14- 6/30/45 6/</td><td>4/9 - 7/7/45 1/</td><td>6/1/45</td><td>14,000</td><td>14,000</td><td>7,000</td><td>4,000</td><td>3,000</td><td>7,000</td><td>.....</td></tr></table>
1/ Formal opening and closing of the drives.
2/ This amount represents the fixed amount which commercial banks were allowed to buy rather than a goal.
3/ The goal for nonbank investors was not subdivided.
4/ No separate goal was set for Series E savings bonds.
5/ The final date for processing these subscriptions was ex-
6/ Represents sales period for individuals only; for corporations and other investors, sales period was June 18 through June 30, 1945.
1/ The final date for processing these subscriptions was extended from July 7 to July 9, 1945.
August 1945
A-23
Security Purchases Outside the 7th War Loan by Commercial
Banks and Treasury Investment Accounts
Commercial Banks
Concurrently with the 7th War Loan, commercial banks (defined as banks accepting demand deposits) were permitted to subscribe in limited amounts for specified issues included in the loan. The securities made available were the 7/8% certificates of indebtedness, the 1-1/2% Treasury bonds, and Series F and G savings bonds, with sales confined to the period June 15 through June 30. Total purchases by any one bank were limited to 10% of the combined amount of time certificates of deposit of individuals and nonprofit corporations or associations, and of savings deposits, but not more than $500,000 in all. In addition, purchases of the Series F and G savings bonds were restricted by the usual $100,000 annual limit for both issues combined applicable to all purchasers of these bonds. Subscriptions by commercial banks concurrently with the 7th War Loan were not included in the drive nor were they credited toward any quota.
Subscriptions by commercial banks to the issues available to them under these limits aggregated $1,304 million. Distribution by issues is
presented below.
<table><tr><th></th><th>Amount purchased<br/>(In millions of dollars)</th></tr><tr><td>7/8% Certificates of indebtedness due 6/1/46.</td><td>15</td></tr><tr><td>1-1/2% Treasury bonds due 12/15/50</td><td>938</td></tr><tr><td>Series F savings bonds.</td><td>112</td></tr><tr><td>Series G savings bonds.</td><td>239</td></tr><tr><td>Total.</td><td>1,304</td></tr></table>
Treasury Investment Accounts
Subscriptions by Treasury investment accounts totaled $1,070 millions during the period of the 7th War Loan. These were divided between $200 million for the 2-1/4% Treasury bonds and $870 million for the 2-1/2% Treasury bonds offered in the drive. These purchases, however, were not included in sales in the 7th War Loan. Treasury investment accounts constitute the accounts of those United States Government agencies and trust funds whose investments are handled through the facilities of the Treasury Department.
Reinvestment of Matured Series A Savings Bonds
In Series E Savings Bonds
On June 17, 1945 the Treasury Department issued a revised ruling concerning the concurrent reinvestment by individuals of the proceeds from matured Series A bonds in Series E bonds. Such reinvestment is exempted from the $5,000 annual limitation on purchases of Series E savings bonds. Previously this exemption from the annual purchase limit was permitted only if the reinvestment was made in the month in which the Series A bonds matured. (See "Treasury Bulletin" for March 1945, page A-1.) Under the revised ruling the exemption is extended to reinvestment in any later month in which the Series A bonds are presented. Series E bonds will be dated as of the first day of the month in which the Series A bonds are presented for payment to any specified
redemption agent. Accordingly, if an owner of Series A bonds desires to continue his investment without loss of 'interest, he must present his Series A bonds during the month in which they mature for reinvestment in Series E bonds.
At the time of the sale of Series A bonds there was no restriction on the investors eligible to purchase them. Series E bonds, however, may be purchased only by individuals and the regulation for reinvestment outside the $5,000 limitation applies only to them. Other investors are invited to invest the proceeds of their matured bonds in other United States Government securities available to them.
Treasury Bulletin
A-24
Redemption of United States Savings Bonds Through Additional Financial Institutions
On July 2, 1945 the Secretary of the Treasury released revised regulations governing the simplified plan for the redemption of savings bonds of Series A through E. The new regulations, as authorized by the Public Debt Act of 1945, extend the group of authorized institutions eligible to become redemption agents for these savings bonds to include savings and loan associations, building and loan associations (including cooperative banks), credit unions, cash depositories, industrial banks, and similar financial institutions. Previously authorized redemption agents included only the Treasury Department, the Federal Reserve Banks and their Branches, and incorporated banks and trust companies which have qualified for that purpose.
Incorporated banks and trust companies were made eligible as redemption agents last October, in an effort to simplify the redemption process for those holders of bonds who find it necessary to cash their bonds prior to maturity. (See "Treasury Bulletin" for October 1944, page A-1.) It was provided that the redemption value of the bonds would thus be paid immediately upon presentation of the securities, and at no charge to the bond owners. The same arrangements are now being extended by the additional types of redemption agents as rapidly as they are qualified by the Federal Reserve Banks of the Districts in which they are located.
Under the Act and the regulations, an institution must meet the following tests in order to be considered eligible to qualify to pay the bonds. It must (a) be incorporated under Federal law or under the laws of a State, territory, possession, the District of Columbia, or the Commonwealth of the Philippine Islands; (b) in the
usual course of business accept, subject to withdrawal, funds for deposit or the purchase of shares; (c) be under the supervision of the banking department or equivalent authority of the jurisdiction in which it is incorporated; (d) maintain a regular office for the transaction of its business; and (e) be open daily and observe regular business hours. Full details with respect to qualification, the scope of authority of paying agents, and the details of payment and accounting will be found in Department Circular No. 750, Revised.
The new redemption regulations do not alter the requirement that savings bonds Series E must be held for 60 days from the date of issue before they become redeemable; nor do they affect the non-transferability of the bonds. The privilege of cashing savings bonds of Series A to E at qualified institutions is available only to individuals. Series F and Series G savings bonds are not included in the new arrangements, but will continue to be redeemable by the method of certification through presentation of the bonds to a Federal Reserve Bank or Branch, or at the Treasury.
The experience of incorporated banks and trust companies in redeeming savings bonds during the last nine months warrants a slight reduction in the scale of compensation made by the Treasury for these services. Effective as to bonds redeemed on and after July 2, therefore, the reimbursement scale will be 15 cents each for the first 1,000 bonds redeemed and 10 cents each for all in excess of 1,000 bonds redeemed in any one calendar quarter. This applies to agents previously qualified as well as to new agents qualified under the revised regulations.
August 1945
A-25
Financial Operations of the United States Government During the Fiscal Year 1945
Summary
Receipts and expenditures of the United States Government followed closely the pattern of the three previous war-time years and again reached unprecedented peaks. Although the war in Europe ended in May 1945, the full effect of its termination will not be reflected in governmental receipts and expenditures for some time.
Receipts for the fiscal year 1945 amounted to $46.5 billion (exclusive of $1.3 billion of Social Security employment taxes set aside for account of the Federal Old-Age and Survivors Insurance Trust Fund), an increase of $2.3 billion over 1944, the previous record year.
Total budgetary expenditures amounted to $100.4 billion, an increase of $6.7 billion over expenditures of $93.7 billion during the fiscal year 1944.
The net budgetary deficit for the year was $53.9 billion as compared with $49.6 billion for the preceding fiscal year, an increase of $4.3 billion.
Expenditures for war activities amounted to $90.0 billion and continued to account for the major portion of total expenditures. In addition, war expenditures by the Reconstruction Finance Corporation and its subsidiaries, while much less than in preceding years, amounted to $0.5 billion. These war expenditures, together with interest on the public debt, tax refunds, and Veterans' expenditures, accounted for about 98% of total expenditures for the fiscal year 1945, the same as for similar items in the fiscal year 1944.
<table><tr><th></th><th>(In millions of dollars)</th></tr><tr><td>Cash requirements:</td><td></td></tr><tr><td>Net budgetary deficit, excluding debt retirements</td><td>53,948</td></tr><tr><td>Excess of receipts (-) or expenditures (+) in:</td><td></td></tr><tr><td>Checking accounts of Government agencies:</td><td></td></tr><tr><td>General</td><td>-374</td></tr><tr><td>Sales and redemptions of obligations in the market (net)</td><td>+1,553</td></tr><tr><td>Trust and other accounts</td><td>-1,977</td></tr><tr><td>Increase in General Fund balance</td><td>+4,529</td></tr><tr><td>Total cash requirements</td><td>57,679</td></tr><tr><td>Means of financing:</td><td></td></tr><tr><td>Public debt receipts (net) from:</td><td></td></tr><tr><td>Public issues</td><td>53,154</td></tr><tr><td>Special issues</td><td>4,525</td></tr><tr><td>Total</td><td>57,679</td></tr></table>
The preceding table shows the factors involved in financing the net deficit and other requirements.
Receipts
Total receipts for the fiscal year 1945 amounted to $47.7 billion as compared with $45.4 billion in 1944, an increase of $2.3 billion (Table 1). Income taxes showed a net increase of $0.5 billion. Income taxes withheld by employers under the Current Tax Payment Act of 1943 increased $1.9 billion and other income taxes decreased $1.4 billion. (For a detailed analysis of internal revenue collections based upon reports from the collectors of internal revenue, see pages 62-65.) All other classes of receipts, except those from customs, increased over the preceding fiscal year. Social Security taxes and taxes upon carriers and their employees increased $40 million; miscellaneous internal revenue increased $1.7 billion; and miscellaneous receipts increased $0.2 billion. Customs collections, amounting to $0.4 billion, were $76 million less than in 1944. A history of receipts from 1936 to date appears on page 5.
Included among the miscellaneous receipts were more than $2.0 billion on account of renegotiation of war contracts; approximately $0.3 billion from the sale of surplus property; and $0.2 billion from surplus postal revenues. The surplus postal revenues paid into the Treasury during the fiscal year 1945 exceeded the total surplus receipts from this source since the establishment of the Government.
The total receipts for the fiscal year just ended were only $0.7 billion, or 1-1/2%, more than the Budget estimate of January 3, 1945.
Expenditures
Total budgetary expenditures (excluding debt retirement) for the fiscal year 1945 amounted to $100.4 billion, an increase of $6.7 billion over the previous fiscal year (Table 1). Total budgetary expenditures exceeded the Budget estimate of January 3, 1945 by $1.5 billion, or about 1-1/2%, due primarily to continuing high expenditures for war activities, which were $2.0 billion higher than the Budget estimate.
1/ This article is based on a July 3, 1945 press release of the Treasury Department.
Treasury Bulletin
A-26
Budgetary expenditures classified as "war activities" amounted to $90.0 billion for the fiscal year 1945, an increase of $3.0 billion over 1944. Some of the larger war agencies contributed to the higher level of expenditures in the year just ended, while there were offsetting decreases in other items in the war activities classification. The increases were as follows: War Department, $1.1 billion; Navy Department, $3.5 billion; Treasury Department war expenditures, principally purchases for Lend-Lease, $30 million; War Shipping Administration, $0.1 billion; and other miscellaneous items, $32 million. Expenditures for aid to China and payments for United Nations Relief and Rehabilitation Administration aggregated $0.3 billion, while there were no expenditures for these items in the fiscal year 1944. Decreases in war activities expenditures in 1945 from the previous fiscal year were as follows: Department of Agriculture, mainly the Lend-Lease food program, $0.9 billion; United States Maritime Commission, $0.6 billion; and an aggregate of $0.5 billion under the Federal Security Agency, Federal Works Agency, and National Housing Agency.
General expenditures, excluding revolving funds and transfers to trust accounts, amounted to $3.3 billion, an increase of $2.6 billion over 1944. However, the increase in total general expenditures was more than offset (1) by the increases in certain items classified as general expenditures which reflect the impact of war activities, namely: Interest on the public debt, which increased $1.0 billion; refunds of taxes and duties, which increased $1.4 billion; and Veterans' expenditures, which increased $0.3 billion; and (2) by a payment of $257 million to restore the capital impairment of the Commodity Credit Corporation applicable to the fiscal years 1943 and 1944, but not appropriated by the Congress until April 25, 1945.
Expenditures representing amounts transferred to trust accounts, etc., increased $1.1 billion from the previous year. This increase was accounted for by the following: A payment of $9 million to the Adjusted Service Certificate Fund; transfers to Government employees' retirement funds that were $19 million greater than the preceding year; transfers to the National Service Life Insurance Fund that were $1,015 million more than last year; and transfers to the Railroad Retirement account that exceeded the previous year
by $46 million
The trend in recent years of Government expenditures (including net expenditures of certain Government corporations and credit agencies) is shown in the following table which breaks down budgetary expenditures into war activities; interest on the public debt, tax refunds, and Veterans' Administration; and all other.
<table><tr><th></th><th colspan="5">Fiscal years</th></tr><tr><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th></tr><tr><td colspan="6">(In billions of dollars)</td></tr><tr><td>Budgetary expenditures:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities.....</td><td>6.3</td><td>26.0</td><td>72.1</td><td>87.0</td><td>90.0</td></tr><tr><td>Other activities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest........</td><td>1.1</td><td>1.3</td><td>1.8</td><td>2.6</td><td>3.6</td></tr><tr><td>Tax refunds.....</td><td>.1</td><td>.1</td><td>.1</td><td>.3</td><td>1.7</td></tr><tr><td>Veterans' Admin.</td><td>.6</td><td>.6</td><td>.6</td><td>.7</td><td>2.1</td></tr><tr><td>Other.........</td><td>4.6</td><td>4.5</td><td>3.6</td><td>3.1</td><td>3.0</td></tr><tr><td>Total other activities.....</td><td>6.4</td><td>6.4</td><td>6.1</td><td>6.7</td><td>10.4</td></tr><tr><td>Total budgetary expenditures.....</td><td>12.7</td><td>32.4</td><td>78.2</td><td>93.7</td><td>100.4</td></tr><tr><td>Government corporations (net) 2/....</td><td>1.1</td><td>1.8</td><td>1.5</td><td>1.5</td><td>.4</td></tr><tr><td>Total.........</td><td>13.8</td><td>34.2</td><td>79.7</td><td>95.3</td><td>100.0</td></tr></table>
Expenditures for activities other than war, interest, tax refunds, and Veterans' Administration have declined from $4.6 billion in the fiscal year 1941 to $3.0 billion in 1945. Table 2, which appears at the end of this article, analyzes these expenditures in considerable detail.
Total expenditures for defense and war activities since July 1, 1940 have amounted to $290.4 billion. Since December 7, 1941, these expenditures have amounted to $276.2 billion. The monthly trend of budgetary war expenditures and war expenditures by the Reconstruction Finance Corporation and its subsidiaries, during the fiscal years 1941 through 1945, are shown in the following table.
1/ Includes refunds of $0.1 billion in 1944 and $0.9 billion in 1945 in the form of excess profits tax refund bonds.
2/ Reduced by $0.3 billion return of surplus funds of Government corporations repaid to appropriations.
3/ Excludes sales and redemptions of obligations in the market.
August 1945
A-27
<table><tr><th></th><th colspan="5">Fiscal years</th></tr><tr><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th></tr><tr><td colspan="6">(In billions of dollars)</td></tr><tr><td>Budgetary war expenditures:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>.2</td><td>1.0</td><td>4.5</td><td>6.4</td><td>7.2</td></tr><tr><td>August</td><td>.2</td><td>1.1</td><td>4.9</td><td>7.2</td><td>7.6</td></tr><tr><td>September</td><td>.2</td><td>1.3</td><td>5.4</td><td>7.0</td><td>7.0</td></tr><tr><td>October</td><td>.3</td><td>1.5</td><td>5.5</td><td>7.0</td><td>7.5</td></tr><tr><td>November</td><td>.4</td><td>1.4</td><td>6.0</td><td>7.5</td><td>7.4</td></tr><tr><td>December</td><td>.5</td><td>1.91/</td><td>5.8</td><td>6.7</td><td>7.5</td></tr><tr><td>January</td><td>.6</td><td>2.1</td><td>5.9</td><td>7.1</td><td>7.6</td></tr><tr><td>February</td><td>.6</td><td>2.2</td><td>5.8</td><td>7.5</td><td>6.9</td></tr><tr><td>March</td><td>.8</td><td>2.8</td><td>6.7</td><td>7.7</td><td>8.2</td></tr><tr><td>April</td><td>.8</td><td>3.2</td><td>7.0</td><td>7.3</td><td>7.1</td></tr><tr><td>May</td><td>.9</td><td>3.6</td><td>7.1</td><td>7.9</td><td>8.2</td></tr><tr><td>June</td><td>.8</td><td>3.8</td><td>7.5</td><td>7.6</td><td>7.8</td></tr><tr><td>Total budgetary war expenditures</td><td>6.3</td><td>26.0</td><td>72.1</td><td>87.0</td><td>90.0</td></tr><tr><td>War expenditures by RFO and subdistricts</td><td>.4</td><td>2.3</td><td>3.2</td><td>2.7</td><td>.5</td></tr><tr><td>Total</td><td>6.7</td><td>28.3</td><td>75.3</td><td>89.7</td><td>90.5</td></tr></table>
Public debt
The gross public debt on June 30, 1945 amounted to $256.7 billion as compared with $201.0 billion on June 30, 1944, an increase of $57.7 billion.
The computed rate of interest on the total interest-bearing public debt was 1.936% on June 30, 1945, as compared with 1.929% on June 30, 1944. For information on the computed rate of interest for earlier years, see page 27.
Table 3 shows the public debt outstanding as of June 30, 1944 and 1945, classified by character of issues, as between public issues and special issues for account of Government trust and special funds. The amount of outstanding public issues increased $53.2 billion during the year, and special issues increased $4.5 billion. A more detailed classification of the public debt may be found in the statistical section of this Bulletin; data for the fiscal years 1936 through 1944 and for the months June 1944 through June 1945 appear on pages 23-26.
Under the Public Debt Act of 1945, approved April 3, 1945, the limitation on the general borrowing power under the Second Liberty Bond Act, as amended, was increased from $260 billion (applicable to public debt obligations issued under
1/ Month of United States entry into the war, December 1941.
that Act) to $300 billion (applicable to public debt obligations and publicly-held obligations guaranteed as to principal and interest by the United States). As of June 30, 1945, the unused borrowing authorization under the limitation was $31.3 billion. Further details may be found on page 28.
Guaranteed debt
The contingent liabilities of the Government on account of outstanding public issues of obligations of Government corporations and other agencies, guaranteed as to principal and interest, decreased from $1.6 billion on June 30, 1944, to $0.4 billion on June 30, 1945, a decrease of $1.2 billion. This decrease is largely due to the continuation of the policy announced in October 1941 under which the funds needed by Government corporations are provided by the Treasury in lieu of having such corporations sell their obligations in the market.
With the repayment on June 1, 1945 of the outstanding 1-1/2% Home Owners' Loan Corporation bonds of 1945-47, called for redemption on that date, there remain outstanding only two groups of unmatured guaranteed obligations (with the exception of the guaranteed securities held by the Secretary of the Treasury): (1) $375 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. During the fiscal year the securities of Government corporations and other agencies held directly by the Treasury increased from $10.7 billion to $12.2 billion, an increase of $1.5 billion.
Table 4 presents a statement as of June 30, 1944 and 1945 of the guaranteed securities outstanding, showing both the public guaranteed issues and the guaranteed securities held by the Treasury. For information on the public issues of guaranteed securities outstanding since June 30, 1936, see pages 23-25; similar information on guaranteed securities held by Treasury appears on page 27.
Treasury financing operations
During the fiscal year 1945, cash sales of marketable securities, other than the weekly issues of Treasury bills, were confined to the 5th, 6th, and 7th War Loan drives. The 5th War Loan overlapped the beginning of the fiscal year and
A-28
Treasury Bulletin
the 7th War Loan overlapped the end of the year. 
In addition to new funds amounting to $42.1 billion raised by cash sales of marketable issues during the fiscal year 1945, new funds aggregating $22.3 billion were also raised by the sale of savings bonds, savings notes, saving stamps, and depository bonds. The table which follows summarizes these cash operations by kind of security sold. For details concerning the offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness, see page 32. Information regarding the offering and maturities of Treasury bills appears on pages 34 and 35. 
Public Issues for cash during fiscal year 1945: 
Marketable issues: 
Certificates of indebtedness 
Treasury notes 
Treasury bonds 
Treasury bills (net) 
Total marketable issues 
Non-marketable issues: 
Treasury savings notes 
United States savings bonds 
United States savings stamps 
Depository bonds 
Total non-marketable issues 
Total public issues for cash 
Amount (In millions of dollars) 
10,072 
2,212 
27,468 
2,302 
42,055 
7,016 
14,891 
268 
94 
22,269 
64,324 
During the fiscal year 1945 there were 16 issues of marketable Treasury issues and guaranteed obligations (other than Treasury bills), aggregating $37.6 billion, which matured or were called for redemption prior to maturity. For each of these issues, the Treasury offered the holders the option of receiving new Treasury issues in exchange. The holders of about 94% of the amount of maturing or called issues elected to take new securities in exchange, and holders of $2.3 billion, or only about 6%, elected to take cash. For details concerning the disposition of the matured or called securities, see page 33. 
War Loan Drives 
To supplement the continuous intensified war savings bond sales program, two additional war loan drives were initiated by the Treasury Department during the fiscal year just ended. 
The 6th War Loan, which extended from November 20 to December 16, 1944, resulted in higher sales of United States Government securities than in any previous war loan drive. Sales in the 6th 
War Loan totalling $21.6 billion topped the $14 billion quota by $7.6 billion. 
The goal for the 7th War Loan, which opened May 14, 1945 and closed June 30, was also $14 billion. Again sales surpassed all previous records and reached $26.3 billion, as reported in the accompanying article on the 7th War Loan. 
Savings Bonds 
The savings bond program completed its first cycle on March 1, 1945, when United States savings bonds, those of Series A which were first sold in March 1935, began to mature. In order to make it possible for these investors to reinvest the proceeds of their maturing Series A savings bonds in Series E bonds, arrangements were made for them to do so outside of the limitation of $5,000, maturity value, applicable to annual purchases of Series E bonds. This was discussed in an article in the March "Treasury Bulletin", pages A-1 and A-2, and in an article on page A-23 of this issue. A table showing the approximate monthly distribution of maturities accompanied the earlier article. 
In view of the tremendous increase in the sales of savings bonds, it became apparent that additional facilities for payment would be necessary for convenience of the bond owners. In anticipation of this situation, authority for changing the procedure relating to the redemption of United States savings bonds was incorporated in the law by an amendment in April 1943, to the Second Liberty Bond Act. Under this authorization, regulations were made effective October 2, 1944, whereby individual owners or coowners of United States savings bonds, Series A-E, may present them for cash redemption, without charge to them, at any eligible bank or trust company which has qualified for such service. This was discussed in an article which appeared in the October 1944 issue of the "Treasury Bulletin", page A-1. 
Nearly 50,000 issuing agents are authorized to sell savings bonds, whereas, prior to October 2, 1944, there were only 37 direct outlets for their redemption—the Federal Reserve Banks and Branches and the Treasurer's office in Washington. With the introduction of the new procedure, about 13,000 banking institutions throughout the country are now participating in the program. Under the Public Debt Act of 1945, other classes of financial institutions are eligible, under regulations effective July 2, 1945, to
August 1945
A-29
qualify as paying agents for savings bonds, as explained in an accompanying article.
Table 5 gives cumulative sales and redemption figures for all series of savings bonds from 1935 through June 30, 1945. It indicates that about 15% of all savings bonds issued have been redeemed, leaving 85 cents of every dollar of savings bonds sold still in the hands of the original buyers. For more detailed information concerning sales and redemptions of savings bonds, sales by denomination, and sales by States, see pages 36-41.
Treasury Savings Notes
Sales of Treasury savings notes during the fiscal year 1945 were lower than in either of the two preceding fiscal years. The amount of notes received for taxes were $459 million less than in 1944 and the amount presented for cash redemption increased $48 million over last year. Information on sales and redemptions by fiscal years and by months appears on pages 42-44. Data on sales
are classified by denomination and by type of purchaser; data on redemptions are classified as to whether redeemed for cash or for payment of taxes.
Adjusted Service Bonds
Adjusted service bonds, issued to veterans of the First World War in payment of amounts due on Adjusted service certificates, matured on June 15, 1945. The face amount of each bond, $50.00, plus 3% interest per annum for the full nine-year period, or $13.50, was payable at that time. No further interest will accrue after June 15. Of these bonds there was outstanding as of May 31, 1945, $217 million, which was reduced through redemptions to $109 million as of June 30, 1945.
These bonds were originally issued as of June 15, 1936, and they were redeemable on demand at the option of the owner. About 12% were held to maturity. For further discussion concerning these bonds, see page A-1 of the May 1945 issue of the "Treasury Bulletin".
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Treasury Bulletin
Table 1.- Budgetary Receipts and Expenditures,
Fiscal Years 1944 and 1945
(In millions of dollars)
<table><tr><th></th><th>1944</th><th>1945</th><th>Change during fiscal year 1945</th><th>1944</th><th>1945</th><th>Change during fiscal year 1945</th></tr><tr><td>Receipts:</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></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers (Current Tax Payment Act of 1943)</td><td>8,393</td><td>10,289</td><td>+1,896</td><td>49,302</td><td>50,399</td><td>+1,098</td></tr><tr><td>Other</td><td>26,262</td><td>24,884</td><td>-1,378</td><td>26,538</td><td>30,047</td><td>+3,510</td></tr><tr><td>Miscellaneous internal revenue</td><td>5,291</td><td>6,949</td><td>+1,658</td><td>2,143</td><td>1,198</td><td>-945</td></tr><tr><td>Social Security taxes</td><td>1,472</td><td>1,404</td><td>-68</td><td>133</td><td>122</td><td>-10</td></tr><tr><td>Taxes upon carriers and their employees</td><td>267</td><td>285</td><td>+18</td><td>228</td><td>185</td><td>-43</td></tr><tr><td>Railroad unemployment insurance contributions</td><td>12</td><td>13</td><td>+1</td><td>539</td><td>70</td><td>-469</td></tr><tr><td>Customs</td><td>431</td><td>355</td><td>-76</td><td>1,432</td><td>1,462</td><td>+30</td></tr><tr><td>Miscellaneous receipts</td><td>3,280</td><td>3,470</td><td>+189</td><td>3,812</td><td>3,227</td><td>-585</td></tr><tr><td>Total receipts</td><td>45,408</td><td>47,740</td><td>+2,331</td><td>1,922</td><td>2,042</td><td>+120</td></tr><tr><td>Deduct net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>1,260</td><td>1,283</td><td>+23</td><td>-</td><td>114</td><td>+114</td></tr><tr><td>Net receipts</td><td>44,149</td><td>46,457</td><td>+2,308</td><td>991</td><td>1,028</td><td>+32</td></tr><tr><td></td><td></td><td></td><td></td><td>87,039</td><td>90,029</td><td>+2,990</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>General:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Departmental (not otherwise classified)</td><td>793</td><td>892</td><td>+100</td><td></td><td></td><td></td></tr><tr><td>Agriculture Department:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Food Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation - Restoration of capital impairment</td><td>-</td><td>257</td><td>+257</td><td>-38</td><td>-21</td><td>+17</td></tr><tr><td>Other</td><td>836</td><td>484</td><td>-352</td><td>-1</td><td>*</td><td>+1</td></tr><tr><td>Other</td><td>38</td><td>-36</td><td>-74</td><td></td><td></td><td></td></tr><tr><td>Federal Security Agency:</td><td>468</td><td>455</td><td>-13</td><td>6</td><td>6</td><td>-</td></tr><tr><td>Social Security Board</td><td>88</td><td>94</td><td>+6</td><td></td><td></td><td></td></tr><tr><td>Other</td><td></td><td></td><td></td><td>177</td><td>197</td><td>+19</td></tr><tr><td>Federal Works Agency</td><td>140</td><td>100</td><td>-40</td><td>101</td><td>1,117</td><td>+1,015</td></tr><tr><td>Interior Department - Reclamation Projecte</td><td>54</td><td>50</td><td>-4</td><td>-3</td><td>-*</td><td>+3</td></tr><tr><td>National Housing Agency</td><td>15</td><td>12</td><td>-3</td><td>263</td><td>309</td><td>+46</td></tr><tr><td>Panama Canal</td><td>12</td><td>9</td><td>-3</td><td></td><td></td><td></td></tr><tr><td>Post Office Department (deficiency)</td><td>-29</td><td>1</td><td>+30</td><td>12</td><td>9</td><td>-3</td></tr><tr><td>Railroad Retirement Board</td><td>6</td><td>6</td><td>0</td><td></td><td></td><td></td></tr><tr><td>River and harbor work and flood control</td><td>177</td><td>142</td><td>-35</td><td>556</td><td>1,646</td><td>+1,090</td></tr><tr><td>Tennessee Valley Authority</td><td>65</td><td>20</td><td>-45</td><td></td><td></td><td></td></tr><tr><td>Treasury Department:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on the public debt</td><td>2,609</td><td>3,617</td><td>+1,008</td><td></td><td></td><td></td></tr><tr><td>Refunds of taxes and duties</td><td>134</td><td>894</td><td>+760</td><td>93,744</td><td>100,405</td><td>+6,661</td></tr><tr><td>Excessive profit tax refund bonds</td><td>133</td><td>821</td><td>+689</td><td></td><td></td><td></td></tr><tr><td>Other</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' administration</td><td>629</td><td>934</td><td>+305</td><td></td><td></td><td></td></tr><tr><td>Total general expenditures</td><td>6,188</td><td>8,751</td><td>+2,563</td><td>49,595</td><td>53,948</td><td>+4,353</td></tr><tr><td>Expenditures (continued):</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></tr><tr><td>War Department</td><td></td><td></td><td></td><td>26,538</td><td>30,047</td><td>+3,510</td></tr><tr><td>Navy Department</td><td></td><td></td><td></td><td>2,143</td><td>1,198</td><td>-945</td></tr><tr><td>Agriculture Department</td><td></td><td></td><td></td><td>133</td><td>122</td><td>-10</td></tr><tr><td>Federal Security Agency</td><td></td><td></td><td></td><td>228</td><td>185</td><td>-43</td></tr><tr><td>Federal Works Agency</td><td></td><td></td><td></td><td>539</td><td>70</td><td>-469</td></tr><tr><td>National Housing Agency</td><td></td><td></td><td></td><td>1,432</td><td>1,462</td><td>+30</td></tr><tr><td>Treasury Department</td><td></td><td></td><td></td><td>1,432</td><td>1,462</td><td>+30</td></tr><tr><td>United States Maritime Commission</td><td></td><td></td><td></td><td>3,812</td><td>3,227</td><td>-585</td></tr><tr><td>War Shipping Administration</td><td></td><td></td><td></td><td>1,922</td><td>2,042</td><td>+120</td></tr><tr><td>Aid to China</td><td></td><td></td><td></td><td>-</td><td>140</td><td>+140</td></tr><tr><td>Payments for United Nations Relief and Rehabilitation Administration</td><td></td><td></td><td></td><td>-</td><td>114</td><td>+114</td></tr><tr><td>Other</td><td></td><td></td><td></td><td>991</td><td>1,028</td><td>+32</td></tr><tr><td>Total war activities expenditures</td><td></td><td></td><td></td><td>87,039</td><td>90,029</td><td>+2,990</td></tr><tr><td>Revolving funds (net):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration</td><td></td><td></td><td></td><td>-38</td><td>-21</td><td>+17</td></tr><tr><td>Public Works Administration</td><td></td><td></td><td></td><td>-1</td><td>*</td><td>+1</td></tr><tr><td>Total revolving funds (net)</td><td></td><td></td><td></td><td>-39</td><td>-21</td><td>+18</td></tr><tr><td>Transfers to trust accounts, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td></td><td></td><td></td><td>-</td><td>9</td><td>+9</td></tr><tr><td>Federal contributions to District of Columbia (United States Share)</td><td></td><td></td><td></td><td>6</td><td>6</td><td>-</td></tr><tr><td>Government employees' retirement funds (United States share)</td><td></td><td></td><td></td><td>177</td><td>197</td><td>+19</td></tr><tr><td>National service life insurance fund</td><td></td><td></td><td></td><td>101</td><td>1,117</td><td>+1,015</td></tr><tr><td>Office of Distribution (surplus commodity stamps)</td><td></td><td></td><td></td><td>-3</td><td>-*</td><td>+3</td></tr><tr><td>Railroad retirement account</td><td></td><td></td><td></td><td>263</td><td>309</td><td>+46</td></tr><tr><td>Railroad unemployment insurance administration fund transfer to unemployment trust fund (Act Oct. 10, 1940)</td><td></td><td></td><td></td><td>12</td><td>9</td><td>-3</td></tr><tr><td>Total transfer to trust accounts, etc.</td><td></td><td></td><td></td><td>556</td><td>1,646</td><td>+1,090</td></tr><tr><td>Total expenditures (excluding public debt retirements)</td><td></td><td></td><td></td><td>93,744</td><td>100,405</td><td>+6,661</td></tr><tr><td>Net deficit</td><td></td><td></td><td></td><td>49,595</td><td>53,948</td><td>+4,353</td></tr></table>
Less than $500,000
August 1945
A-31
Table 2.- Budgetary Expenditures Other Than War Activities, Interest on Public Debt,
Tax Refunds, and Veterans' Administration, Fiscal Years 1941-1945
(In millions of dollars)
<table><tr><th colspan="6">Piecel years</th></tr><tr><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th></tr><tr><td>Departmental (not otherwise classified).</td><td>676</td><td>685</td><td>732</td><td>793</td><td>892</td></tr><tr><td>Agriculture Department.</td><td>511 1/</td><td>1,109</td><td>1,046</td><td>833</td><td>683</td></tr><tr><td>Federal Security Agency:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Civilian Conservation Corps.</td><td>257</td><td>163</td><td>18</td><td>-</td><td>-</td></tr><tr><td>National Youth Administration.</td><td>90</td><td>88</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Social Security Board.</td><td>423</td><td>473</td><td>474</td><td>488</td><td>455</td></tr><tr><td>Other.</td><td>66</td><td>75</td><td>81</td><td>88</td><td>94</td></tr><tr><td>Total Federal Security Agency.</td><td>836</td><td>799</td><td>573</td><td>576</td><td>549</td></tr><tr><td>Federal Works Agency:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public Buildings Administration.</td><td>69</td><td>60</td><td>48</td><td>52</td><td>46</td></tr><tr><td>Public Roads Administration.</td><td>174</td><td>153</td><td>87</td><td>66</td><td>49</td></tr><tr><td>Public Works Administration.</td><td>126 3/</td><td>40</td><td>12</td><td>4</td><td>-</td></tr><tr><td>Works Projects Administration.</td><td>1,285</td><td>882</td><td>299</td><td>17</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>1</td><td>1</td><td>5</td></tr><tr><td>Total Federal Works Agency.</td><td>1,654</td><td>1,136</td><td>447</td><td>139</td><td>100</td></tr><tr><td>Government employees' retirement funds.</td><td>93</td><td>103</td><td>107</td><td>177</td><td>197</td></tr><tr><td>National Housing Agency.</td><td>17</td><td>18</td><td>15</td><td>15</td><td>12</td></tr><tr><td>Railroad Retirement Board 1/.</td><td>139</td><td>155</td><td>228</td><td>280</td><td>324</td></tr><tr><td>River and harbor work and flood control.</td><td>219</td><td>191</td><td>201</td><td>177</td><td>142</td></tr><tr><td>Tennessee Valley Authority.</td><td>51</td><td>127</td><td>111</td><td>65</td><td>20</td></tr><tr><td>Other.</td><td>151</td><td>153</td><td>120</td><td>43</td><td>65</td></tr><tr><td>Total.</td><td>4,647</td><td>4,475</td><td>3,580</td><td>3,099</td><td>2,984</td></tr></table>
1/ Reduced by $315 million return of surplus funds from Government corporations, repaid to appropriations. 2/ Some functions abolished and other functions transferred to other agencies.
3/ Reduced by $14 million return of surplus funds, repaid to appropriations.
4/ Includes transfers to Railroad Retirement Account and to Railroad Unemployment Insurance Account.
Table 3.- Public Debt Outstanding, June 30, 1944 and 1945
(In millions of dollars)
<table><tr><th></th><th>June 30, 1944</th><th>June 30, 1945</th><th>Change during fiscal year 1945</th></tr><tr><td><b>Public issues:</b></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>14,734</td><td>17,041</td><td>+2,307</td></tr><tr><td>Certificates of indebtedness</td><td>28,822</td><td>34,136</td><td>+5,313</td></tr><tr><td>Treasury notes</td><td>17,405</td><td>23,497</td><td>+6,092</td></tr><tr><td>Treasury bonds</td><td>79,244</td><td>106,448</td><td>+27,204</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>196</td><td></td></tr><tr><td>Total marketable issues</td><td>140,401</td><td>181,319</td><td>+40,917</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds</td><td>34,606</td><td>45,586</td><td>+10,979</td></tr><tr><td>Treasury notes - tax and savings series</td><td>9,557</td><td>10,136</td><td>+579</td></tr><tr><td>Adjusted service bonds</td><td>217</td><td>-</td><td>-217</td></tr><tr><td>Depositary bonds</td><td>474</td><td>505</td><td>+30</td></tr><tr><td>Total non-marketable issues</td><td>44,855</td><td>56,226</td><td>+11,371</td></tr><tr><td>Total interest-bearing public issues</td><td>185,256</td><td>237,545</td><td>+52,289</td></tr><tr><td>Matured debt on which interest has ceased</td><td>201</td><td>269</td><td>+68</td></tr><tr><td>Debt bearing no interest</td><td>1,259</td><td>2,057</td><td>+798</td></tr><tr><td>Total public issues</td><td>186,716</td><td>239,870</td><td>+53,154</td></tr><tr><td>Special issues</td><td>14,287</td><td>18,812</td><td>+4,525</td></tr><tr><td>Total public debt outstanding</td><td>201,003</td><td>258,682</td><td>+57,679</td></tr></table><p>* Less than $500,000</p>
Less than $500,000
A-32
Treasury Bulletin
Table 4.- Securities Guaranteed by the United States Outstanding, June 30, 1944 and 1945
(In millions of dollars)
<table><tr><th></th><th>June 30, 1944</th><th>June 30, 1945</th><th>Change during fiscal year 1945</th></tr><tr><td>Public issues:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation.</td><td>412</td><td>-</td><td>-412</td></tr><tr><td>Federal Housing Administration.</td><td>24</td><td>34</td><td>+10</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>755</td><td>-</td><td>-755</td></tr><tr><td>Total marketable issues.</td><td>1,190</td><td>34</td><td>-1,156</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation.</td><td>150</td><td>375</td><td>+226</td></tr><tr><td>Reconstruction Finance Corporation.</td><td>176</td><td>-</td><td>-176</td></tr><tr><td>Total non-marketable issues.</td><td>326</td><td>375</td><td>+50</td></tr><tr><td>Total interest-bearing debt.</td><td>1,516</td><td>409</td><td>-1,107</td></tr><tr><td>Matured debt on which interest has ceased.</td><td>107</td><td>24</td><td>-83</td></tr><tr><td>Total public issues.</td><td>1,623</td><td>433</td><td>-1,190</td></tr><tr><td>Issues held by the Treasury: 1/</td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation.</td><td>900</td><td>1,591</td><td>+691</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>366</td><td>108</td><td>-258</td></tr><tr><td>Federal Public Housing Authority.</td><td>398</td><td>383</td><td>-15</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>580</td><td>1,010</td><td>+430</td></tr><tr><td>Reconstruction Finance Corporation.</td><td>8,416</td><td>9,020</td><td>+603</td></tr><tr><td>Tennessee Valley Authority.</td><td>57</td><td>57</td><td>-</td></tr><tr><td>Total issues held by the Treasury.</td><td>10,717</td><td>12,169</td><td>+1,451</td></tr><tr><td>Total.</td><td>12,340</td><td>12,602</td><td>+262</td></tr></table>
1/ These issues are reflected in the public debt.
Table 5.- United States Savings Bonds Issued and Redeemed Through June 30, 1945
<table><tr><th></th><th>Amount issued 1/</th><th>Amount redeemed 1/</th><th>Amount outstanding 2/</th><th>Percent redeemed of amount issued</th></tr><tr><td colspan="5">(In millions of dollars)</td></tr><tr><td>Series A-D:</td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-1935</td><td>253</td><td>134</td><td>119</td><td>53.0</td></tr><tr><td>Series B-1936</td><td>446</td><td>119</td><td>327</td><td>26.7</td></tr><tr><td>Series C-1937</td><td>551</td><td>135</td><td>415</td><td>24.6</td></tr><tr><td>Series G-1938</td><td>617</td><td>127</td><td>490</td><td>20.6</td></tr><tr><td>Series D-1939</td><td>968</td><td>165</td><td>802</td><td>17.1</td></tr><tr><td>Series D-1940</td><td>1,154</td><td>164</td><td>990</td><td>14.2</td></tr><tr><td>Series D-1941</td><td>438</td><td>56</td><td>442</td><td>11.7</td></tr><tr><td>Total Series A-D</td><td>4,487</td><td>901</td><td>3,585</td><td>20.1</td></tr><tr><td>Series E:</td><td></td><td></td><td></td><td></td></tr><tr><td>Series E-1941</td><td>1,405</td><td>183</td><td>1,222</td><td>13.1</td></tr><tr><td>Series E-1942</td><td>6,382</td><td>1,319</td><td>5,063</td><td>20.7</td></tr><tr><td>Series E-1943</td><td>10,544</td><td>2,475</td><td>8,069</td><td>23.5</td></tr><tr><td>Series E-1945</td><td>12,405</td><td>2,345</td><td>10,060</td><td>18.9</td></tr><tr><td>Series E-1945</td><td>5,055</td><td>315</td><td>4,740</td><td>6.2</td></tr><tr><td>Total Series E</td><td>35,792</td><td>6,638</td><td>29,154</td><td>18.5</td></tr><tr><td>Unclassified redemptions:</td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-E</td><td>.....</td><td>56</td><td>-56</td><td>.....</td></tr><tr><td>Total Series A-E</td><td>40,278</td><td>7,596</td><td>32,682</td><td>18.9</td></tr><tr><td>Series F and G:</td><td></td><td></td><td></td><td></td></tr><tr><td>Series F and G-1941</td><td>1,518</td><td>109</td><td>1,409</td><td>7.2</td></tr><tr><td>Series F and G-1942</td><td>3,157</td><td>221</td><td>2,936</td><td>7.0</td></tr><tr><td>Series F and G-1943</td><td>3,335</td><td>183</td><td>3,152</td><td>5.5</td></tr><tr><td>Series F and G-1944</td><td>3,671</td><td>74</td><td>3,597</td><td>2.0</td></tr><tr><td>Series F and G-1945</td><td>1,810</td><td>1</td><td>1,809</td><td>0.1</td></tr><tr><td>Total Series F and G</td><td>13,491</td><td>588</td><td>12,903</td><td>4.4</td></tr><tr><td>Total all series</td><td>53,769</td><td>8,184</td><td>45,586</td><td>15.2</td></tr></table>
* Less than 0.05%.
1/ Includes accrued discount except Series O.
2/ At current redemption values except Series O, which is
3/ Includes redemptions of bonds which matured March-June 1945.
August 1945
A-33
Advance
Tabulation of 1943 Taxable Individual and Fiduciary Income Tax
Returns with Net Income of $5,000 and Over
The Bureau of Internal Revenue completed in June 1945 an advance tabulation of data from the 1943 taxable individual and fiduciary income tax returns with net income of $5,000 and over which had been filed through December 31, 1944. Figures for complete 1942 individual and taxable fiduciary income tax returns were released this spring and summarized in the "Treasury Bulletin" for April 1945. "Statistics of Income, Part I", the volume which carries the detailed data for complete 1942 returns, is not yet available. The new figures, which are summarized herein, provide significant data for 1943 tax returns in advance of the full 1943 tabulations.
Number of Returns
A total of 1.4 million returns with net income of $5,000 or over were included in the tabulation. It was estimated that approximately 125,000 individual and fiduciary returns with income of $5,000 and over were not available for inclusion at the time of tabulation due to administrative changes in handling returns under the Current Tax Payment Act of 1943. All such returns will be included in the preliminary and complete reports for 1943.
The 1.4 million of returns for 1943 tabulated in the advance group compares with 1.2 million returns in the complete tabulation for 1942.
The table below summarizes the number of taxable returns for individuals and fiduciaries with net income of $5,000 and over in 1942 and 1943 by net income classes.
<table><tr><th>Net income classes (In thousands of dollars)</th><th colspan="2">Number of taxable returns</th></tr><tr><th></th><th>1942 (complete report)</th><th>1943 1/ (advance tabulation)</th></tr><tr><td colspan="3">(In thousands)</td></tr><tr><td>5 under 10 2/</td><td>786</td><td>965</td></tr><tr><td>10 under 20 2/</td><td>259</td><td>323</td></tr><tr><td>20 and over</td><td>133</td><td>157</td></tr><tr><td>Total taxable returns with net income of $5,000 and over</td><td>1,177</td><td>1,445</td></tr></table>
Net Income and Tax Liability
The net income reported on the advance group of 1943 returns with net income of $5,000 and over totaled $17.4 billion, an increase of $2.9 billion over that reported in 1942.
The total income and victory tax liability on the 1943 returns was $7.4 billion as computed under the Current Tax Payment Act of 1943. The various tax items included in this tax liability are outlined on the following page.
<table><tr><th rowspan="2">Net income classes (In thousands of dollars)</th><th colspan="2">1942 (complete report)</th><th colspan="4">1943 1/ (advance tabulation)</th></tr><tr><th>Net income</th><th>Total tax (tax on 1942 income)</th><th>Net income</th><th>Tax on 1943 income</th><th>Non-recurring tax (adjustments under Current Tax Payment Act of 1943)</th><th>Total 1943 tax</th></tr><tr><th colspan="7">(In millions of dollars)</th></tr><tr><td>5 under 10 2/</td><td>5,254</td><td>904</td><td>6,390</td><td>1,283</td><td>58</td><td>185</td><td>1,526</td></tr><tr><td>10 under 20 2/</td><td>3,529</td><td>915</td><td>4,410</td><td>1,285</td><td>82</td><td>194</td><td>1,561</td></tr><tr><td>20 and over</td><td>5,653</td><td>2,873</td><td>6,579</td><td>3,520</td><td>192</td><td>573</td><td>4,285</td></tr><tr><td>Total taxable returns with net income of $5,000 and over</td><td>14,436</td><td>4,692</td><td>17,379</td><td>6,088</td><td>332</td><td>952</td><td>7,372</td></tr></table>
It is estimated that approximately 125,000 returns (individual and fiduciary) with net income of $5,000 and over for 1943 were not available for inclusion in this
2/ Figures for 1943 are estimated.
2-34
Treasury Bulletin
The income and victory tax on the net income reported for 1943, without regard to tax items added in 1943 in the adjustment to a "pay as you go" basis (as provided by the Current Tax Payment Act), was $5.1 billion. This is conceptually comparable to the $4.7 billion of tax on 1942 net income except that the 1943 figure (1) includes the victory tax and (2) was reduced by the amount of tax credits (foreign tax paid and tax paid at source); such credits were not tabulated from 1942 returns.
The table at the bottom of the preceding page presents the net income and tax liability for taxable individual and fiduciary returns with net income of $5,000 and over for three broad net income classes for 1942 and 1943.
Sources of Income and Deductions
The following table summarizes the total income from all sources, total deductions, and net income for taxable individual and fiduciary returns with net income of $5,000 and over for 1942 and 1943.
<table><tr><th>Taxable returns with net income of $5,000 and over</th><th>1942 (complete report)</th><th>1943 (advance tabulation)</th></tr><tr><td colspan="3">(In millions of dollars)</td></tr><tr><td>Total income from all sources.</td><td>16,208</td><td>19,084</td></tr><tr><td>Less:</td><td></td><td></td></tr><tr><td>Total deductions.</td><td>1,700</td><td>1,609</td></tr><tr><td>Amount distributable to beneficiaries.</td><td>73</td><td>96</td></tr><tr><td>Net income.</td><td>14,436</td><td>17,379</td></tr></table>
Changes in the Internal Revenue Code
The comparability of the income and tax data for 1943 with that of the previous year is affected by amendments to the Internal Revenue Code which were contained in the Revenue Act of 1942, the Current Tax Payment Act of 1943, and the
Revenue Act of 1943. The principal changes affecting the data tabulated from individual returns and fiduciary returns were as follows:
(a) The minimum amount of gross income for which a return was required to be filed was reduced from $1,200 to $624 for a married person living with husband or wife for any part of or for the entire taxable year, and a return was required of any person liable for an income tax for the income year 1942, regardless of the amount of gross income for 1943.
(b) A victory tax was imposed applicable to taxable years beginning on or after January 1, 1943, which was 5% of the victory tax net income after a specific exemption of $624. A victory tax credit (with limitations) computed with regard to marital status and number of dependents was allowable against the victory tax. The amount of victory tax was limited to the excess of 90% of net income over the normal tax and surtax (before credits).
(c) A withholding tax, equal to 5% of the excess of each wage payment over the withholding deduction allowable, was withheld by every withholding agent on payrolls after January 1, 1943. The withholding tax was increased to 20% of the excess of each wage payment over the withholding exemption allowable, effective for the first complete payroll period after July 1, 1943. The tax thus withheld was allowed as a credit against the income and victory tax liability for 1943.
To provide a basis for the current payment of taxes on income not subject to the withholding tax, persons receiving more than specified amounts of such income were required to file on September 15, 1943, a declaration of estimated income tax for the taxable year. After the allowable estimated tax credits, payment of the remaining estimated tax was due in two installments. The first installment was to be paid at the time of filing the declaration, and the second on December 15, 1943.
(d) In adoption of the system for current payments of tax liability by individuals, the income tax liability for 1942 was discharged, except that (1) for individuals whose income tax liability for 1942 was greater than for 1943, the tax lia-
August 1945
A-35
bility for 1943 was increased by the amount by which the 1942 tax exceeded the tax for 1943; (2) for individuals whose smaller tax liability, either 1942 or 1943, exceeded $66.67, the tax liability for 1943 was increased by 25% of the smaller tax; and (3) for individuals whose smaller tax liability, either 1942 or 1943, was more than $50 but less than $66.67, the tax liability for 1943 was increased by the excess of the smaller tax over $50.
In computing the increase in (1) above for an individual who was in the active service of the military or naval forces of the United States or any of the other United Nations at any time during the taxable year 1942 or 1943, the increase in the 1943 tax liability was reduced by an amount equal to that by which the 1942 tax was increased by reason of the inclusion in the net income for 1942 of earned net income.
(a) Military and naval personnel excluded from gross income $1,500 compensation for active service in the military or naval forces of the United States. This provision applied to both enlisted personnel and officers as well as to citizens or residents of the United States who were members of the military or naval forces of other United Nations.
(f) Returns for a fiscal year ending in the period January through June 1944, were subject to the law applicable to taxable years beginning on January 1, 1943 as well as the law applicable to taxable years beginning on January 1, 1944. A tentative tax was computed under each law, after which each tax was prorated according to the number of days in each year, and the total tax was the sum of the prorated taxes.
Returns Included
The returns included in this advance tabulation are individual returns, Form 1040, with net income of $5,000 and over and fiduciary returns, Form 1041, with net income taxable to the fiduciary of $5,000 and over, received in the Bureau through December 31, 1944. The returns are, in general, for the calendar year ended December 31, 1943. However, there are included a negligible number of returns for a fiscal year beginning in
1942 and ending in the period July through November 1943, or beginning in 1943 and ending in the period January through June 1944, as well as returns for a part year beginning and ending in 1943 or with the greater part of the accounting period in 1943. Data have been tabulated from the returns prior to audit by the Bureau. Amended and tentative returns have been excluded.
Method of Tabulating Data
Data have been completely tabulated from the fiduciary returns, Form 1041, and from individual returns with net income of $20,000 and over, Form 1040. Owing to the increased number of returns filled by individuals for 1943, it was necessary to estimate data for a larger scope of the individual returns than heretofore when data for the complete report, "Statistics of Income, Part I", were estimated only for returns with net income under $5,000. Therefore, in contrast with former years, the 1943 data for individual returns in the net income classes $5,000 under $20,000 were estimated from samples. The samples comprised 10% of the returns in net income classes $5,000 under $10,000, and 20% of the returns in net income classes $10,000 under $20,000, selected at random from the returns filed in each State.
Statistical Tables
The tables at the end of this article present more detailed data on taxable individual and fiduciary returns with net income of $5,000 and over given in the advance tabulation for 1943 and the complete report for 1942. The footnotes accompanying the tables are designed primarily to explain the 1943 data.
Table 1 presents summary data covering number of returns, net income, exemptions and credits, and taxes.
Table 2 presents by net income classes the number of returns, net income, and taxes.
Table 3 shows the sources of income and deductions.
The information provided in Table 1 and Table 3 is available in greater detail by income classes in the full report of the advance tabulation for 1943 and in the press release of March 1945 from "Statistics of Income for 1942, Part 1". The full report of the 1943 advance tabulation is available upon request to the Bureau of Internal Revenue.
A-36
Treasury Bulletin
Taxable Individual and Fiduciary Income Tax Returns with New Income of $5,000 and Over: 1943 Advance Tabulation Compared with 1942 Complete Report
Table 1.- Summary 1/
Money figures (except average tax) in millions of dollars
<table><tr><th></th><th colspan="2">Taxable individual and fiduciary returns</th><th colspan="2">Taxable individual returns</th><th colspan="2">Taxable fiduciary returns</th></tr><tr><th></th><th>1942 (complete report)</th><th>1943 2/ (advance tabulation)</th><th>1942 (complete report)</th><th>1943 2/ (advance tabulation)</th><th>1942 (complete report)</th><th>1943 2/ (advance tabulation)</th></tr><tr><td colspan="7">Total returns with net income of $5,000 or more</td></tr><tr><td>Number of taxable returns</td><td>1,177,100</td><td>1,445,005</td><td>1,165,092</td><td>1,430,064</td><td>12,008</td><td>14,941</td></tr><tr><td>Net income $</td><td>14,436</td><td>17,379</td><td>14,222</td><td>17,110</td><td>213</td><td>269</td></tr><tr><td>Exceptions and credits: Personal exemption $/ Credit for dependent $/ Earned income credit $</td><td>1,195 392 750</td><td>1,439 456 892</td><td>1,192 392 750</td><td>1,435 456 892</td><td>3</td><td>4</td></tr><tr><td>Tax: Tax on current year's income $</td><td>4,692</td><td>6,088</td><td>4,601</td><td>5,969</td><td>90</td><td>119</td></tr><tr><td>Nonrecurring tax (adjustments under Current Tax Payment Act of 1943): Additional tax from 1943 return with larger tax in 1942. Unforgiven tax, either 1942 or 1943.</td><td>332 952</td><td>332 952</td><td>332 952</td><td>332 952</td><td></td><td></td></tr><tr><td>Total nonrecurring tax</td><td>1,284</td><td>1,284</td><td>1,284</td><td>1,284</td><td></td><td></td></tr><tr><td>Total tax</td><td>4,692</td><td>7,372</td><td>4,601</td><td>7,253</td><td>90</td><td>119</td></tr><tr><td>Average tax on current year's income</td><td>$3,986</td><td>$4,213</td><td>$3,949</td><td>$4,174</td><td>$7,510</td><td>$7,994</td></tr><tr><td>Effective tax rate on current year's income</td><td>32.50%</td><td>35.03%</td><td>32.35%</td><td>34.68%</td><td>42.24%</td><td>44.37%</td></tr><tr><td colspan="7">Return with normal tax and surtax $</td></tr><tr><td>Number of taxable returns</td><td>1,164,154</td><td>1,415,376</td><td>1,152,585</td><td>1,401,419</td><td>11,569</td><td>13,957</td></tr><tr><td>Net income $</td><td>13,638</td><td>15,738</td><td>13,460</td><td>15,543</td><td>178</td><td>195</td></tr><tr><td>Tax: Tax on current year's income: Normal tax. Surtax. Victory tax. Less tax credits (foreign tax paid and tax paid at source)</td><td>671 3,577 9/ 2/</td><td>779 3,896 7 9/</td><td>661 3,516 9/</td><td>767 3,834 7 9/</td><td>10 61 9/</td><td>11 62 *</td></tr><tr><td>Total tax on current year's income $</td><td>4,248</td><td>5,157</td><td>4,177</td><td>5,079</td><td>71</td><td>79</td></tr><tr><td>Nonrecurring tax (adjustments under Current Tax Payment Act of 1943): Additional tax from 1943 returns with larger tax in 1942. Unforgiven tax, either 1942 or 1943.</td><td>270 801</td><td>270 801</td><td>270 801</td><td>270 801</td><td></td><td></td></tr><tr><td>Total nonrecurring tax</td><td>1,070</td><td>1,070</td><td>1,070</td><td>1,070</td><td></td><td></td></tr><tr><td>Total tax</td><td>4,248</td><td>6,228</td><td>4,177</td><td>6,149</td><td>71</td><td>79</td></tr></table>
(Continued on following page)
August 1945
A-37
Taxable
Individual and Fiduciary Income Tax Returns with Net Income of $5,000 and Over:
1943 Advance Tabulation Compared with 1942 Complete Report - (Continued)
Table
- Summary 1/ - (Continued)
Money figures (except average tax) in millions of dollars
<table><tr><th></th><th colspan="2">Taxable individual and fiduciary returns</th><th colspan="2">Taxable individual returns</th><th colspan="2">Taxable fiduciary returns</th></tr><tr><th></th><th>1942 (complete report)</th><th>1943 2/ (advance tabulation)</th><th>1942 (complete report)</th><th>1943 2/ (advance tabulation)</th><th>1942 (complete report)</th><th>1943 2/ (advance tabulation)</th></tr></table>
Returne with alternative tax 10/
<table><tr><td>Number of taxable returns</td><td>12,946</td><td>89,629</td><td>12,507</td><td>28,645</td><td>439</td><td>984</td></tr><tr><td>Net income $</td><td>798</td><td>1,642</td><td>762</td><td>1,567</td><td>36</td><td>74</td></tr><tr><td>Tax:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Tax on current year's income:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Alternative tax:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Normal tax</td><td>37</td><td>78</td><td>36</td><td>75</td><td>1</td><td>2</td></tr><tr><td>Partial tax (Surtax</td><td>334</td><td>662</td><td>324</td><td>643</td><td>10</td><td>19</td></tr><tr><td>50% of excess of net long-term capital gain over net short-term capital loss</td><td>72</td><td>139</td><td>64</td><td>121</td><td>9</td><td>18</td></tr><tr><td>Total alternative tax</td><td>444</td><td>879</td><td>424</td><td>839</td><td>20</td><td>40</td></tr><tr><td>Victory tax</td><td>...</td><td>54</td><td>...</td><td>53</td><td>...</td><td>1</td></tr><tr><td>Lease tax credits (foreign tax paid and tax paid at source)</td><td>9/</td><td>2</td><td>9/</td><td>2</td><td>9/</td><td>*</td></tr><tr><td>Total tax on current year's income $</td><td>444</td><td>931</td><td>424</td><td>890</td><td>20</td><td>41</td></tr><tr><td>Nonrecurring tax (adjustments under Current Tax Payment Act of 1943):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Additional tax from 1943 returns with larger tax in 1942</td><td>...</td><td>63</td><td>...</td><td>63</td><td>...</td><td>...</td></tr><tr><td>Unforgiven tax, either 1942 or 1943</td><td>...</td><td>151</td><td>...</td><td>151</td><td>...</td><td>...</td></tr><tr><td>Total nonrecurring tax</td><td>...</td><td>214</td><td>...</td><td>214</td><td>...</td><td>...</td></tr><tr><td>Total tax</td><td>444</td><td>1,144</td><td>424</td><td>1,104</td><td>20</td><td>41</td></tr></table>
1/ Less than $500,000.
2/ For discussion of comparability of 1942 and 1943 income and tax data, see "Changes in the Internal Revenue Code" on page A-34.
3/ It is estimated that approximately 125,000 returns (individual and fiduciary) with net income of $5,000 and over for 1943 were not available for inclusion in this report.
4/ The net income shown for taxable fiduciary returns represents the net income taxable to the fiduciary after deducting the amount distributable to beneficiaries. Data for taxable fiduciary returns include data for estates and trusts filed improperly on Form 1041, which have not been made taxable to the fiduciary.
5/ The personal exemption allowed the head of a family and a married person living with husband or wife for the entire year is $1,200 and that of a single person, a married person not living with husband or wife, or an estate is $500. A credit is allowed, in lieu of personal exemption, a credit of $100 against net income.
6/ Credit for each dependent is $350.
7/ Earned income credit is 10% of earned net income (not
to exceed $14,000 or 10% of net income, whichever is smaller. 1/ The tax on 1942 income is conceptually comparable with the tax on 1941 income except that the letter (1) includes the returnable tax (2) was reduced by the amount of tax credits (foreign tax and tax paid at source); such credits were not tabulated from 1942 returns. 8/ Normal tax and surtax are reported on (1) returns without sales or exchanges of capital assets, (2) returns with a net income from such sales and (3) returns with a net gain from sales or exchanges of capital assets, unless the alternative tax is imposed. 3/ Not tabulated. 10/ Alternative tax is reported on returns showing an excess of net long-term capital gain over net short-term capital loss, but only if such tax is less than the sum of normal tax and surtax computed on net income which includes the net gain from sales or exchanges of capital assets. Alternative tax is the excess of partial tax (normal tax and surtax) computed on net income reduced for this purpose by the excess of net long-term capital gain over the net short-term capital loss, and 50% of such excess.
A-38
Treasury Bulletin
Taxable Individual and Fiduciary Income Tax Returns with Net Income of $5,000 and Over:
1943 Advance Tabulation Compared with 1942 Complete Report - (Continued)
Table 2.- Distribution by Net Income Classes
<table><tr><th rowspan="2">Net income classes 2/ (In thousands of dollars)</th><th colspan="2">Number of tax-ahla returns</th><th colspan="2">Net income</th><th colspan="5">Tax</th></tr><tr><th>1942 (complete report)</th><th>1943 3/ (advance tabulation)</th><th>1942 (complete report)</th><th>1943 3/ (advance tabulation)</th><th>1942 (complete report)</th><th colspan="3">1943 3/ (advance tabulation)</th><th>1943 tax</th></tr><tr><th></th><th colspan="2"></th><th colspan="2">(In millions of dollars)</th><th>Total tax (tax on 1942 income 4/)</th><th>Tax on 1943 income 4/</th><th>Nonrecurring tax (adjustments under Current Tax Payment Act of 1943)</th><th>Additional tax from returns with larger tax in 1942</th><th>Unforgiven tax, either 1942 or 1943</th><th>Total</th></tr><tr><th></th><th colspan="2"></th><th colspan="2"></th><th colspan="5">(In millions of dollars)</th><th></th></tr><tr><td>5 under 6 5/</td><td>323,540</td><td>423,928</td><td>1,762</td><td>2,305</td><td>264</td><td>409</td><td>15</td><td>58</td><td>481</td></tr><tr><td>6 under 7 5/</td><td>183,585</td><td>215,824</td><td>1,187</td><td>1,393</td><td>198</td><td>273</td><td>13</td><td>39</td><td>336</td></tr><tr><td>7 under 8 5/</td><td>123,043</td><td>144,376</td><td>919</td><td>1,079</td><td>166</td><td>228</td><td>11</td><td>33</td><td>272</td></tr><tr><td>8 under 9 5/</td><td>87,769</td><td>101,203</td><td>744</td><td>858</td><td>144</td><td>193</td><td>10</td><td>23</td><td>232</td></tr><tr><td>9 under 10 5/</td><td>61,848</td><td>79,666</td><td>643</td><td>755</td><td>132</td><td>179</td><td>9</td><td>26</td><td>215</td></tr><tr><td>10 under 11 5/</td><td>52,329</td><td>64,310</td><td>548</td><td>674</td><td>120</td><td>169</td><td>10</td><td>25</td><td>204</td></tr><tr><td>11 under 12 5/</td><td>42,058</td><td>51,903</td><td>483</td><td>596</td><td>111</td><td>156</td><td>10</td><td>23</td><td>159</td></tr><tr><td>12 under 13 5/</td><td>34,164</td><td>47,383</td><td>427</td><td>542</td><td>103</td><td>148</td><td>11</td><td>22</td><td>181</td></tr><tr><td>13 under 14 5/</td><td>28,200</td><td>35,881</td><td>380</td><td>484</td><td>96</td><td>138</td><td>8</td><td>21</td><td>167</td></tr><tr><td>14 under 15 5/</td><td>24,015</td><td>29,951</td><td>348</td><td>434</td><td>91</td><td>128</td><td>7</td><td>19</td><td>154</td></tr><tr><td>15 under 20 5/</td><td>17,937</td><td>27,588</td><td>1,342</td><td>1,680</td><td>394</td><td>547</td><td>36</td><td>84</td><td>657</td></tr><tr><td>20 under 25</td><td>14,458</td><td>49,112</td><td>924</td><td>1,094</td><td>317</td><td>408</td><td>25</td><td>64</td><td>497</td></tr><tr><td>25 under 30</td><td>28,866</td><td>29,630</td><td>679</td><td>809</td><td>261</td><td>336</td><td>19</td><td>53</td><td>408</td></tr><tr><td>30 under 40</td><td>26,597</td><td>32,212</td><td>914</td><td>1,108</td><td>394</td><td>512</td><td>28</td><td>83</td><td>624</td></tr><tr><td>40 under 50</td><td>13,974</td><td>16,170</td><td>609</td><td>720</td><td>293</td><td>370</td><td>20</td><td>61</td><td>450</td></tr><tr><td>50 under 60</td><td>7,949</td><td>9,357</td><td>474</td><td>510</td><td>225</td><td>282</td><td>14</td><td>47</td><td>344</td></tr><tr><td>60 under 70</td><td>4,847</td><td>5,651</td><td>315</td><td>365</td><td>173</td><td>214</td><td>13</td><td>36</td><td>263</td></tr><tr><td>70 under 80</td><td>3,207</td><td>3,731</td><td>240</td><td>278</td><td>139</td><td>171</td><td>11</td><td>29</td><td>210</td></tr><tr><td>80 under 90</td><td>2,183</td><td>2,508</td><td>185</td><td>213</td><td>111</td><td>136</td><td>7</td><td>22</td><td>165</td></tr><tr><td>90 under 100</td><td>1,607</td><td>1,798</td><td>152</td><td>170</td><td>95</td><td>112</td><td>5</td><td>19</td><td>136</td></tr><tr><td>100 under 150</td><td>3,585</td><td>4,179</td><td>431</td><td>502</td><td>286</td><td>350</td><td>23</td><td>58</td><td>431</td></tr><tr><td>150 under 200</td><td>1,169</td><td>1,345</td><td>199</td><td>230</td><td>142</td><td>171</td><td>11</td><td>28</td><td>210</td></tr><tr><td>200 under 250</td><td>535</td><td>557</td><td>119</td><td>127</td><td>88</td><td>95</td><td>8</td><td>16</td><td>119</td></tr><tr><td>250 under 300</td><td>281</td><td>287</td><td>77</td><td>78</td><td>58</td><td>62</td><td>2</td><td>10</td><td>74</td></tr><tr><td>300 under 400</td><td>266</td><td>278</td><td>91</td><td>96</td><td>71</td><td>77</td><td>2</td><td>12</td><td>91</td></tr><tr><td>400 under 500</td><td>149</td><td>129</td><td>66</td><td>58</td><td>52</td><td>46</td><td>2</td><td>8</td><td>56</td></tr><tr><td>500 under 750</td><td>146</td><td>145</td><td>86</td><td>88</td><td>69</td><td>71</td><td>2</td><td>12</td><td>84</td></tr><tr><td>750 under 1,000</td><td>53</td><td>53</td><td>44</td><td>45</td><td>35</td><td>34</td><td>1</td><td>5</td><td>40</td></tr><tr><td>1,000 under 1,500</td><td>19</td><td>26</td><td>22</td><td>32</td><td>19</td><td>26</td><td>•</td><td>3</td><td>29</td></tr><tr><td>1,500 under 2,000</td><td>8</td><td>10</td><td>14</td><td>17</td><td>12</td><td>14</td><td>•</td><td>2</td><td>16</td></tr><tr><td>2,000 under 3,000</td><td>4</td><td>8</td><td>9</td><td>18</td><td>7</td><td>12</td><td>•</td><td>1</td><td>13</td></tr><tr><td>3,000 under 4,000</td><td>2</td><td>3</td><td>7</td><td>7</td><td>5</td><td>6</td><td>•</td><td>1</td><td>8</td></tr><tr><td>4,000 under 5,000</td><td>5</td><td>3</td><td>22</td><td>13</td><td>14</td><td>9</td><td>•</td><td>2</td><td>11</td></tr><tr><td>5,000 and over</td><td>1</td><td>1</td><td>11</td><td>6</td><td>9</td><td>5</td><td>–</td><td>1</td><td>6</td></tr><tr><td>Total taxable returns with net income of $5,000 and over</td><td>1,177,100</td><td>1,445,005</td><td>14,436</td><td>17,379</td><td>4,692</td><td>6,088</td><td>332</td><td>952</td><td>7,372</td></tr></table>
1/ Less than $500,000. For discussion of comparability of 1942 and 1943 income and tax data, see "Changes in the Internal Revenue Code" on page A-34.
2/ The net income shown for taxable fiduciary returns is the net income taxable to the fiduciary after deducting the amount distributable to beneficiaries. Data for taxable fiduciary returns include data for estates and trusts filled improperly on Form 1040, which have not become taxable to the fiduciary.
3/ It is estimated that approximately 125,000 returns (individual and fiduciary) with net income of $5,000 and over for 1943 were not available for inclusion in this report.
4/ The tax on 1942 income is conceptually comparable with the tax on 1943 income except that the letter (1) includes the victory tax and (2) was reduced by the amount of tax credits (foreign tax paid and tax paid at source); such credits were not tabulated from 1942 returns.
5/ Figures for 1943 are estimated.
August 1945
A-39
Taxable Individual and Fiduciary Income Tax Returns with Net Income of $5,000 and Over:
1943 Advance Tabulation Compared with 1942 Complete Report - (Continued)
Table 3.- Sources of Income and Deductions
(In millions of dollars)
<table><tr><th></th><th colspan="2">Taxable individual and fiduciary returns</th><th colspan="2">Taxable individual returns</th><th colspan="2">Taxable fiduciary returns</th></tr><tr><th></th><th>1942 (complete report)</th><th>1943 1/ (advance tabulation)</th><th>1942 (complete report)</th><th>1943 1/ (advance tabulation)</th><th>1942 (complete report)</th><th>1943 1/ (advance tabulation)</th></tr><tr><td>Sources of income:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Salaries and other compensation</td><td>6,379</td><td>7,029</td><td>6,379</td><td>7,029</td><td>-</td><td>-</td></tr><tr><td>Dividends from domestic and foreign corporations 2/</td><td>2,117</td><td>2,122</td><td>1,950</td><td>1,938</td><td>168</td><td>184</td></tr><tr><td>Interest: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank deposits, notes, mortgages, corporation bonds</td><td>362</td><td>342</td><td>342</td><td>321</td><td>20</td><td>22</td></tr><tr><td>Government obligations</td><td>51</td><td>45</td><td>47</td><td>42</td><td>4</td><td>3</td></tr><tr><td>Partially tax-exempt 4/</td><td>19</td><td>43</td><td>18</td><td>39</td><td>2</td><td>4</td></tr><tr><td>Taxable 5/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Annuities</td><td>33</td><td>34</td><td>33</td><td>34</td><td>-</td><td>-</td></tr><tr><td>Net gain from sales of capital assets 6/</td><td>264</td><td>558</td><td>231</td><td>485</td><td>33</td><td>73</td></tr><tr><td>Net gain from sales of property other than capital assets 1/</td><td>22</td><td>20</td><td>21</td><td>19</td><td>1</td><td>1</td></tr><tr><td>Rente and royalties</td><td>496</td><td>558</td><td>470</td><td>530</td><td>25</td><td>28</td></tr><tr><td>Business profits 8/</td><td>3,099</td><td>4,102</td><td>3,078</td><td>4,076</td><td>20</td><td>27</td></tr><tr><td>Partnership profit 9/</td><td>2,607</td><td>3,514</td><td>2,579</td><td>3,476</td><td>27</td><td>37</td></tr><tr><td>Income from fiduciaries 10/</td><td>637</td><td>613</td><td>626</td><td>603</td><td>11</td><td>10</td></tr><tr><td>Other income 11/</td><td>124</td><td>104</td><td>118</td><td>97</td><td>6</td><td>7</td></tr><tr><td>Total income</td><td>16,208</td><td>19,084</td><td>15,892</td><td>18,689</td><td>317</td><td>395</td></tr><tr><td>Deductions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net loss from sales of capital assets 12/</td><td>93</td><td>67</td><td>91</td><td>66</td><td>2</td><td>1</td></tr><tr><td>Net loss from sales of property other than capital assets 1/</td><td>29</td><td>25</td><td>29</td><td>25</td><td>*</td><td>1</td></tr><tr><td>Business loss 6/</td><td>66</td><td>69</td><td>66</td><td>69</td><td>*</td><td>1</td></tr><tr><td>Partnership loss 9/</td><td>19</td><td>17</td><td>19</td><td>17</td><td>*</td><td>*</td></tr><tr><td>Contributions 13/</td><td>335</td><td>404</td><td>335</td><td>404</td><td>-</td><td>6</td></tr><tr><td>Interest paid 14/</td><td>241</td><td>200</td><td>235</td><td>195</td><td>5</td><td>6</td></tr><tr><td>Taxes paid 15/</td><td>539</td><td>512</td><td>529</td><td>504</td><td>10</td><td>8</td></tr><tr><td>Losses from fire, storm, shipwreck, etc. or theft 15/</td><td>17</td><td>15</td><td>17</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Medical, dental, etc., expenses 16/</td><td>48</td><td>51</td><td>48</td><td>51</td><td>-</td><td>-</td></tr><tr><td>Other deductions 17/</td><td>312</td><td>248</td><td>299</td><td>233</td><td>13</td><td>18</td></tr><tr><td>Total deductions</td><td>1,700</td><td>1,609</td><td>1,669</td><td>1,578</td><td>30</td><td>30</td></tr><tr><td>Amount distributable to beneficiaries</td><td>73</td><td>96</td><td>....</td><td>....</td><td>73</td><td>96</td></tr><tr><td>Net income 18/</td><td>14,436</td><td>17,379</td><td>14,222</td><td>17,110</td><td>213</td><td>269</td></tr></table>
1/ Less than $500,000.
It is estimated that approximately 125,000 returns (individual and fiduciary) with net income of $5,000 and over for 1943 were not available for inclusion in this report.
2/ Dividends received include dividends on share accounts in Federal savings and loan associations issued on or after March 25, 1941, but exclude such dividends on personal accounts, and dividends of all kinds received through partnerships and fiduciaries.
3/ Interest received from bonds is the net amount after deducting the amortizable bond premium for the taxable year. This reduction was not made against interest paid.
4/ Dividends on share accounts in Federal savings and loan associations issued prior to March 25, 1942 are also included. (Such dividends were shown separately in the 1940 report.) Exempt interest, classified as "tax-exempt" interest for purposes of comparison with 1943.) Partially tax-exempt Government obligations constitute certain Government obligations issued prior to March 1, 1941, namely, United States savings bonds and Treasury bonds issued on or after March 25, 1940, and obligations of instrumentalities of the United States other than those issued under the Federal Farm Loan Act or that Act as amended. The amount reported includes such interest and dividends received through partnerships and fiduciaries and is not subject to Federal income and victory taxes.
5/ Taxable interest on Government obligations is that received on Treasury notes issued on or after December 1,
1940, and on obligations of the United States or any agency or instrumentality thereof, issued on or after January 1, 1942. Net capital gain or loss, after interest received through partnerships and fiduciaries. Net gain from sales or exchanges of capital assets is the amount taken into account in computing net income whether or not the alternative tax is imposed. It is a combination of net short- and long-term capital gain and loss for the current year. Net capital gain from the previous year has been deducted. Net gain from such sales includes each participant's share of capital gains and losses to be taken into account from partnerships and common trust funds, worthless stocks, worthless bonds, which are not capital assets, and assesses and certain distributions from employee's trust plans. Net gain from sales of capital assets is not subject to victory tax. Net gain or loss from the sale of property other than capital assets (1) property used in trade or business of a character which is subject to the allowance for depreciation, (2) obligations of the United States or any of its possessions, a State or Territory or any political subdivision thereof, or (3) a contract of insurance issued on or after March 1, 1941, on a discount basis and payable without interest at a fixed maturity date not exceeding one year from date of issue, and (3) real property used in trade or business. Current year built-in losses. (Net operating loss deduction is reported in "Other deductions".) Partnership profit or loss, as reported on the income
(Continued on following page)
A-40
Treasury Bulletin
Taxable Individual and Fiduciary Income Tax Returns with Net Income of $5,000 and Over:
1943 Advance Tabulation Compared with 1942 Complete Report - (Continued)
Table 3. - Continuation of footnotes
tax return of the partner, excludes (1) partially tax-exempt interest on Government obligations, (2) net gain or loss from sales or exchanges of capital assets, each of which is subject to separate income tax, (3) income or deduction, and (j) dividends on share accounts in Federal savings and loan associations issued prior to March 28, 1942, which are reported in the schedule for interest on Government obligations. In computing partnership profit or loss, the net operating loss deduction allowed in this rule nor is the net operating loss deduction allowed. However, the pro rata share of contributions and prior year income and losses of the partnership is taken into account by each partner in determining his own contributions and net operating loss deduction, respec
10/ Income from fiduciaries, as reported on the return of the beneficiary, excludes (1) partially tax-exempt income on Government securities held by the fiduciary from sales or exchanges of capital assets received from common trust funds, each of which is reported in its respective source of income or deduction, and (2) dividends from common stock held in an amount equal to the associations issued prior to March 25, 1942, which are reported in the schedule for interest on Government obligations. The net operating loss deduction is allowed to the fiduciary and its beneficiaries, respectively, after putting the net income to be distributed in the case of a common trust fund, however, this deduction is not allowed, but each participant's share of prior year income may be used in computing the net operating loss in determining his own net operating loss deduction.
11/ Other income includes alimony received, earnings of minors, prizes, sweepstakes, gambling profits, etc.
12/ Net loss from sales or exchanges of capital assets is the amount reported as a deduction. It is the result of combining net short- and long-term capital gain and loss and the net capital loss carried over from the previous year, but the allowable deduction for such a loss is limited to net income (computed without regard to capital
tal gains and losses) or $1,000, whichever is smaller. Losses from sales of capital assets includes each participant's share of capital gains and losses to be taken into account from partnerships and common trust funds, worthless stocks, worthless bonds which are capital assets, non-business bad debts, and certain distributions from employees' trust plans.
13/ Contributions limited to 15% of net income computed without this deduction or the deduction for medical expense, include each partner's share of charitable contributions of partnerships.
Excludes amount reported in schedules for (1) rents and royalties, and (2) business or profession.
15/ Losses from fire, storm, shipwreck, war, or other casualty, or from theft not compensated for by insurance or otherwise reported on individual returns.
16/ Medical and dental expenses paid for care of taxpayer, his wife, or a dependent, not compensated for by insurance or otherwise, which exceed 5% of the net income computed without the deduction. Maximum deduction is $2,500 on the return for husband and wife, or for the head of a family: $1,250 for all other individuals.
17/ Other deductions include alimony paid, certain bad debts, net operating loss deduction, expenses incurred for the management and maintenance of property held for the production of taxable income, and the net loss from rents and royalties reported in sources of income. Other deductions also include losses from fire, storm, shipwreck, etc., reported on fiduciary returns.
The net income shown for taxable fiduciary returns is the net income taxable to the fiduciary after deducting the amount distributable to beneficiaries. Data for taxable fiduciary returns include data for estates and trusts filed improperly on Form 1040, which have net income taxable to the fiduciary. In tabulating data from these returns filed improperly on Form 1040, an adjustment is made whereby the "Amount distributable to beneficiaries" (if any) is removed from deductions and tabulated as such.
August 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="3">Actual</th><th rowspan="2">Estimated 1/</th><th colspan="2">Change</th></tr><tr><th>1942</th><th>1943</th><th>1944</th><th>Actual 1944 to actual 1945</th><th>Actual 1945 to Estimated 1946 1/</th></tr><tr><td>Receipts:</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></tr><tr><td>Income and profits taxes 2/</td><td>7,960</td><td>16,094</td><td>34,655</td><td>35,173</td><td>31,022</td><td>+518</td><td>-4,151</td></tr><tr><td>Employment taxes</td><td>1,186</td><td>1,498</td><td>1,739</td><td>1,780</td><td>2,056</td><td>+40</td><td>+276</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>3,847</td><td>4,553</td><td>5,291</td><td>6,949</td><td>6,520</td><td>+1,658</td><td>-429</td></tr><tr><td>Outlets</td><td>389</td><td>324</td><td>431</td><td>355</td><td>326</td><td>-76</td><td>-23</td></tr><tr><td>Other receipts 4/</td><td>286</td><td>916</td><td>3,292</td><td>3,443</td><td>2,930</td><td>+912</td><td>-553</td></tr><tr><td>Total receipts</td><td>13,658</td><td>23,385</td><td>45,408</td><td>47,740</td><td>42,855</td><td>+2,331</td><td>-4,885</td></tr><tr><td>Less:</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>869</td><td>1,103</td><td>1,260</td><td>1,283</td><td>1,600</td><td>+23</td><td>+317</td></tr><tr><td>Net receipts</td><td>12,799</td><td>22,282</td><td>44,149</td><td>46,457</td><td>41,255</td><td>+2,108</td><td>-5,202</td></tr><tr><td>Expenditures: 6/</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></tr><tr><td>War Department</td><td>14,070</td><td>42,265</td><td>49,242</td><td>50,337</td><td>38,999</td><td>+1,094</td><td>-11,338</td></tr><tr><td>Navy Department</td><td>8,580</td><td>20,888</td><td>26,538</td><td>30,047</td><td>28,000</td><td>+3,510</td><td>-8,047</td></tr><tr><td>Miscellaneous war activities</td><td>3,362</td><td>8,955</td><td>11,259</td><td>9,045</td><td>7,003</td><td>-1,613</td><td>-2,042</td></tr><tr><td>Anticipated supplemental appropriations</td><td></td><td></td><td></td><td></td><td>1,398</td><td></td><td>+1,398</td></tr><tr><td>Total war activities</td><td>26,011</td><td>72,109</td><td>87,039</td><td>90,029</td><td>69,400</td><td>+2,390</td><td>-20,629</td></tr><tr><td>Veterans' Administration 7/</td><td>556</td><td>602</td><td>730</td><td>2,060</td><td>2,705</td><td>+1,330</td><td>+645</td></tr><tr><td>Public works 8/</td><td>680</td><td>543</td><td>433</td><td>323</td><td>336</td><td>-111</td><td>+13</td></tr><tr><td>Aid to agriculture 9/</td><td>1,225</td><td>1,163</td><td>909</td><td>762</td><td>574</td><td>-147</td><td>-188</td></tr><tr><td>Social security program 10/</td><td>659</td><td>735</td><td>803</td><td>815</td><td>765</td><td>+12</td><td>-50</td></tr><tr><td>Work Projects Administration</td><td>970 11/</td><td>299</td><td>17</td><td>*</td><td>-</td><td>-17</td><td>*</td></tr><tr><td>Civilian Conservation Corps</td><td>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>-</td><td>134</td><td>894</td><td>1,058</td><td>+760</td><td>+174</td></tr><tr><td>Other 13/</td><td>873</td><td>901</td><td>1,070</td><td>1,906</td><td>2,835</td><td>+836</td><td>+929</td></tr><tr><td>Interest on the public debt</td><td>1,260</td><td>1,808</td><td>2,609</td><td>3,617</td><td>4,500</td><td>+1,008</td><td>+853</td></tr><tr><td>Anticipated supplemental appropriations</td><td></td><td></td><td></td><td></td><td>347</td><td></td><td>+347</td></tr><tr><td>Total expenditures 6/</td><td>32,397</td><td>78,179</td><td>93,744</td><td>100,405</td><td>82,530</td><td>+6,661</td><td>-17,875</td></tr><tr><td>Net budgetary deficit 6/ 14/</td><td>19,598</td><td>55,897</td><td>49,595</td><td>53,948</td><td>41,276</td><td>+4,353</td><td>-12,672</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.
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 million; fiscal year 1944, $2,235 million, of which $113 million represented a voluntary return of excess profits; fiscal year 1945, $1,939 million, of which $736 million represents a voluntary return of excess profits. The letter amounts are subject to revision as of July 11, 1945.
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.
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 (est); 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.
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.
Represents transfers to public debt accounts for excess profits tax refund bonds.
Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Government employee retirement and insurance funds.
On June 7, 1945 Secretary Morgenthau stated that expenditures during the four-month period June-September 1945 are estimated to exceed revenues by $17 billion or about the same amount as in the previous four months, February-May 1945. The figures include small amounts for net outlays of Government corporations.
August 1945
3
Public Debt and Guaranteed Obligations Outstanding
(in millions of dollars)
<table><tr><th colspan="7">End of fiscal years, 1942-1946</th></tr><tr><th rowspan="2"></th><th colspan="3">Actual</th><th rowspan="2">Estimated 1/ June 30, 1946</th><th colspan="2">Change</th></tr><tr><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>Actual June 30, 1944 to actual June 30, 1945</th><th>Actual June 30, 1945 to estimated June 30, 1946 1/</th></tr><tr><td colspan="7">Securities issued by the United States</td></tr><tr><td>Interest-bearing debt:</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></tr><tr><td>Marketable</td><td>50,573</td><td>95,310</td><td>140,401</td><td>181,319</td><td>2/</td><td>+40,917</td><td>2/</td></tr><tr><td>Non-marketable</td><td>13,510</td><td>29,200</td><td>44,855</td><td>56,226</td><td>2/</td><td>+11,371</td><td>2/</td></tr><tr><td>Total public issues</td><td>64,083</td><td>124,509</td><td>185,256</td><td>237,545</td><td>2/</td><td>+52,289</td><td>2/</td></tr><tr><td>Special issues</td><td>7,885</td><td>10,871</td><td>14,287</td><td>18,812</td><td>2/</td><td>+4,525</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td><td>2/</td><td>+56,813</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>454</td><td>1,316</td><td>1,460</td><td>2,326</td><td>2/</td><td>+466</td><td>2/</td></tr><tr><td>Total public debt outstanding</td><td>72,422</td><td>136,696</td><td>201,003</td><td>258,682</td><td>292,300</td><td>+57,679</td><td>+33,618</td></tr><tr><td colspan="7">Securities guaranteed by the United States 3/</td></tr><tr><td>Interest-bearing debt:</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></tr><tr><td>Marketable</td><td>4,549</td><td>3,908</td><td>1,190</td><td>34</td><td>2/</td><td>-1,156</td><td>2/</td></tr><tr><td>Non-marketable</td><td>-</td><td>183</td><td>326</td><td>375</td><td>2/</td><td>+50</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td><td>2/</td><td>-1,107</td><td>2/</td></tr><tr><td>Matured debt</td><td>20</td><td>8</td><td>107</td><td>24</td><td>2/</td><td>-83</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding</td><td>4,568</td><td>4,100</td><td>1,623</td><td>433</td><td>73</td><td>-1,190</td><td>-360</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>76,991</td><td>140,796</td><td>202,626</td><td>259,115</td><td>292,373</td><td>+56,489</td><td>+33,258</td></tr></table>
Sources: Dally 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 colspan="6">Complete fiscal years, 1942-1946</th></tr><tr><th></th><th colspan="4">Actual</th><th>Estimated 1/</th></tr><tr><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></tr><tr><td>Net budgetary deficit 2/.....................</td><td>19,598</td><td>55,897</td><td>49,595</td><td>53,948</td><td>41,276</td></tr><tr><td>Net increase in General Fund balance......</td><td>358</td><td>6,515</td><td>10,662</td><td>4,529</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 3/.....................</td><td>3,506</td><td>1,861</td><td>4,051</td><td>-</td><td>1,225</td></tr><tr><td>Total amount required to be financed......</td><td>23,461</td><td>64,274</td><td>64,307</td><td>58,477</td><td>42,501</td></tr><tr><td>Means of financing:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increases in public debt.....................</td><td>23,461</td><td>64,274</td><td>64,307</td><td>57,679</td><td>33,618</td></tr><tr><td>Net decrease in General Fund balance.....</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,883</td></tr><tr><td>Net receipts in trust accounts, etc. 3/...</td><td>-</td><td>-</td><td>-</td><td>798</td><td>-</td></tr><tr><td>Total amount financed.....................</td><td>23,461</td><td>64,274</td><td>64,307</td><td>58,477</td><td>42,501</td></tr></table>
Sources: 1/ Based upon estimates as shown in the 1946 Budget. 2/ Excludes amounts for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
3/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
August 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="3">Gross receipts</th><th colspan="3">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 1/</th><th rowspan="2">Public debt retirement 1/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 1/</th><th>War ac-tivities 5/</th><th>Revolving funds (net) 6/</th><th>Transfer to trust accounts, etc. 5/</th></tr><tr><td>1935</td><td>4,116</td><td>3,513</td><td>387</td><td>216</td><td>-269</td><td>4,116</td><td>8,656</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>1936</td><td>5,294</td><td>4,997</td><td>486</td><td>210</td><td>-269</td><td>5,029</td><td>8,177</td><td>6,471</td><td>929</td><td>204</td><td>658</td><td>3,189</td><td>105</td></tr><tr><td>1937</td><td>5,242</td><td>5,074</td><td>359</td><td>208</td><td>-387</td><td>5,855</td><td>7,239</td><td>5,684</td><td>1,029</td><td>121</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1938</td><td>5,668</td><td>5,161</td><td>139</td><td>188</td><td>-501</td><td>5,165</td><td>8,107</td><td>7,223</td><td>1,206</td><td>92</td><td>187</td><td>1,942</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>194</td><td>273 9/</td><td>-538</td><td>5,387</td><td>8,938</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>7,352</td><td>332</td><td>515 9/</td><td>-661</td><td>7,607</td><td>12,711</td><td>6,213 10/</td><td>5,301</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>-699</td><td>12,799</td><td>32,337</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>23,859</td><td>22,102</td><td>324</td><td>916 9/11/</td><td>1,103</td><td>22,862</td><td>18,119</td><td>5,995</td><td>12,109</td><td>40</td><td>435</td><td>95,897</td><td>3</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,929 11/</td><td>1,260</td><td>41,190</td><td>93,748</td><td>6,188</td><td>87,039</td><td>-39</td><td>556</td><td>49,595</td><td>3</td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 11/</td><td>1,283</td><td>46,457</td><td>100,405</td><td>8,751</td><td>90,029</td><td>-21</td><td>1,646</td><td>53,948</td><td>*</td></tr><tr><td>1944-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>7,601</td><td>*</td><td>191</td><td>5,917</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>6,119</td><td>492</td><td>1,757</td><td>-1</td><td>57</td><td>5,592</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>94</td><td>2,001</td><td>8,024</td><td>500</td><td>7,473</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>-5</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>4,615</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>665</td><td>6,942</td><td>-1</td><td>48</td><td>3,693</td><td>-</td></tr><tr><td>March</td><td>6,908</td><td>6,432</td><td>33</td><td>443</td><td>15</td><td>6,892</td><td>9,433</td><td>1,123</td><td>8,266</td><td>-2</td><td>236</td><td>5,040</td><td>-</td></tr><tr><td>April</td><td>2,967</td><td>2,766</td><td>12</td><td>188</td><td>39</td><td>2,929</td><td>7,566</td><td>598</td><td>7,139</td><td>*</td><td>296</td><td>5,190</td><td>-</td></tr><tr><td>May</td><td>3,398</td><td>2,921</td><td>36</td><td>441</td><td>313</td><td>3,085</td><td>9,279</td><td>829</td><td>8,156</td><td>-6</td><td>296</td><td>6,190</td><td>-</td></tr><tr><td>June</td><td>5,916</td><td>5,384</td><td>33</td><td>498</td><td>2</td><td>5,914</td><td>9,641</td><td>1,468</td><td>7,837</td><td>1</td><td>335</td><td>3,727</td><td>*</td></tr></table>
Source: Daily Treasury Statements.
a Less than $500,000.
1 Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2 For further details, see Table 2.
3 For explanation see tables which follow entitled "Social Security Program."
4 For further details, see Table 3.
5 For further details, see Table 4.
6 For further details, see Table 5. Also see footnotes 3 and 4.
7 Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
8 Includes receivables from investments in capital funds. Such recoveries totaled $58 millions in the fiscal year 1940; $119 millions in the fiscal year 1941; $16 millions in the fiscal year 1942.
10: 1942; and $10 millions in the fiscal year 1943.
Receipts from reductions in capital stock and paid-in surplus are subject to be refunded for 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 and printing contracts, which while not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $958 millions; fiscal year 1944, $2,235 millions, of which $1100 millions represented the return of excess profits.
Fiscal year 1945, $1,939 millions, of which $735 millions represents a voluntary return of excess profits. The letter amounts are subject to revision as of July 31, 1945.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="2">Income and profit tax</th><th>Total</th><th colspan="2">Employment taxes</th><th>Carrier's Taxing Act of 1937 (Railroad retirement)</th><th>Miscellaneous internal revenue</th><th>Agricultural adjustment taxes</th></tr><tr><th></th><th></th><th>Withheld by employer (Current Tax Payment Act of 1943) $</th><th>Other 3/</th><th></th><th>Social security taxes 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></th><th></th><th></th></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>-</td><td>1,427</td><td>*</td><td>-</td><td>-</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>2,181</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>2,879</td><td>*</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>2,232</td><td>-</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>2,345</td><td>-</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>2,967</td><td>-</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,185</td><td>895</td><td>120</td><td>3,847</td><td>-</td></tr><tr><td>1943</td><td>22,114</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>4,553</td><td>-</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,333</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td>5,291</td><td>-</td></tr><tr><td>1945</td><td>43,902</td><td>35,171</td><td>10,289</td><td>28,884</td><td>1,780</td><td>1,310</td><td>185</td><td>6,989</td><td>-</td></tr><tr><td>1944-July</td><td>5,734</td><td>5,241</td><td>746</td><td>4,495</td><td>71</td><td>5</td><td>1</td><td>422</td><td>-</td></tr><tr><td>July</td><td>1,985</td><td>1,247</td><td>594</td><td>654</td><td>56</td><td>52</td><td>3</td><td>681</td><td>-</td></tr><tr><td>August</td><td>2,702</td><td>1,952</td><td>1,065</td><td>847</td><td>319</td><td>293</td><td>12</td><td>832</td><td>-</td></tr><tr><td>September</td><td>5,749</td><td>5,174</td><td>741</td><td>4,432</td><td>61</td><td>4</td><td>1</td><td>574</td><td>-</td></tr><tr><td>October</td><td>1,880</td><td>1,240</td><td>609</td><td>632</td><td>50</td><td>25</td><td>3</td><td>580</td><td>-</td></tr><tr><td>November</td><td>2,300</td><td>1,905</td><td>1,095</td><td>866</td><td>293</td><td>267</td><td>11</td><td>507</td><td>-</td></tr><tr><td>December</td><td>4,345</td><td>4,347</td><td>741</td><td>3,606</td><td>60</td><td>4</td><td>1</td><td>539</td><td>-</td></tr><tr><td>1945-January</td><td>3,042</td><td>2,422</td><td>619</td><td>1,803</td><td>48</td><td>33</td><td>13</td><td>573</td><td>-</td></tr><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>115</td><td>552</td><td>-</td></tr><tr><td>March</td><td>6,431</td><td>5,818</td><td>883</td><td>4,935</td><td>93</td><td>18</td><td>10</td><td>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>534</td><td>-</td></tr><tr><td>May</td><td>2,921</td><td>2,021</td><td>1,282</td><td>795</td><td>337</td><td>316</td><td>12</td><td>557</td><td>-</td></tr><tr><td>June</td><td>5,364</td><td>4,751</td><td>826</td><td>3,930</td><td>66</td><td>5</td><td>2</td><td>561</td><td>-</td></tr></table>
Daily Treasury Statements.
* Less than $500,000.
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
Budgetary Receipts and Expenditures - (Continued)
6
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/ 2/</th><th>Public works 2/ 3/</th><th>Aid to agriculture 2/ 4/</th><th>Social Security program 2/ 5/</th><th>Direct and work relief Work Projects Administration and National Youth Administration 6/</th><th>Federal Emergency Relief Administration and Civil Works Administration 1/</th><th>Civilian Conservation Corps</th><th>Interest on the public debt</th><th>Other departmental 8/</th><th>Other general expenditure 9/</th></tr><tr><td>1936.</td><td>5,935</td><td>578</td><td>685</td><td>966</td><td>29</td><td>1,264</td><td>495</td><td>486</td><td>749</td><td>424</td><td>258</td></tr><tr><td>1937.</td><td>6,137</td><td>581</td><td>803</td><td>988</td><td>184</td><td>1,896</td><td>-1</td><td>385</td><td>866</td><td>510</td><td>223</td></tr><tr><td>1938.</td><td>5,864</td><td>582</td><td>670</td><td>866</td><td>335</td><td>1,472</td><td>4</td><td>326</td><td>926</td><td>481</td><td>200</td></tr><tr><td>1939.</td><td>7,821</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>981</td><td>517</td><td>191</td></tr><tr><td>1940.</td><td>7,055</td><td>557</td><td>890</td><td>1,546</td><td>392</td><td>1,572</td><td>1</td><td>283</td><td>1,041</td><td>546</td><td>227</td></tr><tr><td>1941.</td><td>6,215</td><td>553</td><td>715</td><td>1,006 10/</td><td>457</td><td>1,374</td><td></td><td>257</td><td>1,111</td><td>525</td><td>216</td></tr><tr><td>1942.</td><td>5,986</td><td>555</td><td>669</td><td>1,091</td><td>515</td><td>970</td><td>-</td><td>163</td><td>1,260</td><td>944</td><td>220</td></tr><tr><td>1943.</td><td>5,595</td><td>572</td><td>545</td><td>1,058</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>1945.</td><td>8,751</td><td>934</td><td>322</td><td>783</td><td>497</td><td>*</td><td></td><td></td><td>3,617</td><td>788</td><td>1,808</td></tr><tr><td>1944-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>56</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>685</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>665</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><tr><td>May.</td><td>829</td><td>95</td><td>20</td><td>315</td><td>40</td><td>*</td><td>-</td><td>*</td><td>66</td><td>71</td><td>192</td></tr><tr><td>June.</td><td>1,168</td><td>96</td><td>25</td><td>15</td><td>33</td><td>*</td><td>-</td><td>*</td><td>1,009</td><td>67</td><td>222</td></tr></table>
Source: Daily Treasury Statements.
1/ Includes public works undertaken by the Veterans' Administration, but not includes expenditures of the Government of the United States for trust accounts, etc. These are shown in Table 5.
2/ 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.
3/ Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, War Food Administration, and Department of Agriculture departmental expenditures. (War Food Administration comprises Agricultural Adjustment Agency, Farm Security Administration, Office of Distribution, Soil Conservation and Extension Service, and Other).
4/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Officers of Commerce, or War Manpower Commission (U. S. Employment Service) under authority of Social Security Act. For further details, see tables which fol-
6/ Low on the Social Security program. Work Projects Administration was formerly Works Progress Administration. Beginning with July 1922, expenditures for the National Youth Administration, which includes expenditures of the Reconstruction Finance Corporation for relief through loans and grants to States, municipalities, etc. 7/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social Security program and the Department of Agriculture departmental expenditures. 8/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; refunds of taxes due 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, Fane Owners' Loan Corporation, Federal home loan banks, and Disaster loan Corporation. 9/ Gross expenditures have been reduced $150 million representing the repeal of certain funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 3, footnote 12.
August 1945
7
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Navy Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Sensing Agency 1/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Admin.</th><th>Other war activities expenditures 2/</th></tr><tr><td>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>551</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>671</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>1,678</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>62</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>690</td><td>111</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>-</td><td>182</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>391</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>9,645</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>1,022</td></tr><tr><td>1946-June</td><td>7,557</td><td>4,106</td><td>2,656</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>2,548</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>97</td></tr><tr><td>1945-January</td><td>7,551</td><td>4,294</td><td>2,539</td><td>718</td><td>102</td><td>14</td><td>17</td><td>6</td><td>4</td><td>137</td><td>184</td><td>180</td><td>-</td><td>2</td><td>72</td></tr><tr><td>February</td><td>6,948</td><td>3,866</td><td>2,332</td><td>690</td><td>147</td><td>5</td><td>12</td><td>-24</td><td>5</td><td>94</td><td>228</td><td>166</td><td>-</td><td>3</td><td>16</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>84</td></tr><tr><td>May</td><td>8,156</td><td>4,530</td><td>2,724</td><td>901</td><td>87</td><td>5</td><td>19</td><td>1</td><td>5</td><td>159</td><td>299</td><td>209</td><td>60</td><td>27</td><td>68</td></tr><tr><td>June</td><td>7,837</td><td>4,664</td><td>2,289</td><td>885</td><td>80</td><td>2</td><td>12</td><td>11</td><td>5</td><td>103</td><td>277</td><td>220</td><td>63</td><td>42</td><td>71</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: Monthly figures for the period July 1940 through April 1941 as appeared in the "Treasury Bulletin" for May 1943, page 7.
* Less than $500,000.
1/ Includes war public housing functions.
2/ Similar items for periods prior to fiscal year 1941 are classified under "Other departmental" and "Other general expenditures" in
Table 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 (est.) 1/</th><th colspan="6">Transfers to trust accounts, etc.</th></tr><tr><th>Total</th><th>Aid to agriculture 2/</th><th>Public works 3/</th><th>Total</th><th>Veterans' Administration 4/</th><th>Social Security program 5/</th><th>Government employee retirement fund (U. S. share)</th><th>Aid to agriculture 6/</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>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>67</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>-136</td><td>-159 7/</td><td>23</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>18</td><td>7</td><td>11</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>40</td><td>41</td><td>-1</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>-39</td><td>-38</td><td>-1</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>-21</td><td>-21</td><td>-</td><td>1,046</td><td>1,126</td><td>318</td><td>197</td><td>-</td><td>6</td></tr><tr><td>1944-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>46</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><tr><td>May</td><td>-6</td><td>-6</td><td>*</td><td>296</td><td>296</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1</td><td>1</td><td>*</td><td>335</td><td>335</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
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/ Congress Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
5/ Include railroad retirement and railroad unemployment activities. For further explanations see tables which follow on Social Security program.
5/ Office of Distribution (formerly Agricultural Marketing Administra-tion) - surplus commodity stamps.
7/ Gross expenditures have been reduced $155 millions representing the repayment of capital funds by certain United States Government agencies.
Treasury Bulletin
8
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>957</td><td>313</td><td>290</td><td>828</td><td>357</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>699</td><td>331</td><td>447</td><td>711</td><td>333</td><td>352</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>15,403</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>38,584</td></tr><tr><td>1944.</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,415</td><td>44,421</td></tr><tr><td>1945.</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Budgetary expenditure 2/
<table><tr><td>1936</td><td>521</td><td>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>696</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>658</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>9,697</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,235</td><td>5,931</td><td>5,937</td><td>5,363</td><td>5,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,312</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>8,525</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>97,156</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,841</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Net budgetary deficit 3/
<table><tr><td>1936</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,955</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>551</td><td>195</td><td>40</td><td>477</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>5,915</td><td>4,896</td><td>2,087</td><td>5,425</td><td>5,740</td><td>1,715</td><td>53,530</td></tr><tr><td>1944</td><td>8,823</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>6,083</td><td>5,587</td><td>2,999</td><td>50,737</td></tr><tr><td>1945</td><td>4,645</td><td>3,693</td><td>2,540</td><td>5,040</td><td>6,190</td><td>3,727</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.
August 1945
9
BUDGETARY RECEIPTS AND EXPENDITURES
1c
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
Table 1. - Trust Funds
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, net receipts (+) or net expenditures (-)</th><th colspan="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th><th colspan="2">Other trust accounts 1/</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Net</th><th>Receipts</th><th>Net</th><th>Receipts</th><th>Net</th><th>Receipts</th></tr><tr><td>1936</td><td>+34</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>-</td><td>+31</td><td>2,053</td></tr><tr><td>1937</td><td>+19</td><td>-</td><td>267</td><td>267</td><td>294</td><td>204</td><td>-</td><td>+20</td><td>658</td></tr><tr><td>1938</td><td>+11</td><td>+1</td><td>402</td><td>401</td><td>763</td><td>751</td><td>+2</td><td>+4</td><td>323</td></tr><tr><td>1939</td><td>+29</td><td>+1</td><td>530</td><td>529</td><td>338</td><td>817</td><td>+2</td><td>+24</td><td>349</td></tr><tr><td>1940</td><td>+37</td><td>+3</td><td>580</td><td>577</td><td>959</td><td>957</td><td>+2</td><td>+35</td><td>366</td></tr><tr><td>1941</td><td>+37</td><td>+10</td><td>717</td><td>707</td><td>1,114</td><td>1,118</td><td>+11</td><td>+20</td><td>409</td></tr><tr><td>1942</td><td>+66</td><td>+9</td><td>940</td><td>931</td><td>1,244</td><td>1,243</td><td>*</td><td>+57</td><td>512</td></tr><tr><td>1943</td><td>+92</td><td>+6</td><td>1,190</td><td>1,185</td><td>1,399</td><td>1,404</td><td>+4</td><td>+88</td><td>961</td></tr><tr><td>1944</td><td>+148</td><td>+6</td><td>1,363</td><td>1,357</td><td>1,567</td><td>1,504</td><td>+2</td><td>+141</td><td>1,853</td></tr><tr><td>1945</td><td>+675</td><td>+30</td><td>1,407</td><td>1,377</td><td>1,508</td><td>1,508</td><td>+1</td><td>+646</td><td>3,820</td></tr><tr><td>1944-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>216</td><td>198</td></tr><tr><td>September</td><td>-308</td><td>-293</td><td>5</td><td>298</td><td>-2</td><td>37</td><td>38</td><td>-1</td><td>*</td><td>1</td><td>-13</td><td>162</td><td>174</td></tr><tr><td>October</td><td>+112</td><td>+34</td><td>54</td><td>19</td><td>+30</td><td>58</td><td>28</td><td>*</td><td>34</td><td>34</td><td>+47</td><td>206</td><td>159</td></tr><tr><td>November</td><td>+257</td><td>+246</td><td>265</td><td>19</td><td>-29</td><td>253</td><td>283</td><td>+1</td><td>*</td><td>*</td><td>+33</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>209</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><tr><td>May</td><td>+462</td><td>+290</td><td>313</td><td>23</td><td>-12</td><td>278</td><td>290</td><td>*</td><td>13</td><td>13</td><td>+184</td><td>530</td><td>346</td></tr><tr><td>June</td><td>-323</td><td>-308</td><td>107</td><td>415</td><td>*</td><td>97</td><td>97</td><td>+1</td><td>13</td><td>13</td><td>-17</td><td>101</td><td>717</td></tr></table>
Source: Daily Treasury Statements. Lose than $500,000. 1/ includes Government insurance and retirement funds, etc.
Table 2.- Other Funds
(In millions of dollars)
<table><tr><th rowspan="2">Piecral 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="2">Seigniorage on silver</th><th colspan="3">Miscellaneous funds and accounts 1/</th></tr><tr><th>Total all trans- actions</th><th>lesuance of obligations 2/</th><th>Other trans- actions</th><th>Net</th><th>Receipts</th><th>Expendi- tures</th><th>Net</th><th>Receipts</th><th>Expendi- tures</th><th>Net</th><th>Receipts</th><th>Expendi- tures</th></tr><tr><td>1936.</td><td>+108</td><td>3/</td><td>3/</td><td>-103</td><td>1</td><td>104</td><td>+176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937.</td><td>+114</td><td>3/</td><td>3/</td><td>-99</td><td>2</td><td>101</td><td>+140</td><td>140</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938.</td><td>+204</td><td>3/</td><td>3/</td><td>-51</td><td>1</td><td>52</td><td>+90</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939.</td><td>+768</td><td>+1,106</td><td>-337</td><td>-5</td><td>*</td><td>5</td><td>+90</td><td>90</td><td>-</td><td>+2</td><td>*</td><td>-2</td></tr><tr><td>1940.</td><td>+34</td><td>+288</td><td>-254</td><td>*</td><td>*</td><td>*</td><td>+49</td><td>49</td><td>-</td><td>+16</td><td>13</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>24</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>+21</td><td>311</td><td>292</td></tr><tr><td>1943.</td><td>-2,194</td><td>-598</td><td>-1,590</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+241</td><td>195</td><td>-46</td></tr><tr><td>1944.</td><td>-1,197</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>1945.</td><td>-1,178</td><td>-1,553</td><td>+374</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+1,302</td><td>*</td><td>-1,302</td></tr><tr><td>1946-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>+9</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>1946-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><tr><td>May.</td><td>+154</td><td>-147</td><td>+301</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+70</td><td>-</td><td>-70</td></tr><tr><td>June.</td><td>+778</td><td>-757</td><td>-21</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+51</td><td>-</td><td>-51</td></tr></table>
Sources: Daily Treasury Statements. Less than $500,000. 1/ Comprises PMA revolving fund, and special deposits (net). Also includes Office of Distribution (formerly Agricultural
2/ Marketing Administration) commodity food stamp transactions. Net receipts in this column constitutes net sales, and not expenditures constitute net redemptions of obligations.
3/ Details not available.
August 1945
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>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>2,046</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>748</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>13,538</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>64,301</td><td>49,595</td><td>10,662</td><td>4,051</td><td>64,301</td><td>64,301</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>58,477</td><td>51,948</td><td>4,529</td><td>-</td><td>58,477</td><td>57,679</td><td>-</td><td>798</td></tr><tr><td>1944-June</td><td>14,637</td><td>2,378</td><td>11,046</td><td>613</td><td>14,637</td><td>14,637</td><td>-</td><td>-</td></tr><tr><td>July</td><td>7,703</td><td>5,947</td><td>1,756</td><td>-</td><td>7,703</td><td>7,570</td><td>-</td><td>133</td></tr><tr><td>August</td><td>5,551</td><td>5,551</td><td>-</td><td>-</td><td>5,551</td><td>1,229</td><td>4,252</td><td>70</td></tr><tr><td>September</td><td>2,248</td><td>2,004</td><td>-</td><td>244</td><td>2,248</td><td>-307</td><td>2,555</td><td>-</td></tr><tr><td>October</td><td>6,023</td><td>6,023</td><td>-</td><td>-</td><td>6,023</td><td>748</td><td>5,127</td><td>148</td></tr><tr><td>November</td><td>5,587</td><td>5,587</td><td>-</td><td>-</td><td>5,587</td><td>1,761</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>4,695</td><td>4,695</td><td>-</td><td>-</td><td>4,695</td><td>1,778</td><td>2,630</td><td>234</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>1,130</td><td>3,911</td><td>9</td></tr><tr><td>May</td><td>6,190</td><td>6,190</td><td>-</td><td>-</td><td>6,190</td><td>3,763</td><td>1,741</td><td>686</td></tr><tr><td>June</td><td>13,850</td><td>3,727</td><td>15,073</td><td>1,050</td><td>13,850</td><td>13,850</td><td>-</td><td>-</td></tr></table>
Sources: 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.
eto., increment on gold, esigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program
Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Loss amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.5</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,281.0</td><td>211.5</td></tr><tr><td>1944-June</td><td>6.2</td><td>5.1</td><td>1.1</td><td>1.7</td><td>4.5</td></tr><tr><td>July</td><td>54.7</td><td>51.8</td><td>2.9</td><td>49.3</td><td>5.4</td></tr><tr><td>August</td><td>305.0</td><td>293.3</td><td>11.7</td><td>290.6</td><td>14.2</td></tr><tr><td>September</td><td>4.5</td><td>3.8</td><td>1.7</td><td>1.4</td><td>3.1</td></tr><tr><td>October</td><td>58.6</td><td>55.4</td><td>3.2</td><td>53.6</td><td>5.0</td></tr><tr><td>November</td><td>278.5</td><td>267.3</td><td>11.2</td><td>265.5</td><td>13.0</td></tr><tr><td>December</td><td>4.9</td><td>4.0</td><td>1.9</td><td>2.1</td><td>2.8</td></tr><tr><td>1945-January</td><td>46.5</td><td>33.3</td><td>13.2</td><td>31.0</td><td>15.5</td></tr><tr><td>February</td><td>336.3</td><td>222.1</td><td>114.3</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>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>38.8</td><td>5.2</td></tr><tr><td>May</td><td>328.0</td><td>315.6</td><td>12.3</td><td>313.2</td><td>14.7</td></tr><tr><td>June</td><td>6.2</td><td>4.6</td><td>1.6</td><td>2.2</td><td>3.9</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total Administrative expenses</th><th colspan="10">Expenditures</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th colspan="3">Social Security Board</th><th colspan="2">Grants to States</th><th colspan="3">Department of Labor</th><th colspan="2">Office for Emergency Management</th><th rowspan="2">Refunds of taxes</th></tr><tr><th></th><th></th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to blind</th><th>Unemployment compensation administration</th><th>Public health service</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><th></th></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>1.0</td><td>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>1.8</td><td>2.7</td><td>1.4</td><td>-</td><td>41.0</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>1.6</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>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>439.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>2.6</td><td>328.5</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>6.5</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td><td>351.8</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>6.2</td><td>3.8</td><td>1.6</td><td>20.7</td><td>4.2</td><td>311.7</td></tr><tr><td>1944</td><td>528.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>1.1</td><td>7.4</td><td>279.8</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>-</td><td>-</td><td>27.8</td></tr><tr><td>1944-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>9.6</td><td>3.1</td><td>3</td><td>1.1</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>1.4</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>1</td><td>2</td><td>1</td><td>3</td><td>2</td><td>1.3</td><td>-</td><td>1.7</td><td>23.1</td></tr><tr><td>September</td><td>34.9</td><td>8.1</td><td>28.3</td><td>22.9</td><td>3.5</td><td>1</td><td>2</td><td>2</td><td>5</td><td>2</td><td>-</td><td>-</td><td>1.5</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>-</td><td>-</td><td>7</td><td>45.1</td></tr><tr><td>November</td><td>39.8</td><td>2.8</td><td>36.1</td><td>29.1</td><td>4.4</td><td>1</td><td>1.0</td><td>2.2</td><td>5</td><td>3</td><td>1.3</td><td>-</td><td>1.7</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>1</td><td>1</td><td>1</td><td>3</td><td>3</td><td>-</td><td>-</td><td>1.6</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>1.3</td><td>-</td><td>1.8</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>1</td><td>8</td><td>1</td><td>6</td><td>3</td><td>-</td><td>-</td><td>1.6</td><td>30.8</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>1</td><td>1</td><td>2</td><td>3</td><td>2</td><td>-</td><td>-</td><td>1.5</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>1.3</td><td>-</td><td>1.6</td><td>44.1</td></tr><tr><td>May</td><td>39.3</td><td>3.0</td><td>35.7</td><td>28.9</td><td>4.6</td><td>1.0</td><td>1</td><td>2</td><td>5</td><td>4</td><td>-</td><td>-</td><td>1.6</td><td>24.6</td></tr><tr><td>June</td><td>32.7</td><td>2.8</td><td>29.2</td><td>22.1</td><td>3.4</td><td>1</td><td>2.7</td><td>1</td><td>4</td><td>2</td><td>-</td><td>-</td><td>1.7</td><td>28.8</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Formerly Title VII of the Social Security Act. Includes amounts equal to approximately 1/2 of Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employee's subject to the Railroad Unemployment Insurance Act (See Table 3 of Section 1).
2/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfer" 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 transfer reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section II, Table 1. Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency. Covered by appropriations by Congress. Second Deficiency Appropriation Act, fiscal year 1936, appropriated $11 millions for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
August 1945
13
Social Secu
ity Program - (Continued)
Section I.- Budgetary Receipts and Exp
nditures - (Continued)
Table 2.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Carriers' Taxing Act of 1937</th><th>Total</th><th>Expenditures Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th>Excess of expenditures 2/</th></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>190.1</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>3.6</td><td>120.7</td><td>*</td><td>2.7</td></tr><tr><td>1941</td><td>135.9</td><td>128.2</td><td>1.8</td><td>124.4</td><td>.1</td><td>-2.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.5</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.3</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.1</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1945</td><td>285.0</td><td>311.3</td><td>2.3</td><td>306.8</td><td>.2</td><td>26.3</td></tr><tr><td>1944-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>24.2</td><td>.2</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>95.2</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-95.1</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><tr><td>May</td><td>8.6</td><td>.3</td><td>.2</td><td>-</td><td>.1</td><td>-8.5</td></tr><tr><td>June</td><td>60.0</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-59.8</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Includes only expenditures from appropriations made specifically for
2/ Covered by appropriations from the General Fund of the Treasury.
Table 3
- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th><th>Excess of expenditures 5/</th></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>4.9</td><td>5</td><td>5</td><td>-</td><td>5</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>5.9</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</td><td>13.2</td><td>12.6</td><td>5.7</td><td>8.9</td><td>-6</td></tr><tr><td>1945-June</td><td>3.5</td><td>.3</td><td>.3</td><td>-</td><td>-3.2</td></tr><tr><td>July</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>August</td><td>.1</td><td>9.0</td><td>*</td><td>8.9</td><td>8.6</td></tr><tr><td>September</td><td>3.3</td><td>.7</td><td>.7</td><td>-</td><td>-2.6</td></tr><tr><td>October</td><td>*</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr><tr><td>November</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>December</td><td>3.2</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>1946-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><tr><td>May</td><td>.1</td><td>.4</td><td>.4</td><td>-</td><td>.3</td></tr><tr><td>June</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
Operated as Railroad Unemployment Insurance Administration Fund. Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 millions and were distributed by calendar
years, as follows: 1936, $2.7 millions; 1937, $5.3 millions; 1938, $6.8 millions; and for the first six months of the calendar year 1939, $2.9 millions. These amounts are included in Table 1 under Federal Unemployment Tax Act (unemployment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expense 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>Appropriation by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total investments</th><th>Unexpended balance In General Fund</th><th>Unexpended balance In disbursing officer's account</th></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></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>652.3</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>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>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.5</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>2,380.6</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>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>4,235.8</td><td>28.5</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>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>6,613.4</td><td>6,545.3</td><td>35.1</td></tr><tr><td>1945-April</td><td>7,124.6</td><td>6,701.1</td><td>423.5</td><td>836.5</td><td>738.3</td><td>148.2</td><td>6,238.1</td><td>6,153.8</td><td>33.4</td></tr><tr><td>May</td><td>7,440.2</td><td>7,016.7</td><td>423.5</td><td>911.7</td><td>761.1</td><td>150.6</td><td>6,528.5</td><td>6,153.8</td><td>33.6</td></tr><tr><td>June</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>6,613.4</td><td>6,545.3</td><td>35.1</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000. 1/ Includes transactions effected under the predecessor Old-Age Reserve
Account. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Act
(Cumulative from organization - In millions of dollars)
<table><tr><th>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>in General Fund</th><th>Unexpended balance in disbursing officer's account</th></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.5</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,114.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>16.7</td></tr><tr><td>1945-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</td><td>14.0</td></tr><tr><td>May</td><td>1,454.7</td><td>1,425.7</td><td>29.0</td><td>940.8</td><td>513.9</td><td>499.5</td><td>.3</td><td>14.1</td></tr><tr><td>June</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>16.7</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures</th><th colspan="2">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administra- tion Fund 1/</th><th>Interest on investments</th><th>Total expendi- tures</th><th>State unemployment insurance activities</th><th>Transfers to Rail- road Unem- ployment Insurance Account 2/</th><th>Railroad Unem- ployment Insurance Account 1/</th><th>Total invest- ments</th><th>Unexpended balance</th><th>In General Fund (Special Deposit Account)</th><th>In dis- burying officer's account 2/</th></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>1.1</td><td>-</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>858.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>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><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,235.1</td><td>1,115.7</td><td>1.8</td><td>14.6</td><td>1,728.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>13.5</td><td>1,688.2</td><td>1,590.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>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><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>105.3</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>105.3</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>1945-April</td><td>9,313.8</td><td>8,257.0</td><td>473.5</td><td>105.2</td><td>439.0</td><td>2,357.7</td><td>2,207.0</td><td>105.2</td><td>44.5</td><td>6,956.1</td><td>6,936.0</td><td>19.8</td><td>.3</td></tr><tr><td>May</td><td>9,592.0</td><td>8,533.1</td><td>475.6</td><td>105.2</td><td>439.0</td><td>2,365.0</td><td>2,214.2</td><td>105.2</td><td>44.5</td><td>7,227.0</td><td>7,219.0</td><td>7.6</td><td>.3</td></tr><tr><td>June</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>105.3</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>105.3</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Excludes advance of $15 millions from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 1, Table 1.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
August 1945
15
Appropriations and Net Contract Authorizations for the War Activities Program As of June 30, 1945
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction).</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (clothing and equipage - War Department).</td><td>175,000,000</td><td>-</td></tr><tr><td>Mar. 1, 1941</td><td>9</td><td>Urgent Deficiency Appropriation Act, 1941.</td><td>6,047,775</td><td>-</td></tr><tr><td>Mar. 17, 1941</td><td>13</td><td>Fourth Supplemental National Defense Appropriation Act, 1941.</td><td>1,176,454,502</td><td>-</td></tr><tr><td>Mar. 27, 1941</td><td>23</td><td>Defense Aid Supplemental Appropriation Act, 1941.</td><td>7,000,000,000</td><td>-</td></tr><tr><td>Apr. 1, 1941</td><td>25</td><td>First Deficiency Appropriation Act, 1941.</td><td>114,458,468</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>28</td><td>Independent Offices Appropriation Act, 1942.</td><td>393,350,000</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>29</td><td>Fifth Supplemental National Defense Appropriation Act, 1941.</td><td>2,293,287,920</td><td>-</td></tr><tr><td>May 6, 1941</td><td>48</td><td>Army Department Appropriation Act, 1942.</td><td>3,415,521,790</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>158,555,000</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>173,158,500</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:</td><td>5,985,000,000</td><td>$ 600,000,000 3/</td></tr><tr><td></td><td></td><td>(Title I).</td><td>159,005,585</td><td>12,000,000</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941.</td><td>9,112,021,947</td><td>90,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>510,000,000</td><td>-</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine relief, and defense housing).</td><td></td><td></td></tr><tr><td colspan="4">Total, 77th Congress, First Session.</td><td>$ 49,356,437,450</td><td>$ 662,000,000</td></tr></table>
<table><tr><th colspan="4">77th Congress, Second Session</th></tr><tr><th>Date</th><th>Number</th><th>Appropriation Description</th><th>Amount</th><th>Balance</th></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942.</td><td>$12,525,872.47</td><td>$2,171,000,000 5/</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943.</td><td>23,178,865.47</td><td>-</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China).</td><td>500,000.00</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942.</td><td>15,201,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,737.90</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>18,932,124.03</td><td>-</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund).</td><td>210,000.00</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (education and training).</td><td>9,500.00</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942.</td><td>655,074,700 4/</td><td>150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943.</td><td>1,052,812.00</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>647</td><td>Labor - Federal Security Appropriation Act, 1943.</td><td>227,726,864</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943.</td><td>h2,820,003,067</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>6,299,361,498 1/</td><td>-</td></tr><tr><th colspan="3">Total, 77th Congress, Second Session</th><td>$139,736,203,988</td><td>$2,321,000,000</td></tr></table>
<table><tr><td colspan="3">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System).....................</td><td>$ 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>Mar. 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>1,955,011,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Have a appropriation Act, 1944.....................</td><td>27,637,226,198 4/</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>31,379,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944.....................</td><td>14,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor & Federal Security Appropriation Act, 1944.....................</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>National War Agencies Appropriation Act, 1944.....................</td><td>2,911,697,224</td><td>14,000,000</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943.....................</td><td>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department).....................</td><td>18,620,000</td><td>-</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>Public Law (naval expansion program).....................</td><td>-</td><td>340,795,494 5/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944.....................</td><td>81,283,466</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.....................</td><td>$105,916,932,321</td><td>$ 363,795,494</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of June 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 authorisations $/</th></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers)</td><td>$ 31,359,200</td><td>-</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944</td><td>170,221,080</td><td>$ 10,400,000</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>27,562,298,301 $/ 6/</td><td>1,600,000,000</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945</td><td>1,451,640</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>$3,168,574</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Department of State, Justice and Commerce Appropriation Act, 1945</td><td>47,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945</td><td>1,030,937,242</td><td>2,500,000</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944</td><td>186,266,524 $/</td><td>1,880,000,000 $/</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>$50,000,000</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>$10,291,029 $/</td><td>60,000,000 $/</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$ 55,905,679,984 $/</td><td>$3,996,068,574</td></tr></table>
79th Congress, 1st Session
<table><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946.</td><td>$ 2,697,140</td><td>-</td></tr><tr><td>Apr. 30, 1945</td><td>30</td><td>First Deficiency Appropriation Act, 1946.</td><td>2,015,384,143</td><td>-</td></tr><tr><td>May 3, 1945</td><td>49</td><td>Independent Offices Appropriation Act, 1946.</td><td>57,286,300</td><td>-</td></tr><tr><td>May 5, 1945</td><td>52</td><td>Department of Agriculture Appropriation Act</td><td>14,986,472</td><td>-</td></tr><tr><td>May 26, 1945</td><td>61</td><td>Departments of State, Justice and Commerce Appropriation Act, 1946.</td><td>34,599,500</td><td>-</td></tr><tr><td>May 29, 1945</td><td>62</td><td>Naval Appropriation Act, 1946.</td><td>23,601,136,004</td><td>$1,399,008,413</td></tr><tr><td>May 29, 1945</td><td>68</td><td>Joint Resolution (V. S. Maritime Commission).</td><td>-3,100,000,000</td><td>8/</td></tr><tr><td>June 12, 1945</td><td>83</td><td>Joint Resolution (Labor Department - maternity and infant care).</td><td>2,200,000</td><td>8/</td></tr><tr><td></td><td></td><td>Total, 79th Congress, First Session.</td><td>$ 22,628,291,619</td><td>$1,399,008,413</td></tr><tr><td colspan="3">Pending 8/</td><td></td><td></td></tr><tr><td></td><td></td><td>Interior Department Appropriation Bill, 1946.</td><td>10,625,000</td><td>-</td></tr><tr><td></td><td></td><td>Joint Resolution (reducing certain appropriations).</td><td>-82,054,000</td><td>-</td></tr><tr><td></td><td></td><td>Labor - Federal Security Appropriation Bill, 1946.</td><td>197,011,554</td><td>-</td></tr><tr><td></td><td></td><td>Military Appropriation Bill, 1946.</td><td>21,496,902,030</td><td>-</td></tr><tr><td></td><td></td><td>National War Agencies Appropriation Bill, 1946.</td><td>174,008,765</td><td>-3,844,713</td></tr><tr><td></td><td></td><td>Second Deficiency Appropriation Bill, 1945.</td><td>3,527,335,806</td><td>10/</td></tr><tr><td colspan="3">Total pending.</td><td>25,923,829,157</td><td>-3,844,713</td></tr></table>
Boostry
<table><tr><td>Total, 16th Congress, Third Session 11/</td><td>$ 8,399,015,828</td><td>$ 662,000,000</td></tr><tr><td>Total, 17th Congress, First Session</td><td>$ 95,395,437,490</td><td>$ 2,321,000,000</td></tr><tr><td>Total, 17th Congress, Second Session</td><td>139,736,203,988</td><td>363,795,894</td></tr><tr><td>Total, 18th Congress, First Session</td><td>105,916,492,321</td><td>1,396,068,574</td></tr><tr><td>Total, 18th Congress, Second Session</td><td>55,905,679,984</td><td>1,399,008,413</td></tr><tr><td>Total, 19th Congress, First Session</td><td>22,628,291,619</td><td></td></tr><tr><td>Permanent appropriations and net transfers from other than war activities appropriations 12/</td><td>283,526,588</td><td>-</td></tr><tr><td>Total approved</td><td>$382,860,647,778</td><td>$6,343,872,481</td></tr><tr><td>Total pending, 19th Congress, First Session</td><td>25,923,829,157</td><td>-3,644,713</td></tr><tr><td>liquidations of 1940 and prior contract authorisations</td><td>-467,872,946</td><td></td></tr><tr><td>Total approved and pending appropriations and net contract authorisations 1/</td><td>$408,316,604,089</td><td>$5,338,027,768</td></tr></table>
1. Consists of appropriations and not contract authorisations available on and after July 1, 1940. Excludes: (1) authorisations of the Reconstruction Finance Corporation and its affiliates for war purposes, and (2) appropriations relating to military or naval purposes (except immediately available funds from fiscal year 1941 appropriations), available for expenditures in the fiscal year 1941.
2. Contract authorisations have been reduced by later appropriations which are not to be included in the above figure.
3. Represents the net amount of contractual authority that the President may authorise in accordance with provisions of this act.
4. Includes appropriations made available for prior years. For amounts, see appropriate footnotes to "Daily Treasury Statement."
5. 1945, page 16. Unappropriated contract authorisations for the naval expansion program are as follows:
<table><tr><td>Public Law No. 441</td><td>$2,171,000,000</td></tr><tr><td>Public Law No. 204 (Estimated by Navy Department)</td><td>$340,795,944</td></tr><tr><td>Public Law No. 375</td><td>$55,000,000</td></tr><tr><td>Public Law No. 375 (Estimated by Navy Department)</td><td>$1,825,000,000</td></tr><tr><td>Public Law No. 529</td><td>$60,000,000</td></tr></table>
5/ Revised. Public Law No. 347 has been reduced by $7,500,000 representing the amount repealed by Congress and carried to the surplus fund in accordance with provisions of this act.
7/ In the amount of $130,000,000 for the fiscal year 1945.
9/ Represents amount of prior appropriations reappropriated.
2/ The repeal of contractual authority has been applied to prior act.
Pending appropriations, as used herein, represent appropriation bills reported from the Committee on Appropriations to the House, or in subsequent stages of Congressional action before Presidential approval.
10/ Includes $2,742,548,420 for the fiscal year 1946, of which $2,475,000,000 represents Lend-Lease.
11/ For details of appropriations made by 76th Congress, Third Session, see "Treasury Bulletin" for March, 1944, page 5.
12/ In the actual amount thereof. See the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard, Navy, in the amount of $1,151,802 in accordance with Executive Order 9083, dated February 28, 1942. Also includes $5,011,975.32 received as war contributions under authority of the Secretary of War. Pursuant to executive order and exchange payments made by foreign governments to the Defense Aid Special Fund for the procurement of defense articles amounting to $102,813,053.77.
August 1945
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="6">1944</th><th colspan="6">1945</th></tr><tr><th></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><th>May</th><th>June</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 revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>5,241</td><td>1,247</td><td>1,552</td><td>5,174</td><td>1,240</td><td>1,501</td><td>4,347</td><td>2,422</td><td>2,922</td><td>5,818</td><td>2,167</td><td>2,027</td><td>5,757</td></tr><tr><td>Employment taxes</td><td>71</td><td>56</td><td>319</td><td>61</td><td>60</td><td>293</td><td>60</td><td>18</td><td>341</td><td>95</td><td>45</td><td>337</td><td>66</td></tr><tr><td>Miscellaneous internal revenue</td><td>422</td><td>681</td><td>832</td><td>514</td><td>560</td><td>507</td><td>539</td><td>573</td><td>552</td><td>520</td><td>534</td><td>557</td><td>561</td></tr><tr><td>Customs</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><td>36</td><td>33</td></tr><tr><td>Other</td><td>480</td><td>160</td><td>134</td><td>152</td><td>145</td><td>177</td><td>136</td><td>143</td><td>148</td><td>143</td><td>188</td><td>139</td><td>148</td></tr><tr><td>Subtotal</td><td>6,243</td><td>2,173</td><td>2,859</td><td>5,926</td><td>2,054</td><td>2,505</td><td>5,410</td><td>3,541</td><td>3,985</td><td>6,907</td><td>2,957</td><td>3,396</td><td>5,906</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>52</td><td>51</td><td>286</td><td>37</td><td>57</td><td>253</td><td>36</td><td>14</td><td>212</td><td>40</td><td>47</td><td>278</td><td>31</td></tr><tr><td>Trust accounts</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><td>233</td><td>211</td></tr><tr><td>Subtotal</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><td>511</td><td>248</td></tr><tr><td>Total cash income</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><td>3,908</td><td>6,154</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>7,567</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><td>8,156</td><td>7,837</td></tr><tr><td>Veterans' Administration</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><td>95</td><td>96</td></tr><tr><td>Public works 2/</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><td>20</td><td>25</td></tr><tr><td>Aid to agriculture 3/</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><td>82</td><td>16</td></tr><tr><td>Social security program 4/</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><td>40</td><td>33</td></tr><tr><td>Work Projects Administration</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><td>*</td><td>*</td></tr><tr><td>Civilian Conservation Corps</td><td>461</td><td>52</td><td>56</td><td>544</td><td>105</td><td>35</td><td>520</td><td>86</td><td>59</td><td>573</td><td>108</td><td>111</td><td>633</td></tr><tr><td>Interest on the public debt 5/</td><td>62</td><td>117</td><td>151</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><td>111</td><td>133</td></tr><tr><td>Other</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Subtotal</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><td>8,545</td><td>8,233</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>129</td><td>47</td><td>158</td><td>57</td><td>33</td><td>155</td><td>*</td><td>68</td><td>4</td><td>-128</td><td>-68</td><td>32</td><td>113</td></tr><tr><td>Other</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><td>-73</td><td>-10</td></tr><tr><td>Commodity Credit Corporation</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><td>151</td><td>9</td></tr><tr><td>Unemployment Trust Fund</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><td>7</td><td>8</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>23</td><td>22</td></tr><tr><td>Railroad Retirement Account</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><td>12</td><td>12</td></tr><tr><td>Other</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>219</td><td>-208</td><td>-131</td></tr><tr><td>Subtotal</td><td>267</td><td>-281</td><td>253</td><td>-338</td><td>60</td><td>-257</td><td>-61</td><td>-176</td><td>-84</td><td>-303</td><td>228</td><td>-55</td><td>21</td></tr><tr><td>Redemption of adjusted service bonds</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><td>*</td><td>108</td></tr><tr><td>Total cash outgo</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><td>8,490</td><td>8,962</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>2,146</td><td>4,908</td><td>4,908</td><td>1,572</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><td>4,583</td><td>2,808</td></tr></table>
1/ Less than $500,000.
These figures are not intended to reflect the budgetary position of the Government. They 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, please 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.
river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects. 3. Corps of Engineers, Agricultural Department, Federal Farm Mortgage Corporation, Federal land banks, Bureau of Reclamation administration, War Food Administration, and Department of Agriculture departmental expenditures. (War Food Administration comprises Agricultural Adjustment Act administration, Soil Conservation 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>Sep.</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>738</td><td>614</td><td>989</td><td>385</td><td>561</td><td>731</td><td>449</td><td>726</td><td>756</td><td>458</td><td>695</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>590</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>996</td><td>1,288</td><td>10,259</td></tr><tr><td>1942</td><td>736</td><td>1,180</td><td>3,635</td><td>809</td><td>1,036</td><td>2,358</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>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>4,887</td><td>2,398</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,681</td><td>38,285</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>2,392</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>3,908</td><td>6,154</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>852</td><td>793</td><td>691</td><td>886</td><td>806</td><td>870</td><td>832</td><td>976</td><td>962</td><td>1,244</td><td>10,317</td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,479</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>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,999</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>7,301</td><td>8,230</td><td>7,759</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>8,490</td><td>8,962</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>1,430</td><td>9,782</td></tr><tr><td>1942</td><td>1,965</td><td>1,519</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>3,358</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</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>4,354</td><td>2,121</td><td>5,412</td><td>5,051</td><td>1,371</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>4,908</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,195</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>4,583</td><td>2,808</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
August 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>Million, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposit account of sale of Government securities (War Loan accounts)</th><th>Other deposits and collections</th></tr><tr><td>1936</td><td>2,936</td><td>865</td><td>862</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,612</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>1,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>620</td><td>1,142</td><td>18,001</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,900</td><td>22,622</td><td>289</td></tr><tr><td>1946-June</td><td>20,775</td><td>820</td><td>1,142</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>15,033</td><td>492</td></tr><tr><td>September</td><td>35,753</td><td>838</td><td>1,314</td><td>15,013</td><td>588</td></tr><tr><td>October</td><td>10,609</td><td>835</td><td>998</td><td>8,212</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>17,784</td><td>792</td><td>1,384</td><td>15,265</td><td>292</td></tr><tr><td>March</td><td>15,722</td><td>779</td><td>1,547</td><td>13,055</td><td>341</td></tr><tr><td>April</td><td>11,309</td><td>777</td><td>1,224</td><td>9,402</td><td>315</td></tr><tr><td>May</td><td>10,055</td><td>683</td><td>1,140</td><td>7,961</td><td>286</td></tr><tr><td>June</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</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>Setgmontage on silver</th><th>Increment on gold</th></tr><tr><td>1936</td><td>2,936</td><td>294</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>366</td><td>198</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td><td>1,622</td><td>446</td><td>147</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td><td>2,150</td><td>536</td><td>142</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td><td>1,163</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>192</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>614</td><td>9,507</td><td>8,744</td><td>619</td><td>144</td></tr><tr><td>1944</td><td>20,715</td><td>601</td><td>20,169</td><td>19,406</td><td>619</td><td>144</td></tr><tr><td>1945</td><td>25,119</td><td>421</td><td>24,698</td><td>21,935</td><td>619</td><td>144</td></tr><tr><td>1944-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>609</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>16,552</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><tr><td>May</td><td>10,055</td><td>430</td><td>9,625</td><td>8,862</td><td>619</td><td>144</td></tr><tr><td>June</td><td>25,119</td><td>421</td><td>24,698</td><td>21,935</td><td>619</td><td>144</td></tr></table>
Source: Daily Treasury Statements.
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 2/</th><th>Miscellaneous funds and accounts 3/</th><th>Checking accounts of Government agencies, etc.</th><th></th><th></th></tr><tr><td>1936</td><td>840</td><td>1,067 6/</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>-93</td></tr><tr><td>1938</td><td>-338</td><td>-377</td><td>-1,384</td><td>192 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>63,278</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>68,307</td><td>148</td><td>205</td><td>-4,403</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>4,529</td><td>4,529</td><td>-53,948</td><td>57,679</td><td>675</td><td>1,302</td><td>-1,179</td><td>-</td><td>-</td></tr><tr><td>1944-June</td><td>11,046</td><td>11,646</td><td>-2,378</td><td>14,637</td><td>-355</td><td>-170</td><td>-88</td><td>-</td><td>-</td></tr><tr><td>July</td><td>1,756</td><td>1,756</td><td>-5,947</td><td>7,570</td><td>102</td><td>223</td><td>-133</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-4,252</td><td>-4,252</td><td>-5,551</td><td>1,229</td><td>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>-104</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>-72</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-1,741</td><td>-1,741</td><td>-6,190</td><td>3,763</td><td>462</td><td>70</td><td>154</td><td>-</td><td>-</td></tr><tr><td>June</td><td>15,073</td><td>15,073</td><td>-3,727</td><td>19,850</td><td>-323</td><td>51</td><td>-778</td><td>-</td><td>-</td></tr></table>
Sources: Daily Treasury Statements.
1/ This is the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ This represents the increase in the gross public debt, except as noted. (See footnote 1.)
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/ Includes 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 retirement was effected. The national bank is in the amount of $1,087 million for the fiscal year 1937 is considered as a part of the working balance general and special accounts for the purpose of this table.
1/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1935 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1935, $91 millions; 1936, $397 millions; 1937, $99 millions; 1938, $51 millions; 1939, $15 millions; total, $665 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.
August 1945
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Treasury Bulletin
22
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th>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 (Issuance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profit tax refund bonds</th><th>Ex-changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex-changes</th><th>Special issues</th></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,998</td><td>1,669</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>3,043</td><td>5,942</td><td>-</td><td>2,978</td><td>521</td></tr><tr><td>1937</td><td>37,495</td><td>2,056</td><td>9,589</td><td>6,199</td><td>131</td><td>131</td><td>-</td><td>1,751</td><td>1,499</td><td>5,943</td><td>5,595</td><td>-</td><td>1,751</td><td>561</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>3,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,581</td><td>5,168</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,940</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>2,186</td></tr><tr><td>1941</td><td>48,951</td><td>5,994</td><td>17,647</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,453</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>23,463</td><td>37,124</td><td>30,388</td><td>303</td><td>2</td><td>-</td><td>596</td><td>5,676</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>94,361</td><td>17,911</td><td>1</td><td>-</td><td>1,642</td><td>2,318</td><td>58,358</td><td>31,674</td><td>17,911</td><td>1,642</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>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,563</td><td>4</td><td>6</td><td>894</td><td>34,183</td><td>14,410</td><td>21,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1944-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>-</td><td>511</td><td>8,922</td><td>6,400</td><td>-</td><td>-</td><td>11</td></tr><tr><td>September</td><td>209,496</td><td>-307</td><td>10,391</td><td>5,920</td><td>-</td><td>-</td><td>64</td><td>-</td><td>526</td><td>11,298</td><td>6,805</td><td>-</td><td>-</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>-</td><td>205</td><td>3,073</td><td>5,571</td><td>-</td><td>-</td><td>11</td></tr><tr><td>November</td><td>215,005</td><td>4,751</td><td>11,597</td><td>10,328</td><td>-</td><td>-</td><td>71</td><td>-</td><td>428</td><td>6,836</td><td>6,651</td><td>-</td><td>-</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>-</td><td>214</td><td>11,552</td><td>6,931</td><td>-</td><td>-</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>-</td><td>46</td><td>-</td><td>407</td><td>5,852</td><td>5,801</td><td>-</td><td>-</td><td>45</td></tr><tr><td>February</td><td>233,707</td><td>1,300</td><td>12,040</td><td>6,873</td><td>-</td><td>-</td><td>54</td><td>-</td><td>457</td><td>10,740</td><td>6,077</td><td>-</td><td>-</td><td>16</td></tr><tr><td>March</td><td>233,950</td><td>282</td><td>12,471</td><td>7,182</td><td>4</td><td>1</td><td>89</td><td>-</td><td>449</td><td>12,229</td><td>8,056</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>-</td><td>369</td><td>10,727</td><td>5,903</td><td>-</td><td>-</td><td>14</td></tr><tr><td>May</td><td>238,832</td><td>3,753</td><td>12,616</td><td>10,204</td><td>-</td><td>-</td><td>152</td><td>-</td><td>681</td><td>8,854</td><td>7,262</td><td>-</td><td>-</td><td>12</td></tr><tr><td>June</td><td>258,682</td><td>19,850</td><td>40,654</td><td>25,904</td><td>-</td><td>-</td><td>96</td><td>-</td><td>9,486</td><td>20,804</td><td>7,370</td><td>-</td><td>-</td><td>9,247</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">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>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th>Certificate of indebtedness</th><th>Bills</th><th>Special issues</th><th>Total</th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th>Certificate of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><td>1936</td><td>32,389</td><td>17,368</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,045</td><td>1,156</td><td>9,317</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>29.0</td><td>-</td><td>-</td><td>3.2</td><td>7.5</td></tr><tr><td>1939</td><td>39,885</td><td>25,414</td><td>2,151</td><td>12,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>61.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.9</td></tr><tr><td>1940</td><td>42,375</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>15.2</td><td>-</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,498</td><td>6,689</td><td>3,015</td><td>1,095</td><td>2,508</td><td>7,885</td><td>100.0</td><td>51.2</td><td>9.6</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>57,715</td><td>21,704</td><td>9,168</td><td>7,995</td><td>16,561</td><td>11,854</td><td>10,875</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.6</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>79,404</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>1945</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,336</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>1944-June</td><td>199,543</td><td>79,404</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>18,057</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>206,289</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>230,774</td><td>81,298</td><td>39,118</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>81,074</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>81,898</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>7.0</td></tr><tr><td>February</td><td>231,958</td><td>92,545</td><td>81,916</td><td>23,039</td><td>9,321</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>15.1</td><td>7.1</td><td>7.4</td></tr><tr><td>March</td><td>232,026</td><td>92,572</td><td>82,885</td><td>18,588</td><td>8,984</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>83,351</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><tr><td>May</td><td>235,761</td><td>92,572</td><td>84,487</td><td>18,588</td><td>10,031</td><td>34,442</td><td>17,049</td><td>18,592</td><td>100.0</td><td>39.3</td><td>18.9</td><td>7.9</td><td>4.3</td><td>14.6</td><td>7.2</td><td>7.9</td></tr><tr><td>June</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,336</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr></table>
Sources: Daily Treasury Statements
August 1945
23
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government
PART A - FISCAL YEARS, 1936-1945
(In millions of dollars)
<table><tr><td></td><td>June 30, 1936</td><td>June 30, 1937</td><td>June 30, 1938</td><td>June 30, 1939</td><td>June 30, 1940</td><td>June 30, 1941</td><td>June 30, 1942</td><td>June 30, 1943</td><td>June 30, 1944</td><td>June 30, 1945</td></tr></table>
Public debt and guaranteed obligations ($
<table><tr><td>Interest-bearing debt:</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><td>256,357</td></tr><tr><td>Public debt.....................</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><td>409</td></tr><tr><td>Guaranteed obligations............</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total.....................</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><td>256,766</td></tr><tr><td>Matured debt and debt bearing no interest......</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><td>2,350</td></tr><tr><td>Total outstanding.....................</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><td>259,115</td></tr></table>
Public debt
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>2,359</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>11,804</td><td>14,734</td><td>17,041</td></tr><tr><td>Certificates of indebtedness.</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,183</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,497</td></tr><tr><td>Treasury notes.</td><td>17,168</td><td>19,336</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><td>106,488</td></tr><tr><td>Treasury bonds.</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><td>196</td></tr><tr><td>Total marketable issues.</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><td>161,319</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>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><td>45,586</td></tr><tr><td>Treasury notes - tax and savings series.</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><td>10,136</td></tr><tr><td>Adjusted service bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>79</td><td>226</td><td>474</td><td>505</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>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>25,200</td><td>44,855</td><td>56,226</td></tr><tr><td>Total public issues.</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><td>237,545</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>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><td>15</td></tr><tr><td>Federal Deposit Insurance Corporation.</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><td>97</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</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><td>5,308</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>-</td><td>-</td><td>500</td><td>523</td><td>524</td><td>531</td><td>537</td><td>538</td><td>502</td><td>589</td></tr><tr><td>Government Life Insurance Fund.</td><td>-</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,016</td><td>1,469</td><td>1,858</td></tr><tr><td>Government Retirement Funds.</td><td>280</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>39</td><td>352</td><td>1,213</td><td>3,187</td></tr><tr><td>National Service Life Insurance Fund.</td><td>-</td><td>-</td><td>-</td><td>128</td><td>97</td><td>88</td><td>55</td><td>197</td><td>264</td><td>461</td></tr><tr><td>Postal Savings System.</td><td>100</td><td>30</td><td>45</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>4</td><td>4</td></tr><tr><td>Canal Zone, Postal Savings System.</td><td>-</td><td>-</td><td>-</td><td>67</td><td>79</td><td>74</td><td>92</td><td>178</td><td>319</td><td>501</td></tr><tr><td>Railroad Retirement Account.</td><td>-</td><td>-</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><td>6,747</td></tr><tr><td>Unemployment Trust Fund.</td><td>19</td><td>312</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total special issues.</td><td>626</td><td>1,558</td><td>2,676</td><td>3,170</td><td>4,175</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td><td>18,812</td></tr><tr><td>Total interest-bearing debt.</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><td>256,357</td></tr><tr><td>Natured debt on which interest has ceased.</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><td>269</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>213</td><td>197</td><td>178</td></tr><tr><td>Excess profits tax refund bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,095</td></tr><tr><td>United States notes (less gold reserves).</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</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><td>695</td></tr><tr><td>Other debt bearing no interest.</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><td>6</td></tr><tr><td>Total debt bearing no interest.</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><td>2,057</td></tr><tr><td>Total public debt outstanding.</td><td>33,779</td><td>36,425</td><td>37,155</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><td>258,682</td></tr></table>
(Continued on following page)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
(PART A - FISCAL YEARS, 1936-1945-(Continued)
(In millions of dollars)
<table><tr><th></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><th>June 30, 1945</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>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>812</td><td>412</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation.........</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><td>-</td></tr><tr><td>Federal Housing Administration............</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><td>34</td></tr><tr><td>Federal Public Housing Authority...........</td><td>-</td><td>-</td><td>114</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation............</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>1,565</td><td>1,533</td><td>755</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation.........</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,781</td><td>1,219</td><td>896</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues..................</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><td>34</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>68</td><td>150</td><td>375</td></tr><tr><td>Reconstruction Finance Corporation 3/.....</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td></tr><tr><td>Total non-marketable issues..............</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td><td>375</td></tr><tr><td>Total interest-bearing debt..............</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><td>409</td></tr><tr><td>Natured debt on which interest has ceased.....</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><td>24</td></tr><tr><td>Total guaranteed obligations outstanding.....</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><td>433</td></tr></table>
PART B - MONTHLY DATA
10 O
<table><tr><th></th><th colspan="6">1944</th><th colspan="7">1945</th></tr><tr><th></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><th>May 31</th><th>June 30</th></tr><tr><th colspan="13">Public debt and guaranteed obligations 1/</th></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>199,543</td><td>207,117</td><td>208,289</td><td>201,850</td><td>208,608</td><td>210,771</td><td>228,893</td><td>230,672</td><td>231,854</td><td>232,026</td><td>233,063</td><td>235,761</td><td>256,357</td></tr><tr><td>Guaranteed obligations</td><td>1,151</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>1,495</td><td>1,114</td><td>1,113</td><td>1,132</td><td>1,151</td><td>409</td></tr><tr><td>Total</td><td>201,099</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><td>236,912</td><td>256,766</td></tr><tr><td>Matured debt and debt bearing no interest</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>1,183</td><td>1,770</td><td>1,883</td><td>1,940</td><td>2,029</td><td>3,091</td><td>2,350</td></tr><tr><td>Total outstanding</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><td>240,003</td><td>259,115</td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>Maketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>14,734</td><td>15,528</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><td>17,049</td><td>17,041</td></tr><tr><td>Certificates of indebtedness.</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>30,395</td><td>34,504</td><td>34,478</td><td>34,442</td><td>34,135</td></tr><tr><td>Treasury notes.</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><td>21,497</td><td>21,497</td></tr><tr><td>Treasury bonds.</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>91,595</td><td>92,261</td><td>92,349</td><td>92,377</td><td>92,377</td><td>92,377</td><td>106,448</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>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><td>162,692</td><td>181,319</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>34,606</td><td>35,538</td><td>36,833</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>42,199</td><td>42,626</td><td>43,761</td><td>45,566</td></tr><tr><td>Treasury notes - tax and savings series.</td><td>9,557</td><td>10,000</td><td>10,030</td><td>9,124</td><td>9,075</td><td>9,390</td><td>9,804</td><td>9,804</td><td>9,927</td><td>8,948</td><td>9,109</td><td>10,031</td><td>10,135</td></tr><tr><td>Adjusted service bonds.</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><td>217</td><td>-</td></tr><tr><td>Depository bonds.</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><td>503</td><td>505</td></tr><tr><td>Total non-marketable issues.</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><td>54,537</td><td>56,226</td></tr><tr><td>Total public issues.</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><td>217,169</td><td>237,545</td></tr></table>
(Continued on following page)
August 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 rowspan="2"></th><th colspan="10">1944</th><th colspan="6">1945</th></tr><tr><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><th>May 31</th><th>June 30</th></tr></table>
Public debt - (Continued)
<table><tr><td>Interest-bearing debt (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund.........</td><td>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>19</td><td>19</td><td>15</td></tr><tr><td>Federal Deposit Insurance Corporation.....</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><td>262</td><td>97</td></tr><tr><td>Federal Old-age and Survivors Insurance Trust Fund....................</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><td>5,216</td><td>5,308</td></tr><tr><td>Federal Savings and Loan Insurance Corpora-tion.................</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><td>35</td><td>37</td></tr><tr><td>Government Life Insurance Fund............</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><td>559</td><td>589</td></tr><tr><td>Government Retirement Funds.................</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><td>1,789</td><td>1,868</td></tr><tr><td>National Service Life Insurance Fund........</td><td>1,211</td><td>1,323</td><td>1,440</td><td>1,730</td><td>1,608</td><td>1,694</td><td>1,804</td><td>1,908</td><td>2,015</td><td>2,128</td><td>2,346</td><td>2,629</td><td>3,187</td></tr><tr><td>Postal Savings System.......................</td><td>264</td><td>319</td><td>372</td><td>446</td><td>501</td><td>552</td><td>602</td><td>686</td><td>571</td><td>657</td><td>701</td><td>772</td><td>461</td></tr><tr><td>Canal Zones, 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>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>483</td><td>512</td><td>500</td><td>501</td></tr><tr><td>Unemployment Trust Fund.....................</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><td>6,809</td><td>6,747</td></tr><tr><td>Total special issues......................</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>17,957</td><td>17,923</td><td>18,592</td><td>18,812</td></tr><tr><td>Total interest-bearing debt....................</td><td>199,543</td><td>207,117</td><td>208,289</td><td>207,850</td><td>208,508</td><td>210,714</td><td>228,891</td><td>230,672</td><td>231,854</td><td>232,026</td><td>233,063</td><td>235,761</td><td>256,357</td></tr><tr><td>Prepayments on securities.......................</td><td></td><td></td><td></td><td></td><td></td><td>2,946</td><td></td><td></td><td></td><td></td><td>947</td><td></td><td></td></tr><tr><td>Matured debt on which interest has ceased........</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><td>149</td><td>269</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>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><td>186</td><td>178</td></tr><tr><td>Excise profits tax refund bonds..............</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><td>931</td><td>1,028</td></tr><tr><td>United States notes (less gold reserve).........</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes....................</td><td>732</td><td>726</td><td>721</td><td>714</td><td>706</td><td>692</td><td>694</td><td>685</td><td>679</td><td>673</td><td>666</td><td>660</td><td>655</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>1,299</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><td>1,974</td><td>2,057</td></tr><tr><td>Total public debt outstanding....................</td><td>201,003</td><td>208,574</td><td>209,802</td><td>209,496</td><td>210,244</td><td>215,005</td><td>230,630</td><td>232,408</td><td>233,707</td><td>233,950</td><td>235,069</td><td>238,832</td><td>258,682</td></tr></table>
Guaranteed obligations 1/
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>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>28</td><td>28</td><td>25</td><td>25</td><td>26</td><td>26</td><td>28</td><td>30</td><td>32</td><td>34</td></tr><tr><td>Federal Housing Administration</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>Home Owners' Loan Corporation</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>1,190</td><td>1,191</td><td>1,191</td><td>1,192</td><td>1,193</td><td>1,193</td><td>1,194</td><td>1,197</td><td>786</td><td>787</td></tr><tr><td>Total marketable issues</td><td>1,190</td><td>1,191</td><td>1,191</td><td>1,192</td><td>1,193</td><td>1,193</td><td>1,194</td><td>1,197</td><td>786</td><td>787</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>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></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>176</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>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></tr><tr><td>Total interest-bearing debt</td><td>1,516</td><td>1,468</td><td>1,475</td><td>1,480</td><td>1,480</td><td>1,470</td><td>1,470</td><td>1,496</td><td>1,114</td><td>1,119</td></tr><tr><td></td><td>1,132</td><td>1,151</td><td>1,151</td><td>1,151</td><td>1,151</td><td>1,151</td><td>1,151</td><td>1,151</td><td>1,151</td><td>1,151</td></tr><tr><td>Matured debt on which interest has ceased</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></tr><tr><td>Total guaranteed obligations outstanding</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></tr><tr><td></td><td>1,171</td><td>1,171</td><td>1,171</td><td>1,171</td><td>1,171</td><td>1,171</td><td>1,171</td><td>1,171</td><td>1,171</td><td>1,171</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Demand obligations.
3/ Consists of Reconstruction Finance Corporation notes, Series I-A.
X-B, and X-C, which were held by United States Government corporations and credit agencies. Includes prepayments on securities. Commencing with March 1945, figures for United States savings bonds include small amounts of 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
August 1945
27
Guaranteed Obligations Held by the Treasury 1/
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>1936</td><td>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>4</td><td>25</td><td>3,595</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>-</td><td>15</td><td>804</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>-</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,075</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>1945</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>1944-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>275</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><tr><td>May</td><td>11,320</td><td>1,546</td><td>111</td><td>398</td><td>281</td><td>8,927</td><td>57</td></tr><tr><td>June</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000.
1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th>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="2">(In millions of dollars)</td><td colspan="2">(In millions of dollars)</td><td colspan="2">(In millions of dollars)</td><td colspan="2">(In millions of dollars)</td></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.595</td><td>35,800</td><td>934</td><td>2.582</td><td>4,565</td><td>123</td><td>2.631</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>35,576</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>2.524</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>51,747</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>76,527</td><td>1,729</td><td>2.250</td><td>73,968</td><td>1,904</td><td>2.585</td><td>4,540</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>2,579</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>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,904</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1944-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>209,704</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>220,088</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>222,244</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><tr><td>May</td><td>236,912</td><td>4,570</td><td>1.929</td><td>235,761</td><td>4,553</td><td>1.931</td><td>1,151</td><td>17</td><td>1.441</td></tr><tr><td>June</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,904</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr></table>
Source: Daily Treasury Statements. 1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
28
Treasury Bulletin
Statutory Limitation on the Public Debt
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and
interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), shall not exceed in the aggregate $300 billion outstanding at any one time.
Table 1.- Condition as of June 30, 1945
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>300,000</td></tr><tr><td>Amount of securities outstanding subject to such statutory debt limitation:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended 1/.</td><td>268,238</td></tr><tr><td>Guaranteed securities 2/.</td><td>433</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>268,671</td></tr><tr><td>Balance issuable under such authority.</td><td>31,329</td></tr></table>
1/ For comparison with the public debt outstanding, see following table 2. 2/ Excludes guaranteed securities held by the Treasury
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, June 30, 1945
(In millions of dollars)
<table><tr><th></th><th>U. S. Government securities outstanding subject to statutory debt limitation 1/</th><th>Total public debt outstanding</th></tr><tr><td><b>Interest-bearing securities:</b></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>17,041</td><td>17,041</td></tr><tr><td>Certificates of indebtedness.</td><td>74,136</td><td>34,136</td></tr><tr><td>Treasury notes.</td><td>23,497</td><td>23,497</td></tr><tr><td>Treasury bonds.</td><td>106,448</td><td>106,448</td></tr><tr><td>Postal savings and other bonds.</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues.</td><td>181,123</td><td>181,319</td></tr><tr><td><b>Non-marketable issues:</b></td><td></td><td></td></tr><tr><td>U. S. savings bonds (Current redemption value.)</td><td>45,586</td><td>45,586</td></tr><tr><td>Treasury tax and savings notes.</td><td>56,195</td><td>10,136</td></tr><tr><td>Depository bonds.</td><td>10,136</td><td>505</td></tr><tr><td>Total non-marketable issues.</td><td>66,835</td><td>56,226</td></tr><tr><td>Special issues to Government agencies and trust funds.</td><td>18,812</td><td>18,812</td></tr><tr><td>Total interest-bearing securities.</td><td>266,770</td><td>256,357</td></tr><tr><td> matured securities on which interest has ceased.</td><td>262</td><td>269</td></tr><tr><td><b>Obligations bearing no interest:</b></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>178</td><td>178</td></tr><tr><td>Excess profit tax refund bonds.</td><td>1,028</td><td>1,028</td></tr><tr><td>Currency items, etc. 2/</td><td>852</td><td>852</td></tr><tr><td>Total obligations bearing no interest.</td><td>1,205</td><td>2,057</td></tr><tr><td>Total.</td><td>268,238</td><td>258,682</td></tr></table>
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest.
1/ Limitations are established by Section 21 of the Second Liberty Bond Act, as amended.
2/ Consists of United States notes (less gold reserve); deposits for
August 1945
29
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of June 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>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1945-July</td><td>Trease. bills</td><td>taxable</td><td>5,249</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>Trease. bills 7/8% Certificate, 8/1/45 (8/1/44)</td><td>taxable</td><td>6,557</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Trease. bills</td><td>taxable</td><td>2,511</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>7/8% Certificate, 9/1/45 (9/1/44)</td><td>taxable</td><td>5,235</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2-3/4% Trease. bond, 9/15/45-47 (9/16/35)</td><td>partially taxable</td><td>3,694</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>7/8% Certificate, 10/1/45 (10/1/44)</td><td>taxable</td><td>1,214</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2-1/2% Trease. bond, 12/15/45 (12/15/37)</td><td>partially taxable</td><td>3,922</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3/4% Trease. note, 12/15/45 (12/18/40)</td><td>taxable</td><td>541</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>7/8% Certificate, 12/1/45 (12/1/44)</td><td>taxable</td><td>4,395</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>33,419</td><td></td><td></td><td>33,419</td><td>33,419</td></tr><tr><td>1946-Jan.</td><td>3/8 Conversion bond, 1/1/46 (1/1/16)</td><td>wholly taxable</td><td>16</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>0.90% Trease. note, 1/1/46 (12/1/44)</td><td>taxable</td><td>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></td><td>7/8% Certificate, 3/1/46 (3/1/45)</td><td>taxable</td><td>4,147</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1/8% Trease. note, 3/15/46 (11/1/41)</td><td>taxable</td><td>1,291</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>3-3/4% Trease. bond, 3/15/46-56 (3/15/26)</td><td>partially taxable</td><td></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>4,811</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>7/8% Certificate, 5/1/46 (5/1/45)</td><td>taxable</td><td>1,579</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>3/8 Trease. bond, 6/15/46-48 (6/15/34)</td><td>partially taxable</td><td></td><td>1,036</td><td>819</td><td></td><td></td></tr><tr><td>June.</td><td>3-1/8% Trease. bond, 6/15/46-49 (6/15/31)</td><td>partially taxable</td><td>4,564</td><td></td><td>819</td><td></td><td></td></tr><tr><td></td><td>7/8% Certificate, 6/1/46 (6/1/45)</td><td>taxable</td><td></td><td>4,909</td><td></td><td></td><td></td></tr><tr><td>July.</td><td>0.90% Trease. note, 7/1/46 (6/1/45)</td><td>taxable</td><td>4,909</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Trease. note, 12/15/46 (6/5/42)</td><td>taxable</td><td>3,261</td><td></td><td>2,344</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>32,936</td><td></td><td></td><td>35,280</td><td>32,936</td></tr><tr><td>1947-Jan.</td><td>3/8 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% Trease. 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>1-1/2% Trease. note, 9/15/47 (12/1/44)</td><td>taxable</td><td>2,707</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>1-1/4% Trease. note, 9/15/47 (12/1/44)</td><td>taxable</td><td>1,687</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Trease. bond, 10/15/47-52 (10/15/22)</td><td>partially taxable</td><td></td><td>759</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Trease. bond, 12/15/47 (12/15/38)</td><td>partially taxable</td><td>701</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>7,057</td><td>759</td><td></td><td>7,816</td><td>7,057</td></tr><tr><td>1948-Mar.</td><td>2/8% Trease. bond, 3/15/48-50 (3/15/41)</td><td>taxable</td><td></td><td>1,115</td><td></td><td></td><td></td></tr><tr><td></td><td>2-3/4% Trease. bond, 3/15/48-51 (3/15/36)</td><td>partially taxable</td><td></td><td>1,223</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3/8% Trease. bond, 6/15/48-48 (6/15/34)</td><td>partially taxable</td><td></td><td></td><td>1,036</td><td></td><td></td></tr><tr><td></td><td>1-3/4% Trease. bond, 6/15/48 (12/1/42)</td><td>taxable</td><td>3,062</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Trease. bond, 9/15/48 (3/15/38)</td><td>partially taxable</td><td>451</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>1-1/2% Trease. note, 9/15/48 (3/15/44)</td><td>taxable</td><td>3,746</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2/8% Trease. bond, 12/15/48-50 (12/8/39)</td><td>partially taxable</td><td></td><td>571</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>7,261</td><td>2,910</td><td>1,036</td><td>10,171</td><td>8,296</td></tr><tr><td>1949-June.</td><td>3-1/8% Trease. bond, 6/15/49-49 (6/15/31)</td><td>partially taxable</td><td></td><td></td><td>819</td><td></td><td></td></tr><tr><td></td><td>2/8% Trease. bond, 6/15/49-51 (1/15/42)</td><td>taxable</td><td></td><td>1,014</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2/8% Trease. bond, 9/15/49-51 (5/15/42)</td><td>taxable</td><td></td><td>1,292</td><td></td><td></td><td></td></tr><tr><td></td><td>3-1/8% Trease. bond, 12/15/49-52 (12/15/34)</td><td>partially taxable</td><td></td><td>1,931</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Trease. bond, 12/15/49-53 (12/15/36)</td><td>partially taxable</td><td></td><td>1,785</td><td></td><td></td><td></td></tr><tr><td></td><td>2/8% Trease. bond, 12/15/49-51 (7/15/42)</td><td>taxable</td><td></td><td>2,098</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td>6,682</td><td>819</td><td>6,682</td><td>819</td></tr><tr><td>1950-Mar.</td><td>2/8% Trease. bond, 3/15/48-50 (3/15/41)</td><td>taxable</td><td></td><td></td><td>1,115</td><td></td><td></td></tr><tr><td></td><td>2/8% Trease. bond, 3/15/50-52 (10/19/42)</td><td>taxable</td><td></td><td>1,963</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Trease. bond, 9/15/50-52 (9/15/38)</td><td>partially taxable</td><td></td><td>1,186</td><td></td><td></td><td></td></tr><tr><td></td><td>2/8% Trease. bond, 9/15/50-52 (4/15/43)</td><td>partially taxable</td><td></td><td>4,939</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2/8% Trease. bond, 12/15/48-50 (12/8/39)</td><td>partially taxable</td><td></td><td>571</td><td></td><td></td><td></td></tr><tr><td></td><td>1-1/2% Trease. bond, 12/15/50 (6/1/45)</td><td>taxable</td><td>2,365</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>2,365</td><td>8,088</td><td>1,687</td><td>7,453</td><td>4,052</td></tr></table>
(Continued on following page)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of June 30, 1945 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th>Pixed-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><td>1951-Mar.</td><td>2-3/4% Treas. bond, 3/15/48-51.....(3/16/36)</td><td>partially taxable</td><td>......</td><td>......</td><td>1,223</td><td></td><td></td></tr><tr><td>June.</td><td>2-3/4% Treas. bond, 6/15/49-51.....(6/15/36)</td><td>partially taxable</td><td>......</td><td>1,627</td><td>1,014</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treas. bond, 9/15/49-51.....(9/15/36)</td><td>partially taxable</td><td>......</td><td>7,986</td><td>1,292</td><td></td><td></td></tr><tr><td></td><td>2-1/4% Treas. bond, 9/15/51-53.....(9/15/31)</td><td>partially taxable</td><td>......</td><td>755</td><td>......</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treas. bond, 12/15/51-53.....(12/15/39)</td><td>partially taxable</td><td>......</td><td>1,118</td><td>......</td><td></td><td></td></tr><tr><td></td><td>2-1/4% Treas. bond, 12/15/51-53.....(12/15/41)</td><td>partially taxable</td><td>......</td><td>510</td><td>......</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>......</td><td>11,996</td><td>5,628</td><td>11,996</td><td>5,628</td></tr><tr><td>1952-Mar.</td><td>2-1/2% Treas. bond, 3/15/52-54.....(3/31/41)</td><td>taxable</td><td>......</td><td>1,024</td><td>......</td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Treas. bond, 6/15/52-55.....(6/25/42)</td><td>partially taxable</td><td>......</td><td>1,501</td><td>1,963</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>5,825</td><td>1,186</td><td></td><td></td></tr><tr><td>Oct.</td><td>2-1/4% Treas. bond, 10/15/47-52.....(10/16/22)</td><td>partially taxable</td><td>......</td><td>......</td><td>4,939</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/8% Treas. bond, 12/15/49-52.....(12/15/34)</td><td>partially taxable</td><td>......</td><td>8,652</td><td>491</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>2-1/2% 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>2-1/2% Treas. bond, 9/15/51-53.....(9/15/43)</td><td>partially taxable</td><td>......</td><td>......</td><td>7,986</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treas. bond, 12/15/49-53.....(12/15/36)</td><td>partially taxable</td><td>......</td><td>......</td><td>1,786</td><td></td><td></td></tr><tr><td>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.....(6/15/35)</td><td>partially taxable</td><td>......</td><td>......</td><td>1,627</td><td></td><td></td></tr><tr><td></td><td>2-1/4% Treas. bond, 6/15/51-54.....(7/22/40)</td><td>partially taxable</td><td>......</td><td>681</td><td>......</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treas. bond, 12/15/52-54.....(12/1/44)</td><td>taxable</td><td>......</td><td>......</td><td>5,825</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>......</td><td>681</td><td>8,652</td><td>681</td><td>17,138</td></tr><tr><td>1955-Mar.</td><td>2-7/8% Treas. bond, 3/15/55-60.....(3/15/35)</td><td>partially taxable</td><td>......</td><td>2,611</td><td>......</td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Treas. bond, 6/15/52-55.....(2/25/42)</td><td>partially taxable</td><td>......</td><td>......</td><td>1,501</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/4% Treas. bond, 9/15/51-55.....(9/15/31)</td><td>partially taxable</td><td>......</td><td>......</td><td>755</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treas. bond, 12/15/51-55.....(12/15/41)</td><td>partially 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>June.</td><td>2-1/2% Treas. bond, 6/15/56-58.....(6/22/41)</td><td>partially taxable</td><td>......</td><td>1,449</td><td>......</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/4% Treas. bond, 9/15/56-59.....(9/15/35)</td><td>partially taxable</td><td>......</td><td>982</td><td>681</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, 6/15/58-61.....(6/15/38)</td><td>partially taxable</td><td>......</td><td>919</td><td>......</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>......</td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-June.</td><td>2-1/4% Treas. bond, 6/15/59-62.....(6/1/45)</td><td>taxable</td><td>......</td><td>4,508</td><td>......</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treas. bond, 9/15/56-59.....(9/15/36)</td><td>partially taxable</td><td>......</td><td>......</td><td>982</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>......</td><td>4,508</td><td>4,804</td><td>4,508</td><td>4,804</td></tr></table>
(Continued on following page)
August 1945
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/ s of June 30, 1945 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1960-Mar.... Dec....</td><td>2-7/35 Treas. bond, 3/15/55-60....(3/15/35) 2-3/45 Treas. bond, 12/15/60-65....(12/15/36) 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>2-1/25 Treas. bond, 5/15/62-67....(5/15/42) 2-1/45 Treas. bond, 6/15/59-62....(6/1/45) Total</td><td>taxable taxable</td><td>.....</td><td>2,118</td><td>4,508</td><td>2,118</td><td>4,508</td></tr><tr><td>1963-June... Dec....</td><td>2-3/45 Treas. bond, 6/15/58-63....(6/15/38) 2-1/25 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>2-1/25 Treas. bond, 6/15/64-69....(4/15/43) 2-1/25 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>2-1/25 Treas. bond, 3/15/65-70....(2/1/44) 2-3/45 Treas. bond, 12/15/60-65....(12/15/36) 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>2-1/25 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>2-1/25 Treas. bond, 5/15/62-67....(5/15/42) 2-1/25 Treas. bond, 6/15/57-72....(6/1/45) 2-1/25 Treas. bond, 9/15/67-72....(10/20/41) Total</td><td>taxable taxable taxable</td><td>.....</td><td>7,199 2,716</td><td>2,118</td><td>9,915</td><td>2,118</td></tr><tr><td>1968-Dec....</td><td>2-1/25 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>2-1/25 Treas. bond, 6/15/64-69....(4/15/43) 2-1/25 Treas. bond, 12/15/64-69....(9/15/43) Total</td><td>taxable taxable</td><td>.....</td><td>.....</td><td>3,761 3,838</td><td>.....</td><td>7,600</td></tr><tr><td>1970-Mar....</td><td>2-1/25 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>2-1/25 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-June... Sept....</td><td>2-1/25 Treas. bond, 6/15/67-72....(6/1/45) 2-1/25 Treas. bond, 9/15/67-72....(10/20/41) Total</td><td>taxable taxable</td><td>.....</td><td>.....</td><td>7,199 2,716</td><td>.....</td><td>9,915</td></tr></table>
Sources: Daily Treasury Statement, and reports to the Treasury.
1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding.
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
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.
Treasury Bulletin
32
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscrip-tion books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th>Earliest date on which commercial banks may own restricted issues 2/</th><th>Amount of cash subscrip-tion loaded 3/</th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td>8/16/43</td><td>9/9/43</td><td>Third War Loan securities: 2-1/2% Treas. bond-12/15/64-69....(9/15/43) 2% Treas. bond-9/15/51-53....(9/15/43) 7/8% Certificate - 9/1/44....(9/15/43)</td><td>26 yr.3 m (21 yr.3 m) 10 yr (8 yr.) 1 yr</td><td>9/15/53</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>......</td></tr><tr><td>10/6/43 8/16/43 10/6/43 11/22/43</td><td>10/6/43 10/6/43 11/22/43</td><td>7/8% Certificate - 10/1/44....(10/15/43) 2-1/2% Treas. bond - 12/15/64-69 (3/15/43) 2% Treas. bond - 9/15/51-53 (9/15/43) 7/8% Certificate - 12/1/44....(12/1/43)</td><td>1 yr 26 yr.2 m (21 yr.2 m) 5/ 9 yr.11 m (7 yr.11m) 5/ 1 yr</td><td>9/15/53</td><td>5,391 5,532 3,540</td><td>3,519 2,729 3,540</td><td>1,580 1,627</td><td>1,939 59 1,102 3,540</td></tr><tr><td>11/22/43</td><td>1/18/44</td><td>Fourth War Loan securities: 2-1/2% Treas. bond- 9/15/59-59....(2/1/44) 2-1/4% Treas. bond- 9/15/59-59....(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>1/21/44 3/2/44 3/2/44 3/2/44 4/22/44</td><td>1/21/44 3/2/44 3/2/44 3/2/44 4/22/44</td><td>90% Treas. note - 3/1/45-70 ....(2/1/44) 2-1/2% Treas. bond - 3/15/57-70 ....(2/1/44) 2-1/4% Treas. bond - 5/15/58-59 ....(2/1/44) 1-1/2% Treas. note - 9/15/48 ....(3/15/44) 7/8% Certificate - 5/1/45....(5/1/44)</td><td>1 yr.1 m (21 yr) 8/ 26 yr.6 m (12 yr.6 m) 8/ 4 yr.6 m 1 yr</td><td>2/1/54 9/15/46</td><td>2,127 77 95 3,748 4,877 1,615</td><td>2,127 77 95 3,748 4,877 1,615</td><td>......</td><td>2,127 77 95 3,748 4,877 1,615</td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>Fifth War Loan securities: 2-1/2% Treas. bond- 3/15/65-70 ....(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 8/28/44 8/28/44 9/20/44</td><td>7/20/44 8/28/44 8/28/44 9/20/44</td><td>7/8% Certificate - 8/1/45....(8/1/44) 7/8% Certificate - 9/1/45....(9/1/44) 7/8% Certificate - 3/15/46 ....(11/1/44) 7/8% Certificate - 10/1/45....(10/1/44)</td><td>1 yr 1 yr.6 m 1 yr 1 yr</td><td>......</td><td>2,511 1,694 788 3,492</td><td>2,511 1,694 788 3,492</td><td>......</td><td>2,511 1,694 788 3,492</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>Sixth War Loan securities: 2-1/2% Treas. bond- 3/15/56-71....(12/1/44) 2% Treas. bond-12/15/52-54....(12/1/44) 1-1/4% Treas. note - 9/15/47....(12/1/44) 7/8% Certificate - 12/1/45....(12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 10 yr (8 yr.) 2 yr.9 m 1 yr</td><td>12/1/54</td><td>3,468 1,322 1,550 4,395</td><td>3,468 7,922 1,550 4,395</td><td>3,468 7,922 1,550 4,395</td><td>......</td></tr><tr><td>11/17/44 11/17/44 11/17/44 11/17/44 1/22/45 3/22/45 3/22/45 5/25/45</td><td>11/20/44 11/20/44 11/20/44 11/20/44 1/22/45 3/22/45 3/22/45 5/25/45</td><td>90% Treas. note - 1/1/46....(12/1/44) 2-1/2% Treas. bond - 3/15/65-71 ....(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 - 2/1/46....(2/1/45) 7/8% Certificate - 3/1/46....(1/1/45) 7/8% Certificate - 4/1/46....(5/1/44)</td><td>1 yr.1 m 26 yr.3 m (21 yr.3 m) 12/ 10 yr (8 yr) 12/ 2 yr.9 m 1 yr 1 yr</td><td>12/1/54</td><td>3,416 33 740 1,37 5,043 4,147 4,811 1,579</td><td>3,416 33 740 1,37 5,043 4,147 4,811 1,579</td><td>3,416 33 740 1,37 5,043 4,147 4,811 1,579</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- 5/15/57-72....(6/1/45) 2-1/4% Treas. bond- 6/15/59-62....(5/1/45) 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.5 m 1 yr</td><td>6/15/62 6/15/52</td><td>7,966 p 5,284 p 2,636 p 4,799 p</td><td>7,966 p 5,284 p 2,636 p 4,799 p</td><td>7,966 p 5,284 p 2,636 p 4,799 p</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)</td><td>1 yr.1 m</td><td>......</td><td>4,910 p</td><td>......</td><td>4,910 p</td><td>......</td></tr></table>
Figures: For period December 1941 through July 1943, see "Treasury Bulletin" for November 1941, page 32.
1/ Revised.
2/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
3/ 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/ Cones of all public cash subscriptions and of subscriptions by
U. S. Government agencies and trust funds.
Reopening of previously offered security.
Interest commenced on October 15, 1943.
Announcement of exchange offering was included in announcement of Third War Loan, August 16, 1943.
Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to U. S. Government agencies and trust funds and to commercial banks.
Interest commenced on March 15, 1944.
Interest commenced on June 26, 1944.
Interest commenced on September 15, 1944.
This is the same security that was offered in the Sixth War Loan.
Enhanced as of December 15, 1944 and accrued interest charged from December 1 to December 15.
August 1945
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount of maturing or called security outstanding</th><th>Amount for cash retirement</th><th>Amount exchanged</th><th>Percent exchanged</th><th>Description of new security offered</th></tr><tr><td>8/2/43 9/15/43 10/15/43</td><td>7/8% 1% 3-1/4% Treas. bond</td><td>Certificate - 8/1/43 (8/15/42) Treas. note - 9/15/43 (6/15/40) 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 - 12/15/61-69 2% Treas. bond - 9/15/51-53</td></tr><tr><td>10/15/43 12/1/43 12/15/43</td><td>7/8% 1/8% 1-1/8% Treas. note</td><td>Certificate - 11/1/43 (11/2/42) Certificate - 12/1/43 (12/1/42) Treas. note - 12/15/43 (12/15/38)</td><td>2,035 3,800 421</td><td>96 260 421</td><td>1,939 3,540</td><td>95 93</td><td>7/8% Certificate - 10/1/44 7/8% Certificate - 12/1/44</td></tr><tr><td>2/2/44 2/1/44</td><td>1-3/8% 7/8% Certificate</td><td>PPHA note - 2/1/44 (2/1/39) Certificate - 2/1/44 (2/1/43)</td><td>114 2,211</td><td>114 84</td><td>2,127</td><td>95</td><td>.90% Treas. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% 3% 1% 3-1/4% 1% 3/4% Treas. note</td><td>PPMC bond - 3/15/44-54 (3/15/34) PPMC bond - 5/15/44-49 (5/15/34) RFC note - 4/15/44 (7/3/41) HOLC bond - 5/1/44-52 (5/1/34) Treas. bond - 4/15/44-66 (4/16/34) Treas. note - 3/15/44 (11/1/39) Treas. note - 6/15/44 (6/15/39)</td><td>95 835 571 779 1,519 215 416</td><td>19 130 12 175 296 38 146</td><td>76 705 559 604 1,223 483 270</td><td>80 84 98 78 81 94 65</td><td>2-1/4% Treas. bond - 9/15/56-59 2-1/2% Treas. bond - 3/15/65-70 1-1/2% Treas. note - 9/15/48</td></tr><tr><td></td><td colspan="2">Total 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 5/2/44 8/1/44 9/1/44</td><td>7/8% 7/8% 7/8% 7/8% Certificate</td><td>Certificate - 4/1/44 (4/15/43) Certificate - 5/2/44 (5/1/43) Certificate - 8/1/44 (8/2/43) Certificate - 9/1/44 (9/15/43)</td><td>5,251 1,655 2,545 1,122</td><td>374 40 38 428</td><td>4,877 1,615 2,512 3,694</td><td>93 98 99 90</td><td>7/8% Certificate - 4/1/45 7/8% Certificate - 5/1/45 7/8% Certificate - 8/1/45 7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% 1% Treas. note</td><td>Treas. note - 9/15/44 (1/31/41) Treas. note - 9/15/44 (1/2/22/39)</td><td>635 283</td><td>33 98</td><td>602 185</td><td>95 86</td><td>1% Treas. note - 3/15/46</td></tr><tr><td></td><td colspan="2">Total for exchange transaction of 9/15/44..</td><td>918</td><td>130</td><td>788</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% 7/8% Certificate</td><td>Certificate - 10/1/44 (10/15/43) Certificate - 12/1/44 (12/1/43)</td><td>3,519 3,540</td><td>27 124</td><td>3,492 3,416</td><td>99 96</td><td>7/8% Certificate - 10/1/45 .90% Treas. note - 3/1/46</td></tr><tr><td>12/15/44</td><td>4% Treas. bond</td><td>Treas. bond - 12/15/44-54 (12/15/24)</td><td>1,037</td><td>126</td><td>911</td><td>88</td><td>1-1/4% Treas. note - 9/15/47 2% Treas. bond - 12/15/52-54 2-1/2% Treas. bond - 3/15/66-712/2</td></tr><tr><td>2/1/45</td><td>7/8% 1-1/8% CCC note</td><td>Certificate - 2/1/45 (2/1/44) CCC note - 2/15/45 (1/21/41)</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></td><td colspan="2">Total for exchange transaction of 2/1/45..</td><td>5,460</td><td>416</td><td>5,043</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90% 3/4% 1-1/4% Treas. note</td><td>Treas. note - 3/1/45 (2/1/44) Treas. note - 3/15/45 (3/15/40) Treas. note - 3/15/45 (9/25/42)</td><td>2,127 718 1,606</td><td>18 225 60</td><td>2,109 493 1,246</td><td>99 63 96</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td></td><td colspan="2">Total 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% 7/8% Certificate</td><td>Certificate - 4/1/45 (4/1/44) Certificate - 5/1/45 (5/1/44)</td><td>4,877 1,615</td><td>66 35</td><td>4,811 1,579</td><td>99 98</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% 1-1/2% HOLC bond</td><td>Certificate - 5/1/45-47 (6/26/44) HOLC bond - 6/1/45-47 (6/1/39)</td><td>4,770 755</td><td>583 p 32 p</td><td>4,187 p 723 p</td><td>85 p 96 p</td><td>.90% Treas. note - 7/1/46</td></tr><tr><td></td><td colspan="2">Total for exchange transaction of 5/21/45..</td><td>5,525</td><td>615 p</td><td>4,910 p</td><td>89 p</td><td></td></tr></table>
Back Figures: 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.
34
Treasury Bulletin
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>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount of bid accepted on competitive basis</th><th>Amount on fixed-price basis 1/</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><td>1944-June 1</td><td>Aug. 31</td><td>91</td><td>1,887.1</td><td>1,215.3</td><td>1,164.6</td><td>50.7</td><td>1,007.4</td><td>13,973.7</td></tr><tr><td>June 8</td><td>Sept. 7</td><td>91</td><td>1,990.1</td><td>1,202.6</td><td>1,129.0</td><td>52.6</td><td>1,032.5</td><td>14,140.8</td></tr><tr><td>June 15</td><td>Sept. 14</td><td>91</td><td>2,193.9</td><td>1,201.0</td><td>1,146.7</td><td>52.3</td><td>1,016.1</td><td>14,126.7</td></tr><tr><td>June 22</td><td>Sept. 21</td><td>91</td><td>2,173.8</td><td>1,211.6</td><td>1,156.5</td><td>55.1</td><td>1,001.1</td><td>14,536.2</td></tr><tr><td>June 29</td><td>Sept. 28</td><td>91</td><td>2,308.9</td><td>1,207.8</td><td>1,154.9</td><td>52.9</td><td>1,009.7</td><td>14,734.1</td></tr><tr><td>July 6</td><td>Oct. 5</td><td>91</td><td>2,215.1</td><td>1,216.3</td><td>1,167.4</td><td>48.8</td><td>1,007.7</td><td>14,943.0</td></tr><tr><td>July 13</td><td>Oct. 13</td><td>92</td><td>2,042.3</td><td>1,203.8</td><td>1,149.4</td><td>54.4</td><td>1,014.5</td><td>15,132.3</td></tr><tr><td>July 20</td><td>Oct. 19</td><td>91</td><td>2,074.3</td><td>1,206.6</td><td>1,146.9</td><td>59.7</td><td>1,017.4</td><td>15,325.4</td></tr><tr><td>July 27</td><td>Oct. 26</td><td>91</td><td>2,177.4</td><td>1,214.4</td><td>1,158.2</td><td>56.2</td><td>1,015.9</td><td>15,523.9</td></tr><tr><td>Aug. 3</td><td>Nov. 2</td><td>91</td><td>2,010.4</td><td>1,214.1</td><td>1,156.6</td><td>57.5</td><td>1,017.1</td><td>15,720.9</td></tr><tr><td>Aug. 10</td><td>Nov. 9</td><td>91</td><td>2,001.1</td><td>1,210.9</td><td>1,150.3</td><td>60.6</td><td>1,205.9</td><td>15,724.8</td></tr><tr><td>Aug. 17</td><td>Nov. 16</td><td>91</td><td>2,033.4</td><td>1,205.8</td><td>1,143.7</td><td>62.0</td><td>1,206.3</td><td>15,726.3</td></tr><tr><td>Aug. 24</td><td>Nov. 24</td><td>92</td><td>1,851.6</td><td>1,209.9</td><td>1,148.1</td><td>61.9</td><td>1,214.1</td><td>15,720.1</td></tr><tr><td>Aug. 31</td><td>Nov. 30</td><td>91</td><td>1,831.6</td><td>1,210.2</td><td>1,153.2</td><td>57.0</td><td>1,215.3</td><td>15,715.0</td></tr><tr><td>Sept. 7</td><td>Dec. 7</td><td>91</td><td>1,762.1</td><td>1,206.9</td><td>1,161.9</td><td>45.0</td><td>1,202.6</td><td>15,719.2</td></tr><tr><td>Sept. 14</td><td>Dec. 14</td><td>91</td><td>2,005.4</td><td>1,214.8</td><td>1,151.3</td><td>63.5</td><td>1,201.0</td><td>15,733.1</td></tr><tr><td>Sept. 21</td><td>Dec. 21</td><td>91</td><td>2,088.3</td><td>1,215.5</td><td>1,152.5</td><td>63.1</td><td>1,211.6</td><td>15,737.0</td></tr><tr><td>Sept. 28</td><td>Dec. 28</td><td>91</td><td>2,244.5</td><td>1,218.2</td><td>1,161.5</td><td>56.7</td><td>1,207.8</td><td>15,747.4</td></tr><tr><td>Oct. 5</td><td>1945-Jan. 4</td><td>91</td><td>2,308.0</td><td>1,218.0</td><td>1,161.9</td><td>56.1</td><td>1,216.3</td><td>15,749.1</td></tr><tr><td>Oct. 12</td><td>Jan. 11</td><td>90</td><td>2,197.0</td><td>1,312.6</td><td>1,253.9</td><td>58.7</td><td>1,203.8</td><td>15,857.8</td></tr><tr><td>Oct. 19</td><td>Jan. 18</td><td>91</td><td>2,183.9</td><td>1,313.9</td><td>1,254.1</td><td>59.7</td><td>1,206.6</td><td>15,965.1</td></tr><tr><td>Oct. 26</td><td>Jan. 25</td><td>91</td><td>2,356.3</td><td>1,308.9</td><td>1,254.6</td><td>54.3</td><td>1,214.4</td><td>16,059.6</td></tr><tr><td>Nov. 2</td><td>Feb. 1</td><td>91</td><td>2,240.9</td><td>1,311.0</td><td>1,260.6</td><td>50.4</td><td>1,214.1</td><td>16,156.5</td></tr><tr><td>Nov. 9</td><td>Feb. 8</td><td>91</td><td>2,264.4</td><td>1,314.3</td><td>1,261.7</td><td>52.6</td><td>1,210.9</td><td>16,259.9</td></tr><tr><td>Nov. 16</td><td>Feb. 15</td><td>91</td><td>1,932.1</td><td>1,300.6</td><td>1,247.7</td><td>52.9</td><td>1,205.8</td><td>16,354.7</td></tr><tr><td>Nov. 24</td><td>Feb. 23</td><td>91</td><td>2,078.5</td><td>1,313.5</td><td>1,262.1</td><td>51.4</td><td>1,209.9</td><td>16,458.3</td></tr><tr><td>Nov. 30</td><td>Mar. 1</td><td>91</td><td>2,061.8</td><td>1,203.7</td><td>1,138.6</td><td>65.1 1/</td><td>1,210.2</td><td>16,404.5</td></tr><tr><td>Dec. 7</td><td>Mar. 8</td><td>91</td><td>1,974.8</td><td>1,204.9</td><td>1,137.8</td><td>67.1</td><td>1,206.9</td><td>16,449.8</td></tr><tr><td>Dec. 14</td><td>Mar. 15</td><td>91</td><td>1,934.4</td><td>1,207.0</td><td>1,135.0</td><td>72.0</td><td>1,214.8</td><td>16,442.0</td></tr><tr><td>Dec. 21</td><td>Mar. 22</td><td>91</td><td>2,040.8</td><td>1,217.2</td><td>1,151.0</td><td>66.2</td><td>1,215.5</td><td>16,443.7</td></tr><tr><td>Dec. 28</td><td>Mar. 29</td><td>91</td><td>1,868.2</td><td>1,202.3</td><td>1,152.8</td><td>49.4</td><td>1,218.2</td><td>16,427.6</td></tr><tr><td>1945-Jan. 4</td><td>Apr. 5</td><td>91</td><td>2,465.0</td><td>1,204.9</td><td>1,153.5</td><td>51.5</td><td>1,218.0</td><td>16,414.7</td></tr><tr><td>Jan. 11</td><td>Apr. 12</td><td>91</td><td>2,157.4</td><td>1,303.0</td><td>1,227.1</td><td>75.9</td><td>1,312.6</td><td>16,405.1</td></tr><tr><td>Jan. 18</td><td>Apr. 19</td><td>91</td><td>2,158.2</td><td>1,304.6</td><td>1,229.2</td><td>75.4</td><td>1,313.9</td><td>16,393.9</td></tr><tr><td>Jan. 25</td><td>Apr. 26</td><td>91</td><td>2,195.0</td><td>1,318.4</td><td>1,248.1</td><td>69.9</td><td>1,308.9</td><td>16,403.3</td></tr><tr><td>Feb. 1</td><td>May 3</td><td>91</td><td>2,056.7</td><td>1,315.8</td><td>1,258.0</td><td>57.8</td><td>1,311.0</td><td>16,408.1</td></tr><tr><td>Feb. 8</td><td>May 10</td><td>91</td><td>2,027.9</td><td>1,310.2</td><td>1,252.7</td><td>57.5</td><td>1,314.3</td><td>16,404.0</td></tr><tr><td>Feb. 15</td><td>May 17</td><td>91</td><td>1,891.8</td><td>1,300.1</td><td>1,249.8</td><td>50.3</td><td>1,300.6</td><td>16,403.5</td></tr><tr><td>Feb. 23</td><td>May 24</td><td>90</td><td>1,888.0</td><td>1,308.7</td><td>1,242.7</td><td>66.0</td><td>1,313.5</td><td>16,398.7</td></tr><tr><td>Mar. 1</td><td>May 31</td><td>91</td><td>2,065.8</td><td>1,314.2</td><td>1,255.1</td><td>59.0</td><td>1,203.7</td><td>16,509.2</td></tr><tr><td>Mar. 8</td><td>June 7</td><td>91</td><td>2,436.4</td><td>1,310.2</td><td>1,249.6</td><td>60.5</td><td>1,204.9</td><td>16,514.5</td></tr><tr><td>Mar. 15</td><td>June 14</td><td>91</td><td>2,085.8</td><td>1,316.1</td><td>1,251.4</td><td>62.7</td><td>1,207.0</td><td>16,723.6</td></tr><tr><td>Mar. 22</td><td>June 21</td><td>91</td><td>2,075.2</td><td>1,302.5</td><td>1,233.9</td><td>68.6</td><td>1,217.2</td><td>16,808.9</td></tr><tr><td>Mar. 29</td><td>June 28</td><td>91</td><td>2,022.1</td><td>1,314.0</td><td>1,254.0</td><td>60.1</td><td>1,202.3</td><td>16,920.7</td></tr><tr><td>Apr. 5</td><td>July 5</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>17,012.8</td></tr><tr><td>Apr. 12</td><td>July 12</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>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>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><tr><td>May 3</td><td>Aug. 2</td><td>91</td><td>2,048.7</td><td>1,314.3</td><td>1,264.8</td><td>49.5</td><td>1,315.8</td><td>17,039.8</td></tr><tr><td>May 10</td><td>Aug. 9</td><td>91</td><td>2,012.9</td><td>1,307.4</td><td>1,252.9</td><td>54.5</td><td>1,310.2</td><td>17,037.0</td></tr><tr><td>May 17</td><td>Aug. 16</td><td>91</td><td>2,029.9</td><td>1,307.4</td><td>1,255.1</td><td>52.3</td><td>1,300.1</td><td>17,044.3</td></tr><tr><td>May 24</td><td>Aug. 23</td><td>91</td><td>2,067.9</td><td>1,313.1</td><td>1,262.1</td><td>51.0</td><td>1,308.7</td><td>17,048.7</td></tr><tr><td>May 31</td><td>Aug. 30</td><td>91</td><td>2,043.1</td><td>1,314.4</td><td>1,263.0</td><td>51.4</td><td>1,314.2</td><td>17,048.9</td></tr><tr><td>June 7</td><td>Sept. 6</td><td>91</td><td>2,071.4</td><td>1,302.3</td><td>1,251.7</td><td>50.6</td><td>1,310.2</td><td>17,041.1</td></tr><tr><td>June 14</td><td>Sept. 13</td><td>91</td><td>2,112.8</td><td>1,309.8</td><td>1,251.5</td><td>58.3</td><td>1,316.1</td><td>17,034.7</td></tr><tr><td>June 21</td><td>Sept. 20</td><td>91</td><td>2,243.0</td><td>1,305.3</td><td>1,246.5</td><td>58.9</td><td>1,302.5</td><td>17,037.5</td></tr><tr><td>June 28</td><td>Sept. 27</td><td>91</td><td>2,256.3</td><td>1,317.8</td><td>1,253.9</td><td>63.9</td><td>1,314.0</td><td>17,041.3</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issues and total bills outstanding are on Daily Treasury Statement basis.
Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Commencing with the offering of Treasury bills dated May 12, 1943.
tenders for bills in the amount of $100,000 or less from any one bidder were accepted in full at a fixed price of 99.905 per hundred. This amount was increased to $200,000 or less commencing with the offering dated November 30, 1944.
August 1945
35
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1944-June 1</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</td></tr><tr><td>Oct. 12</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</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>0.375</td></tr><tr><td>May 3</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.375</td></tr><tr><td>May 10</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.375</td></tr><tr><td>May 17</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.375</td></tr><tr><td>May 24</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.375</td></tr><tr><td>May 31</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.375</td></tr><tr><td>June 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.375</td></tr><tr><td>June 14</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.375</td></tr><tr><td>June 21</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.375</td></tr><tr><td>June 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.375</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.
36
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
Table 1.- Summary of Sales and Redemptiona, by Series
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month</th><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th>Accrual of redemption values</th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">All series 3/</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>h/</td><td>h/</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>h/</td><td>h/</td><td>1.2</td><td>36.2</td><td>35.9</td><td>3</td></tr><tr><td>1938</td><td>1,177.7</td><td>+348.0</td><td>487.9</td><td>h/</td><td>h/</td><td>11.1</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>h/</td><td>h/</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>h/</td><td>h/</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>21,296.2</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>2,170.9</td><td>2,357.8</td><td>13.1</td></tr><tr><td>1945</td><td>65,585.6</td><td>+10,979.4</td><td>14,890.8</td><td>14,467.1</td><td>423.7</td><td>387.0</td><td>4,298.4</td><td>2/</td><td>5/</td></tr><tr><td>1944-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>286.9</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>21.3</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>0.6</td><td>26.9</td><td>400.6</td><td>398.2</td><td>2.4</td></tr><tr><td>November</td><td>38,308.2</td><td>+663.6</td><td>1,023.4</td><td>999.7</td><td>23.7</td><td>22.6</td><td>382.4</td><td>380.0</td><td>2.4</td></tr><tr><td>December</td><td>40,360.8</td><td>+2,052.6</td><td>2,385.8</td><td>2,353.5</td><td>32.4</td><td>32.0</td><td>365.3</td><td>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>338.7</td><td>2.7</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>123.1</td><td>120.7</td><td>2.4</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>403.5</td><td>5/</td><td>5/</td></tr><tr><td>May</td><td>43,767.0</td><td>+1,141.4</td><td>1,940.1</td><td>1,940.1</td><td>-----</td><td>27.8</td><td>426.5</td><td>5/</td><td>5/</td></tr><tr><td>June</td><td>45,585.6</td><td>+1,818.6</td><td>2,178.1</td><td>2,180.5</td><td>327.6</td><td>43.7</td><td>403.2</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series 4-D 6/</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>h/</td><td>h/</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>h/</td><td>h/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>3</td></tr><tr><td>1938</td><td>1,177.7</td><td>+348.0</td><td>487.9</td><td>h/</td><td>h/</td><td>11.1</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>h/</td><td>h/</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>h/</td><td>h/</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>+745.5</td><td>826.0</td><td>826.0</td><td>-----</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>+46.1</td><td>8</td><td>8</td><td>-----</td><td>85.9</td><td>132.7</td><td>126.2</td><td>6.5</td></tr><tr><td>1943</td><td>3,988.0</td><td>+4.5</td><td>1</td><td>1</td><td>-----</td><td>92.0</td><td>88.2</td><td>81.5</td><td>6.7</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>1945</td><td>3,585.3 7/</td><td>-39.5</td><td>*</td><td>*</td><td>-----</td><td>103.3</td><td>142.8 1/</td><td>5/</td><td>5/</td></tr><tr><td>1944-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>6.5</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>-0.9</td><td>-----</td><td>-----</td><td>-----</td><td>5.5</td><td>6.4</td><td>3.7</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>7.0</td><td>1.0</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>5.1</td><td>7</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>1945-April</td><td>3,613.6</td><td>-15.5</td><td>*</td><td>*</td><td>-----</td><td>6.9</td><td>22.4</td><td>5/</td><td>5/</td></tr><tr><td>May</td><td>3,597.1</td><td>-16.5</td><td>*</td><td>*</td><td>-----</td><td>5.7</td><td>22.2</td><td>5/</td><td>5/</td></tr><tr><td>June</td><td>3,585.3 7/</td><td>-11.9</td><td>-----</td><td>-----</td><td>-----</td><td>8.8</td><td>20.6 1/</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series 5 3/ 8/</td></tr><tr><td>1942</td><td>3,570.8</td><td>+3,467.7</td><td>3,926.3</td><td>3,526.3</td><td>-----</td><td>1.5</td><td>60.0</td><td>60.0</td><td>*</td></tr><tr><td>1943</td><td>11,286.6</td><td>+7,615.8</td><td>8,271.3</td><td>8,271.3</td><td>-----</td><td>33.1</td><td>688.6</td><td>688.0</td><td>6</td></tr><tr><td>1944</td><td>21,124.8</td><td>+9,818.2</td><td>11,819.7</td><td>11,819.7</td><td>-----</td><td>118.8</td><td>2,099.9</td><td>2,094.7</td><td>5.2</td></tr><tr><td>1945</td><td>29,097.1 7/</td><td>+7,972.3</td><td>11,553.4</td><td>11,553.4</td><td>-----</td><td>260.8</td><td>3,845.9 1/</td><td>3,825.2</td><td>20.7</td></tr><tr><td>1944-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>6</td></tr><tr><td>July</td><td>22,632.3</td><td>+1,907.5</td><td>1,686.5</td><td>1,686.5</td><td>-----</td><td>17.3</td><td>196.3</td><td>195.6</td><td>8</td></tr><tr><td>August</td><td>22,838.9</td><td>+206.6</td><td>999.4</td><td>999.4</td><td>-----</td><td>13.0</td><td>204.7</td><td>204.7</td><td>1.0</td></tr><tr><td>September</td><td>23,256.9</td><td>+397.9</td><td>990.8</td><td>990.8</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>16.9</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>351.6</td><td>351.9</td><td>1.6</td></tr><tr><td>December</td><td>25,514.5</td><td>+1,945.8</td><td>1,859.3</td><td>1,859.3</td><td>-----</td><td>22.2</td><td>333.7</td><td>332.1</td><td>1.6</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>304.2</td><td>1.6</td></tr><tr><td>February</td><td>26,928.0</td><td>+386.1</td><td>653.2</td><td>653.2</td><td>-----</td><td>23.4</td><td>290.5</td><td>288.3*</td><td>1.6*</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>406.4</td><td>403.9</td><td>2.4</td></tr><tr><td>April</td><td>27,109.3</td><td>+349.1</td><td>684.4</td><td>684.4</td><td>-----</td><td>23.4</td><td>358.7</td><td>356.4</td><td>2.3</td></tr><tr><td>May</td><td>27,948.5</td><td>+839.2</td><td>1,194.7</td><td>1,194.7</td><td>-----</td><td>20.4</td><td>375.9</td><td>373.4</td><td>2.5</td></tr><tr><td>June</td><td>29,097.1 7/</td><td>+1,148.7</td><td>1,467.7</td><td>1,467.7</td><td>-----</td><td>52.8</td><td>351.9 1/</td><td>349.3</td><td>2.5</td></tr></table>
(Continued on following page)
August 1945
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month</th><th colspan="3">Sales</th><th>Accrual of redemption values</th><th colspan="3">Maturities and redemptions</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">Series 7 3/ 9/</td></tr><tr><td>1942.</td><td>498.9</td><td>+132.3</td><td>631.2</td><td>434.9</td><td>196.3</td><td>1.2</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>1,985.7</td><td>1,579.9</td><td>405.8</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>2,749.1</td><td>691.2</td><td>1,111.0</td><td>8.8</td><td>57.7</td><td>57.7</td><td>3 5/</td></tr><tr><td>1945.</td><td>2,604.4</td><td>+608.7</td><td>3,213.1</td><td>542.8</td><td>136.3</td><td>18.9</td><td>89.3</td><td>5 2/</td><td>5 5/</td></tr><tr><td>1944-June.</td><td>1,995.7</td><td>+109.8</td><td>2,105.5</td><td>89.1</td><td>26.0</td><td>1.1</td><td>6.4</td><td>6.4</td><td>*</td></tr><tr><td>July.</td><td>2,091.2</td><td>+95.5</td><td>101.1</td><td>88.3</td><td>12.8</td><td>1.5</td><td>7.1</td><td>7.1</td><td>*</td></tr><tr><td>August.</td><td>2,102.3</td><td>+11.0</td><td>17.8</td><td>17.0</td><td>0.8</td><td>1.3</td><td>7.5</td><td>7.6</td><td>1 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>1.2</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>1.1</td><td>1.4</td><td>6.8</td><td>6.7</td><td>1 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 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 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>0.0</td><td>2.4</td><td>7.4</td><td>7.4</td><td>1 1/</td></tr><tr><td>February.</td><td>2,358.0</td><td>+23.4</td><td>30.7</td><td>30.7</td><td>0.0</td><td>1.3</td><td>8.6</td><td>8.5</td><td>1 1/</td></tr><tr><td>March.</td><td>2,357.3</td><td>+19.2</td><td>26.5</td><td>26.5</td><td>0.0</td><td>1.8</td><td>9.1</td><td>9.1</td><td>2 1/</td></tr><tr><td>April.</td><td>2,376.3</td><td>+19.1</td><td>23.1</td><td>23.1</td><td>0.0</td><td>1.8</td><td>5.8</td><td>5 1/</td><td>5 1/</td></tr><tr><td>May.</td><td>2,433.3</td><td>+57.0</td><td>62.9</td><td>62.9</td><td>0.0</td><td>1.7</td><td>7.7</td><td>7 1/</td><td>7 1/</td></tr><tr><td>June.</td><td>2,604.4</td><td>+171.2</td><td>178.0</td><td>74.5</td><td>103.5</td><td>2.1</td><td>8.9</td><td>8 1/</td><td>8 1/</td></tr><tr><td colspan="10">Series 6 3/ 2/</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>0.0</td><td>11.8</td><td>11.8</td><td>11.8</td><td>11.8</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>0.0</td><td>54.5</td><td>54.5</td><td>54.5</td><td>54.5</td></tr><tr><td>1944.</td><td>7,860.8</td><td>+2,741.6</td><td>2,875.6</td><td>2,828.5</td><td>247.1</td><td>134.0</td><td>134.0</td><td>134.0</td><td>134.0</td></tr><tr><td>1945.</td><td>10,298.8</td><td>+2,437.9</td><td>2,658.3</td><td>2,371.0</td><td>287.3</td><td>220.4</td><td>220.4</td><td>220.4</td><td>220.4</td></tr><tr><td>1944-June.</td><td>7,860.8</td><td>+362.1</td><td>377.3</td><td>326.5</td><td>50.7</td><td>15.1</td><td>15.1</td><td>15.1</td><td>15.1</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>16.7</td><td>16.7</td><td>16.7</td><td>16.7</td></tr><tr><td>August.</td><td>8,248.1</td><td>+66.5</td><td>85.3</td><td>81.7</td><td>1.6</td><td>18.8</td><td>18.8</td><td>18.8</td><td>18.8</td></tr><tr><td>September.</td><td>8,317.0</td><td>+68.9</td><td>85.3</td><td>84.5</td><td>0.8</td><td>16.4</td><td>16.4</td><td>16.4</td><td>16.4</td></tr><tr><td>October.</td><td>8,384.2</td><td>+67.3</td><td>82.8</td><td>82.4</td><td>0.4</td><td>15.5</td><td>15.5</td><td>15.5</td><td>15.5</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>15.5</td><td>15.5</td><td>15.5</td><td>15.5</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>17.9</td><td>17.9</td><td>17.9</td><td>17.9</td></tr><tr><td>1945-January.</td><td>9,118.8</td><td>+208.2</td><td>228.3</td><td>228.3</td><td>0.0</td><td>20.1</td><td>20.1</td><td>20.1</td><td>20.1</td></tr><tr><td>February.</td><td>9,284.9</td><td>+146.1</td><td>164.1</td><td>164.1</td><td>0.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td></tr><tr><td>March.</td><td>9,412.9</td><td>+128.0</td><td>150.5</td><td>150.5</td><td>0.0</td><td>22.4</td><td>22.4</td><td>22.4</td><td>22.4</td></tr><tr><td>April.</td><td>9,526.4</td><td>+113.5</td><td>130.1</td><td>130.1</td><td>0.0</td><td>16.6</td><td>16.6</td><td>16.6</td><td>16.6</td></tr><tr><td>May.</td><td>9,788.2</td><td>+261.8</td><td>282.4</td><td>282.4</td><td>0.0</td><td>20.6</td><td>20.6</td><td>20.6</td><td>20.6</td></tr><tr><td>June.</td><td>10,298.8</td><td>+510.6</td><td>532.4</td><td>308.3</td><td>224.1</td><td>21.8</td><td>21.8</td><td>21.8</td><td>21.8</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ At current redemption values except Series 0, which is stated at par.
2/ Estimated, except for Series 0.
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 $100 million.
5/ Not yet available.
6/ Series 4-D, sold between March 1935 and April 1941, are 10 year discount bonds sold at 75% of maturity value, yielding 2.50% per annum if held to maturity. Purchases were limited to $7,500 issues per price in any calendar year and from April 1, 1940, could be made only by individuals. Series 4 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.
7/ The small amounts of matured bonds which have not been redeemed remain in the estate outstanding.
8/ There were $56.5 million of Series 4-D and 5 earnings bonds redeemed through June 30, 1945 which had not been identified by series. For purposes of this table, it has been assumed that all of these were Series 5 bonds.
9/ Series 5, on sale since May 1, 1941, is a 10 year discount bond
sold at 75% of maturity value, yielding 2.93% per annum if held to maturity; purchases are limited to $3,750 issue price in any calendar year and may be made only by individuals. Series F is a 9% per annum 20-year callable bond bearing interest, yielding 2.5% per annum if held to maturity. Series G is a 12-year current income bond, sold at par, bearing interest at the rate of 2-1/2% per annum, redeemable at par on maturity or at stated prices less than par on the maturity date. All Series G bonds issued 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 F and G bonds during the calendar year 1944 under certain conditions ("Treasury Bulletin" for December 1944, page 36, footnote 3, and footnote 4, page 40). Under these conditions, commercial banks were permitted to make such purchases, subject to the following limitations: (1) purchases of Series F and G bonds from June 18 through June 30 were not to exceed the annual limit of $100,000; and (2) combined purchases of Series F and G bonds, 1-1/2% Treasury bonds due December 15, 1950, and 1-1/2% Treasury bonds due June 15, 1950, 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.
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- Total Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="8">Sales in millions of dollars at issue price</th><th colspan="8">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="16">Series I</td></tr><tr><td>1942</td><td>3,526.3</td><td>615.6</td><td>341.5</td><td>812.7</td><td>636.9</td><td>1,119.5</td><td></td><td></td><td></td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>18.1</td><td>31.7</td><td></td><td></td></tr><tr><td>1943</td><td>5,271.3</td><td>2,985.2</td><td>1,081.0</td><td>713.5</td><td>1,007.3</td><td>1,481.0</td><td></td><td></td><td></td><td>100.0</td><td>35.1</td><td>13.1</td><td>20.7</td><td>12.2</td><td>17.9</td><td></td><td></td></tr><tr><td>1944</td><td>11,819.7</td><td>4,149.1</td><td>1,562.5</td><td>2,583.5</td><td>1,396.9</td><td>2,047.8</td><td></td><td></td><td></td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>11.8</td><td>17.3</td><td></td><td></td></tr><tr><td>1945</td><td>11,553.4</td><td>69.2</td><td>3,927.7</td><td>1,728.8</td><td>2,406.2</td><td>1,325.7</td><td>2,099.7</td><td></td><td></td><td>100.0</td><td>34.0</td><td>14.9</td><td>20.8</td><td>11.5</td><td>18.2</td><td></td><td></td></tr><tr><td>1944-June</td><td>1,349.8</td><td>-</td><td>402.2</td><td>174.2</td><td>309.0</td><td>186.9</td><td>277.5</td><td></td><td></td><td>100.0</td><td>-</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>1.5</td><td>526.5</td><td>248.8</td><td>384.1</td><td>216.4</td><td>309.2</td><td></td><td></td><td>100.0</td><td>1.1</td><td>31.2</td><td>14.8</td><td>22.8</td><td>12.8</td><td>18.3</td><td></td></tr><tr><td>August</td><td>1,499.4</td><td>4.5</td><td>569.5</td><td>89.8</td><td>354.9</td><td>35.6</td><td>51.7</td><td></td><td></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>10.1</td><td></td></tr><tr><td>September</td><td>590.8</td><td>1</td><td>277.1</td><td>105.3</td><td>107.6</td><td>40.4</td><td>59.5</td><td></td><td></td><td>100.0</td><td>1.6</td><td>46.9</td><td>18.0</td><td>18.2</td><td>6.8</td><td>10.1</td><td></td></tr><tr><td>October</td><td>598.6</td><td>9.6</td><td>281.9</td><td>109.3</td><td>108.8</td><td>36.6</td><td>52.3</td><td></td><td></td><td>100.0</td><td>1.6</td><td>47.1</td><td>18.3</td><td>18.2</td><td>6.1</td><td>8.7</td><td></td></tr><tr><td>November</td><td>806.2</td><td>5.1</td><td>301.2</td><td>125.3</td><td>165.5</td><td>84.5</td><td>124.3</td><td></td><td></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><td></td></tr><tr><td>December</td><td>1,855.3</td><td>6.1</td><td>467.7</td><td>233.4</td><td>457.6</td><td>288.3</td><td>402.3</td><td></td><td></td><td>100.0</td><td>3.5</td><td>25.2</td><td>12.6</td><td>24.7</td><td>15.5</td><td>21.7</td><td></td></tr><tr><td>1945-January</td><td>803.2</td><td>6.0</td><td>296.2</td><td>124.7</td><td>153.5</td><td>77.3</td><td>146.1</td><td></td><td></td><td>100.0</td><td>7</td><td>35.9</td><td>15.5</td><td>19.1</td><td>9.6</td><td>18.2</td><td></td></tr><tr><td>February</td><td>653.2</td><td>4.7</td><td>269.1</td><td>112.0</td><td>118.2</td><td>50.8</td><td>98.3</td><td></td><td></td><td>100.0</td><td>7.1</td><td>41.2</td><td>17.1</td><td>18.1</td><td>7.8</td><td>15.1</td><td></td></tr><tr><td>March</td><td>712.1</td><td>7.7</td><td>301.4</td><td>122.5</td><td>127.5</td><td>54.1</td><td>99.0</td><td></td><td></td><td>100.0</td><td>1.1</td><td>42.5</td><td>17.2</td><td>17.9</td><td>7.6</td><td>13.9</td><td></td></tr><tr><td>April</td><td>684.4</td><td>7.7</td><td>285.3</td><td>115.2</td><td>123.1</td><td>54.0</td><td>99.0</td><td></td><td></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><td></td></tr><tr><td>May</td><td>1,194.7</td><td>7.3</td><td>341.3</td><td>157.7</td><td>286.5</td><td>160.2</td><td>281.6</td><td></td><td></td><td>100.0</td><td>6.6</td><td>28.6</td><td>13.2</td><td>20.6</td><td>13.4</td><td>23.6</td><td></td></tr><tr><td>June</td><td>1,467.7</td><td>8.9</td><td>358.3</td><td>178.8</td><td>317.9</td><td>227.4</td><td>375.4</td><td></td><td></td><td>100.0</td><td>6</td><td>28.1</td><td>12.2</td><td>21.7</td><td>15.5</td><td>25.6</td><td></td></tr><tr><td colspan="16">Series F</td></tr><tr><td>1942 2/</td><td>434.9</td><td>1.3</td><td></td><td>19.6</td><td>27.5</td><td>123.6</td><td>91.7</td><td>171.1</td><td></td><td>100.0</td><td>3</td><td>5</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>4.0</td><td></td><td>24.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>398.3</td><td></td><td>100.0</td><td>5</td><td>5.3</td><td>3.3</td><td>5.4</td><td>27.1</td><td>22.4</td><td>40.7</td></tr><tr><td>1944</td><td>802.2</td><td>5.6</td><td></td><td>24.9</td><td>43.1</td><td>213.1</td><td>162.7</td><td>374.8</td><td></td><td>100.0</td><td>7</td><td>6.6</td><td>3.1</td><td>5.1</td><td>26.6</td><td>20.3</td><td>34.2</td></tr><tr><td>1945</td><td>679.1</td><td>5.4</td><td></td><td>20.0</td><td>32.7</td><td>167.3</td><td>127.5</td><td>326.2</td><td></td><td>100.0</td><td>8</td><td>4.8</td><td>3.0</td><td>4.8</td><td>24.6</td><td>18.8</td><td>48.0</td></tr><tr><td>1944-June</td><td>115.1</td><td>7</td><td></td><td>2.8</td><td>4.9</td><td>28.5</td><td>28.2</td><td>54.1</td><td></td><td>100.0</td><td>6</td><td>3.5</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>8</td><td></td><td>3.0</td><td>5.7</td><td>29.9</td><td>22.3</td><td>39.4</td><td></td><td>100.0</td><td>8</td><td>4</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>2</td><td></td><td>9</td><td>1.3</td><td>5.8</td><td>3.3</td><td>5.9</td><td></td><td>100.0</td><td>1.4</td><td>5.8</td><td>4.8</td><td>7.9</td><td>32.4</td><td>21.0</td><td>32.9</td></tr><tr><td>September</td><td>16.0</td><td>2</td><td></td><td>8</td><td>1.4</td><td>5.3</td><td>3.5</td><td>4.8</td><td></td><td>100.0</td><td>1.2</td><td>4.7</td><td>3.8</td><td>5.8</td><td>33.4</td><td>21.8</td><td>30.1</td></tr><tr><td>October</td><td>13.7</td><td>2</td><td></td><td>7</td><td>1.3</td><td>5.0</td><td>3.2</td><td>3.5</td><td></td><td>100.0</td><td>1.6</td><td>5</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>4</td><td></td><td>1.3</td><td>2.3</td><td>12.7</td><td>9.7</td><td>16.3</td><td></td><td>100.0</td><td>8</td><td>3.1</td><td>5.4</td><td>29.7</td><td>22.8</td><td>38.2</td><td></td></tr><tr><td>December</td><td>124.7</td><td>1.1</td><td></td><td>4.3</td><td>7.5</td><td>39.8</td><td>28.8</td><td>43.1</td><td></td><td>100.0</td><td>9</td><td>3.5</td><td>6.0</td><td>31.9</td><td>23.1</td><td>34.6</td><td></td></tr><tr><td>1945-January</td><td>42.0</td><td>4</td><td></td><td>1.4</td><td>1.9</td><td>9.2</td><td>6.8</td><td>22.4</td><td></td><td>100.0</td><td>9</td><td>3.4</td><td>4.6</td><td>21.8</td><td>16.1</td><td>53.2</td><td></td></tr><tr><td>February</td><td>30.7</td><td>2</td><td></td><td>1.3</td><td>1.3</td><td>6.3</td><td>5.1</td><td>16.9</td><td></td><td>100.0</td><td>7</td><td>2.9</td><td>4.2</td><td>20.5</td><td>16.5</td><td>55.2</td><td></td></tr><tr><td>March</td><td>26.5</td><td>3</td><td></td><td>1.2</td><td>1.2</td><td>6.0</td><td>4.9</td><td>13.2</td><td></td><td>100.0</td><td>1.0</td><td>3.3</td><td>4.5</td><td>22.9</td><td>18.6</td><td>49.7</td><td></td></tr><tr><td>April</td><td>23.1</td><td>2</td><td></td><td>1.1</td><td>1.1</td><td>6.3</td><td>4.4</td><td>10.2</td><td></td><td>100.0</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><td></td></tr><tr><td>May</td><td>62.9</td><td>6</td><td></td><td>2.1</td><td>3.6</td><td>17.4</td><td>13.7</td><td>25.5</td><td></td><td>100.0</td><td>9</td><td>3.4</td><td>5.7</td><td>27.6</td><td>21.8</td><td>40.6</td><td></td></tr><tr><td>June</td><td>178.0</td><td>8</td><td></td><td>2.9</td><td>4.4</td><td>23.6</td><td>21.4</td><td>124.9</td><td></td><td>100.0</td><td>4</td><td>1.6</td><td>2.5</td><td>13.3</td><td>12.0</td><td>70.2</td><td></td></tr><tr><td colspan="16">Series G</td></tr><tr><td>1942</td><td>2,032.1</td><td>50.9</td><td></td><td>113.0</td><td>578.1</td><td>405.2</td><td>883.8</td><td></td><td></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><td></td><td></td></tr><tr><td>1943</td><td>2,759.5</td><td>81.5</td><td></td><td>168.7</td><td>805.7</td><td>528.3</td><td>1,157.3</td><td></td><td></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><td></td><td></td></tr><tr><td>1944</td><td>2,875.6</td><td>108.8</td><td></td><td>249.6</td><td>942.3</td><td>520.7</td><td>1,094.2</td><td></td><td></td><td>100.0</td><td>3.8</td><td>8.7</td><td>32.8</td><td>18.1</td><td>36.3</td><td></td><td></td></tr><tr><td>1945</td><td>2,658.3</td><td>88.5</td><td></td><td>221.9</td><td>844.7</td><td>467.6</td><td>1,035.6</td><td></td><td></td><td>100.0</td><td>3.3</td><td>8.3</td><td>31.8</td><td>17.6</td><td>39.0</td><td></td><td></td></tr><tr><td>1944-June</td><td>377.3</td><td>14.4</td><td></td><td>33.8</td><td>128.4</td><td>70.4</td><td>130.2</td><td></td><td></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><td></td><td></td></tr><tr><td>July</td><td>337.5</td><td>14.6</td><td></td><td>34.4</td><td>123.1</td><td>66.8</td><td>99.5</td><td></td><td></td><td>100.0</td><td>4.3</td><td>10.2</td><td>35.5</td><td>19.7</td><td>29.5</td><td></td><td></td></tr><tr><td>August</td><td>85.3</td><td>3.2</td><td></td><td>8.1</td><td>33.3</td><td>16.7</td><td>22.1</td><td></td><td></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><td></td><td></td></tr><tr><td>September</td><td>85.3</td><td>3.2</td><td></td><td>8.1</td><td>33.3</td><td>16.7</td><td>28.0</td><td></td><td></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><td></td><td></td></tr><tr><td>October</td><td>82.8</td><td>3.2</td><td></td><td>7.7</td><td>31.5</td><td>16.0</td><td>24.4</td><td></td><td></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><td></td><td></td></tr><tr><td>November</td><td>173.9</td><td>6.6</td><td></td><td>16.1</td><td>65.4</td><td>35.3</td><td>50.5</td><td></td><td></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><td></td><td></td></tr><tr><td>December</td><td>405.9</td><td>19.7</td><td></td><td>45.6</td><td>140.8</td><td>85.8</td><td>114.0</td><td></td><td></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><td></td><td></td></tr><tr><td>1945-January</td><td>228.3</td><td>4.8</td><td></td><td>14.3</td><td>61.2</td><td>32.7</td><td>115.4</td><td></td><td></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><td></td><td></td></tr><tr><td>February</td><td>164.1</td><td>3.6</td><td></td><td>9.8</td><td>41.9</td><td>21.6</td><td>85.3</td><td></td><td></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><td></td><td></td></tr><tr><td>March</td><td>150.5</td><td>3.9</td><td></td><td>10.4</td><td>46.9</td><td>26.3</td><td>63.1</td><td></td><td></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><td></td><td></td></tr><tr><td>April</td><td>130.1</td><td>3.8</td><td></td><td>10.2</td><td>44.8</td><td>24.5</td><td>46.8</td><td></td><td></td><td>100.0</td><td>2.9</td><td>7.9</td><td>34.4</td><td>18.8</td><td>35.0</td><td></td><td></td></tr><tr><td>May</td><td>287.4</td><td>9.8</td><td></td><td>25.4</td><td>101.8</td><td>58.3</td><td>91.1</td><td></td><td></td><td>100.0</td><td>3.5</td><td>9.0</td><td>36.1</td><td>19.2</td><td>32.2</td><td></td><td></td></tr><tr><td>June</td><td>532.4</td><td>11.9</td><td></td><td>31.3</td><td>120.0</td><td>69.8</td><td>299.4</td><td></td><td></td><td>100.0</td><td>2.2</td><td>5.9</td><td>22.5</td><td>13.1</td><td>56.3</td><td></td><td></td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Figures by denominations are estimated on the basis of reports received by the Treasury. r Revised. * Less than .05%.
1/ Sale of $10 denomination Series E bonds was authorized in June 1944. This denomination is available only to members of the military and naval forces of the United States.
2/ Sale of $25 denomination Series F bonds was authorized in December 1941.
August 1945
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="8">1945</th></tr><tr><th></th><th>1944</th><th>1945 p</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><th>May</th><th>June</th></tr><tr><td>Alabama</td><td>139,180</td><td>152,122</td><td>14,343</td><td>25,560</td><td>5,053</td><td>6,731</td><td>7,278</td><td>7,513</td><td>25,325</td><td>13,175</td><td>7,935</td><td>8,211</td><td>10,772</td><td>17,239</td><td>17,238</td></tr><tr><td>Arizona</td><td>42,252</td><td>43,923</td><td>4,353</td><td>7,163</td><td>1,412</td><td>1,889</td><td>2,024</td><td>2,346</td><td>7,087</td><td>3,531</td><td>2,500</td><td>2,480</td><td>2,615</td><td>4,374</td><td>5,921</td></tr><tr><td>Arkansas</td><td>74,176</td><td>76,368</td><td>8,947</td><td>10,699</td><td>2,351</td><td>3,100</td><td>4,000</td><td>5,532</td><td>13,270</td><td>5,162</td><td>3,994</td><td>4,121</td><td>4,090</td><td>8,644</td><td>11,416</td></tr><tr><td>California</td><td>970,414</td><td>972,302</td><td>96,211</td><td>161,598</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>55,354</td><td>61,994</td><td>53,636</td><td>78,094</td><td>129,012</td></tr><tr><td>Colorado</td><td>90,226</td><td>82,617</td><td>10,011</td><td>13,620</td><td>2,809</td><td>3,725</td><td>3,033</td><td>5,310</td><td>11,477</td><td>5,758</td><td>3,957</td><td>4,512</td><td>4,873</td><td>9,024</td><td>11,328</td></tr><tr><td>Connecticut</td><td>220,926</td><td>211,928</td><td>23,139</td><td>33,528</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><td>17,046</td><td>24,599</td></tr><tr><td>Delaware</td><td>27,509</td><td>26,663</td><td>3,177</td><td>3,610</td><td>1,362</td><td>1,556</td><td>1,572</td><td>1,153</td><td>4,045</td><td>2,091</td><td>1,944</td><td>1,730</td><td>1,684</td><td>2,455</td><td>3,268</td></tr><tr><td>Dist. of Columbia</td><td>135,069</td><td>139,531</td><td>13,991</td><td>23,267</td><td>4,426</td><td>8,648</td><td>7,706</td><td>7,339</td><td>22,961</td><td>11,495</td><td>6,004</td><td>8,195</td><td>8,153</td><td>12,377</td><td>17,092</td></tr><tr><td>Florida</td><td>142,682</td><td>154,845</td><td>14,392</td><td>24,986</td><td>5,849</td><td>7,877</td><td>8,326</td><td>7,683</td><td>22,799</td><td>16,046</td><td>5,251</td><td>10,346</td><td>9,838</td><td>14,206</td><td>18,039</td></tr><tr><td>Georgia</td><td>145,933</td><td>156,821</td><td>14,232</td><td>24,987</td><td>6,026</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><td>14,566</td><td>19,265</td></tr><tr><td>Idaho</td><td>40,230</td><td>37,439</td><td>5,159</td><td>6,490</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>1,519</td><td>3,442</td><td>5,852</td></tr><tr><td>Illinois</td><td>755,352</td><td>782,247</td><td>70,629</td><td>140,398</td><td>36,009</td><td>45,181</td><td>43,999</td><td>50,668</td><td>118,436</td><td>67,824</td><td>51,074</td><td>51,243</td><td>51,997</td><td>79,152</td><td>106,406</td></tr><tr><td>Indiana</td><td>313,594</td><td>323,206</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>19,237</td><td>20,747</td><td>29,982</td><td>35,632</td></tr><tr><td>Iowa</td><td>261,445</td><td>248,440</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><td>29,885</td><td>40,277</td></tr><tr><td>Kansas</td><td>163,077</td><td>163,285</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><td>18,143</td><td>23,407</td></tr><tr><td>Kentucky</td><td>127,956</td><td>128,288</td><td>12,297</td><td>20,168</td><td>4,302</td><td>5,657</td><td>6,873</td><td>6,397</td><td>17,344</td><td>9,803</td><td>7,081</td><td>9,720</td><td>6,455</td><td>11,215</td><td>17,272</td></tr><tr><td>Louisiana</td><td>141,106</td><td>135,933</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>11,130</td><td>8,085</td><td>8,137</td><td>7,251</td><td>11,240</td><td>19,452</td></tr><tr><td>Maine</td><td>54,994</td><td>51,791</td><td>5,095</td><td>9,791</td><td>1,940</td><td>2,535</td><td>2,660</td><td>2,599</td><td>9,041</td><td>3,956</td><td>2,991</td><td>2,998</td><td>2,608</td><td>3,955</td><td>6,756</td></tr><tr><td>Maryland</td><td>152,566</td><td>156,421</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><td>14,917</td><td>18,138</td></tr><tr><td>Massachusetts</td><td>390,986</td><td>373,016</td><td>38,237</td><td>60,570</td><td>13,802</td><td>21,153</td><td>20,815</td><td>22,006</td><td>53,994</td><td>32,985</td><td>20,936</td><td>23,883</td><td>25,370</td><td>29,352</td><td>46,310</td></tr><tr><td>Michigan</td><td>688,199</td><td>627,872</td><td>74,137</td><td>95,048</td><td>23,516</td><td>44,442</td><td>35,917</td><td>37,911</td><td>97,629</td><td>45,602</td><td>38,420</td><td>37,334</td><td>37,125</td><td>60,054</td><td>71,074</td></tr><tr><td>Mississippi</td><td>249,962</td><td>229,473</td><td>32,193</td><td>37,573</td><td>8,220</td><td>9,471</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><td>22,751</td><td>35,553</td></tr><tr><td>Missouri</td><td>82,588</td><td>86,394</td><td>8,941</td><td>14,815</td><td>1,850</td><td>2,295</td><td>4,066</td><td>4,937</td><td>17,664</td><td>4,542</td><td>3,893</td><td>3,548</td><td>3,959</td><td>14,975</td><td>10,447</td></tr><tr><td>Montana</td><td>283,681</td><td>273,054</td><td>35,145</td><td>38,657</td><td>10,919</td><td>12,636</td><td>14,214</td><td>17,747</td><td>44,244</td><td>19,844</td><td>13,449</td><td>15,776</td><td>14,654</td><td>31,435</td><td>39,278</td></tr><tr><td>Nebraska</td><td>55,230</td><td>52,244</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>8,580</td><td>3,073</td><td>2,124</td><td>2,223</td><td>3,298</td><td>6,360</td><td>7,927</td></tr><tr><td>Nevada</td><td>128,079</td><td>127,113</td><td>16,098</td><td>21,286</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><td>14,395</td><td>20,484</td></tr><tr><td>New Hampshire</td><td>32,722</td><td>31,836</td><td>3,017</td><td>6,529</td><td>1,074</td><td>1,812</td><td>1,559</td><td>1,483</td><td>5,117</td><td>2,827</td><td>1,478</td><td>1,932</td><td>1,955</td><td>2,214</td><td>3,836</td></tr><tr><td>New Jersey</td><td>415,338</td><td>421,416</td><td>44,085</td><td>67,594</td><td>21,046</td><td>22,744</td><td>24,465</td><td>24,567</td><td>61,801</td><td>36,712</td><td>23,703</td><td>27,755</td><td>23,443</td><td>38,109</td><td>49,998</td></tr><tr><td>New Mexico</td><td>27,990</td><td>28,570</td><td>3,387</td><td>4,690</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>1,751</td><td>1,609</td><td>1,088</td><td>3,588</td></tr><tr><td>New York</td><td>1,290,035</td><td>1,365,461</td><td>127,955</td><td>214,362</td><td>58,011</td><td>70,057</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>75,755</td><td>139,383</td><td>161,305</td></tr><tr><td>North Carolina</td><td>149,443</td><td>153,408</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>13,690</td><td>9,009</td><td>9,360</td><td>8,416</td><td>13,011</td><td>19,357</td></tr><tr><td>North Dakota</td><td>58,224</td><td>57,135</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>11,276</td><td>2,642</td><td>1,925</td><td>2,131</td><td>1,970</td><td>5,773</td><td>9,810</td></tr><tr><td>Ohio</td><td>714,177</td><td>709,942</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><td>66,764</td><td>85,748</td></tr><tr><td>Oklahoma</td><td>135,264</td><td>138,827</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>6,810</td><td>12,957</td><td>20,353</td></tr><tr><td>Oregon</td><td>159,752</td><td>157,205</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>7,769</td><td>15,488</td><td>23,286</td></tr><tr><td>Pennsylvania</td><td>857,400</td><td>852,745</td><td>91,438</td><td>126,273</td><td>39,068</td><td>47,688</td><td>49,317</td><td>59,677</td><td>124,210</td><td>63,605</td><td>51,109</td><td>55,339</td><td>54,189</td><td>79,589</td><td>102,456</td></tr><tr><td>Rhode Island</td><td>60,858</td><td>63,079</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>3,581</td><td>4,487</td><td>4,051</td><td>4,992</td><td>8,172</td></tr><tr><td>South Carolina</td><td>76,058</td><td>80,080</td><td>7,932</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><td>6,298</td><td>9,502</td></tr><tr><td>South Dakota</td><td>53,813</td><td>48,594</td><td>7,386</td><td>8,224</td><td>1,182</td><td>1,495</td><td>1,739</td><td>1,052</td><td>10,655</td><td>2,519</td><td>1,640</td><td>1,777</td><td>2,456</td><td>5,755</td><td>8,100</td></tr><tr><td>Tennessee</td><td>147,296</td><td>147,295</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><td>12,530</td><td>20,513</td></tr><tr><td>Texas</td><td>494,995</td><td>476,879</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>34,319</td><td>26,910</td><td>28,045</td><td>26,075</td><td>51,289</td><td>62,828</td></tr><tr><td>Utah</td><td>56,357</td><td>54,374</td><td>6,207</td><td>9,080</td><td>1,590</td><td>2,476</td><td>2,476</td><td>3,105</td><td>9,222</td><td>3,180</td><td>2,735</td><td>2,956</td><td>2,758</td><td>5,571</td><td>9,050</td></tr><tr><td>Vermont</td><td>18,819</td><td>17,901</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>859</td><td>1,008</td><td>1,389</td><td>2,044</td></tr><tr><td>Virginia</td><td>189,563</td><td>203,197</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><td>16,757</td><td>26,040</td></tr><tr><td>Washington</td><td>257,729</td><td>247,058</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>20,165</td><td>14,760</td><td>14,225</td><td>12,450</td><td>20,855</td><td>29,333</td></tr><tr><td>West Virginia</td><td>92,197</td><td>96,302</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><td>8,512</td><td>10,931</td></tr><tr><td>Wisconsin</td><td>248,280</td><td>262,350</td><td>28,704</td><td>44,158</td><td>9,915</td><td>12,970</td><td>13,430</td><td>15,711</td><td>42,282</td><td>19,528</td><td>13,269</td><td>14,295</td><td>15,469</td><td>24,158</td><td>36,765</td></tr><tr><td>Wyoming</td><td>23,769</td><
(Continued on following page)
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States - (Continued)
PART B - SERIES F AND G COMBINED
(In thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="7">1944</th><th colspan="7">1945</th></tr><tr><th></th><th>1944</th><th>1945 p</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><th>May</th><th>June</th></tr><tr><td>Alabama</td><td>30,156</td><td>24,501</td><td>3,851</td><td>4,009</td><td>645</td><td>784</td><td>167</td><td>1,066</td><td>3,156</td><td>3,991</td><td>1,754</td><td>1,328</td><td>1,443</td><td>2,881</td><td>2,673</td></tr><tr><td>Arizona</td><td>9,850</td><td>8,568</td><td>1,497</td><td>1,394</td><td>228</td><td>259</td><td>131</td><td>454</td><td>1,024</td><td>1,181</td><td>378</td><td>319</td><td>286</td><td>1,112</td><td>1,047</td></tr><tr><td>Arkansas</td><td>17,831</td><td>24,651</td><td>2,900</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>694</td><td>695</td><td>633</td><td>2,232</td><td>2,282</td></tr><tr><td>California</td><td>258,108</td><td>218,153</td><td>31,374</td><td>31,840</td><td>7,932</td><td>8,070</td><td>9,365</td><td>13,003</td><td>28,791</td><td>28,858</td><td>11,738</td><td>13,578</td><td>9,691</td><td>23,225</td><td>29,362</td></tr><tr><td>Colorado</td><td>30,678</td><td>24,726</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>1,506</td><td>1,613</td><td>3,381</td></tr><tr><td>Connecticut</td><td>64,437</td><td>55,553</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><td>5,449</td><td>6,921</td></tr><tr><td>Delaware</td><td>10,306</td><td>12,188</td><td>1,205</td><td>1,804</td><td>302</td><td>382</td><td>566</td><td>922</td><td>1,319</td><td>1,678</td><td>528</td><td>962</td><td>684</td><td>1,729</td><td>1,462</td></tr><tr><td>District of Columbia</td><td>29,761</td><td>24,834</td><td>4,276</td><td>1,517</td><td>794</td><td>933</td><td>789</td><td>2,198</td><td>2,002</td><td>3,197</td><td>1,421</td><td>1,409</td><td>1,109</td><td>1,888</td><td>3,377</td></tr><tr><td>Florida</td><td>40,496</td><td>37,718</td><td>5,359</td><td>6,276</td><td>1,680</td><td>1,354</td><td>1,354</td><td>2,262</td><td>3,785</td><td>5,361</td><td>2,288</td><td>1,774</td><td>2,410</td><td>5,276</td><td>3,948</td></tr><tr><td>Georgia</td><td>41,958</td><td>32,396</td><td>5,544</td><td>4,139</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><td>3,712</td><td>4,012</td></tr><tr><td>Idaho</td><td>7,630</td><td>6,556</td><td>1,183</td><td>335</td><td>180</td><td>226</td><td>235</td><td>631</td><td>633</td><td>1,101</td><td>340</td><td>265</td><td>198</td><td>679</td><td>291</td></tr><tr><td>Illinois</td><td>236,291</td><td>235,849</td><td>27,872</td><td>21,645</td><td>9,156</td><td>7,484</td><td>8,221</td><td>15,772</td><td>21,562</td><td>38,671</td><td>15,462</td><td>17,094</td><td>15,186</td><td>26,901</td><td>32,730</td></tr><tr><td>Indiana</td><td>82,311</td><td>75,099</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><td>9,262</td><td>11,518</td></tr><tr><td>Iowa</td><td>106,397</td><td>77,699</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>5,442</td><td>4,859</td><td>10,538</td><td>9,342</td></tr><tr><td>Kansas</td><td>44,903</td><td>42,994</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><td>6,088</td><td>5,338</td></tr><tr><td>Kentucky</td><td>47,442</td><td>38,586</td><td>7,688</td><td>4,166</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>2,894</td><td>4,970</td><td>5,673</td></tr><tr><td>Louisiana</td><td>38,952</td><td>32,271</td><td>5,739</td><td>4,336</td><td>1,286</td><td>1,150</td><td>1,098</td><td>2,341</td><td>3,351</td><td>5,999</td><td>2,148</td><td>1,447</td><td>1,163</td><td>3,910</td><td>3,952</td></tr><tr><td>Maine</td><td>20,591</td><td>19,707</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><td>2,223</td><td>2,440</td></tr><tr><td>Maryland</td><td>52,493</td><td>44,175</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><td>4,811</td><td>6,262</td></tr><tr><td>Massachusetts</td><td>147,625</td><td>139,269</td><td>17,887</td><td>15,469</td><td>3,560</td><td>4,153</td><td>4,468</td><td>8,262</td><td>9,538</td><td>21,034</td><td>14,679</td><td>9,088</td><td>9,205</td><td>15,480</td><td>18,313</td></tr><tr><td>Michigan</td><td>104,768</td><td>93,732</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><td>12,085</td><td>14,163</td></tr><tr><td>Minnesota</td><td>69,836</td><td>58,715</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><td>6,823</td><td>7,750</td></tr><tr><td>Mississippi</td><td>22,296</td><td>16,900</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><td>3,089</td><td>1,659</td></tr><tr><td>Missouri</td><td>91,589</td><td>79,442</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><td>12,490</td><td>10,742</td></tr><tr><td>Montana</td><td>13,550</td><td>11,377</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><td>1,587</td><td>1,590</td></tr><tr><td>Nebraska</td><td>39,339</td><td>35,329</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>2,590</td><td>2,136</td><td>4,004</td><td>5,759</td></tr><tr><td>Nevada</td><td>3,630</td><td>3,202</td><td>411</td><td>696</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>175</td><td>243</td><td>424</td></tr><tr><td>New Hampshire</td><td>14,563</td><td>13,593</td><td>1,768</td><td>1,796</td><td>613</td><td>458</td><td>509</td><td>868</td><td>632</td><td>2,562</td><td>1,610</td><td>1,003</td><td>643</td><td>1,155</td><td>1,744</td></tr><tr><td>New Jersey</td><td>106,839</td><td>91,275</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><td>10,100</td><td>12,462</td></tr><tr><td>New Mexico</td><td>6,503</td><td>4,906</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><td>716</td><td>477</td></tr><tr><td>New York</td><td>472,310</td><td>426,182</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><td>51,957</td><td>53,405</td></tr><tr><td>North Carolina</td><td>42,263</td><td>37,052</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><td>4,605</td><td>4,451</td></tr><tr><td>North Dakota</td><td>14,978</td><td>13,762</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><td>1,330</td><td>1,738</td></tr><tr><td>Ohio</td><td>194,155</td><td>166,210</td><td>22,341</td><td>21,891</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>8,211</td><td>20,120</td><td>21,739</td></tr><tr><td>Oklahoma</td><td>26,042</td><td>22,311</td><td>3,683</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><td>2,067</td><td>2,999</td></tr><tr><td>Oregon</td><td>29,326</td><td>29,598</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>1,361</td><td>2,712</td><td>3,430</td></tr><tr><td>Pennsylvania</td><td>251,120</td><td>222,925</td><td>32,850</td><td>28,482</td><td>7,050</td><td>7,733</td><td>6,591</td><td>16,680</td><td>22,398</td><td>35,131</td><td>12,971</td><td>12,245</td><td>12,528</td><td>29,852</td><td>31,252</td></tr><tr><td>Rhode Island</td><td>20,628</td><td>17,440</td><td>2,318</td><td>2,181</td><td>771</td><td>619</td><td>669</td><td>1,345</td><td>1,418</td><td>2,959</td><td>1,485</td><td>1,276</td><td>913</td><td>1,929</td><td>2,182</td></tr><tr><td>South Carolina</td><td>21,968</td><td>17,422</td><td>3,064</td><td>2,496</td><td>560</td><td>632</td><td>501</td><td>1,570</td><td>690</td><td>3,436</td><td>1,435</td><td>1,095</td><td>970</td><td>2,063</td><td>1,822</td></tr><tr><td>South Dakota</td><td>13,222</td><td>9,947</td><td>2,186</td><td>1,666</td><td>255</td><td>332</td><td>301</td><td>836</td><td>1,250</td><td>1,481</td><td>418</td><td>160</td><td>578</td><td>1,044</td><td>1,408</td></tr><tr><td>Tennessee</td><td>39,186</td><td>32,131</td><td>5,068</td><td>5,283</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>1,654</td><td>3,540</td><td>4,284</td></tr><tr><td>Texas</td><td>117,517</td><td>86,632</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>3,856</td><td>11,268</td><td>12,849</td></tr><tr><td>Utah</td><td>8,393</td><td>6,505</td><td>1,231</td><td>655</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>223</td><td>1,199</td><td>825</td></tr><tr><td>Vermont</td><td>8,026</td><td>7,600</td><td>1,029</td><td>1,072</td><td>241</td><td>231</td><td>361</td><td>426</td><td>674</td><td>1,526</td><td>555</td><td>421</td><td>316</td><td>802</td><td>954</td></tr><tr><td>Virginia</td><td>51,399</td><td>42,701</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><td>4,941</td><td>4,728</td></tr><tr><td>Washington</td><td>56,253</td><td>46,955</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>2,129</td><td>5,247</td><td>6,409</td></tr><tr><td>West Virginia</td><td>19,552</td><td>15,213</td><td>2,790</td><td>2,061</td><td>405</td><td>658</td><td>694</td><td>1,145</td><td>1,418</td><td>2,401</td><td>1,405</td><td>695</td><td>649</td><td>1,739</td><td>1,911</td></tr><tr><td>Wisconsin</td><td>93,192</td><td>87,726</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>4,599</td><td>5,169</td><td>9,788</td><td>13,615</td></tr><tr><td>Wyoming</td><td>6,032</td><td>5,380</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><td>426</td><td>866</td></tr><tr><td>Alaska</td><td>1,316</td><td>2,209</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><td>69</td><td>91</td></tr><tr><td>Canal Zone</td><td>1,825</td><td>1,038</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><td>124</td><td>116</td></tr><tr><td>Hawaii</td><td>10,522</td><td>9,800</td><td>673</td><td>1,565</td><td>259</td><
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: p Preliminary. Reports of gross sales. Less than $500.
August 1945
41
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 value)
<table><tr><th>State</th><th colspan="3">1944</th><th colspan="6">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><th>May 2/</th><th>June 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><td>5,303</td><td>5,017</td></tr><tr><td>Arizona</td><td>1,757</td><td>1,947</td><td>1,141</td><td>1,615</td><td>1,597</td><td>1,836</td><td>1,643</td><td>1,691</td><td>1,581</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><td>2,654</td><td>2,555</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><td>35,329</td><td>34,671</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><td>3,033</td><td>2,783</td></tr><tr><td>Connecticut</td><td>6,198</td><td>5,149</td><td>5,048</td><td>4,718</td><td>4,687</td><td>6,587</td><td>5,880</td><td>6,063</td><td>6,183</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><td>829</td><td>784</td></tr><tr><td>District of Columbia</td><td>3,918</td><td>3,386</td><td>4,329</td><td>3,639</td><td>3,525</td><td>5,004</td><td>3,815</td><td>4,300</td><td>4,331</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><td>6,289</td><td>5,518</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><td>5,406</td><td>4,807</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><td>974</td><td>907</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><td>28,481</td><td>29,427</td></tr><tr><td>Indiana</td><td>16,618</td><td>13,391</td><td>11,164</td><td>10,756</td><td>10,252</td><td>14,031</td><td>13,091</td><td>12,555</td><td>12,712</td></tr><tr><td>Iowa</td><td>7,366</td><td>5,217</td><td>5,124</td><td>4,397</td><td>6,241</td><td>8,088</td><td>5,843</td><td>5,866</td><td>6,038</td></tr><tr><td>Kansas</td><td>3,755</td><td>3,485</td><td>3,067</td><td>3,325</td><td>2,598</td><td>4,597</td><td>4,746</td><td>4,492</td><td>4,184</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><td>4,783</td><td>4,446</td></tr><tr><td>Louisiana</td><td>4,136</td><td>4,019</td><td>4,166</td><td>4,136</td><td>4,094</td><td>5,183</td><td>4,762</td><td>4,999</td><td>4,707</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><td>1,660</td><td>1,509</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><td>5,059</td><td>4,958</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><td>11,938</td><td>11,504</td></tr><tr><td>Michigan</td><td>25,410</td><td>29,132</td><td>23,640</td><td>24,541</td><td>21,397</td><td>27,373</td><td>29,417</td><td>25,748</td><td>28,377</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>8,357</td><td>7,808</td><td>7,218</td><td>7,411</td></tr><tr><td>Mississippi</td><td>1,734</td><td>1,705</td><td>1,971</td><td>1,825</td><td>1,740</td><td>2,331</td><td>2,335</td><td>2,218</td><td>2,028</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><td>11,434</td><td>10,774</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><td>1,145</td><td>1,178</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><td>3,132</td><td>2,897</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><td>547</td><td>522</td></tr><tr><td>New Hampshire</td><td>811</td><td>903</td><td>893</td><td>737</td><td>601</td><td>538</td><td>959</td><td>980</td><td>927</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>11,834</td><td>12,859</td><td>12,909</td><td>13,973</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><td>891</td><td>898</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>36,195</td><td>34,763</td><td>36,918</td><td>34,785</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>5,491</td><td>4,650</td><td>4,790</td><td>4,845</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><td>969</td><td>936</td></tr><tr><td>Ohio</td><td>28,694</td><td>26,016</td><td>22,492</td><td>19,915</td><td>21,049</td><td>29,922</td><td>26,529</td><td>26,391</td><td>26,357</td></tr><tr><td>Oklahoma</td><td>4,405</td><td>4,194</td><td>3,840</td><td>3,962</td><td>3,768</td><td>5,092</td><td>4,177</td><td>4,574</td><td>4,574</td></tr><tr><td>Oregon</td><td>5,243</td><td>5,244</td><td>4,590</td><td>4,908</td><td>4,826</td><td>6,247</td><td>5,697</td><td>5,535</td><td>5,305</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><td>30,889</td><td>30,023</td></tr><tr><td>Rhode Island</td><td>2,937</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><td>2,216</td><td>2,156</td></tr><tr><td>South Carolina</td><td>2,720</td><td>2,117</td><td>2,312</td><td>2,037</td><td>1,951</td><td>2,800</td><td>2,328</td><td>2,422</td><td>2,439</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><td>935</td><td>884</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>5,341</td><td>5,323</td><td>5,344</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><td>16,142</td><td>15,289</td></tr><tr><td>Utah</td><td>1,571</td><td>1,541</td><td>1,465</td><td>1,433</td><td>1,339</td><td>1,776</td><td>1,539</td><td>1,559</td><td>1,507</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><td>462</td><td>396</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><td>6,603</td><td>6,481</td></tr><tr><td>Washington</td><td>7,737</td><td>7,314</td><td>6,383</td><td>7,108</td><td>6,831</td><td>8,790</td><td>7,570</td><td>7,579</td><td>7,347</td></tr><tr><td>West Virginia</td><td>3,558</td><td>3,506</td><td>2,925</td><td>2,778</td><td>2,359</td><td>3,571</td><td>3,559</td><td>3,487</td><td>3,469</td></tr><tr><td>Wisconsin</td><td>9,104</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><td>7,170</td><td>7,699</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><td>602</td><td>591</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><td>230</td><td>253</td></tr><tr><td> Canal Zone</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Hawaii</td><td>422</td><td>2,010</td><td>1,584</td><td>2,120</td><td>1,453</td><td>1,826</td><td>1,809</td><td>1,376</td><td>1,161</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><td>246</td><td>237</td></tr><tr><td>Virgin Islands</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>Other possessions</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>Unallocated</td><td>63</td><td>45</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>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><td>+13,896</td><td>-7,008</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><td>398,172</td><td>372,478</td></tr></table>
current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. 2/ Includes Series A bonds which have matured and which have been retired.
(1) Total redemptions: Daily Treasury Statements; (2) Redemptions by States: Reports from Federal Reserve Banks. It should be noted that State figures presented in this table are not necessarily comparable with sales date 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
42
Treasury Bulletin
Participation in Payroll Savings Plans for United States Savings Bonds
<table><tr><th rowspan="2"></th><th colspan="2">Fiscal year</th><th colspan="10">1944</th><th colspan="5">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>Total number of persons participating 2/ as of end of period indicated (in millions)</td><td>26.8</td><td>27.6</td><td>27.3</td><td>27.2</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>25.1</td><td>25.0p</td><td>25.1p</td></tr><tr><td>Total amount deducted (in millions of dollars)</td><td>4,067</td><td>5,546</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>455</td><td>505p</td><td>485p</td></tr><tr><td>Percent of participants' pay deducted</td><td>8.3%</td><td>9.6%</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>10.3%p</td><td>10.1%p</td></tr></table>
p Preliminary.
1/ Estimate based on reports from a large number of participating organizations.
2/ Consists of participants in (1) private employment, (2) Federal, State, and local government employment (including their agencies), and (3) the armed forces.
Sales and Redemptions of Treasury Savings Notes
Table 1.- Summary of Sales and Redemptions, by Series
(Par 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">All series</td></tr><tr><td>1943</td><td>7,495.4</td><td>+4,480.9</td><td>8,758.5</td><td>4,277.6</td><td>4,094.4</td><td>114.9</td><td>68.3</td></tr><tr><td>1944</td><td>9,582.0</td><td>+2,086.5</td><td>8,953.7</td><td>6,867.2</td><td>6,369.1</td><td>502.1</td><td>......</td></tr><tr><td>1945</td><td>10,141.5</td><td>+559.5</td><td>7,015.8</td><td>6,456.3</td><td>5,906.1</td><td>550.2</td><td>......</td></tr><tr><td>1944-June</td><td>9,582.0</td><td>+494.4</td><td>1,922.3</td><td>1,427.9</td><td>1,354.0</td><td>73.9</td><td>......</td></tr><tr><td>July</td><td>10,022.5</td><td>+440.5</td><td>665.5</td><td>225.0</td><td>187.8</td><td>37.2</td><td>......</td></tr><tr><td>August</td><td>10,050.8</td><td>+28.4</td><td>201.4</td><td>173.1</td><td>143.6</td><td>23.4</td><td>......</td></tr><tr><td>September</td><td>9,140.3</td><td>-910.5</td><td>281.7</td><td>1,192.2</td><td>1,168.6</td><td>23.6</td><td>......</td></tr><tr><td>October</td><td>9,090.6</td><td>+49.7</td><td>180.7</td><td>230.4</td><td>200.6</td><td>29.8</td><td>......</td></tr><tr><td>November</td><td>10,005.2</td><td>+914.6</td><td>1,081.7</td><td>167.1</td><td>124.8</td><td>42.3</td><td>......</td></tr><tr><td>December</td><td>9,855.0</td><td>-150.2</td><td>1,283.8</td><td>1,434.0</td><td>1,270.7</td><td>163.3</td><td>......</td></tr><tr><td>1945-January</td><td>9,875.3</td><td>+20.4</td><td>257.7</td><td>237.3</td><td>183.7</td><td>53.7</td><td>......</td></tr><tr><td>February</td><td>9,937.1</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><tr><td>May</td><td>10,037.2</td><td>+920.9</td><td>1,096.8</td><td>175.8</td><td>124.4</td><td>51.4</td><td>......</td></tr><tr><td>June</td><td>10,141.5</td><td>+104.3</td><td>1,113.5</td><td>1,009.2</td><td>954.0</td><td>55.2</td><td>......</td></tr><tr><td colspan="8">Series A 3/</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>1945</td><td>69.6</td><td>-42.5</td><td>......</td><td>42.5</td><td>36.6</td><td>5.9</td><td>......</td></tr><tr><td>1944-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>-7.8</td><td>......</td><td>7.8</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>-7.8</td><td>......</td><td>7.8</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>86.2</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><tr><td>May</td><td>76.0</td><td>-1.0</td><td>......</td><td>1.0</td><td>.5</td><td>.5</td><td>......</td></tr><tr><td>June</td><td>69.6</td><td>-6.4</td><td>......</td><td>6.4</td><td>5.6</td><td>.8</td><td>......</td></tr></table>
(Continued on following page)
August 1945
43
Sales and Redemptions of Treasury Savings Notes 1/ - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Far 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 1/</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>1945</td><td>4.4</td><td>-17.8</td><td>....</td><td>17.8</td><td>16.2</td><td>1.6</td><td>....</td></tr><tr><td>1944-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>May</td><td>5.1</td><td>-1</td><td>....</td><td>.1</td><td>.1</td><td>.1</td><td>....</td></tr><tr><td>June</td><td>4.4</td><td>-8</td><td>....</td><td>.8</td><td>.7</td><td>.1</td><td>....</td></tr><tr><td colspan="8">Series C 5/</td></tr><tr><td>1944</td><td>9,447.7</td><td>+2,983.8</td><td>8,951.7</td><td>5,969.9</td><td>5,507.9</td><td>462.0</td><td>....</td></tr><tr><td>1945</td><td>10,067.5</td><td>+619.8</td><td>7,015.8</td><td>6,396.1</td><td>5,853.3</td><td>542.7</td><td>....</td></tr><tr><td>1944-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>+40.4</td><td>201.4</td><td>171.0</td><td>148.1</td><td>22.9</td><td>....</td></tr><tr><td>September</td><td>9,023.8</td><td>-899.6</td><td>281.7</td><td>1,181.3</td><td>1,158.4</td><td>22.9</td><td>....</td></tr><tr><td>October</td><td>8,976.4</td><td>-47.3</td><td>180.7</td><td>228.0</td><td>198.7</td><td>29.3</td><td>....</td></tr><tr><td>November</td><td>9,892.0</td><td>+915.6</td><td>1,081.7</td><td>166.0</td><td>124.2</td><td>41.9</td><td>....</td></tr><tr><td>December</td><td>9,747.9</td><td>-144.1</td><td>1,283.8</td><td>1,427.9</td><td>1,265.2</td><td>162.7</td><td>....</td></tr><tr><td>1945-January</td><td>9,776.4</td><td>+28.5</td><td>257.7</td><td>229.1</td><td>176.6</td><td>52.6</td><td>....</td></tr><tr><td>February</td><td>9,880.9</td><td>+64.6</td><td>212.4</td><td>147.8</td><td>121.7</td><td>26.1</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><tr><td>May</td><td>9,956.0</td><td>+922.1</td><td>1,096.8</td><td>174.6</td><td>123.8</td><td>50.9</td><td>....</td></tr><tr><td>June</td><td>10,067.5</td><td>+111.5</td><td>1,111.5</td><td>1,002.0</td><td>947.6</td><td>94.4</td><td>....</td></tr></table>
Source: Daily Treasury Statements.
Less than $50,000.
These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax saving notes. Series A notes were designed for the small and moderate taxpayer, Series B and Series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for Series A tax 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 was discontinued in 1934 and the available Cash reserves as well as for the accumulation of tax reserves, was continued and the notes were designated Treasury savings notes.
2/ Includes matured Treasury savings notes.
3/ Series A notes, which were sold from August 1, 1941 through June 22, 1943, yield approximately 1.92% per annum. Through June 22, 1943, the notes could be redeemed for cash only at the original purchase price; since that date, the notes have been redeemed for cash at
the tax payment value current at the time of presentation. (See also footnotes 1.) Prior to October 4, 1943, the maximum amount which could be used in payment of each class of tax (income, estate, or gift) by each taxpayer during each taxable year was limited to $5,000 per value; this limitation was removed as of that date.
Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately 0.48% per annum. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash only at the original purchase price.
2) 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 foot-note 1.
44
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total all denominations</th><th colspan="8">Sales in millions of dollars at per Denomination</th><th colspan="8">Percentage distribution of sales</th></tr><tr><th>$100 2/</th><th>$500 2/</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th>Total all denominations</th><th>$100 2/</th><th>$500 2/</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th></tr><tr><td>1944</td><td>5,951.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.9</td><td>1,259.3</td><td>1,808.0</td><td>100.0</td><td>.1</td><td>.3</td><td>4.4</td><td>5.7</td><td>20.7</td><td>34.5</td><td>14.1</td><td>20.2</td></tr><tr><td>1945</td><td>7,054.9</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,488.0</td><td>2,318.5</td><td>827.2</td><td>1,597.5</td><td>100.0</td><td>.2</td><td>.5</td><td>3.8</td><td>5.9</td><td>21.2</td><td>33.9</td><td>11.8</td><td>22.8</td></tr><tr><td>1944-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>58.6</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>28.0</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>Sep.</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>187.7</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>17.2</td></tr><tr><td>Nov.</td><td>1,081.7</td><td>1.1</td><td>3.2</td><td>33.5</td><td>56.2</td><td>215.3</td><td>385.1</td><td>123.3</td><td>261.9</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>24.1</td></tr><tr><td>Dec.</td><td>1,233.8</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>237.1</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>31.1</td><td>10.4</td><td>29.8</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><tr><td>May</td><td>1,295.8</td><td>2.2</td><td>4.4</td><td>38.4</td><td>59.2</td><td>230.3</td><td>387.2</td><td>126.1</td><td>299.0</td><td>100.0</td><td>.2</td><td>.4</td><td>3.5</td><td>5.4</td><td>21.0</td><td>35.3</td><td>11.5</td><td>22.7</td></tr><tr><td>June</td><td>1,111.3</td><td>2.2</td><td>5.6</td><td>42.3</td><td>71.3</td><td>249.4</td><td>371.9</td><td>121.4</td><td>249.4</td><td>100.0</td><td>.2</td><td>.5</td><td>3.8</td><td>6.4</td><td>22.4</td><td>33.4</td><td>10.9</td><td>22.4</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by denominations: sales reported to the Treasury. 1/ Information on sales, by denominations, 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>1944-1945</td><td>8,953.7<br>7,015.8</td><td>654.9<br>434.7</td><td>8,298.7<br>6,581.3</td><td>100.0<br>100.0</td><td>7.3<br>6.2</td><td>92.7<br>93.8</td></tr><tr><td>1944-June</td><td>1,922.3</td><td>126.9</td><td>1,795.4</td><td>100.0</td><td>6.6</td><td>93.4</td></tr><tr><td>July</td><td>665.5</td><td>50.6</td><td>614.9</td><td>100.0</td><td>7.6</td><td>92.4</td></tr><tr><td>August</td><td>201.4</td><td>8.9</td><td>192.5</td><td>100.0</td><td>4.4</td><td>95.6</td></tr><tr><td>September</td><td>281.7</td><td>15.8</td><td>265.9</td><td>100.0</td><td>5.6</td><td>94.4</td></tr><tr><td>October</td><td>180.7</td><td>9.8</td><td>170.9</td><td>100.0</td><td>5.4</td><td>94.6</td></tr><tr><td>November</td><td>1,081.7</td><td>53.5</td><td>1,028.2</td><td>100.0</td><td>4.9</td><td>95.1</td></tr><tr><td>December</td><td>1,283.8</td><td>77.1</td><td>1,206.7</td><td>100.0</td><td>6.0</td><td>94.0</td></tr><tr><td>1945-January</td><td>257.7</td><td>18.8</td><td>238.9</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><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><tr><td>May</td><td>1,096.8</td><td>65.8</td><td>1,031.0</td><td>100.0</td><td>6.0</td><td>94.0</td></tr><tr><td>June</td><td>1,113.5</td><td>62.4</td><td>1,051.1</td><td>100.0</td><td>5.6</td><td>94.4</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by type of purchaser: sales reported to the Treasury. 1/ Information on sales, by type of purchaser, of Series A and B tax savings notes may be found in the "Treasury Bulletin" for July 1943, page 47.
August 1945
45
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Pecial 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>1942 July 1941-Aug. 1941-June 1942</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,948 1/74,166</td><td>18,468 1/70,480 1/</td><td>100.0</td><td>87.4 1/82.6</td><td>12.8 1/17.2</td></tr><tr><td>1943 July 1942-Aug. 1942-June 1943</td><td>213,760 196,518 177,598</td><td>+45,620 5/6/ -16,832 -18,920</td><td>590,258 6/ 408,930 268,411</td><td>544,617 425,762 287,331</td><td>352,632 231,593</td><td>73,130 55,738</td><td>100.0 100.0 100.0</td><td>80.6 82.5</td><td>19.4</td></tr><tr><td>1944-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>32,585</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>27,936</td><td>8,116</td><td>100.0</td><td>77.5</td><td>22.5</td></tr><tr><td>September</td><td>168,253</td><td>+628</td><td>18,898</td><td>18,070</td><td>14,175</td><td>3,896</td><td>100.0</td><td>78.4</td><td>21.6</td></tr><tr><td>October</td><td>175,199</td><td>+6,945</td><td>24,679</td><td>17,734</td><td>13,816</td><td>3,917</td><td>100.0</td><td>77.9</td><td>22.1</td></tr><tr><td>November</td><td>180,587</td><td>+5,388</td><td>23,946</td><td>18,558</td><td>14,929</td><td>3,628</td><td>100.0</td><td>80.4</td><td>19.6</td></tr><tr><td>December</td><td>181,529</td><td>+942</td><td>21,163</td><td>20,221</td><td>16,618</td><td>3,602</td><td>100.0</td><td>82.2</td><td>17.8</td></tr><tr><td>1945-January</td><td>182,692</td><td>+1,104</td><td>21,088</td><td>19,924</td><td>16,221</td><td>3,603</td><td>100.0</td><td>81.9</td><td>18.1</td></tr><tr><td>February</td><td>185,710</td><td>+4,018</td><td>20,731</td><td>18,714</td><td>13,421</td><td>5,293</td><td>100.0</td><td>80.3</td><td>19.7</td></tr><tr><td>March</td><td>189,409</td><td>+2,599</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>25,114</td><td>20,079</td><td>5,335</td><td>100.0</td><td>79.0</td><td>21.0</td></tr><tr><td>May</td><td>186,297</td><td>-2,446</td><td>26,132</td><td>28,578</td><td>23,634</td><td>4,944</td><td>100.0</td><td>82.7</td><td>17.3</td></tr><tr><td>June</td><td>177,598</td><td>-8,699</td><td>19,069</td><td>27,767</td><td>22,910</td><td>4,857</td><td>100.0</td><td>82.5</td><td>17.5</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior to the Post Office Department's Act of June 12, 1941.
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/ Reimbursed on the basis of samples conducted by the Post Office Department.
3/ Details not available for May, June, and July 1941.
4/ Includes minor amounts which were exchanged for postal savings certificates. The Post Office Department disbursed $850 thousands for the period August 1, 1941 through June 30, 1942 and $55 thousands for the period July 1, 1942 through October 31, 1942.
5/ Net of sales less redemptions. See footnote 1.
6/ Does not include amounts transferred from Postal Saving 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 thousand 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>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>126,321</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>4.5</td></tr><tr><td>1944</td><td>408,530</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,652</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>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,992</td><td>32,583</td><td>10,882</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>1944-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>3,500</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>2,553</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>2,785</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>10,692</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>21,068</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><tr><td>May</td><td>26,132</td><td>7,236</td><td>12,975</td><td>1,953</td><td>2,981</td><td>987</td><td>100.0</td><td>27.7</td><td>49.6</td><td>7.5</td><td>11.4</td><td>3.8</td></tr><tr><td>June</td><td>19,069</td><td>3,691</td><td>9,832</td><td>1,665</td><td>2,720</td><td>961</td><td>100.0</td><td>20.4</td><td>51.6</td><td>8.7</td><td>14.3</td><td>5.0</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements commencing November 1, 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Office Department data.
Treasury Bulletin
46
OWNERSHIP OF GOVERNMENT SECURITIES
August 1945
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Distribution by classes of holders</th><th colspan="6">Distribution by classes of holders</th></tr><tr><th>Total amount outstanding</th><th colspan="2">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th>Total amount unmarketed out-standing</th><th colspan="2">U. S. Government agencies and trust funds and Federal Reserve banks</th><th colspan="2">Private investors 2/</th></tr><tr><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public non-marketable issues</th></tr><tr><td>1936.........</td><td>32,989</td><td>1,959</td><td>1,132</td><td>*</td><td>626</td><td>2,430</td><td>28,501</td><td>27,340</td><td>1,261</td><td>4,718</td><td>377</td><td>4,341</td><td>-</td></tr><tr><td>1937.........</td><td>35,400</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>4,302</td><td>-</td></tr><tr><td>1938.........</td><td>36,576</td><td>4,466</td><td>1,731</td><td>*</td><td>2,676</td><td>2,504</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>4,528</td><td>-</td></tr><tr><td>1939.........</td><td>39,886</td><td>5,505</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>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>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>4,954</td><td>6,360</td><td>275</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>55,481</td><td>13,507</td><td>4,549</td><td>287</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>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>1,186</td><td>150</td></tr><tr><td>1945.........</td><td>256,357</td><td>24,746p</td><td>5,917p</td><td>17p</td><td>18,812</td><td>21,792</td><td>209,818p</td><td>153,609p</td><td>56,209p</td><td>409</td><td>6p</td><td>28p</td><td>375</td></tr><tr><td>1944-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>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>172,519</td><td>125,392</td><td>47,227</td><td>1,468</td><td>4</td><td>1,187</td><td>277</td></tr><tr><td>Aug.........</td><td>206,289</td><td>20,019</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>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>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>17,045</td><td>170,179</td><td>122,759</td><td>47,420</td><td>1,480</td><td>4</td><td>1,189</td><td>287</td></tr><tr><td>Nov.........</td><td>210,774</td><td>21,185</td><td>4,532</td><td>10</td><td>16,561</td><td>18,385</td><td>171,204</td><td>122,805</td><td>48,398</td><td>1,470</td><td>4</td><td>1,189</td><td>277</td></tr><tr><td>Dec.........</td><td>228,691</td><td>21,672</td><td>5,337</td><td>10</td><td>16,326</td><td>18,644</td><td>188,375</td><td>137,468</td><td>50,907</td><td>1,470</td><td>4</td><td>1,190</td><td>275</td></tr><tr><td>1945-Jan.....</td><td>230,672</td><td>21,955</td><td>5,285</td><td>11</td><td>16,663</td><td>19,004</td><td>169,713</td><td>138,002</td><td>51,712</td><td>1,496</td><td>6</td><td>1,191</td><td>300</td></tr><tr><td>Feb.........</td><td>231,854</td><td>22,191</td><td>5,295</td><td>16</td><td>17,130</td><td>19,319</td><td>190,024</td><td>137,695</td><td>52,329</td><td>1,114</td><td>6</td><td>781</td><td>134</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>781</td><td>132</td></tr><tr><td>Apr.........</td><td>233,053</td><td>23,180</td><td>5,280</td><td>16</td><td>17,923</td><td>20,455</td><td>189,428</td><td>136,984</td><td>52,444</td><td>1,132</td><td>6</td><td>782</td><td>343</td></tr><tr><td>May.........</td><td>235,761</td><td>23,804</td><td>5,195</td><td>16</td><td>18,592</td><td>20,954</td><td>191,004</td><td>136,903</td><td>54,501</td><td>1,151</td><td>6</td><td>783</td><td>362</td></tr><tr><td>June.........</td><td>256,357</td><td>24,746p</td><td>5,917p</td><td>17p</td><td>18,812</td><td>21,792</td><td>209,818p</td><td>153,609p</td><td>56,209p</td><td>409</td><td>6p</td><td>28p</td><td>375</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.
1/ Excludes matured securities, and obligations held by the Treasury. 2/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
48
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.2</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-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>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>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>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-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>18.9</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</td><td>70.5</td><td>16.7</td><td>122.1</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>77.7</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.7</td><td>4.2</td><td>21.7</td></tr><tr><td>1945-January</td><td>232.2</td><td>97.7</td><td>78.7</td><td>19.0</td><td>134.5</td><td>52.8</td><td>19.9</td><td>8.6</td><td>27.0</td><td>4.3</td><td>22.0</td></tr><tr><td>February</td><td>233.0</td><td>97.8</td><td>78.3</td><td>19.4</td><td>135.2</td><td>53.2</td><td>20.1</td><td>8.7</td><td>26.6</td><td>4.3</td><td>22.4</td></tr><tr><td>March</td><td>233.1</td><td>97.3</td><td>77.6</td><td>19.7</td><td>135.9</td><td>53.7</td><td>20.4</td><td>8.7</td><td>26.0</td><td>4.3</td><td>22.9</td></tr><tr><td>April</td><td>234.2</td><td>98.0</td><td>77.5</td><td>20.5</td><td>136.2</td><td>53.8</td><td>20.5</td><td>8.7</td><td>25.8</td><td>4.3</td><td>23.2</td></tr></table>
Back Figures: For monthly data for the period January 1943 through March 1948, see "Treasury Bulletin" for June 1945, page 47. 
r 
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
4/ Includes securities held in trust departments. Includes partnerships, personal trust accounts, and unincorporated business.
5/ Includes dealers and brokers and investments of foreign balances in this country.
6/ Includes their agencies and their trust, sinking, and investment funds, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1937</td><td>14.4</td><td>5.7</td><td>119.6</td><td>11.9</td><td>3.9</td><td>24.4</td><td>4.8</td><td>12.5</td><td>8.9</td><td>3.7</td><td>2.0</td><td>-15.4</td></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-12</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-15.2</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>-109.1</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>-34.4</td><td>-56.4</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Less than $50,000.
1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilisation Fund.
August 1945
49
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, May 31, 1945
Section I - Securities Issued or Guaranteed by the United States Government
The tables in Section I present summary data as of May 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">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>7,405 commercial banks 2/</th><th>34 stock savings banks</th><th>541 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>163,441</td><td>71,534</td><td>362</td><td>8,497</td><td>19,325</td><td>16,896</td><td>2,430</td><td>26,156</td><td>37,567</td></tr><tr><td>Non-marketable securities</td><td>54,879</td><td>1,229</td><td>8</td><td>195</td><td>276</td><td>102</td><td>174</td><td>16</td><td>53,155</td></tr><tr><td>Total public securities</td><td>218,320</td><td>72,763</td><td>371</td><td>8,692</td><td>19,602</td><td>16,998</td><td>2,604</td><td>26,171</td><td>90,721</td></tr><tr><td>Special issues</td><td>18,592</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>18,592</td><td>.....</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 3/</td><td>236,912</td><td>72,763</td><td>371</td><td>8,692</td><td>19,602</td><td>16,998</td><td>2,604</td><td>44,763</td><td>90,721</td></tr></table>
1/ Securities held in trust departments are included. 
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 heading for 
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 account outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">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>7,405 commercial banks 2/</th><th>3% stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>653 fire, casualty and marine insurance companies</th></tr></table>
Fair values - in millions of dollars
<table><tr><th>Types of security:</th><th colspan="8">Securities issued by United States</th></tr><tr><td>Treasury bills</td><td>17,049</td><td>2,241</td><td>1</td><td>17</td><td>86</td><td>80</td><td>6</td><td>12,938</td><td>1,706</td></tr><tr><td>Certificates of indebtedness</td><td>34,442</td><td>17,172</td><td>30</td><td>324</td><td>884</td><td>608</td><td>276</td><td>5,973</td><td>9,989</td></tr><tr><td>Treasury notes</td><td>18,588</td><td>12,545</td><td>43</td><td>327</td><td>692</td><td>509</td><td>186</td><td>1,070</td><td>3,912</td></tr><tr><td>Treasury bonds</td><td>92,377</td><td>38,988</td><td>287</td><td>7,753</td><td>17,646</td><td>15,691</td><td>1,956</td><td>6,074</td><td>21,628</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>15</td><td>*</td><td>1</td><td>1</td><td>*</td><td>1</td><td>35</td><td>144</td></tr><tr><td>Guaranteed by United States</td><td>789</td><td>574</td><td>1</td><td>4</td><td>16</td><td>11</td><td>5</td><td>6</td><td>187</td></tr><tr><td>Total</td><td>163,441</td><td>71,534</td><td>362</td><td>8,497</td><td>19,325</td><td>16,896</td><td>2,430</td><td>26,156</td><td>37,567</td></tr><tr><th>Call classes:</th><th colspan="8">Due or First becoming callable</th></tr><tr><td>Within 1 year</td><td>59,861</td><td>24,645</td><td>36</td><td>472</td><td>1,300</td><td>943</td><td>357</td><td>19,758</td><td>13,650</td></tr><tr><td>1 to 5 years</td><td>31,746</td><td>21,471</td><td>66</td><td>913</td><td>1,822</td><td>1,285</td><td>538</td><td>1,543</td><td>5,930</td></tr><tr><td>5 to 10 years</td><td>39,150</td><td>21,542</td><td>127</td><td>3,386</td><td>3,941</td><td>3,026</td><td>914</td><td>1,209</td><td>8,946</td></tr><tr><td>10 to 15 years</td><td>7,172</td><td>1,749</td><td>55</td><td>1,484</td><td>1,641</td><td>1,370</td><td>271</td><td>350</td><td>1,893</td></tr><tr><td>15 to 20 years</td><td>13,281</td><td>971</td><td>57</td><td>1,937</td><td>8,456</td><td>8,151</td><td>306</td><td>2,344</td><td>5,516</td></tr><tr><td>Over 20 years</td><td>6,197</td><td>1,146</td><td>21</td><td>302</td><td>2,153</td><td>2,110</td><td>44</td><td>945</td><td>1,869</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>34</td><td>10</td><td>*</td><td>2</td><td>11</td><td>11</td><td>1</td><td>6</td><td>4</td></tr><tr><td>Total</td><td>163,441</td><td>71,534</td><td>362</td><td>8,497</td><td>19,325</td><td>16,896</td><td>2,430</td><td>26,156</td><td>37,567</td></tr><tr><th>Tax-exemption provisions: 5/</th><th colspan="8"></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>196</td><td>15</td><td>*</td><td>1</td><td>1</td><td>*</td><td>1</td><td>35</td><td>140</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>22,935</td><td>13,988</td><td>105</td><td>280</td><td>1,723</td><td>807</td><td>916</td><td>2,207</td><td>4,631</td></tr><tr><td>Subject to Federal income taxes</td><td>140,310</td><td>57,531</td><td>257</td><td>8,215</td><td>17,602</td><td>16,083</td><td>1,513</td><td>23,913</td><td>32,792</td></tr><tr><td>Total</td><td>163,441</td><td>71,534</td><td>362</td><td>8,497</td><td>19,325</td><td>16,896</td><td>2,430</td><td>26,156</td><td>37,567</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, May 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">Sold by all other investors 2/</th></tr><tr><th>7,405 commercial banks 2/</th><th>th stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>10.4</td><td>3.1</td><td>-</td><td>.2</td><td>.4</td><td>.5</td><td>.2</td><td>49.7</td><td>4.5</td></tr><tr><td>Certificates of indebtedness.</td><td>21.1</td><td>25.0</td><td>8.2</td><td>4.6</td><td>4.6</td><td>3.6</td><td>11.4</td><td>22.8</td><td>26.6</td></tr><tr><td>Treasury notes.</td><td>11.4</td><td>17.5</td><td>11.9</td><td>3.9</td><td>3.6</td><td>3.0</td><td>7.7</td><td>4.1</td><td>10.8</td></tr><tr><td>Treasury bonds.</td><td>56.5</td><td>54.5</td><td>79.3</td><td>91.2</td><td>91.3</td><td>92.9</td><td>80.5</td><td>23.2</td><td>37.0</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</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>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year.</td><td>36.6</td><td>34.5</td><td>9.8</td><td>5.6</td><td>6.7</td><td>5.6</td><td>14.7</td><td>75.5</td><td>36.3</td></tr><tr><td>1 to 5 years.</td><td>19.4</td><td>30.0</td><td>18.3</td><td>10.7</td><td>9.4</td><td>7.6</td><td>22.1</td><td>5.9</td><td>15.8</td></tr><tr><td>5 to 10 years.</td><td>24.0</td><td>30.1</td><td>35.1</td><td>33.9</td><td>20.4</td><td>17.9</td><td>37.6</td><td>4.6</td><td>23.8</td></tr><tr><td>10 to 15 years.</td><td>4.4</td><td>2.4</td><td>15.2</td><td>17.5</td><td>8.5</td><td>6.1</td><td>11.1</td><td>1.3</td><td>5.0</td></tr><tr><td>15 to 20 years.</td><td>11.8</td><td>1.4</td><td>15.8</td><td>22.8</td><td>43.8</td><td>48.2</td><td>12.6</td><td>9.0</td><td>14.7</td></tr><tr><td>Over 20 years.</td><td>3.8</td><td>1.6</td><td>5.8</td><td>3.6</td><td>11.1</td><td>12.5</td><td>1.8</td><td>3.6</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>Tax-exemption provisions: 5/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes.</td><td>.1</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.1</td><td>.</td></tr><tr><td>Partially exempt from Federal income taxes.</td><td>14.0</td><td>13.5</td><td>29.1</td><td>3.3</td><td>6.9</td><td>4.8</td><td>37.7</td><td>8.4</td><td>12.3</td></tr><tr><td>Subject to Federal income taxes.</td><td>85.8</td><td>80.4</td><td>70.9</td><td>96.7</td><td>93.1</td><td>95.2</td><td>62.3</td><td>91.4</td><td>87.5</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></table>
Percentage distribution by groups of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>13.1</td><td>*</td><td>.1</td><td>.1</td><td>.5</td><td>.5</td><td>76.2</td><td>10.0</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>43.9</td><td>.1</td><td>1.1</td><td>2.6</td><td>1.8</td><td>.8</td><td>17.3</td><td>29.0</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>67.5</td><td>.2</td><td>1.8</td><td>3.7</td><td>2.7</td><td>1.0</td><td>5.8</td><td>21.6</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>42.2</td><td>.3</td><td>8.4</td><td>19.1</td><td>17.0</td><td>2.1</td><td>6.6</td><td>23.4</td></tr><tr><td>Postal service and other bonds</td><td>100.0</td><td>7.4</td><td>*</td><td>.4</td><td>.4</td><td>.1</td><td>.1</td><td>18.0</td><td>13.7</td></tr><tr><td>Guaranteed by United States b/</td><td>100.0</td><td>72.8</td><td>.1</td><td>.5</td><td>2.1</td><td>1.4</td><td>.5</td><td>.8</td><td>23.6</td></tr><tr><td>Total</td><td>100.0</td><td>43.8</td><td>.2</td><td>5.2</td><td>11.8</td><td>10.3</td><td>1.5</td><td>16.0</td><td>23.0</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>41.2</td><td>.1</td><td>.8</td><td>2.2</td><td>1.6</td><td>.6</td><td>33.0</td><td>22.8</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>67.6</td><td>.2</td><td>2.9</td><td>5.7</td><td>4.0</td><td>1.7</td><td>4.9</td><td>18.7</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>55.0</td><td>.3</td><td>8.6</td><td>10.1</td><td>7.7</td><td>2.3</td><td>1.1</td><td>22.8</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>24.4</td><td>.8</td><td>20.7</td><td>22.9</td><td>15.1</td><td>3.8</td><td>4.9</td><td>26.4</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>5.0</td><td>.3</td><td>10.0</td><td>43.9</td><td>42.3</td><td>1.6</td><td>12.2</td><td>28.6</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>18.5</td><td>.3</td><td>4.9</td><td>34.7</td><td>34.0</td><td>.7</td><td>15.2</td><td>26.3</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>30.3</td><td>.1</td><td>6.3</td><td>33.6</td><td>31.8</td><td>1.7</td><td>17.8</td><td>12.0</td></tr><tr><td>Total</td><td>100.0</td><td>43.8</td><td>.2</td><td>5.2</td><td>11.8</td><td>10.3</td><td>1.5</td><td>16.0</td><td>23.0</td></tr><tr><td>Tax-exemption provisions: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>7.4</td><td>*</td><td>.4</td><td>.4</td><td>.1</td><td>.3</td><td>18.0</td><td>73.7</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>61.0</td><td>.5</td><td>1.2</td><td>7.5</td><td>3.5</td><td>4.0</td><td>9.6</td><td>20.2</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>41.0</td><td>.2</td><td>5.9</td><td>12.5</td><td>11.5</td><td>1.1</td><td>17.0</td><td>23.4</td></tr><tr><td>Total</td><td>100.0</td><td>43.8</td><td>.2</td><td>5.2</td><td>11.8</td><td>10.3</td><td>1.5</td><td>16.0</td><td>23.0</td></tr></table>
(Continued on following page)
August 1945
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, May 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="4">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>7,105 commercial banks 2/</th><th>314 stock savings banks</th><th>511 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><th></th></tr><tr><td>Treasury bills....................(taxable)</td><td>17,049</td><td>2,241</td><td>1</td><td>17</td><td>85</td><td>80</td><td>6</td><td>12,998</td><td>1,706</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% June 1945.............(taxable)</td><td>4,770</td><td>1,994</td><td>1</td><td>47</td><td>141</td><td>96</td><td>45</td><td>638</td><td>1,949</td></tr><tr><td>7/8% August 1945...........(taxable)</td><td>2,511</td><td>1,475</td><td>3</td><td>39</td><td>48</td><td>34</td><td>13</td><td>643</td><td>303</td></tr><tr><td>7/8% September 1945........(taxable)</td><td>3,694</td><td>1,653</td><td>4</td><td>52</td><td>231</td><td>197</td><td>34</td><td>762</td><td>982</td></tr><tr><td>7/8% October 1945...........(taxable)</td><td>3,492</td><td>2,117</td><td>2</td><td>15</td><td>133</td><td>125</td><td>8</td><td>787</td><td>437</td></tr><tr><td>7/8% December 1945...........(taxable)</td><td>4,355</td><td>2,597</td><td>1</td><td>30</td><td>175</td><td>74</td><td>101</td><td>551</td><td>3,578</td></tr><tr><td>7/8% February 1946...........(taxable)</td><td>5,043</td><td>2,805</td><td>5</td><td>62</td><td>96</td><td>24</td><td>32</td><td>936</td><td>1,179</td></tr><tr><td>7/8% March 1946.............(taxable)</td><td>4,147</td><td>2,637</td><td>4</td><td>55</td><td>64</td><td>36</td><td>28</td><td>657</td><td>730</td></tr><tr><td>7/8% April 1946.............(taxable)</td><td>4,611</td><td>2,858</td><td>7</td><td>88</td><td>30</td><td>19</td><td>11</td><td>1,141</td><td>686</td></tr><tr><td>7/8% May 1946..............(taxable)</td><td>1,573</td><td>1,066</td><td>2</td><td>5</td><td>5</td><td>2</td><td>3</td><td>355</td><td>145</td></tr><tr><td>Total certificates of indebtedness</td><td>34,442</td><td>17,172</td><td>30</td><td>394</td><td>884</td><td>608</td><td>276</td><td>5,973</td><td>9,989</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% December 1945...........(taxable)</td><td>531</td><td>362</td><td>1</td><td>6</td><td>13</td><td>2</td><td>11</td><td>32</td><td>116</td></tr><tr><td>30% January 1946............(taxable)</td><td>3,416</td><td>2,436</td><td>1</td><td>9</td><td>98</td><td>90</td><td>6</td><td>371</td><td>503</td></tr><tr><td>1% March 1946..............(taxable)</td><td>1,291</td><td>961</td><td>1</td><td>11</td><td>50</td><td>38</td><td>12</td><td>75</td><td>192</td></tr><tr><td>1-1/2% December 1946........(taxable)</td><td>3,261</td><td>2,369</td><td>8</td><td>63</td><td>102</td><td>78</td><td>24</td><td>287</td><td>431</td></tr><tr><td>1-1/4% March 1947...........(taxable)</td><td>1,948</td><td>866</td><td>13</td><td>53</td><td>278</td><td>242</td><td>36</td><td>1</td><td>737</td></tr><tr><td>1-1/4% September 1947........(taxable)</td><td>1,687</td><td>547</td><td>9</td><td>74</td><td>72</td><td>35</td><td>36</td><td>1</td><td>984</td></tr><tr><td>1-1/2% September 1947........(taxable)</td><td>2,707</td><td>2,125</td><td>5</td><td>47</td><td>39</td><td>9</td><td>30</td><td>*</td><td>491</td></tr><tr><td>1-1/2% September 1948........(taxable)</td><td>3,748</td><td>2,879</td><td>4</td><td>64</td><td>61</td><td>10</td><td>31</td><td>302</td><td>457</td></tr><tr><td>Total Treasury notes</td><td>18,588</td><td>12,585</td><td>47</td><td>327</td><td>692</td><td>505</td><td>186</td><td>1,070</td><td>3,912</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-3/4% September 1945-47....(partially)</td><td>1,214</td><td>509</td><td>*</td><td>22</td><td>74</td><td>58</td><td>15</td><td>179</td><td>432</td></tr><tr><td>2-1/2% December 1945........(partially)</td><td>541</td><td>233</td><td>*</td><td>3</td><td>17</td><td>1</td><td>16</td><td>18</td><td>271</td></tr><tr><td>3-3/4% March 1946-56........(partially)</td><td>889</td><td>155</td><td>*</td><td>8</td><td>75</td><td>65</td><td>10</td><td>77</td><td>174</td></tr><tr><td>3% June 1946-48............(partially)</td><td>1,036</td><td>434</td><td>1</td><td>14</td><td>118</td><td>94</td><td>24</td><td>207</td><td>262</td></tr><tr><td>3-1/8% June 1946-49........(partially)</td><td>819</td><td>357</td><td>*</td><td>11</td><td>70</td><td>56</td><td>14</td><td>87</td><td>292</td></tr><tr><td>4-1/4% October 1947-52......(partially)</td><td>759</td><td>291</td><td>*</td><td>15</td><td>50</td><td>22</td><td>28</td><td>81</td><td>321</td></tr><tr><td>2% December 1947-50........(partially)</td><td>701</td><td>578</td><td>*</td><td>2</td><td>30</td><td>1</td><td>29</td><td>*</td><td>90</td></tr><tr><td>2% March 1948-50...........(partially)</td><td>1,115</td><td>752</td><td>1</td><td>86</td><td>81</td><td>67</td><td>13</td><td>46</td><td>150</td></tr><tr><td>2-3/4% March 1948-51........(partially)</td><td>1,223</td><td>849</td><td>2</td><td>14</td><td>50</td><td>7</td><td>43</td><td>160</td><td>150</td></tr><tr><td>1-3/4% June 1948...........(taxable)</td><td>3,062</td><td>2,310</td><td>1</td><td>118</td><td>117</td><td>79</td><td>37</td><td>27</td><td>489</td></tr><tr><td>2-1/2% September 1948........(partially)</td><td>451</td><td>372</td><td>*</td><td>2</td><td>13</td><td>1</td><td>13</td><td>*</td><td>64</td></tr><tr><td>2% December 1948-50........(partially)</td><td>571</td><td>451</td><td>2</td><td>1</td><td>11</td><td>2</td><td>15</td><td>44</td><td>57</td></tr><tr><td>2% June 1949-51............(taxable)</td><td>1,014</td><td>733</td><td>*</td><td>72</td><td>118</td><td>106</td><td>12</td><td>12</td><td>78</td></tr><tr><td>2% September 1949-51........(taxable)</td><td>1,292</td><td>977</td><td>1</td><td>66</td><td>124</td><td>97</td><td>27</td><td>7</td><td>118</td></tr><tr><td>2% December 1949-51........(taxable)</td><td>2,098</td><td>1,455</td><td>4</td><td>87</td><td>205</td><td>180</td><td>25</td><td>7</td><td>340</td></tr><tr><td>3-1/8% December 1949-52.....(partially)</td><td>491</td><td>344</td><td>1</td><td>14</td><td>41</td><td>19</td><td>23</td><td>40</td><td>52</td></tr><tr><td>2-1/2% December 1949-52.....(partially)</td><td>1,785</td><td>1,270</td><td>9</td><td>11</td><td>58</td><td>6</td><td>52</td><td>227</td><td>212</td></tr><tr><td>2% March 1950-52...........(taxable)</td><td>1,963</td><td>1,512</td><td>5</td><td>98</td><td>198</td><td>173</td><td>25</td><td>7</td><td>141</td></tr><tr><td>2% September 1950-52........(taxable)</td><td>4,939</td><td>3,035</td><td>8</td><td>323</td><td>475</td><td>398</td><td>77</td><td>71</td><td>1,027</td></tr><tr><td>2-1/2% September 1950-52.....(partially)</td><td>1,185</td><td>947</td><td>2</td><td>29</td><td>53</td><td>3</td><td>51</td><td>112</td><td>45</td></tr><tr><td>2-3/4% June 1951-54........(partially)</td><td>1,627</td><td>1,156</td><td>6</td><td>22</td><td>103</td><td>38</td><td>65</td><td>163</td><td>174</td></tr></table>
(Continued on following page)
52
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, May 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 - DI
TRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 1/</th></tr><tr><th></th><th></th><th>7.405 commercial banks 2/</th><th>3u stock savings banks</th><th>5u1 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>4,701</td><td>22</td><td>684</td><td>820</td><td>685</td><td>135</td><td>127</td><td>1,633</td></tr><tr><td>3 September 1951-55.....(partially)</td><td>755</td><td>329</td><td>*</td><td>12</td><td>82</td><td>48</td><td>34</td><td>77</td><td>255</td></tr><tr><td>24 December 1951-55.....(taxable)</td><td>510</td><td>369</td><td>2</td><td>14</td><td>31</td><td>25</td><td>6</td><td>16</td><td>78</td></tr><tr><td>2-1/4 2 December 1951-53.....(partially)</td><td>1,118</td><td>876</td><td>2</td><td>2</td><td>35</td><td>1</td><td>33</td><td>108</td><td>95</td></tr><tr><td>2-1/2 2 March 1952-54.....(taxable)</td><td>1,024</td><td>358</td><td>*</td><td>319</td><td>19</td><td>57</td><td>22</td><td>67</td><td>200</td></tr><tr><td>24 June 1952-54.....(taxable)</td><td>5,825</td><td>3,261</td><td>19</td><td>527</td><td>630</td><td>546</td><td>85</td><td>14</td><td>1,374</td></tr><tr><td>24 December 1952-54.....(taxable)</td><td>8,662</td><td>3,462</td><td>21</td><td>1,143</td><td>1,140</td><td>948</td><td>132</td><td>15</td><td>2,876</td></tr><tr><td>2-1/4 2 June 1952-55.....(taxable)</td><td>1,501</td><td>738</td><td>2</td><td>274</td><td>201</td><td>176</td><td>25</td><td>75</td><td>211</td></tr><tr><td>24 June 1953-55.....(partially)</td><td>725</td><td>629</td><td>1</td><td>2</td><td>35</td><td>6</td><td>29</td><td>14</td><td>43</td></tr><tr><td>2-1/4 2 June 1954-56.....(partially)</td><td>681</td><td>508</td><td>2</td><td>2</td><td>52</td><td>16</td><td>37</td><td>35</td><td>81</td></tr><tr><td>2-7/8 2 March 1955-60.....(partially)</td><td>2,511</td><td>1,173</td><td>32</td><td>32</td><td>202</td><td>81</td><td>121</td><td>316</td><td>856</td></tr><tr><td>2-1/2 2 March 1956-58.....(taxable)</td><td>1,449</td><td>1,344</td><td>9</td><td>214</td><td>473</td><td>496</td><td>17</td><td>51</td><td>266</td></tr><tr><td>2-1/4 2 September 1956-59.....(taxable)</td><td>3,823</td><td>258</td><td>18</td><td>1,226</td><td>852</td><td>746</td><td>105</td><td>131</td><td>1,337</td></tr><tr><td>2-3/4 2 September 1956-59.....(partially)</td><td>982</td><td>543</td><td>16</td><td>30</td><td>126</td><td>54</td><td>12</td><td>113</td><td>154</td></tr><tr><td>2-3/4 2 June 1958-63.....(partially)</td><td>919</td><td>515</td><td>12</td><td>14</td><td>190</td><td>114</td><td>76</td><td>55</td><td>134</td></tr><tr><td>2-3/4 2 December 1960-65.....(partially)</td><td>1,485</td><td>905</td><td>14</td><td>15</td><td>223</td><td>112</td><td>110</td><td>94</td><td>234</td></tr><tr><td>2-1/2 2 June 1962-67.....(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>357</td><td>1,132</td><td>1,093</td><td>33</td><td>207</td><td>418</td></tr><tr><td>2-1/2 2 December 1963-68.....(taxable)</td><td>2,831</td><td>-</td><td>3</td><td>492</td><td>1,378</td><td>1,346</td><td>32</td><td>265</td><td>693</td></tr><tr><td>2-1/2 2 June 1964-69.....(taxable)</td><td>3,761</td><td>-</td><td>11</td><td>585</td><td>1,631</td><td>1,588</td><td>13</td><td>409</td><td>1,125</td></tr><tr><td>2-1/2 2 December 1964-69.....(taxable)</td><td>3,638</td><td>-</td><td>13</td><td>359</td><td>1,610</td><td>1,572</td><td>19</td><td>303</td><td>1,354</td></tr><tr><td>2-1/2 2 March 1965-70.....(taxable)</td><td>5,197</td><td>65</td><td>12</td><td>129</td><td>2,482</td><td>2,441</td><td>42</td><td>867</td><td>1,642</td></tr><tr><td>2-1/2 2 March 1966-71.....(taxable)</td><td>3,481</td><td>65</td><td>8</td><td>106</td><td>1,590</td><td>1,575</td><td>15</td><td>667</td><td>1,046</td></tr><tr><td>2-1/2 2 September 1967-72.....(taxable)</td><td>2,716</td><td>1,081</td><td>13</td><td>197</td><td>563</td><td>535</td><td>28</td><td>278</td><td>584</td></tr><tr><td>Total Treasury bonds</td><td>92,377</td><td>38,988</td><td>287</td><td>7,753</td><td>17,565</td><td>15,671</td><td>1,956</td><td>6,074</td><td>21,628</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>12</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>35</td><td>68</td></tr><tr><td>Panama Canal bonds.....(wholly)</td><td>50</td><td>*</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>15</td><td>*</td><td>1</td><td>1</td><td>*</td><td>1</td><td>35</td><td>144</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>Federal Housing Administration debentures.....(partially)</td><td>10</td><td>10</td><td>*</td><td>2</td><td>11</td><td>11</td><td>1</td><td>6</td><td>4</td></tr><tr><td>Home Owners' Loan Corporation 1-1/2 2 June 1945-47.....(partially)</td><td>755</td><td>564</td><td>1</td><td>2</td><td>5</td><td>1</td><td>5</td><td>-</td><td>183</td></tr><tr><td>Total guaranteed securities</td><td>789</td><td>574</td><td>1</td><td>4</td><td>16</td><td>11</td><td>5</td><td>6</td><td>187</td></tr><tr><td>Total public marketable securities</td><td>163,441</td><td>71,534</td><td>362</td><td>8,497</td><td>19,325</td><td>16,896</td><td>2,430</td><td>26,156</td><td>37,567</td></tr></table>
Back Figures: The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1940 appeared in the February 1945 issue, pages 52-57; 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 52-53.
* Less than $500,000 or less than .05%.
1. Securities held in trust departments are excluded.
2. Includes trust companies.
3. This column includes securities held by those banks and insurance
companies which are not covered in the Treasury Survey. See head-note to this section. 5/ Guaranteed securities held by the Treasury are not included. Federal securities are all 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.
August 1945
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, May 31, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Per values 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Held by investors covered in Treasury Survey</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 5/</th></tr><tr><th></th><th></th><th>7.405 commercial banks 1/</th><th>34 stock savings banks</th><th>541 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>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.................... 5/</td><td>3,597</td><td>188</td><td>1</td><td>5</td><td>11</td><td>3</td><td>8</td><td>4</td><td>3,392</td></tr><tr><td>Series E.................... (taxable)</td><td>27,948</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>27,948</td></tr><tr><td>Series F.................... (taxable)</td><td>2,433</td><td>114</td><td>1</td><td>7</td><td>33</td><td>14</td><td>20</td><td>1</td><td>2,277</td></tr><tr><td>Series G.................... (taxable)</td><td>9,788</td><td>259</td><td>5</td><td>183</td><td>214</td><td>80</td><td>134</td><td>9</td><td>9,113</td></tr><tr><td>Total United States savings bonds</td><td>43,761</td><td>561</td><td>6</td><td>195</td><td>258</td><td>97</td><td>161</td><td>11</td><td>42,736</td></tr><tr><td>Treasury tax and savings notes............ (taxable)</td><td>10,031</td><td>64</td><td>2</td><td>6</td><td>18</td><td>4</td><td>14</td><td>5</td><td>9,941</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>Depository bonds.................... (taxable)</td><td>503</td><td>459</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td></tr><tr><td>Guaranteed securities 7/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations.................... (taxable)</td><td>362</td><td>146</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>216</td></tr><tr><td>Total public non-marketable securities</td><td>54,879</td><td>1,229</td><td>8</td><td>195</td><td>276</td><td>102</td><td>174</td><td>16</td><td>53,155</td></tr></table>
1 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 income of Federal income taxes on income derived therefrom.
"Usually" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of prin-
capital amount owned by any one holder is also exempt from the surtax rate. "Taxable" securities are subject to both normal and surtax rates. Securities held in trust departments are excluded. This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See heading to this section. Series A-B savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable. Guaranteed securities held by the Treasury are not included.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(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="4">Banks 3/</th><th colspan="2">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>7,405 commercial banks 6/</th><th>314 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>553 fire, casualty, and marine insurance companies</th></tr><tr><td>Federal land bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/ July 1945-55......(wholly)</td><td>230</td><td>41</td><td>*</td><td>*</td><td>2</td><td>2</td><td>*</td><td>-</td><td>185</td></tr><tr><td>3/ January 1945-56......(wholly)</td><td>171</td><td>21</td><td>*</td><td>*</td><td>1</td><td>1</td><td>1</td><td>-</td><td>149</td></tr><tr><td>5/ May 1946-56......(wholly)</td><td>170</td><td>20</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>-</td><td>119</td></tr><tr><td>2-1/4/ February 1953-55......(taxable)</td><td>114</td><td>12</td><td>*</td><td>2</td><td>3</td><td>1</td><td>2</td><td>-</td><td>35</td></tr><tr><td>Total Federal land bank bonds</td><td>685</td><td>155</td><td>*</td><td>2</td><td>7</td><td>4</td><td>3</td><td>-</td><td>520</td></tr></table>
1/ Securities formed by the Federal home loan banks and by the Federal intermediate credit banks are not included in the Treasury Survey.
2/ The income from "wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates; the income from "taxable" securities is subject to the imposition
3/ of both the normal and surtax Federal income tax rates. Securities held in trust departments are excluded. 4/ Includes trust companies. 5/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
54
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
August 1945
Over-the-Counter Closing Quotation on Public Marketable Securities Issued by the United States Government and by Federal Agencies - June 30, 1945
Table I. - Securities Issued or Guaranteed by the United States Government U PART I - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in price from May 31, 1945</th><th>Yield to call at May 31, 1946</th><th>Change in yield from maturity</th><th>Date of issue</th><th colspan="2">Price range since quoted 3/ (Price decimals are thirty-seconds)</th><th colspan="2">1945 price range 3/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="12">Treasury bonds</td></tr><tr><td>$1,115</td><td>24</td><td>1/15/48-50</td><td>102.09</td><td>102.10</td><td>102.10</td><td>+.02</td><td>1.131/2</td><td>-.051/2</td><td>1.45</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>101.22</td><td>2/25/41</td><td>102.15</td><td>2/26</td><td>101.28</td><td>1/6</td></tr><tr><td>3,062</td><td>24</td><td>6/15/48-51</td><td>101.24</td><td>101.25</td><td>101.24</td><td>+.04</td><td>1.15</td><td>-.05</td><td>1.15</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>24</td><td>6/15/48-51</td><td>102.30</td><td>102.31</td><td>102.31</td><td>+.11</td><td>1.23</td><td>-.10</td><td>1.48</td><td>1/15/42</td><td>103.00</td><td>5/1/45</td><td>100.06</td><td>8/5/42</td><td>103.00</td><td>5/3</td><td>101.25</td><td>1/4</td></tr><tr><td>1,295</td><td>24</td><td>7/15/48-51</td><td>101.00</td><td>101.01</td><td>101.00</td><td>+.05</td><td>1.27</td><td>-.08</td><td>1.58</td><td>5/15/42</td><td>103.02</td><td>5/2/45</td><td>100.04</td><td>10/5/42</td><td>103.02</td><td>5/2</td><td>101.24</td><td>1/4</td></tr><tr><td>2,098</td><td>24</td><td>12/15/49-51</td><td>103.02</td><td>103.03</td><td>103.02</td><td>+.10</td><td>1.29</td><td>-.08</td><td>1.50</td><td>7/15/42</td><td>103.03</td><td>5/1/45</td><td>100.03</td><td>8/5/42</td><td>103.03</td><td>5/1</td><td>101.30</td><td>1/2</td></tr><tr><td>1,963</td><td>24</td><td>3/15/50-52</td><td>103.02</td><td>103.03</td><td>103.02</td><td>+.09</td><td>1.33</td><td>-.07</td><td>1.52</td><td>10/19/42</td><td>103.04</td><td>5/1/45</td><td>100.01</td><td>11/2/42</td><td>103.04</td><td>5/1</td><td>101.16</td><td>1/2</td></tr><tr><td>4,399</td><td>24</td><td>9/15/50-52</td><td>103.06</td><td>103.07</td><td>103.07</td><td>+.11</td><td>1.36</td><td>-.07</td><td>1.53</td><td>1/15/43</td><td>103.07</td><td>5/30/45</td><td>100.08</td><td>5/3/43</td><td>103.07</td><td>6/30</td><td>101.08</td><td>1/2</td></tr><tr><td>7,985</td><td>24</td><td>9/15/51-53</td><td>103.06</td><td>103.07</td><td>103.07</td><td>+.12</td><td>1.46</td><td>-.06</td><td>1.58</td><td>5/15/43</td><td>103.07</td><td>5/30/45</td><td>100.03</td><td>11/8/43</td><td>103.07</td><td>6/30</td><td>100.26</td><td>1/4</td></tr><tr><td>510</td><td>24</td><td>12/15/51-55</td><td>103.07</td><td>103.09</td><td>103.08</td><td>+.12</td><td>1.17</td><td>-.07</td><td>1.66</td><td>12/15/44</td><td>103.08</td><td>6/30/45</td><td>100.01</td><td>12/5/44</td><td>103.08</td><td>6/30</td><td>100.25</td><td>1/9</td></tr><tr><td>1,024</td><td>24</td><td>3/15/52-54</td><td>106.07</td><td>106.09</td><td>106.08</td><td>+.13</td><td>1.52</td><td>-.07</td><td>1.72</td><td>3/31/44</td><td>106.16</td><td>8/2/44</td><td>101.04</td><td>3/30/44</td><td>106.08</td><td>6/30</td><td>104.00</td><td>1/9</td></tr><tr><td>5,825</td><td>24</td><td>6/15/52-54</td><td>103.08</td><td>103.09</td><td>103.08</td><td>+.13</td><td>1.51</td><td>-.06</td><td>1.61</td><td>6/26/44</td><td>103.08</td><td>6/30/45</td><td>100.08</td><td>7/30/44</td><td>103.08</td><td>6/30</td><td>100.16</td><td>1/1</td></tr><tr><td>1,501</td><td>24</td><td>6/15/52-55</td><td>104.22</td><td>104.24</td><td>104.23</td><td>+.11</td><td>1.51</td><td>-.07</td><td>1.73</td><td>2/25/44</td><td>104.23</td><td>6/30/45</td><td>100.16</td><td>3/18/44</td><td>104.23</td><td>6/30</td><td>102.04</td><td>1/2</td></tr><tr><td>8,562</td><td>24</td><td>12/15/52-54</td><td>103.08</td><td>103.09</td><td>103.08</td><td>+.12</td><td>1.54</td><td>-.05</td><td>1.63</td><td>12/1/44</td><td>103.08</td><td>6/30/45</td><td>100.09</td><td>12/19/44</td><td>103.08</td><td>6/30</td><td>100.12</td><td>1/2</td></tr><tr><td>1,449</td><td>24</td><td>3/15/55-56</td><td>107.08</td><td>107.10</td><td>107.09</td><td>+.17</td><td>1.75</td><td>-.06</td><td>1.85</td><td>6/2/44</td><td>107.09</td><td>6/30/45</td><td>101.30</td><td>12/26/44</td><td>107.09</td><td>6/30</td><td>103.23</td><td>1/2</td></tr><tr><td>3,823</td><td>24</td><td>9/15/56-59</td><td>103.27</td><td>103.29</td><td>103.28</td><td>+.15</td><td>1.87</td><td>-.04</td><td>1.94</td><td>2/1/44</td><td>103.28</td><td>6/30/45</td><td>100.01</td><td>2/29/44</td><td>103.28</td><td>6/30</td><td>100.26</td><td>1/2</td></tr><tr><td>2,118</td><td>24</td><td>6/15/56-57</td><td>103.07</td><td>103.09</td><td>103.08</td><td>+.19</td><td>2.27</td><td>-.04</td><td>2.31</td><td>5/5/42</td><td>103.08</td><td>6/30/45</td><td>100.00</td><td>8/17/42</td><td>103.08</td><td>6/30</td><td>100.28</td><td>1/2</td></tr><tr><td>2,631</td><td>24</td><td>12/15/56-58</td><td>102.17</td><td>102.19</td><td>102.18</td><td>+.23</td><td>2.33</td><td>-.05</td><td>2.36</td><td>12/1/42</td><td>102.18</td><td>6/30/45</td><td>100.00</td><td>2/17/42</td><td>102.18</td><td>6/30</td><td>100.18</td><td>1/2</td></tr><tr><td>3,761</td><td>24</td><td>6/15/56-59</td><td>102.02</td><td>102.04</td><td>102.03</td><td>+.19</td><td>2.35</td><td>-.04</td><td>2.38</td><td>1/15/43</td><td>102.05</td><td>2/26/45</td><td>100.00</td><td>3/2/43</td><td>102.05</td><td>2/26</td><td>100.15</td><td>1/2</td></tr><tr><td>3,838</td><td>24</td><td>12/15/56-59</td><td>101.29</td><td>101.31</td><td>101.30</td><td>+.18</td><td>2.38</td><td>-.03</td><td>2.39</td><td>9/15/43</td><td>102.04</td><td>2/26/45</td><td>100.00</td><td>3/2/43</td><td>102.04</td><td>2/26</td><td>100.15</td><td>1/2</td></tr><tr><td>5,197</td><td>24</td><td>3/15/56-71</td><td>101.23</td><td>101.24</td><td>101.24</td><td>+.19</td><td>2.39</td><td>-.06</td><td>2.41</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>24</td><td>3/15/56-71</td><td>101.21</td><td>101.23</td><td>101.22</td><td>+.20</td><td>2.40</td><td>-.03</td><td>2.41</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>24</td><td>9/15/57-72</td><td>105.21</td><td>105.23</td><td>105.22</td><td>+1.18</td><td>2.18</td><td>-.08</td><td>2.22</td><td>10/20/44</td><td>105.24</td><td>6/18/45</td><td>100.01</td><td>1/2/44</td><td>105.24</td><td>6/18</td><td>100.23</td><td>1/2</td></tr><tr><td colspan="12">Treasury notes</td></tr><tr><td>531</td><td>3/4</td><td>12/15/45</td><td>99.31</td><td>100.00</td><td>100.00</td><td>.00</td><td>.75</td><td>.00</td><td>.75</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>6/30</td></tr><tr><td>3,416</td><td>10</td><td>1/15/45</td><td>.79</td><td>.77</td><td>.78</td><td>-.014</td><td>.82</td><td>-.06</td><td>.82</td><td>12/1/44</td><td>.72</td><td>1/4/45</td><td>.858</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>14</td><td>4/15/46</td><td>100.03</td><td>100.04</td><td>100.04</td><td>-.01</td><td>.82</td><td>-.06</td><td>.82</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>4/4</td><td>100.03</td><td>6/2</td></tr><tr><td>4,909</td><td>904</td><td>7/15/46</td><td>.84</td><td>.826</td><td>.838</td><td>-.016</td><td></td><td>-.03</td><td>.98</td><td>6/1/45</td><td>.834</td><td>6/30/45</td><td>.868</td><td>6/15/45</td><td>.834</td><td>6/30</td><td>.854</td><td>6/15</td></tr><tr><td>3,261</td><td>1/24</td><td>12/15/46</td><td>100.23</td><td>100.24</td><td>100.24</td><td>.00</td><td>.98</td><td>-.03</td><td>.98</td><td>6/5/45</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>100.23</td><td>6/14</td></tr><tr><td>1,348</td><td>1/14</td><td>3/15/47</td><td>100.12</td><td>100.13</td><td>100.12</td><td>.00</td><td>1.03</td><td>-.01</td><td>1.03</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>1/24</td><td>9/15/47</td><td>100.28</td><td>100.29</td><td>100.28</td><td>-.02</td><td>1.10</td><td>+.02</td><td>1.10</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>1,637</td><td>1/14</td><td>12/15/47</td><td>100.12</td><td>100.13</td><td>100.12</td><td>-.00</td><td>1.08</td><td>-.00</td><td>1.08</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>3,746</td><td>1/24</td><td>9/15/48</td><td>101.03</td><td>101.04</td><td>101.04</td><td>-.03</td><td>1.14</td><td>-.04</td><td>1.14</td><td>3/15/44</td><td>101.07</td><td>4/26/45</td><td>100.05</td><td>3/6/44</td><td>101.07</td><td>4/26</td><td>100.17</td><td>1/2</td></tr><tr><td colspan="12">Certificates of indebtedness 6/</td></tr><tr><td>2,511</td><td>7/8</td><td>8/1/45</td><td>.40%</td><td>.34%</td><td>.37%</td><td>-.214</td><td></td><td></td><td></td><td>8/1/44</td><td>.368</td><td>6/27/45</td><td>.80%</td><td>11/21/44</td><td>.368</td><td>5/27</td><td>.76%</td><td>1/2</td></tr><tr><td>3,694</td><td>7/8</td><td>9/1/45</td><td>.60%</td><td>.57%</td><td>.584</td><td>-.114</td><td></td><td></td><td></td><td>9/1/44</td><td>.984</td><td>6/30/45</td><td>.818</td><td>11/21/44</td><td>.984</td><td>6/30</td><td>.794</td><td>1/2</td></tr><tr><td>3,492</td><td>7/8</td><td>10/1/45</td><td>.70%</td><td>.584</td><td>.694</td><td>-.034</td><td></td><td></td><td></td><td>10/1/44</td><td>.648</td><td>4/5/45</td><td>.814</td><td>11/21/44</td><td>.648</td><td>4/5</td><td>.804</td><td>1/2</td></tr><tr><td>4,395</td><td>7/8</td><td>12/1/45</td><td>.78%</td><td>.76%</td><td>.774</td><td>-.014</td><td></td><td></td><td></td><td>12/1/44</td><td>.684</td><td>4/5/45</td><td>.824</td><td>12/19/44</td><td>.684</td><td>4/5</td><td>.814</td><td>1/2</td></tr><tr><td>5,043</td><td>7/8</td><td>2/1/46</td><td>.80%</td><td>.78%</td><td>.794</td><td>.004</td><td></td><td></td><td></td><td>2/1/45</td><td>.736</td><td>4/4/45</td><td>.834</td><td>1/29/45</td><td>.736</td><td>4/4</td><td>.814</td><td>1/24</td></tr><tr><td>4,147</td><td>7/8</td><td>3/1/46</td><td>.814</td><td>.794</td><td>.804</td><td>.004</td><td></td><td></td><td></td><td>3/1/45</td><td>.745</td><td>4/4/45</td><td>.804</td><td>6/30/45</td><td>.745</td><td>4/4</td><td>.804</td><td>6/30</td></tr><tr><td>4,511</td><td>7/8</td><td>4/1/46</td><td>.824</td><td>.804</td><td>.814</td><td>.004</td><td></td><td></td><td></td><td>4/1/45</td><td>.754</td><td>4/4/45</td><td>.814</td><td>6/30/45</td><td>.754</td><td>4/4</td><td>.814</td><td>6/30</td></tr><tr><td>1,579</td><td>7/8</td><td>5/1/46</td><td>.814</td><td>.794</td><td>.804</td><td>-.014</td><td></td><td></td><td></td><td>5/1/45</td><td>.794</td><td>6/28/45</td><td>.814</td><td>6/18/45</td><td>.794</td><td>6/28</td><td>.814</td><td>6/18</td></tr></table><table><tr><th colspan="12">PART B - TAXABLE TREASURY BILLS</th></tr><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Discount</th><th>Change in mean from May 31, 1945</th><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Discount</th><th>Change in mean from May 31, 1945</th></tr><tr><td>$1,317</td><td>7/15/45</td><td>4/15/45</td><td>.375</td><td>.206</td><td>.291</td><td>.00%</td><td>.00%</td><td>$1,313</td><td>8/23/45</td><td>5/24/45</td><td>.375</td><td>.304</td><td>.344</td><td>-.02%</td><td>-.02</td></tr><tr><td>1,304</td><td>7/12/45</td><td>4/12/45</td><td>.375</td><td>.20</td><td>.29</td><td>.00</td><td>1,314</td><td>8/30/45</td><td>5/31/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>-.02</td></tr><tr><td>1,318</td><td>7/19/45</td><td>4/19/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,302</td><td>9/6/45</td><td>6/7/45</td><td
(Continued on following page)
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
June 30, 1945 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government 1/-(Continued)
PART C - TAX-EXEMPT BONDS AND NOTES
<table><tr><th rowspan="2">Amount outstanding (millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th rowspan="2">Yield date 2/</th><th rowspan="2">Date of issue</th><th colspan="2">Price range since first traded 3/ (Price decimals are thirty-seconds)</th><th colspan="2">1945 price range 3/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from May 31, 1945</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><th colspan="3"></th><th colspan="2">Yield to earliest call 4/</th><th>Change in yield from May 31, 1945</th><th>Yield to maturity 3/</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Issued by U. S. Government
<table><tr><th colspan="14">Treasury bonds</th></tr><tr><td>41.214</td><td>2-1/4% - 9/15/45-47 1/2</td><td>100.14*</td><td>100.15*</td><td>100.15</td><td>-.07</td><td>.44%</td><td>+.08%</td><td>9/15/35</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>100.15</td><td>6/30</td></tr><tr><td>541</td><td>2-1/2% - 12/15/45</td><td>100.29</td><td>100.30</td><td>100.30</td><td>-.06</td><td>.43</td><td>+.02</td><td>12/15/37</td><td>109.24</td><td>12/14/40</td><td>100.30</td><td>6/30/45</td><td>102.00</td><td>1/23</td><td>100.30</td><td>6/30</td></tr><tr><td>489</td><td>3-1/4% - 3/15/46-56</td><td>102.10</td><td>102.12</td><td>102.11</td><td>-.08</td><td>.41</td><td>-.04</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>102.11</td><td>6/30</td></tr><tr><td>1,036</td><td>3% - 6/15/46-48</td><td>102.12</td><td>102.14</td><td>102.13</td><td>-.04</td><td>.47</td><td>-.08</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>102.13</td><td>6/30</td></tr><tr><td>819</td><td>3-1/8% - 6/15/46-49</td><td>102.16</td><td>102.18</td><td>102.17</td><td>-.03</td><td>.46</td><td>-.13</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>102.17</td><td>6/30</td></tr><tr><td>759</td><td>4-1/4% - 10/15/47-52</td><td>103.12</td><td>108.14</td><td>108.13</td><td>-.07</td><td>.55</td><td>-.03</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>108.13</td><td>6/30</td></tr><tr><td>701</td><td>5% - 12/15/47</td><td>103.13</td><td>103.15</td><td>103.14</td><td>-.01</td><td>.59</td><td>-.03</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>103.14</td><td>6/30</td></tr><tr><td>1,223</td><td>2-1/4% - 3/15/48-51</td><td>105.12</td><td>105.14</td><td>105.13</td><td>-.04</td><td>.73</td><td>-.01</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/13/7</td><td>106.14</td><td>1/31</td><td>105.13</td><td>6/27</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>105.20</td><td>105.22</td><td>105.21</td><td>-.00</td><td>.71</td><td>-.05</td><td>9/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/23/38</td><td>106.15</td><td>1/23</td><td>105.20</td><td>6/27</td></tr><tr><td>571</td><td>2% - 12/15/48-50</td><td>104.10</td><td>104.12</td><td>104.11</td><td>+.03</td><td>.72</td><td>-.06</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>104.08</td><td>6/18</td></tr><tr><td>491</td><td>3-1/8% - 12/15/49-52</td><td>109.26</td><td>109.28</td><td>109.27</td><td>-.01</td><td>.87</td><td>-.03</td><td>12/15/35</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>109.27</td><td>6/30</td></tr><tr><td>1,186</td><td>2-1/2% - 12/15/49-53</td><td>107.03</td><td>107.05</td><td>107.04</td><td>+.04</td><td>.87</td><td>-.05</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>1,185</td><td>2-1/4% - 9/15/50-52</td><td>107.31</td><td>108.01</td><td>108.00</td><td>+.07</td><td>.92</td><td>-.07</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>109.30</td><td>110.00</td><td>109.91</td><td>+.07</td><td>1.02</td><td>-.06</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/13/37</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>111.17</td><td>111.19</td><td>111.18</td><td>+.01</td><td>1.07</td><td>-.03</td><td>9/15/51</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>107.14</td><td>107.16</td><td>107.15</td><td>+.05</td><td>1.05</td><td>-.04</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>101.08</td><td>5/24/40</td><td>108.01</td><td>3/10</td><td>106.31</td><td>1/2</td></tr><tr><td>725</td><td>2% - 6/15/53-55</td><td>106.29</td><td>106.31</td><td>106.30</td><td>+.08</td><td>1.09</td><td>-.04</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% - 6/15/54-56</td><td>108.27</td><td>108.29</td><td>108.28</td><td>+.09</td><td>1.20</td><td>-.04</td><td>7/22/40</td><td>108.30</td><td>4/13/45</td><td>102.02</td><td>7/24/40</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>113.29</td><td>113.31</td><td>113.30</td><td>+.10</td><td>1.34</td><td>-.04</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>118.08</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>113.16</td><td>113.18</td><td>113.17</td><td>+.16</td><td>1.44</td><td>-.05</td><td>9/15/36</td><td>113.19</td><td>6/21/45</td><td>98.10</td><td>4/13/37</td><td>113.19</td><td>6/21</td><td>112.04</td><td>1/2</td></tr><tr><td>919</td><td>2-1/4% - 6/15/58-63</td><td>114.01</td><td>114.03</td><td>114.02</td><td>+.21</td><td>1.55</td><td>-.06</td><td>6/15/38</td><td>114.05</td><td>6/19/45</td><td>99.15</td><td>9/25/39</td><td>114.05</td><td>6/19</td><td>112.04</td><td>1/2</td></tr><tr><td>1,445</td><td>2-3/4% - 12/15/60-65 8/1</td><td>115.10</td><td>115.12</td><td>115.11</td><td>+.28</td><td>1.62</td><td>-.07</td><td>12/15/39</td><td>115.15</td><td>6/19/45</td><td>99.14</td><td>9/25/39</td><td>115.15</td><td>6/19</td><td>112.16</td><td>1/2</td></tr><tr><th colspan="14">Other bonds 9/</th></tr><tr><td>16</td><td>3% Conversion - 1/1/46</td><td>101.08</td><td>101.12</td><td>101.10</td><td>-.08</td><td>.36</td><td>+.05</td><td>1/1/16</td><td>115.00</td><td></td><td>1935</td><td>75.00</td><td>1920</td><td>102.16</td><td>1/13</td><td>101.10</td><td>6/30</td></tr><tr><td>13</td><td>3% Conversion - 1/1/47</td><td>103.24</td><td>104.00</td><td>103.28</td><td>-.04</td><td>.40</td><td>-.06</td><td>1/1/17</td><td>114.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>104.29</td><td>1/13</td><td>103.28</td><td>6/30</td></tr><tr><td>50</td><td>3% Panama Canal- 6/1/61</td><td>135.00</td><td>134.00</td><td>133.16</td><td>.00</td><td>.76</td><td>-.01</td><td>6/1/11</td><td>134.00</td><td></td><td></td><td></td><td>133.24</td><td>5/6</td><td>133.00</td><td>5/9</td></tr></table>
Excludes Federal Housing Administration debentures. When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield columns in thirty-seconds. Prices represent the mean of closing bid and ask quotations in the over-the-counter market except that prices of Treasury 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.
Market conviction treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par, included in the average of long-term taxable Treasury bonds. Quoted on a yield basis. Called on May 14 for redemption on September 15, 1945. This is the only bond eligible to remain in the average of long-term partially tax-exempt Treasury bonds. Excludes postal savings bonds.
August 1945
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
June 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="3">Price data (Price decimals are thirty-seconds)</th><th colspan="2">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from May 31, 1945</th><th>Yield to earliest call 3/</th><th>Change to yield from May 31, 1945</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Tangible securities
<table><tr><th></th><th colspan="11">Federal Home Loan Bank debentures 4/</th></tr><tr><th>8 50</th><td>.85% 0 - 7/16/45</td><td>.90%</td><td>.75%</td><td>.82%</td><td>.00%</td><td>-</td><td>-</td><td>1/15/45</td><td>.82%</td><td>6/30/45</td><td>.82%</td><td>6/30</td><td>.82%</td><td>6/30</td></tr><tr><th></th><th colspan="11">Federal Intermediate Credit Bank debentures 5/</th></tr><tr><td>30</td><td>.85% - 7/2/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.85%</td><td>.00%</td><td>.85%</td><td>10/2/45</td><td>100.00</td><td>6/30/45</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>24</td><td>.90% - 8/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>11/1/45</td><td>100.00</td><td>6/30/45</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>29</td><td>.90% - 9/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>12/1/45</td><td>100.00</td><td>6/30/45</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>27</td><td>.90% - 10/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>1/2/45</td><td>100.00</td><td>6/30/45</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>33</td><td>1/8% - 11/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>2/1/45</td><td>100.00</td><td>6/30/45</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>22</td><td>.80% - 11/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.80</td><td>.00</td><td>.80</td><td>5/1/45</td><td>100.00</td><td>6/30/45</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>27</td><td>.85% - 12/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.95</td><td>.00</td><td>.85</td><td>3/1/45</td><td>100.00</td><td>6/30/45</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>19</td><td>.85% - 12/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.85</td><td>.00</td><td>.85</td><td>6/1/45</td><td>100.00</td><td>6/30/45</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>25</td><td>.90% - 1/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>4/2/45</td><td>100.00</td><td>6/30/45</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>30</td><td>7/8% - 2/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>5/1/45</td><td>100.00</td><td>6/30/45</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><th></th><th colspan="11">Federal Land Bank bonds 6/</th></tr><tr><td>11b</td><td>2-1/4%- 2/1/53-55</td><td>103.24</td><td>104.00</td><td>103.28</td><td>+.08</td><td>1.70</td><td>-.04</td><td>1.81</td><td>2/1/45</td><td>103.28</td><td>6/30/45</td><td>101.14</td><td>1/18/45</td><td>103.28</td><td>6/30</td><td>101.14</td><td>1/18</td></tr></table>
Tax-exempt securities
<table><tr><th></th><th colspan="10">Federal Land Bank bonds 6/</th><th></th><th></th><th></th></tr><tr><th>$230</th><th>36</th><th>-1/1/45-55</th><th>1/</th><th>99.31+</th><th>100.00+</th><th>100.00</th><th>-.06</th><th>.00$</th><th>-.50$</th><th>-</th><th>7/1/35</th><th>110.12</th><th>12/10/40</th><th>97.28</th><th>10/2/35</th><th>101.10</th><th>1/2</th><th>100.00</th><th>6/30</th></tr><tr><td>170</td><td>3%</td><td>-1/1/46-56</td><td></td><td>101.12</td><td>101.14</td><td>101.13</td><td>-.08</td><td>.15</td><td>+.03</td><td>2.84%</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>101.13</td><td>6/30</td></tr><tr><td>170</td><td>3%</td><td>-5/1/46-56</td><td></td><td>102.11</td><td>102.13</td><td>102.12</td><td>-.08</td><td>.13</td><td>+.02</td><td>2.75</td><td>5/1/36</td><td>111.22</td><td>12/10/40</td><td>98.30</td><td>4/6/37</td><td>103.20</td><td>1/8</td><td>102.12</td><td>6/30</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 to the yield column in thirty-seconds.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "News issued" prices for all securities except Federal Intermediate Credit Bank debentures are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Market Convention treats the yield to earliest call date as more
4) significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
5) Quoted on a yield basis.
6) Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
7) Excludes issues completely held by Farm Credit Administration agencies.
8) Called on June 14 for redemption on July 1, 1945.
58
Treasury Bulletin
YIELDS OF TREASURY SECURITIES JUNE 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.
August 1945
59
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable 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>3.09</td><td>1940-Jan.</td><td>2.30</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>3.24</td><td>Feb.</td><td>2.32</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>3.36</td><td>Mar.</td><td>2.26</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td></tr><tr><td>Apr.</td><td>2.83</td><td>3.43</td><td>Apr.</td><td>2.26</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>3.36</td><td>May.</td><td>2.39</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>3.31</td><td>June</td><td>2.40</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>3.27</td><td>July</td><td>2.30</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>3.25</td><td>Aug.</td><td>2.31</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>3.26</td><td>Sept.</td><td>2.25</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>3.26</td><td>Oct.</td><td>2.21</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.46</td><td>2.60</td></tr><tr><td>Nov.</td><td>2.78</td><td>3.22</td><td>Nov.</td><td>2.09</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.49</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.73</td><td>3.17</td><td>Dec.</td><td>2.01</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>3.17</td><td>1941-Jan.</td><td>2.12</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>3.15</td><td>Feb.</td><td>2.22</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>3.16</td><td>Mar.</td><td>2.12</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>3.25</td><td>Apr.</td><td>2.07</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>3.14</td><td>May.</td><td>2.04</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>3.15</td><td>June</td><td>2.01</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>3.12</td><td>July.</td><td>1.98</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>3.10</td><td>Aug.</td><td>2.01</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>3.12</td><td>Sept.</td><td>2.02</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>3.06</td><td>Oct.</td><td>1.98</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>3.04</td><td>Nov.</td><td>1.95</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>3.02</td><td>Dec.</td><td>2.06</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>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.48</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>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</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>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</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>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</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>2.86</td><td>May.</td><td>2.05</td><td>2.45</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June</td><td>2.22</td><td>2.78</td><td>June</td><td>2.04</td><td>2.43</td><td>June</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>July.</td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>2.27</td><td>2.79</td><td>Aug.</td><td>2.05</td><td>2.47</td><td>Aug.</td><td>1.74</td><td>2.37</td><td>2.51</td></tr><tr><td>Sept.</td><td>2.67</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.48</td><td>Sept.</td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2.60</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>Oct.</td><td>1.72</td><td>2.38</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>Nov.</td><td>1.71</td><td>2.37</td><td>2.55</td></tr><tr><td>Dec.</td><td>2.35</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>Dec.</td><td>1.68</td><td>2.36</td><td>2.55</td></tr><tr><td colspan="12">Weekly series - Saturday figures 5/</td></tr><tr><td>1945-Jan.</td><td>6</td><td>1.83</td><td>2.45</td><td>2.59</td><td>1945-Mar.</td><td>3</td><td>1.71</td><td>2.40</td><td>2.52</td><td>1945-May</td><td>5</td><td>1.68</td><td>2.39</td><td>2.51</td></tr><tr><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><td>12</td><td>1.69</td><td>2.40</td><td>2.53</td></tr><tr><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><td>19</td><td>1.68</td><td>2.38</td><td>2.54</td></tr><tr><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><td>26</td><td>1.68</td><td>2.38</td><td>2.54</td></tr><tr><td>Feb.</td><td>3</td><td>1.77</td><td>2.40</td><td>2.57</td><td>Apr.</td><td>7</td><td>1.69</td><td>2.39</td><td>2.49</td><td>June</td><td>2</td><td>1.68</td><td>2.37</td><td>2.55</td></tr><tr><td>10</td><td>1.75</td><td>2.40</td><td>2.57</td><td>13</td><td>1.67</td><td>2.38</td><td>2.50</td><td>9</td><td>1.64</td><td>2.36</td><td>2.55</td></tr><tr><td>17</td><td>1.73</td><td>2.39</td><td>2.56</td><td>21</td><td>1.68</td><td>2.40</td><td>2.49</td><td>16</td><td>1.62</td><td>2.35</td><td>2.55</td></tr><tr><td>24</td><td>1.73</td><td>2.35</td><td>2.55</td><td>28</td><td>1.68</td><td>2.39</td><td>2.49</td><td>23</td><td>1.62</td><td>2.34</td><td>2.54</td></tr><tr><td colspan="12">Daily Series</td></tr><tr><td>1945-June</td><td>1</td><td>1.68</td><td>2.37</td><td>2.55</td><td>1945-June</td><td>11</td><td>1.63</td><td>2.36</td><td>2.55</td><td>1945-June</td><td>21</td><td>1.62</td><td>2.34</td><td>2.54</td></tr><tr><td>2</td><td>1.68</td><td>2.37</td><td>2.55</td><td>12</td><td>1.63</td><td>2.37</td><td>2.55</td><td>22</td><td>1.62</td><td>2.34</td><td>2.54</td></tr><tr><td>4</td><td>1.67</td><td>2.37</td><td>2.56</td><td>13</td><td>1.63</td><td>2.37</td><td>2.55</td><td>23</td><td>1.62</td><td>2.34</td><td>2.54</td></tr><tr><td>5</td><td>1.67</td><td>2.39</td><td>2.55</td><td>14</td><td>1.63</td><td>2.36</td><td>2.55</td><td>25</td><td>1.62</td><td>2.34</td><td>2.54</td></tr><tr><td>6</td><td>1.65</td><td>2.36</td><td>2.55</td><td>15</td><td>1.62</td><td>2.35</td><td>2.55</td><td>26</td><td>1.62</td><td>2.34</td><td>2.54</td></tr><tr><td>7</td><td>1.64</td><td>2.36</td><td>2.55</td><td>16</td><td>1.62</td><td>2.35</td><td>2.55</td><td>27</td><td>1.62</td><td>2.34</td><td>2.54</td></tr><tr><td>8</td><td>1.64</td><td>2.36</td><td>2.55</td><td>18</td><td>1.62</td><td>2.34</td><td>2.54</td><td>28</td><td>1.63</td><td>2.34</td><td>2.54</td></tr><tr><td>9</td><td>1.64</td><td>2.36</td><td>2.55</td><td>19</td><td>1.62</td><td>2.33</td><td>2.54</td><td>29</td><td>1.62</td><td>2.33</td><td>2.53</td></tr><tr><td>10</td><td>1.63</td><td>2.35</td><td>2.54</td><td>20</td><td>1.62</td><td>2.33</td><td>2.54</td><td>30</td><td>1.62</td><td>2.33</td><td>2.53</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 of the last preceding sale in particular issues 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. 
Puck 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 12. Certain adjustments are made in 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.
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 considera-tions underlying its construction, see "Treasury Bulletin" for April 1945, page 61.
Monthly averages of daily figures. Prior to April 1, 1938, corpo-rate bonds are averages of Saturday figures.
The composition of the high-grade corporate bond average was re-vised commencing with November 1, 1944. The old average for Novem-ber 1944 was 2.564. See footnote 2.
On days when the exchanges are closed, the date and prices of the previous day are used.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
60
Treasury Bulletin
August 1945
61
INTERNAL REVENUE STATISTICS
62
Treasury Bulletin
Summary of Internal Revenue Collections
(in thousands of dollars)
<table><tr><th>Pieal 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>Total income and profit 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 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1936</td><td>3,512,852</td><td>+18,521</td><td>3,494,331</td><td>1,427,446</td><td>678,416</td><td>738,521</td><td>14,509</td><td>48</td><td>207,339</td><td>58,119</td><td>48</td></tr><tr><td>1937</td><td>4,397,118</td><td>-17,757</td><td>4,379,361</td><td>2,129,918</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,715</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1938</td><td>5,574,318</td><td>+30,470</td><td>5,543,848</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>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,501</td><td>33,740</td><td>740,429</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>633,521</td><td></td><td></td><td></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>2,015,297</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>-37,757</td><td>13,029,915</td><td>8,006,884</td><td>3,268,200</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,913,969</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>1,198,105</td><td>1,131,918</td><td>156,007</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,604</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,683,235</td><td>143,978</td><td>1,779,277</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946-June</td><td>5,734,169</td><td>+622,512</td><td>5,111,658</td><td>4,568,413</td><td>1,288,900</td><td>3,260,544</td><td>18,970</td><td>44,395</td><td>4,542</td><td>1,165</td><td>38,689</td></tr><tr><td>July</td><td>1,984,046</td><td>-635,503</td><td>2,626,149</td><td>1,729,491</td><td>1,318,941</td><td>403,877</td><td>6,663</td><td>135,475</td><td>127,846</td><td>5,941</td><td>2,685</td></tr><tr><td>August</td><td>2,702,486</td><td>-47,863</td><td>2,750,349</td><td>1,112,402</td><td>1,340,416</td><td>366,022</td><td>5,954</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>3,108,461</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>124,092</td><td>125,470</td><td>5,688</td><td>2,937</td></tr><tr><td>November</td><td>2,341,570</td><td>+95,871</td><td>2,396,240</td><td>1,611,189</td><td>284,287</td><td>386,666</td><td>6,836</td><td>241,028</td><td>199,327</td><td>7,991</td><td>35,528</td></tr><tr><td>December</td><td>4,945,467</td><td>+679,875</td><td>4,865,512</td><td>3,669,642</td><td>327,870</td><td>3,114,922</td><td>26,849</td><td>36,981</td><td>3,104</td><td>677</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>401,814</td><td>5,026</td><td>102,795</td><td>71,268</td><td>30,024</td><td>1,902</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>5,617,761</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>3,011,331</td><td>2,407,751</td><td>1,760,877</td><td>631,651</td><td>9,224</td><td>105,510</td><td>99,916</td><td>4,931</td><td>1,663</td></tr><tr><td>May</td><td>2,920,937</td><td>-352,957</td><td>3,273,895</td><td>2,406,326</td><td>1,989,318</td><td>407,123</td><td>9,885</td><td>296,726</td><td>256,314</td><td>10,330</td><td>30,062</td></tr><tr><td>June</td><td>5,384,393</td><td>+793,245</td><td>4,641,148</td><td>4,025,296</td><td>1,208,613</td><td>2,795,700</td><td>20,983</td><td>44,020</td><td>4,428</td><td>1,129</td><td>38,464</td></tr></table>
Miscellaneous internal revenue
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes</th><th>Agricultural adjustment taxes</th></tr><tr><td>1936</td><td>2,004,513</td><td>94,943</td><td>378,840</td><td>505,243</td><td>900,785</td><td>68,990</td><td>379,940</td><td>76,173</td><td>62,323</td></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td><td>-</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>61,702</td><td>852,069</td><td>400,901</td><td>-</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>457,496</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>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td><td>-</td></tr><tr><td>1944-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>47,587</td><td>209,939</td><td>77,314</td><td>5,233</td><td>71,586</td><td>214,068</td><td>-</td></tr><tr><td>August</td><td>776,889</td><td>193,918</td><td>62,670</td><td>201,914</td><td>86,022</td><td>5,591</td><td>87,679</td><td>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>95,239</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>586,806</td><td>(-21)</td><td>49,295</td><td>206,408</td><td>78,490</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><tr><td>May</td><td>570,842</td><td>(-67)</td><td>64,298</td><td>180,164</td><td>83,085</td><td>5,983</td><td>116,192</td><td>121,246</td><td>-</td></tr><tr><td>June</td><td>571,832</td><td>261</td><td>61,807</td><td>190,852</td><td>93,230</td><td>6,300</td><td>103,697</td><td>115,686</td><td>-</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. Reported: r 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 1912 and the Tax Payment Act of 1913. 3/ Includes income tax collections on Alaskan railroads. The excess profit tax included in this column is that imposed under the Second Revenue Act of 1910, as amended. 4/ Consists of the declared value excess profit tax, the profit limit-
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriers Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
August 1945
63
COLLECTIONS OF INTERNAL REVENUE
Fiscal Years, 1930-1945
Includes miscellaneous profits taxes
64
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th>June 1944</th><th>June 1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th></th><th></th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>7,038,438</td><td>10,263,418</td><td>38,065</td><td>46,201</td></tr><tr><td>Revenue Act of 1942</td><td>784,997</td><td>802</td><td>94</td><td>(-8)</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>10,253,831</td><td>8,567,147</td><td>1,244,593</td><td>1,126,550</td></tr><tr><td>Back</td><td>183,740</td><td>202,947</td><td>6,147</td><td>35,871</td></tr><tr><td>Total individual income taxes</td><td>18,261,005</td><td>19,034,313</td><td>1,288,900 r</td><td>1,208,613</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>4,762,714</td><td>4,421,682</td><td>1,043,530</td><td>857,610</td></tr><tr><td>Back</td><td>521,431</td><td>458,034</td><td>43,108</td><td>42,826</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended)</td><td>9,345,198</td><td>11,003,520</td><td>2,173,906</td><td>1,895,264</td></tr><tr><td>Total corporation taxes</td><td>14,629,344</td><td>15,883,235</td><td>3,260,544</td><td>2,795,700</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>136,980</td><td>143,798</td><td>18,962</td><td>20,979</td></tr><tr><td>Vinson Act</td><td>39</td><td>180</td><td>5</td><td>4</td></tr><tr><td>Unjust enrichment</td><td>434</td><td></td><td></td><td></td></tr><tr><td>Total miscellaneous profits taxes</td><td>137,452</td><td>143,978</td><td>18,970</td><td>20,983</td></tr><tr><td>Total income and profits taxes</td><td>33,027,802</td><td>35,061,526</td><td>4,568,413</td><td>4,025,296</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 5/</td><td>1,290,025</td><td>1,307,931</td><td>4,542</td><td>4,428</td></tr><tr><td>Unemployment insurance 5/</td><td>181,337</td><td>186,489</td><td>1,165</td><td>1,129</td></tr><tr><td>Total Social Security taxes</td><td>1,471,361</td><td>1,494,420</td><td>5,706</td><td>5,557</td></tr><tr><td>Railroad retirement 7/</td><td>265,011</td><td>284,758</td><td>38,689</td><td>38,464</td></tr><tr><td>Total employment taxes</td><td>1,738,372</td><td>1,779,177</td><td>44,395</td><td>44,020</td></tr><tr><td>Miscellaneous internal revenues:</td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax</td><td>380,702</td><td>371,999</td><td>1,035</td><td>261</td></tr><tr><td>Real estate tax</td><td>473,466</td><td>596,137</td><td>49,548</td><td>60,053</td></tr><tr><td>Gift tax</td><td>37,745</td><td>46,918</td><td>516</td><td>1,754</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>286,871</td><td>199,691</td><td>31,244</td><td>19,626</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>611,835</td><td>1,284,613</td><td>67,339</td><td>101,127</td></tr><tr><td>Distilled spirits rectification tax</td><td>18,874</td><td>32,599</td><td>1,738 r</td><td>3,051</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>4,027</td><td>2,122</td><td>549</td><td>112</td></tr><tr><td>Brandy used for fortifying sweet vices (repealed as of July 1, 1940)</td><td>30,068</td><td>45,269</td><td>3,300</td><td>3,281</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>12</td><td>51</td><td>11</td><td>-</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>8,109</td><td>8,308</td><td>2,129</td><td>2,542</td></tr><tr><td>Case stamps for distilled spirits bottled in wood</td><td>1,369</td><td>886</td><td>40</td><td>69</td></tr><tr><td>Container stamps</td><td>8,516</td><td>11,213</td><td>799</td><td>870</td></tr><tr><td>Floor taxes</td><td>85,834</td><td>83,343</td><td>27,875</td><td>114</td></tr><tr><td>Fermented malt liquors</td><td>555,152</td><td>636,682</td><td>59,020</td><td>59,126</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,175</td><td>3,130</td><td>818</td><td>936</td></tr><tr><td>Total alcoholic beverage taxes</td><td>1,618,045</td><td>2,309,864</td><td>194,863</td><td>190,852</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>30,152</td><td>36,593</td><td>2,651</td><td>3,053</td></tr><tr><td>Cigars (small)</td><td>107</td><td>84</td><td>13</td><td>(-15)</td></tr><tr><td>Cigarettes (large)</td><td>88</td><td>695</td><td>14</td><td>133</td></tr><tr><td>Cigarettes (small)</td><td>903,958</td><td>836,058</td><td>74,085</td><td>85,112</td></tr><tr><td>Snuff</td><td>7,692</td><td>7,741</td><td>653</td><td>562</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>45,269</td><td>49,574</td><td>3,550</td><td>4,166</td></tr><tr><td>Cigarette papers and tubes</td><td>1,164</td><td>1,390</td><td>108</td><td>217</td></tr><tr><td>Leaf dealer pecunities, etc.</td><td>2</td><td>1</td><td>*</td><td>2</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>50</td><td>8</td><td>8</td><td>1</td></tr><tr><td>Total tobacco taxes</td><td>988,483</td><td>932,145</td><td>81,081</td><td>93,230</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>26,245</td><td>33,157</td><td>2,403</td><td>3,299</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>17,096</td><td>24,852</td><td>1,438</td><td>2,471</td></tr><tr><td>Playing cards</td><td>7,414</td><td>7,493</td><td>608</td><td>529</td></tr><tr><td>Silver bullion sales or transfers</td><td>47</td><td>25</td><td>1</td><td>1</td></tr><tr><td>Total stamp taxes</td><td>50,800</td><td>65,528</td><td>4,450</td><td>6,300</td></tr></table>
(Continued on following page)
August 1945
65
Detailed Analysis
of Internal Revenue Collections II - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Placed years</th><th>June 1944</th><th>June 1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th></th><th></th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>52,473</td><td>92,855</td><td>3,809 r</td><td>13,537</td></tr><tr><td>Gasoline</td><td>271,217</td><td>405,553</td><td>21,029</td><td>35,027</td></tr><tr><td>Fires and tubes</td><td>40,309</td><td>75,257</td><td>3,806</td><td>5,891</td></tr><tr><td>Floor taxes on tires and tubes</td><td>25</td><td></td><td></td><td></td></tr><tr><td>Automobile trucks and buses</td><td>3,247</td><td>20,847</td><td>1,087</td><td>4,020</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,222</td><td>2,558</td><td>89</td><td>238</td></tr><tr><td>Parts and accessories for automobiles</td><td>31,551</td><td>49,440</td><td>2,881</td><td>5,923</td></tr><tr><td>Electrical energy</td><td>51,239</td><td>57,004</td><td>4,535</td><td>4,372</td></tr><tr><td>Electric gas, and oil appliances</td><td>5,027</td><td>12,050</td><td>952</td><td>1,151</td></tr><tr><td>Electric light bulbs and tubes</td><td>5,368</td><td>11,035</td><td>1,407</td><td>531</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>295</td><td>55</td><td>1</td><td>3</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>3,402</td><td>4,753</td><td>155</td><td>133</td></tr><tr><td>Photograph records</td><td>1,889</td><td>2,015</td><td>198</td><td>211</td></tr><tr><td>Medical instruments</td><td>631</td><td>927</td><td>101</td><td>185</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>2,406</td><td>1,631</td><td>77</td><td>789</td></tr><tr><td>Matches</td><td>8,571</td><td>9,349</td><td>949</td><td>-</td></tr><tr><td>Floor taxes on matches</td><td>55</td><td>1</td><td>2</td><td>1,202</td></tr><tr><td>Business and store machines</td><td>3,760</td><td>10,120</td><td>322</td><td>1,493</td></tr><tr><td>Purse - retailers' excise</td><td>58,726</td><td>79,418</td><td>1,103</td><td>13,300</td></tr><tr><td>Jewelry - retailers' excise</td><td>113,373</td><td>184,830</td><td>10,951</td><td>5,422</td></tr><tr><td>Luggage - retailers' excise (effective 11/1/44)</td><td>8,345</td><td>73,851</td><td>5,290</td><td></td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 11/1/44)</td><td>4,777</td><td>6</td><td>(-2)</td><td>-</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>8</td><td>73</td><td>1</td><td>61</td></tr><tr><td>Photographic apparatus</td><td>11,907</td><td>19,288</td><td>918</td><td>1,468</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>295</td><td>228</td><td>5</td><td>17</td></tr><tr><td>Sporting goods</td><td>2,498</td><td>4,248</td><td>209</td><td>429</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>44,790</td><td>85,615</td><td>5,335</td><td>6,786</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>32</td><td>1</td><td>53</td><td>101</td></tr><tr><td>Firearms, shells and cartridges</td><td>1,061</td><td>3,132</td><td>5</td><td>1</td></tr><tr><td>Pistols and revolvers</td><td>37</td><td>5</td><td>2</td><td>2</td></tr><tr><td>Repealed taxes not listed above</td><td>98</td><td>35</td><td></td><td></td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>728,694</td><td>1,206,616</td><td>64,104</td><td>103,697</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937</td><td>2,403</td><td>35</td><td>7</td><td>1</td></tr><tr><td>Sugar Act of 1937</td><td>68,789</td><td>73,294</td><td>5,337</td><td>5,022</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td>141,275</td><td>208,018</td><td>13,244 r</td><td>18,235</td></tr><tr><td>wires, etc.</td><td>90,199</td><td>131,359</td><td>7,534 r</td><td>11,532</td></tr><tr><td>Local telephone service</td><td>15,851</td><td>16,286</td><td>1,621</td><td>1,306</td></tr><tr><td>Transportation of oil by pipe line</td><td>153,683</td><td>234,182</td><td>14,255</td><td>17,284</td></tr><tr><td>Transportation of persons, seats, berths</td><td>215,488</td><td>221,088</td><td>18,285</td><td>18,044</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>134,326</td><td>128,701</td><td>7,897</td><td>8,424</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>352</td><td>336</td><td>135</td><td>122</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>6,594</td><td>7,311</td><td>538</td><td>537</td></tr><tr><td>Leases of safe-deposit boxes</td><td>178,567</td><td>300,589</td><td>21,320 r</td><td>23,172</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>26,726</td><td>56,877</td><td>4,921</td><td>4,385</td></tr><tr><td>Admissions to amusement parks, zoos, etc.</td><td>9,182</td><td>14,160</td><td>1,001</td><td>1,578</td></tr><tr><td>Club dues and initiation fees</td><td>2,208</td><td>4,160</td><td>529</td><td>632</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>18,475</td><td>19,100</td><td>1,955</td><td>3,086</td></tr><tr><td>Coin operated devices</td><td></td><td></td><td></td><td></td></tr><tr><td>Adulterated and processed or renovated butter</td><td>18</td><td>55</td><td>1</td><td>11</td></tr><tr><td>mixed flour 5/ and filled omelettes</td><td>4,084</td><td>5,503</td><td>605</td><td>130</td></tr><tr><td>Oleomargarine, including special taxes</td><td>779</td><td>756</td><td>227</td><td>219</td></tr><tr><td>Rarooties, including marthuans and special taxes</td><td>7,190</td><td>6,208</td><td>3,307</td><td>493</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>16</td><td>16</td><td>3</td><td>5</td></tr><tr><td>National Firearms Act</td><td></td><td></td><td></td><td></td></tr><tr><td>All other, including repealed taxes not listed above</td><td>201</td><td>180</td><td>180</td><td>152</td></tr><tr><td>Total miscellaneous taxes</td><td>1,075,401</td><td>1,430,428</td><td>102,910</td><td>115,686</td></tr><tr><td>Total miscellaneous internal revenue</td><td>5,353,336</td><td>6,959,694</td><td>498,849</td><td>571,832</td></tr><tr><td>Total Internal revenue collections</td><td>40,119,510</td><td>43,800,338</td><td>5,111,658</td><td>4,614,148</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,565,477</td><td>+101,694</td><td>+622,512</td><td>+743,245</td></tr><tr><td>Total receipt from internal revenue (Daily Treasury Statement)</td><td>41,684,987</td><td>43,902,002</td><td>5,734,169</td><td>5,384,393</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. Reveled. Less than $500. Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. Collections under the Current Tax Payment Act of 1943 as shown in this table consist of those for which returns have been filed with the Collector of Internal Revenue; receipts under this act as shown in Daily Treasury Statements consist of withholding taxes deposited in Government depositories in addition to payments accompanying returns filed with the collector of internal
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4/ Current individual income tax collections for the fiscal year 1945 include payments on unforgiven portion of 1942 tax, due March 35, 1945, of $308,505 thousand for the period, January 1, 1945 through April 30, 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 repleted as of November 1, 1942.
66
Treasury Bulletin
MONETARY STATISTICS
August 1945
67
Balance Sheet of the Exchange Stabilization Fund As of June 30, 1944 and March 31, 1945
<table><tr><th></th><th>June 30, 1944</th><th>March 31, 1945</th></tr><tr><td>Assets</td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold.</td><td>$1,800,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, checking account.</td><td>1,333,169.61</td><td>201,219,343.90</td></tr><tr><td>Federal Reserve Bank of New York, special account.</td><td>207,139,648.14</td><td>12,728,431.03</td></tr><tr><td>Disbursing officers' balances and advance accounts.</td><td>10,370.12</td><td>7,141.96</td></tr><tr><td>Total cash.</td><td>$2,008,483,387.87</td><td>$2,013,954,918.49</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1).</td><td>21,139,971.77</td><td>32,084,585.08</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs.</td><td>$107,594.92</td><td>$209,046.66</td></tr><tr><td>French francs.</td><td>17.88</td><td>17.88</td></tr><tr><td>Belgian.</td><td>505.06</td><td>505.06</td></tr><tr><td>Sterling.</td><td>2,380.05</td><td>2,380.05</td></tr><tr><td>All other.</td><td>2,406,548.64</td><td>9,965,503.57</td></tr><tr><td>Foreign depositories.</td><td>666,390.41</td><td>42,929.77</td></tr><tr><td>Total due from foreign banks.</td><td>3,204,037.16</td><td>10,220,982.99</td></tr><tr><td>Due from the Government of the Republic of Cuba.</td><td>5,012,700.94</td><td>5,012,701.49</td></tr><tr><td>Investments in United States Government securities (Schedule 2).</td><td>20,448,723.13</td><td>20,448,723.13</td></tr><tr><td>Accrued interest receivable (Schedule 2).</td><td>12,448.12</td><td>80,011.27</td></tr><tr><td>Other accounts (deferred charges).</td><td>35.51</td><td>19.11</td></tr><tr><td>Commodity sales contracts (deferred charges).</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets.</td><td>$2,058,303,940.10</td><td>$2,081,804,577.56</td></tr><tr><td>Liabilities and Capital</td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable.</td><td>$390.79</td><td>$793.61</td></tr><tr><td>Employee's pay-roll allotment account, United States savings bonds.</td><td>768.66</td><td>927.79</td></tr><tr><td>Withholding taxes.</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous.</td><td>9,041.17</td><td>69,899.78</td></tr><tr><td>Total accounts payable.</td><td>$10,200.62</td><td>$71,621.18</td></tr><tr><td>Reserve for expenses and contingencies (est).</td><td>10,181,027.03</td><td>9,905,362.80</td></tr><tr><td>Capital account.</td><td>2,000,000,000.00</td><td>2,000,000,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>48,112,712.45</td><td>71,827,593.58</td></tr><tr><td>Total liabilities and capital.</td><td>$2,058,303,940.10</td><td>$2,081,804,577.56</td></tr></table>
Back Figures: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the
Treasury for 1940. Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin".
68
Treasury Bulletin
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued)
Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1944</th><th colspan="4">March 31, 1945</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/4% Treasury bonds, 1951-53...</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$ 9,221.31</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$65,521.98</td></tr><tr><td>2-3/4% Treasury bonds, 1958-63...</td><td>50,000</td><td>$49,640.63</td><td>99.2813</td><td>$ 56.35</td><td>50,000</td><td>$49,640.63</td><td>99.2813</td><td>$400.41</td></tr><tr><td>2-3/4% Treasury bonds, 1960-65...</td><td>402,000</td><td>$399,082.50</td><td>99.2743</td><td>$453.07</td><td>402,000</td><td>$399,082.50</td><td>99.2743</td><td>$3,219.31</td></tr><tr><td>2-1/2% Treasury bonds, 1965-70...</td><td>10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$2,717.39</td><td>10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$10,869.57</td></tr><tr><td>Total United States Government securities....................</td><td>$20,452,000</td><td>$20,448,723.13</td><td>....................</td><td>$12,448.12</td><td>$20,452,000</td><td>$20,448,723.13</td><td>....................</td><td>$80,011.27</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilisation Fund
<table><tr><th>Source</th><th>January 31, 1934 through June 30, 1944</th><th>January 31, 1934 through March 31, 1945</th></tr><tr><td>Profit on British sterling transactions.</td><td>$ 310,638.09</td><td>$ 310,638.09</td></tr><tr><td>Profit on French franc transactions.</td><td>351,537.99</td><td>351,537.99</td></tr><tr><td>Profit on gold bullion (including profits from handling charges on gold).</td><td>24,413,668.10</td><td>26,230,083.65</td></tr><tr><td>Profit on other gold and exchange transactions.</td><td>14,000,000.00</td><td>36,000,000.00</td></tr><tr><td>Profit on silver transactions.</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profit on sale of silver bullion to Treasury (nationalised).</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profit on investments.</td><td>1,019,326.18</td><td>1,019,326.18</td></tr><tr><td>Interest on investments.</td><td>4,188,586.53</td><td>4,554,891.85</td></tr><tr><td>Miscellaneous profit.</td><td>744,414.21</td><td>744,510.12</td></tr><tr><td>Interest earned on foreign balances.</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan.</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td><b>Total earnings.</b></td><td><b>$50,706,110.32</b></td><td><b>$74,888,927.10</b></td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilization Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1934</th><th>January 31, 1934 through March 31, 1935</th></tr><tr><td>Salaries</td><td>$1,704,201.97</td><td>$1,924,286.69</td></tr><tr><td>Travel</td><td>75,715.10</td><td>85,487.48</td></tr><tr><td>Subsistence</td><td>66,984.46</td><td>81,639.11</td></tr><tr><td>Telephone and telegraph</td><td>392,240.50</td><td>415,054.34</td></tr><tr><td>Stationery, etc.</td><td>21,140.28</td><td>22,783.76</td></tr><tr><td>All other</td><td>333,115.56</td><td>532,082.14</td></tr><tr><td>Total administrative expenses</td><td>$2,593,397.87</td><td>$3,061,333.52</td></tr></table>
August 1945
69
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1936</td><td>11,257.6</td><td>8,999.6</td><td>156.0</td><td>1,800.0</td><td>$41.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,592.6</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>582.4</td></tr><tr><td>1939</td><td>17,047.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,504.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,917.8</td><td>19,921.0</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-June</td><td>21,173.1</td><td>19,061.5</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>20,926.1</td><td>18,812.4</td><td>156.0</td><td>1,800.0</td><td>157.9</td></tr><tr><td>September</td><td>20,825.1</td><td>18,700.7</td><td>156.0</td><td>1,800.0</td><td>168.3</td></tr><tr><td>October</td><td>20,726.7</td><td>18,605.1</td><td>156.0</td><td>1,800.0</td><td>165.5</td></tr><tr><td>November</td><td>20,688.4</td><td>18,581.1</td><td>156.0</td><td>1,800.0</td><td>152.2</td></tr><tr><td>December</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945-January</td><td>20,498.8</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>18,113.6</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr><tr><td>April</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><tr><td>May</td><td>20,270.2</td><td>18,161.8</td><td>156.0</td><td>1,800.0</td><td>150.4</td></tr><tr><td>June p.</td><td>20,212.9</td><td>18,106.6</td><td>156.0</td><td>1,800.0</td><td>150.3</td></tr></table>
Source: Daily Treasury Statements. p Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Cor-
2/ Excludes gold in active portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($75 per fine ounce)</th><th>Silver ($1.29e per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></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>2,592.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,735.7</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>21,173.2</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945 p</td><td>20,212.9</td><td>3,686.8</td><td>15.4</td></tr><tr><td>1944-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>3,938.1</td><td>15.8</td></tr><tr><td>August</td><td>20,986.5</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>3,883.0</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</td><td>20,373.6</td><td>3,777.7</td><td>15.6</td></tr><tr><td>May</td><td>20,270.2</td><td>3,704.3</td><td>15.5</td></tr><tr><td>June p</td><td>20,212.9</td><td>3,686.8</td><td>15.4</td></tr></table>
Source: Daily Treasury Statement and Circulation Statements of United States Money. p Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, June 30, 1945
<table><tr><th></th><th>Allocations of increment</th><th>Charge against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Bank for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,850,797.59</td><td>324,324.34</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,058,410.48</td><td>-</td><td>8,058,410.48</td></tr><tr><td>Total increment</td><td>$2,818,783,805.63</td><td>$2,674,785,074.01</td><td>$143,998,731.62</td></tr></table>
70
Treasury Bulletin
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="4">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th colspan="2">Securing silver certificates 1/</th><th colspan="2">In General Fund</th><th colspan="2"></th><th></th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><td>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>426.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>53.0</td><td>493.5</td><td>4,288.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>458.3</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>711.6</td><td>3,870.6</td></tr><tr><td>1944-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>372.0</td><td>14.0</td><td>.2</td><td>391.0</td><td>120.0</td><td>773.3</td><td>3,833.5</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</td><td>1,520.1</td><td>370.6</td><td>20.2</td><td>.1</td><td>364.3</td><td>123.4</td><td>786.2</td><td>3,777.7</td></tr><tr><td>May</td><td>1,520.1</td><td>358.7</td><td>27.0</td><td>.2</td><td>332.3</td><td>125.3</td><td>795.8</td><td>3,704.3</td></tr><tr><td>June</td><td>1,520.3</td><td>357.2</td><td>25.5</td><td>.2</td><td>324.8</td><td>126.8</td><td>800.5</td><td>3,686.8</td></tr></table>
Source: Daily Treasury Statements and Circulation Statements of United States Money. 
Preliminary. 
1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38+ per ounce.
3/ Valued at $1.38+ per ounce or at $1.29 per ounce according to whether the bullion is held for recolage of subdialry silver coins or for recolage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 1/</th><th>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>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-May</td><td>3.5 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>2.9 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>3.5 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>3.1 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>2.3 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2.9 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td></tr><tr><td>November</td><td>3.1 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td></tr><tr><td>December</td><td>3.2 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td></tr><tr><td>1945-January</td><td>2.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>February</td><td>2.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>March</td><td>2.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>April</td><td>2.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>May</td><td>3.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr></table>
Source: Silver production: Annual Reports of the Director of the Mint for annual figures through 1942, releases of American Bureau of Metal Statistics for all later figures.
* Less than 50,000 ounces or $50,000.
1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 7u.
2/ Acquired at 64.64c per fine ounce until April 9, 1935; at 71.11c per fine ounce from that date until April 23, 1935; at 77.57c cents from April 23, 1935 to December 31, 1937; at 64.64c
cents per fine ounce from December 31, 1937 to July 1, 1938; and at 71.11+ cents since July 1, 1939. 
3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938. 
4/ Acquired at various prices averaging approximately 51 cents per ounce. 
5/ Monthly figures for silver production in the United States during the calendar year 1944 are overstated by 0.9 million ounces. Although it is not possible to apportion this amount by months, the total U. S. production figure of 37.4 million ounces for 1944 is correctly stated.
August 1945
71
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="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mixed silver (Proc. Dec. 21, 1933)</th><th>Newly-mixed silver (Act July 6, 1939)</th><th>Silver Pur- chase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th></tr><tr><td>1934</td><td>4.5</td><td>48.7</td><td>34</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>1.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>990.6</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>818.3</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-June</td><td>322.6</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>791.1</td></tr><tr><td>July</td><td>326.2</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>781.8</td></tr><tr><td>August</td><td>332.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>760.4</td></tr><tr><td>September</td><td>336.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>756.7</td></tr><tr><td>October</td><td>342.8</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>741.1</td></tr><tr><td>November</td><td>351.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>728.3</td></tr><tr><td>December</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945-January</td><td>365.8</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>697.3</td></tr><tr><td>February</td><td>367.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>692.6</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><tr><td>May</td><td>394.0</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>589.2</td></tr><tr><td>June</td><td>400.0</td><td>48.7</td><td>87.6</td><td>65.5</td><td>584.3</td><td>34.7</td><td>820.8</td><td>575.0</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
The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Net Capital Movement to the United States, 1935 through April 1945
[In thousands of dollars. Net capital outflow (-)]
<table><tr><th>Period</th><th>Net capital movement</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: 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>1,135,922</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>1,135,635</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>-456,923</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>-7,356</td></tr><tr><td>1943 (Jan. 1, 1943-Dec. 31, 1943)</td><td>1,283,533</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-Apr. 30, 1945)</td><td>321,606</td><td>384,624</td><td>4,088</td><td>-109,330</td><td>42,284</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 1945)</td><td>1,797,345</td><td>5,802,871</td><td>130,372</td><td>802,502</td><td>1,061,600</td></tr><tr><td>Month: 1944-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>1,516</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>10,533</td><td>690</td><td>2,415</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>-283,521</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>157,405</td><td>151,895</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><tr><td>March</td><td>-16,298</td><td>11,310</td><td>521</td><td>-24,388</td><td>-3,741</td></tr><tr><td>April</td><td>58,274</td><td>44,446</td><td>-78</td><td>-18,079</td><td>31,985</td></tr></table>
Back Figures: For monthly data for the period January 1941 through June 1942, see "Treasury Bulletin" for September 1943, page 73.
72
Treasury Bulletin
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th>Total paper money</th><th>Coin 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 1/</th><th>National bank notes 1/</th></tr><tr><td>1936.</td><td>6,241</td><td>5,755</td><td>101</td><td>955</td><td>1</td><td>278</td><td>4,002</td><td>52</td><td>366</td></tr><tr><td>1937.</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938.</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>252</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939.</td><td>7,047</td><td>6,468</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>155</td></tr><tr><td>1941.</td><td>9,612</td><td>8,912</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,668</td><td>20</td><td>150</td></tr><tr><td>1942.</td><td>12,353</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943.</td><td>17,421</td><td>16,492</td><td>57</td><td>1,049</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944.</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945 p.</td><td>26,686</td><td>25,483</td><td>52</td><td>1,650</td><td>1</td><td>323</td><td>22,810</td><td>527</td><td>120</td></tr><tr><td>1944-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>21,682</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>24,180</td><td>53</td><td>1,561</td><td>1</td><td>316</td><td>21,533</td><td>594</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>21,904</td><td>550</td><td>122</td></tr><tr><td>March.</td><td>25,899</td><td>24,729</td><td>53</td><td>1,559</td><td>1</td><td>320</td><td>22,100</td><td>544</td><td>122</td></tr><tr><td>April.</td><td>26,189</td><td>25,009</td><td>52</td><td>1,593</td><td>1</td><td>321</td><td>22,384</td><td>537</td><td>121</td></tr><tr><td>May.</td><td>26,528</td><td>25,331</td><td>52</td><td>1,652</td><td>1</td><td>322</td><td>22,651</td><td>533</td><td>121</td></tr><tr><td>June p.</td><td>26,686</td><td>25,483</td><td>52</td><td>1,650</td><td>1</td><td>323</td><td>22,810</td><td>527</td><td>120</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th>Money in circulation per capita (In dollars)</th></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>362</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>59.87</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>923</td><td>84</td><td>610</td><td>236</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>101</td><td>700</td><td>265</td><td>163.07</td></tr><tr><td>1945 p.</td><td>1,203</td><td>125</td><td>787</td><td>293</td><td>191.92</td></tr><tr><td>1944-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>164.74</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</td><td>1,180</td><td>122</td><td>772</td><td>287</td><td>188.08</td></tr><tr><td>May</td><td>1,196</td><td>123</td><td>784</td><td>290</td><td>190.81</td></tr><tr><td>June p.</td><td>1,203</td><td>125</td><td>787</td><td>291</td><td>191.42</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. 1/ Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of the
United States, 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
OFFICIAL BUSINESS
PERMIT NO. 1002
FORM A-8/45-2000
OFFICE OF THE SECRETARY
WASHINGTON 25.D.C.
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, $300
Treas. U.S. Treasury Dept. HJ 10 Treasury Bulletin A2 1945 c.2
1 0031936