copy 1
LIBRARY ROOM 5030
JUN 9.1 1972
TREASURY DEPARTMENT
COPY No :
TREASURY BULLETIN
SEPTEMBER - 1945
LIBRARY
SEP 1 1945
Treasury Department
Room 3012
UNITED STATES TREASURY DEPARTMENT OFFICE OF THE SECRETARY
Treasury Bulletin
1
Cumulative Table of Contents
<table><tr><th>Articles</th><th>Issue and page number</th><th>1945</th><th>1944</th></tr><tr><th></th><th>Sept. Aug. July June May Apr. Mar. Feb. Jan. Dec. Nov. Oct.</th><th></th><th></th></tr><tr><td>Statistics of income:</td><td></td><td></td><td></td></tr><tr><td>Taxable corporation income and excess profits tax returns for 1943 (advance tabulation).</td><td>4-1 4-5</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>4-11 4-10</td><td></td><td></td></tr><tr><td>Individual and taxable fiduciary returns for 1942 (complete report).</td><td>4-6 4-2 4-11 4-14</td><td></td><td></td></tr><tr><td>Federal land bank bonds.</td><td>4-6</td><td></td><td></td></tr><tr><td>War loans:</td><td></td><td></td><td></td></tr><tr><td>7th War Loan, May-June 1945:</td><td>4-1 4-22</td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States.</td><td>4-1 4-3</td><td></td><td></td></tr><tr><td>Comparison of features of securities offered.</td><td>4-1 4-2</td><td></td><td></td></tr><tr><td>Redemption values and investment yields of United States savings bonds and Treasury savings notes.</td><td>4-1 4-17 4-2</td><td></td><td></td></tr><tr><td>Outline of plans.</td><td>4-1 4-17 4-2</td><td></td><td></td></tr><tr><td>6th War Loan, November-December 1944:</td><td>4-1 4-17 4-2</td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States.</td><td>4-1 4-17 4-2</td><td></td><td></td></tr><tr><td>Sales patterns for Loan.</td><td>4-1 4-17 4-2</td><td></td><td></td></tr><tr><td>Outline of plans and comparison of features of securities offered.</td><td>4-1 4-17 4-2</td><td></td><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by Treasury investment accounts:</td><td>4-23</td><td></td><td></td></tr><tr><td>7th War Loan.</td><td>4-18</td><td></td><td></td></tr><tr><td>6th War Loan.</td><td>4-18</td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1945.</td><td>4-23 4-32</td><td></td><td></td></tr><tr><td>Invasion currency.</td><td>4-1 4-7</td><td></td><td></td></tr><tr><td>Assets and liabilities of all active banks in the United States:</td><td>4-1 4-6</td><td></td><td>4-10 4-13</td></tr><tr><td>December 31, 1939 through December 31, 1944.</td><td></td><td></td><td></td></tr><tr><td>December 31, 1939 through June 30, 1944.</td><td></td><td></td><td></td></tr><tr><td>Bank deposits, geographic distribution on December 31, 1944-44.</td><td>4-5 4-19 4-1</td><td></td><td></td></tr><tr><td>Maturity of Adjusted service bonds on June 15, 1945.</td><td>4-1</td><td></td><td></td></tr><tr><td>United States savings bonds:</td><td>4-23</td><td></td><td></td></tr><tr><td>Maturity of series A bonds.</td><td>4-1 4-2</td><td></td><td></td></tr><tr><td>Redemption through banks and additional financial institutions.</td><td>4-34</td><td></td><td>4-1 4-1</td></tr><tr><td>Irises taxes in the United States, Canada, and United Kingdom.</td><td>4-3 4-1</td><td></td><td></td></tr><tr><td>War finance policies (Three speeches by the Secretary of the Treasury).</td><td>4-6 4-8 4-9 4-30 4-7 4-1 4-18 4-11 4-1</td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>4-6 4-8 4-9 4-30 4-7 4-1 4-18 4-11 4-1</td><td></td><td></td></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures.</td><td>3 3 3 3 3 3 3 3 3</td><td></td><td>3 3 3 3 3 3 3 3 3</td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>3 3 3 3 3 3 3 3 3</td><td></td><td>3 3 3 3 3 3 3 3 3</td></tr><tr><td>Means of financing cash requirements.</td><td>3 3 3 3 3 3 3 3 3</td><td></td><td>3 3 3 3 3 3 3 3 3</td></tr><tr><td>Receipts and expenditures and appropriations</td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td></tr><tr><td>Summary by major classifications.</td><td>6-1 7 7 7 7 7 7 7 7</td><td></td><td>6-1 7 7 7 7 7 7 7 7</td></tr><tr><td>Analysis of receipts from internal revenue.</td><td>8 8-9 8-9 8-9 8-9 8-9 8-9 8-9 8-9</td><td></td><td>8 8-9 8-9 8-9 8-9 8-9 8-9 8-9 8-9</td></tr><tr><td>Analysis of general expenditures.</td><td>11-12 10 10 10 10 10 10 10 10</td><td></td><td>11-12 10 10 10 10 10 10 10 10</td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>13 11 11 11 11 11 11 11 11</td><td></td><td>13 11 11 11 11 11 11 11 11</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>9-10 8-9 8-9 8-9 8-9 8-9 8-9 8-9 8-9</td><td></td><td>9-10 8-9 8-9 8-9 8-9 8-9 8-9 8-9 8-9</td></tr><tr><td>Trust accounts, etc. receipts and expenditures.</td><td>11-12 10 10 10 10 10 10 10 10</td><td></td><td>11-12 10 10 10 10 10 10 10 10</td></tr><tr><td>Means of financing cash requirements.</td><td>13 11 11 11 11 11 11 11 11</td><td></td><td>13 11 11 11 11 11 11 11 11</td></tr><tr><td>Social security program:</td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td></tr><tr><td>Social Security Act Fund.</td><td>15 15 15 15 15 15 15 15 15</td><td></td><td>15 15 15 15 15 15 15 15 15</td></tr><tr><td>Railroad Retirement Act.</td><td>15 15 15 15 15 15 15 15 15</td><td></td><td>15 15 15 15 15 15 15 15 15</td></tr><tr><td>Railroad Unemployment Insurance Act.</td><td>15 15 15 15 15 15 15 15 15</td><td></td><td>15 15 15 15 15 15 15 15 15</td></tr><tr><td>Statements of trust accounts:</td><td></td><td></td><td></td></tr><tr><td>Federal Old-age and Survivors Insurance Trust Fund.</td><td>16 16 16 16 16 16 16 16 16</td><td></td><td>16 16 16 16 16 16 16 16 16</td></tr><tr><td>Railroad Retirement Account.</td><td>16 16 16 16 16 16 16 16 16</td><td></td><td>16 16 16 16 16 16 16 16 16</td></tr><tr><td>Unemployment Trust Fund.</td><td>16 16 16 16 16 16 16 16 16</td><td></td><td>16 16 16 16 16 16 16 16 16</td></tr><tr><td>Appropriations and net contract authorizations for the war activities program.</td><td>17-18 15-16 15-16 15-16 15-16 15-16 15-16 15-16 15-16</td><td></td><td>17-18 15-16 15-16 15-16 15-16 15-16 15-16 15-16 15-16</td></tr><tr><td>Cash income and outgo of the Treasury:</td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications.</td><td>19 17 17 17 17 17 17 17 17</td><td></td><td>19 17 17 17 17 17 17 17 17</td></tr><tr><td>Total cash income and outgo by months and calendar years beginning with January 1940.</td><td>19 17 17 17 17 17 17 17 17</td><td></td><td>19 17 17 17 17 17 17 17 17</td></tr></table>
(Continued on following page)
September 1945
11
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="11">Issue and page number</th></tr><tr><th></th><th>Sept.</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></tr><tr><td colspan="12">1945</td></tr><tr><td colspan="12">1944</td></tr><tr><td>General Fund of the Treasury</td><td>21</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Assets, liabilities, and balance in General Fund</td><td>22</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>Analysis of changes in balance of General Fund</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>25-26</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, 1936-1945</td><td>26-27</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 data</td><td>28</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>24</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>24</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>25</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>28</td><td></td></tr><tr><td>September 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944</td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td>30</td><td></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, 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>29</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>31-33</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td><td>28-30</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>34</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></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>35</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></tr><tr><td>Offerings and maturities of Treasury bills</td><td>36-37</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></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>38-39</td><td>36-37</td><td>35-36</td><td>35-36</td><td>36-37</td><td>35-36</td><td>35-36</td><td>36-37</td><td>35-36</td><td>36-37</td><td>35-36</td><td>36-37</td></tr><tr><td>Sales by series, classified by denominations</td><td>40</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></tr><tr><td>Sales to investors other than commercial banks by series, classified by States</td><td>41-42</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>39-40</td><td>38-39</td><td>39-40</td></tr><tr><td>Maturities and redemptions of Series A-D and E combined, by States</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>41</td><td>42</td><td>41</td></tr><tr><td>Payroll savings plans</td><td>44</td><td>42</td><td>41</td><td>41</td><td>42</td><td>41</td><td>41</td><td>42</td><td>40</td><td>40</td><td>41</td><td>40</td></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>44-45</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></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>46</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>43</td><td>44</td><td>43</td></tr><tr><td>Type of purchaser</td><td>46</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></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>47</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></tr><tr><td>Sales, classified by denomination</td><td>47</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></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>49</td><td>47</td><td>46</td><td>46</td><td>47</td><td>46</td><td>46</td><td>47</td><td>45</td><td>45</td><td>46</td><td>45</td></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors</td><td>50</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937</td><td>50</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></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>48-51</td><td>47-50</td></tr><tr><td>July 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>53</td><td>47-50</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>49-52</td><td>47-50</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>October 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-52</td><td></td></tr><tr><td>November 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>48-51</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>48-52</td><td></td></tr><tr><td>January 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 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>March 31, 1945</td><td></td><td></td><td></td><td>48-52</td><td>48-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1945</td><td></td><td></td><td>49-53</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></td><td>51-55</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>51-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><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>52-55</td><td></td></tr><tr><td>December 31, 1944</td><td>56-60</td><td></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></table>
(Continued on following page)
111
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="10">Issue and page number</th></tr><tr><th></th><th colspan="10">1945</th><th colspan="4">1944</th></tr><tr><th></th><th>Sept.</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></tr><tr><td>Prices and yield of Government securities (including securities issued by Federal agencies)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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></td><td></td></tr><tr><td>August 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>53-55</td><td>52-54</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>52-54</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>55-57</td><td>52-54</td><td></td><td></td><td></td></tr><tr><td>November 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td>55-57</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>54-56</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>55-57</td><td>54-56</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></td><td></td><td>54-56</td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td></td><td>54-56</td><td>54-56</td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1945.</td><td></td><td></td><td></td><td></td><td>57</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>62-64</td><td>55-57</td><td>54-56</td><td>55-57</td><td>58</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>63</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>55</td><td>56</td><td>55</td><td></td></tr><tr><td>July 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><td></td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td>65</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>55</td><td>56</td><td>55</td><td></td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds: Discussion of revision of high-grade corporate bond average.</td><td>66</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>57</td></tr><tr><td>Yields beginning with 1937.</td><td>67</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></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><td></td></tr><tr><td>Corporations and certain other agencies of the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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><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></td><td></td><td></td><td></td><td></td></tr><tr><td>New quarterly statements:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>64-68</td><td></td><td></td><td>59-63</td><td></td><td></td><td></td></tr><tr><td>September 30, 1944.</td><td></td><td></td><td>61</td><td>64-68</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><td></td></tr><tr><td>March 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td>69</td><td>72-76</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>60-61</td><td>59-60</td><td></td><td></td></tr><tr><td>Old monthly statements.</td><td></td><td></td><td>62-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td>70-71</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New quarterly statements:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>60-64</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>61-65</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1945.</td><td></td><td></td><td>65-74</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>62-65</td><td>61-64</td><td></td></tr><tr><td>Old monthly statements.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary data.</td><td>78</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></td></tr><tr><td>Chart.</td><td>79</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></td></tr><tr><td>Comparative details for current periods.</td><td>80-81</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></td></tr><tr><td>Monetary statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></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>68-69</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><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><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><td></td></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td>83</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></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>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></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></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></td><td>69</td><td></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>75</td><td></td><td></td><td>69</td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods.</td><td>83</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></td></tr><tr><td>Monetary stocks of gold and silver.</td><td>83</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></td></tr><tr><td>Components of silver monetary stock.</td><td>84</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></td></tr><tr><td>Silver of specified classifications acquired by mint and assay offices.</td><td>84</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></td></tr><tr><td>Silver production in United States.</td><td>84</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></td></tr><tr><td>Seigniorage on silver, by types.</td><td>85</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></td></tr><tr><td>Capital movement between the United States and foreign countries.</td><td>85</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></td></tr><tr><td>Money in circulation.</td><td>86</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.
September 1945
A-1
Taxable Corporation Income and Excess Profits
Tax Returns: Advance Tabulation for 1943.
Advance tabulations of corporation income and excess profits tax returns for 1943 have recently been prepared by the Bureau of Internal Revenue. These tabulations contain data compiled from corporation income tax returns (Form 1120) and excess profits tax returns (Form 1121) received through December 31, 1944. 1/ Analysis of complete 1943 returns will be published at some future date in "Statistics of Income, Part 2, for 1943". The data contained in the advance tabulations are summarized in this article.
Income tax returns
The number of taxable 1943 returns, Form 1120, received through December 31, 1944 was 261,568 as compared with 246,710 returns for 1942 received in a similar period of time. 2/ Total net income reported on the 1943 returns was $27.7 billion, an increase of 20% over that reported for 1942. Normal tax net income amounted to $1.5 billion, the same as in 1942. 3/ The 1943 income tax was $4.4 billion.
<table><tr><th></th><th>1942 (advance tabulation)</th><th>1943 (advance tabulation)</th></tr><tr><td>Number of taxable returns</td><td>246,710</td><td>261,568</td></tr><tr><td colspan="3">(In billions of dollars)</td></tr><tr><td>Net income</td><td>23.1</td><td>27.7</td></tr><tr><td>Normal tax net income</td><td>11.5</td><td>11.5</td></tr><tr><td>Normal and surtax</td><td>4.2</td><td>4.4</td></tr></table>
The table above presents a summary of the number of returns, net income, and taxes, for
1942 and 1943, as reported on taxable returns received through December 31 of the following year.
Excess profits tax returns
A total of 68,066 taxable 1943 excess profits tax returns (Form 1121) were received through December 31, 1944, an increase of 27% over the number received for 1942 through the end of December 1943. Of these, 44,351 used the invested capital method of computing the excess profits credit, and the remaining 23,715 used the average earnings method.
The 1943 returns showed excess profits net income of $22.1 billion, an increase of 31% over that reported on 1942 returns for a similar period. The excess profits tax for 1943 totaled $12.3 billion before credit for debt retirement and post-war refund, as compared with $8.5 billion for 1942. The table at the bottom of this page shows the number of returns and the amounts of the principal items for 1942 and 1943, by method of computing the excess profits credit.
There were 8,756 returns for 1943 reporting an unuaed excess profits credit carry-over; this carry-over totaled $500 million. Corporations which were subject to the tax limitation of 80% of surtax net income numbered 7,670, or 11% of all returns.
Coverage of statistics
Data included in these reports are tabulated from the taxable corporation income and declared-
<table><tr><th></th><th colspan="3">1942 (advance tabulation)</th><th colspan="3">1943 (advance tabulation)</th></tr><tr><th></th><th>Total</th><th>Invested capital method</th><th>Income method</th><th>Total</th><th>Invested capital method</th><th>Income method</th></tr><tr><td>Number of taxable returns</td><td>53,592</td><td>31,591</td><td>22,001</td><td>68,066</td><td>44,351</td><td>23,715</td></tr><tr><td colspan="7">(In billions of dollars)</td></tr><tr><td>Excess profits net income</td><td>16.9</td><td>6.7</td><td>10.2</td><td>22.1</td><td>10.1</td><td>12.0</td></tr><tr><td>Excess profits credit</td><td>5.8</td><td>1.9</td><td>3.9</td><td>6.8</td><td>2.7</td><td>4.1</td></tr><tr><td>Adjusted excess profits net income</td><td>10.4</td><td>4.3</td><td>6.0</td><td>14.4</td><td>6.7</td><td>7.7</td></tr><tr><td>Excess profits tax before certain credits</td><td>8.5</td><td>3.5</td><td>5.0</td><td>12.3</td><td>5.7</td><td>6.6</td></tr><tr><td>Credit for debt retirement</td><td>.2</td><td>.1</td><td>.1</td><td>.3</td><td>.2</td><td>.1</td></tr><tr><td>Net post-war refund</td><td>.5</td><td>.2</td><td>.3</td><td>.9</td><td>.4</td><td>.5</td></tr><tr><td>Excess profits tax, net</td><td>7.8</td><td>3.2</td><td>4.6</td><td>11.0</td><td>5.1</td><td>5.9</td></tr></table>
The income tax form 1120 is also used for the purpose of reporting the declared value excess profits tax. This tax should not be confused with the excess profits tax. The declared value excess profits tax is a concomitant of the capital stock tax, enacted in 1933. Its yield is relatively low, amounting to $145 million for the 1943 returns covered here.
2/ Of the 1943 returns, 66,960 showed income subject to the excess profits tax. This differs slightly from the number of excess profits tax returns reported, since the excess profits tax returns (Form 1121) and
the corresponding income tax returns (Form 1120) are not necessarily received in the Bureau at the same time.
Net income as used throughout this article is net income for declared value excess profits tax; that is, gross income less deductions. Adjustment of this figure for partially tax-exempt interest, the dividends received credit, the declared value excess profits tax, and income subject to excess profits tax, gives normal tax net income.
A-2
Treasury Bulletin
value excess profits tax returns, Form 1120, and its two variants, Form 1120L for life insurance companies and Form 1120M for mutual insurance companies, and from taxable corporation excess profit tax returns, Form 1121, listed for assessment by the collectors and received in the Bureau of Internal Revenue through December 31, 1944. Returns are taken as filed by the taxpayers, prior to revisions which may be made as a result of audit by the Bureau, and prior to any changes which may result from renegotiation of war contracts after the returns were filed. The tabulations contain data from returns for which the major part of the accounting period was in 1943; these include returns for the calendar year 1943, for fiscal years ending in the period July 1943 through June 1944, and part years with the greater part of the accounting period falling in 1943.
Comparability with previous years
For corporations filing returns for the calendar year 1943 or for fiscal or part years ending in 1943, there was no change in the income or excess profits tax provisions. Corporations filing on the basis of fiscal or part years with
part of the accounting period falling in 1944, however, compute their tax under both the 1943 and the 1944 tax law, pro-rated according to the part of the accounting period falling in each calendar year. The following changes were made for 1944:
(1) The excess profits tax specific exemption was increased from $5,000 to $10,000, and exemption from filing a return was accordingly extended to corporations with excess profits net income up to $10,000.
(2) The rate of excess profits tax was increased from 90 to 95% of adjusted excess profits net income.
(3) The excess profits credit based on invested capital was reduced as follows:
<table><tr><th>Invested Capital</th><th colspan="2">Percentage allowed as credit</th></tr><tr><th></th><th>1942</th><th>1943</th></tr><tr><td>First $5 million</td><td>8</td><td>8</td></tr><tr><td>Next $5 million</td><td>7</td><td>6</td></tr><tr><td>Next $190 million</td><td>6</td><td>5</td></tr><tr><td>Over $200 million</td><td>5</td><td>5</td></tr></table>
September 1945
A-3
Table 1.- Taxable Corporation Income Tax Returns (Form 1120) Advance Tabulation for 1943
<table><tr><th>Total assets classes (In thousands of dollars)</th><th>Number of returns</th><th>Net income for declared value excess profits tax 1/</th><th>Dividends received credit</th><th>Income subject to excess profits tax</th><th colspan="2">Normal tax net income 2/</th><th>Income tax</th><th>Declared value excess profits tax 1/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Income</th><th>Deficit</th><th></th><th></th></tr><tr><td colspan="9">All taxable returns (In millions of dollars)</td></tr><tr><td>Under 50.</td><td>102,150</td><td>342</td><td>3</td><td>46</td><td>287</td><td>*</td><td>74</td><td>6</td></tr><tr><td>50 under 100.</td><td>40,682</td><td>392</td><td>3</td><td>119</td><td>265</td><td>*</td><td>70</td><td>5</td></tr><tr><td>100 under 250.</td><td>42,676</td><td>921</td><td>11</td><td>391</td><td>506</td><td>*</td><td>143</td><td>10</td></tr><tr><td>250 under 500.</td><td>21,448</td><td>1,063</td><td>14</td><td>548</td><td>482</td><td>*</td><td>155</td><td>9</td></tr><tr><td>500 under 1,000.</td><td>14,614</td><td>1,525</td><td>26</td><td>799</td><td>596</td><td>*</td><td>219</td><td>12</td></tr><tr><td>1,000 under 5,000.</td><td>17,301</td><td>4,289</td><td>114</td><td>2,488</td><td>1,544</td><td>2</td><td>597</td><td>32</td></tr><tr><td>5,000 under 10,000.</td><td>2,694</td><td>2,137</td><td>60</td><td>1,273</td><td>773</td><td>1</td><td>304</td><td>16</td></tr><tr><td>10,000 under 50,000.</td><td>2,296</td><td>5,028</td><td>162</td><td>2,973</td><td>1,772</td><td>3</td><td>693</td><td>35</td></tr><tr><td>50,000 under 100,000.</td><td>342</td><td>2,145</td><td>81</td><td>1,169</td><td>788</td><td>1</td><td>314</td><td>5</td></tr><tr><td>100,000 and over.</td><td>420</td><td>8,712</td><td>483</td><td>3,557</td><td>4,082</td><td>7</td><td>1,653</td><td>12</td></tr><tr><td>Returns with no balance sheets.</td><td>17,005</td><td>1,113</td><td>48</td><td>445</td><td>374</td><td>2</td><td>135</td><td>4</td></tr><tr><td>Total.</td><td>261,568</td><td>27,667</td><td>1,005</td><td>13,810</td><td>11,468</td><td>18</td><td>4,356</td><td>145</td></tr><tr><td colspan="9">Taxable returns with income subject to excess profits tax (In millions of dollars)</td></tr><tr><td>Under 50.</td><td>10,336</td><td>119</td><td>*</td><td>46</td><td>70</td><td>*</td><td>19</td><td>2</td></tr><tr><td>50 under 100.</td><td>11,731</td><td>240</td><td>*</td><td>119</td><td>117</td><td>*</td><td>32</td><td>3</td></tr><tr><td>100 under 250.</td><td>16,989</td><td>670</td><td>1</td><td>391</td><td>270</td><td>*</td><td>77</td><td>8</td></tr><tr><td>250 under 500.</td><td>10,142</td><td>847</td><td>3</td><td>548</td><td>288</td><td>*</td><td>94</td><td>8</td></tr><tr><td>500 under 1,000.</td><td>6,834</td><td>1,203</td><td>6</td><td>799</td><td>388</td><td>*</td><td>147</td><td>10</td></tr><tr><td>1,000 under 5,000.</td><td>7,274</td><td>3,540</td><td>26</td><td>2,488</td><td>998</td><td>*</td><td>397</td><td>29</td></tr><tr><td>5,000 under 10,000.</td><td>1,132</td><td>1,819</td><td>16</td><td>1,273</td><td>515</td><td>*</td><td>205</td><td>15</td></tr><tr><td>10,000 under 50,000.</td><td>971</td><td>4,189</td><td>42</td><td>2,973</td><td>1,140</td><td>*</td><td>455</td><td>32</td></tr><tr><td>50,000 under 100,000.</td><td>169</td><td>1,881</td><td>31</td><td>1,169</td><td>602</td><td>-</td><td>239</td><td>5</td></tr><tr><td>100,000 and over.</td><td>185</td><td>6,664</td><td>278</td><td>3,557</td><td>2,811</td><td>*</td><td>1,129</td><td>10</td></tr><tr><td>Returns with no balance sheets.</td><td>1,197</td><td>743</td><td>31</td><td>445</td><td>297</td><td>*</td><td>100</td><td>4</td></tr><tr><td>Total.</td><td>66,960</td><td>21,916</td><td>435</td><td>13,810</td><td>7,446</td><td>*</td><td>2,894</td><td>127</td></tr><tr><td colspan="9">Taxable returns with no income subject to excess profits tax (In millions of dollars)</td></tr><tr><td>Under 50.</td><td>91,814</td><td>223</td><td>3</td><td>-</td><td>216</td><td>*</td><td>55</td><td>4</td></tr><tr><td>50 under 100.</td><td>28,891</td><td>152</td><td>3</td><td>-</td><td>148</td><td>*</td><td>38</td><td>2</td></tr><tr><td>100 under 250.</td><td>25,687</td><td>251</td><td>10</td><td>-</td><td>236</td><td>*</td><td>66</td><td>2</td></tr><tr><td>250 under 500.</td><td>11,306</td><td>216</td><td>11</td><td>-</td><td>195</td><td>*</td><td>61</td><td>1</td></tr><tr><td>500 under 1,000.</td><td>7,780</td><td>321</td><td>20</td><td>-</td><td>208</td><td>*</td><td>72</td><td>1</td></tr><tr><td>1,000 under 5,000.</td><td>10,087</td><td>749</td><td>88</td><td>-</td><td>546</td><td>2</td><td>200</td><td>3</td></tr><tr><td>5,000 under 10,000.</td><td>1,562</td><td>318</td><td>44</td><td>-</td><td>258</td><td>1</td><td>99</td><td>1</td></tr><tr><td>10,000 under 50,000.</td><td>1,325</td><td>838</td><td>120</td><td>-</td><td>632</td><td>3</td><td>238</td><td>2</td></tr><tr><td>50,000 under 100,000.</td><td>173</td><td>264</td><td>50</td><td>-</td><td>186</td><td>1</td><td>75</td><td>*</td></tr><tr><td>100,000 and over.</td><td>235</td><td>2,048</td><td>205</td><td>-</td><td>1,271</td><td>7</td><td>524</td><td>2</td></tr><tr><td>Returns with no balance sheets.</td><td>15,808</td><td>369</td><td>17</td><td>-</td><td>127</td><td>2</td><td>35</td><td>1</td></tr><tr><td>Total.</td><td>194,608</td><td>5,751</td><td>570</td><td>-</td><td>4,022</td><td>18</td><td>1,462</td><td>19</td></tr></table>
* Less than $500,000.
1/ Net income for declared value excess profits tax is net income increased by the declared value excess profits tax and reduced by certain partially tax-exempt interest.
2/ Normal tax net income is net income reduced by the divi-
dends received credit, partially tax-exempt interest, and taxable excess profits.
3/ This tax should not be confused with the excess profits tax. The declared value excess profits tax is a concomitant of the capital stock tax enacted in 1933.
A-4
Treasury Bulletin
Table 2.- Taxable Corporation Excess Profits Tax Returns (Form 1121)
Advance Tabulation for 1943
<table><tr><th>Adjusted excess profits net income class(es) (In thousands of dollars)</th><th>Number of returns</th><th>Normal tax net income (before certain credits) 1/</th><th>Excess profits net income 2/</th><th>Excess profits credit 3/</th><th>Adjusted excess profits net income 4/</th><th>Income tax</th><th>Excess profits tax (before certain credits)</th><th>Credit for debt retirement 5/</th><th>Net post-war refund 6/</th></tr></table>
<table><tr><th colspan="2">Aggregate</th><th colspan="8">(In million of dollar)</th></tr><tr><td>Under 5.</td><td>18,450</td><td>280</td><td>280</td><td>131</td><td>39</td><td>57</td><td>33</td><td>1</td><td>2</td></tr><tr><td>5 under 10.</td><td>8,911</td><td>214</td><td>216</td><td>95</td><td>65</td><td>40</td><td>55</td><td>1</td><td>4</td></tr><tr><td>10 under 15.</td><td>5,649</td><td>181</td><td>182</td><td>75</td><td>70</td><td>31</td><td>60</td><td>2</td><td>4</td></tr><tr><td>15 under 20.</td><td>4,040</td><td>166</td><td>166</td><td>68</td><td>70</td><td>28</td><td>60</td><td>2</td><td>4</td></tr><tr><td>20 under 25.</td><td>3,039</td><td>147</td><td>147</td><td>58</td><td>68</td><td>23</td><td>59</td><td>2</td><td>4</td></tr><tr><td>25 under 30.</td><td>2,379</td><td>129</td><td>128</td><td>47</td><td>65</td><td>20</td><td>56</td><td>1</td><td>4</td></tr><tr><td>30 under 35.</td><td>1,945</td><td>123</td><td>123</td><td>47</td><td>61</td><td>18</td><td>55</td><td>1</td><td>4</td></tr><tr><td>35 under 40.</td><td>1,652</td><td>113</td><td>114</td><td>40</td><td>62</td><td>16</td><td>54</td><td>1</td><td>4</td></tr><tr><td>40 under 45.</td><td>1,365</td><td>110</td><td>109</td><td>42</td><td>58</td><td>16</td><td>51</td><td>1</td><td>4</td></tr><tr><td>45 under 50.</td><td>1,271</td><td>106</td><td>106</td><td>36</td><td>60</td><td>14</td><td>52</td><td>1</td><td>4</td></tr><tr><td>50 under 100.</td><td>6,757</td><td>822</td><td>814</td><td>283</td><td>480</td><td>114</td><td>415</td><td>9</td><td>32</td></tr><tr><td>100 under 250.</td><td>6,185</td><td>1,558</td><td>1,547</td><td>508</td><td>975</td><td>211</td><td>839</td><td>19</td><td>64</td></tr><tr><td>250 under 500.</td><td>2,802</td><td>1,519</td><td>1,501</td><td>473</td><td>981</td><td>201</td><td>839</td><td>18</td><td>65</td></tr><tr><td>500 under 1,000.</td><td>1,669</td><td>1,720</td><td>1,702</td><td>504</td><td>1,165</td><td>197</td><td>984</td><td>22</td><td>76</td></tr><tr><td>1,000 under 2,000.</td><td>930</td><td>1,908</td><td>1,901</td><td>572</td><td>1,297</td><td>235</td><td>1,099</td><td>24</td><td>85</td></tr><tr><td>2,000 under 3,000.</td><td>318</td><td>1,148</td><td>1,128</td><td>351</td><td>772</td><td>141</td><td>656</td><td>15</td><td>50</td></tr><tr><td>3,000 under 4,000.</td><td>179</td><td>999</td><td>1,004</td><td>334</td><td>622</td><td>140</td><td>529</td><td>12</td><td>40</td></tr><tr><td>4,000 under 5,000.</td><td>95</td><td>656</td><td>642</td><td>215</td><td>424</td><td>83</td><td>360</td><td>9</td><td>27</td></tr><tr><td>5,000 under 10,000.</td><td>226</td><td>2,265</td><td>2,264</td><td>666</td><td>1,566</td><td>260</td><td>1,729</td><td>33</td><td>99</td></tr><tr><td>10,000 under 15,000.</td><td>94</td><td>1,790</td><td>1,785</td><td>574</td><td>1,143</td><td>240</td><td>961</td><td>31</td><td>64</td></tr><tr><td>15,000 under 20,000.</td><td>27</td><td>621</td><td>632</td><td>155</td><td>453</td><td>65</td><td>389</td><td>13</td><td>25</td></tr><tr><td>20,000 under 25,000.</td><td>20</td><td>741</td><td>713</td><td>259</td><td>453</td><td>120</td><td>370</td><td>13</td><td>24</td></tr><tr><td>25,000 and over.</td><td>63</td><td>5,058</td><td>4,917</td><td>1,301</td><td>3,455</td><td>538</td><td>2,955</td><td>111</td><td>184</td></tr><tr><td>Total</td><td>68,066</td><td>22,375</td><td>22,122</td><td>6,836</td><td>14,406</td><td>2,809</td><td>12,257</td><td>345</td><td>875</td></tr></table>
<table><tr><th colspan="10">Invested Capital Method (in millions of dollars)</th></tr><tr><td>Under 5....................</td><td>14,070</td><td>185</td><td>188</td><td>76</td><td>29</td><td>36</td><td>24</td><td>1</td><td>2</td></tr><tr><td>5 under 10....................</td><td>6,482</td><td>139</td><td>142</td><td>55</td><td>47</td><td>24</td><td>40</td><td>1</td><td>3</td></tr><tr><td>10 under 15....................</td><td>3,826</td><td>108</td><td>109</td><td>37</td><td>47</td><td>16</td><td>40</td><td>1</td><td>3</td></tr><tr><td>15 under 20....................</td><td>2,663</td><td>96</td><td>97</td><td>33</td><td>46</td><td>14</td><td>39</td><td>1</td><td>3</td></tr><tr><td>20 under 25....................</td><td>1,963</td><td>87</td><td>68</td><td>30</td><td>44</td><td>12</td><td>38</td><td>1</td><td>3</td></tr><tr><td>25 under 30....................</td><td>1,462</td><td>71</td><td>71</td><td>22</td><td>40</td><td>9</td><td>34</td><td>1</td><td>2</td></tr><tr><td>30 under 35....................</td><td>1,210</td><td>68</td><td>70</td><td>22</td><td>39</td><td>8</td><td>34</td><td>1</td><td>2</td></tr><tr><td>35 under 40....................</td><td>987</td><td>62</td><td>63</td><td>18</td><td>37</td><td>7</td><td>32</td><td>1</td><td>2</td></tr><tr><td>40 under 45....................</td><td>602</td><td>57</td><td>58</td><td>18</td><td>34</td><td>7</td><td>29</td><td>1</td><td>2</td></tr><tr><td>45 under 50....................</td><td>779</td><td>59</td><td>59</td><td>16</td><td>37</td><td>6</td><td>32</td><td>1</td><td>2</td></tr><tr><td>50 under 100....................</td><td>3,815</td><td>422</td><td>422</td><td>119</td><td>271</td><td>49</td><td>232</td><td>6</td><td>17</td></tr><tr><td>100 under 250....................</td><td>3,233</td><td>746</td><td>747</td><td>202</td><td>508</td><td>84</td><td>431</td><td>12</td><td>31</td></tr><tr><td>250 under 500....................</td><td>1,404</td><td>694</td><td>688</td><td>171</td><td>488</td><td>75</td><td>415</td><td>11</td><td>31</td></tr><tr><td>500 under 1,000....................</td><td>803</td><td>783</td><td>780</td><td>206</td><td>558</td><td>81</td><td>468</td><td>13</td><td>34</td></tr><tr><td>1,000 under 2,000....................</td><td>422</td><td>813</td><td>813</td><td>211</td><td>581</td><td>89</td><td>487</td><td>13</td><td>36</td></tr><tr><td>2,000 under 3,000....................</td><td>134</td><td>435</td><td>427</td><td>101</td><td>323</td><td>40</td><td>271</td><td>8</td><td>19</td></tr><tr><td>3,000 under 4,000....................</td><td>85</td><td>365</td><td>375</td><td>110</td><td>225</td><td>53</td><td>190</td><td>4</td><td>11</td></tr><tr><td>4,000 under 5,000....................</td><td>45</td><td>249</td><td>247</td><td>44</td><td>203</td><td>17</td><td>169</td><td>4</td><td>13</td></tr><tr><td>5,000 under 10,000....................</td><td>86</td><td>808</td><td>814</td><td>191</td><td>594</td><td>79</td><td>506</td><td>18</td><td>32</td></tr><tr><td>10,000 under 15,000....................</td><td>42</td><td>751</td><td>759</td><td>188</td><td>503</td><td>86</td><td>415</td><td>18</td><td>23</td></tr><tr><td>15,000 under 20,000....................</td><td>15</td><td>363</td><td>376</td><td>101</td><td>250</td><td>43</td><td>215</td><td>9</td><td>11</td></tr><tr><td>20,000 under 25,000....................</td><td>13</td><td>529</td><td>505</td><td>205</td><td>299</td><td>98</td><td>240</td><td>10</td><td>14</td></tr><tr><td>25,000 and over....................</td><td>30</td><td>2,323</td><td>2,251</td><td>570</td><td>1,519</td><td>270</td><td>1,298</td><td>79</td><td>51</td></tr><tr><td>Total....................</td><td>44,351</td><td>10,211</td><td>10,149</td><td>2,747</td><td>6,724</td><td>1,204</td><td>5,680</td><td>214</td><td>352</td></tr></table>
(Continued on following page)
September 1945
A-5
Table 2.- Taxable Corporation Excess Profits Tax Returns (Form 1121)
Advance Tabulation for 1943 - (Continued)
<table><tr><th>Adjusted excess profits net income classes (In thousands of dollars)</th><th>Number of returns</th><th>Normal tax net income (before certain credit) 1/</th><th>Excess profits net income 2/</th><th>Excess profits credit 3/</th><th>Adjusted excess profits net income 4/</th><th>Income tax</th><th>Excess profits tax (before certain credits)</th><th>Credit for debt retirement 5/</th><th>Net post-war refund 6/</th></tr><tr><td colspan="10">Income Method - Aggregate (In millions of dollars)</td></tr><tr><td>Under 5.....</td><td>4,380</td><td>95</td><td>92</td><td>55</td><td>10</td><td>22</td><td>8</td><td>*</td><td>1</td></tr><tr><td>5 under 10.....</td><td>2,429</td><td>75</td><td>75</td><td>41</td><td>16</td><td>16</td><td>15</td><td>*</td><td>1</td></tr><tr><td>10 under 15.....</td><td>1,823</td><td>74</td><td>72</td><td>38</td><td>23</td><td>15</td><td>20</td><td>*</td><td>2</td></tr><tr><td>15 under 20.....</td><td>1,777</td><td>70</td><td>68</td><td>35</td><td>24</td><td>14</td><td>21</td><td>*</td><td>2</td></tr><tr><td>20 under 25.....</td><td>1,076</td><td>50</td><td>59</td><td>26</td><td>24</td><td>11</td><td>21</td><td>*</td><td>2</td></tr><tr><td>25 under 30.....</td><td>917</td><td>58</td><td>57</td><td>25</td><td>25</td><td>10</td><td>22</td><td>*</td><td>2</td></tr><tr><td>30 under 35.....</td><td>735</td><td>55</td><td>54</td><td>25</td><td>24</td><td>10</td><td>21</td><td>*</td><td>2</td></tr><tr><td>35 under 40.....</td><td>665</td><td>52</td><td>51</td><td>22</td><td>25</td><td>9</td><td>22</td><td>*</td><td>2</td></tr><tr><td>40 under 45.....</td><td>563</td><td>53</td><td>52</td><td>24</td><td>24</td><td>9</td><td>21</td><td>*</td><td>2</td></tr><tr><td>45 under 50.....</td><td>492</td><td>48</td><td>47</td><td>20</td><td>23</td><td>8</td><td>20</td><td>*</td><td>2</td></tr><tr><td>50 under 100.....</td><td>2,942</td><td>400</td><td>392</td><td>163</td><td>209</td><td>65</td><td>182</td><td>4</td><td>14</td></tr><tr><td>100 under 250.....</td><td>2,552</td><td>812</td><td>800</td><td>307</td><td>467</td><td>128</td><td>408</td><td>8</td><td>33</td></tr><tr><td>250 under 500.....</td><td>1,798</td><td>825</td><td>814</td><td>302</td><td>493</td><td>126</td><td>424</td><td>8</td><td>34</td></tr><tr><td>500 under 1,000.....</td><td>866</td><td>937</td><td>922</td><td>298</td><td>607</td><td>116</td><td>516</td><td>9</td><td>42</td></tr><tr><td>1,000 under 2,000.....</td><td>508</td><td>1,095</td><td>1,088</td><td>361</td><td>716</td><td>145</td><td>612</td><td>11</td><td>50</td></tr><tr><td>2,000 under 3,000.....</td><td>184</td><td>714</td><td>701</td><td>249</td><td>449</td><td>101</td><td>385</td><td>7</td><td>31</td></tr><tr><td>3,000 under 4,000.....</td><td>114</td><td>634</td><td>628</td><td>224</td><td>397</td><td>87</td><td>339</td><td>8</td><td>26</td></tr><tr><td>4,000 under 5,000.....</td><td>50</td><td>406</td><td>395</td><td>171</td><td>221</td><td>66</td><td>191</td><td>5</td><td>14</td></tr><tr><td>5,000 under 10,000.....</td><td>140</td><td>1,457</td><td>1,450</td><td>476</td><td>972</td><td>181</td><td>822</td><td>15</td><td>67</td></tr><tr><td>10,000 under 15,000.....</td><td>52</td><td>1,039</td><td>1,026</td><td>386</td><td>640</td><td>154</td><td>546</td><td>13</td><td>41</td></tr><tr><td>15,000 under 20,000.....</td><td>12</td><td>258</td><td>256</td><td>54</td><td>202</td><td>22</td><td>174</td><td>4</td><td>11</td></tr><tr><td>20,000 under 25,000.....</td><td>7</td><td>212</td><td>209</td><td>55</td><td>154</td><td>22</td><td>130</td><td>3</td><td>10</td></tr><tr><td>25,000 and over.....</td><td>33</td><td>2,734</td><td>2,666</td><td>730</td><td>1,935</td><td>266</td><td>1,656</td><td>32</td><td>133</td></tr><tr><td>Total.....</td><td>23,715</td><td>12,163</td><td>11,973</td><td>4,089</td><td>7,682</td><td>1,605</td><td>6,578</td><td>130</td><td>523</td></tr></table>
1/ Normal tax net income as here reported, in contrast with Table 1, includes taxable excess profits and dividends received from domestic corporations.
2/ Excess profits net income is normal tax net income (as used in this table) after certain adjustments, consisting principally of the exclusion of long-term capital gains and losses, and dividends received from domestic corporations.
3/ The excess profits credit is computed by one of the following methods:
(a) Income method: 95% of average base period net income plus 8% of net capital addition or minus 6% of net capital reduction. Average base period net income may be determined either on the general average basis or on the basis recognizing increased earnings in the first half of the base period (the "growth formula"). Generally, the base period begins with taxable years beginning in 1936 and ends with taxable years begin-
(b) Invested capital: 6% of the first $5 million of total capital, plus 7% of the next $5 million, plus 6% of the next $150 million, plus 5% on the excess over $200 million. The amount shown here does not include unused excess profits credit of previous years. 4) Adjusted excess profits credit income (taxable excess profits) is the amount of excess profits net income in excess of the sum of the specific exemption, excess profits credit, and unused excess profits carry-over. 5/ The credit for debt retirement is, at the election of the taxpayer, credited against the excess profits tax. This credit is the lesser of (1) 10% of the excess profits tax, or (2) 40% of net debt reduction for the year. 6/ The post-war refund is equal to 10% of the excess profits tax credited by the credit for debt retirement (footnote 5). This refund is recoverable by non-interest-bearing, non-negotiable bonds redeemable at the option of the holder commencing January 1, 1946.
A-6
Treasury Bulletin
Treasury Market Financing
On July 23, 1945, the Treasury announced the offering of new 1-year 7/8% certificates of indebtedness, to mature August 1, 1946, in exchange for certificates due August 1, 1945, which were outstanding in the amount of $2,511 million. The new certificates were offered in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000. Interest is payable February 1 and August 1, 1946.
The subscription books were open July 23-25, inclusive, except that for subscriptions from the holders of $100,000 or less of the maturing certificates the books remained open through July 28.
Exchanges amounted to $2,470 million, or 98% of the maturing issue, leaving only $41 million to be paid off in cash.
New Federal Land Bank Bonds
On July 11, 1945, the Governor of the Farm Credit Administration announced an offering (for cash) by the Federal land banks of $176 million of 1-1/2% consolidated Federal farm loan bonds, dated August 1, 1945. They will mature Octo- ber 1, 1950, and will be redeemable on October 1, 1948, or on any interest date thereafter. Inter-
est will be payable on April 1, 1946 and semi-annually thereafter on October 1 and April 1. The offering price, which was announced on July 17, was 100-5/8 and accrued interest. The bonds were available in denominations of $100, $500, $1,000, $5,000, and $10,000.
September 1945
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
(In millions of dollars)
<table><tr><th></th><th colspan="4">First month, fiscal years 1944 to 1946</th><th colspan="5">Complete fiscal years, 1943 to 1946</th></tr><tr><th></th><th>1944</th><th>1945</th><th>1946</th><th>Change 1945 to 1946</th><th>1943</th><th>1944</th><th>1945</th><th>1946</th><th>Estimated 1/ Change 1945 to 1946 1/</th></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes 2/</td><td>1,255</td><td>1,247</td><td>1,743</td><td>+496</td><td>16,094</td><td>34,655</td><td>35,173</td><td>28,841</td><td>-6,332</td></tr><tr><td>Employment taxes</td><td>48</td><td>56</td><td>66</td><td>+10</td><td>1,498</td><td>1,739</td><td>1,780</td><td>1,993</td><td>+213</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>512</td><td>681</td><td>718</td><td>+36</td><td>4,553</td><td>5,291</td><td>6,949</td><td>7,028</td><td>+79</td></tr><tr><td>Customs</td><td>33</td><td>28</td><td>33</td><td>+4</td><td>324</td><td>431</td><td>355</td><td>392</td><td>+37</td></tr><tr><td>Other receipts 4/</td><td>201</td><td>199</td><td>195</td><td>-4</td><td>916</td><td>3,292</td><td>3,483</td><td>2,288</td><td>-1,185</td></tr><tr><td>Total receipts</td><td>2,048</td><td>2,212</td><td>2,754</td><td>+542</td><td>23,385</td><td>45,408</td><td>47,740</td><td>40,553</td><td>-7,187</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 5/</td><td>41</td><td>49</td><td>59</td><td>+10</td><td>1,103</td><td>1,260</td><td>1,283</td><td>1,546</td><td>+263</td></tr><tr><td>Net receipts</td><td>2,007</td><td>2,163</td><td>2,695</td><td>+532</td><td>22,282</td><td>44,149</td><td>46,457</td><td>39,007</td><td>-7,450</td></tr><tr><td>Expenditures: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>3,808</td><td>3,928</td><td>4,270</td><td>+342</td><td>42,265</td><td>49,242</td><td>50,337</td><td>39,000</td><td>-11,337</td></tr><tr><td>Navy Department</td><td>1,698</td><td>2,591</td><td>2,261</td><td>-330</td><td>20,888</td><td>26,538</td><td>30,047</td><td>23,100</td><td>-6,347</td></tr><tr><td>Miscellaneous war activities</td><td>726</td><td>682</td><td>793</td><td>+111</td><td>8,955</td><td>11,259</td><td>9,645</td><td>7,300</td><td>-2,345</td></tr><tr><td>Total war activities</td><td>6,432</td><td>7,201</td><td>7,324</td><td>+123</td><td>72,109</td><td>87,039</td><td>90,029</td><td>70,000</td><td>-20,029</td></tr><tr><td>Veterans' Administration 7/</td><td>45</td><td>106</td><td>208</td><td>+102</td><td>602</td><td>730</td><td>2,060</td><td>3,008</td><td>+942</td></tr><tr><td>Public works 8/</td><td>33</td><td>33</td><td>31</td><td>-2</td><td>543</td><td>433</td><td>323</td><td>431</td><td>+108</td></tr><tr><td>Aid to agriculture 9/</td><td>70</td><td>62</td><td>10</td><td>-52</td><td>1,163</td><td>909</td><td>762</td><td>701</td><td>-61</td></tr><tr><td>Social security program 10/</td><td>220</td><td>258</td><td>237</td><td>-22</td><td>735</td><td>803</td><td>815</td><td>841</td><td>+26</td></tr><tr><td>Work Projects Administration</td><td>4</td><td>*</td><td>11/</td><td>11/</td><td>299</td><td>17</td><td>*</td><td>11/</td><td>11/</td></tr><tr><td>Civilian Conservation Corps</td><td>*</td><td>*</td><td>11/</td><td>11/</td><td>18</td><td>*</td><td>*</td><td>11/</td><td>11/</td></tr><tr><td>Excess profit tax refund bonds 12/</td><td>-</td><td>44</td><td>37</td><td>-7</td><td>-</td><td>134</td><td>894</td><td>275</td><td>-619</td></tr><tr><td>Other 13/</td><td>240</td><td>319</td><td>553</td><td>+235</td><td>901</td><td>1,070</td><td>1,906</td><td>3,172</td><td>+1,266</td></tr><tr><td>Interest on the public debt</td><td>68</td><td>86</td><td>156</td><td>+70</td><td>1,808</td><td>2,609</td><td>3,617</td><td>4,600</td><td>+983</td></tr><tr><td>International finance 14/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,266</td><td>+2,266</td></tr><tr><td>Total expenditures 6/</td><td>7,112</td><td>8,110</td><td>8,557</td><td>+447</td><td>78,179</td><td>93,744</td><td>100,405</td><td>85,288</td><td>-15,117</td></tr><tr><td>Net budgetary deficit 6/</td><td>5,105</td><td>5,947</td><td>5,862</td><td>-85</td><td>55,897</td><td>49,595</td><td>53,948</td><td>46,281</td><td>-7,667</td></tr></table>
Source: Actual receipts and expenditures come from Daily Treasury Statements; source of estimated figures is explained in footnote 1.
* Less than $50,000.
1/ Based upon Budget estimates as revised August 1, 1945. 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 1943 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, stamp-takers' and retailers' excise taxes, and estate taxes.
4/ Includes dollars resulting from the renegotiation of war contracts. Information on the amount of such receipts 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, $2,581 million, of which $411 million represents a voluntary return of excess profits. The revised Budget estimate for fiscal year 1946 is $652 million.
5/ For explanation, see tables in next chapter on Social security program.
6/ Includes 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. Also includes expenditures for
hospital and domiciliary facilities.
8/ Includes Public works transactions classified as Revolving funds (net).
9/ Includes Aid to agriculture transactions classified as Revolving Funds (net); expenditures of the Department of Agriculture classified as Departmental in the Daily Treasury Statement; and Office of Distribution transactions classified as transfers to trust accounts.
10/ Includes expenditures classified as transfers to trust accounts, etc., for the Railroad Retirement Account and the Railroad Unemployment Insurance Administration Fund. Excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Em- ployment Service), under authority of the Social Security Act.
11/ Beginning July 1, 1947, Liquor Administration and "Civilian Conservation Corps" stated under "Other."
12/ Represents transfers to public debt accounts for excess profits tax refund bonds.
13/ Includes departmental expenditures not otherwise classified and ex- cludes the classified expenditures of the Post Office, etc., for Government employee retirement and insurance funds.
14/ Comprises $950 million for payments to International Monetary Fund; $317 million for payments for capital stock of International Bank for Reconstruction and Development, and $999 million for payments for capital stock of Export-Import Bank. The first amount excludes $1,800 million to be paid from Exchange Stabilization Fund. The third amount excludes $1 million of common stock heretofore issued by Export-Import Bank and purchased by the United States.
September 1945
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">End of first month, fiscal years 1944 to 1946</th><th colspan="5">End of fiscal years, 1943 to 1946</th></tr><tr><th>July 31, 1943</th><th>July 31, 1944</th><th>July 31, 1945</th><th>Change July 31, 1944 to July 31, 1945</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th><th>Estimated 1/ June 30, 1946</th><th>Change Actual June 30, 1945 to estimated June 30, 1946 1/</th></tr><tr><td colspan="10">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><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>98,613</td><td>144,919</td><td>183,080</td><td>+38,161</td><td>95,310</td><td>140,401</td><td>181,319</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable</td><td>30,169</td><td>47,837</td><td>57,143</td><td>+9,906</td><td>29,200</td><td>44,855</td><td>56,226</td><td>2/</td><td>2/</td></tr><tr><td>Total public issues</td><td>128,782</td><td>192,156</td><td>240,223</td><td>+48,067</td><td>124,509</td><td>185,256</td><td>237,545</td><td>2/</td><td>2/</td></tr><tr><td>Special issues</td><td>11,456</td><td>14,961</td><td>19,558</td><td>+4,597</td><td>10,872</td><td>14,287</td><td>18,812</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>140,238</td><td>207,117</td><td>259,781</td><td>+52,664</td><td>135,380</td><td>199,543</td><td>256,357</td><td>2/</td><td>2/</td></tr><tr><td>Natured debt and debt bearing no interest</td><td>1,286</td><td>1,456</td><td>2,264</td><td>+807</td><td>1,316</td><td>1,460</td><td>2,326</td><td>2/</td><td>2/</td></tr><tr><td>Total public debt outstanding</td><td>141,524</td><td>208,574</td><td>262,045</td><td>+53,471</td><td>136,696</td><td>201,003</td><td>258,682</td><td>295,218</td><td>+36,536</td></tr><tr><td colspan="10">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><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>3,582</td><td>1,191</td><td>34</td><td>-1,156</td><td>3,908</td><td>1,190</td><td>34</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable</td><td>200</td><td>277</td><td>450</td><td>+173</td><td>183</td><td>326</td><td>375</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>3,782</td><td>1,468</td><td>484</td><td>-983</td><td>4,092</td><td>1,516</td><td>409</td><td>2/</td><td>2/</td></tr><tr><td>Natured debt</td><td>9</td><td>97</td><td>21</td><td>+76</td><td>8</td><td>107</td><td>24</td><td>2/</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding</td><td>3,791</td><td>1,565</td><td>505</td><td>-1,060</td><td>4,100</td><td>1,623</td><td>433</td><td>13</td><td>-360</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>145,316</td><td>210,138</td><td>262,550</td><td>+52,411</td><td>140,796</td><td>202,626</td><td>259,115</td><td>295,291</td><td>+36,176</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon Budget estimates as revised August 1, 1945. 2/ Details not available. 3/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th></th><th colspan="3">First month, fiscal years 1944 to 1946</th><th colspan="4">Complete fiscal years, 1943 to 1946</th></tr><tr><th></th><th>1944</th><th>1945</th><th>1946</th><th colspan="3">Actual</th><th>Estimated 1/1</th></tr><tr><th></th><th></th><th></th><th></th><th>1943</th><th>1944</th><th>1945</th><th>1946</th></tr><tr><td><b>Amount required to be financed:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit 2/</td><td>5,105</td><td>5,947</td><td>5,852</td><td>55,897</td><td>49,595</td><td>53,948</td><td>46,281</td></tr><tr><td>Net increases in General Fund balance</td><td>-</td><td>1,756</td><td>-</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>635</td><td>-</td><td>116</td><td>1,861</td><td>1,051</td><td>-</td><td>255</td></tr><tr><td>Total amount required to be financed</td><td>5,740</td><td>7,703</td><td>5,978</td><td>64,274</td><td>64,307</td><td>58,477</td><td>46,536</td></tr><tr><td><b>Means of financing</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt</td><td>4,828</td><td>7,570</td><td>3,362</td><td>64,274</td><td>64,307</td><td>57,679</td><td>36,536</td></tr><tr><td>Net decrease in General Fund Balance</td><td>912</td><td>-</td><td>2,615</td><td>-</td><td>-</td><td>-</td><td>10,000</td></tr><tr><td>Net receipts in trust accounts, etc. 2/</td><td>-</td><td>133</td><td>-</td><td>-</td><td>-</td><td>798</td><td>-</td></tr><tr><td>Total amount financed</td><td>5,740</td><td>7,703</td><td>5,978</td><td>64,274</td><td>64,307</td><td>58,477</td><td>46,536</td></tr></table>
Sources: Daily Treasury Statements, except as noted.
1/ Based upon Budget estimates as revised August 1, 1945.
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.
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
September 1945
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="4">Expenditures 1/</th><th rowspan="2">Public debt retirement 2/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net appropriations 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 activities 5/</th><th>Transfers to trust accounts, etc. 6/</th><th>Net budgetary deficit 1/</th></tr><tr><td>1936</td><td>4,116</td><td>3,513</td><td>387</td><td>216</td><td>-</td><td>4,116</td><td>8,666</td><td>5,966</td><td>900</td><td>1,820</td><td>4,550</td><td>403</td></tr><tr><td>1937</td><td>5,294</td><td>4,527</td><td>486</td><td>210</td><td>265</td><td>5,025</td><td>8,177</td><td>7,171</td><td>1,006</td><td>829</td><td>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,555</td><td>7,239</td><td>5,985</td><td>1,029</td><td>295</td><td>1,384</td><td>69</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,707</td><td>7,313</td><td>1,206</td><td>187</td><td>3,582</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273</td><td>538</td><td>5,387</td><td>8,998</td><td>7,109</td><td>1,657</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515</td><td>661</td><td>7,607</td><td>12,711</td><td>6,079</td><td>6,301</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,933</td><td>389</td><td>286</td><td>869</td><td>12,199</td><td>32,397</td><td>5,005</td><td>26,011</td><td>361</td><td>19,598</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>304</td><td>516</td><td>1,203</td><td>22,282</td><td>78,179</td><td>5,519</td><td>72,109</td><td>135</td><td>55,897</td><td>3</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,149</td><td>87,039</td><td>566</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</td><td>1,283</td><td>46,457</td><td>100,405</td><td>8,730</td><td>90,029</td><td>1,646</td><td>53,948</td><td>7</td></tr><tr><td>1944-July</td><td>2,212</td><td>1,985</td><td>28</td><td>199</td><td>49</td><td>2,163</td><td>8,110</td><td>458</td><td>7,201</td><td>451</td><td>5,947</td><td>-</td></tr><tr><td>August</td><td>2,859</td><td>2,702</td><td>23</td><td>134</td><td>291</td><td>2,568</td><td>8,119</td><td>492</td><td>7,571</td><td>57</td><td>5,551</td><td>-</td></tr><tr><td>September</td><td>5,927</td><td>5,749</td><td>25</td><td>153</td><td>1</td><td>5,926</td><td>7,930</td><td>910</td><td>6,998</td><td>22</td><td>2,004</td><td>-</td></tr><tr><td>October</td><td>2,054</td><td>1,880</td><td>29</td><td>145</td><td>54</td><td>2,001</td><td>8,024</td><td>498</td><td>7,479</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>499</td><td>7,401</td><td>18</td><td>5,587</td><td>-</td></tr><tr><td>December</td><td>5,618</td><td>4,945</td><td>29</td><td>644</td><td>2</td><td>5,616</td><td>8,416</td><td>891</td><td>7,503</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>581</td><td>7,551</td><td>69</td><td>4,045</td><td>-</td></tr><tr><td>February</td><td>3,987</td><td>3,815</td><td>23</td><td>149</td><td>280</td><td>3,767</td><td>7,460</td><td>453</td><td>6,948</td><td>48</td><td>3,693</td><td>-</td></tr><tr><td>March</td><td>6,908</td><td>6,431</td><td>33</td><td>444</td><td>15</td><td>6,892</td><td>9,433</td><td>1,142</td><td>8,246</td><td>45</td><td>2,940</td><td>-</td></tr><tr><td>April</td><td>2,967</td><td>2,746</td><td>33</td><td>188</td><td>39</td><td>2,929</td><td>7,968</td><td>594</td><td>7,139</td><td>236</td><td>5,040</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>9,275</td><td>828</td><td>8,156</td><td>298</td><td>6,190</td><td>-</td></tr><tr><td>June</td><td>5,316</td><td>5,384</td><td>33</td><td>498</td><td>52</td><td>5,914</td><td>9,621</td><td>1,469</td><td>7,637</td><td>335</td><td>3,727</td><td>-</td></tr><tr><td>July</td><td>2,754</td><td>2,527</td><td>33</td><td>195</td><td>59</td><td>2,695</td><td>8,557</td><td>704</td><td>7,324</td><td>530</td><td>5,862</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
r Revises to include expenditures for revolving funds. For revised monthly figures commencing July 1941, see Table 3.
* 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.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law. Includes recoveries of U. S. investments in capital funds. Such recovery is included in line 6.
9/
coveries totaled $54 million in the fiscal year 1940; $319 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943. Receipts from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $315 million. 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, $556 million; fiscal year 1944, $2,235 million, of which $113 million represented a voluntary return of excess profits; and fiscal year 1945, $2,041 million, of which $113 million represented a voluntary return of excess profits.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Income and profit taxes</th><th colspan="3">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943) 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 1/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taring Act of 1937 (Railroad retirement)</th></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,537</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>98</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>2,832</td><td>-</td></tr><tr><td>1940</td><td>5,323</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>1,186</td><td>896</td><td>120</td><td>3,847</td><td>-</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>1,553</td><td>-</td></tr><tr><td>1944</td><td>41,685</td><td>28,695</td><td>8,393</td><td>1739</td><td>2,292</td><td>1,850</td><td>180</td><td>5,291</td><td>-</td></tr><tr><td>1945</td><td>43,902</td><td>35,173</td><td>10,289</td><td>24,884</td><td>1,780</td><td>1,310</td><td>185</td><td>6,949</td><td>-</td></tr><tr><td>1944-July</td><td>1,985</td><td>1,247</td><td>594</td><td>654</td><td>56</td><td>52</td><td>3</td><td>681</td><td>-</td></tr><tr><td>August</td><td>2,702</td><td>1,552</td><td>1,065</td><td>487</td><td>319</td><td>293</td><td>12</td><td>832</td><td>-</td></tr><tr><td>September</td><td>5,749</td><td>5,174</td><td>741</td><td>4,432</td><td>61</td><td>4</td><td>1</td><td>518</td><td>-</td></tr><tr><td>October</td><td>1,880</td><td>1,840</td><td>609</td><td>612</td><td>60</td><td>55</td><td>3</td><td>580</td><td>-</td></tr><tr><td>November</td><td>2,300</td><td>1,501</td><td>1,035</td><td>466</td><td>293</td><td>267</td><td>11</td><td>507</td><td>-</td></tr><tr><td>December</td><td>4,945</td><td>4,347</td><td>741</td><td>3,606</td><td>60</td><td>4</td><td>1</td><td>539</td><td>-</td></tr><tr><td>1945-January</td><td>3,042</td><td>2,422</td><td>619</td><td>1,803</td><td>48</td><td>33</td><td>13</td><td>573</td><td>-</td></tr><tr><td>February</td><td>3,815</td><td>2,922</td><td>1,295</td><td>1,627</td><td>341</td><td>222</td><td>114</td><td>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>2,087</td><td>1,282</td><td>745</td><td>337</td><td>316</td><td>12</td><td>557</td><td>-</td></tr><tr><td>June</td><td>5,384</td><td>4,751</td><td>826</td><td>3,930</td><td>86</td><td>5</td><td>2</td><td>562</td><td>-</td></tr><tr><td>July</td><td>2,527</td><td>1,745</td><td>669</td><td>1,073</td><td>66</td><td>62</td><td>3</td><td>718</td><td>-</td></tr></table>
Sources: Daily Treasury Statements. 1 Less than $500,000. 2 For further details, see chapter entitled "Internal Revenue Statistics". Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
Includes unjunct enrichment tax. For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and IX, respectively, of the Social Security Act.
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="3">Veterans' Administration interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/ 3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 4/</th><th>Total</th><th>Aid to agriculture 2/ 5/</th><th>Social security program 3/ 6/</th><th>Public works 7/</th><th>Departmental not otherwise classified 8/</th><th>Civilian Conservation Corps 9/</th><th>Direct and work relief 2/</th><th>Miscellaneous 10/</th></tr><tr><td>1936</td><td>5,946 r</td><td>1,381</td><td>578</td><td>749</td><td>56</td><td>4,566 r</td><td>933 r</td><td>29</td><td>729 r</td><td>424</td><td>486</td><td>1,759</td><td>204</td></tr><tr><td>1937</td><td>6,641 r</td><td>1,903</td><td>581</td><td>866</td><td>56</td><td>5,136 r</td><td>570 r</td><td>184</td><td>1,024 r</td><td>510</td><td>356</td><td>1,895</td><td>157</td></tr><tr><td>1938</td><td>5,985 r</td><td>1,567</td><td>562</td><td>926</td><td>89</td><td>4,416 r</td><td>853 r</td><td>335</td><td>804 r</td><td>481</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1939</td><td>7,313 r</td><td>1,560</td><td>557</td><td>941</td><td>66</td><td>5,751 r</td><td>1,223 r</td><td>347</td><td>1,001 r</td><td>517</td><td>250</td><td>2,242</td><td>125</td></tr><tr><td>1940</td><td>7,109 r</td><td>1,587</td><td>557</td><td>1,044</td><td>89</td><td>5,423 r</td><td>1,540 r</td><td>392</td><td>949 r</td><td>546</td><td>283</td><td>1,573</td><td>136</td></tr><tr><td>1941</td><td>6,079 r</td><td>1,751</td><td>553</td><td>1,111</td><td>87</td><td>4,327 r 11/</td><td>847 r</td><td>457</td><td>738 r</td><td>525</td><td>257</td><td>1,374</td><td>129</td></tr><tr><td>1942</td><td>6,005 r</td><td>1,906</td><td>555</td><td>1,260</td><td>91</td><td>4,093 r</td><td>1,098 r</td><td>513</td><td>680 r</td><td>544</td><td>163</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635 r</td><td>2,456</td><td>772</td><td>1,808</td><td>76</td><td>3,178 r</td><td>1,093 r</td><td>514</td><td>543 r</td><td>590</td><td>18</td><td>259</td><td>121</td></tr><tr><td>1944</td><td>6,149 r</td><td>3,500</td><td>629</td><td>2,509</td><td>262</td><td>2,649 r</td><td>312 r</td><td>529</td><td>433 r</td><td>692</td><td>*</td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730 r</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,472 r 12/</td><td>761 r 12/</td><td>497</td><td>323 r</td><td>788</td><td>*</td><td>*</td><td>101</td></tr><tr><td>1941-July</td><td>455 r</td><td>77</td><td>46</td><td>25</td><td>6</td><td>381 r</td><td>79 r</td><td>61</td><td>52 r</td><td>38</td><td>21</td><td>106</td><td>14</td></tr><tr><td>August</td><td>353 r</td><td>61</td><td>46</td><td>9</td><td>6</td><td>321 r</td><td>52 r</td><td>44</td><td>56 r</td><td>48</td><td>19</td><td>82</td><td>10</td></tr><tr><td>September</td><td>538 r</td><td>222</td><td>46</td><td>169</td><td>7</td><td>317 r</td><td>68 r</td><td>34</td><td>64 r</td><td>45</td><td>18</td><td>86</td><td>6</td></tr><tr><td>October</td><td>501 r</td><td>131</td><td>48</td><td>75</td><td>8</td><td>371 r</td><td>66 r</td><td>57</td><td>66 r</td><td>43</td><td>17</td><td>88</td><td>12</td></tr><tr><td>November</td><td>400 r</td><td>67</td><td>46</td><td>15</td><td>6</td><td>333 r</td><td>101 r</td><td>41</td><td>51 r</td><td>41</td><td>14</td><td>78</td><td>5</td></tr><tr><td>December</td><td>683 r</td><td>285</td><td>46</td><td>232</td><td>7</td><td>397 r</td><td>135 r</td><td>34</td><td>60 r</td><td>51</td><td>15</td><td>94</td><td>7</td></tr><tr><td>1942-January</td><td>483 r</td><td>89</td><td>46</td><td>32</td><td>11</td><td>393 r</td><td>132 r</td><td>56</td><td>95 r</td><td>46</td><td>12</td><td>77</td><td>15</td></tr><tr><td>February</td><td>412 r</td><td>64</td><td>46</td><td>12</td><td>7</td><td>349 r</td><td>121 r</td><td>38</td><td>44 r</td><td>45</td><td>12</td><td>76</td><td>11</td></tr><tr><td>March</td><td>590 r</td><td>260</td><td>46</td><td>205</td><td>9</td><td>332 r</td><td>103 r</td><td>33</td><td>47 r</td><td>51</td><td>11</td><td>79</td><td>8</td></tr><tr><td>April</td><td>467 r</td><td>137</td><td>46</td><td>77</td><td>14</td><td>330 r</td><td>85 r</td><td>50</td><td>54 r</td><td>44</td><td>10</td><td>75</td><td>10</td></tr><tr><td>May</td><td>394 r</td><td>73</td><td>47</td><td>19</td><td>7</td><td>321 r</td><td>85 r</td><td>54</td><td>51 r</td><td>47</td><td>8</td><td>68</td><td>8</td></tr><tr><td>June</td><td>700 r</td><td>442</td><td>47</td><td>390</td><td>5</td><td>258 r</td><td>51 r</td><td>12</td><td>58 r</td><td>46</td><td>7</td><td>61</td><td>23</td></tr><tr><td>July</td><td>413 r</td><td>89</td><td>47</td><td>35</td><td>7</td><td>325 r</td><td>75 r</td><td>80</td><td>54 r</td><td>43</td><td>7</td><td>54</td><td>12</td></tr><tr><td>August</td><td>313 r</td><td>60</td><td>47</td><td>17</td><td>6</td><td>253 r</td><td>47 r</td><td>43</td><td>59 r</td><td>46</td><td>5</td><td>63</td><td>10</td></tr><tr><td>September</td><td>541 r</td><td>275</td><td>46</td><td>224</td><td>5</td><td>265 r</td><td>96 r</td><td>22</td><td>52 r</td><td>52</td><td>1</td><td>35</td><td>7</td></tr><tr><td>October</td><td>400 r</td><td>126</td><td>49</td><td>70</td><td>7</td><td>274 r</td><td>67 r</td><td>68</td><td>58 r</td><td>45</td><td>*</td><td>31</td><td>9</td></tr><tr><td>November</td><td>319 r</td><td>82</td><td>47</td><td>28</td><td>7</td><td>237 r</td><td>81 r</td><td>40</td><td>39 r</td><td>45</td><td>*</td><td>28</td><td>4</td></tr><tr><td>December</td><td>690 r</td><td>410</td><td>47</td><td>353</td><td>10</td><td>241 r</td><td>87 r</td><td>34</td><td>50 r</td><td>49</td><td>-18</td><td>28</td><td>11</td></tr><tr><td>1943-January</td><td>391 r</td><td>107</td><td>47</td><td>54</td><td>6</td><td>288 r</td><td>110 r</td><td>56</td><td>37 r</td><td>43</td><td>2</td><td>24</td><td>12</td></tr><tr><td>February</td><td>347 r</td><td>89</td><td>46</td><td>35</td><td>6</td><td>259 r</td><td>110 r</td><td>26</td><td>47 r</td><td>45</td><td>*</td><td>19</td><td>12</td></tr><tr><td>March</td><td>609 r</td><td>315</td><td>49</td><td>262</td><td>4</td><td>294 r</td><td>135 r</td><td>38</td><td>49 r</td><td>50</td><td>*</td><td>15</td><td>6</td></tr><tr><td>April</td><td>455 r</td><td>142</td><td>48</td><td>89</td><td>5</td><td>313 r</td><td>117 r</td><td>60</td><td>35 r</td><td>59</td><td>21</td><td>11</td><td>10</td></tr><tr><td>May</td><td>342 r</td><td>97</td><td>48</td><td>42</td><td>7</td><td>283 r</td><td>89 r</td><td>37</td><td>22 r</td><td>70</td><td>*</td><td>8</td><td>7</td></tr><tr><td>June</td><td>857 r</td><td>683</td><td>48</td><td>609</td><td>6</td><td>193 r</td><td>68 r</td><td>15</td><td>61 r</td><td>44</td><td>*</td><td>3</td><td>22</td></tr><tr><td>July</td><td>337 r</td><td>118</td><td>44</td><td>68</td><td>6</td><td>218 r</td><td>71 r</td><td>99</td><td>33 r</td><td>42</td><td>*</td><td>4</td><td>9</td></tr><tr><td>August</td><td>370 r</td><td>101</td><td>49</td><td>46</td><td>6</td><td>269 r</td><td>69 r</td><td>53</td><td>61 r</td><td>77</td><td>*</td><td>1</td><td>12</td></tr><tr><td>September</td><td>580 r</td><td>369</td><td>52</td><td>311</td><td>6</td><td>211 r</td><td>69 r</td><td>33</td><td>43 r</td><td>55</td><td>*</td><td>1</td><td>13</td></tr><tr><td>October</td><td>431 r</td><td>185</td><td>49</td><td>131</td><td>6</td><td>245 r</td><td>81 r</td><td>57</td><td>43 r</td><td>36</td><td>*</td><td>2</td><td>6</td></tr><tr><td>November</td><td>296 r</td><td>103</td><td>50</td><td>47</td><td>6</td><td>191 r</td><td>59 r</td><td>41</td><td>29 r</td><td>25</td><td>*</td><td>1</td><td>9</td></tr><tr><td>December</td><td>733 r</td><td>594</td><td>51</td><td>497</td><td>6</td><td>179 r</td><td>47 r</td><td>25</td><td>43 r</td><td>61</td><td>*</td><td>*</td><td>3</td></tr></table>
(Continued on following page)
September 1945
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures1/ - (Continued)
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th></th><th>Total</th><th>Veterans' Administration 2/3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties</th><th>Total</th><th>Aid to agriculture 3/5/</th><th>Social security program 3/6/</th><th>Public works 1/</th><th>Departmental not otherwise classified 3/</th><th>Civilian Conservation Corps</th><th>Direct and work relief 2/</th><th>Miscellaneous 10/</th></tr><tr><td>1944-January</td><td>395 r</td><td>146</td><td>52</td><td>87</td><td>7</td><td>249 r</td><td>81 r</td><td>59</td><td>37 r</td><td>58</td><td>*</td><td>6</td><td>8</td></tr><tr><td>February</td><td>339 r</td><td>117</td><td>58</td><td>56</td><td>9</td><td>222 r</td><td>88 r</td><td>34</td><td>30 r</td><td>59</td><td>*</td><td>1</td><td>10</td></tr><tr><td>March</td><td>793 r</td><td>550</td><td>55</td><td>449</td><td>46</td><td>242 r</td><td>96 r</td><td>36</td><td>41 r</td><td>62</td><td>*</td><td>*</td><td>7</td></tr><tr><td>April</td><td>473 r</td><td>212</td><td>55</td><td>117</td><td>40</td><td>260 r</td><td>94 r</td><td>54</td><td>32 r</td><td>70</td><td>*</td><td>*</td><td>10</td></tr><tr><td>May</td><td>386 r</td><td>166</td><td>59</td><td>52</td><td>55</td><td>220 r</td><td>102 r</td><td>44</td><td>25 r</td><td>45</td><td>*</td><td>*</td><td>6</td></tr><tr><td>June</td><td>1,018 r</td><td>876</td><td>60</td><td>747</td><td>69</td><td>142 r</td><td>60 r</td><td>33</td><td>20 r</td><td>53</td><td>*</td><td>*</td><td>-24</td></tr><tr><td>July</td><td>458 r</td><td>237</td><td>63</td><td>86</td><td>88</td><td>222 r</td><td>62 r</td><td>54</td><td>33 r</td><td>65</td><td>*</td><td>*</td><td>8</td></tr><tr><td>August</td><td>492 r</td><td>287</td><td>71</td><td>77</td><td>139</td><td>204 r</td><td>29 r</td><td>38</td><td>29 r</td><td>91</td><td>*</td><td>1</td><td>16</td></tr><tr><td>September</td><td>910 r</td><td>775</td><td>69</td><td>581</td><td>125</td><td>135 r</td><td>29 r</td><td>36</td><td>31 r</td><td>33</td><td>*</td><td>*</td><td>6</td></tr><tr><td>October</td><td>498 r</td><td>306</td><td>70</td><td>133</td><td>103</td><td>191 r</td><td>28 r</td><td>51</td><td>35 r</td><td>68</td><td>*</td><td>*</td><td>9</td></tr><tr><td>November</td><td>409 r</td><td>257</td><td>73</td><td>56</td><td>128</td><td>158 r</td><td>20 r</td><td>40</td><td>25 r</td><td>63</td><td>*</td><td>*</td><td>4</td></tr><tr><td>December</td><td>891 r</td><td>729</td><td>74</td><td>560</td><td>95</td><td>162 r</td><td>27 r</td><td>33</td><td>30 r</td><td>66</td><td>*</td><td>*</td><td>6</td></tr><tr><td>1945-January</td><td>581 r</td><td>369</td><td>78</td><td>191</td><td>100</td><td>213 r</td><td>51 r</td><td>54</td><td>31 r</td><td>67</td><td>*</td><td>*</td><td>10</td></tr><tr><td>February</td><td>463 r</td><td>322</td><td>75</td><td>91</td><td>156</td><td>142 r</td><td>20 r</td><td>32</td><td>19 r</td><td>91</td><td>*</td><td>-1</td><td>8</td></tr><tr><td>March</td><td>1,112 r</td><td>947</td><td>85</td><td>628</td><td>234</td><td>194 r</td><td>55 r</td><td>37</td><td>24 r</td><td>70</td><td>*</td><td>*</td><td>8</td></tr><tr><td>April</td><td>594 r</td><td>369</td><td>85</td><td>139</td><td>145</td><td>225 r</td><td>85 r</td><td>50</td><td>30 r</td><td>61</td><td>*</td><td>*</td><td>3</td></tr><tr><td>May</td><td>822 r</td><td>342</td><td>95</td><td>56</td><td>181</td><td>480 r 12/</td><td>338 r 12/</td><td>40</td><td>30 r</td><td>71</td><td>*</td><td>*</td><td>11</td></tr><tr><td>June</td><td>1,469 r</td><td>1,319</td><td>96</td><td>1,009</td><td>214</td><td>149 r</td><td>16 r</td><td>33</td><td>25 r</td><td>67</td><td>*</td><td>*</td><td>8</td></tr><tr><td>July</td><td>704</td><td>525</td><td>103</td><td>156</td><td>266</td><td>177</td><td>28</td><td>47</td><td>31</td><td>66</td><td>13/</td><td>13/</td><td>5</td></tr></table>
Sources: Daily Treasury Statements. 
x Revised. See footnote 1 for explanation.
1 General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
2 Includes public works undertaken by the Veterans' Administration. Does not include transfers to trust accounts, etc. These are shown in Schedule 5.
3 "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social Security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a personal credit of 10% of the excess profits tax withheld. The tax imprisonment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government." 
4 Guaranteed excess profits tax refund bonds, if released, are the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5 Consists of Administration of Sugar Act of 1937, Agricultural Adjustment Agency, exportation and domestic consumption of agricultural commodities, Farm Credit Administration, Farm Security Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, Soil Conservation and Irrigation Service, Department of Agriculture departmental expenditures, and other.
6 Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Office for Emergency Management.
War Manpower Commission (U. S. Employment Service) under authority of Social Security Act. For further details, see tables which follow. 
1/ 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. 
8/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social security program and the Department of Agriculture departmental expenditures. 
9/ For additional information, see "Treasury Bulletin" for August 1945, page 6. 
10/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; 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 Federal savings and loan associations. For "Overall" Loan Corporation, Federal home loan banks, and Disaster Loan Corporation. 
11/ Gross expenditures have been reduced $160 million, representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1945, page 3, footnote 12. 
12/ Includes provision for restoration of capital impairment of Commercial Credit Corporation applicable to fiscal years 1943 and 1944. 
13/ Classified as miscellaneous expenditures commencing July 1, 1945.
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Navy Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency</th><th>Selected Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Administration</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Administration</th><th>Other war activities expenditure</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>318</td><td>557</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>597</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>430</td><td>673</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>310</td><td>1</td><td>62</td><td>15</td><td>15</td><td>18</td><td>34</td><td>51</td><td>13</td><td>200</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>25,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>596</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>939</td><td>13</td><td>40</td><td>-</td><td>362</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>-</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>11,259</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</td><td>-</td><td>991</td></tr><tr><td>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>1944-July</td><td>7,201</td><td>3,928</td><td>2,591</td><td>622</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>135</td><td>102</td><td>-</td><td>-</td><td>71</td></tr><tr><td>October</td><td>7,479</td><td>4,091</td><td>2,648</td><td>740</td><td>-3</td><td>17</td><td>19</td><td>1</td><td>6</td><td>110</td><td>126</td><td>145</td><td>20</td><td>-</td><td>99</td></tr><tr><td>November</td><td>7,401</td><td>3,978</td><td>2,577</td><td>845</td><td>161</td><td>9</td><td>17</td><td>-8</td><td>4</td><td>118</td><td>298</td><td>152</td><td>-</td><td>-</td><td>94</td></tr><tr><td>December</td><td>7,503</td><td>4,194</td><td>2,439</td><td>870</td><td>112</td><td>8</td><td>15</td><td>14</td><td>4</td><td>124</td><td>312</td><td>183</td><td>-</td><td>2</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>2,392</td><td>690</td><td>147</td><td>5</td><td>12</td><td>-24</td><td>5</td><td>94</td><td>228</td><td>166</td><td>-</td><td>3</td><td>56</td></tr><tr><td>March</td><td>8,246</td><td>4,584</td><td>2,752</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>259</td><td>209</td><td>50</td><td>27</td><td>68</td></tr><tr><td>June</td><td>7,837</td><td>4,604</td><td>2,889</td><td>785</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>50</td><td>42</td><td>71</td></tr><tr><td>July</td><td>7,324</td><td>4,270</td><td>2,251</td><td>793</td><td>89</td><td>5</td><td>12</td><td>18</td><td>5</td><td>123</td><td>195</td><td>159</td><td>70</td><td>45</td><td>71</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: Monthly figures for the period July 1940 through April 1943
* appeared in the "Treasury Bulletin" for May 1943, page 7.
* Less than $500,000.
1/ Includes war public housing functions.
2/ Similar items for periods prior to fiscal year 1941 are classified under "Other departmental" and "Other general expenditures" in
Table 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 Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/ 2/</th><th>Social security program 1/ 3/</th><th>Government employee retirement funds (U. S. share)</th><th>Aid to agriculture 1/ 4/</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>1936</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>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>2</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>0</td></tr><tr><td>1941</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>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</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>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,046</td><td>1,126</td><td>318</td><td>197</td><td>*</td><td>6</td></tr><tr><td>1944-July</td><td>451</td><td>44</td><td>205</td><td>197</td><td>-</td><td>6</td></tr><tr><td>August</td><td>57</td><td>48</td><td>9</td><td>-</td><td>*</td><td>-</td></tr><tr><td>September</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>47</td><td>13</td><td>34</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>69</td><td>35</td><td>35</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>48</td><td>48</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>45</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>235</td><td>200</td><td>36</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>296</td><td>296</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>335</td><td>335</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>530</td><td>105</td><td>190</td><td>247</td><td>-18</td><td>6</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Additional transactions are shown in Table 3.
2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
3/ Includes railroad retirement and railroad unemployment activities.
For further explanations see tables which follow on Social Security program. 
Represent transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Dis- tribution and prior thereto under the Agricultural Marketing Administration.
September 1945
9
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1936
(in millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,690</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>266</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,925</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>2,695</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditure 2/</td></tr><tr><td>1936</td><td>521</td><td>440</td><td>616</td><td>611</td><td>686</td><td>2,427</td><td>666</td><td>574</td><td>576</td><td>677</td><td>504</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>595</td><td>524</td><td>1,253</td><td>635</td><td>517</td><td>532</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>692</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>857</td><td>818</td><td>706</td><td>759</td><td>669</td><td>817</td><td>1,172</td><td>9,659</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,181</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>13,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,364</td><td>7,456</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit 3/</td></tr><tr><td>1936</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</td></tr><tr><td>1940</td><td>339</td><td>224</td><td>522</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>535</td><td>455</td><td>432</td><td>3,423</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>5,332</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,154</td><td>2,147</td><td>5,952</td><td>5,955</td><td>5,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,826</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,353</td><td>1,952</td><td>4,772</td><td>4,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>52,737</td></tr><tr><td>1945</td><td>4,645</td><td>3,693</td><td>2,540</td><td>5,040</td><td>6,190</td><td>3,767</td><td>5,862</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.
10
Treasury Bulletin
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
8-168-H
September 1945
11
Trust Accounts, Etc. Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds etc. (net receipts (+) or net expenditures (-))</th><th colspan="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">National Service Life Insurance Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenses</th><th>Net</th><th>Receipts</th><th>Expenses</th><th>Net</th><th>Receipts</th><th>Expenses</th></tr><tr><td>1936</td><td>-45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>+275</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+255</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>+12</td><td>163</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+844</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>+1</td><td>638</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+135</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>-149</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-3,506</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>1,244</td><td>1,243</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-1,861</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>1,399</td><td>1,404</td><td>+4</td><td>281</td><td>217</td></tr><tr><td>1944</td><td>-4,051</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>1,564</td><td>1,564</td><td>-2</td><td>213</td><td>275</td></tr><tr><td>1945</td><td>+798</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>-1</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1941-July</td><td>+599</td><td>+45</td><td>43</td><td>-3</td><td>-</td><td>1</td><td>1</td><td>-7</td><td>82</td><td>89</td><td>+2</td><td>46</td><td>44</td></tr><tr><td>August</td><td>-293</td><td>+159</td><td>157</td><td>-2</td><td>-</td><td>1</td><td>1</td><td>+5</td><td>176</td><td>171</td><td>-1</td><td>-</td><td>1</td></tr><tr><td>September</td><td>-293</td><td>-202</td><td>1</td><td>203</td><td>-</td><td>1</td><td>1</td><td>-5</td><td>74</td><td>79</td><td>+1</td><td>32</td><td>32</td></tr><tr><td>October</td><td>-225</td><td>+45</td><td>166</td><td>-2</td><td>-</td><td>1</td><td>1</td><td>+3</td><td>132</td><td>189</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>+484</td><td>+168</td><td>2</td><td>209</td><td>-</td><td>1</td><td>1</td><td>+6</td><td>60</td><td>55</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-328</td><td>-207</td><td>2</td><td>209</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1942-January</td><td>-633</td><td>+37</td><td>37</td><td>-1</td><td>+3</td><td>4</td><td>2</td><td>-8</td><td>75</td><td>83</td><td>-</td><td>32</td><td>31</td></tr><tr><td>February</td><td>+114</td><td>+135</td><td>179</td><td>174</td><td>-</td><td>4</td><td>4</td><td>+12</td><td>203</td><td>191</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-234</td><td>-171</td><td>1</td><td>173</td><td>+3</td><td>6</td><td>4</td><td>-4</td><td>29</td><td>33</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-126</td><td>+37</td><td>37</td><td>-</td><td>-</td><td>6</td><td>6</td><td>+1</td><td>43</td><td>42</td><td>-</td><td>32</td><td>32</td></tr><tr><td>May</td><td>-257</td><td>+177</td><td>202</td><td>25</td><td>-</td><td>7</td><td>7</td><td>-5</td><td>230</td><td>225</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-1,635</td><td>-215</td><td>70</td><td>285</td><td>+5</td><td>11</td><td>6</td><td>+2</td><td>64</td><td>62</td><td>+1</td><td>2</td><td>1</td></tr><tr><td>July</td><td>-4</td><td>+46</td><td>47</td><td>1</td><td>+4</td><td>13</td><td>10</td><td>-2</td><td>52</td><td>54</td><td>-2</td><td>113</td><td>114</td></tr><tr><td>August</td><td>-54</td><td>+193</td><td>210</td><td>16</td><td>+9</td><td>1</td><td>10</td><td>+3</td><td>223</td><td>220</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-245</td><td>-289</td><td>1</td><td>230</td><td>+5</td><td>33</td><td>28</td><td>-1</td><td>29</td><td>30</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-496</td><td>+42</td><td>42</td><td>-</td><td>+2</td><td>19</td><td>17</td><td>-1</td><td>50</td><td>54</td><td>-</td><td>34</td><td>34</td></tr><tr><td>November</td><td>+736</td><td>+287</td><td>289</td><td>2</td><td>+1</td><td>21</td><td>21</td><td>+40</td><td>243</td><td>203</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-794</td><td>-271</td><td>2</td><td>274</td><td>+3</td><td>28</td><td>26</td><td>+36</td><td>73</td><td>109</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1943-January</td><td>-135</td><td>+33</td><td>35</td><td>2</td><td>+3</td><td>27</td><td>24</td><td>-2</td><td>40</td><td>42</td><td>-</td><td>34</td><td>34</td></tr><tr><td>February</td><td>-122</td><td>+236</td><td>235</td><td>-</td><td>-14</td><td>14</td><td>28</td><td>-2</td><td>262</td><td>264</td><td>-1</td><td>-</td><td>1</td></tr><tr><td>March</td><td>-549</td><td>-272</td><td>2</td><td>274</td><td>-4</td><td>31</td><td>35</td><td>+1</td><td>34</td><td>33</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>+48</td><td>+41</td><td>41</td><td>1</td><td>+2</td><td>37</td><td>36</td><td>+3</td><td>35</td><td>32</td><td>-</td><td>35</td><td>35</td></tr><tr><td>May</td><td>-39</td><td>+248</td><td>262</td><td>14</td><td>-1</td><td>41</td><td>43</td><td>+2</td><td>277</td><td>275</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-206</td><td>-287</td><td>84</td><td>371</td><td>+6</td><td>49</td><td>43</td><td>-8</td><td>81</td><td>88</td><td>+4</td><td>4</td><td>-</td></tr><tr><td>July</td><td>-635</td><td>+40</td><td>41</td><td>1</td><td>+33</td><td>88</td><td>55</td><td>+1</td><td>44</td><td>42</td><td>-4</td><td>161</td><td>165</td></tr><tr><td>August</td><td>+131</td><td>+270</td><td>284</td><td>14</td><td>+1</td><td>58</td><td>57</td><td>+4</td><td>313</td><td>308</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-410</td><td>-289</td><td>1</td><td>289</td><td>+15</td><td>69</td><td>54</td><td>-5</td><td>31</td><td>36</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-132</td><td>+24</td><td>39</td><td>15</td><td>-2</td><td>13</td><td>74</td><td>+5</td><td>37</td><td>31</td><td>-</td><td>34</td><td>33</td></tr><tr><td>November</td><td>+290</td><td>+256</td><td>271</td><td>15</td><td>-51</td><td>30</td><td>83</td><td>-1</td><td>291</td><td>291</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-667</td><td>-292</td><td>3</td><td>295</td><td>-</td><td>86</td><td>66</td><td>+1</td><td>83</td><td>43</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1944-January</td><td>-14</td><td>+28</td><td>32</td><td>4</td><td>+43</td><td>107</td><td>65</td><td>-40</td><td>36</td><td>76</td><td>-</td><td>34</td><td>34</td></tr><tr><td>February</td><td>-113</td><td>+134</td><td>250</td><td>116</td><td>+27</td><td>74</td><td>47</td><td>-3</td><td>264</td><td>261</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-2,205</td><td>-158</td><td>3</td><td>161</td><td>-61</td><td>27</td><td>88</td><td>-3</td><td>43</td><td>46</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>+193</td><td>+15</td><td>32</td><td>16</td><td>+67</td><td>131</td><td>64</td><td>+9</td><td>103</td><td>101</td><td>+1</td><td>8</td><td>7</td></tr><tr><td>May</td><td>+185</td><td>+289</td><td>306</td><td>17</td><td>+2</td><td>96</td><td>94</td><td>-8</td><td>278</td><td>286</td><td>-</td><td>35</td><td>34</td></tr><tr><td>June</td><td>-613</td><td>-313</td><td>102</td><td>414</td><td>-61</td><td>86</td><td>147</td><td>+2</td><td>103</td><td>101</td><td>+1</td><td>8</td><td>7</td></tr><tr><td>July</td><td>+133</td><td>+45</td><td>49</td><td>5</td><td>+49</td><td>163</td><td>115</td><td>+4</td><td>51</td><td>47</td><td>-</td><td>205</td><td>205</td></tr><tr><td>August</td><td>+70</td><td>+273</td><td>291</td><td>18</td><td>-52</td><td>12</td><td>124</td><td>-14</td><td>295</td><td>309</td><td>+5</td><td>-</td><td>-5</td></tr><tr><td>September</td><td>-244</td><td>-293</td><td>5</td><td>298</td><td>-7</td><td>100</td><td>107</td><td>-2</td><td>37</td><td>38</td><td>-1</td><td>-</td><td>1</td></tr><tr><td>October</td><td>+148</td><td>+34</td><td>54</td><td>19</td><td>+19</td><td>93</td><td>74</td><td>+30</td><td>58</td><td>28</td><td>-</td><td>34</td><td>34</td></tr><tr><td>November</td><td>+639</td><td>+246</td><td>265</td><td>19</td><td>+4</td><td>97</td><td>93</td><td>-29</td><td>253</td><td>283</td><td>+1</td><td>-</td><td>1</td></tr><tr><td>December</td><td>-193</td><td>-305</td><td>5</td><td>309</td><td>-19</td><td>99</td><td>118</td><td>-</td><td>38</td><td>38</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>+238</td><td>+29</td><td>36</td><td>7</td><td>+2</td><td>116</td><td>114</td><td>+17</td><td>98</td><td>81</td><td>-</td><td>35</td><td>34</td></tr><tr><td>February</td><td>+101</td><td>+200</td><td>280</td><td>19</td><td>+11</td><td>128</td><td>117</td><td>-14</td><td>212</td><td>221</td><td>-1</td><td>-</td><td>1</td></tr><tr><td>March</td><td>+262</td><td>-200</td><td>23</td><td>223</td><td>-7</td><td>122</td><td>129</td><td>-3</td><td>45</td><td>46</td><td>-1</td><td>-</td><td>-</td></tr><tr><td>April</td><td>+9</td><td>+17</td><td>39</td><td>22</td><td>+51</td><td>284</td><td>233</td><td>+16</td><td>47</td><td>31</td><td>+1</td><td>36</td><td>35</td></tr><tr><td>May</td><td>+686</td><td>+290</td><td>313</td><td>23</td><td>+74</td><td>377</td><td>303</td><td>-12</td><td>278</td><td>290</td><td>-</td><td>13</td><td>13</td></tr><tr><td>June</td><td>-1,050</td><td>-308</td><td>107</td><td>415</td><td>-101</td><td>475</td><td>575</td><td>-</td><td>97</td><td>97</td><td>+1</td><td>13</td><td>13</td></tr><tr><td>July</td><td>-116</td><td>+36</td><td>59</td><td>23</td><td>-10</td><td>189</td><td>199</td><td>+23</td><td>73</td><td>50</td><td>-1</td><td>180</td><td>180</td></tr></table>
(Continued on following page)
12
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th>Piecial year or month</th><th colspan="3">Other trust accounts 1/</th><th>Increment on gold</th><th>Seigniorage on silver</th><th colspan="3">Miscellaneous funds and accounts 2/</th><th colspan="3">Transactions in checking accounts of Government agencies, etc. (net)</th></tr><tr><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Net</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Total</th><th>Issuance of obligations (net) 3/</th><th>Other transactions (net)</th></tr><tr><td>1936</td><td>+24</td><td>2,053</td><td>2,020</td><td>+403</td><td>+176</td><td></td><td></td><td></td><td>+108</td><td>+5</td><td>+1</td></tr><tr><td>1937</td><td>+20</td><td>858</td><td>838</td><td>+95</td><td>+40</td><td></td><td></td><td></td><td>+214</td><td>+5</td><td>+1</td></tr><tr><td>1938</td><td>+4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td></td><td></td><td></td><td>+204</td><td>+11</td><td>+1</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>329</td><td>-5</td><td>+90</td><td>+2</td><td>+3</td><td>-2</td><td>+768</td><td>+1,106</td><td>-337</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td></td><td>+49</td><td>+15</td><td>+43</td><td>+27</td><td>+34</td><td>+288</td><td>-254</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td></td><td>+20</td><td>+11</td><td>+24</td><td>233</td><td>+317</td><td>+852</td><td>-1,069</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td></td><td>+11</td><td>+29</td><td>311</td><td>292</td><td>+3,695</td><td>-1,809</td><td>-1,615</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td></td><td></td><td>+241</td><td>155</td><td>-86</td><td>+2,194</td><td>+694</td><td>-1,500</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td></td><td></td><td>+204</td><td>+3</td><td>-207</td><td>+4,403</td><td>+2,874</td><td>-1,529</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td></td><td></td><td>+1,302</td><td></td><td>-1,302</td><td>+1,178</td><td>+1,553</td><td>+374</td></tr><tr><td>1941-July</td><td>+1</td><td>131</td><td>130</td><td></td><td>+2</td><td>+21</td><td>33</td><td>12</td><td>+574</td><td>+669</td><td>+35</td></tr><tr><td>August</td><td>+1</td><td>20</td><td>19</td><td></td><td>+2</td><td>+5</td><td>31</td><td>27</td><td>+169</td><td>-3</td><td>-166</td></tr><tr><td>September</td><td>+6</td><td>26</td><td>20</td><td></td><td>+2</td><td>-6</td><td>23</td><td>29</td><td>+93</td><td></td><td>+93</td></tr><tr><td>October</td><td>+7</td><td>29</td><td>22</td><td></td><td>+2</td><td>-3</td><td>30</td><td>33</td><td>+272</td><td>-1</td><td>-270</td></tr><tr><td>November</td><td>4</td><td>17</td><td>16</td><td></td><td>+1</td><td>+2</td><td>26</td><td>24</td><td>+593</td><td>+617</td><td>+42</td></tr><tr><td>December</td><td>+13</td><td>26</td><td>13</td><td></td><td>+1</td><td></td><td>27</td><td>27</td><td>+140</td><td>+9</td><td>+149</td></tr><tr><td>1942-January</td><td>-2</td><td>24</td><td>26</td><td></td><td>+1</td><td>+16</td><td>28</td><td>12</td><td>-681</td><td>+625</td><td>-56</td></tr><tr><td>February</td><td>-1</td><td>18</td><td>19</td><td></td><td>+1</td><td>+1</td><td>27</td><td>26</td><td>-35</td><td>+23</td><td>-12</td></tr><tr><td>March</td><td>35</td><td>35</td><td>35</td><td></td><td>+1</td><td>+12</td><td>41</td><td>29</td><td>-75</td><td>+17</td><td>-92</td></tr><tr><td>April</td><td>+9</td><td>31</td><td>23</td><td></td><td>+1</td><td>+15</td><td>34</td><td>19</td><td>+189</td><td>+12</td><td>-176</td></tr><tr><td>May</td><td>+9</td><td>29</td><td>20</td><td></td><td></td><td>+9</td><td>17</td><td>26</td><td>+130</td><td>-2</td><td>+128</td></tr><tr><td>June</td><td>+3</td><td>85</td><td>83</td><td></td><td>-14</td><td></td><td>14</td><td>28</td><td>+1,117</td><td>+1,120</td><td>-296</td></tr><tr><td>July</td><td>+9</td><td>145</td><td>135</td><td></td><td></td><td>+20</td><td>33</td><td>13</td><td>+78</td><td>+12</td><td>+91</td></tr><tr><td>August</td><td>+10</td><td>32</td><td>22</td><td></td><td></td><td>+10</td><td>20</td><td>10</td><td>+262</td><td>+9</td><td>+271</td></tr><tr><td>September</td><td>-3</td><td>46</td><td>49</td><td></td><td></td><td>+6</td><td>14</td><td>8</td><td>+25</td><td>+23</td><td>-2</td></tr><tr><td>October</td><td>+19</td><td>44</td><td>25</td><td></td><td></td><td>+27</td><td>32</td><td>5</td><td>+583</td><td>+311</td><td>+272</td></tr><tr><td>November</td><td>+6</td><td>33</td><td>27</td><td></td><td></td><td>+13</td><td>10</td><td>-2</td><td>+449</td><td>+4</td><td>+453</td></tr><tr><td>December</td><td>+16</td><td>38</td><td>22</td><td></td><td></td><td>+14</td><td>33</td><td>-11</td><td>+548</td><td>-7</td><td>+541</td></tr><tr><td>1943-January</td><td>-11</td><td>39</td><td>50</td><td></td><td></td><td>+27</td><td>8</td><td>-19</td><td>+186</td><td>-9</td><td>-177</td></tr><tr><td>February</td><td>+4</td><td>33</td><td>29</td><td></td><td></td><td>+26</td><td>5</td><td>-21</td><td>+370</td><td>+25</td><td>+345</td></tr><tr><td>March</td><td>+15</td><td>51</td><td>36</td><td></td><td></td><td>+11</td><td></td><td>-11</td><td>+300</td><td>+12</td><td>+288</td></tr><tr><td>April</td><td>+4</td><td>51</td><td>50</td><td></td><td></td><td>+16</td><td>1</td><td>-15</td><td>+17</td><td>+1</td><td>+17</td></tr><tr><td>May</td><td>+17</td><td>42</td><td>26</td><td></td><td></td><td>+51</td><td></td><td>+52</td><td>+356</td><td>-320</td><td>+36</td></tr><tr><td>June</td><td>+5</td><td>103</td><td>98</td><td></td><td></td><td>+9</td><td></td><td>9</td><td>+82</td><td>+2</td><td>+83</td></tr><tr><td>July</td><td>+21</td><td>227</td><td>206</td><td></td><td></td><td>+1</td><td>-1</td><td></td><td>+726</td><td>-381</td><td>+345</td></tr><tr><td>August</td><td>+1</td><td>42</td><td>43</td><td></td><td></td><td>+4</td><td></td><td>-4</td><td>+148</td><td>-3</td><td>+145</td></tr><tr><td>September</td><td>+14</td><td>47</td><td>33</td><td></td><td></td><td>+2</td><td></td><td>-2</td><td>+146</td><td>+22</td><td>+168</td></tr><tr><td>October</td><td>+24</td><td>66</td><td>42</td><td></td><td></td><td>+14</td><td></td><td>-14</td><td>+199</td><td>+2</td><td>+201</td></tr><tr><td>November</td><td>+7</td><td>48</td><td>40</td><td></td><td></td><td>+16</td><td>-2</td><td>-18</td><td>+64</td><td>-2</td><td>+66</td></tr><tr><td>December</td><td>-11</td><td>48</td><td>59</td><td></td><td></td><td>+22</td><td></td><td>-22</td><td>+427</td><td>-3</td><td>+424</td></tr><tr><td>1944-January</td><td>+20</td><td>56</td><td>36</td><td></td><td></td><td>+101</td><td></td><td>-101</td><td>+165</td><td>-18</td><td>+146</td></tr><tr><td>February</td><td>+8</td><td>47</td><td>55</td><td></td><td></td><td>+8</td><td></td><td>-8</td><td>+331</td><td>+115</td><td>+216</td></tr><tr><td>March</td><td>+20</td><td>67</td><td>47</td><td></td><td></td><td>+2</td><td></td><td>2</td><td>+2,002</td><td>+95</td><td>-1,907</td></tr><tr><td>April</td><td>+27</td><td>71</td><td>44</td><td></td><td></td><td>+160</td><td></td><td>-160</td><td>-87</td><td>-577</td><td>+490</td></tr><tr><td>May</td><td>-1</td><td>83</td><td>84</td><td></td><td></td><td>+51</td><td></td><td>-51</td><td>-148</td><td>-1,647</td><td>+1,500</td></tr><tr><td>June</td><td>+16</td><td>145</td><td>129</td><td></td><td></td><td>+170</td><td></td><td>170</td><td>-88</td><td>-56</td><td>-31</td></tr><tr><td>July</td><td>+5</td><td>282</td><td>247</td><td></td><td></td><td>+223</td><td></td><td>-223</td><td>+193</td><td>+211</td><td>+18</td></tr><tr><td>August</td><td>+70</td><td>144</td><td>75</td><td></td><td></td><td>+42</td><td></td><td>-42</td><td>+254</td><td>+21</td><td>+233</td></tr><tr><td>September</td><td>-6</td><td>61</td><td>68</td><td></td><td></td><td>+29</td><td></td><td>-29</td><td>+35</td><td>-44</td><td>+79</td></tr><tr><td>October</td><td>+28</td><td>113</td><td>85</td><td></td><td></td><td>+30</td><td></td><td>-130</td><td>+95</td><td>-5</td><td>+83</td></tr><tr><td>November</td><td>+35</td><td>138</td><td>93</td><td></td><td></td><td>+111</td><td></td><td>-111</td><td>+15</td><td>+1</td><td>+10</td></tr><tr><td>December</td><td>+42</td><td>83</td><td>41</td><td></td><td></td><td>+253</td><td></td><td>-253</td><td>-154</td><td>-19</td><td>-245</td></tr><tr><td>1945-January</td><td>+32</td><td>135</td><td>103</td><td></td><td></td><td>+137</td><td></td><td>-137</td><td>+21</td><td>+37</td><td>+57</td></tr><tr><td>February</td><td>+140</td><td>122</td><td>+18</td><td></td><td></td><td>+76</td><td></td><td>-76</td><td>+113</td><td>-305</td><td>-8</td></tr><tr><td>March</td><td></td><td>148</td><td>75</td><td></td><td></td><td>-7</td><td></td><td>7</td><td>+407</td><td>-1</td><td>+411</td></tr><tr><td>April</td><td>+10</td><td>128</td><td>117</td><td></td><td></td><td>+15</td><td></td><td>15</td><td>+71</td><td>-4</td><td>+68</td></tr><tr><td>May</td><td>+109</td><td>153</td><td>43</td><td></td><td></td><td>+70</td><td></td><td>-70</td><td>+154</td><td>-147</td><td>+301</td></tr><tr><td>June</td><td>+84</td><td>226</td><td>142</td><td></td><td></td><td>+51</td><td></td><td>-51</td><td>+174</td><td>-157</td><td>+21</td></tr><tr><td>July</td><td>+53</td><td>355</td><td>302</td><td></td><td>+35</td><td>-29</td><td></td><td>29</td><td>-222</td><td>-267</td><td>+45</td></tr></table>
Sources: Daily Treasury Statements.
1/ Less than $500,000.
2/ Includes Government Retirement funds, etc. (See footnote 2.) Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agric
3/ Not receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
4/ Details not available.
September 1945
12
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1936</td><td>5,390</td><td>4,550</td><td>840</td><td>-</td><td>5,390</td><td>5,078</td><td>-</td><td>312</td></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,942</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>55,857</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>59,595</td><td>10,862</td><td>4,051</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>58,477</td><td>53,948</td><td>4,529</td><td>-</td><td>58,477</td><td>57,679</td><td>-</td><td>798</td></tr><tr><td>1944-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>1,829</td><td>4,252</td><td>70</td></tr><tr><td>September</td><td>2,248</td><td>2,004</td><td>-</td><td>244</td><td>2,248</td><td>-307</td><td>2,555</td><td>-</td></tr><tr><td>October</td><td>6,023</td><td>6,023</td><td>-</td><td>-</td><td>6,023</td><td>748</td><td>5,127</td><td>148</td></tr><tr><td>November</td><td>5,587</td><td>5,587</td><td>-</td><td>-</td><td>5,587</td><td>4,761</td><td>168</td><td>639</td></tr><tr><td>December</td><td>15,626</td><td>2,999</td><td>12,433</td><td>193</td><td>15,626</td><td>15,626</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>4,645</td><td>4,645</td><td>-</td><td>-</td><td>4,645</td><td>1,778</td><td>2,670</td><td>238</td></tr><tr><td>February</td><td>3,693</td><td>3,693</td><td>-</td><td>-</td><td>3,693</td><td>1,300</td><td>2,292</td><td>101</td></tr><tr><td>March</td><td>2,540</td><td>2,540</td><td>-</td><td>-</td><td>2,540</td><td>242</td><td>2,036</td><td>262</td></tr><tr><td>April</td><td>5,040</td><td>5,040</td><td>-</td><td>-</td><td>5,040</td><td>1,120</td><td>3,912</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>19,850</td><td>3,727</td><td>15,073</td><td>1,050</td><td>19,850</td><td>19,850</td><td>-</td><td>-</td></tr><tr><td>July</td><td>5,978</td><td>5,862</td><td>-</td><td>116</td><td>5,978</td><td>3,362</td><td>2,615</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises trust accounts, checking accounts of Government agencies.
etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
14
Treasury Bulletin
Social Security Program
Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 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>57.3</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>187.0</td><td>217.4</td></tr><tr><td>1939</td><td>611.2</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>1,015.5</td><td>855.6</td><td>119.9</td><td>866.9</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>155.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,295.5</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>1,283.0</td><td>211.5</td></tr><tr><td>1944-July</td><td>54.7</td><td>51.8</td><td>2.9</td><td>49.3</td><td>5.4</td></tr><tr><td>August</td><td>305.0</td><td>293.3</td><td>11.7</td><td>290.8</td><td>14.2</td></tr><tr><td>September</td><td>4.5</td><td>3.8</td><td>.7</td><td>1.4</td><td>3.1</td></tr><tr><td>October</td><td>58.6</td><td>55.4</td><td>3.2</td><td>53.6</td><td>5.0</td></tr><tr><td>November</td><td>278.5</td><td>267.3</td><td>11.2</td><td>265.5</td><td>13.0</td></tr><tr><td>December</td><td>4.9</td><td>4.0</td><td>.9</td><td>2.1</td><td>2.8</td></tr><tr><td>1945-January</td><td>46.5</td><td>33.3</td><td>13.2</td><td>31.0</td><td>15.5</td></tr><tr><td>February</td><td>335.3</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>144.0</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><tr><td>July</td><td>64.5</td><td>61.5</td><td>3.0</td><td>59.0</td><td>5.5</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Total</th><th colspan="5">Social Security Board</th><th colspan="2">Public Health Service</th><th colspan="2">Department of Labor</th><th rowspan="2">Office for Emergency Management War Manpower Commission (U.S. Employment Service)</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Administrative expenses</th><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to blind</th><th>Useless-tenant com- pensation</th><th>Public health work</th><th>Maternal and child services</th><th>Services for health crippled children</th><th>Child welfare service</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>41.0 6/</td><td>195.5</td></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>1.6</td><td>2.7</td><td>1.4</td><td>-</td><td>1.8</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>2.5</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.6</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>3.5</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.9</td><td>469.6</td><td>299.1</td><td>69.1</td><td>6.0</td><td>70.3</td><td>11.4</td><td>5.5</td><td>4.6</td><td>1.6</td><td>-</td><td>2.8</td><td>351.5</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>315.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>5.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>4.2</td><td>341.3</td></tr><tr><td>1944</td><td>528.2</td><td>32.1</td><td>486.0</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>7.4</td><td>311.7</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>1.1</td><td></td><td>279.8</td></tr><tr><td>1945-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>2.2</td><td>1.1</td><td>1.4</td><td>1.1</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>1.9</td><td>2.2</td><td>1.2</td><td>1.3</td><td>1.2</td><td>1.3</td><td>1.3</td><td>1.7</td><td>23.4</td></tr><tr><td>September</td><td>34.9</td><td>6.1</td><td>28.3</td><td>28.9</td><td>3.5</td><td>1.7</td><td>2.2</td><td>1.2</td><td>1.5</td><td>1.2</td><td>1.3</td><td>1.3</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>1.2</td><td>7.0</td><td>2.2</td><td>1.4</td><td>1.4</td><td>1.3</td><td>1.3</td><td>1.7</td><td>45.4</td></tr><tr><td>November</td><td>39.8</td><td>2.8</td><td>36.3</td><td>29.1</td><td>4.4</td><td>1.7</td><td>1.0</td><td>1.2</td><td>1.5</td><td>1.3</td><td>1.3</td><td>1.3</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>1.7</td><td>1.0</td><td>1.1</td><td>1.3</td><td>1.3</td><td>1.3</td><td>1.3</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>1.6</td><td>1.5</td><td>1.3</td><td>1.3</td><td>1.8</td><td>17.8</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>1.8</td><td>1.0</td><td>1.3</td><td>1.6</td><td>1.3</td><td>1.3</td><td>1.3</td><td>1.6</td><td>28.8</td></tr><tr><td>March</td><td>36.1</td><td>3.2</td><td>32.5</td><td>27.6</td><td>3.4</td><td>1.8</td><td>1.1</td><td>1.2</td><td>1.3</td><td>1.2</td><td>1.3</td><td>1.3</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>1.7</td><td>1.6</td><td>1.3</td><td>1.3</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>1.1</td><td>1.2</td><td>1.5</td><td>1.4</td><td>1.3</td><td>1.3</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>1.3</td><td>2.7</td><td>1.2</td><td>1.4</td><td>1.2</td><td>1.3</td><td>1.3</td><td>1.7</td><td>28.8</td></tr><tr><td>July</td><td>46.8</td><td>2.4</td><td>43.8</td><td>29.0</td><td>4.5</td><td>1.7</td><td>8.8</td><td>1.2</td><td>1.4</td><td>1.2</td><td>1.1</td><td>1.1</td><td>1.6</td><td>41.3</td></tr></table>
ca: Daily Treasury Statements
* Less than $50,000.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title IX of the Social Security Act. Includes amounts equal to the liabilities to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table J of Section 1).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfer" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited to the General Fund of the Treasury. Figures for 1940 represent the transfers to Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section II. Table 1.
4/ 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. Begun July 1, 1940, includes also 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.
5/ Covered by appropriations by Congress.
5/ Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 million for refunding to certain States portions of Federal employer's tax for 1936 collected under the Social Security Act.
September 1945
15
Social Security Program - (Continued)
Section I.- Budgetary Receipts and Expenditures - (Continued
Table 2.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th>Pleonal 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>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>.*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>143.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>203.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>255.3</td><td>2.5</td><td>252.7</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>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1946-July</td><td>1.4</td><td>205.0</td><td>.2</td><td>204.8</td><td>*</td><td>203.6</td></tr><tr><td>August</td><td>14.2</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-14.1</td></tr><tr><td>September</td><td>56.9</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-56.7</td></tr><tr><td>October</td><td>1.5</td><td>34.2</td><td>.2</td><td>34.0</td><td>*</td><td>32.7</td></tr><tr><td>November</td><td>14.4</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-14.2</td></tr><tr><td>December</td><td>55.2</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-55.1</td></tr><tr><td>1945-January</td><td>1.2</td><td>34.8</td><td>.2</td><td>34.5</td><td>.1</td><td>33.7</td></tr><tr><td>February</td><td>4.7</td><td>.2</td><td>.2</td><td>-</td><td>.1</td><td>-4.4</td></tr><tr><td>March</td><td>65.5</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-65.3</td></tr><tr><td>April</td><td>1.5</td><td>35.7</td><td>.2</td><td>35.5</td><td>*</td><td>34.2</td></tr><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>-59.3</td></tr><tr><td>July</td><td>1.5</td><td>180.1</td><td>.2</td><td>179.9</td><td>-</td><td>178.6</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Retirement Act. 2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>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>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-.6</td></tr><tr><td>1944-July</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>August</td><td>.1</td><td>9.0</td><td>*</td><td>8.9</td><td>8.8</td></tr><tr><td>September</td><td>3.3</td><td>.7</td><td>.7</td><td>-</td><td>-2.6</td></tr><tr><td>October</td><td>*</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr><tr><td>November</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>December</td><td>3.2</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>1945-January</td><td>*</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>April</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><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><tr><td>July</td><td>*</td><td>9.9</td><td>.3</td><td>9.6</td><td>9.9</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/2/3
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 11, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $15.0 million and were distributed by calendar
years, as follows: 1937, $5.3 million; 1938, $0.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 
3/ includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
Treasury Bulletin
16
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Bequests</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditure</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses $/</th><th>Total</th><th>Investments</th><th>Unexpended balance In General Fund 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</td><td>.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.1</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,192.1</td><td>1,105.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,351.1</td><td>185.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,357.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.1</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,115.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>541.7</td><td>126.0</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>781.5</td><td>152.9</td><td>6,613.4</td><td>6,596.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1945-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>6,513.8</td><td>341.1</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>781.5</td><td>152.9</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td><td>35.1</td></tr><tr><td>July</td><td>7,611.3</td><td>7,082.8</td><td>528.5</td><td>962.0</td><td>806.6</td><td>155.4</td><td>6,649.3</td><td>6,546.3</td><td>67.0</td><td>35.9</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 (r) of the Social Security Act amendments of 
1939.
Table 2.- Railroad Retirement Act
(Cumulative from organisation - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th colspan="3">General Fund</th><th colspan="3">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>66.2</td><td>36.6</td></tr><tr><td>1938</td><td>187.9</td><td>146.9</td><td>1.4</td><td>79.8</td><td>68.1</td><td>67.2</td><td>2.2</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>79.4</td><td>13.2</td></tr><tr><td>1940</td><td>390.8</td><td>184.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>74.0</td><td>10.8</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></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td></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></tr><tr><td>1944</td><td>1,110.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>313.0</td><td>318.5</td><td>1.1</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></tr><tr><td>1945-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></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></tr><tr><td>July</td><td>1,760.0</td><td>1,717.6</td><td>42.4</td><td>964.9</td><td>795.1</td><td>668.5</td><td>112.3</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>14.1</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>14.3</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</th><th>Transfers from Railroad Unemployment Insurance Administration Fund/</th><th>Interest co investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account</th><th>Railroad Unemployment Account 1/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><td>1937</td><td>313.4</td><td>110.6</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>312.4</td><td>312.3</td><td>1.1</td><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>130.0</td><td>193.0</td><td>-</td><td>894.2</td><td>878.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,859.5</td><td>-</td><td>-</td><td>44.8</td><td>631.8</td><td>531.8</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>141.2</td><td>1.8</td><td>82.6</td><td>1,131.1</td><td>1,115.7</td><td>1.8</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>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>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>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>4,172.5</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>7,261.3</td><td>381.7</td><td>105.9</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>1.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,940.3</td><td>502.5</td><td>106.3</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>1.3</td></tr><tr><td>1945-May</td><td>9,592.0</td><td>8,533.1</td><td>475.6</td><td>106.2</td><td>433.0</td><td>2,365.0</td><td>2,214.2</td><td>106.2</td><td>7,227.0</td><td>7,219.0</td><td>7.6</td><td>1.3</td></tr><tr><td>June</td><td>9,688.6</td><td>8,940.3</td><td>502.5</td><td>106.3</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>1.3</td></tr><tr><td>July</td><td>9,761.2</td><td>8,503.1</td><td>508.5</td><td>106.4</td><td>501.5</td><td>2,368.4</td><td>2,237.4</td><td>106.3</td><td>7,372.8</td><td>7,362.2</td><td>30.4</td><td>1.3</td></tr></table>
Daily Treasury Statements. Less than $50,000. 1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940. 2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 1, Table 3.) 3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
September 1945
17
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of July 31, 1945
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction).</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (clothing and equipping - War Department).</td><td>175,000,000</td><td>-</td></tr><tr><td>Mar. 1, 1941</td><td>9</td><td>Urgent Deficiency Appropriation Act, 1941.</td><td>6,047,775</td><td>-</td></tr><tr><td>Mar. 17, 1941</td><td>13</td><td>Fourth Supplemental National Defense Appropriation Act, 1941.</td><td>1,376,454,502</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>114,458,588</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>28</td><td>Independent Offices Appropriation Act, 1942.</td><td>399,750,000</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>29</td><td>Fifteen National Defense Appropriation Act, 1941.</td><td>2,293,227,920</td><td>-</td></tr><tr><td>May 6, 1941</td><td>48</td><td>Navy Department Appropriation Act, 1942.</td><td>3,415,521,750</td><td>-</td></tr><tr><td>May 23, 1941</td><td>71</td><td>War Department Civil Appropriation Act, 1942.</td><td>37,920,370</td><td>-</td></tr><tr><td>May 24, 1941</td><td>73</td><td>Additional Urgent Deficiency Appropriation Act, 1941.</td><td>168,556,000</td><td>-</td></tr><tr><td>May 31, 1941</td><td>88</td><td>Treasury Department Appropriation Act, 1942.</td><td>62,133,190</td><td>-</td></tr><tr><td>June 28, 1941</td><td>136</td><td>Justice, State and Commerce Department Appropriation Act, 1942.</td><td>129,227,750</td><td>-</td></tr><tr><td>June 28, 1941</td><td>136</td><td>Interior Department Appropriation Act, 1942.</td><td>2,035,000</td><td>-</td></tr><tr><td>June 30, 1941</td><td>139</td><td>Military Appropriation Act, 1942.</td><td>10,384,821,624</td><td>-</td></tr><tr><td>July 1, 1941</td><td>146</td><td>Labor - Federal Security Appropriation Act, 1942.</td><td>173,168,500</td><td>-</td></tr><tr><td>July 3, 1941</td><td>150</td><td>Second Deficiency Appropriation Act, 1941.</td><td>998,894,561</td><td>-</td></tr><tr><td>Aug. 25, 1941</td><td>247</td><td>First Supplemental National Defense Appropriation Act, 1942.</td><td>6,580,012,448</td><td>-</td></tr><tr><td>Oct. 28, 1941</td><td>282</td><td>Second Supplemental National Defense Appropriation Act, 1942. (Title I). (Title II).</td><td>5,985,000,000</td><td>$ 600,000,000 3/</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941.</td><td>159,005,585</td><td>12,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>9,112,021,947</td><td>50,000,000</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine relief, and defense housing).</td><td>510,000,000</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>$ 49,396,437,450</td><td>$ 662,000,000</td></tr><tr><td colspan="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942.</td><td>$ 12,525,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943.</td><td>23,738,865,474 4/</td><td>$2,171,000,000 5/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China).</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942.</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,731,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943.</td><td>57,886,585</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942.</td><td>18,632,124,093</td><td>-</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund).</td><td>210,000,000</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (education and training).</td><td>9,500,000</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942.</td><td>655,074,740 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>1,052,812,001</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Justice, State and Commerce Departments Appropriation Act, 1943.</td><td>261,905,180</td><td>-</td></tr><tr><td>July 2, 1942</td><td>646</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>227,726,854</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943.</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942.</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>654</td><td>First Supplemental National Defense Appropriation Act, 1943.</td><td>1,845,234,990</td><td>-</td></tr><tr><td>Oct. 28, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943.</td><td>6,299,361,448 4/</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>$139,736,203,988</td><td>$2,321,000,000</td></tr><tr><td colspan="5">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System).</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943.</td><td>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943.</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program).</td><td>26,100,000</td><td>-</td></tr><tr><td>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, 1943.</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943.</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944.</td><td>1,395,013,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944.</td><td>27,637,226,198 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>131</td><td>Urgent Deficiency Appropriation Act, 1943.</td><td>31,979,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944.</td><td>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>10,456,710 6/</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943.</td><td>151,340,085</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>155</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>$40,795,494 5/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944.</td><td>81,283,468</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>$105,916,452,321</td><td>$ 350,252,204 6/</td></tr></table>
(Continued on following page)
18
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program As of July 31, 1945 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorisations 2/</th></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers).</td><td>$ 31,359,200</td><td>-</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>6,700,000</td><td>-</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care).</td><td>27,562,298,301 4/</td><td>1,600,000,000</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945.</td><td>-28,805,732 1/</td><td>-</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945.</td><td>6,836,008,943</td><td>-6/</td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945.</td><td>47,589,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Department of State, Justice and Commerce Appropriation Act, 1945.</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945.</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945.</td><td>1,030,937,242</td><td>2,198,571 5/</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945.</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945.</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945.</td><td>186,266,524 3/</td><td>1,880,000,000 2/</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1946.</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945.</td><td>450,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945.</td><td>19,750,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945.</td><td>410,291,023 3/</td><td>60,000,000 5/</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945.</td><td>-</td><td>-</td></tr><tr><td colspan="3">Total,78th Congress, Second Session.</td><td>$55,875,422,412 1/</td><td>$3,552,598,577 5/</td></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946.</td><td>2,697,140</td><td>-</td></tr><tr><td>Apr. 30, 1945</td><td>40</td><td>First Deficiency Appropriation Act, 1945.</td><td>2,015,384,143 4/</td><td>-</td></tr><tr><td>May 3, 1945</td><td>49</td><td>Independent Offices Appropriation Act, 1946.</td><td>57,288,300</td><td>-</td></tr><tr><td>May 5, 1945</td><td>52</td><td>Department of Agriculture Appropriation Act, 1946.</td><td>14,386,472</td><td>-</td></tr><tr><td>May 26, 1945</td><td>61</td><td>Department 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>23,501,136,004 8/</td><td>$1,399,008,413</td></tr><tr><td>May 29, 1945</td><td>68</td><td>Joint Resolution (U. S. Maritime Commission).</td><td>-3,100,000,000 9/</td><td>-2/</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>-</td></tr><tr><td>July 3, 1945</td><td>123</td><td>Interior Department Appropriation Act, 1946.</td><td>10,625,000</td><td>-</td></tr><tr><td>July 3, 1945</td><td>124</td><td>Labor - Federal Security Appropriation Act, 1946.</td><td>197,011,554</td><td>-</td></tr><tr><td>July 3, 1945</td><td>126</td><td>Military Appropriation Act, 1946.</td><td>21,496,902,030</td><td>-</td></tr><tr><td>July 3, 1945</td><td>127</td><td>Joint Resolution (reducing certain appropriations).</td><td>-82,054,000 9/</td><td>-</td></tr><tr><td>July 3, 1945</td><td>132</td><td>Second Deficiency Appropriation Act, 1945.</td><td>3,521,335,808</td><td>-</td></tr><tr><td>July 17, 1945</td><td>156</td><td>National War Agencies Appropriation Act, 1946.</td><td>729,364,850</td><td>-</td></tr><tr><td colspan="3">Total, 79th Congress, First Session.</td><td>$48,507,476,851</td><td>$1,399,008,413</td></tr><tr><td colspan="5">Summary</td></tr><tr><td colspan="3">Total, 76th Congress, Third Session 10/</td><td>$ 8,998,015,828</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>19,195,937,450</td><td>$ 662,000,000</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>139,735,203,988</td><td>2,321,000,000</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>105,915,492,321</td><td>360,252,204</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>55,875,422,412 1/</td><td>3,552,598,571</td></tr><tr><td colspan="3">Total, 79th Congress, First Session.</td><td>48,507,476,851</td><td>1,399,008,413</td></tr><tr><td colspan="3">Permanent appropriations and net transfers from other than war activities appropriations 11/.</td><td>298,243,689</td><td>-</td></tr><tr><td colspan="3">Total approved.</td><td>$408,724,292,548</td><td>$8,294,859,194</td></tr><tr><td colspan="3">Liquidations of 1940 and prior contract authorisations.</td><td>-467,872,846</td><td>-</td></tr><tr><td colspan="3">Total approved appropriations and net contract authorisations 1/.</td><td>$408,256,419,702</td><td>$8,294,859,194</td></tr></table>
1/ Consists of appropriations and net contract authorisations available on and after July 1, 1940. Excludes: (1) authorisations of the Re-construction Finance Corporation and its affiliates for war purposes, and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations), available for expenditure in the fiscal year 1941. 
2/ Contract authorisations have been reduced by later appropriations which were earmarked in authorising acts for this purpose. 
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 in "Treasury Bulletin" for previous months. 
5/ Unappropriated contract authorisations for the naval expansion program are as follows: 
Public Law No. 414. $2,171,000,000 
Public Law No. 204 (Estimated by Navy Department) 340,795,496 
Public Law No. 258 (Estimated by Navy Department) 59,959,000 
Public Law No. 375 (Estimated by Navy Department) 1,825,000,000 
Public Law No. 529. 60,000,000.
5/ This figure has been reduced by the amount of appropriations which were made available for this purpose during the month of July, 1945.
1/ Revised. Public law No. 352 has been reduced by $30,257,572 representing the amount repealed by Congress and carried to the surplus fund in accordance with provisions of that act.
5/ Includes $100,000 for the fiscal year 1945.
3/ Represents amount of prior appropriations repealed by Congress.
10/ The repeal of contractual authority has been applied to prior acts.
11/ For details of appropriations made by 76th Congress, Third Session, see "Treasury Bulletin" for March, 1944, page 5.
11/ Includes actual transfer of balances of the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard, Navy, in the amount of $1,153,041. In accordance with Executive Order dated 20 February 1942, also includes $5,038,499.66 received as war contributions under authority of the Second War Powers Act and deposits of advance payments made by foreign governments to the Defense Aid Special Fund for the procurement of defense articles amounting to $117,153,041.85.
September 1945
19
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="7">1944</th><th colspan="6">1945</th></tr><tr><th>CASH INCOME</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><th>July</th></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>1,247</td><td>1,552</td><td>5,178</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>4,757</td><td>1,743</td></tr><tr><td>Employment taxes</td><td>56</td><td>319</td><td>61</td><td>60</td><td>293</td><td>50</td><td>48</td><td>341</td><td>93</td><td>145</td><td>737</td><td>66</td><td>66</td></tr><tr><td>Miscellaneous internal revenue</td><td>681</td><td>832</td><td>514</td><td>580</td><td>507</td><td>539</td><td>573</td><td>552</td><td>530</td><td>534</td><td>557</td><td>561</td><td>718</td></tr><tr><td>Customs</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><td>13</td></tr><tr><td>Other</td><td>150</td><td>134</td><td>152</td><td>145</td><td>177</td><td>436</td><td>463</td><td>148</td><td>443</td><td>188</td><td>439</td><td>488</td><td>151</td></tr><tr><td>Subtotal</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>3,395</td><td>5,906</td><td>2,710</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 (deposite by States and Railroad Retirement Board)</td><td>51</td><td>286</td><td>37</td><td>57</td><td>253</td><td>36</td><td>44</td><td>212</td><td>40</td><td>47</td><td>278</td><td>34</td><td>63</td></tr><tr><td>Trust account 2/</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>231</td><td>214</td><td>204</td></tr><tr><td>Subtotal</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><td>267</td></tr><tr><td>Total cash income</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>7,156</td><td>3,225</td><td>3,906</td><td>6,154</td><td>2,977</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>7,201</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><td>7,324</td></tr><tr><td>Veterans' Administration</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><td>103</td></tr><tr><td>Public works 3/</td><td>33</td><td>29</td><td>32</td><td>35</td><td>25</td><td>30</td><td>32</td><td>19</td><td>24</td><td>20</td><td>20</td><td>25</td><td>31</td></tr><tr><td>Aid to agriculture 4/</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><td>28</td></tr><tr><td>Social security program 5/</td><td>54</td><td>38</td><td>36</td><td>51</td><td>40</td><td>33</td><td>50</td><td>32</td><td>37</td><td>50</td><td>40</td><td>33</td><td>47</td></tr><tr><td>Interest on the public debt 6/</td><td>52</td><td>56</td><td>544</td><td>106</td><td>35</td><td>520</td><td>86</td><td>59</td><td>579</td><td>108</td><td>41</td><td>633</td><td>108</td></tr><tr><td>Other 7/</td><td>117</td><td>162</td><td>100</td><td>148</td><td>124</td><td>116</td><td>130</td><td>173</td><td>224</td><td>106</td><td>111</td><td>193</td><td>201</td></tr><tr><td>Subtotal</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>8,833</td><td>7,943</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>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>-58</td><td>32</td><td>113</td><td>71</td></tr><tr><td>Other</td><td>-56</td><td>-24</td><td>-11</td><td>-32</td><td>-13</td><td>-20</td><td>-53</td><td>-27</td><td>-7</td><td>-32</td><td>-73</td><td>-10</td><td>-5</td></tr><tr><td>Commodity Credit Corporation</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><td>-33</td></tr><tr><td>Unemployment Trust Fund</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><td>15</td></tr><tr><td>Federal Old-age and Survivors Insurance Trust Fund</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><td>23</td></tr><tr><td>Railroad Retirement Account</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><td>13</td></tr><tr><td>Other 8/</td><td>-317</td><td>-38</td><td>-247</td><td>-140</td><td>-482</td><td>-133</td><td>-253</td><td>-216</td><td>-217</td><td>219</td><td>-208</td><td>-133</td><td>-20</td></tr><tr><td>Subtotal</td><td>-221</td><td>253</td><td>-38</td><td>60</td><td>-257</td><td>-61</td><td>-178</td><td>-84</td><td>-303</td><td>228</td><td>-55</td><td>21</td><td>14</td></tr><tr><td>Redemption of adjusted service bonds</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>106</td><td>13</td></tr><tr><td>Total cash outgo</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><td>8,000</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>4,908</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,495</td><td>2,639</td><td>4,003</td><td>2,842</td><td>1,780</td><td>4,596</td><td>4,583</td><td>2,808</td><td>5,023</td></tr></table>
Revised. Less than $500,000. These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the Treasury Bulletin. The figures in the annexed of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin," February 1939. Includes "National service life insurance funds." Other: Federal Highway Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authori
1/ Forest roads and trails, and reclamation projects. 
2/ Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal Power Administration, Electrification Administration, Administration of the Sugar Act of 1937, Exportation and domestic consumption of agricultural commodities, Agricultural Adjustment Agency, Farm Security Administration, Soil Conservation and Deterioration Service, Department of Agriculture departmental expenditures, and Other. 
3/ Excludes transactions under transfers to trust accounts, etc. 
4/ Excludes accrued discount on United States savings bonds, and in- forest on trust fund investments. 
5/ See "Bureau of the Budget Work Projects Administration" and "Civilian Conservation Corps".
Total Cash Income and Outgo, by Month
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>398</td><td>614</td><td>989</td><td>385</td><td>561</td><td>791</td><td>449</td><td>726</td><td>756</td><td>458</td><td>556</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>719</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,535</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>1,806</td><td>19,057</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,575</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>38,245</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>2,977</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>727</td><td>679</td><td>851</td><td>793</td><td>691</td><td>886</td><td>806</td><td>870</td><td>832</td><td>976</td><td>962</td><td>1,244</td><td>10,317</td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,441</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>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,523</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>8,220</td><td>7,769</td><td>7,977</td><td>7,460</td><td>8,243</td><td>95,445</td></tr><tr><td>1945</td><td>7,803</td><td>7,242</td><td>8,948</td><td>7,821</td><td>8,490</td><td>8,962</td><td>8,000</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>811</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,731</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,051</td><td>1,971</td><td>51,089</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</td><td>4,375</td><td>2,316</td><td>4,908</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,495</td><td>2,639</td><td>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>5,023</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
20
Treasury Bulletin
GENERAL FUND OF THE TREASURY
September 1945
21
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>Millions, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities (War Loan accounts)</th><th>Other deposits and collections</th></tr><tr><td>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>1,853</td><td>141</td><td>549</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>674</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>651</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,657</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>1944-July</td><td>22,513</td><td>807</td><td>1,269</td><td>19,850</td><td>547</td></tr><tr><td>August</td><td>18,277</td><td>871</td><td>1,215</td><td>15,693</td><td>492</td></tr><tr><td>September</td><td>15,753</td><td>818</td><td>1,314</td><td>13,013</td><td>586</td></tr><tr><td>October</td><td>10,609</td><td>635</td><td>998</td><td>8,282</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>26,717</td><td>625</td><td>1,335</td><td>20,261</td><td>295</td></tr><tr><td>1945-January</td><td>20,077</td><td>807</td><td>1,048</td><td>17,866</td><td>357</td></tr><tr><td>February</td><td>17,734</td><td>792</td><td>1,384</td><td>15,266</td><td>292</td></tr><tr><td>March</td><td>15,722</td><td>779</td><td>1,547</td><td>13,095</td><td>341</td></tr><tr><td>April</td><td>11,809</td><td>777</td><td>1,224</td><td>9,492</td><td>315</td></tr><tr><td>May</td><td>10,055</td><td>688</td><td>1,140</td><td>7,951</td><td>266</td></tr><tr><td>June</td><td>25,119</td><td>708</td><td>1,500</td><td>22,522</td><td>289</td></tr><tr><td>July</td><td>22,469</td><td>591</td><td>1,252</td><td>20,303</td><td>324</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></tr><tr><td>1936</td><td>2,936</td><td>254</td><td>2,682</td></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td></tr><tr><td>1938</td><td>2,419</td><td>207</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,078</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>456</td><td>2,991</td></tr><tr><td>1943</td><td>10,189</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>1944-July</td><td>22,513</td><td>588</td><td>21,924</td></tr><tr><td>August</td><td>18,217</td><td>605</td><td>17,612</td></tr><tr><td>September</td><td>15,753</td><td>635</td><td>15,117</td></tr><tr><td>October</td><td>10,609</td><td>618</td><td>9,990</td></tr><tr><td>November</td><td>10,223</td><td>421</td><td>9,803</td></tr><tr><td>December</td><td>22,717</td><td>481</td><td>22,236</td></tr><tr><td>1945-January</td><td>20,077</td><td>471</td><td>19,606</td></tr><tr><td>February</td><td>17,734</td><td>420</td><td>17,313</td></tr><tr><td>March</td><td>15,722</td><td>445</td><td>15,277</td></tr><tr><td>April</td><td>11,809</td><td>413</td><td>11,366</td></tr><tr><td>May</td><td>10,055</td><td>430</td><td>9,625</td></tr><tr><td>June</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>July</td><td>22,469</td><td>386</td><td>22,082</td></tr></table>
Sources: Daily Treasury Statements
22
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>General and special accounts 1/</th><th>Public debt accounts 2/</th><th colspan="5">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Trust accounts 1/</th><th>Increment on gold 2/</th><th>Seigniorage on silver</th><th>Miscellaneous funds and accounts 3/</th><th>Checking accounts of Government agencies, etc.</th></tr><tr><td>1936</td><td>840</td><td>-4,550</td><td>5,475 6/</td><td>-85</td><td>3/</td><td>-403</td><td>176</td><td>-</td><td>108</td></tr><tr><td>1937</td><td>-128</td><td>-3,149 1/</td><td>2,746 8/</td><td>275</td><td>15</td><td>-99</td><td>40</td><td>-</td><td>314</td></tr><tr><td>1938</td><td>-338</td><td>-1,384</td><td>792 9/</td><td>255</td><td>11</td><td>-51</td><td>90</td><td>-</td><td>204</td></tr><tr><td>1939</td><td>622</td><td>-3,542</td><td>3,280 5/</td><td>884</td><td>29</td><td>-5</td><td>90</td><td>2</td><td>768</td></tr><tr><td>1940</td><td>-947</td><td>-3,611</td><td>2,928</td><td>136</td><td>37</td><td>-</td><td>49</td><td>16</td><td>34</td></tr><tr><td>1941</td><td>742</td><td>-5,103</td><td>5,994</td><td>-143</td><td>37</td><td>*</td><td>20</td><td>11</td><td>-217</td></tr><tr><td>1942</td><td>358</td><td>-19,598</td><td>23,461</td><td>-3,506</td><td>66</td><td>*</td><td>14</td><td>39</td><td>-3,625</td></tr><tr><td>1943</td><td>6,515</td><td>-55,897</td><td>64,274</td><td>-1,861</td><td>92</td><td>*</td><td>-</td><td>241</td><td>-2,194</td></tr><tr><td>1944</td><td>10,662</td><td>-49,595</td><td>64,307</td><td>-4,051</td><td>148</td><td>*</td><td>-</td><td>204</td><td>-4,403</td></tr><tr><td>1945</td><td>4,589</td><td>-53,948</td><td>57,679</td><td>798</td><td>675</td><td>*</td><td>-</td><td>1,302</td><td>-1,178</td></tr><tr><td>1944-July</td><td>1,756</td><td>-5,947</td><td>1,570</td><td>133</td><td>102</td><td>*</td><td>-</td><td>223</td><td>-193</td></tr><tr><td>August</td><td>-4,252</td><td>-5,551</td><td>1,229</td><td>70</td><td>282</td><td>*</td><td>-</td><td>42</td><td>-254</td></tr><tr><td>September</td><td>-2,555</td><td>-2,004</td><td>-307</td><td>-244</td><td>-108</td><td>*</td><td>-</td><td>29</td><td>35</td></tr><tr><td>October</td><td>-5,127</td><td>-6,023</td><td>748</td><td>148</td><td>112</td><td>*</td><td>-</td><td>130</td><td>-95</td></tr><tr><td>November</td><td>-188</td><td>-5,587</td><td>4,161</td><td>639</td><td>257</td><td>*</td><td>-</td><td>311</td><td>71</td></tr><tr><td>December</td><td>12,433</td><td>-2,999</td><td>15,626</td><td>-193</td><td>-282</td><td>*</td><td>-</td><td>253</td><td>-194</td></tr><tr><td>1945-January</td><td>-2,630</td><td>-4,645</td><td>1,178</td><td>238</td><td>80</td><td>*</td><td>-</td><td>137</td><td>21</td></tr><tr><td>February</td><td>-2,292</td><td>-3,693</td><td>1,300</td><td>101</td><td>338</td><td>*</td><td>-</td><td>76</td><td>-313</td></tr><tr><td>March</td><td>-2,036</td><td>-2,540</td><td>242</td><td>262</td><td>-138</td><td>*</td><td>-</td><td>-7</td><td>407</td></tr><tr><td>April</td><td>-3,911</td><td>-5,040</td><td>1,120</td><td>9</td><td>95</td><td>*</td><td>-</td><td>-15</td><td>-71</td></tr><tr><td>May</td><td>-1,741</td><td>-6,190</td><td>3,763</td><td>686</td><td>462</td><td>*</td><td>-</td><td>70</td><td>154</td></tr><tr><td>June</td><td>15,073</td><td>-3,727</td><td>19,850</td><td>-1,050</td><td>-323</td><td>*</td><td>-</td><td>51</td><td>-778</td></tr><tr><td>July</td><td>-2,615</td><td>-5,862</td><td>3,162</td><td>-116</td><td>101</td><td>*</td><td>35</td><td>-29</td><td>-222</td></tr></table>
Source: Daily Treasury Statements.
1/ This is the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ This represents the increase in the gross public debt, except as noted. (See footnote 5.)
3/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government Insurance and retirement funds and other trust accounts. (See footnote 5.)
4/ Change for payment of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 6.)
5/ Congress Public Works Administration revolving fund, special deposit (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified in the column "Trust accounts"
6/ Expenses in reserve for the payment of national bank notes from increase on gold for the fiscal years 1936 to 1939 (as shown below) are not reflected herein, but are reflected under increase on gold as follows: 1936, $397 million; 1937, $99 million; 1938, $51 million; and 1939, $5 million. 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. Includes inactive gold in the amount of $1,087 million.
September 1945
23
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
24
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Public debt outstanding end of fiscal year or month</th><th>Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issueance of public debt)</th><th colspan="6">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>8,958</td><td>-</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>9,043</td><td>5,542</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,046</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,152</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,140</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,134</td><td>30,388</td><td>-</td><td>303</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>-</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,532</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,359</td><td>129,663</td><td>4</td><td>6</td><td>894</td><td>34,183</td><td>14,110</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1944-July</td><td>208,574</td><td>7,570</td><td>12,162</td><td>11,422</td><td>-</td><td>-</td><td>144</td><td>85</td><td>696</td><td>4,592</td><td>4,570</td><td>-</td><td>2,511</td><td>22</td></tr><tr><td>August</td><td>209,802</td><td>1,229</td><td>10,151</td><td>1,044</td><td>-</td><td>-</td><td>85</td><td>2,511</td><td>511</td><td>8,922</td><td>6,400</td><td>-</td><td>2,511</td><td>11</td></tr><tr><td>September</td><td>209,496</td><td>-307</td><td>10,931</td><td>5,920</td><td>-</td><td>-</td><td>84</td><td>4,481</td><td>526</td><td>11,298</td><td>6,805</td><td>-</td><td>4,481</td><td>11</td></tr><tr><td>October</td><td>210,244</td><td>748</td><td>9,822</td><td>6,092</td><td>-</td><td>-</td><td>32</td><td>3,492</td><td>205</td><td>9,073</td><td>5,571</td><td>-</td><td>3,492</td><td>11</td></tr><tr><td>November</td><td>215,005</td><td>4,761</td><td>11,597</td><td>10,928</td><td>-</td><td>-</td><td>71</td><td>170</td><td>428</td><td>6,836</td><td>6,651</td><td>-</td><td>170</td><td>15</td></tr><tr><td>December</td><td>230,630</td><td>15,626</td><td>27,178</td><td>22,762</td><td>-</td><td>-</td><td>51</td><td>4,150</td><td>214</td><td>11,552</td><td>6,931</td><td>-</td><td>4,150</td><td>471</td></tr><tr><td>1945-January</td><td>232,408</td><td>1,778</td><td>7,630</td><td>7,169</td><td>-</td><td>1</td><td>46</td><td>7</td><td>407</td><td>5,852</td><td>5,801</td><td>-</td><td>7</td><td>45</td></tr><tr><td>February</td><td>233,707</td><td>1,300</td><td>12,040</td><td>6,879</td><td>-</td><td>1</td><td>54</td><td>4,619</td><td>457</td><td>10,740</td><td>6,077</td><td>-</td><td>4,619</td><td>14</td></tr><tr><td>March</td><td>233,950</td><td>242</td><td>12,471</td><td>7,782</td><td>-</td><td>1</td><td>89</td><td>4,147</td><td>449</td><td>12,229</td><td>8,066</td><td>4</td><td>4,147</td><td>12</td></tr><tr><td>April</td><td>235,069</td><td>1,120</td><td>11,847</td><td>6,557</td><td>-</td><td>-</td><td>109</td><td>4,811</td><td>369</td><td>10,727</td><td>5,903</td><td>-</td><td>4,811</td><td>14</td></tr><tr><td>May</td><td>238,832</td><td>3,763</td><td>12,616</td><td>10,204</td><td>-</td><td>-</td><td>152</td><td>1,579</td><td>631</td><td>8,854</td><td>7,126</td><td>-</td><td>1,579</td><td>12</td></tr><tr><td>June</td><td>258,682</td><td>19,850</td><td>40,694</td><td>26,904</td><td>-</td><td>-</td><td>96</td><td>4,187</td><td>9,466</td><td>20,804</td><td>7,370</td><td>-</td><td>4,187</td><td>9,247</td></tr><tr><td>July</td><td>262,045</td><td>3,362</td><td>9,495</td><td>8,701</td><td>-</td><td>-</td><td>37</td><td>-</td><td>757</td><td>6,133</td><td>6,122</td><td>-</td><td>-</td><td>11</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th colspan="2">Special issues</th><th colspan="3">Public issues</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th>Total</th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Certificate of indebtedness</th><th>Bills</th></tr><tr><td>1936</td><td>32,989</td><td>17,366</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,394</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.1</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,596</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,804</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>1945</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,136</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-July</td><td>207,117</td><td>81,293</td><td>37,237</td><td>18,067</td><td>10,000</td><td>30,035</td><td>15,524</td><td>14,951</td><td>100.0</td><td>39.2</td><td>18.0</td><td>8.7</td><td>4.8</td><td>14.4</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>210,774</td><td>81,298</td><td>39,018</td><td>17,936</td><td>9,990</td><td>29,545</td><td>16,405</td><td>16,583</td><td>100.0</td><td>38.6</td><td>18.5</td><td>8.5</td><td>4.7</td><td>14.0</td><td>7.8</td><td>7.9</td></tr><tr><td>December</td><td>228,891</td><td>91,781</td><td>41,074</td><td>23,039</td><td>9,843</td><td>30,401</td><td>16,428</td><td>16,326</td><td>100.0</td><td>40.1</td><td>17.9</td><td>10.1</td><td>4.3</td><td>13.3</td><td>7.2</td><td>7.1</td></tr><tr><td>1945-January</td><td>230,672</td><td>92,417</td><td>41,858</td><td>23,039</td><td>9,864</td><td>30,401</td><td>16,403</td><td>16,688</td><td>100.0</td><td>40.1</td><td>18.1</td><td>10.0</td><td>4.3</td><td>13.2</td><td>7.1</td><td>7.2</td></tr><tr><td>February</td><td>231,854</td><td>92,545</td><td>42,118</td><td>23,039</td><td>9,927</td><td>30,396</td><td>16,399</td><td>17,130</td><td>100.0</td><td>39.9</td><td>18.3</td><td>9.9</td><td>4.3</td><td>13.1</td><td>7.1</td><td>7.4</td></tr><tr><td>March</td><td>232,026</td><td>92,572</td><td>42,855</td><td>18,588</td><td>8,948</td><td>34,544</td><td>16,921</td><td>17,557</td><td>100.0</td><td>39.9</td><td>18.5</td><td>8.0</td><td>3.9</td><td>14.9</td><td>7.3</td><td>7.6</td></tr><tr><td>April</td><td>233,063</td><td>92,572</td><td>43,351</td><td>18,588</td><td>9,109</td><td>34,478</td><td>17,041</td><td>17,923</td><td>100.0</td><td>39.7</td><td>18.6</td><td>8.0</td><td>3.9</td><td>14.8</td><td>7.3</td><td>7.7</td></tr><tr><td>May</td><td>235,761</td><td>92,572</td><td>44,487</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>10,136</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>July</td><td>259,781</td><td>108,085</td><td>47,024</td><td>23,498</td><td>10,119</td><td>34,472</td><td>17,025</td><td>19,558</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.3</td><td>6.6</td><td>7.5</td></tr></table>
Source: Daily Treasury Statements.
September 1945
25
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1936-1945
(lo 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">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>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>199,943</td><td>256,357</td></tr><tr><td>Guaranteed obligations</td><td>4,718</td><td>4,665</td><td>4,851</td><td>5,450</td><td>5,498</td><td>6,360</td><td>6,549</td><td>4,092</td><td>1,516</td><td>409</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>78,517</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>594</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>78,991</td><td>140,796</td><td>202,626</td><td>259,115</td></tr><tr><td colspan="11">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>2,354</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,804</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>6,387</td><td>5,698</td><td>1,096</td><td>16,561</td><td>28,822</td><td>34,136</td></tr><tr><td>Treasury notes</td><td>17,158</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,497</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>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57,520</td><td>79,244</td><td>106,448</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>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></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>3,015</td><td>7,495</td><td>9,557</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>229</td><td>222</td><td>217</td><td></td></tr><tr><td>Depository 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>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>29,200</td><td>44,854</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>1,171</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>500</td><td>523</td><td>537</td><td>524</td><td>511</td><td>537</td><td>538</td><td>502</td><td>37</td></tr><tr><td>Government Life insurance Fund</td><td>280</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td><td>1,868</td></tr><tr><td>National Service Life Insurance Fund</td><td>-</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>39</td><td>352</td><td>1,213</td><td>3,187</td></tr><tr><td>Postal Savings System</td><td>100</td><td>-</td><td>66</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>Canal Zone, Postal Savings System</td><td>-</td><td>312</td><td>872</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>4,257</td><td>5,610</td><td>6,747</td></tr><tr><td>Railroad Retirement Account</td><td>19</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</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 special issues</td><td>626</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td><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>Matured 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>176</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>1,029</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>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>655</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>37,165</td><td>40,440</td><td>42,968</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</td><td>258,682</td></tr></table>
(Continued on following page)
26
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">Quaranteed 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>1,422</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</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>-</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>1,563</td><td>1,533</td><td>755</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>252</td><td>255</td><td>239</td><td>820</td><td>1,098</td><td>1,741</td><td>1,219</td><td>856</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
In millions of dollars)
<table><tr><th></th><th colspan="6">1944</th><th colspan="6">1945</th></tr><tr><th></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><th>July 31</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>207,117</td><td>208,289</td><td>207,850</td><td>208,608</td><td>210,774</td><td>228,891</td><td>230,672</td><td>231,854</td><td>232,026</td><td>233,063</td><td>235,761</td><td>256,357</td><td>259,781</td></tr><tr><td>Guaranteed obligations</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>1,111</td><td>1,119</td><td>1,132</td><td>1,151</td><td>409</td><td>481</td></tr><tr><td>Total</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><td>260,265</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,553</td><td>1,605</td><td>1,733</td><td>1,720</td><td>4,293</td><td>1,783</td><td>1,770</td><td>1,883</td><td>1,949</td><td>2,029</td><td>3,091</td><td>2,350</td><td>2,284</td></tr><tr><td>Total outstanding</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><td>262,550</td></tr><tr><td colspan="13">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>15,524</td><td>15,715</td><td>15,747</td><td>16,060</td><td>16,405</td><td>16,428</td><td>16,403</td><td>16,399</td><td>16,921</td><td>17,041</td><td>17,049</td><td>17,041</td><td>17,025</td></tr><tr><td>Certificates of indebtedness</td><td>30,035</td><td>30,001</td><td>29,573</td><td>29,546</td><td>29,545</td><td>30,401</td><td>30,401</td><td>30,396</td><td>34,944</td><td>34,478</td><td>34,142</td><td>34,136</td><td>34,472</td></tr><tr><td>Treasury notes</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>18,588</td><td>23,497</td><td>23,498</td></tr><tr><td>Treasury bonds</td><td>81,097</td><td>81,235</td><td>81,270</td><td>81,271</td><td>81,102</td><td>91,585</td><td>92,221</td><td>92,349</td><td>92,377</td><td>92,377</td><td>92,377</td><td>106,448</td><td>107,890</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>195</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>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>162,652</td><td>181,319</td><td>183,080</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>36,538</td><td>36,883</td><td>37,323</td><td>37,045</td><td>38,308</td><td>40,361</td><td>41,140</td><td>41,698</td><td>42,159</td><td>42,626</td><td>43,767</td><td>45,585</td><td>46,508</td></tr><tr><td>Treasury notes - tax and savings series</td><td>10,000</td><td>10,030</td><td>9,124</td><td>9,075</td><td>9,390</td><td>9,843</td><td>9,804</td><td>9,927</td><td>8,948</td><td>9,109</td><td>10,031</td><td>10,136</td><td>10,119</td></tr><tr><td>Adjusted service bonds</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><td>-</td></tr><tr><td>Depository bonds</td><td>482</td><td>484</td><td>489</td><td>495</td><td>494</td><td>498</td><td>503</td><td>503</td><td>509</td><td>508</td><td>503</td><td>505</td><td>516</td></tr><tr><td>Total non-marketable issues</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>54,517</td><td>56,226</td><td>57,143</td></tr><tr><td>Total public issues</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><td>240,223</td></tr></table>
(Continued on following page)
September 1945
27
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART B - MONTHLY DATA-(Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="7">1944</th><th colspan="7">1945</th></tr><tr><th></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><th>July 31</th></tr></table>
Public debt - (Continued)
<table><tr><td>Interest-bearing debt (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>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>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>97</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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>5,308</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</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>37</td></tr><tr><td>Government Life Insurance Fund</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>559</td><td>589</td></tr><tr><td>Government Retirement Funds</td><td>1,368</td><td>1,525</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></tr><tr><td>National Service Life Insurance Fund</td><td>1,323</td><td>1,440</td><td>1,540</td><td>1,608</td><td>1,694</td><td>1,804</td><td>1,908</td><td>2,015</td><td>2,128</td><td>2,346</td><td>3,187</td></tr><tr><td>Postal Savings System</td><td>319</td><td>372</td><td>446</td><td>501</td><td>552</td><td>402</td><td>488</td><td>571</td><td>637</td><td>701</td><td>112</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>513</td><td>502</td><td>491</td><td>513</td><td>501</td><td>490</td><td>512</td><td>500</td><td>489</td><td>512</td><td>501</td></tr><tr><td>Unemployment Trust Fund</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>6,782</td></tr><tr><td>Total special issues</td><td>14,961</td><td>15,461</td><td>15,976</td><td>16,170</td><td>16,583</td><td>16,326</td><td>16,688</td><td>17,130</td><td>17,567</td><td>17,923</td><td>18,812</td></tr><tr><td>Total interest-bearing debt</td><td>207,117</td><td>208,289</td><td>207,850</td><td>208,608</td><td>210,774</td><td>228,891</td><td>230,672</td><td>231,854</td><td>232,026</td><td>233,063</td><td>256,357</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>2,546</td><td></td><td></td><td></td><td></td><td>947</td><td></td></tr><tr><td>Prepayments on securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Matured debt on which interest has ceased</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></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>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></tr><tr><td>United States savings stamps</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></tr><tr><td>Excise profits tax refund bonds</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></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>726</td><td>721</td><td>714</td><td>706</td><td>699</td><td>694</td><td>685</td><td>679</td><td>673</td><td>666</td><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></tr><tr><td>Total debt bearing no interest</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>2,057</td></tr><tr><td>Total public debt outstanding</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></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>258,582</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>262,045</td></tr></table>
Guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable 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>Commodity Credit Corporation</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><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>24</td><td>25</td><td>25</td><td>26</td><td>26</td><td>28</td><td>30</td><td>32</td><td>32</td><td>34</td><td>34</td></tr><tr><td>Home Owners' Loan Corporation</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>-</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></tr><tr><td>Total marketable issues</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><td>788</td><td>789</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>Commodity Credit Corporation 2/</td><td>277</td><td>284</td><td>289</td><td>287</td><td>277</td><td>275</td><td>300</td><td>328</td><td>332</td><td>343</td><td>362</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</td><td>277</td><td>284</td><td>289</td><td>287</td><td>277</td><td>275</td><td>300</td><td>328</td><td>332</td><td>343</td><td>362</td></tr><tr><td>Total interest-bearing debt</td><td>1,468</td><td>1,475</td><td>1,480</td><td>1,480</td><td>1,470</td><td>1,470</td><td>1,496</td><td>1,114</td><td>1,119</td><td>1,132</td><td>1,151</td></tr><tr><td>Natured debt on which interest has ceased</td><td>97</td><td>92</td><td>88</td><td>83</td><td>63</td><td>44</td><td>34</td><td>30</td><td>25</td><td>23</td><td>20</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>1,565</td><td>1,566</td><td>1,568</td><td>1,563</td><td>1,533</td><td>1,514</td><td>1,530</td><td>1,144</td><td>1,144</td><td>1,155</td><td>1,172</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>433</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>505</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 L-A.
X-B, and X-C, which were held by United States Government corporations and credit agencies.
4/ Includes prepayments on securities.
5/ 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.
28
Treasury Bulletin
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Office of the Secretary of the Treasury, Division of Research and Statistics
B-462-B
September 1945
29
Guaranteed Obligations Held by the Treasury
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>1936</td><td>4,030</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,030</td><td>-</td></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>-</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>267</td><td>274</td><td>551</td><td>2,524</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,990</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>355</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-July</td><td>10,993</td><td>900</td><td>359</td><td>398</td><td>549</td><td>6,730</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>6,994</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>115</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><tr><td>July</td><td>12,468</td><td>1,602</td><td>326</td><td>383</td><td>987</td><td>9,113</td><td>57</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000.
These securities are not included in preceding statements of guaranteed obligations outstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>934</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,851</td><td>123</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>51,747</td><td>1,315</td><td>2.438</td><td>44,387</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>1,939</td><td>2.350</td><td>71,968</td><td>1,944</td><td>2.390</td><td>2.940</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,099</td><td>3,869</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>4,964</td><td>1.936</td><td>609</td><td>5</td><td>1.321</td></tr><tr><td>1944-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>209,754</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>209,731</td><td>4,046</td><td>1.933</td><td>207,890</td><td>4,026</td><td>1.937</td><td>1,480</td><td>20</td><td>1.359</td></tr><tr><td>October</td><td>210,088</td><td>4,061</td><td>1.933</td><td>208,608</td><td>4,041</td><td>1.937</td><td>1,480</td><td>20</td><td>1.347</td></tr><tr><td>November</td><td>212,204</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>236,194</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>4,964</td><td>1.936</td><td>609</td><td>5</td><td>1.321</td></tr><tr><td>July</td><td>360,265</td><td>5,054</td><td>1.982</td><td>259,781</td><td>5,048</td><td>1.943</td><td>484</td><td>6</td><td>1.241</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-B are considered to yield 2.90% per annum and Series Y is considered to yield 2.53%. 2/ Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Treasury Bulletin
30
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 July 31, 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 colspan="2">Amount of securities outstanding subject to such statutory debt limitation:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended 1/</td><td>271,789</td></tr><tr><td>Guaranteed securities 2/</td><td>505</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>272,293</td></tr><tr><td>Balance issuable under such authority</td><td>27,707</td></tr></table>
1/ For comparison with the public debt outstanding, see following table 2. 2/ Includes 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, July 31, 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>Interest-bearing securities:</td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,025</td><td>17,025</td></tr><tr><td>Certificates of indebtedness</td><td>34,472</td><td>34,472</td></tr><tr><td>Treasury notes</td><td>23,498</td><td>23,498</td></tr><tr><td>Treasury bonds</td><td>107,890</td><td>107,890</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>182,884</td><td>183,080</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td></tr><tr><td>U.S. savings bonds (Current redemption value)</td><td></td><td>46,508</td></tr><tr><td>Treasury tax and savings notes</td><td>57,298</td><td>10,119</td></tr><tr><td>Depositary bonds</td><td>10,119</td><td>516</td></tr><tr><td>Total non-marketable issues</td><td>67,933</td><td>57,143</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>19,558</td><td>19,558</td></tr><tr><td>Total interest-bearing securities</td><td>270,375</td><td>259,781</td></tr><tr><td>Natured securities on which interest has ceased</td><td>192</td><td>199</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>176</td><td>176</td></tr><tr><td>Excess profit tax refund bonds</td><td>1,044</td><td>1,044</td></tr><tr><td>Currency items, etc. 2/</td><td></td><td>g14</td></tr><tr><td>Total obligations bearing no interest</td><td>1,221</td><td>2,065</td></tr><tr><td>Total</td><td>271,789</td><td>262,045</td></tr></table>
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
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest.
September 1945
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of July 31, 1945
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th>Fixed-maturity issues</th><th colspan="2">Detailed annual maturities 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>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><td>1945-Aug.</td><td>Treas. 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>Sept.</td><td>Treas. bills, 7/8% Certificate, 9/1/45.....(9/1/44)</td><td>taxable</td><td>5,835</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2-1/4% Treas. bond, 10/1/45.....(10/1/44)</td><td>partially taxable</td><td>3,594</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/2% Treas. note, 12/15/45.....(12/15/37)</td><td>partially taxable</td><td>3,492</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>1/8% Certificate, 12/1/45.....(12/1/44)</td><td>taxable</td><td>5,233</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>3-1/4% Certificate, 12/15/45.....(12/15/40)</td><td>taxable</td><td>531</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td></td><td>35,402</td><td></td><td></td><td>33,402</td><td>33,402</td></tr><tr><td>1946-Jan.</td><td>3% Conversion bond, 1/1/46.....(1/1/15)</td><td>wholly taxable</td><td>16</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>1/8% Treas. note, 2/1/46.....(2/1/45)</td><td>taxable</td><td>3,416</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1/8% Certificate, 3/1/46.....(3/1/45)</td><td>taxable</td><td>5,043</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>1-3/4% Treas. bond, 3/15/46.....(3/15/26)</td><td>taxable</td><td>4,147</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>1,291</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treas. bond, 6/15/46.....(6/15/31)</td><td>partially taxable</td><td>4,811</td><td>1,036</td><td>819</td><td></td><td></td></tr><tr><td>July.</td><td>1-1/8% Treas. note, 7/1/46.....(7/1/45)</td><td>partially taxable</td><td>1,579</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Treas. note, 12/15/46.....(12/15/42)</td><td>taxable</td><td>4,799</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>33,273</td><td>2,344</td><td></td><td>35,616</td><td>33,273</td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond, 1/1/47.....(1/1/17)</td><td>wholly taxable</td><td>13</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/4% Treas. note, 3/15/47.....(3/15/44)</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% Treas. note, 9/15/47.....(9/15/44)</td><td>taxable</td><td>2,707</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treas. bond, 10/15/47.....(10/15/22)</td><td>partially taxable</td><td>1,687</td><td></td><td>759</td><td></td><td></td></tr><tr><td>Dec.</td><td>3% Treas. 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>2-3/4% Treas. bond, 3/15/48.....(3/15/41)</td><td>partially taxable</td><td>1,115</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treas. bond, 6/15/48.....(6/15/31)</td><td>partially taxable</td><td>1,223</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/4% Treas. bond, 9/15/48.....(9/15/32)</td><td>partially taxable</td><td>3,062</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Treas. note, 12/15/48.....(12/15/44)</td><td>partially taxable</td><td>1,745</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>3% Treas. bond, 12/15/48.....(12/8/39)</td><td>partially taxable</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>1-1/8% Treas. bond, 6/15/49.....(6/15/31)</td><td>partially taxable</td><td></td><td>1,014</td><td>819</td><td></td><td></td></tr><tr><td>Sept.</td><td>3% Treas. bond, 9/15/49.....(9/15/42)</td><td>partially taxable</td><td></td><td>1,292</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Treas. bond, 12/15/49.....(12/15/36)</td><td>partially taxable</td><td></td><td>1,785</td><td></td><td></td><td></td></tr><tr><td>Total</td><td>3% Treas. bond, 12/15/49.....(7/15/42)</td><td>taxable</td><td></td><td>6,582</td><td>819</td><td>6,582</td><td>819</td></tr><tr><td>1950-Mar.</td><td>3% Treas. bond, 3/15/50.....(3/15/41)</td><td>taxable</td><td></td><td>1,115</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treas. bond, 9/15/50.....(9/15/38)</td><td>partially taxable</td><td></td><td>1,961</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/50.....(12/8/39)</td><td>partially taxable</td><td>2,533</td><td>8,085</td><td>1,687</td><td>10,721</td><td>4,320</td></tr><tr><td>Total</td><td></td><td></td><td>2,633</td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
32
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
sued by the United States
As of July 31, 1945 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/ (Date of issue is shown in parentheses)</th><th rowspan="2">Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1951-Mar.</td><td>2-3/4% Treas. bond, 3/15/49-51.....(3/15/36)</td><td>partially</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.....(1/15/36)</td><td>taxable</td><td>.....</td><td>1,627</td><td>1,014</td><td>.....</td><td>.....</td></tr><tr><td>Sept.</td><td>2-3/4% Treas. bond, 9/15/49-51.....(5/15/36)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,292</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treas. bond, 9/15/51-53.....(9/15/43)</td><td>taxable</td><td>.....</td><td>7,966</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Dec.</td><td>2-1/4% Treas. bond, 12/15/51-53.....(12/22/39)</td><td>partially taxable</td><td>.....</td><td>1,118</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treas. bond, 12/15/51-53.....(12/15/41)</td><td>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, 6/15/52-54.....(10/19/42)</td><td>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>.....</td><td>.....</td><td>.....</td></tr><tr><td>Oct.</td><td>4-1/4% Treas. bond, 10/15/47-52.....(10/16/22)</td><td>partially</td><td>.....</td><td>.....</td><td>1,186</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>partially taxable</td><td>.....</td><td>759</td><td>4,939</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>8,662</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>taxable</td><td>.....</td><td>.....</td><td>7,986</td><td>.....</td><td>.....</td></tr><tr><td>Dec.</td><td>2-1/2% Treas. bond, 12/15/49-51.....(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>2-1/4% Treas. bond, 6/15/51-53.....(6/15/36)</td><td>partially taxable</td><td>.....</td><td>681</td><td>1,627</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>17,138</td><td>681</td><td>17,138</td></tr><tr><td>1955-Mar.</td><td>2-7/8% Treas. bond, 3/15/55-60.....(3/15/35)</td><td>partially taxable</td><td>.....</td><td>2,611</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>June.</td><td>2-1/4% Treas. bond, 6/15/52-55.....(2/25/40)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,501</td><td>.....</td><td>.....</td></tr><tr><td>Sept.</td><td>3% Treas. bond, 9/15/51-55.....(9/15/31)</td><td>partially taxable</td><td>.....</td><td>.....</td><td>725</td><td>.....</td><td>.....</td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/51-55.....(12/15/41)</td><td>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.....(6/2/41)</td><td>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.....(9/15/36)</td><td>partially taxable</td><td>.....</td><td>.....</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, 6/15/58-63.....(6/15/38)</td><td>partially taxable</td><td>.....</td><td>919</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-June.</td><td>2-1/4% Treas. bond, 6/15/59-62.....(6/1/45)</td><td>taxable</td><td>.....</td><td>5,088</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>5,088</td><td>4,804</td><td>5,088</td><td>4,804</td></tr></table>
(Continued on following page)
September 1945
33
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of July 31, 1945 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/ (Date of issue is shown in parentheses)</th><th rowspan="2">Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th>Fixed-maturity issues</th><th>Callable issue classified by year of: First call</th><th>Final maturity</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Pixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><td>1960-Mar-Dec.</td><td>2-1/2% Treas. bond, 3/15/55-60.....(3/15/35) 2-1/4% Treas. bond, 12/15/60-65.....(12/15/38) Total</td><td>partially partially</td><td>.....</td><td>1,485</td><td>2,611</td><td>1,485</td><td>2,611</td></tr><tr><td>1961-June</td><td>3% Panama Canal bond, 6/1/51.....(6/1/11)</td><td>wholly</td><td>50</td><td>.....</td><td>.....</td><td>50</td><td>50</td></tr><tr><td>1962-June</td><td>2-1/2% Treas. bond, 6/15/62-67.....(5/5/42) 2-1/4% Treas. bond, 6/15/59-62.....(6/1/45) Total</td><td>taxable taxable</td><td>.....</td><td>2,118</td><td>5,088</td><td>2,118</td><td>5,088</td></tr><tr><td>1963-June-Dec.</td><td>2-1/4% Treas. bond, 6/15/58-63.....(6/15/38) 2-1/2% Treas. bond, 12/15/63-68.....(12/1/42) Total</td><td>partially taxable</td><td>.....</td><td>2,831</td><td>919</td><td>2,831</td><td>919</td></tr><tr><td>1964-June-Dec.</td><td>2-1/2% Treas. bond, 6/15/61-69.....(4/15/43) 2-1/2% Treas. bond, 12/15/64-65.....(9/15/43) Total</td><td>taxable taxable</td><td>.....</td><td>3,761 1,858 7,600</td><td>.....</td><td>7,600</td><td>.....</td></tr><tr><td>1965-Mar-Dec.</td><td>2-1/2% Treas. bond, 3/15/65-70.....(2/1/44) 2-1/4% Treas. bond, 12/15/60-65.....(12/15/38) Total</td><td>taxable partially</td><td>.....</td><td>5,197 1,485 5,197</td><td>.....</td><td>5,197</td><td>1,485</td></tr><tr><td>1966-Mar.</td><td>2-1/2% Treas. bond, 3/15/65-71.....(12/1/44)</td><td>taxable</td><td>.....</td><td>3,481</td><td>.....</td><td>3,481</td><td>.....</td></tr><tr><td>1967-June-Sept.</td><td>2-1/2% Treas. bond, 6/15/62-67.....(5/5/42) 2-1/2% Treas. bond, 6/15/61-72.....(6/1/45) 2-1/2% Treas. bond, 9/15/67-72.....(10/20/41) Total</td><td>taxable taxable taxable</td><td>.....</td><td>7,792 2,716 10,508</td><td>2,118</td><td>10,508</td><td>2,118</td></tr><tr><td>1968-Dec.</td><td>2-1/2% Treas. bond, 12/15/63-68.....(12/1/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>2,831</td><td>.....</td><td>2,831</td></tr><tr><td>1969-June-Dec.</td><td>2-1/2% Treas. bond, 6/15/61-69.....(4/15/43) 2-1/2% Treas. bond, 12/15/64-69.....(9/15/43) Total</td><td>taxable taxable</td><td>.....</td><td>3,761 3,838 7,600</td><td>.....</td><td>.....</td><td>7,600</td></tr><tr><td>1970-Mar.</td><td>2-1/2% Treas. bond, 3/15/65-70.....(2/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>5,197</td><td>.....</td><td>5,197</td></tr><tr><td>1971-Mar.</td><td>2-1/2% Treas. bond, 3/15/65-71.....(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>2-1/2% Treas. bond, 6/15/61-72.....(6/1/45) 2-1/2% Treas. bond, 9/15/67-72.....(10/20/41) Total</td><td>taxable taxable</td><td>.....</td><td>7,792 2,716 10,508</td><td>.....</td><td>.....</td><td>10,508</td></tr></table>
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. "Tax-able" securities are subject to both normal and surtax rates.
34.
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date term of offering were announced</th><th>Date subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th>Earliest date on which commercial banks may own restricted issues 2/</th><th>Amount of cash subscriptions tendered 3/</th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td colspan="9">Third War Loan securities:</td></tr><tr><td>8/16/43</td><td>9/9/43</td><td>2-1/2% Treas. bond-12/15/68-69................(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 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>10/5/43 8/16/43 10/6/43 10/6/43 11/22/43</td><td>10/5/43 10/6/43 10/6/43 11/22/43</td><td>7/8% Certificate - 10/1/44................(10/15/43) 2-1/2% Treas. bond - 12/15/68-69................(9/15/43) 2% Treas. bond - 9/15/51-53................(9/15/43) 7/8% Certificate - 12/1/44....................(12/1/43)</td><td>1 yr 26 yr,2 m (21 yr,2 m) 5/ 9 yr,11 m (7 yr,11m) 5/ 1 yr</td><td>9/15/53</td><td>5,391 5,532</td><td>3,519 2,729 3,540</td><td>1,580 1,627</td><td>1,939 1,102 3,540</td></tr><tr><td colspan="9">Fourth War Loan securities: 1/</td></tr><tr><td>11/22/43</td><td>1/18/44</td><td>2-1/2% Treas. bond-3/15/65-70................(2/1/44) 2-1/2% Treas. bond-9/15/56-59................(2/1/44) 7/8% Certificate - 2/1/45....................(2/1/44)</td><td>26 yr,1 m (21 yr,1 m) 15 yr,7 m (12 yr,7 m) 1 yr</td><td>2/1/54 9/15/46</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td>.....</td></tr><tr><td>1/24/44 3/2/44 3/2/44 3/2/44 3/2/44 4/28/44</td><td>1/24/44 3/2/44 3/2/44 3/2/44 3/2/44 4/28/44</td><td>.90% Treas. note - 3/1/45....................(2/1/44) 2-1/2% Treas. bond - 3/15/65-70................(2/1/44) 2-1/2% Treas. bond - 9/15/56-59................(2/1/44) 2-1/2% Treas. note - 9/15/48....................(3/15/44) 7/8% Certificate - 4/1/45....................(4/1/44) 7/8% Certificate - 5/1/45....................(5/1/44)</td><td>1 yr,1 m (21 yr) 8/ 15 yr,6 m (12 yr,6 m) 8/ 1 yr 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>2,127 77 95 3,748 4,877 1,615</td><td>.....</td></tr><tr><td colspan="9">Fifth War Loan securities: 1/</td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>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) 9/ 10 yr (8 yr) 2 yr,9 m 11 m</td><td>2/1/54</td><td>2,909 5,825 1,948 4,770</td><td>2,909 5,825 1,948 4,770</td><td>2,909 5,825 1,948 4,770</td><td>.....</td></tr><tr><td>7/20/44 8/24/44 8/24/44 9/20/44</td><td>7/20/44 8/24/44 8/24/44 9/25/44</td><td>7/8% Certificate - 8/1/45....................(8/1/44) 7/8% Certificate - 9/1/45....................(9/1/44) 1% Treas. note - 3/15/46....................(11/1/41) 7/8% Certificate - 10/1/45....................(10/1/44)</td><td>1 yr 1 yr 1 yr,6m 10/ 1 yr</td><td>.....</td><td>2,511 3,694 788 3,492</td><td>2,511 3,694 788 3,492</td><td>2,511 3,694 788 3,492</td><td>.....</td></tr><tr><td colspan="9">Sixth War Loan securities: 1/</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>2-1/2% Treas. bond-3/15/65-70................(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>3,448 1,922 1,590 4,395</td><td>3,448 1,922 1,590 4,395</td><td>3,448 1,922 1,590 4,395</td><td>.....</td></tr><tr><td>11/17/44 11/17/44 11/17/44 11/17/44 1/22/45 2/19/45 3/22/45 4/19/45</td><td>11/20/44 11/20/44 11/20/44 11/20/44 1/22/45 2/19/45 3/22/45 4/19/45</td><td>.90% Treas. note - 1/1/46....................(12/1/44) 2-1/2% Treas. bond - 3/15/65-71................(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 - 3/1/46....................(3/1/45) 7/8% Certificate - 5/1/46....................(5/1/45) 7/8% Certificate - 6/1/46....................(6/1/45)</td><td>1 yr,1 m (21 yr,3 m) 12/ 26 yr,3 m (21 yr,3 m) 12/ 10 yr (8 yr) 12/ 2 yr,9m 12/ 1 yr 1 yr 1 yr</td><td>12/1/54</td><td>3,416 33 740 137 5,043 4,117 4,811 1,579</td><td>3,416 33 740 137 5,043 4,117 4,811 1,579</td><td>3,416 33 740 137 5,043 4,117 4,811 1,579</td><td>.....</td></tr><tr><td colspan="9">Seventh War Loan securities: 1/</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>2-1/2% Treas. bond-6/15/67-72................(6/1/45) 2-1/4% Treas. bond-6/15/59-62................(6/1/45) 1-1/2% Treas. bond-12/15/50....................(6/1/45) 7/8% Certificate-6/1/46....................(6/1/45)</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr,6 m 1 yr</td><td>6/15/62 6/15/52</td><td>7,966 5,285 2,535 4,800</td><td>7,966 5,285 2,535 4,800</td><td>7,966 5,285 2,535 4,800</td><td>.....</td></tr><tr><td>5/21/45 7/23/45 8/20/45</td><td>5/21/45 7/23/45 8/20/45</td><td>.90% Treas. note - 7/1/46....................(6/1/45) 7/8% Certificate - 8/1/46....................(8/1/45) 7/8% Certificate - 9/1/46....................(9/1/45)</td><td>1 yr,1 m 1 yr 1 yr</td><td>.....</td><td>4,910 2,470 p 13/</td><td>4,910 2,470 p 13/</td><td>4,910 2,470 p 13/</td><td>.....</td></tr></table>
Back Figures: For period December 1941 through July 1943, see "Treasury Bulletins" for November 1941, page 32. Preliminary. 1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening. 2/ Restricted issues are those which commercial banks (defined for this purpose as banks which accept demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the Fourth, Fifth, Sixth and Seventh War Loans, commercial banks were permitted to subscribe to the restricted issues offered in the War Loan for limited investment of their savings deposits; (2) commercial banks may temporarily acquire restricted issues through foreclosure when such issues have been used as collateral. 3/ Consists of all public cash subscriptions and of subscriptions by
U. S. Government agencies and trust funds.
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.
Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
Amounts not yet available.
September 1945
35
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 colspan="8">(In millions of dollars)</td></tr><tr><td>8/2/43 9/15/43 10/15/43</td><td>7/8% 1% 3-1/4% Treas. bond - 10/15/43-45....(10/15/33)</td><td>Certificate - 8/1/43.....(8/15/42) Treas. note - 9/15/43.....(6/15/40)</td><td>1,609 279 1,401</td><td>53 279 239</td><td>1,556 1,161</td><td>97 83</td><td>7/8% Certificate - 8/1/44 2-1/2% Treas. bond - 12/15/64-69 2% Treas. bond - 9/15/51-53</td></tr><tr><td>10/15/43 12/1/43 12/15/43</td><td>7/8% 7/8% 1-1/8% Treas. note - 12/15/43.....(12/15/38)</td><td>Certificate - 11/1/43.....(11/2/42) Certificate - 12/1/43.....(12/1/42)</td><td>2,035 3,800 421</td><td>96 260 421</td><td>1,939 3,540</td><td>95 93</td><td>7/8% Certificate - 10/1/44 7/8% Certificate - 12/1/44</td></tr><tr><td>2/1/44 2/1/44</td><td>1-3/8% 7/8%</td><td>PPIA note - 2/1/44.....(2/1/39) Certificate - 2/1/44.....(2/1/43)</td><td>114 2,211</td><td>114 84</td><td>2,127</td><td>96</td><td>.90% Treas. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% 3% 1% 3% 3-1/4% Treas. note - 3/15/44.....(11/1/39) Treas. note - 6/15/44.....(6/15/43)</td><td>PPMC bond - 3/15/44-52.....(3/15/34) RRC note - 5/15/44-52.....(5/15/41) HOLC bond - 5/15/44-52.....(5/15/41) Treas. bond - 4/15/44-46.....(4/15/34) Treas. note - 3/15/44.....(11/1/39)</td><td>95 835 571 779 515 4,729</td><td>19 130 12 175 26 146 810</td><td>76 705 559 604 1,223 443 270 3,919</td><td>80 84 58 78 94 65 83</td><td>2-1/4% Treas. bond - 3/15/56-59 2-1/2% Treas. bond - 3/15/65-70 1-1/2% Treas. note - 3/15/48</td></tr><tr><td>4/1/44 5/1/44 8/1/44 9/1/44</td><td>7/8% 7/8% 7/8% 7/8%</td><td>Certificate - 4/1/44.....(4/15/43) Certificate - 5/1/44.....(5/1/43) Certificate - 8/1/44.....(6/2/43) Certificate - 9/1/44.....(9/15/43)</td><td>5,251 1,655 2,545 4,122</td><td>374 40 34 428</td><td>4,877 1,615 2,511 3,594</td><td>93 98 99 90</td><td>7/8% Certificate - 4/1/45 7/8% Certificate - 5/1/45 7/8% Certificate - 8/1/45 7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% 1%</td><td>Treas. note - 9/15/44.....(1/31/41) Treas. note - 9/15/44.....(12/22/39)</td><td>635 283</td><td>33 98</td><td>602 185</td><td>95 60</td><td>1% Treas. note - 3/15/46</td></tr><tr><td colspan="8">Totals for exchange transaction of 5/15/44....</td><td>918 130 788</td><td>86</td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% 7/8%</td><td>Certificate - 10/1/44.....(10/15/43) Certificate - 12/1/44.....(12/1/43)</td><td>3,519 3,540</td><td>27 124</td><td>3,492 3,416</td><td>99 96</td><td>7/8% Certificate - 10/1/45 .90% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4%</td><td>Treas. bond - 12/15/44-54.....(12/15/24)</td><td>1,037</td><td>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/</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.....(7/21/41)</td><td>5,048 412</td><td>400 17</td><td>4,649 395</td><td>92 96</td><td>1/8% Certificate - 2/1/46</td></tr><tr><td colspan="8">Totals for exchange transaction of 2/1/45....</td><td>5,460 416 5,043 92</td></tr><tr><td>3/1/45</td><td>30% 3/4% 1-1/4% Treas. note - 3/15/45.....(3/15/40) Treas. note - 3/15/45.....(9/25/42)</td><td>Treas. note - 3/1/45.....(3/1/44)</td><td>2,127 718 1,506</td><td>18 225 50</td><td>2,109 493 1,546</td><td>99 99 96</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td colspan="8">Totals for exchange transaction of 3/1/45....</td><td>4,451 304 4,147 93</td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% 7/8%</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>6/1/45</td><td>7/8% 1-1/2% HOLC bond</td><td>Certificate - 6/1/45.....(6/25/44) HOLC bond - 6/1/45-47.....(6/1/39)</td><td>4,770 755</td><td>583 32</td><td>4,187 723</td><td>88 96</td><td>.90% Treas. note - 7/1/46</td></tr><tr><td colspan="8">Totals for exchange transaction of 6/1/45....</td><td>5,525 615 4,910 89</td></tr><tr><td>8/1/45</td><td>7/8%</td><td>Certificate - 8/1/45.....(8/1/44)</td><td>2,511</td><td>41 p</td><td>2,470 p</td><td>98 p</td><td>7/8% Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8% 2-3/4% Treas. bond - 9/15/45-47.....(9/16/35)</td><td>Certificate - 9/1/45.....(9/1/44)</td><td>3,694 1,214</td><td>3/ 3/</td><td>3/ 3/</td><td>3/ 3/</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td colspan="8">Totals for exchange transaction of 9/1/45....</td><td>4,908 3/ 3/</td></tr></table>
Back figures: For period December 1941 through July 1943 see "Treasury Bulletin" for November 1944, page 33. Preliminary. Revised. 1/ Original call and maturity dates are used. 2/ Not available to commercial banks. 3/ Amounts not yet available.
36
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 colspan="6">Description of new issue</th><th>Amount of maturing issue (as of date shown in first column)</th><th>Total bills outstanding (as of date shown in first column)</th></tr><tr><th></th><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount of bids accepted on competitive basis</th><th>Amount on fixed-price basis 1/2</th><th></th><th></th></tr><tr><td>1944-July 6</td><td>1944-Oct. 5</td><td>91</td><td>2,215.1</td><td>1,215.3</td><td>1,167.4</td><td>48.8</td><td>1,007.7</td><td>14,943.0</td></tr><tr><td>July 13</td><td>Oct. 13</td><td>92</td><td>2,042.3</td><td>1,201.8</td><td>1,149.4</td><td>52.4</td><td>1,014.5</td><td>15,132.3</td></tr><tr><td>July 20</td><td>Oct. 19</td><td>91</td><td>2,074.3</td><td>1,206.6</td><td>1,146.9</td><td>59.7</td><td>1,013.4</td><td>15,325.4</td></tr><tr><td>July 27</td><td>Oct. 26</td><td>91</td><td>2,177.4</td><td>1,214.4</td><td>1,158.2</td><td>56.2</td><td>1,015.9</td><td>15,523.9</td></tr><tr><td>Aug. 3</td><td>Nov. 2</td><td>91</td><td>2,010.4</td><td>1,213.1</td><td>1,156.5</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>1,206.9</td><td>15,724.9</td></tr><tr><td>Aug. 17</td><td>Nov. 16</td><td>91</td><td>2,031.3</td><td>1,205.8</td><td>1,143.7</td><td>62.0</td><td>1,206.3</td><td>15,724.3</td></tr><tr><td>Aug. 24</td><td>Nov. 24</td><td>92</td><td>1,851.6</td><td>1,209.9</td><td>1,148.1</td><td>61.9</td><td>1,211.1</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>1,205.9</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>1,211.0</td><td>15,733.1</td></tr><tr><td>Sept. 21</td><td>Dec. 21</td><td>91</td><td>2,088.3</td><td>1,215.5</td><td>1,152.5</td><td>63.1</td><td>1,211.6</td><td>15,737.0</td></tr><tr><td>Sept. 28</td><td>Dec. 28</td><td>91</td><td>2,244.5</td><td>1,218.2</td><td>1,161.5</td><td>56.7</td><td>1,207.8</td><td>15,747.4</td></tr><tr><td>Oct. 5</td><td>1945-Jan. 4</td><td>91</td><td>2,308.0</td><td>1,218.0</td><td>1,161.9</td><td>56.1</td><td>1,216.3</td><td>15,749.1</td></tr><tr><td>Oct. 13</td><td>Jan. 11</td><td>90</td><td>2,197.0</td><td>1,212.6</td><td>1,253.9</td><td>58.7</td><td>1,203.8</td><td>15,857.8</td></tr><tr><td>Oct. 19</td><td>Jan. 18</td><td>91</td><td>2,133.9</td><td>1,213.9</td><td>1,254.1</td><td>59.7</td><td>1,206.6</td><td>15,955.1</td></tr><tr><td>Oct. 26</td><td>Jan. 25</td><td>91</td><td>2,355.3</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>2,280.9</td><td>1,311.0</td><td>1,260.6</td><td>50.4</td><td>1,214.1</td><td>16,136.5</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>1,287.7</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>2,051.8</td><td>1,293.7</td><td>1,136.6</td><td>65.1 1/2</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>1,978.8</td><td>1,204.9</td><td>1,137.8</td><td>67.1</td><td>1,206.9</td><td>16,446.8</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>16,441.7</td></tr><tr><td>Dec. 28</td><td>Mar. 29</td><td>91</td><td>1,858.2</td><td>1,202.3</td><td>1,152.8</td><td>49.4</td><td>1,218.2</td><td>16,427.6</td></tr><tr><td>1945-Jan. 4</td><td>Apr. 5</td><td>91</td><td>2,465.0</td><td>1,204.9</td><td>1,153.5</td><td>51.5</td><td>1,218.0</td><td>16,414.7</td></tr><tr><td>Jan. 11</td><td>Apr. 12</td><td>91</td><td>2,157.4</td><td>1,303.0</td><td>1,227.1</td><td>75.9</td><td>1,312.6</td><td>16,405.1</td></tr><tr><td>Jan. 18</td><td>Apr. 19</td><td>91</td><td>2,198.2</td><td>1,302.6</td><td>1,229.2</td><td>73.4</td><td>1,313.9</td><td>16,393.9</td></tr><tr><td>Jan. 25</td><td>Apr. 26</td><td>91</td><td>2,195.0</td><td>1,318.4</td><td>1,286.4</td><td>69.9</td><td>1,308.9</td><td>16,401.3</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>1,282.7</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>16,401.5</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>1,282.7</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>2,435.4</td><td>1,310.2</td><td>1,289.6</td><td>60.5</td><td>1,204.9</td><td>16,614.5</td></tr><tr><td>Mar. 15</td><td>June 14</td><td>91</td><td>2,085.8</td><td>1,315.1</td><td>1,253.9</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>2,075.8</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>1,843.8</td><td>1,317.1</td><td>1,271.1</td><td>46.0</td><td>1,204.9</td><td>17,032.8</td></tr><tr><td>Apr. 12</td><td>July 12</td><td>91</td><td>2,164.0</td><td>1,303.9</td><td>1,248.2</td><td>60.8</td><td>1,204.0</td><td>17,040.7</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>1,310.5</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>1,254.8</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>1,313.2</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>2,255.3</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><tr><td>July 5</td><td>Oct. 4</td><td>91</td><td>2,028.5</td><td>1,304.9</td><td>1,253.0</td><td>51.9</td><td>1,317.1</td><td>17,029.1</td></tr><tr><td>July 12</td><td>Oct. 11</td><td>91</td><td>2,231.0</td><td>1,310.6</td><td>1,252.7</td><td>58.0</td><td>1,303.9</td><td>17,035.8</td></tr><tr><td>July 19</td><td>Oct. 18</td><td>91</td><td>2,044.7</td><td>1,305.5</td><td>1,237.4</td><td>68.1</td><td>1,318.2</td><td>17,023.1</td></tr><tr><td>July 26</td><td>Oct. 25</td><td>91</td><td>2,046.9</td><td>1,312.1</td><td>1,252.0</td><td>60.1</td><td>1,310.3</td><td>17,024.9</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issue and total bills outstanding are on Daily Treasury Statement basis.
Back figures: Annual Reports of the Secretary of the Treasury.
1/ Commencing with the offering of Treasury bills dated May 12, 1943.
tenders for bills in the amount of $100,000 or less from any one bidder were accepted in full at a fixed price of 99.905 per hundred. This amount was increased to $200,000 or less commencing with the offering dated November 30, 1944.
September 1945
37
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th>(Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/</th><th>Price per hundred</th><th>Equivalent rate 1/</th></tr><tr><td>1946-July 6.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>July 13.</td><td>99.904</td><td>0.374</td><td>99.910</td><td>0.356</td><td>99.904</td><td>0.376</td></tr><tr><td>July 20.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>July 27.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 3.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 10.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 17.</td><td>99.905</td><td>0.375</td><td>99.908 2/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 24.</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 31.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 7.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 14.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 21.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 28.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 5.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 13.</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr><tr><td>Oct. 19.</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 26.</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 2.</td><td>99.905</td><td>0.375</td><td>99.913*</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 9.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 16.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 24.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 30.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 7.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 14.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 21.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 28.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>1947-Jan. 4.</td><td>99.906</td><td>0.373</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 11.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 18.</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 25.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 1.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 8.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 15.</td><td>99.905</td><td>0.375</td><td>99.911</td><td>0.352</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 23.</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr><tr><td>Mar. 1.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 8.</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 15.</td><td>99.905</td><td>0.375</td><td>99.910 3/</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 22.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 29.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 5.</td><td>99.905</td><td>0.376</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 12.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 19.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 26.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><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>0.376</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>0.376</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>0.376</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>0.376</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>0.376</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>0.376</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>0.376</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>0.376</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>0.376</td></tr><tr><td>July 5.</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 12.</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 19.</td><td>99.905</td><td>0.375</td><td>99.908 1/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 26.</td><td>99.905</td><td>0.375</td><td>99.908 1/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr></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.
4/ Except $75,000 at 99.925.
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month</th><th>Total</th><th colspan="2">Sales</th><th>Accrual of redemption values</th><th colspan="3">Maturities and redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">All series 3/</td></tr><tr><td>1936</td><td>316.1</td><td>+294.1</td><td>264.0</td><td>1/</td><td>1/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>*</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>1/</td><td>1/</td><td>7.2</td><td>35.2</td><td>35.9</td><td>3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>1/</td><td>1/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,858.1</td><td>+630.5</td><td>684.5</td><td>1/</td><td>1/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>1/</td><td>1/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.9</td></tr><tr><td>1941</td><td>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>1,492.4</td><td>....</td><td>65.0</td><td>148.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>5,994.1</td><td>....</td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1943</td><td>21,256.2</td><td>+11,068.0</td><td>11,788.7</td><td>11,788.7</td><td>....</td><td>127.6</td><td>846.3</td><td>841.3</td><td>7.0</td></tr><tr><td>1944</td><td>34,506.1</td><td>+13,350.0</td><td>15,497.7</td><td>15,139.5</td><td>358.1</td><td>223.2</td><td>2,370.9</td><td>2,357.6</td><td>13.1</td></tr><tr><td>1945</td><td>45,595.6</td><td>+10,979.4</td><td>14,890.8</td><td>14,467.1</td><td>423.7</td><td>347.0</td><td>4,298.4</td><td>5/</td><td>2/</td></tr><tr><td>1944-July</td><td>36,537.8</td><td>+1,931.6</td><td>2,125.1</td><td>2,089.0</td><td>36.1</td><td>33.5</td><td>226.9</td><td>225.4</td><td>1.6</td></tr><tr><td>August</td><td>36,883.5</td><td>+345.7</td><td>502.4</td><td>600.0</td><td>2.4</td><td>21.9</td><td>278.7</td><td>276.9</td><td>1.8</td></tr><tr><td>September</td><td>37,323.3</td><td>+439.8</td><td>692.1</td><td>691.1</td><td>1.0</td><td>30.7</td><td>283.0</td><td>281.2</td><td>1.7</td></tr><tr><td>October</td><td>37,644.7</td><td>+321.4</td><td>695.0</td><td>694.4</td><td>....</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>40,360.2</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>+719.5</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>41,638.2</td><td>+557.9</td><td>848.0</td><td>848.0</td><td>....</td><td>33.0</td><td>323.1</td><td>320.7</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>453.8</td><td>5/</td><td>5/</td></tr><tr><td>April</td><td>42,625.6</td><td>+466.1</td><td>871.6</td><td>871.6</td><td>....</td><td>32.0</td><td>403.6</td><td>5/</td><td>5/</td></tr><tr><td>May</td><td>43,767.0</td><td>+1,141.4</td><td>1,540.1</td><td>1,540.1</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>1,890.5</td><td>327.6</td><td>43.7</td><td>403.2</td><td>5/</td><td>5/</td></tr><tr><td>July</td><td>46,508.2</td><td>+922.6</td><td>1,294.5</td><td>1,271.9</td><td>22.6</td><td>56.5</td><td>428.4</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series A-D 5/</td></tr><tr><td>1936</td><td>316.1</td><td>+294.1</td><td>264.0</td><td>1/</td><td>1/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>*</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>1/</td><td>1/</td><td>7.2</td><td>35.2</td><td>35.9</td><td>3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>1/</td><td>1/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,858.1</td><td>+630.5</td><td>684.5</td><td>1/</td><td>1/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>1/</td><td>1/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.9</td></tr><tr><td>1941</td><td>3,650.2</td><td>+745.5</td><td>828.0</td><td>828.0</td><td>....</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>+86.1</td><td>.8</td><td>.8</td><td>....</td><td>85.9</td><td>132.7</td><td>126.2</td><td>6.5</td></tr><tr><td>1943</td><td>3,608.0</td><td>+63.8</td><td>.1</td><td>.1</td><td>....</td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>1944</td><td>3,584.8</td><td>+13.8</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 1/</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-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>8.8</td></tr><tr><td>August</td><td>3,634.2</td><td>+1.6</td><td>....</td><td>....</td><td>....</td><td>8.1</td><td>6.6</td><td>5.8</td><td>7.7</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>5.9</td><td>4.9</td><td>6.0</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>7.7</td></tr><tr><td>November</td><td>3,636.3</td><td>-9</td><td>....</td><td>....</td><td>....</td><td>5.5</td><td>6.4</td><td>5.7</td><td>7.7</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>7.7</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>5.3</td><td>7.7</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>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</td><td>-11.9</td><td>....</td><td>....</td><td>....</td><td>8.8</td><td>20.6</td><td>5/</td><td>5/</td></tr><tr><td>July</td><td>3,578.9 1/</td><td>-6.4</td><td>....</td><td>....</td><td>....</td><td>15.9</td><td>22.3 1/</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series E 2/ 5/</td></tr><tr><td>1942</td><td>3,670.8</td><td>+3,467.7</td><td>3,526.3</td><td>3,526.3</td><td>....</td><td>1.5</td><td>60.0</td><td>60.0</td><td>*</td></tr><tr><td>1943</td><td>11,255.6</td><td>+7,611.8</td><td>8,271.3</td><td>8,271.3</td><td>....</td><td>13.1</td><td>688.6</td><td>688.0</td><td>6.6</td></tr><tr><td>1944</td><td>21,124.8</td><td>+9,838.2</td><td>11,619.7</td><td>11,619.7</td><td>....</td><td>118.4</td><td>2,099.9</td><td>2,094.7</td><td>5.2</td></tr><tr><td>1945</td><td>29,097.1 1/</td><td>+7,972.3</td><td>11,553.4</td><td>11,553.4</td><td>....</td><td>264.8</td><td>3,845.9 1/</td><td>3,825.2</td><td>20.7</td></tr><tr><td>1944-July</td><td>22,632.3</td><td>+1,907.6</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>22,896.9</td><td>+266.6</td><td>1,999.4</td><td>1,999.4</td><td>....</td><td>13.0</td><td>245.7</td><td>244.7</td><td>1.0</td></tr><tr><td>September</td><td>23,286.9</td><td>+357.9</td><td>590.8</td><td>590.8</td><td>....</td><td>21.9</td><td>254.7</td><td>253.7</td><td>1.1</td></tr><tr><td>October</td><td>23,501.7</td><td>+244.9</td><td>598.6</td><td>598.6</td><td>....</td><td>18.9</td><td>372.5</td><td>370.9</td><td>1.6</td></tr><tr><td>November</td><td>23,970.8</td><td>+469.0</td><td>806.8</td><td>806.8</td><td>....</td><td>15.8</td><td>353.6</td><td>351.9</td><td>1.6</td></tr><tr><td>December</td><td>25,514.5</td><td>+1,543.8</td><td>1,895.3</td><td>1,895.3</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>26,428.0</td><td>+186.1</td><td>653.2</td><td>653.2</td><td>....</td><td>23.4</td><td>290.5</td><td>288.9</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>23.1</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</td><td>+1,148.7</td><td>1,467.7</td><td>1,467.7</td><td>....</td><td>32.8</td><td>351.9</td><td>349.3</td><td>2.5</td></tr><tr><td>July</td><td>29,790.9 1/</td><td>+693.8</td><td>1,031.8</td><td>1,031.8</td><td>....</td><td>37.4</td><td>375.4 1/</td><td>372.6</td><td>2.8</td></tr></table>
(Continued on following page)
September 1945
39
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 investore 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 3/</th></tr><tr><td colspan="10">Series F 3/ 9/</td></tr><tr><td>1942</td><td>4,086.9</td><td>+473.3</td><td>1,734.9</td><td>434.9</td><td>1,300.0</td><td>.2</td><td>2.9</td><td>2.9</td><td>*</td></tr><tr><td>1943</td><td>1,242.5</td><td>+743.4</td><td>757.9</td><td>757.9</td><td>0.0</td><td>2.5</td><td>17.0</td><td>17.0</td><td>*</td></tr><tr><td>1944</td><td>1,995.7</td><td>+753.4</td><td>802.2</td><td>691.2</td><td>111.0</td><td>8.8</td><td>57.7</td><td>57.4</td><td>.3</td></tr><tr><td>1945</td><td>2,604.4</td><td>+608.7</td><td>679.1</td><td>542.8</td><td>136.3</td><td>18.9</td><td>89.3</td><td>5/</td><td>5/</td></tr><tr><td>1944-July</td><td>2,091.2</td><td>+95.5</td><td>101.1</td><td>88.3</td><td>12.8</td><td>1.5</td><td>7.1</td><td>7.1</td><td>*</td></tr><tr><td>August</td><td>2,102.3</td><td>+11.0</td><td>17.8</td><td>17.0</td><td>.8</td><td>.9</td><td>7.6</td><td>7.6</td><td>.1</td></tr><tr><td>September</td><td>2,113.3</td><td>+11.0</td><td>16.0</td><td>15.8</td><td>.1</td><td>1.4</td><td>6.3</td><td>6.3</td><td>*</td></tr><tr><td>October</td><td>2,121.5</td><td>+8.2</td><td>13.7</td><td>13.5</td><td>.1</td><td>1.4</td><td>6.8</td><td>6.7</td><td>.1</td></tr><tr><td>November</td><td>2,138.5</td><td>+37.1</td><td>42.7</td><td>41.4</td><td>8.3</td><td>1.3</td><td>6.9</td><td>6.9</td><td>.1</td></tr><tr><td>December</td><td>2,177.6</td><td>+113.1</td><td>124.7</td><td>114.1</td><td>10.6</td><td>1.4</td><td>7.0</td><td>6.9</td><td>.1</td></tr><tr><td>1945-January</td><td>2,314.6</td><td>+37.0</td><td>42.0</td><td>42.0</td><td>0.0</td><td>2.4</td><td>7.4</td><td>7.4</td><td>.1</td></tr><tr><td>February</td><td>2,338.0</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</td></tr><tr><td>March</td><td>2,357.3</td><td>+23.2</td><td>26.5</td><td>26.5</td><td>0.0</td><td>1.8</td><td>9.1</td><td>5/</td><td>5/</td></tr><tr><td>April</td><td>2,376.3</td><td>+19.1</td><td>23.1</td><td>23.1</td><td>0.0</td><td>1.8</td><td>5.8</td><td>5/</td><td>5/</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>5/</td><td>5/</td></tr><tr><td>June</td><td>2,504.4</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>5/</td><td>5/</td></tr><tr><td>July</td><td>2,646.6</td><td>+42.1</td><td>47.4</td><td>39.4</td><td>8.0</td><td>3.2</td><td>8.4</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series G 3/ 9/</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>....</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>....</td></tr><tr><td>1944</td><td>7,850.8</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>....</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>....</td></tr><tr><td>1944-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>....</td></tr><tr><td>August</td><td>8,248.1</td><td>+66.5</td><td>85.3</td><td>84.7</td><td>1.6</td><td>18.8</td><td>18.8</td><td>18.8</td><td>....</td></tr><tr><td>September</td><td>8,314.0</td><td>+68.9</td><td>85.3</td><td>84.5</td><td>.8</td><td>16.4</td><td>16.4</td><td>16.4</td><td>....</td></tr><tr><td>October</td><td>8,384.2</td><td>+67.3</td><td>82.8</td><td>82.4</td><td>.4</td><td>15.5</td><td>15.5</td><td>15.5</td><td>....</td></tr><tr><td>November</td><td>8,542.6</td><td>+158.3</td><td>173.9</td><td>158.5</td><td>15.4</td><td>15.5</td><td>15.5</td><td>15.5</td><td>....</td></tr><tr><td>December</td><td>8,930.6</td><td>+388.0</td><td>405.9</td><td>384.1</td><td>21.8</td><td>17.9</td><td>17.9</td><td>17.9</td><td>....</td></tr><tr><td>1945-January</td><td>9,138.8</td><td>+208.2</td><td>228.3</td><td>228.3</td><td>0.0</td><td>20.1</td><td>20.1</td><td>20.1</td><td>....</td></tr><tr><td>February</td><td>9,284.9</td><td>+146.1</td><td>164.1</td><td>104.1</td><td>60.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>....</td></tr><tr><td>March</td><td>9,412.9</td><td>+128.0</td><td>150.5</td><td>150.5</td><td>0.0</td><td>22.4</td><td>22.4</td><td>22.4</td><td>....</td></tr><tr><td>April</td><td>9,526.4</td><td>+113.5</td><td>130.1</td><td>130.1</td><td>0.0</td><td>16.6</td><td>16.6</td><td>16.6</td><td>....</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>....</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>....</td></tr><tr><td>July</td><td>10,491.8</td><td>+193.0</td><td>215.3</td><td>200.7</td><td>14.5</td><td>22.2</td><td>22.2</td><td>22.2</td><td>....</td></tr></table>
Daily Treasury Statements.
Less than $50,000.
A. Current redemption values except Series C, which is stated at par.
Estimated, except for Series D.
For details concerning investment yield and redemption values, see "Treasury Bulletin" for May 1945, page A-4.
B. Commercial bank purchases were permitted prior to April 1, 1940, and are estimated to have aggregated about $300 million.
Not yet available.
Series A-D, sold between March 1935 and April 1941, are 10 year discount bonds sold at 75% of maturity value, yielding 2.90% per annum if held to maturity. Series E, limited to $7,500 issues price in any calendar year and from April 1, 1940, could be made only by individuals. Series A bonds began to mature in March 1945. For information on the approximate monthly distribution of maturity dates during 1945 see "Treasury Bulletin" for March 1945, page A-2. The small amounts of matured bonds which have not been redeemed remain in the amount outstanding.
There were $70.8 million of Series A-D and E savings bonds redeemed through July 31, 1945 which had not been identified by series. For purposes of this table, it has been assumed that all of these were Series E bonds.
Series E, on sale since May 1, 1941, is a 10 year discount bond
sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any calendar year and may be made only by individuals.
2/ Series F and G bonds. These bonds are issued in calendar year 12 year discount bond sold at 74% of maturity value, yielding 2.55% per annum if held to maturity. Series O is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/2% per annum, redeemable at par on maturity or at stated prices less than par before maturity. Both series F and G bonds can be purchased 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 O bonds during the calendar year 1944 under certain conditions ("Treasury Bulletin" for December 1944, page 36, foot- noted 1 and 2). June 18, 1945, and June 18, 1946, are important dates permitted to make such purchases, subject to the following limitations: (1) purchases of Series F and O 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 bonds, 1-1/2% Treasury bonds due June 15/50, and 1-1/2% Treasury bonds, 1-1/2% Treasury bonds due 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.
40
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="17">Series E</td></tr><tr><td>1942</td><td>3,526.3</td><td></td><td>615.6</td><td>341.5</td><td>812.7</td><td>636.9</td><td>1,119.5</td><td></td><td></td><td>100.0</td><td></td><td>17.5</td><td>9.7</td><td>23.0</td><td>18.1</td><td>31.7</td><td></td><td></td></tr><tr><td>1943</td><td>8,271.3</td><td></td><td>2,988.2</td><td>1,081.0</td><td>1,713.1</td><td>1,007.2</td><td>1,181.0</td><td></td><td></td><td>100.0</td><td></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></td><td>4,149.1</td><td>1,642.5</td><td>2,583.5</td><td>1,396.9</td><td>2,047.8</td><td></td><td></td><td>100.0</td><td></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>1,724.8</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>.6</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>1945-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</td><td>31.2</td><td>14.8</td><td>22.8</td><td>12.8</td><td>18.3</td><td></td><td></td></tr><tr><td>August</td><td>499.4</td><td>4.5</td><td>221.8</td><td>89.8</td><td>95.9</td><td>35.6</td><td>51.7</td><td></td><td></td><td>100.0</td><td>.9</td><td>44.4</td><td>18.0</td><td>19.2</td><td>7.1</td><td>10.4</td><td></td><td></td></tr><tr><td>September</td><td>590.9</td><td>.1</td><td>277.1</td><td>106.3</td><td>107.6</td><td>40.4</td><td>59.5</td><td></td><td></td><td>100.0</td><td>*</td><td>46.9</td><td>18.0</td><td>18.2</td><td>6.8</td><td>10.1</td><td></td><td></td></tr><tr><td>October</td><td>598.6</td><td>9.6</td><td>281.9</td><td>109.3</td><td>108.8</td><td>36.6</td><td>52.3</td><td></td><td></td><td>100.0</td><td>1.6</td><td>47.1</td><td>18.3</td><td>18.2</td><td>6.1</td><td>8.7</td><td></td><td></td></tr><tr><td>November</td><td>806.8</td><td>5.1</td><td>301.2</td><td>126.3</td><td>165.5</td><td>34.5</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><td></td></tr><tr><td>December</td><td>1,855.3</td><td>6.1</td><td>467.7</td><td>231.4</td><td>457.6</td><td>288.3</td><td>402.3</td><td></td><td></td><td>100.0</td><td>.3</td><td>25.2</td><td>12.6</td><td>24.7</td><td>15.5</td><td>21.7</td><td></td><td></td></tr><tr><td>1945-January</td><td>803.8</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>36.9</td><td>15.5</td><td>19.1</td><td>9.6</td><td>18.2</td><td></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</td><td>41.2</td><td>17.1</td><td>16.1</td><td>7.8</td><td>15.1</td><td></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>42.3</td><td>17.2</td><td>17.9</td><td>7.6</td><td>13.9</td><td></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><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>246.5</td><td>160.2</td><td>281.6</td><td></td><td></td><td>100.0</td><td>.6</td><td>28.6</td><td>13.2</td><td>20.6</td><td>13.4</td><td>23.6</td><td></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>376.4</td><td></td><td></td><td>100.0</td><td>.6</td><td>24.4</td><td>12.2</td><td>21.7</td><td>15.5</td><td>25.6</td><td></td><td></td></tr><tr><td>July</td><td>1,031.8</td><td>8.4</td><td>322.7</td><td>145.7</td><td>205.0</td><td>127.9</td><td>222.0</td><td></td><td></td><td>100.0</td><td>.8</td><td>31.3</td><td>14.1</td><td>19.9</td><td>12.4</td><td>21.5</td><td></td><td></td></tr></table>
<table><tr><th colspan="14">Series F</th></tr><tr><td>1942 2/</td><td>434.9</td><td>1.3</td><td>19.6</td><td>27.5</td><td>123.6</td><td>91.7</td><td>171.1</td><td>100.0</td><td>3</td><td>4.5</td><td>6.3</td><td>28.4</td><td>21.1</td><td>39.4</td></tr><tr><td>1943</td><td>757.9</td><td>4.0</td><td>24.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>308.3</td><td>100.0</td><td>5</td><td>3.1</td><td>5.4</td><td>27.7</td><td>22.4</td><td>50.1</td></tr><tr><td>1944</td><td>802.2</td><td>5.6</td><td>24.9</td><td>40.9</td><td>213.7</td><td>162.7</td><td>354.8</td><td>100.0</td><td>7</td><td>3.1</td><td>5.1</td><td>26.6</td><td>20.3</td><td>44.2</td></tr><tr><td>1945</td><td>679.1</td><td>5.4</td><td>20.0</td><td>32.7</td><td>167.3</td><td>127.5</td><td>326.2</td><td>100.0</td><td>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-July</td><td>101.1</td><td>.8</td><td>3.0</td><td>5.7</td><td>29.9</td><td>22.3</td><td>39.4</td><td>100.0</td><td>.8</td><td>3.0</td><td>5.6</td><td>29.6</td><td>22.0</td><td>39.0</td></tr><tr><td>August</td><td>17.8</td><td>.2</td><td>.9</td><td>1.3</td><td>5.8</td><td>3.7</td><td>5.9</td><td>.00</td><td>1.4</td><td>4.8</td><td>7.5</td><td>32.4</td><td>21.0</td><td>32.9</td></tr><tr><td>September</td><td>16.0</td><td>.2</td><td>.8</td><td>1.4</td><td>5.3</td><td>3.5</td><td>4.8</td><td>100.0</td><td>1.2</td><td>4.7</td><td>8.8</td><td>33.4</td><td>21.8</td><td>30.1</td></tr><tr><td>October</td><td>13.7</td><td>.2</td><td>.7</td><td>.9</td><td>5.0</td><td>3.2</td><td>3.5</td><td>100.0</td><td>1.6</td><td>5.4</td><td>6.9</td><td>36.9</td><td>23.4</td><td>25.8</td></tr><tr><td>November</td><td>42.7</td><td>.4</td><td>1.3</td><td>2.3</td><td>12.7</td><td>9.7</td><td>16.3</td><td>100.0</td><td>.8</td><td>3.1</td><td>5.4</td><td>29.7</td><td>22.8</td><td>38.2</td></tr><tr><td>December</td><td>124.7</td><td>1.1</td><td>4.3</td><td>7.5</td><td>39.8</td><td>28.8</td><td>43.1</td><td>100.0</td><td>.9</td><td>3.5</td><td>6.0</td><td>31.9</td><td>23.1</td><td>34.6</td></tr><tr><td>1945-January</td><td>42.0</td><td>.4</td><td>1.4</td><td>1.9</td><td>9.2</td><td>6.8</td><td>22.4</td><td>100.0</td><td>.9</td><td>3.4</td><td>4.6</td><td>21.8</td><td>16.1</td><td>53.2</td></tr><tr><td>February</td><td>30.7</td><td>.2</td><td>.9</td><td>1.3</td><td>6.3</td><td>5.1</td><td>16.9</td><td>100.0</td><td>.7</td><td>2.9</td><td>4.2</td><td>20.5</td><td>16.2</td><td>25.2</td></tr><tr><td>March</td><td>26.5</td><td>.3</td><td>.9</td><td>1.2</td><td>6.0</td><td>4.9</td><td>13.2</td><td>100.0</td><td>1.0</td><td>3.3</td><td>4.5</td><td>22.9</td><td>18.6</td><td>49.7</td></tr><tr><td>April</td><td>23.1</td><td>.2</td><td>.9</td><td>1.1</td><td>6.3</td><td>4.4</td><td>10.2</td><td>100.0</td><td>1.0</td><td>3.7</td><td>4.8</td><td>27.2</td><td>19.2</td><td>44.1</td></tr><tr><td>May</td><td>62.9</td><td>.6</td><td>2.1</td><td>3.6</td><td>17.4</td><td>13.7</td><td>25.5</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></tr><tr><td>June</td><td>178.0</td><td>.8</td><td>2.9</td><td>4.4</td><td>23.6</td><td>21.4</td><td>124.9</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></tr><tr><td>July</td><td>47.4</td><td>.4</td><td>1.5</td><td>2.4</td><td>12.4</td><td>8.7</td><td>22.0</td><td>100.0</td><td>.8</td><td>3.2</td><td>5.1</td><td>26.2</td><td>18.3</td><td>46.4</td></tr></table>
<table><tr><td></td><td colspan="12">Series G</td></tr><tr><td>1942</td><td>2,032.1</td><td></td><td>50.9</td><td>113.0</td><td>578.1</td><td>406.2</td><td>853.8</td><td>100.0</td><td></td><td>2.5</td><td>5.6</td><td>28.4</td><td>20.0</td><td>43.5</td></tr><tr><td>1943</td><td>2,759.5</td><td></td><td>81.5</td><td>188.7</td><td>805.7</td><td>526.3</td><td>1,157.3</td><td>100.0</td><td></td><td>3.0</td><td>6.8</td><td>29.2</td><td>19.1</td><td>41.5</td></tr><tr><td>1944</td><td>2,875.6</td><td></td><td>108.8</td><td>249.6</td><td>942.3</td><td>520.7</td><td>1,054.2</td><td>100.0</td><td></td><td>3.8</td><td>8.7</td><td>32.8</td><td>18.1</td><td>36.6</td></tr><tr><td>1945</td><td>2,658.3</td><td></td><td>88.5</td><td>221.9</td><td>844.7</td><td>467.6</td><td>1,035.6</td><td>100.0</td><td></td><td>3.3</td><td>8.3</td><td>31.8</td><td>17.6</td><td>39.0</td></tr><tr><td>1944-July</td><td>337.5</td><td></td><td>14.6</td><td>34.4</td><td>123.1</td><td>69.8</td><td>95.5</td><td>100.0</td><td></td><td>4.3</td><td>10.2</td><td>36.5</td><td>19.5</td><td>29.5</td></tr><tr><td>August</td><td>85.3</td><td></td><td>3.6</td><td>8.6</td><td>34.2</td><td>16.7</td><td>22.1</td><td>100.0</td><td></td><td>4.2</td><td>10.1</td><td>40.1</td><td>19.6</td><td>26.0</td></tr><tr><td>September</td><td>85.3</td><td></td><td>3.2</td><td>8.1</td><td>33.3</td><td>16.7</td><td>24.0</td><td>100.0</td><td></td><td>3.8</td><td>9.5</td><td>39.0</td><td>19.6</td><td>28.1</td></tr><tr><td>October</td><td>82.8</td><td></td><td>3.2</td><td>7.7</td><td>31.5</td><td>16.0</td><td>24.4</td><td>100.0</td><td></td><td>3.9</td><td>9.3</td><td>38.1</td><td>19.3</td><td>29.4</td></tr><tr><td>November</td><td>173.9</td><td></td><td>6.6</td><td>16.1</td><td>65.4</td><td>35.3</td><td>50.5</td><td>100.0</td><td></td><td>3.8</td><td>9.2</td><td>37.6</td><td>20.3</td><td>29.1</td></tr><tr><td>December</td><td>405.9</td><td></td><td>19.7</td><td>45.6</td><td>140.8</td><td>85.8</td><td>114.0</td><td>100.0</td><td></td><td>4.9</td><td>11.2</td><td>34.7</td><td>21.1</td><td>28.1</td></tr><tr><td>1945-January</td><td>228.3</td><td></td><td>4.8</td><td>14.3</td><td>61.2</td><td>32.7</td><td>115.4</td><td>100.0</td><td></td><td>2.1</td><td>6.3</td><td>26.8</td><td>14.1</td><td>50.5</td></tr><tr><td>February</td><td>164.1</td><td></td><td>3.6</td><td>9.6</td><td>41.9</td><td>23.6</td><td>85.3</td><td>100.0</td><td></td><td>2.2</td><td>5.9</td><td>25.5</td><td>14.4</td><td>52.0</td></tr><tr><td>March</td><td>150.5</td><td></td><td>3.9</td><td>10.4</td><td>46.9</td><td>26.3</td><td>63.1</td><td>100.0</td><td></td><td>2.6</td><td>6.9</td><td>31.1</td><td>17.5</td><td>41.9</td></tr><tr><td>April</td><td>130.1</td><td></td><td>3.8</td><td>10.2</td><td>44.8</td><td>24.5</td><td>46.8</td><td>100.0</td><td></td><td>2.9</td><td>7.9</td><td>34.4</td><td>18.8</td><td>36.0</td></tr><tr><td>May</td><td>282.4</td><td></td><td>9.8</td><td>25.4</td><td>101.8</td><td>54.3</td><td>91.1</td><td>100.0</td><td></td><td>3.5</td><td>9.0</td><td>35.1</td><td>19.2</td><td>32.2</td></tr><tr><td>June</td><td>532.4</td><td></td><td>11.9</td><td>31.3</td><td>120.0</td><td>69.8</td><td>299.4</td><td>100.0</td><td></td><td>2.2</td><td>5.9</td><td>22.5</td><td>13.1</td><td>56.3</td></tr><tr><td>July</td><td>215.3</td><td></td><td>6.3</td><td>18.6</td><td>77.0</td><td>41.0</td><td>72.4</td><td>100.0</td><td></td><td>2.9</td><td>8.6</td><td>35.8</td><td>19.1</td><td>33.6</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Figures by denominations are estimated on the basis of reports received by the
Treasury. Less than .05%. 1/ Sale of $10 denomination Series E bonds was authorized in June
1944. This denomination is available only to members of the military and naval forces of the United States.
2 Sale of $25 denomination Series F bonds was authorised in December 1941.
September 1945
41
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>Fiscal year 1944</th><th>1945</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><th>July</th></tr><tr><td>Alabama</td><td>139,180</td><td>152,122</td><td>25,560</td><td>5,053</td><td>6,711</td><td>7,272</td><td>7,613</td><td>25,325</td><td>13,175</td><td>7,935</td><td>8,211</td><td>10,772</td><td>17,239</td><td>17,238</td><td>16,474</td></tr><tr><td>Arizona</td><td>42,252</td><td>43,923</td><td>7,763</td><td>1,829</td><td>2,024</td><td>2,303</td><td>2,303</td><td>7,087</td><td>3,531</td><td>2,580</td><td>2,480</td><td>2,615</td><td>4,374</td><td>5,921</td><td>4,463</td></tr><tr><td>Arkansas</td><td>74,176</td><td>76,368</td><td>10,699</td><td>2,351</td><td>3,100</td><td>4,000</td><td>5,532</td><td>13,270</td><td>5,162</td><td>3,954</td><td>4,121</td><td>4,090</td><td>8,644</td><td>11,444</td><td>7,524</td></tr><tr><td>California</td><td>970,411</td><td>972,302</td><td>163,998</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>78,054</td><td>125,414</td><td>100,749</td></tr><tr><td>Colorado</td><td>90,225</td><td>82,617</td><td>13,620</td><td>2,809</td><td>3,725</td><td>3,073</td><td>5,303</td><td>14,477</td><td>5,752</td><td>3,957</td><td>4,511</td><td>4,873</td><td>9,024</td><td>11,527</td><td>8,612</td></tr><tr><td>Connecticut</td><td>200,926</td><td>211,932</td><td>33,522</td><td>10,316</td><td>12,269</td><td>12,140</td><td>14,680</td><td>29,480</td><td>16,613</td><td>12,857</td><td>12,177</td><td>15,573</td><td>17,666</td><td>24,659</td><td>20,163</td></tr><tr><td>Delaware</td><td>27,609</td><td>26,663</td><td>3,610</td><td>1,382</td><td>1,556</td><td>1,572</td><td>1,753</td><td>4,045</td><td>2,091</td><td>1,544</td><td>1,730</td><td>1,684</td><td>2,455</td><td>3,241</td><td>2,639</td></tr><tr><td>Dist. of Columbia</td><td>135,069</td><td>139,531</td><td>23,267</td><td>4,426</td><td>8,548</td><td>7,706</td><td>7,939</td><td>22,961</td><td>11,196</td><td>6,669</td><td>8,795</td><td>8,153</td><td>12,377</td><td>17,092</td><td>15,085</td></tr><tr><td>Florida</td><td>142,682</td><td>154,685</td><td>24,986</td><td>5,849</td><td>7,877</td><td>8,326</td><td>7,083</td><td>22,799</td><td>16,046</td><td>9,251</td><td>10,346</td><td>9,838</td><td>14,206</td><td>18,039</td><td>17,122</td></tr><tr><td>Georgia</td><td>145,933</td><td>156,821</td><td>24,987</td><td>6,024</td><td>8,616</td><td>7,742</td><td>9,394</td><td>25,513</td><td>14,115</td><td>9,157</td><td>8,812</td><td>8,630</td><td>14,566</td><td>19,265</td><td>19,057</td></tr><tr><td>Idaho</td><td>40,230</td><td>37,439</td><td>6,450</td><td>956</td><td>1,292</td><td>1,620</td><td>2,310</td><td>8,703</td><td>2,002</td><td>1,581</td><td>1,711</td><td>1,519</td><td>3,442</td><td>5,852</td><td>3,453</td></tr><tr><td>Illinois</td><td>755,362</td><td>802,247</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>51,143</td><td>51,997</td><td>79,192</td><td>106,406</td><td>19,403</td></tr><tr><td>Indiana</td><td>313,594</td><td>323,206</td><td>50,160</td><td>15,930</td><td>18,837</td><td>18,080</td><td>22,070</td><td>44,675</td><td>24,030</td><td>20,824</td><td>19,239</td><td>20,747</td><td>29,982</td><td>38,532</td><td>28,489</td></tr><tr><td>Iowa</td><td>261,445</td><td>288,140</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><td>22,418</td></tr><tr><td>Kansas</td><td>163,077</td><td>163,285</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>16,143</td><td>23,487</td><td>13,815</td></tr><tr><td>Kentucky</td><td>127,956</td><td>122,288</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>9,730</td><td>6,455</td><td>11,215</td><td>17,272</td><td>13,443</td></tr><tr><td>Louisiana</td><td>141,106</td><td>135,933</td><td>20,530</td><td>5,744</td><td>7,029</td><td>8,337</td><td>8,084</td><td>20,584</td><td>11,120</td><td>8,085</td><td>8,437</td><td>7,291</td><td>11,240</td><td>19,452</td><td>9,800</td></tr><tr><td>Maine</td><td>54,994</td><td>51,791</td><td>9,791</td><td>1,940</td><td>2,535</td><td>2,660</td><td>2,559</td><td>9,041</td><td>3,956</td><td>2,991</td><td>2,998</td><td>2,608</td><td>3,955</td><td>6,756</td><td>5,103</td></tr><tr><td>Maryland</td><td>152,566</td><td>156,421</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>10,013</td><td>9,055</td><td>14,917</td><td>18,138</td><td>14,553</td></tr><tr><td>Massachusetts</td><td>390,986</td><td>373,075</td><td>60,670</td><td>13,802</td><td>21,153</td><td>20,815</td><td>22,006</td><td>53,994</td><td>12,585</td><td>20,936</td><td>23,883</td><td>25,370</td><td>29,552</td><td>48,310</td><td>37,745</td></tr><tr><td>Michigan</td><td>888,199</td><td>627,872</td><td>95,048</td><td>23,516</td><td>44,482</td><td>35,817</td><td>37,811</td><td>97,629</td><td>45,602</td><td>38,420</td><td>37,334</td><td>37,125</td><td>64,094</td><td>71,034</td><td>51,053</td></tr><tr><td>Minnesota</td><td>249,962</td><td>229,473</td><td>37,573</td><td>8,220</td><td>9,431</td><td>10,744</td><td>14,564</td><td>42,422</td><td>15,000</td><td>9,836</td><td>11,147</td><td>12,173</td><td>22,751</td><td>35,553</td><td>19,831</td></tr><tr><td>Mississippi</td><td>82,588</td><td>86,994</td><td>14,615</td><td>1,890</td><td>2,296</td><td>4,058</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><td>7,388</td></tr><tr><td>Missouri</td><td>283,681</td><td>273,054</td><td>38,557</td><td>10,919</td><td>12,696</td><td>14,214</td><td>17,747</td><td>40,344</td><td>19,884</td><td>13,449</td><td>15,776</td><td>14,654</td><td>31,435</td><td>39,278</td><td>29,321</td></tr><tr><td>Montana</td><td>55,230</td><td>52,244</td><td>7,105</td><td>1,290</td><td>1,856</td><td>2,089</td><td>6,220</td><td>8,680</td><td>3,073</td><td>2,124</td><td>2,223</td><td>3,298</td><td>6,360</td><td>7,927</td><td>3,194</td></tr><tr><td>Nebraska</td><td>128,079</td><td>127,113</td><td>21,266</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>20,440</td><td>12,803</td></tr><tr><td>Nevada</td><td>13,468</td><td>13,909</td><td>2,756</td><td>493</td><td>576</td><td>548</td><td>841</td><td>2,425</td><td>799</td><td>656</td><td>850</td><td>821</td><td>1,063</td><td>2,080</td><td>1,510</td></tr><tr><td>New Hampshire</td><td>32,722</td><td>31,835</td><td>6,529</td><td>1,074</td><td>1,812</td><td>1,559</td><td>1,433</td><td>5,117</td><td>2,827</td><td>1,478</td><td>1,932</td><td>1,965</td><td>2,214</td><td>3,836</td><td>3,706</td></tr><tr><td>New Jersey</td><td>415,338</td><td>421,416</td><td>67,594</td><td>21,046</td><td>22,744</td><td>24,465</td><td>24,967</td><td>61,801</td><td>35,712</td><td>23,703</td><td>27,755</td><td>23,443</td><td>38,109</td><td>49,078</td><td>41,442</td></tr><tr><td>New Mexico</td><td>27,990</td><td>28,570</td><td>4,650</td><td>1,094</td><td>1,075</td><td>1,424</td><td>2,055</td><td>4,734</td><td>1,585</td><td>1,809</td><td>1,761</td><td>1,609</td><td>3,088</td><td>3,588</td><td>2,905</td></tr><tr><td>New York</td><td>1,290,035</td><td>1,365,461</td><td>214,352</td><td>58,011</td><td>70,057</td><td>71,302</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><td>150,744</td></tr><tr><td>North Carolina</td><td>149,443</td><td>153,304</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>13,590</td><td>9,009</td><td>9,360</td><td>8,416</td><td>13,011</td><td>19,351</td><td>15,745</td></tr><tr><td>North Dakota</td><td>58,224</td><td>51,135</td><td>9,822</td><td>999</td><td>1,315</td><td>1,755</td><td>4,718</td><td>14,276</td><td>2,641</td><td>1,925</td><td>2,131</td><td>1,970</td><td>5,773</td><td>9,610</td><td>5,080</td></tr><tr><td>Ohio</td><td>714,177</td><td>709,942</td><td>106,343</td><td>35,040</td><td>37,327</td><td>42,132</td><td>44,285</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><td>70,233</td></tr><tr><td>Oklahoma</td><td>135,264</td><td>136,827</td><td>22,250</td><td>4,547</td><td>5,906</td><td>4,833</td><td>9,536</td><td>23,584</td><td>13,060</td><td>7,066</td><td>7,475</td><td>6,810</td><td>12,957</td><td>20,363</td><td>15,424</td></tr><tr><td>Oregon</td><td>159,752</td><td>157,205</td><td>28,058</td><td>5,937</td><td>7,379</td><td>7,106</td><td>8,466</td><td>27,853</td><td>10,647</td><td>7,683</td><td>7,514</td><td>7,769</td><td>15,468</td><td>23,288</td><td>15,658</td></tr><tr><td>Pennsylvania</td><td>857,400</td><td>852,745</td><td>126,273</td><td>39,068</td><td>47,888</td><td>49,343</td><td>59,677</td><td>124,210</td><td>63,645</td><td>51,109</td><td>55,339</td><td>54,189</td><td>79,549</td><td>102,496</td><td>85,444</td></tr><tr><td>Rhode Island</td><td>60,858</td><td>63,079</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><td>6,961</td></tr><tr><td>South Carolina</td><td>76,058</td><td>80,080</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><td>8,229</td></tr><tr><td>South Dakota</td><td>53,813</td><td>48,594</td><td>8,224</td><td>1,182</td><td>1,495</td><td>1,739</td><td>3,052</td><td>10,655</td><td>2,513</td><td>1,640</td><td>1,777</td><td>2,456</td><td>5,755</td><td>8,100</td><td>5,011</td></tr><tr><td>Tennessee</td><td>147,236</td><td>147,295</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><td>15,851</td></tr><tr><td>Texas</td><td>494,995</td><td>476,879</td><td>74,871</td><td>16,019</td><td>20,335</td><td>21,451</td><td>35,318</td><td>79,620</td><td>34,119</td><td>26,910</td><td>28,045</td><td>26,075</td><td>51,289</td><td>62,828</td><td>48,290</td></tr><tr><td>Utah</td><td>56,357</td><td>54,374</td><td>9,080</td><td>1,590</td><td>2,476</td><td>2,474</td><td>3,305</td><td>9,222</td><td>3,180</td><td>2,715</td><td>2,955</td><td>2,158</td><td>5,571</td><td>9,050</td><td>5,186</td></tr><tr><td>Vermont</td><td>18,819</td><td>17,901</td><td>3,164</td><td>687</td><td>746</td><td>912</td><td>870</td><td>3,030</td><td>1,838</td><td>943</td><td>869</td><td>1,008</td><td>1,389</td><td>2,444</td><td>2,015</td></tr><tr><td>Virginia</td><td>189,563</td><td>203,197</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><td>25,060</td></tr><tr><td>Washington</td><td>257,729</td><td>247,058</td><td>38,856</td><td>10,463</td><td>15,994</td><td>12,745</td><td>17,191</td><td>40,009</td><td>20,166</td><td>14,760</td><td>14,225</td><td>14,450</td><td>20,865</td><td>29,333</td><td>26,083</td></tr><tr><td>West Virginia</td><td>92,310</td><td>96,302</td><td>15,359</td><td>4,016</td><td>5,133</td><td>5,223</td><td>5,326</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>10,951</td><td>2,133</td></tr><tr><td>Wisconsin</td><td>248,280</td><td>262,350</td><td>48,158</td><td>9,915</td><td>12,970</td><td>13,430</td><td>15,711</td><td>42,2
(Continued on following page)
42
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>Fiscal year 1944</th><th>1945</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><th>July</th></tr><tr><td>Alabama</td><td>30,156</td><td>24,501</td><td>4,009</td><td>645</td><td>784</td><td>757</td><td>1,066</td><td>3,156</td><td>3,991</td><td>1,754</td><td>1,332</td><td>1,163</td><td>2,681</td><td>2,573</td><td>2,105</td></tr><tr><td>Arizona</td><td>9,450</td><td>8,368</td><td>1,394</td><td>228</td><td>254</td><td>131</td><td>459</td><td>1,024</td><td>1,181</td><td>378</td><td>319</td><td>246</td><td>1,112</td><td>1,047</td><td>597</td></tr><tr><td>Arkansas</td><td>17,831</td><td>14,651</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>585</td><td>633</td><td>2,232</td><td>2,282</td><td>813</td></tr><tr><td>California</td><td>258,108</td><td>218,153</td><td>34,840</td><td>7,932</td><td>8,070</td><td>9,365</td><td>13,003</td><td>28,791</td><td>28,458</td><td>11,738</td><td>13,678</td><td>9,691</td><td>23,225</td><td>29,362</td><td>22,126</td></tr><tr><td>Colorado</td><td>30,678</td><td>24,726</td><td>4,050</td><td>632</td><td>674</td><td>822</td><td>1,147</td><td>2,750</td><td>3,670</td><td>1,103</td><td>973</td><td>1,606</td><td>3,513</td><td>3,387</td><td>1,533</td></tr><tr><td>Connecticut</td><td>64,437</td><td>95,553</td><td>6,286</td><td>1,576</td><td>2,105</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>6,993</td><td>4,971</td></tr><tr><td>Delaware</td><td>10,306</td><td>12,188</td><td>1,804</td><td>302</td><td>382</td><td>566</td><td>922</td><td>1,139</td><td>1,678</td><td>528</td><td>962</td><td>684</td><td>1,729</td><td>1,992</td><td>2,729</td></tr><tr><td>Dist. of Columbia</td><td>29,761</td><td>24,834</td><td>3,517</td><td>794</td><td>933</td><td>789</td><td>2,138</td><td>2,002</td><td>3,797</td><td>1,421</td><td>1,409</td><td>1,109</td><td>3,488</td><td>3,377</td><td>1,712</td></tr><tr><td>Florida</td><td>40,496</td><td>37,718</td><td>6,276</td><td>1,680</td><td>1,364</td><td>1,354</td><td>2,262</td><td>3,785</td><td>5,361</td><td>2,228</td><td>1,774</td><td>2,410</td><td>5,276</td><td>3,948</td><td>2,996</td></tr><tr><td>Georgia</td><td>41,958</td><td>32,396</td><td>4,149</td><td>1,245</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><td>2,729</td></tr><tr><td>Idaho</td><td>7,630</td><td>6,656</td><td>935</td><td>180</td><td>286</td><td>235</td><td>637</td><td>693</td><td>1,101</td><td>349</td><td>265</td><td>198</td><td>839</td><td>997</td><td>410</td></tr><tr><td>Illinois</td><td>236,291</td><td>235,849</td><td>27,645</td><td>9,195</td><td>7,484</td><td>8,221</td><td>15,772</td><td>21,562</td><td>38,671</td><td>15,422</td><td>17,094</td><td>15,186</td><td>26,901</td><td>32,735</td><td>15,710</td></tr><tr><td>Indiana</td><td>82,311</td><td>75,099</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><td>6,365</td></tr><tr><td>Iowa</td><td>105,397</td><td>77,699</td><td>9,494</td><td>2,541</td><td>2,450</td><td>2,152</td><td>6,221</td><td>8,529</td><td>10,990</td><td>4,742</td><td>5,842</td><td>4,859</td><td>10,538</td><td>9,342</td><td>5,126</td></tr><tr><td>Kansas</td><td>44,903</td><td>42,994</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>5,954</td><td>3,077</td><td>2,988</td><td>1,740</td><td>6,088</td><td>6,338</td><td>1,897</td></tr><tr><td>Kentucky</td><td>47,442</td><td>38,586</td><td>4,169</td><td>1,350</td><td>1,406</td><td>1,123</td><td>3,459</td><td>2,905</td><td>6,411</td><td>2,515</td><td>1,709</td><td>2,894</td><td>4,970</td><td>5,671</td><td>2,219</td></tr><tr><td>Louisiana</td><td>38,952</td><td>32,211</td><td>4,186</td><td>1,286</td><td>1,190</td><td>1,098</td><td>2,341</td><td>3,381</td><td>5,959</td><td>2,148</td><td>1,847</td><td>1,163</td><td>3,910</td><td>3,952</td><td>3,303</td></tr><tr><td>Me.</td><td>20,591</td><td>19,707</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>2,140</td><td>2,880</td></tr><tr><td>Maryland</td><td>52,493</td><td>44,175</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>4,611</td><td>6,262</td><td>3,272</td></tr><tr><td>Massachusetts</td><td>147,625</td><td>139,269</td><td>15,469</td><td>3,560</td><td>4,153</td><td>4,484</td><td>8,262</td><td>9,538</td><td>27,034</td><td>14,679</td><td>9,088</td><td>9,208</td><td>15,480</td><td>18,313</td><td>12,646</td></tr><tr><td>Michigan</td><td>104,768</td><td>93,732</td><td>12,124</td><td>2,732</td><td>3,170</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>14,157</td><td>9,369</td></tr><tr><td>Minnesota</td><td>69,836</td><td>58,715</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><td>4,972</td></tr><tr><td>Mississippi</td><td>22,296</td><td>16,900</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>1,669</td><td>841</td></tr><tr><td>Missouri</td><td>91,689</td><td>79,442</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><td>5,463</td></tr><tr><td>Montana</td><td>13,550</td><td>11,377</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>600</td><td>1,597</td><td>1,590</td><td>878</td></tr><tr><td>Nebraska</td><td>39,139</td><td>35,329</td><td>4,964</td><td>1,133</td><td>1,220</td><td>875</td><td>1,823</td><td>3,376</td><td>6,088</td><td>1,401</td><td>2,550</td><td>2,136</td><td>4,004</td><td>5,759</td><td>2,274</td></tr><tr><td>Nevada</td><td>3,630</td><td>3,202</td><td>694</td><td>57</td><td>158</td><td>44</td><td>161</td><td>535</td><td>426</td><td>118</td><td>177</td><td>175</td><td>243</td><td>414</td><td>270</td></tr><tr><td>New Hampshire</td><td>14,563</td><td>13,593</td><td>1,796</td><td>613</td><td>458</td><td>509</td><td>868</td><td>632</td><td>2,962</td><td>1,610</td><td>1,003</td><td>643</td><td>1,155</td><td>1,744</td><td>1,157</td></tr><tr><td>New Jersey</td><td>106,839</td><td>91,275</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>4,521</td><td>4,733</td><td>10,100</td><td>12,162</td><td>7,039</td></tr><tr><td>New Mexico</td><td>6,503</td><td>4,906</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><td>287</td></tr><tr><td>New York</td><td>472,310</td><td>426,182</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><td>32,896</td></tr><tr><td>North Carolina</td><td>42,263</td><td>37,052</td><td>4,991</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><td>2,019</td></tr><tr><td>North Dakota</td><td>14,918</td><td>13,762</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><td>1,328</td></tr><tr><td>Ohio</td><td>194,155</td><td>166,210</td><td>21,893</td><td>7,430</td><td>5,710</td><td>4,669</td><td>11,885</td><td>14,905</td><td>29,605</td><td>11,119</td><td>8,923</td><td>8,211</td><td>20,120</td><td>21,739</td><td>16,591</td></tr><tr><td>Oklahoma</td><td>26,042</td><td>21,311</td><td>3,410</td><td>680</td><td>789</td><td>499</td><td>1,445</td><td>2,287</td><td>3,971</td><td>1,369</td><td>1,090</td><td>702</td><td>2,057</td><td>2,999</td><td>1,834</td></tr><tr><td>Oregon</td><td>29,326</td><td>24,598</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><td>2,781</td></tr><tr><td>Pennsylvania</td><td>251,120</td><td>222,925</td><td>28,482</td><td>7,060</td><td>7,733</td><td>6,591</td><td>16,680</td><td>22,398</td><td>35,133</td><td>12,971</td><td>12,245</td><td>12,528</td><td>29,852</td><td>31,252</td><td>16,352</td></tr><tr><td>Rhode Island</td><td>20,628</td><td>17,440</td><td>2,181</td><td>771</td><td>613</td><td>665</td><td>1,345</td><td>1,155</td><td>2,999</td><td>1,486</td><td>1,276</td><td>919</td><td>1,952</td><td>2,113</td><td>2,503</td></tr><tr><td>South Carolina</td><td>21,988</td><td>17,422</td><td>2,498</td><td>580</td><td>632</td><td>501</td><td>1,570</td><td>830</td><td>3,436</td><td>1,435</td><td>1,085</td><td>570</td><td>2,063</td><td>1,822</td><td>1,000</td></tr><tr><td>South Dakota</td><td>13,222</td><td>9,947</td><td>1,666</td><td>255</td><td>331</td><td>301</td><td>836</td><td>1,250</td><td>1,481</td><td>418</td><td>180</td><td>578</td><td>1,044</td><td>1,408</td><td>747</td></tr><tr><td>Tennessee</td><td>39,186</td><td>32,131</td><td>5,243</td><td>1,125</td><td>1,067</td><td>906</td><td>2,269</td><td>2,653</td><td>6,401</td><td>1,735</td><td>1,473</td><td>1,454</td><td>3,540</td><td>1,204</td><td>2,204</td></tr><tr><td>Texas</td><td>117,537</td><td>86,632</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>12,894</td><td>5,765</td></tr><tr><td>Utah</td><td>8,393</td><td>6,505</td><td>666</td><td>191</td><td>213</td><td>276</td><td>679</td><td>425</td><td>1,185</td><td>510</td><td>155</td><td>223</td><td>1,199</td><td>825</td><td>324</td></tr><tr><td>Vermont</td><td>8,026</td><td>7,600</td><td>1,072</td><td>241</td><td>231</td><td>361</td><td>428</td><td>674</td><td>1,526</td><td>555</td><td>421</td><td>316</td><td>1,102</td><td>994</td><td>829</td></tr><tr><td>Virginia</td><td>51,359</td><td>42,701</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><td>2,405</td></tr><tr><td>Washington</td><td>56,253</td><td>46,955</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>5,347</td><td>6,409</td><td>4,473</td></tr><tr><td>West Virginia</td><td>19,552</td><td>15,213</td><td>2,063</td><td>405</td><td>658</td><td>654</td><td>1,435</td><td>1,418</td><td>2,801</td><td>825</td><td>555</td><td>649</td><td>1,739</td><td>1,911</td><td>1,386</td></tr><tr><td>Wisconsin</td><td>93,132</td><td>87,725</td><td>11,545</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>4,590</td><td>5,169</td><td>9,788</td><td>13,616</td><td>5,654</td></tr><tr><td>Wyoming</td><td>6,032</td><td>5,380</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>437</td><td>188</td><td>426</td><td>856</td><td>348</td></tr><tr><td>Aleke</td><td>1,316</td><td>1,209</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><td>263</td></tr><tr><td>Canal Zone</td><td>1,825</td><td>1,038</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>154</td><td>110</td><td>142</td></tr><tr><td>Dist. of Haiti</td><td>10,522</td><td>9,800</td><td>1,555</td><td>299</td><td>324</td><td>207</td><td>79</td><td>1,344</td><td>946</td><td>564</td><td>675</td><
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reports of gross sales.
Preliminary. Less than $500.
September 1945
43
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Maturities and Redemptions of Series A-D and E Combined, Classified by States
(In thousands of dollars at current redemption values)
<table><tr><th>State</th><th colspan="3">1944</th><th colspan="7">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><th>July 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><td>5,423</td></tr><tr><td>Arizona</td><td>1,757</td><td>1,547</td><td>1,441</td><td>1,615</td><td>1,597</td><td>1,836</td><td>1,643</td><td>1,691</td><td>1,581</td><td>1,603</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>2,664</td><td>2,555</td><td>2,742</td></tr><tr><td>California</td><td>35,253</td><td>34,851</td><td>31,467</td><td>33,345</td><td>31,610</td><td>39,044</td><td>34,919</td><td>35,329</td><td>34,671</td><td>36,169</td></tr><tr><td>Colorado</td><td>2,673</td><td>2,834</td><td>2,611</td><td>2,653</td><td>2,073</td><td>2,766</td><td>2,894</td><td>3,033</td><td>2,783</td><td>2,990</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>6,053</td><td>6,183</td><td>6,258</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><td>836</td></tr><tr><td>District of Columbia</td><td>3,918</td><td>3,986</td><td>4,329</td><td>3,639</td><td>3,525</td><td>5,004</td><td>3,815</td><td>4,300</td><td>4,331</td><td>4,050</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><td>5,698</td></tr><tr><td>Georgia</td><td>4,526</td><td>5,008</td><td>4,540</td><td>4,713</td><td>4,733</td><td>6,000</td><td>4,980</td><td>5,406</td><td>4,807</td><td>5,189</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><td>978</td></tr><tr><td>Illinois</td><td>28,833</td><td>28,233</td><td>28,285</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><td>30,200</td></tr><tr><td>Indiana</td><td>16,618</td><td>13,381</td><td>11,104</td><td>10,756</td><td>10,252</td><td>14,031</td><td>13,091</td><td>13,555</td><td>12,712</td><td>13,327</td></tr><tr><td>Iowa</td><td>7,366</td><td>5,217</td><td>5,124</td><td>4,997</td><td>6,241</td><td>8,088</td><td>5,843</td><td>5,865</td><td>6,038</td><td>5,926</td></tr><tr><td>Kansas</td><td>3,755</td><td>3,485</td><td>3,067</td><td>3,525</td><td>2,998</td><td>4,597</td><td>4,786</td><td>4,492</td><td>4,184</td><td>4,248</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><td>4,887</td></tr><tr><td>Louisiana</td><td>4,136</td><td>4,019</td><td>4,156</td><td>4,136</td><td>4,034</td><td>5,183</td><td>4,762</td><td>4,999</td><td>4,707</td><td>4,940</td></tr><tr><td>Malice</td><td>1,553</td><td>1,394</td><td>1,352</td><td>1,212</td><td>1,045</td><td>1,587</td><td>1,522</td><td>1,650</td><td>1,509</td><td>1,530</td></tr><tr><td>Maryland</td><td>3,961</td><td>4,657</td><td>4,564</td><td>3,816</td><td>3,676</td><td>5,456</td><td>5,293</td><td>5,059</td><td>4,958</td><td>5,145</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><td>11,320</td></tr><tr><td>Michigan</td><td>25,410</td><td>29,182</td><td>23,640</td><td>24,541</td><td>21,397</td><td>27,373</td><td>29,417</td><td>25,748</td><td>28,377</td><td>30,600</td></tr><tr><td>Minnesota</td><td>7,660</td><td>7,204</td><td>5,935</td><td>5,847</td><td>5,528</td><td>8,367</td><td>7,808</td><td>7,218</td><td>7,411</td><td>7,357</td></tr><tr><td>Mississippi</td><td>1,784</td><td>1,705</td><td>1,971</td><td>1,825</td><td>1,740</td><td>2,331</td><td>2,355</td><td>2,218</td><td>2,028</td><td>2,239</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>11,854</td><td>10,774</td><td>11,181</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><td>1,137</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><td>2,977</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><td>542</td></tr><tr><td>New Hampshire</td><td>811</td><td>903</td><td>893</td><td>737</td><td>601</td><td>938</td><td>959</td><td>980</td><td>927</td><td>905</td></tr><tr><td>New Jersey</td><td>12,749</td><td>12,553</td><td>11,912</td><td>10,075</td><td>9,904</td><td>14,834</td><td>12,859</td><td>12,909</td><td>13,973</td><td>13,057</td></tr><tr><td>New Mexico</td><td>674</td><td>782</td><td>853</td><td>815</td><td>738</td><td>1,049</td><td>947</td><td>891</td><td>898</td><td>946</td></tr><tr><td>New York</td><td>36,752</td><td>31,841</td><td>28,720</td><td>25,690</td><td>28,941</td><td>38,195</td><td>34,761</td><td>36,918</td><td>34,785</td><td>35,889</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>4,645</td><td>4,967</td></tr><tr><td>North Dakota</td><td>682</td><td>722</td><td>597</td><td>692</td><td>697</td><td>901</td><td>999</td><td>965</td><td>936</td><td>1,038</td></tr><tr><td>Ohio</td><td>28,694</td><td>26,036</td><td>22,492</td><td>19,915</td><td>21,049</td><td>29,922</td><td>26,529</td><td>26,391</td><td>26,357</td><td>27,951</td></tr><tr><td>Oklahoma</td><td>4,405</td><td>4,164</td><td>3,840</td><td>3,952</td><td>3,768</td><td>5,092</td><td>4,739</td><td>4,477</td><td>4,574</td><td>4,546</td></tr><tr><td>Oregon</td><td>5,483</td><td>5,244</td><td>4,590</td><td>4,908</td><td>4,826</td><td>6,247</td><td>5,057</td><td>5,535</td><td>5,305</td><td>6,189</td></tr><tr><td>Pennsylvania</td><td>27,856</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>30,883</td><td>30,023</td><td>29,397</td></tr><tr><td>Rhode Island</td><td>2,057</td><td>1,996</td><td>2,074</td><td>1,715</td><td>1,656</td><td>2,478</td><td>2,100</td><td>2,216</td><td>2,156</td><td>2,260</td></tr><tr><td>South Carolina</td><td>2,140</td><td>2,117</td><td>2,312</td><td>2,037</td><td>1,981</td><td>2,800</td><td>2,328</td><td>2,428</td><td>2,433</td><td>2,516</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><td>961</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><td>5,274</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><td>16,210</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><td>1,571</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><td>474</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>6,803</td><td>6,843</td><td>6,831</td></tr><tr><td>Washington</td><td>7,797</td><td>7,314</td><td>6,383</td><td>7,108</td><td>6,821</td><td>8,790</td><td>7,570</td><td>7,579</td><td>7,347</td><td>8,145</td></tr><tr><td>West Virginia</td><td>3,598</td><td>3,506</td><td>2,925</td><td>2,778</td><td>2,359</td><td>3,571</td><td>3,589</td><td>3,487</td><td>3,464</td><td>3,500</td></tr><tr><td>Wisconsin</td><td>9,164</td><td>6,938</td><td>6,260</td><td>6,234</td><td>6,100</td><td>8,836</td><td>7,379</td><td>7,170</td><td>7,699</td><td>7,351</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><td>625</td></tr><tr><td>Aleutia</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><td>255</td></tr><tr><td>Canal Zone</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hawaii</td><td>422</td><td>2,640</td><td>1,584</td><td>2,120</td><td>1,453</td><td>1,826</td><td>1,809</td><td>1,376</td><td>1,161</td><td>1,974</td></tr><tr><td>Fuerto 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><td>304</td></tr><tr><td>Virgin Islands</td><td>4</td><td>-</td><td>12</td><td>13</td><td>12</td><td>11</td><td>34</td><td>15</td><td>9</td><td>15</td></tr><tr><td>Other possessions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unallocated</td><td>63</td><td>45</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,872</td><td>-8,903</td><td>+9,955</td><td>-3,367</td><td>-11,252</td><td>+6,801</td><td>-4,448</td><td>+13,896</td><td>-7,008</td><td>+3,779</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><td>397,683</td></tr></table>
Source: (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 data by States inasmuch as bonds which have been purchased in one State may have been redeemed in another. Moreover, the figures shown in this table are based on
current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. 2/ Includes Series A bonds which have matured and which have been retired.
44
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="4">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>510</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>10.5%</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/ Estimates based on reports from a large number of participating organisations.
2/ Consists of participants in (1) private employment, (2) Federal, State, and local government employment (including their agencies), and (3) the armed forces.
Sales and Redemptions of Treasury Savings Notes
Table 1.- Summary of Sales and Redemptions, by Series
(Par values - in millions of dollars)
<table><tr><th>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">Redeemptions 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></table>
All series
<table><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>1946-July</td><td>10,022.5</td><td>+110.5</td><td>665.5</td><td>225.0</td><td>187.8</td><td>37.2</td><td>....</td></tr><tr><td>August</td><td>10,050.8</td><td>+28.4</td><td>201.4</td><td>173.1</td><td>149.6</td><td>23.4</td><td>....</td></tr><tr><td>September</td><td>9,140.3</td><td>-910.5</td><td>281.7</td><td>1,192.2</td><td>1,168.6</td><td>23.6</td><td>....</td></tr><tr><td>October</td><td>9,090.6</td><td>-49.7</td><td>180.7</td><td>230.4</td><td>200.6</td><td>29.8</td><td>....</td></tr><tr><td>November</td><td>10,005.2</td><td>+914.6</td><td>1,081.7</td><td>167.1</td><td>124.8</td><td>42.3</td><td>....</td></tr><tr><td>December</td><td>9,855.0</td><td>-150.2</td><td>1,283.8</td><td>1,434.0</td><td>1,270.7</td><td>163.3</td><td>....</td></tr><tr><td>1945-January</td><td>9,875.3</td><td>+20.4</td><td>257.7</td><td>237.3</td><td>183.7</td><td>53.7</td><td>....</td></tr><tr><td>February</td><td>9,937.7</td><td>+62.3</td><td>212.4</td><td>150.1</td><td>129.4</td><td>20.6</td><td>....</td></tr><tr><td>March</td><td>8,955.9</td><td>-981.7</td><td>233.1</td><td>1,214.8</td><td>1,187.7</td><td>27.0</td><td>....</td></tr><tr><td>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>+920.3</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>1,113.9</td><td>1,009.2</td><td>954.0</td><td>55.2</td><td>....</td></tr><tr><td>July</td><td>10,124.0</td><td>-17.5</td><td>307.4</td><td>324.9</td><td>288.2</td><td>36.7</td><td>....</td></tr></table>
Series A 3/
<table><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>-134.6</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-July</td><td>110.4</td><td>-1.7</td><td>.....</td><td>1.7</td><td>1.3</td><td>.4</td><td>.....</td></tr><tr><td>August</td><td>109.6</td><td>-.8</td><td>.....</td><td>.8</td><td>.4</td><td>.3</td><td>.....</td></tr><tr><td>September</td><td>102.9</td><td>-6.7</td><td>.....</td><td>6.7</td><td>6.2</td><td>.5</td><td>.....</td></tr><tr><td>October</td><td>101.4</td><td>-1.5</td><td>.....</td><td>1.5</td><td>1.2</td><td>.3</td><td>.....</td></tr><tr><td>November</td><td>100.6</td><td>-.8</td><td>.....</td><td>.8</td><td>.4</td><td>.3</td><td>.....</td></tr><tr><td>December</td><td>96.9</td><td>-3.7</td><td>.....</td><td>3.7</td><td>3.2</td><td>.6</td><td>.....</td></tr><tr><td>1945-January</td><td>90.0</td><td>-6.9</td><td>.....</td><td>6.9</td><td>6.2</td><td>.7</td><td>.....</td></tr><tr><td>February</td><td>88.2</td><td>-1.9</td><td>.....</td><td>1.9</td><td>1.5</td><td>.4</td><td>.....</td></tr><tr><td>March</td><td>80.0</td><td>-8.1</td><td>.....</td><td>8.1</td><td>7.5</td><td>.6</td><td>.....</td></tr><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><tr><td>July</td><td>68.2</td><td>-1.4</td><td>.....</td><td>1.4</td><td>1.1</td><td>.3</td><td>.....</td></tr></table>
(Continued on following page)
September 1945
45
Sales and Redemptions of Treasury Savings Notes 1/ - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Par value - in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 2/</th><th rowspan="2">Net change during fiscal year or month</th><th rowspan="2">Sales</th><th colspan="3">Redemptions and exchanges</th></tr><tr><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr></table>
Series B 4/
<table><tr><td>1945</td><td>764.8</td><td>-2,195.0</td><td>871.1</td><td>3,072.1</td><td>2,933.3</td><td>70.5</td><td>68.2</td></tr><tr><td>1946</td><td>22.1</td><td>-742.6</td><td>748.6</td><td>721.2</td><td>21.5</td><td>.....</td><td>.....</td></tr><tr><td>1947</td><td>4.4</td><td>-17.8</td><td>17.8</td><td>16.2</td><td>1.6</td><td>.....</td><td>.....</td></tr><tr><td>1948-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>1949-January</td><td>8.9</td><td>-1.2</td><td>.....</td><td>1.2</td><td>.9</td><td>.3</td><td>.....</td></tr><tr><td>February</td><td>8.6</td><td>-.4</td><td>.....</td><td>.4</td><td>.2</td><td>.1</td><td>.....</td></tr><tr><td>March</td><td>6.1</td><td>-2.5</td><td>.....</td><td>2.5</td><td>2.4</td><td>.1</td><td>.....</td></tr><tr><td>April</td><td>5.3</td><td>-.6</td><td>.....</td><td>.6</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>July</td><td>4.0</td><td>-.4</td><td>.....</td><td>.4</td><td>.3</td><td>.1</td><td>.....</td></tr></table>
Sorteo C 5/
<table><tr><td>1943</td><td>6,464.0</td><td>+6,464.0</td><td>7,546.7</td><td>1,082.7</td><td>1,047.2</td><td>35.6</td><td>....</td></tr><tr><td>1944</td><td>9,447.7</td><td>+2,983.8</td><td>8,953.7</td><td>5,969.9</td><td>5,507.9</td><td>462.0</td><td>....</td></tr><tr><td>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>1946-July</td><td>9,893.0</td><td>+445.2</td><td>665.5</td><td>220.2</td><td>183.6</td><td>36.6</td><td>....</td></tr><tr><td>August</td><td>9,923.4</td><td>+30.4</td><td>201.4</td><td>171.0</td><td>148.1</td><td>22.9</td><td>....</td></tr><tr><td>September</td><td>9,023.8</td><td>-899.6</td><td>281.7</td><td>1,181.3</td><td>1,158.4</td><td>22.9</td><td>....</td></tr><tr><td>October</td><td>8,976.1</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>9,978.0</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>1,283.6</td><td>1,427.9</td><td>1,265.2</td><td>162.7</td><td>....</td></tr><tr><td>1945-January</td><td>9,776.4</td><td>+28.5</td><td>257.7</td><td>229.3</td><td>176.6</td><td>52.6</td><td>....</td></tr><tr><td>February</td><td>9,840.9</td><td>+64.6</td><td>212.4</td><td>147.8</td><td>127.7</td><td>20.1</td><td>....</td></tr><tr><td>March</td><td>8,869.8</td><td>-971.1</td><td>233.1</td><td>1,204.2</td><td>1,177.6</td><td>26.3</td><td>....</td></tr><tr><td>April</td><td>9,033.9</td><td>+164.1</td><td>107.7</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>1,113.5</td><td>1,002.0</td><td>947.6</td><td>54.1</td><td>....</td></tr><tr><td>July</td><td>10,051.8</td><td>-15.7</td><td>307.4</td><td>323.2</td><td>286.7</td><td>36.4</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 on their returns for the corresponding notes. Series A notes were designed for the small and moderate taxpayer; Series B and Series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for Series A tax savings notes disappeared and their sale was discontinued. Redemption provisions of Series A notes were relaxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnote 3). Sale of Series C notes, which were designed for the investment of idle cash reserves as well as for the accumulation of tax reserves, was discontinued and the notes were designated Treasury savings notes. Includes matured Treasury savings notes.
Series A notes, which were sold from August 1, 1931 through June 22, 1943, yield approximately 1.25% per annum. Through June 22, 1943, the notes could be redeemed for cash only at the original purchase price; since that date, the notes have been redeemed for cash at
the tax payment value current at the time of presentation. (See also footnote 1.) Prior to October 4, 1943, the maximum amount which could be used in payment of each class of tax (income, estate, or gift) by each taxpayer during each taxable year was limited to the tax value which would have been levied as of that date. Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately 0.08% per annum. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash only at the original purchase price. Series C notes went on sale September 14, 1942. Interest accrues each month on a graduated scale (see "Treasury Bulletin" for August 1943, page 4) to yield approximately 1.07% per annum if held to maturity. These notes may be used in payment of Federal taxes at any time two months after the date of issue. However, they may be redeemed in one or two installments. The notes may be redeemed for cash six months after the date of issue at the tax payment value current at the time of presentation. Prior to July 27, 1943, notice of 30 days was required for cash redemption. See also footnote 1.
Treasury Bulletin
46
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 par</th><th colspan="8">Percentage distribution of sales</th></tr><tr><th>$100</th><th>$500</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</th><th>$500</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th></tr><tr><td>1943</td><td>7,546.7</td><td></td><td></td><td>249.0</td><td>332.1</td><td>1,388.6</td><td>2,535.7</td><td>1,124.4</td><td>1,916.9</td><td>100.0</td><td></td><td></td><td>3.3</td><td>4.4</td><td>18.4</td><td>33.6</td><td>14.9</td><td>25.4</td></tr><tr><td>1944</td><td>5,953.7</td><td>10.5</td><td>24.2</td><td>598.5</td><td>507.6</td><td>1,858.9</td><td>1,036.9</td><td>1,259.3</td><td>1,206.0</td><td>100.0</td><td>1.1</td><td></td><td>3.4</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>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,189.0</td><td>2,278.3</td><td>827.5</td><td>1,597.5</td><td>100.0</td><td>1.2</td><td></td><td>3.8</td><td>5.9</td><td>23.2</td><td>33.9</td><td>11.8</td><td>22.8</td></tr><tr><td>1944-July</td><td>665.5</td><td>2.7</td><td>5.3</td><td>38.6</td><td>52.6</td><td>159.7</td><td>224.9</td><td>85.9</td><td>95.8</td><td>100.0</td><td>.4</td><td></td><td>.8</td><td>5.8</td><td>7.9</td><td>24.0</td><td>33.8</td><td>12.9</td><td>14.4</td></tr><tr><td>Aug</td><td>201.4</td><td>2.2</td><td>6.6</td><td>5.8</td><td>9.1</td><td>36.7</td><td>62.0</td><td>25.6</td><td>61.2</td><td>100.0</td><td>1.1</td><td></td><td>.3</td><td>2.9</td><td>4.6</td><td>18.2</td><td>30.8</td><td>12.7</td><td>30.4</td></tr><tr><td>Sept</td><td>281.7</td><td>.3</td><td>.6</td><td>5.9</td><td>10.4</td><td>86.5</td><td>76.6</td><td>43.9</td><td>97.5</td><td>100.0</td><td>1.1</td><td></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>130.7</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></td><td>.3</td><td>2.8</td><td>4.4</td><td>17.2</td><td>32.8</td><td>5.2</td><td>37.2</td></tr><tr><td>Nov</td><td>1,081.7</td><td>1.1</td><td>3.2</td><td>33.5</td><td>56.2</td><td>215.3</td><td>385.1</td><td>123.3</td><td>263.9</td><td>100.0</td><td>1.2</td><td></td><td>.3</td><td>3.1</td><td>5.2</td><td>19.9</td><td>35.0</td><td>11.1</td><td>24.4</td></tr><tr><td>Dec</td><td>1,283.8</td><td>2.6</td><td>9.0</td><td>66.7</td><td>104.0</td><td>333.5</td><td>460.9</td><td>134.8</td><td>172.0</td><td>100.0</td><td>.2</td><td></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>.3</td><td>1.3</td><td>8.5</td><td>12.4</td><td>43.4</td><td>77.8</td><td>41.2</td><td>67.5</td><td>100.0</td><td>.3</td><td></td><td>.5</td><td>2.3</td><td>4.8</td><td>18.5</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>61.9</td><td>100.0</td><td>.2</td><td></td><td>.4</td><td>2.7</td><td>4.7</td><td>18.1</td><td>35.5</td><td>8.3</td><td>30.1</td></tr><tr><td>Mar</td><td>233.1</td><td>.5</td><td>.7</td><td>6.1</td><td>8.9</td><td>36.4</td><td>73.9</td><td>24.2</td><td>82.5</td><td>100.0</td><td>.2</td><td></td><td>.3</td><td>2.6</td><td>3.8</td><td>15.6</td><td>31.7</td><td>10.4</td><td>35.4</td></tr><tr><td>Apr</td><td>407.7</td><td>.4</td><td>.8</td><td>7.7</td><td>11.8</td><td>62.0</td><td>123.5</td><td>73.8</td><td>127.6</td><td>100.0</td><td>.1</td><td></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>1,096.5</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>219.0</td><td>100.0</td><td>.2</td><td></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>28.7</td></tr><tr><td>June</td><td>1,113.5</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></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><tr><td>July</td><td>307.4</td><td>.6</td><td>1.2</td><td>10.7</td><td>16.3</td><td>52.6</td><td>93.8</td><td>57.8</td><td>74.4</td><td>100.0</td><td>.2</td><td></td><td>.4</td><td>3.5</td><td>5.3</td><td>17.1</td><td>30.5</td><td>18.8</td><td>24.2</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.
Table 3.- Sales of Series C Notes, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars at par</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td>1943</td><td>7,546.7</td><td>611.3</td><td>6,935.4</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>1944</td><td>8,953.7</td><td>654.5</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1945</td><td>7,015.8</td><td>434.7</td><td>6,581.3</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>1944-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><tr><td>July</td><td>307.4</td><td>23.0</td><td>284.4</td><td>100.0</td><td>7.5</td><td>92.5</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by type of purchaser: sales reported to the Treasury. 1/ Information on sales, by type of purchaser, of Series A and B tax
eavings notes may be found in the "Treasury Bulletin" for July 1943, page 47.
September 1945
47
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1942 (July 1941 - June 1942)</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>3/ 127,948</td><td>3/ 18,468 4/</td><td>100.0</td><td>3/ 87.4</td><td>3/ 12.6 4/</td></tr><tr><td>1943</td><td>213,350</td><td>+45,620 5/5/</td><td>590,268</td><td>544,047</td><td>474,158</td><td>70,480 4/</td><td>100.0</td><td>87.1</td><td>12.9 4/</td></tr><tr><td>1944</td><td>196,518</td><td>-15,832</td><td>408,930</td><td>425,762</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1945</td><td>171,598</td><td>-18,920</td><td>268,411</td><td>287,331</td><td>231,593</td><td>55,738</td><td>100.0</td><td>80.6</td><td>19.4</td></tr><tr><td>1946-July</td><td>180,399</td><td>-16,119</td><td>16,566</td><td>32,685</td><td>27,553</td><td>5,132</td><td>100.0</td><td>84.3</td><td>15.7</td></tr><tr><td>August</td><td>167,425</td><td>-12,974</td><td>23,138</td><td>36,112</td><td>27,996</td><td>8,116</td><td>100.0</td><td>77.5</td><td>22.5</td></tr><tr><td>September</td><td>168,253</td><td>+828</td><td>18,896</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>13,616</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>23,945</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>+1,154</td><td>21,088</td><td>19,924</td><td>16,321</td><td>3,603</td><td>100.0</td><td>81.9</td><td>18.1</td></tr><tr><td>February</td><td>185,710</td><td>+4,018</td><td>20,731</td><td>16,714</td><td>13,421</td><td>3,293</td><td>100.0</td><td>80.1</td><td>19.7</td></tr><tr><td>March</td><td>189,409</td><td>+2,699</td><td>28,254</td><td>25,555</td><td>20,140</td><td>5,414</td><td>100.0</td><td>78.8</td><td>21.2</td></tr><tr><td>April</td><td>188,743</td><td>-666</td><td>24,784</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>171,598</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><tr><td>July</td><td>155,914</td><td>-21,685</td><td>16,406</td><td>38,091</td><td>29,653</td><td>8,438</td><td>100.0</td><td>77.8</td><td>22.2</td></tr></table>
Sources: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples conducted by the Post Office Department.
3/ Details not available for May, June, and July 1941.
4/ Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousands for the period August 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 Savings System to the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
<table><tr><th>Piecals year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th></th><th>Total all denominations</th><th colspan="5">Denomination</th><th>Total all denominations</th><th colspan="5">Denomination</th></tr><tr><th></th><th></th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th></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>126,327</td><td>313,691</td><td>52,508</td><td>71,593</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</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>1946-July</td><td>16,566</td><td>3,731</td><td>8,370</td><td>1,464</td><td>2,298</td><td>702</td><td>100.0</td><td>22.5</td><td>50.5</td><td>8.8</td><td>13.9</td><td>4.3</td></tr><tr><td>August</td><td>23,138</td><td>3,600</td><td>12,405</td><td>2,293</td><td>3,658</td><td>1,182</td><td>100.0</td><td>15.6</td><td>53.6</td><td>9.9</td><td>15.8</td><td>5.1</td></tr><tr><td>September</td><td>18,898</td><td>3,909</td><td>9,990</td><td>1,658</td><td>2,563</td><td>779</td><td>100.0</td><td>20.7</td><td>52.8</td><td>8.8</td><td>13.6</td><td>4.1</td></tr><tr><td>October</td><td>24,579</td><td>6,636</td><td>12,516</td><td>1,892</td><td>2,786</td><td>848</td><td>100.0</td><td>26.9</td><td>50.7</td><td>7.7</td><td>11.3</td><td>3.4</td></tr><tr><td>November</td><td>23,946</td><td>6,928</td><td>11,561</td><td>1,813</td><td>2,761</td><td>853</td><td>100.0</td><td>28.9</td><td>48.4</td><td>7.6</td><td>11.5</td><td>3.6</td></tr><tr><td>December</td><td>21,163</td><td>5,586</td><td>10,642</td><td>1,412</td><td>2,469</td><td>1,054</td><td>100.0</td><td>25.4</td><td>50.3</td><td>6.7</td><td>11.6</td><td>5.0</td></tr><tr><td>1945-January</td><td>21,088</td><td>6,328</td><td>10,604</td><td>1,435</td><td>2,103</td><td>618</td><td>100.0</td><td>30.0</td><td>50.3</td><td>6.8</td><td>10.0</td><td>2.9</td></tr><tr><td>February</td><td>20,731</td><td>5,857</td><td>10,155</td><td>1,463</td><td>2,288</td><td>957</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>13,951</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>3,891</td><td>9,832</td><td>1,665</td><td>2,720</td><td>951</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><tr><td>July</td><td>16,406</td><td>2,521</td><td>8,809</td><td>1,591</td><td>2,659</td><td>825</td><td>100.0</td><td>15.4</td><td>53.7</td><td>9.7</td><td>16.2</td><td>5.0</td></tr></table>
Sources: (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.
48
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
September 1945
49
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued
by United States Government and Guaranteed by United States
(in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Securities issued by United States Government<br>Distribution by classes of holders</th><th colspan="6">Securities guaranteed by United States 1/<br>Distribution by classes of holders</th></tr><tr><th>Total amount outstanding</th><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th>Private investors 2/</th><th>Total amount unamatured outstanding</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve banks</th><th>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></tr><tr><td>1936........</td><td>32,989</td><td>1,959</td><td>1,332</td><td>*</td><td>626</td><td>2,430</td><td>28,601</td><td>27,140</td><td>1,251</td><td>4,718</td><td>377</td><td>4,341</td></tr><tr><td>1937........</td><td>35,800</td><td>1,251</td><td>1,693</td><td>*</td><td>1,588</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></tr><tr><td>1938........</td><td>36,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,676</td><td>2,594</td><td>29,945</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>4,528</td></tr><tr><td>1939........</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,170</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>5,194</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></tr><tr><td>1941........</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>6,085</td></tr><tr><td>1942........</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>4,262</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>84,984</td><td>29,193</td><td>4,092</td><td>170</td><td>3,738</td></tr><tr><td>1944........</td><td>193,543</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>176</td><td>1,186</td></tr><tr><td>1945........</td><td>250,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,732</td><td>209,830</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>28</td></tr><tr><td>1944-July......</td><td>207,117</td><td>19,586</td><td>4,615</td><td>10</td><td>14,961</td><td>14,312</td><td>172,619</td><td>125,332</td><td>47,227</td><td>1,468</td><td>4</td><td>1,187</td></tr><tr><td>Aug............</td><td>208,289</td><td>20,079</td><td>4,608</td><td>10</td><td>15,461</td><td>15,803</td><td>172,407</td><td>124,803</td><td>47,504</td><td>1,475</td><td>4</td><td>1,187</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></tr><tr><td>Oct............</td><td>208,608</td><td>20,784</td><td>4,605</td><td>10</td><td>16,170</td><td>17,645</td><td>170,179</td><td>122,759</td><td>47,420</td><td>1,480</td><td>4</td><td>1,189</td></tr><tr><td>Nov............</td><td>210,774</td><td>21,185</td><td>4,592</td><td>10</td><td>16,583</td><td>16,386</td><td>171,204</td><td>122,205</td><td>48,998</td><td>1,470</td><td>4</td><td>1,189</td></tr><tr><td>Dec............</td><td>228,891</td><td>21,672</td><td>5,337</td><td>10</td><td>16,325</td><td>18,844</td><td>188,375</td><td>137,468</td><td>50,907</td><td>1,470</td><td>4</td><td>1,190</td></tr><tr><td>1945-Jan........</td><td>230,672</td><td>21,955</td><td>5,256</td><td>11</td><td>16,688</td><td>19,008</td><td>189,713</td><td>138,002</td><td>51,712</td><td>1,496</td><td>6</td><td>1,191</td></tr><tr><td>Feb............</td><td>231,854</td><td>22,391</td><td>5,245</td><td>16</td><td>17,130</td><td>19,439</td><td>190,024</td><td>137,595</td><td>52,329</td><td>1,114</td><td>6</td><td>780</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></tr><tr><td>Apr............</td><td>233,063</td><td>23,180</td><td>5,240</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></tr><tr><td>May............</td><td>235,761</td><td>23,604</td><td>5,195</td><td>16</td><td>18,592</td><td>20,954</td><td>191,004</td><td>136,503</td><td>54,501</td><td>1,151</td><td>6</td><td>783</td></tr><tr><td>June...........</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,732</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>28</td></tr><tr><td>July...........</td><td>259,781</td><td>25,661p</td><td>6,081 p</td><td>22p</td><td>19,558</td><td>21,717</td><td>212,403p</td><td>155,282p</td><td>57,121p</td><td>484</td><td>6p</td><td>28p</td></tr></table>
(1) Total amounts outstanding: Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds; reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks: Federal Reserve System. p Preliminary. * Less than $500,000. 1/ Excludes matured securities, and obligations held by the Treasury. 2/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
50
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding</th><th colspan="3">Held by banks</th><th colspan="7">Sold by non-bank investors</th></tr><tr><th></th><th>$</th><th>Total</th><th>Commercial banks</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations</th><th>State and local governments</th><th>U.S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.8</td><td>12.2</td></tr><tr><td>1943-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-May</td><td>186.4</td><td>77.5</td><td>63.2</td><td>14.3</td><td>108.9</td><td>42.5</td><td>16.5</td><td>6.7</td><td>22.3</td><td>2.6</td><td>18.4</td></tr><tr><td>June</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.2</td><td>19.1</td></tr><tr><td>July</td><td>208.6</td><td>86.9</td><td>72.0</td><td>14.9</td><td>121.7</td><td>47.3</td><td>17.9</td><td>7.5</td><td>25.9</td><td>3.5</td><td>19.6</td></tr><tr><td>August</td><td>209.8</td><td>87.4</td><td>71.6</td><td>15.8</td><td>122.4</td><td>47.5</td><td>18.1</td><td>7.5</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>22.3</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>238.2</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><tr><td>May</td><td>236.9</td><td>98.5</td><td>77.6</td><td>21.0</td><td>138.3</td><td>54.7</td><td>20.1</td><td>8.7</td><td>26.7</td><td>4.3</td><td>23.8</td></tr></table>
Back Figures: For monthly data for the period January 1943 through April
1/ 1944, see "Treasury Bulletin" for June 1945, page 47.
2/ United States savings bonds, Series A-D, E, and F are included at current redemption values.
3/ 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 possess-
4/ Includes securities held in trust departments.
5/ Includes partnerships, personal trust accounts, and unincorporated business.
6/ Includes dealers and brokers and investments of foreign balances in this country.
7/ Includes their agencies and their trust, sinking, and investment funds, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(In millions of dollars)
<table><tr><th></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>21.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td></td><td></td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td></td><td>-7</td><td>-2</td><td>.4</td><td></td><td></td><td></td><td>-2</td><td></td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>.3</td><td></td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td></td><td></td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td></td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.9</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>-95.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
September 1945
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1945
Section I - Securities Issued or Guaranteed by the United States Government
The tables in Section I present summary data as of June 30, 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="4">Bank 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>7,403 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>117 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>181,353</td><td>77,095</td><td>389</td><td>9,382</td><td>20,930</td><td>18,353</td><td>2,571</td><td>27,904</td><td>45,652</td></tr><tr><td>Non-marketable securities</td><td>56,601</td><td>1,480</td><td>9</td><td>197</td><td>278</td><td>102</td><td>176</td><td>16</td><td>54,621</td></tr><tr><td>Total public securities</td><td>237,954</td><td>78,575</td><td>398</td><td>9,580</td><td>21,208</td><td>18,455</td><td>2,753</td><td>27,920</td><td>100,273</td></tr><tr><td>Special issues</td><td>18,612</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18,612</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 4/</td><td>256,766</td><td>78,575</td><td>398</td><td>9,580</td><td>21,208</td><td>18,455</td><td>2,753</td><td>46,732</td><td>100,273</td></tr></table>
1/ Securities held in trust departments are excluded.
2/ Include 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 to this section.
4/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banke 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banke</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,403 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 colspan="10">Par values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,041</td><td>2,798</td><td>*</td><td>1</td><td>1</td><td>196</td><td>*</td><td>12,965</td><td>1,273</td></tr><tr><td>Certificate of indebtedness</td><td>34,136</td><td>16,758</td><td>31</td><td>92</td><td>420</td><td>196</td><td>223</td><td>6,079</td><td>10,756</td></tr><tr><td>Treasury notes</td><td>23,497</td><td>16,037</td><td>39</td><td>242</td><td>501</td><td>405</td><td>196</td><td>1,737</td><td>4,841</td></tr><tr><td>Treasury bonds</td><td>106,446</td><td>41,476</td><td>319</td><td>9,045</td><td>19,892</td><td>17,735</td><td>2,157</td><td>7,081</td><td>28,636</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>16</td><td>*</td><td>1</td><td>1</td><td>*</td><td>1</td><td>35</td><td>143</td></tr><tr><td>Guaranteed by United States 1/</td><td>34</td><td>10</td><td>*</td><td>2</td><td>13</td><td>12</td><td>1</td><td>6</td><td>3</td></tr><tr><td>Total</td><td>181,353</td><td>77,095</td><td>389</td><td>9,382</td><td>20,930</td><td>18,353</td><td>2,577</td><td>27,904</td><td>45,652</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>60,046</td><td>25,231</td><td>37</td><td>142</td><td>736</td><td>414</td><td>322</td><td>20,143</td><td>14,237</td></tr><tr><td>1 to 5 years</td><td>24,801</td><td>24,327</td><td>60</td><td>692</td><td>1,540</td><td>1,054</td><td>186</td><td>1,878</td><td>6,304</td></tr><tr><td>5 to 10 years</td><td>11,516</td><td>23,357</td><td>127</td><td>3,141</td><td>3,784</td><td>2,904</td><td>880</td><td>1,196</td><td>9,900</td></tr><tr><td>10 to 15 years</td><td>11,679</td><td>1,872</td><td>78</td><td>2,394</td><td>2,078</td><td>1,595</td><td>483</td><td>534</td><td>4,725</td></tr><tr><td>15 to 20 years</td><td>19,281</td><td>997</td><td>56</td><td>1,931</td><td>8,428</td><td>8,129</td><td>300</td><td>2,389</td><td>5,481</td></tr><tr><td>Over 20 years</td><td>13,396</td><td>1,231</td><td>33</td><td>1,019</td><td>4,351</td><td>4,206</td><td>106</td><td>1,818</td><td>4,943</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>34</td><td>10</td><td>*</td><td>2</td><td>13</td><td>12</td><td>1</td><td>6</td><td>3</td></tr><tr><td>Total</td><td>181,353</td><td>77,095</td><td>389</td><td>9,382</td><td>20,930</td><td>18,353</td><td>2,577</td><td>27,904</td><td>45,652</td></tr><tr><td>Tax status 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>196</td><td>16</td><td>*</td><td>1</td><td>1</td><td>*</td><td>1</td><td>35</td><td>143</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>22,180</td><td>11,847</td><td>102</td><td>202</td><td>1,412</td><td>547</td><td>865</td><td>2,156</td><td>4,468</td></tr><tr><td>Subject to Federal income taxes</td><td>158,976</td><td>63,236</td><td>287</td><td>9,180</td><td>19,518</td><td>17,806</td><td>1,712</td><td>25,712</td><td>41,043</td></tr><tr><td>Total</td><td>181,353</td><td>77,095</td><td>389</td><td>9,382</td><td>20,930</td><td>18,353</td><td>2,577</td><td>27,904</td><td>45,652</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, June 30, 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 STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount 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>7,403 commercial banks 2/</th><th>3/4 stock savings banks</th><th>5/1 mutual savings banks</th><th>Total</th><th>3/7 life insurance companies</th><th>6/5 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><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>9.4</td><td>3.6</td><td>*</td><td>*</td><td>*</td><td>*</td><td>46.5</td><td>2.8</td><td></td></tr><tr><td>Certificates of indebtedness</td><td>18.8</td><td>21.7</td><td>7.9</td><td>1.0</td><td>2.0</td><td>1.1</td><td>27.8</td><td>23.6</td><td></td></tr><tr><td>Treasury notes</td><td>13.0</td><td>20.8</td><td>10.1</td><td>2.6</td><td>2.9</td><td>2.2</td><td>6.2</td><td>10.6</td><td></td></tr><tr><td>Treasury bonds</td><td>58.7</td><td>53.8</td><td>82.0</td><td>96.4</td><td>95.0</td><td>96.6</td><td>83.7</td><td>25.4</td><td>62.7</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>.3</td><td></td></tr><tr><td>Guaranteed by United States</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></td></tr><tr><th>Call classes:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>33.4</td><td>32.8</td><td>9.4</td><td>1.5</td><td>3.5</td><td>2.3</td><td>12.5</td><td>72.2</td><td>31.3</td></tr><tr><td>1 to 5 years</td><td>15.2</td><td>11.6</td><td>15.3</td><td>7.4</td><td>7.4</td><td>5.7</td><td>18.9</td><td>6.7</td><td>15.8</td></tr><tr><td>5 to 10 years</td><td>22.9</td><td>30.3</td><td>32.7</td><td>33.5</td><td>18.1</td><td>15.8</td><td>38.2</td><td>4.3</td><td>23.7</td></tr><tr><td>10 to 15 years</td><td>6.4</td><td>2.4</td><td>20.0</td><td>25.5</td><td>9.9</td><td>8.7</td><td>18.7</td><td>1.9</td><td>10.3</td></tr><tr><td>15 to 20 years</td><td>10.6</td><td>1.3</td><td>11.3</td><td>21.2</td><td>40.3</td><td>44.3</td><td>11.6</td><td>8.3</td><td>12.0</td></tr><tr><td>Over 20 years</td><td>7.4</td><td>1.6</td><td>8.4</td><td>10.9</td><td>20.8</td><td>23.1</td><td>4.1</td><td>6.5</td><td>10.9</td></tr><tr><td>Various (Federal Housing Administration detachments)</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 status:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>12.2</td><td>18.0</td><td>26.2</td><td>2.1</td><td>6.7</td><td>3.0</td><td>33.5</td><td>7.7</td><td>9.8</td></tr><tr><td>Subject to Federal income taxes</td><td>87.7</td><td>82.0</td><td>73.8</td><td>97.8</td><td>93.3</td><td>97.0</td><td>66.4</td><td>92.1</td><td>89.9</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>16.4</td><td>*</td><td>*</td><td>*</td><td>*</td><td>76.1</td><td>7.5</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>49.1</td><td>.1</td><td>.3</td><td>1.2</td><td>.6</td><td>17.3</td><td>31.2</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>68.3</td><td>.2</td><td>1.0</td><td>2.6</td><td>1.7</td><td>7.4</td><td>20.6</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>39.0</td><td>.3</td><td>8.5</td><td>18.7</td><td>16.7</td><td>6.7</td><td>26.9</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.2</td><td>*</td><td>.3</td><td>.4</td><td>.1</td><td>18.0</td><td>73.1</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>30.5</td><td>.1</td><td>6.3</td><td>37.1</td><td>35.4</td><td>1.7</td><td>17.8</td></tr><tr><td>Total</td><td>100.0</td><td>42.5</td><td>.2</td><td>5.2</td><td>11.5</td><td>10.1</td><td>1.4</td><td>15.4</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25.2</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></tr><tr><td>Within 1 year</td><td>100.0</td><td>41.7</td><td>.1</td><td>.2</td><td>1.2</td><td>.7</td><td>.5</td><td>33.2</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>69.9</td><td>.2</td><td>2.0</td><td>4.4</td><td>3.0</td><td>1.4</td><td>18.1</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>56.3</td><td>.3</td><td>7.6</td><td>9.1</td><td>7.0</td><td>2.1</td><td>23.8</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>16.0</td><td>.7</td><td>20.5</td><td>17.8</td><td>13.7</td><td>4.1</td><td>40.5</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>5.2</td><td>.3</td><td>10.3</td><td>43.7</td><td>42.2</td><td>1.6</td><td>28.4</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>9.2</td><td>.2</td><td>7.5</td><td>32.5</td><td>31.7</td><td>.2</td><td>35.9</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>30.5</td><td>.1</td><td>6.3</td><td>37.1</td><td>35.4</td><td>1.7</td><td>17.5</td></tr><tr><td>Total</td><td>100.0</td><td>42.5</td><td>.2</td><td>5.2</td><td>11.5</td><td>10.1</td><td>1.4</td><td>15.4</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25.2</td></tr><tr><th>Tax status:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>5/</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>8.2</td><td>*</td><td>.3</td><td>.4</td><td>.1</td><td>.3</td><td>16.0</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>62.4</td><td>.5</td><td>.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>9.7</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>39.8</td><td>.2</td><td>5.8</td><td>12.3</td><td>11.2</td><td>1.1</td><td>16.2</td></tr><tr><td>Total</td><td>100.0</td><td>42.5</td><td>.2</td><td>5.2</td><td>11.5</td><td>10.1</td><td>1.4</td><td>15.4</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25.2</td></tr></table>
(Continued on following page)
September 1945
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1945 - (Continued)
Section I
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART 3 - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/1e 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>Hold by all other investors 3/</th></tr><tr><th></th><th></th><th>7,403 commercial banks 2/</th><th>314 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>Treasury bills......(taxable)</td><td>17,041</td><td>2,798</td><td>*</td><td>1</td><td>4</td><td>4</td><td>*</td><td>12,965</td><td>1,273</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% August 1945......(taxable)</td><td>2,511</td><td>1,517</td><td>3</td><td>10</td><td>10</td><td>2</td><td>3</td><td>707</td><td>361</td></tr><tr><td>7/8% September 1945......(taxable)</td><td>3,694</td><td>1,812</td><td>4</td><td>6</td><td>125</td><td>110</td><td>16</td><td>954</td><td>792</td></tr><tr><td>7/8% October 1945......(taxable)</td><td>3,492</td><td>2,156</td><td>2</td><td>4</td><td>14</td><td>7</td><td>8</td><td>887</td><td>428</td></tr><tr><td>7/8% December 1945......(taxable)</td><td>4,395</td><td>1,499</td><td>*</td><td>15</td><td>82</td><td>38</td><td>14</td><td>201</td><td>2,597</td></tr><tr><td>7/8% February 1946......(taxable)</td><td>5,043</td><td>2,886</td><td>3</td><td>4</td><td>32</td><td>8</td><td>24</td><td>1,020</td><td>1,099</td></tr><tr><td>7/8% March 1946......(taxable)</td><td>4,147</td><td>2,759</td><td>2</td><td>10</td><td>34</td><td>7</td><td>87</td><td>757</td><td>586</td></tr><tr><td>7/8% April 1946......(taxable)</td><td>4,611</td><td>2,979</td><td>7</td><td>6</td><td>23</td><td>15</td><td>8</td><td>1,197</td><td>598</td></tr><tr><td>7/8% May 1946......(taxable)</td><td>1,579</td><td>1,085</td><td>2</td><td>2</td><td>3</td><td>-</td><td>3</td><td>355</td><td>133</td></tr><tr><td>7/8% June 1946......(taxable)</td><td>4,694</td><td>68</td><td>7</td><td>33</td><td>96</td><td>10</td><td>86</td><td>1</td><td>4,261</td></tr><tr><td>Total certificates of indebtedness</td><td>34,136</td><td>16,758</td><td>31</td><td>92</td><td>420</td><td>196</td><td>223</td><td>6,079</td><td>10,756</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% December 1945......(taxable)</td><td>531</td><td>386</td><td>1</td><td>4</td><td>8</td><td>*</td><td>8</td><td>32</td><td>100</td></tr><tr><td>1-1/2% January 1946......(taxable)</td><td>3,416</td><td>2,489</td><td>1</td><td>7</td><td>29</td><td>25</td><td>4</td><td>404</td><td>486</td></tr><tr><td>1-1/2% March 1946......(taxable)</td><td>1,291</td><td>984</td><td>1</td><td>8</td><td>49</td><td>38</td><td>11</td><td>76</td><td>174</td></tr><tr><td>1-1/2% July 1946......(taxable)</td><td>4,909</td><td>3,142</td><td>2</td><td>17</td><td>23</td><td>1</td><td>22</td><td>637</td><td>1,089</td></tr><tr><td>1-1/2% December 1946......(taxable)</td><td>3,261</td><td>2,399</td><td>2</td><td>39</td><td>95</td><td>74</td><td>21</td><td>287</td><td>438</td></tr><tr><td>1-1/2% March 1947......(taxable)</td><td>1,948</td><td>912</td><td>13</td><td>38</td><td>274</td><td>238</td><td>36</td><td>1</td><td>712</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>1,687</td><td>654</td><td>9</td><td>45</td><td>52</td><td>16</td><td>36</td><td>1</td><td>926</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>2,707</td><td>2,150</td><td>5</td><td>42</td><td>35</td><td>6</td><td>29</td><td>*</td><td>455</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,913</td><td>4</td><td>43</td><td>16</td><td>6</td><td>30</td><td>299</td><td>452</td></tr><tr><td>Total Treasury notes</td><td>23,497</td><td>16,037</td><td>39</td><td>242</td><td>601</td><td>405</td><td>196</td><td>1,737</td><td>4,841</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-3/4% September 1945-47......(partially)</td><td>1,214</td><td>605</td><td>*</td><td>4</td><td>17</td><td>2</td><td>15</td><td>162</td><td>427</td></tr><tr><td>2-1/2% December 1945......(partially)</td><td>541</td><td>234</td><td>*</td><td>2</td><td>16</td><td>1</td><td>16</td><td>18</td><td>271</td></tr><tr><td>3-1/4% March 1946-56......(partially)</td><td>489</td><td>161</td><td>*</td><td>6</td><td>67</td><td>57</td><td>10</td><td>77</td><td>177</td></tr><tr><td>3-1/4% June 1946-48......(partially)</td><td>1,036</td><td>488</td><td>1</td><td>9</td><td>79</td><td>58</td><td>21</td><td>207</td><td>251</td></tr><tr><td>1-1/4% October 1947-52......(partially)</td><td>819</td><td>376</td><td>1</td><td>8</td><td>47</td><td>33</td><td>14</td><td>87</td><td>300</td></tr><tr><td>1-1/4% December 1947......(partially)</td><td>759</td><td>296</td><td>*</td><td>9</td><td>39</td><td>14</td><td>26</td><td>81</td><td>333</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>764</td><td>1</td><td>65</td><td>75</td><td>65</td><td>26</td><td>*</td><td>110</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>889</td><td>2</td><td>14</td><td>35</td><td>5</td><td>31</td><td>160</td><td>124</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,052</td><td>2,367</td><td>1</td><td>81</td><td>103</td><td>70</td><td>33</td><td>27</td><td>483</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>370</td><td>*</td><td>1</td><td>12</td><td>1</td><td>12</td><td>-</td><td>68</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>463</td><td>*</td><td>1</td><td>16</td><td>2</td><td>15</td><td>14</td><td>47</td></tr><tr><td>3% June 1949-51......(taxable)</td><td>1,014</td><td>756</td><td>1</td><td>65</td><td>117</td><td>106</td><td>11</td><td>12</td><td>65</td></tr><tr><td>3% September 1949-51......(taxable)</td><td>1,292</td><td>1,010</td><td>1</td><td>46</td><td>121</td><td>94</td><td>26</td><td>7</td><td>103</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,501</td><td>3</td><td>82</td><td>192</td><td>169</td><td>83</td><td>7</td><td>312</td></tr><tr><td>1-1/2% December 1949-52......(partially)</td><td>491</td><td>348</td><td>*</td><td>10</td><td>40</td><td>18</td><td>22</td><td>40</td><td>53</td></tr><tr><td>2-1/2% December 1950-52......(partially)</td><td>1,785</td><td>1,224</td><td>9</td><td>9</td><td>53</td><td>4</td><td>49</td><td>223</td><td>208</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,536</td><td>5</td><td>83</td><td>194</td><td>166</td><td>29</td><td>7</td><td>138</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,539</td><td>3,101</td><td>7</td><td>293</td><td>442</td><td>365</td><td>76</td><td>63</td><td>1,034</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>950</td><td>2</td><td>24</td><td>45</td><td>2</td><td>43</td><td>112</td><td>43</td></tr><tr><td>1-1/2% December 1950......(taxable)</td><td>2,365</td><td>784</td><td>2</td><td>2</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1,577</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>1,185</td><td>8</td><td>19</td><td>85</td><td>16</td><td>70</td><td>163</td><td>166</td></tr></table>
(Continued on following page)
54
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,403 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><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>4,841</td><td>22</td><td>636</td><td>840</td><td>707</td><td>138</td><td>125</td><td>1,522</td></tr><tr><td>34 September 1951-55.....(partially)</td><td>755</td><td>333</td><td>*</td><td>14</td><td>57</td><td>24</td><td>34</td><td>77</td><td>279</td></tr><tr><td>24 December 1951-55.....(taxable)</td><td>510</td><td>369</td><td>2</td><td>14</td><td>32</td><td>25</td><td>7</td><td>16</td><td>77</td></tr><tr><td>2-1/4 24 December 1951-53.....(partially)</td><td>1,118</td><td>882</td><td>2</td><td>3</td><td>31</td><td>1</td><td>31</td><td>108</td><td>92</td></tr><tr><td>2-1/2 24 March 1952-54.....(taxable)</td><td>1,024</td><td>396</td><td>*</td><td>101</td><td>71</td><td>52</td><td>19</td><td>67</td><td>189</td></tr><tr><td>24 June 1952-54.....(taxable)</td><td>5,825</td><td>3,368</td><td>19</td><td>504</td><td>667</td><td>581</td><td>86</td><td>10</td><td>1,257</td></tr><tr><td>24 December 1952-54.....(taxable)</td><td>8,662</td><td>4,020</td><td>26</td><td>1,026</td><td>1,045</td><td>872</td><td>173</td><td>15</td><td>2,530</td></tr><tr><td>2-1/4 24 June 1952-55.....(taxable)</td><td>1,501</td><td>773</td><td>2</td><td>272</td><td>199</td><td>175</td><td>24</td><td>75</td><td>180</td></tr><tr><td>24 June 1953-55.....(partially)</td><td>725</td><td>643</td><td>*</td><td>1</td><td>33</td><td>5</td><td>28</td><td>14</td><td>33</td></tr><tr><td>2-1/4 24 June 1954-56.....(partially)</td><td>651</td><td>518</td><td>2</td><td>2</td><td>52</td><td>14</td><td>38</td><td>35</td><td>71</td></tr><tr><td>2-1/2 24 March 1955-56.....(partially)</td><td>2,611</td><td>1,194</td><td>32</td><td>29</td><td>154</td><td>66</td><td>119</td><td>316</td><td>856</td></tr><tr><td>2-1/2 24 March 1956-58.....(taxable)</td><td>1,449</td><td>480</td><td>9</td><td>200</td><td>471</td><td>454</td><td>16</td><td>50</td><td>-239</td></tr><tr><td>2-1/4 24 September 1956-59.....(taxable)</td><td>3,823</td><td>268</td><td>18</td><td>1,250</td><td>818</td><td>714</td><td>104</td><td>131</td><td>1,328</td></tr><tr><td>2-3/8 24 September 1956-59.....(partially)</td><td>982</td><td>555</td><td>16</td><td>10</td><td>120</td><td>50</td><td>70</td><td>97</td><td>174</td></tr><tr><td>2-3/8 24 June 1956-53.....(partially)</td><td>919</td><td>560</td><td>12</td><td>12</td><td>154</td><td>82</td><td>72</td><td>55</td><td>126</td></tr><tr><td>2-1/4 24 June 1959-62.....(taxable)</td><td>4,508</td><td>*</td><td>23</td><td>911</td><td>516</td><td>295</td><td>221</td><td>200</td><td>2,857</td></tr><tr><td>2-3/8 24 December 1960-65.....(partially)</td><td>1,485</td><td>925</td><td>11</td><td>10</td><td>197</td><td>90</td><td>106</td><td>80</td><td>261</td></tr><tr><td>2-1/2 24 June 1962-67.....(taxable)</td><td>2,118</td><td>*</td><td>4</td><td>376</td><td>1,130</td><td>1,092</td><td>39</td><td>207</td><td>401</td></tr><tr><td>2-1/2 24 December 1963-68.....(taxable)</td><td>2,831</td><td>*</td><td>3</td><td>493</td><td>1,375</td><td>1,344</td><td>32</td><td>264</td><td>695</td></tr><tr><td>2-1/2 24 June 1964-69.....(taxable)</td><td>3,761</td><td>*</td><td>11</td><td>603</td><td>1,622</td><td>1,583</td><td>39</td><td>408</td><td>1,117</td></tr><tr><td>2-1/2 24 December 1964-69.....(taxable)</td><td>3,838</td><td>*</td><td>13</td><td>373</td><td>1,619</td><td>1,577</td><td>42</td><td>502</td><td>1,331</td></tr><tr><td>2-1/2 24 March 1965-70.....(taxable)</td><td>5,197</td><td>71</td><td>12</td><td>135</td><td>2,485</td><td>2,444</td><td>42</td><td>857</td><td>1,626</td></tr><tr><td>2-1/2 24 March 1966-71.....(taxable)</td><td>3,481</td><td>63</td><td>8</td><td>113</td><td>1,591</td><td>1,574</td><td>17</td><td>667</td><td>1,040</td></tr><tr><td>2-1/2 24 June 1967-72.....(taxable)</td><td>7,199</td><td>*</td><td>16</td><td>742</td><td>2,206</td><td>2,146</td><td>60</td><td>885</td><td>3,350</td></tr><tr><td>2-1/2 24 September 1967-72.....(taxable)</td><td>2,716</td><td>1,169</td><td>9</td><td>165</td><td>554</td><td>526</td><td>29</td><td>266</td><td>554</td></tr><tr><td>Total Treasury bonds</td><td>106,448</td><td>41,476</td><td>319</td><td>9,045</td><td>19,892</td><td>17,735</td><td>2,157</td><td>7,081</td><td>28,536</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>Coverloco bonds.....(wholly)</td><td>29</td><td>3</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>26</td></tr><tr><td>Total postal savings and other bonds</td><td>196</td><td>16</td><td>*</td><td>1</td><td>1</td><td>*</td><td>1</td><td>35</td><td>143</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>13</td><td>12</td><td>1</td><td>6</td><td>3</td></tr><tr><td>(taxable)</td><td>24</td><td>10</td><td>*</td><td>2</td><td>13</td><td>12</td><td>1</td><td>6</td><td>3</td></tr><tr><td>Total guaranteed securities</td><td>34</td><td>10</td><td>*</td><td>2</td><td>13</td><td>12</td><td>1</td><td>6</td><td>3</td></tr><tr><td>Total outstanding securities</td><td>121,889</td><td>52,662</td><td>338</td><td>9,050</td><td>39,895</td><td>35,552</td><td>2,223</td><td>27,228</td><td>45,662</td></tr></table>
Total public marketable securities...... 181,353 77,095
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, page 53; reclassification of date on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, page 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%.
/ Securities held in trust departments are excluded.
2/ Includes trust companies.
1/ This column includes securities held by those banks and insurance
4/ 5/ companies which are not covered in the Treasury Survey. See heading to this section. 
5/ Subordinated securities held by the Treasury are not included. 
Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom: 
"Wholly" tax-exempt securities are exempt from both the normal and surtax rates. Partially "tax-exempt securities are exempt from the normal rates but 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.
September 1945
55
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par value 1/ - in millions of dollars)
<table><tr><th rowspan="2">Issue (tax status 2/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banke 3/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U.S. Government agencies and trust funds, and Federal Reserve Bank</th><th rowspan="2">Held by all other investors 5/</th></tr><tr><th>7,103 commercial banks 3/</th><th>31 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></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-D.................... 6/ (taxable)</td><td>3,585</td><td>186</td><td>*</td><td>5</td><td>11</td><td>3</td><td>7</td><td>*</td><td>3,382</td></tr><tr><td>Series E.................... (taxable)</td><td>29,097</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>29,096</td></tr><tr><td>Series F.................... (taxable)</td><td>2,604</td><td>190</td><td>1</td><td>6</td><td>33</td><td>14</td><td>19</td><td>1</td><td>2,374</td></tr><tr><td>Series G.................... (taxable)</td><td>10,299</td><td>470</td><td>5</td><td>186</td><td>218</td><td>80</td><td>137</td><td>9</td><td>9,451</td></tr><tr><td>Total United States savings bonds</td><td>45,586</td><td>806</td><td>6</td><td>197</td><td>261</td><td>98</td><td>163</td><td>11</td><td>44,304</td></tr><tr><td>Treasury tax and savings notes...... (taxable)</td><td>10,136</td><td>63</td><td>2</td><td>*</td><td>17</td><td>4</td><td>12</td><td>5</td><td>10,048</td></tr><tr><td>Depository bonds................ (taxable)</td><td>505</td><td>460</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>45</td></tr><tr><td>Guaranteed securities 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations</td><td>375</td><td>152</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>223</td></tr><tr><td>Total public non-marketable securities</td><td>56,601</td><td>1,480</td><td>9</td><td>197</td><td>278</td><td>102</td><td>176</td><td>16</td><td>54,621</td></tr></table>
1. Less than $500,000.
United States savings bonds, Series A-D, E, and F are shown at current redemption values. They were reported at maturity value by the bank and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Woolly" 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 prima
capital amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. 5/ Includes trust companies. This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section. 5/ Series A-D savings bonds sold prior to March 1, 1961 are partially tax-exempt; those sold on and after that date are taxable. 1/ 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>7,403 commercial banks 3/</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 colspan="10">Federal land bank bonds</td></tr><tr><td>3/ July 1945-55......(wholly)</td><td>230</td><td>56</td><td>*</td><td>*</td><td>2</td><td>1</td><td>*</td><td>-</td><td>172</td></tr><tr><td>3/ January 1946-56......(wholly)</td><td>171</td><td>23</td><td>-</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>146</td></tr><tr><td>3/ May 1946-56......(wholly)</td><td>170</td><td>20</td><td>*</td><td>*</td><td>1</td><td>1</td><td>*</td><td>-</td><td>145</td></tr><tr><td>2-1/4/ February 1951-55......(taxable)</td><td>114</td><td>73</td><td>*</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>31</td></tr><tr><td>Total Federal land bank bonds</td><td>685</td><td>178</td><td>*</td><td>3</td><td>6</td><td>4</td><td>3</td><td>-</td><td>438</td></tr></table>
Less than $500,000.
1/ Securities issued by the Federal home loan banks and by the Federal intermediate credit banks are not included in the Treasury Survey.
2/ The income from "wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates; the income from "taxable" securities is subject to the imposition
of both the normal and surtax Federal income tax rates. Securities held in trust departments are excluded. Includes trust companies. This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
56
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1945 - (Continued)
Semi-Annual Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total 7,403 commercial banks 1/</th><th colspan="6">Member commercial banks</th><th rowspan="2">2,637 nonmember commercial banks</th></tr><tr><th>Total 4,766 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th>352 Reserve City banks</th><th>4,365 country banks</th></tr><tr><th></th><th></th><th></th><th>10 Total Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>77,095</td><td>69,468</td><td>21,339</td><td>17,277</td><td>4,061</td><td>26,773</td><td>21,356</td><td>7,627</td></tr><tr><td>Non-marketable securities</td><td>1,480</td><td>1,178</td><td>87</td><td>47</td><td>40</td><td>323</td><td>768</td><td>302</td></tr><tr><td>Total public securities</td><td>78,575</td><td>70,646</td><td>21,426</td><td>17,325</td><td>4,101</td><td>27,096</td><td>22,125</td><td>7,929</td></tr></table>
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,403 commercial banks 1/</th><th rowspan="2">Total 4,766 member commercial banks</th><th colspan="4">Member commercial banks</th><th rowspan="2">2,637 nonmember commercial banks</th></tr><tr><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>352 Reserve City banks</th><th>1,365 country banks</th></tr><tr><td colspan="8">Par values - in millions of dollars</td></tr><tr><th>Types of securities:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,798</td><td>2,524</td><td>534</td><td>424</td><td>110</td><td>1,322</td><td>668</td></tr><tr><td>Certificate of indebtedness</td><td>16,758</td><td>15,176</td><td>1,811</td><td>3,588</td><td>1,253</td><td>6,513</td><td>3,822</td></tr><tr><td>Treasury notes</td><td>16,037</td><td>14,436</td><td>4,400</td><td>3,996</td><td>805</td><td>5,712</td><td>4,324</td></tr><tr><td>Treasury bonds</td><td>41,476</td><td>37,311</td><td>11,561</td><td>9,668</td><td>1,893</td><td>13,219</td><td>12,531</td></tr><tr><td>Total savings and other bonds</td><td>16</td><td>11</td><td>*</td><td>*</td><td>*</td><td>3</td><td>8</td></tr><tr><td>Guaranteed by United States 2/</td><td>10</td><td>10</td><td>1</td><td>1</td><td>-</td><td>5</td><td>4</td></tr><tr><td>Total</td><td>77,095</td><td>69,468</td><td>21,339</td><td>17,277</td><td>4,061</td><td>26,773</td><td>21,356</td><td>7,627</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>25,291</td><td>23,015</td><td>7,343</td><td>5,666</td><td>1,677</td><td>9,827</td><td>5,844</td></tr><tr><td>1 to 5 years</td><td>24,327</td><td>22,083</td><td>7,214</td><td>5,901</td><td>1,313</td><td>8,565</td><td>6,304</td></tr><tr><td>5 to 10 years</td><td>23,367</td><td>20,782</td><td>6,041</td><td>5,308</td><td>733</td><td>7,032</td><td>7,709</td></tr><tr><td>10 to 15 years</td><td>1,872</td><td>1,663</td><td>389</td><td>208</td><td>182</td><td>667</td><td>627</td></tr><tr><td>15 to 20 years</td><td>997</td><td>908</td><td>187</td><td>89</td><td>98</td><td>445</td><td>276</td></tr><tr><td>Over 20 years</td><td>1,251</td><td>1,007</td><td>162</td><td>104</td><td>58</td><td>252</td><td>593</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>10</td><td>10</td><td>1</td><td>1</td><td>-</td><td>4</td><td>4</td></tr><tr><td>Total</td><td>77,095</td><td>69,468</td><td>21,339</td><td>17,277</td><td>4,061</td><td>26,773</td><td>21,356</td><td>7,627</td></tr><tr><th>Tax status: 3/</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>16</td><td>11</td><td>*</td><td>*</td><td>*</td><td>3</td><td>8</td></tr><tr><td>Partially exempt from Federal income taxes 4/</td><td>13,819</td><td>13,093</td><td>4,733</td><td>3,692</td><td>1,041</td><td>5,745</td><td>2,616</td></tr><tr><td>Subject to Federal income taxes 5/</td><td>65,236</td><td>56,364</td><td>16,606</td><td>13,585</td><td>3,020</td><td>21,025</td><td>18,733</td></tr><tr><td>Total</td><td>77,095</td><td>69,468</td><td>21,339</td><td>17,277</td><td>4,061</td><td>26,773</td><td>21,356</td><td>7,627</td></tr></table>
(Continued on following page)
September 1945
57
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, June 30, 1945 - (Continued)
Semi-Annual Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System - (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 STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,403 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,637 nonmember commercial banks</th></tr><tr><th>Total 4,766 member commercial banks</th><th colspan="4">Central Reserve City banks</th></tr><tr><td></td><td></td><td>49 Total Reserve City banks</td><td>37 New York City banks</td><td>12 Chicago banks</td><td>352 Reserve City banks</td><td>4,365 country banks</td><td></td></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>1.6</td><td>3.6</td><td>2.5</td><td>2.5</td><td>2.7</td><td>4.9</td><td>3.1</td><td>1.6</td></tr><tr><td>Certificates of indebtedness</td><td>21.7</td><td>21.8</td><td>22.7</td><td>20.8</td><td>30.9</td><td>28.3</td><td>17.9</td><td>20.7</td></tr><tr><td>Treasury notes</td><td>20.8</td><td>20.8</td><td>20.6</td><td>20.8</td><td>19.8</td><td>21.3</td><td>20.2</td><td>21.0</td></tr><tr><td>Treasury bonds</td><td>53.3</td><td>53.7</td><td>54.2</td><td>56.0</td><td>46.6</td><td>49.4</td><td>58.7</td><td>54.6</td></tr><tr><td>Federal savings and other bonds</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td></tr><tr><td>Guaranteed by United States 2/</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>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></tr><tr><td>Within 1 year</td><td>32.8</td><td>33.1</td><td>34.4</td><td>32.8</td><td>41.3</td><td>36.7</td><td>27.4</td><td>29.8</td></tr><tr><td>1 to 5 years</td><td>31.6</td><td>31.8</td><td>33.8</td><td>34.2</td><td>32.3</td><td>32.0</td><td>29.5</td><td>29.4</td></tr><tr><td>5 to 10 years</td><td>30.3</td><td>29.9</td><td>28.3</td><td>30.7</td><td>18.1</td><td>26.3</td><td>35.1</td><td>33.9</td></tr><tr><td>10 to 15 years</td><td>2.4</td><td>2.4</td><td>1.8</td><td>1.2</td><td>4.5</td><td>2.4</td><td>2.9</td><td>2.7</td></tr><tr><td>15 to 20 years</td><td>1.3</td><td>1.3</td><td>.9</td><td>.5</td><td>2.4</td><td>1.7</td><td>1.3</td><td>1.2</td></tr><tr><td>Over 20 years</td><td>1.6</td><td>1.5</td><td>.8</td><td>.6</td><td>1.4</td><td>.9</td><td>2.6</td><td>2.9</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Tax status:</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>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>18.0</td><td>18.3</td><td>22.2</td><td>21.4</td><td>25.6</td><td>21.5</td><td>12.2</td><td>9.8</td></tr><tr><td>Subject to Federal income taxes</td><td>82.0</td><td>81.1</td><td>77.8</td><td>78.6</td><td>74.4</td><td>78.5</td><td>87.7</td><td>90.1</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></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>90.2</td><td>19.1</td><td>15.2</td><td>3.9</td><td>47.2</td><td>23.9</td><td>9.8</td></tr><tr><td>Certificates of indebtedness......</td><td>100.0</td><td>90.6</td><td>28.9</td><td>21.4</td><td>7.5</td><td>38.9</td><td>22.8</td><td>9.4</td></tr><tr><td>Treasury notes....................</td><td>100.0</td><td>90.0</td><td>27.4</td><td>22.4</td><td>5.0</td><td>35.6</td><td>27.0</td><td>10.0</td></tr><tr><td>Treasury bonds....................</td><td>100.0</td><td>90.0</td><td>27.9</td><td>23.3</td><td>4.6</td><td>31.9</td><td>30.2</td><td>10.0</td></tr><tr><td>Postal savings and other bonds......</td><td>100.0</td><td>68.2</td><td>2.4</td><td>.1</td><td>2.3</td><td>16.0</td><td>47.9</td><td>31.8</td></tr><tr><td>Guaranteed by United States 2/......</td><td>100.0</td><td>93.2</td><td>11.0</td><td>11.0</td><td>-</td><td>41.9</td><td>40.3</td><td>6.8</td></tr><tr><td>Total....................</td><td>100.0</td><td>90.1</td><td>27.7</td><td>22.4</td><td>5.3</td><td>34.7</td><td>27.7</td><td>9.9</td></tr><tr><td>Call clauses:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year....................</td><td>100.0</td><td>91.0</td><td>29.0</td><td>22.4</td><td>6.6</td><td>38.9</td><td>23.1</td><td>9.0</td></tr><tr><td>1 to 5 years....................</td><td>100.0</td><td>90.3</td><td>29.7</td><td>24.3</td><td>5.4</td><td>35.2</td><td>25.9</td><td>9.2</td></tr><tr><td>5 to 10 years....................</td><td>100.0</td><td>88.9</td><td>25.9</td><td>22.7</td><td>3.1</td><td>30.1</td><td>33.0</td><td>11.1</td></tr><tr><td>10 to 15 years....................</td><td>100.0</td><td>88.5</td><td>20.8</td><td>11.1</td><td>9.7</td><td>34.6</td><td>33.5</td><td>11.2</td></tr><tr><td>15 to 20 years....................</td><td>100.0</td><td>91.1</td><td>18.7</td><td>8.9</td><td>9.9</td><td>41.7</td><td>27.7</td><td>8.9</td></tr><tr><td>Over 20 years....................</td><td>100.0</td><td>81.8</td><td>13.2</td><td>8.5</td><td>4.7</td><td>20.5</td><td>48.1</td><td>18.2</td></tr><tr><td>Various Federal Housing Administra-tion debentures</td><td>100.0</td><td>93.2</td><td>11.0</td><td>11.0</td><td>-</td><td>41.9</td><td>40.3</td><td>6.8</td></tr><tr><td>Total....................</td><td>100.0</td><td>90.1</td><td>27.7</td><td>22.4</td><td>5.3</td><td>34.7</td><td>27.7</td><td>9.9</td></tr><tr><td>Tax status: 3/</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>68.2</td><td>2.4</td><td>.1</td><td>2.3</td><td>18.0</td><td>47.9</td><td>31.8</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>94.6</td><td>34.2</td><td>26.7</td><td>7.5</td><td>41.5</td><td>18.9</td><td>5.4</td></tr><tr><td>Subject to Federal income taxes 2/......</td><td>100.0</td><td>89.1</td><td>26.3</td><td>21.5</td><td>4.8</td><td>33.2</td><td>29.6</td><td>10.9</td></tr><tr><td>Total....................</td><td>100.0</td><td>90.1</td><td>27.7</td><td>22.4</td><td>5.3</td><td>34.7</td><td>27.7</td><td>9.9</td></tr></table>
(Continued on following page)
58
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1945 - (Continued)
Semi-Annual Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (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) is shown in parentheses</th><th>Total 7,403 commercial banks 1/</th><th>Total 4,766 member commercial banks</th><th colspan="5">Member commercial banks</th><th>2,537 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 4,766 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th></th></tr><tr><th></th><th></th><th></th><th>1/4 Central Reserve City banks</th><th>57 New York City banks</th><th>12 Chicago banks</th><th>352 Reserve City banks</th><th>4,365 country banks</th><th></th></tr><tr><td>Treasury bills............ (taxable)</td><td>2,798</td><td>2,524</td><td>534</td><td>424</td><td>110</td><td>1,322</td><td>668</td><td>274</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% August 1945...... (taxable)</td><td>1,517</td><td>1,165</td><td>335</td><td>151</td><td>185</td><td>601</td><td>410</td><td>171</td></tr><tr><td>7/8% September 1945.... (taxable)</td><td>1,812</td><td>1,662</td><td>539</td><td>478</td><td>61</td><td>754</td><td>369</td><td>150</td></tr><tr><td>7/8% October 1945...... (taxable)</td><td>2,156</td><td>1,923</td><td>563</td><td>357</td><td>206</td><td>794</td><td>566</td><td>234</td></tr><tr><td>7/8% December 1945..... (taxable)</td><td>1,499</td><td>1,399</td><td>579</td><td>280</td><td>298</td><td>574</td><td>246</td><td>100</td></tr><tr><td>7/8% February 1946..... (taxable)</td><td>2,886</td><td>2,531</td><td>1,030</td><td>872</td><td>157</td><td>1,085</td><td>516</td><td>254</td></tr><tr><td>7/8% March 1946........ (taxable)</td><td>2,759</td><td>2,478</td><td>697</td><td>570</td><td>127</td><td>1,082</td><td>689</td><td>261</td></tr><tr><td>7/8% April 1946........ (taxable)</td><td>2,979</td><td>2,701</td><td>849</td><td>757</td><td>93</td><td>1,138</td><td>714</td><td>278</td></tr><tr><td>7/8% May 1946........... (taxable)</td><td>1,085</td><td>1,006</td><td>243</td><td>118</td><td>125</td><td>470</td><td>292</td><td>79</td></tr><tr><td>7/8% June 1946........ (taxable)</td><td>65</td><td>31</td><td>5</td><td>5</td><td>*</td><td>6</td><td>20</td><td>35</td></tr><tr><td>Total certificates of indebtedness</td><td>16,758</td><td>15,176</td><td>4,841</td><td>3,588</td><td>1,253</td><td>6,513</td><td>3,822</td><td>1,582</td></tr><tr><td>Treasury notes</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>386</td><td>336</td><td>12</td><td>54</td><td>18</td><td>111</td><td>154</td><td>50</td></tr><tr><td>1-1/2% January 1946..... (taxable)</td><td>2,489</td><td>2,301</td><td>689</td><td>538</td><td>151</td><td>1,044</td><td>568</td><td>188</td></tr><tr><td>1% March 1946........ (taxable)</td><td>984</td><td>892</td><td>327</td><td>321</td><td>6</td><td>258</td><td>307</td><td>91</td></tr><tr><td>90% July 1946........ (taxable)</td><td>3,141</td><td>2,853</td><td>782</td><td>598</td><td>184</td><td>1,401</td><td>671</td><td>287</td></tr><tr><td>1-1/2% December 1946... (taxable)</td><td>2,399</td><td>2,221</td><td>897</td><td>784</td><td>112</td><td>752</td><td>552</td><td>178</td></tr><tr><td>1-1/4% March 1947...... (taxable)</td><td>912</td><td>806</td><td>198</td><td>137</td><td>61</td><td>310</td><td>258</td><td>108</td></tr><tr><td>1-1/4% September 1947.. (taxable)</td><td>654</td><td>539</td><td>123</td><td>98</td><td>31</td><td>196</td><td>215</td><td>115</td></tr><tr><td>1-1/2% September 1947.. (taxable)</td><td>2,160</td><td>1,933</td><td>534</td><td>381</td><td>153</td><td>769</td><td>630</td><td>228</td></tr><tr><td>1-1/2% September 1948.. (taxable)</td><td>2,913</td><td>2,555</td><td>774</td><td>685</td><td>88</td><td>861</td><td>920</td><td>358</td></tr><tr><td>Total Treasury notes</td><td>16,037</td><td>14,436</td><td>4,400</td><td>3,596</td><td>805</td><td>5,712</td><td>4,324</td><td>1,601</td></tr><tr><td>Treasury bonds</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>605</td><td>566</td><td>224</td><td>191</td><td>33</td><td>197</td><td>145</td><td>39</td></tr><tr><td>2-1/2% December 1945.... (partially)</td><td>234</td><td>222</td><td>32</td><td>57</td><td>29</td><td>89</td><td>51</td><td>12</td></tr><tr><td>2-3/4% March 1946-46.... (partially)</td><td>161</td><td>158</td><td>108</td><td>81</td><td>26</td><td>37</td><td>14</td><td>3</td></tr><tr><td>3% June 1946-48........ (partially)</td><td>488</td><td>467</td><td>259</td><td>232</td><td>27</td><td>138</td><td>70</td><td>21</td></tr><tr><td>3-1/8% June 1946-49..... (partially)</td><td>376</td><td>353</td><td>207</td><td>180</td><td>27</td><td>116</td><td>40</td><td>13</td></tr><tr><td>1-1/4% October 1947-52.. (partially)</td><td>296</td><td>282</td><td>185</td><td>150</td><td>36</td><td>66</td><td>30</td><td>14</td></tr><tr><td>3% December 1947........ (partially)</td><td>562</td><td>537</td><td>197</td><td>155</td><td>43</td><td>235</td><td>104</td><td>25</td></tr><tr><td>2% March 1948-50......... (partially)</td><td>704</td><td>704</td><td>276</td><td>247</td><td>29</td><td>255</td><td>173</td><td>60</td></tr><tr><td>2-1/4% March 1948-51..... (partially)</td><td>839</td><td>854</td><td>349</td><td>322</td><td>27</td><td>400</td><td>105</td><td>35</td></tr><tr><td>1-3/4% June 1948........ (taxable)</td><td>2,367</td><td>2,152</td><td>694</td><td>499</td><td>196</td><td>718</td><td>740</td><td>215</td></tr><tr><td>2-1/2% September 1948-50 (partially)</td><td>370</td><td>349</td><td>137</td><td>117</td><td>20</td><td>194</td><td>58</td><td>20</td></tr><tr><td>2% December 1948-50..... (partially)</td><td>463</td><td>437</td><td>154</td><td>129</td><td>26</td><td>210</td><td>73</td><td>27</td></tr><tr><td>2% June 1949-51........ (taxable)</td><td>756</td><td>681</td><td>178</td><td>162</td><td>16</td><td>256</td><td>247</td><td>75</td></tr><tr><td>2% September 1949-51... (taxable)</td><td>1,010</td><td>921</td><td>339</td><td>219</td><td>120</td><td>311</td><td>272</td><td>58</td></tr><tr><td>2% December 1949-51..... (taxable)</td><td>1,501</td><td>1,345</td><td>333</td><td>270</td><td>63</td><td>509</td><td>503</td><td>156</td></tr><tr><td>3-1/8% December 1949-52 (partially)</td><td>348</td><td>328</td><td>122</td><td>92</td><td>30</td><td>168</td><td>38</td><td>20</td></tr><tr><td>2-1/2% December 1949-52 (partially)</td><td>1,284</td><td>1,224</td><td>394</td><td>359</td><td>35</td><td>618</td><td>212</td><td>60</td></tr><tr><td>2% March 1950-52......... (taxable)</td><td>1,536</td><td>1,360</td><td>543</td><td>499</td><td>45</td><td>365</td><td>451</td><td>176</td></tr><tr><td>2% September 1950-52.... (taxable)</td><td>3,101</td><td>2,761</td><td>1,017</td><td>948</td><td>69</td><td>792</td><td>952</td><td>339</td></tr><tr><td>2-1/2% September 1950-52 (partially)</td><td>960</td><td>889</td><td>326</td><td>284</td><td>42</td><td>394</td><td>209</td><td>72</td></tr><tr><td>1-1/2% December 1950.... (taxable)</td><td>784</td><td>622</td><td>11</td><td>7</td><td>4</td><td>121</td><td>490</td><td>162</td></tr></table>
(Continued on following page)
September 1945
59
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, June 30, 1945 - (Continued)
Semi-Annual Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par value - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 3/ is shown in parentheses)</th><th rowspan="2">Total 7,403 commercial banks 1/</th><th colspan="6">Member commercial banks</th><th rowspan="2">2,637 nonmember commercial banks</th></tr><tr><th>Total 4,765 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th>352 Reserve City banks</th><th>4,765 country banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Treasury bonds - (continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,135</td><td>1,138</td><td>182</td><td>133</td><td>49</td><td>449</td><td>207</td><td>47</td></tr><tr><td>2-3/4% September 1951-53......(taxable)</td><td>4,841</td><td>4,256</td><td>1,315</td><td>1,233</td><td>81</td><td>1,256</td><td>1,683</td><td>585</td></tr><tr><td>3/4% September 1951-55......(partially)</td><td>333</td><td>315</td><td>120</td><td>83</td><td>37</td><td>123</td><td>71</td><td>18</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>369</td><td>308</td><td>62</td><td>62</td><td>*</td><td>75</td><td>170</td><td>62</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>882</td><td>839</td><td>241</td><td>167</td><td>73</td><td>417</td><td>181</td><td>44</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>396</td><td>349</td><td>125</td><td>93</td><td>32</td><td>95</td><td>130</td><td>47</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>3,368</td><td>2,913</td><td>721</td><td>695</td><td>25</td><td>945</td><td>1,245</td><td>455</td></tr><tr><td>2% December 1952-54......(taxable)</td><td>4,020</td><td>3,515</td><td>839</td><td>760</td><td>79</td><td>1,125</td><td>1,551</td><td>505</td></tr><tr><td>2-1/4% June 1955-55......(taxable)</td><td>773</td><td>662</td><td>151</td><td>122</td><td>29</td><td>222</td><td>289</td><td>111</td></tr><tr><td>2% June 1953-55......(partially)</td><td>613</td><td>607</td><td>150</td><td>74</td><td>75</td><td>295</td><td>153</td><td>35</td></tr><tr><td>2-1/4% June 1954-55......(partially)</td><td>518</td><td>487</td><td>122</td><td>83</td><td>39</td><td>229</td><td>135</td><td>31</td></tr><tr><td>2-1/8% March 1955-60......(partially)</td><td>1,194</td><td>1,122</td><td>360</td><td>262</td><td>98</td><td>531</td><td>231</td><td>72</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>480</td><td>411</td><td>61</td><td>55</td><td>6</td><td>132</td><td>213</td><td>69</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>268</td><td>202</td><td>3</td><td>1</td><td>2</td><td>36</td><td>164</td><td>65</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>565</td><td>524</td><td>171</td><td>70</td><td>101</td><td>234</td><td>119</td><td>40</td></tr><tr><td>2-1/4% June 1958-65......(partially)</td><td>560</td><td>525</td><td>155</td><td>82</td><td>72</td><td>245</td><td>126</td><td>35</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>925</td><td>857</td><td>187</td><td>88</td><td>98</td><td>438</td><td>232</td><td>67</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>71</td><td>50</td><td>*</td><td>*</td><td>*</td><td>6</td><td>44</td><td>21</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>63</td><td>48</td><td>1</td><td>*</td><td>1</td><td>7</td><td>40</td><td>15</td></tr><tr><td>2-1/2% September 1957-72......(taxable)</td><td>1,169</td><td>960</td><td>162</td><td>104</td><td>57</td><td>245</td><td>553</td><td>209</td></tr><tr><td>Total Treasury bonds</td><td>41,476</td><td>37,311</td><td>11,561</td><td>9,668</td><td>1,893</td><td>13,219</td><td>12,531</td><td>4,164</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>12</td><td>9</td><td>*</td><td>-</td><td>-</td><td>2</td><td>6</td><td>4</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Conversion bonds......(wholly)</td><td>3</td><td>2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>2</td><td>1</td></tr><tr><td>Total postal savings and other bonds</td><td>16</td><td>11</td><td>*</td><td>*</td><td>*</td><td>3</td><td>8</td><td>5</td></tr><tr><td>Guaranteed securities 2/ Federal Housing Administration debentures 3/</td><td>10</td><td>10</td><td>1</td><td>1</td><td>-</td><td>4</td><td>4</td><td>1</td></tr><tr><td>Total guaranteed securities</td><td>10</td><td>10</td><td>1</td><td>1</td><td>-</td><td>4</td><td>4</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>77,095</td><td>69,468</td><td>21,339</td><td>17,277</td><td>4,061</td><td>26,773</td><td>21,356</td><td>7,627</td></tr></table>
1/ Less than $500,000 or less than .05%.
2/ Includes trust companies but excludes securities held in trust departments.
3/ Guaranteed securities held by the Treasury are not Included.
4/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
5/ "Mostly" 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 rate. "Taxable" securities are subject to both normal and surtax rates. 4/ Includes an estimated amount of Federal Housing Administration debtsecurities. 5/ Actual figures by tax status are unavailable.
60
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1945 - (Continued)
Semi-Annual Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par valuee 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total 7,403 commercial banks 3/</th><th colspan="5">Member commercial banks</th><th>2,637 nonmember commercial banks</th></tr><tr><th></th><th></th><th>Total 4,766 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 19 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago Banks</th><th>352 Reserve City banks</th><th>4,365 country banks</th></tr><tr><td>United States savings bonds 1/ Series A-D ..................... 2/ (taxable)</td><td>186</td><td>123</td><td>*</td><td>*</td><td>*</td><td>8</td><td>115</td><td>63</td></tr><tr><td>Series F ..................... (taxable)</td><td>190</td><td>125</td><td>1</td><td>*</td><td>1</td><td>11</td><td>113</td><td>64</td></tr><tr><td>Series G ..................... A (taxable)</td><td>430</td><td>310</td><td>3</td><td>1</td><td>2</td><td>24</td><td>284</td><td>120</td></tr><tr><td>Total United States savings bonds....................</td><td>806</td><td>559</td><td>4</td><td>1</td><td>3</td><td>44</td><td>511</td><td>247</td></tr><tr><td>Treasury tax and savings notes..................... (taxable)</td><td>63</td><td>49</td><td>23</td><td>15</td><td>8</td><td>12</td><td>14</td><td>14</td></tr><tr><td>Depository bonds..................... (taxable)</td><td>460</td><td>429</td><td>34</td><td>28</td><td>7</td><td>185</td><td>209</td><td>31</td></tr><tr><td>Guaranteed securities 5/ Commodity Credit Corporation demand obligations 5/..................... (taxable)</td><td>152</td><td>141</td><td>25</td><td>3</td><td>22</td><td>82</td><td>34</td><td>10</td></tr><tr><td>Total public non-marketable securities....................</td><td>1,180</td><td>1,178</td><td>87</td><td>47</td><td>40</td><td>321</td><td>768</td><td>302</td></tr></table>
1. Less than $500,000. 
United States savings bonds, Series A–D, E, and F are shown at current redemption values. They were reported at maturity value by the banks covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement. 
2. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt
Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. Includes trust companies but excludes securities held in trust departments. Series A-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date are taxable. Guaranteed securities held by the Treasury are not included. Distribution by type of bank is partly estimated.
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 7,403 commercial banks 3/</th><th rowspan="2">Total 1,766 member commercial banks</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,637 nonmember commercial banks</th></tr><tr><th>Total 49 Central Reserve City banks</th><th>Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>352 Reserve City banks</th><th>4,365 country banks</th></tr><tr><td colspan="9">Federal land bank bonds</td></tr><tr><td>3/4 July 1912-55............(wholly)</td><td>56</td><td>51</td><td>27</td><td>27</td><td>1</td><td>17</td><td>7</td><td>6</td></tr><tr><td>3/4 January 1916-56............(wholly)</td><td>23</td><td>20</td><td>5</td><td>2</td><td>1</td><td>9</td><td>5</td><td>3</td></tr><tr><td>3/4 May 1916-56............(wholly)</td><td>20</td><td>15</td><td>8</td><td>8</td><td>8</td><td>3</td><td>4</td><td>3</td></tr><tr><td>2-1/4 February 1953-55............(taxable)</td><td>79</td><td>68</td><td>12</td><td>8</td><td>4</td><td>26</td><td>31</td><td>11</td></tr><tr><td>Total Federal land bank bonds</td><td>178</td><td>154</td><td>52</td><td>36</td><td>16</td><td>55</td><td>47</td><td>24</td></tr></table>
1/ Less than $500,000.
1/ Securities issued by the Federal home loan banks and by the Federal intermediate credit banks are not included in the Treasury Survey.
2/ The income from "wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates;
the income from "taxable" securities is subject to the imposition of both the normal and surtax Federal income tax rates. 3/ Includes trust companies but excludes securities held in trust departments.
September 1945
61
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
62
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
July 31, 1945
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="2">Yield data 2/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 3/ (Price decimals are thirty-seconds)</th><th colspan="4">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 June 30, 1945</th><th>Yield to earliest call 3/</th><th>Change in yield from June 30, 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>
Issued by U. S. Government
<table><tr><th colspan="13">Treasury bonds</th></tr><tr><td>$1,115</td><td>2%</td><td>3/15/48-50</td><td>102.03*</td><td>102.04*</td><td>102.04</td><td>-.06</td><td>1.17%</td><td>+0.04%</td><td>1.52%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/42</td><td>102.16</td><td>2/26</td><td>101.28</td><td>1/6</td></tr><tr><td>3,062</td><td>1-3/4%</td><td>6/15/48</td><td>101.18*</td><td>101.19*</td><td>101.19</td><td>-.05</td><td>1.18</td><td>-.03</td><td>1.18</td><td>12/1/42</td><td>101.28</td><td>4/17/45</td><td>100.01</td><td>12/23/42</td><td>101.28</td><td>4/17</td><td>101.09</td><td>1/3</td></tr><tr><td>1,014</td><td>2%</td><td>6/15/49-51</td><td>102.23</td><td>102.24</td><td>102.24</td><td>-.07</td><td>1.27</td><td>-.04</td><td>1.51</td><td>1/15/42</td><td>103.01</td><td>7/3/45</td><td>100.06</td><td>8/5/42</td><td>103.01</td><td>7/3</td><td>101.26</td><td>1/4</td></tr><tr><td>1,292</td><td>2%</td><td>9/15/49-51</td><td>102.24</td><td>102.25</td><td>102.24</td><td>-.08</td><td>1.31</td><td>-.04</td><td>1.53</td><td>5/15/42</td><td>103.02</td><td>7/16/45</td><td>100.04</td><td>10/6/42</td><td>103.02</td><td>7/16</td><td>101.24</td><td>1/4</td></tr><tr><td>2,098</td><td>2%</td><td>-12/15/49-51</td><td>102.25*</td><td>102.26*</td><td>102.26</td><td>-.08</td><td>1.34</td><td>-.05</td><td>1.54</td><td>7/15/42</td><td>103.04</td><td>7/16/45</td><td>100.03</td><td>8/5/42</td><td>103.04</td><td>7/16</td><td>101.20</td><td>1/2</td></tr><tr><td>1,963</td><td>2%</td><td>3/15/50-52</td><td>102.26*</td><td>102.27*</td><td>102.27</td><td>-.07</td><td>1.36</td><td>-.03</td><td>1.55</td><td>10/19/42</td><td>103.04</td><td>7/2/45</td><td>100.01</td><td>11/2/42</td><td>103.04</td><td>7/2</td><td>101.16</td><td>1/2</td></tr><tr><td>4,939</td><td>2%</td><td>9/15/50-52</td><td>102.27*</td><td>102.28*</td><td>102.28</td><td>-.11</td><td>1.42</td><td>-.06</td><td>1.57</td><td>4/15/43</td><td>103.08</td><td>7/3/45</td><td>100.08</td><td>5/3/43</td><td>103.08</td><td>7/3</td><td>101.08</td><td>1/2</td></tr><tr><td>2,633</td><td>1-1/2%</td><td>-12/15/50</td><td>101.06</td><td>101.08</td><td>101.07</td><td>-.11</td><td>1.26</td><td>-.06</td><td>1.26</td><td>6/1/45</td><td>101.11</td><td>7/3/45</td><td>101.01</td><td>7/26/45</td><td>101.11</td><td>7/3</td><td>101.01</td><td>1/2</td></tr><tr><td>7,986</td><td>2%</td><td>9/15/51-53</td><td>102.27</td><td>102.28</td><td>102.28</td><td>-.11</td><td>1.51</td><td>-.05</td><td>1.62</td><td>9/15/43</td><td>103.07</td><td>7/3/45</td><td>100.03</td><td>11/8/43</td><td>103.07</td><td>7/3</td><td>100.26</td><td>1/4</td></tr><tr><td>510</td><td>2%</td><td>-12/15/51-53</td><td>102.29</td><td>102.31</td><td>102.30</td><td>-.10</td><td>1.51</td><td>-.04</td><td>1.69</td><td>12/15/43</td><td>103.08</td><td>7/3/45</td><td>100.01</td><td>12/5/42</td><td>103.08</td><td>7/3</td><td>100.26</td><td>1/9</td></tr><tr><td>1,024</td><td>2-1/2%</td><td>3/15/52-54</td><td>105.24</td><td>105.26</td><td>105.25</td><td>-.15</td><td>1.58</td><td>-.06</td><td>1.77</td><td>3/31/44</td><td>106.16</td><td>8/2/41</td><td>101.04</td><td>3/20/41</td><td>106.08</td><td>7/2</td><td>104.00</td><td>1/9</td></tr><tr><td>5,825</td><td>2%</td><td>6/15/52-54</td><td>102.25*</td><td>102.26*</td><td>102.26</td><td>-.14</td><td>1.57</td><td>-.06</td><td>1.66</td><td>6/26/44</td><td>103.08</td><td>6/30/45</td><td>100.08</td><td>7/24/44</td><td>103.08</td><td>6/30</td><td>100.16</td><td>1/2</td></tr><tr><td>1,501</td><td>2-1/4%</td><td>6/15/52-54</td><td>104.09</td><td>104.11</td><td>104.10</td><td>-.13</td><td>1.59</td><td>-.05</td><td>1.77</td><td>2/25/44</td><td>104.23</td><td>6/30/45</td><td>100.16</td><td>2/18/44</td><td>104.23</td><td>6/30</td><td>102.04</td><td>1/2</td></tr><tr><td>8,562</td><td>2%</td><td>-12/15/52-54</td><td>102.25*</td><td>102.26*</td><td>102.26</td><td>-.14</td><td>1.59</td><td>-.05</td><td>1.67</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>2-1/2%</td><td>3/15/55-58</td><td>107.09</td><td>107.11</td><td>107.10</td><td>+.01</td><td>1.74</td><td>-.01</td><td>1.85</td><td>6/2/41</td><td>107.22</td><td>7/16/45</td><td>101.30</td><td>12/26/41</td><td>107.22</td><td>7/16</td><td>103.23</td><td>1/2</td></tr><tr><td>1,823</td><td>2-1/4%</td><td>9/15/55-59</td><td>104.00</td><td>104.02</td><td>104.01</td><td>+.05</td><td>1.85</td><td>-.02</td><td>1.92</td><td>2/1/44</td><td>104.18</td><td>7/15/45</td><td>100.01</td><td>2/29/44</td><td>104.18</td><td>7/16</td><td>100.26</td><td>1/2</td></tr><tr><td>5,088</td><td>2-1/4%</td><td>6/15/55-59</td><td>101.06</td><td>101.08</td><td>101.07</td><td>-.05</td><td>2.15</td><td>-.01</td><td>2.16</td><td>6/1/45</td><td>101.21</td><td>7/16/45</td><td>100.27</td><td>7/26/45</td><td>101.21</td><td>7/16</td><td>100.27</td><td>1/2</td></tr><tr><td>2,118</td><td>2-1/2%</td><td>6/15/56-61</td><td>103.03</td><td>103.05</td><td>103.04</td><td>-.04</td><td>2.28</td><td>-.01</td><td>2.32</td><td>5/5/45</td><td>103.14</td><td>7/16/45</td><td>100.00</td><td>8/17/45</td><td>103.14</td><td>7/16</td><td>100.28</td><td>1/2</td></tr><tr><td>2,831</td><td>2-1/2%</td><td>-12/15/56-61</td><td>102.13</td><td>102.15</td><td>102.14</td><td>-.04</td><td>2.34</td><td>-.01</td><td>2.36</td><td>12/1/45</td><td>102.23</td><td>7/16/45</td><td>100.00</td><td>2/17/45</td><td>102.23</td><td>7/16</td><td>100.18</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/2%</td><td>6/15/64-69</td><td>102.03</td><td>102.05</td><td>102.04</td><td>-.01</td><td>2.36</td><td>.00</td><td>2.38</td><td>4/15/43</td><td>102.10</td><td>7/16/45</td><td>100.00</td><td>3/2/44</td><td>102.10</td><td>7/16</td><td>100.15</td><td>1/2</td></tr><tr><td>3,838</td><td>2-1/2%</td><td>-12/15/64-69</td><td>101.31</td><td>102.01</td><td>102.00</td><td>+.02</td><td>2.37</td><td>-.01</td><td>2.39</td><td>9/15/43</td><td>102.08</td><td>7/16/45</td><td>100.00</td><td>3/2/44</td><td>102.08</td><td>7/16</td><td>100.15</td><td>1/2</td></tr><tr><td>5,197</td><td>2-1/2%</td><td>3/15/65-70</td><td>101.24</td><td>101.26</td><td>101.25</td><td>+.03</td><td>2.39</td><td>.00</td><td>2.40</td><td>2/1/44</td><td>102.03</td><td>7/16/45</td><td>100.00</td><td>2/16/44</td><td>102.03</td><td>7/16</td><td>100.15</td><td>1/2</td></tr><tr><td>3,481</td><td>2-1/2%</td><td>3/15/65-71</td><td>101.20</td><td>101.22</td><td>101.21</td><td>-.01</td><td>2.40</td><td>.00</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>7,792</td><td>2-1/2%</td><td>6/15/67-72</td><td>101.10</td><td>101.12</td><td>101.11</td><td>-.11</td><td>2.42</td><td>-.06</td><td>2.43</td><td>6/1/45</td><td>101.23</td><td>7/16/45</td><td>101.01</td><td>7/26/44</td><td>101.23</td><td>7/16</td><td>101.01</td><td>7/15</td></tr><tr><td>2,716</td><td>2-1/2%</td><td>9/15/67-72</td><td>104.17</td><td>104.19</td><td>104.18</td><td>-.104</td><td>2.24</td><td>-.06</td><td>2.27</td><td>10/20/41</td><td>105.24</td><td>6/18/45</td><td>100.01</td><td>1/2/42</td><td>105.24</td><td>6/18</td><td>100.23</td><td>1/2</td></tr><tr><th colspan="13">Treasury notes</th></tr><tr><td>531</td><td>3/4%</td><td>8-12/15/45</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>7/31</td></tr><tr><td>3,416</td><td>.90%</td><td>C- 1/1/46</td><td>.81%</td><td>.79%</td><td>.80%</td><td>+.02%</td><td>-.90</td><td>-.08</td><td>-.90</td><td>12/1/44</td><td>.724</td><td>4/4/45</td><td>.85%</td><td>12/29/44</td><td>.724</td><td>4/4</td><td>.84%</td><td>1/2</td></tr><tr><td>1,291</td><td>1%</td><td>A- 3/15/46</td><td>100.02</td><td>100.03</td><td>100.02</td><td>-.02</td><td>.90</td><td>-.08</td><td>.90</td><td>11/1/41</td><td>100.18</td><td>10/29/41</td><td>99.02</td><td>12/29/42</td><td>100.08</td><td>9/9</td><td>100.02</td><td>7/31</td></tr><tr><td>4,910</td><td>.90%</td><td>D- 7/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+.01%</td><td>1.02</td><td>-.04</td><td>1.02</td><td>6/1/45</td><td>.804</td><td>6/4/45</td><td>.864</td><td>6/12/43</td><td>.804</td><td>7/16</td><td>.864</td><td>7/31</td></tr><tr><td>3,261</td><td>1-1/2%</td><td>9-12/15/46</td><td>100.20</td><td>100.21*</td><td>100.21</td><td>-.03</td><td>1.02</td><td>-.04</td><td>1.02</td><td>6/5/42</td><td>101.00</td><td>4/4/45</td><td>100.01</td><td>1/2/43</td><td>101.00</td><td>4/4</td><td>100.21</td><td>7/31</td></tr><tr><td>1,948</td><td>1-1/4%</td><td>B- 3/15/47</td><td>100.09</td><td>100.10</td><td>100.10</td><td>-.02</td><td>1.06</td><td>-.03</td><td>1.06</td><td>6/26/44</td><td>100.20</td><td>3/5/45</td><td>100.07</td><td>12/28/44</td><td>100.20</td><td>3/5</td><td>100.08</td><td>1/4</td></tr><tr><td>2,707</td><td>1-1/2%</td><td>A- 9/15/47</td><td>100.24</td><td>100.25</td><td>100.24</td><td>-.04</td><td>1.14</td><td>-.04</td><td>1.14</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>100.24</td><td>7/31</td></tr><tr><td>1,687</td><td>1-1/4%</td><td>C- 9/15/47</td><td>100.17</td><td>100.10</td><td>100.10</td><td>-.02</td><td>1.10</td><td>-.02</td><td>1.10</td><td>12/1/44</td><td>100.23</td><td>3/5/45</td><td>100.06</td><td>12/27/44</td><td>100.23</td><td>3/5</td><td>100.08</td><td>1/5</td></tr><tr><td>3,748</td><td>1-1/2%</td><td>A- 9/15/48</td><td>100.30</td><td>100.31</td><td>100.30</td><td>-.06</td><td>1.19</td><td>-.05</td><td>1.19</td><td>3/15/44</td><td>101.07</td><td>4/26/45</td><td>100.05</td><td>3/8/44</td><td>101.07</td><td>4/26</td><td>100.17</td><td>1/2</td></tr><tr><th colspan="13">Certificates of indebtedness 5/</th></tr><tr><td>2,511</td><td>7/8%</td><td>B- 8/1/45</td><td>100.00</td><td>100.00</td><td>-</td><td>-.87%</td><td>-.50%</td><td>.87%</td><td>8/1/44</td><td>100.4</td><td>7/24/45</td><td>.87%</td><td>7/31/45</td><td>100.4</td><td>7/24</td><td>.87%</td><td>7/31</td></tr><tr><td>3,694</td><td>7/8%</td><td>F- 9/1/45</td><td>.62%</td><td>.56%</td><td>.59%</td><td>+.01%</td><td>-</td><td>-</td><td>9/1/44</td><td>104.4</td><td>7/16/45</td><td>.81%</td><td>11/21/44</td><td>104.4</td><td>7/16</td><td>.794</td><td>1/2</td></tr><tr><td>3,492</td><td>7/8%</td><td>G- 10/1/45</td><td>.75%</td><td>.71%</td><td>.73%</td><td>+.04%</td><td>-</td><td>-</td><td>10/1/44</td><td>.614</td><td>7/16/45</td><td>.81%</td><td>11/21/44</td><td>.614</td><td>7/16</td><td>.804</td><td>1/2</td></tr><tr><td>4,395</td><td>7/8%</td><td>B- 12/1/45</td><td>.80%</td><td>.78%</td><td>.79%</td><td>+.02%</td><td>-</td><td>-</td><td>12/1/44</td><td>.684</td><td>4/5/45</td><td>.82%</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>A- 2/1/46</td><td>.82%</td><td>.80%</td><td>.814</td><td>+.02%</td><td>-</td><td>-</td><td>2/1/45</td><td>.734</td><td>4/4/45</td><td>.834</td><td>1/24/45</td><td>.734</td><td>4/4</td><td>.834</td><td>1/24</td></tr><tr><td>4,147</td><td>7/8%</td><td>B- 3/1/46</td><td>.83%</td><td>.814</td><td>.824</td><td>+.02%</td><td>-</td><td>-</td><td>3/1/45</td><td>.744</td><td>4/4/45</td><td>.824</td><td>7/31/45</td><td>.744</td><td>4/4</td><td>.824</td><td>7/31</td></tr><tr><td>4,811</td><td>7/8%</td><td>C- 4/1/46</td><td>.83%</td><td>.814</td><td>.824</td><td>+.01%</td><td>-</td><td>-</td><td>4/1/45</td><td>.754</td><td>4/4/45</td><td>.834</td><td>7/31/45</td><td>.754</td><td>4/4</td><td>.834</td><td>7/31</td></tr><tr><td>1,579</td><td>7/8%</td><td>D- 5/1/46</td><td>.83%</td><td>.814</td><td>.824</td><td>+.02%</td><td>-</td><td>-</td><td>5/1/45</td><td>.774</td><td>7/15/45</td><td>.824</td><td>7/31/45</td><td>.774</td><td>7/16</td><td>.824</td><td>7/31</td></tr><tr><td>4,799</td><td>7/8%</td><td>E- 6/1/46</td><td>.83%</td><td>.814</td><td>.824</td><td>-</td><td>-</td><td>-</td><td>6/1/45</td><td>.774</td><td>7/15/45</td><td>.
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th colspan="5">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th colspan="5">Discount</th></tr><tr><th>Maturity date</th><th>Issue date</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June 30, 1945</th><th>Maturity date</th><th>Issue date</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June 30, 1945</th></tr><tr><td>$1.314</td><td>8/21/45</td><td>5/31/45</td><td>.375$</td><td>.20$</td><td>.29$</td><td>-.05$</td><td>$1.305</td><td>9/20/45</td><td>6/21/45</td><td>.375$</td><td>.30$</td><td>.34$</td><td>-.02$</td></tr><tr><td>1.301</td><td>8/9/45</td><td>5/10/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1.316</td><td>9/10/45</td><td>5/28/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1.307</td><td>8/16/45</td><td>5/17/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1.305</td><td>10/4/45</td><td>7/5/45</td><td>.375</td><td>.3$</td><td>.36</td><td>–</td></tr><tr><td>1.313</td><td>8/23/45</td><td>5/24/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1.311</td><td>10/11/45</td><td>7/12/45</td><td>.375</td><td>.3$</td><td>.36</td><td>–</td></tr><tr><td>1.314</td><td>8/30/45</td><td>5/31/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1.305</td><td>10/18/45</td><td>7/19/45</td><td>.375</td><td>.3$</td><td>.36</td><td>–</td></tr><tr><td>1.302</td><td>9/6/45</td><td>6/7/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1.312</td><td>10/25/45</td><td>7/26/45</td><td>.375</td><td>.3$</td><td>.36</td><td>–</td></tr><tr><td>1.310</td><td>9/13/45</td><td>6/14/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>$2/</td><td>11/1/45</td><td>8/2/45</td><td>.375</td><td>.3$</td><td>.36</td><td>–</td></tr></table>
(Continued on following page)
September 1945
63
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
July 31, 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="4">Price data (Price decimals are thirty-seconds)</th><th colspan="2">Yield data 2/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-seconds)</th><th colspan="2">1995 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 June 30, 1995</th><th>Yield to earliest call 1/</th><th>Change in yield from June 30, 1995</th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr></table>
Issued by U. S. Government
<table><tr><td colspan="15">Treasury bonds</td></tr><tr><td>81,214</td><td>2-3/4%</td><td>9/15/45-47 10/</td><td>100.08*</td><td>100.09+</td><td>100.09</td><td>-.06</td><td>.44%</td><td>.00%</td><td>9/16/35</td><td>110.12</td><td>12/12/40</td><td>99.27</td><td>9/17/35</td><td>101.22</td><td>1/23</td><td>100.09</td><td>1/23/40</td></tr><tr><td>581</td><td>2-1/2%</td><td>12/15/45</td><td>100.24</td><td>100.25</td><td>100.24</td><td>-.06</td><td>.48</td><td>+.05</td><td>12/15/31</td><td>109.24</td><td>12/12/40</td><td>100.24</td><td>7/31/45</td><td>102.00</td><td>1/23</td><td>100.24</td><td>1/23/40</td></tr><tr><td>899</td><td>3-3/4%</td><td>3/15/46-56</td><td>102.01</td><td>102.03</td><td>102.02</td><td>-.09</td><td>.43</td><td>+.02</td><td>3/15/26</td><td>116.14</td><td>12/12/40</td><td>89.18</td><td>1/12/32</td><td>103.30</td><td>2/7</td><td>102.02</td><td>1/23/40</td></tr><tr><td>1,036</td><td>3%</td><td>6/15/46-18</td><td>102.04</td><td>102.06</td><td>102.05</td><td>-.08</td><td>.52</td><td>+.05</td><td>6/15/34</td><td>112.28</td><td>12/12/40</td><td>97.28</td><td>9/17/34</td><td>103.21</td><td>2/13</td><td>102.05</td><td>1/23/40</td></tr><tr><td>819</td><td>3-1/8%</td><td>6/15/46-49</td><td>102.07</td><td>102.09</td><td>102.08</td><td>-.09</td><td>.53</td><td>+.07</td><td>2.51</td><td>6/15/31</td><td>113.19</td><td>12/12/40</td><td>83.05</td><td>1/11/32</td><td>105.27</td><td>2/8</td><td>102.08</td><td>1/23/40</td></tr><tr><td>759</td><td>4-1/4%</td><td>10/15/47-52</td><td>108.03</td><td>108.05</td><td>108.04</td><td>-.09</td><td>.54</td><td>-.01</td><td>2.99</td><td>10/16/22</td><td>122.22</td><td>12/12/40</td><td>98.18</td><td>10/8/23</td><td>109.28</td><td>2/26</td><td>108.04</td><td>1/23/40</td></tr><tr><td>701</td><td>2%</td><td>12/15/47</td><td>103.13</td><td>103.15</td><td>103.14</td><td>-.00</td><td>.54</td><td>-.05</td><td>.54</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>1/23/40</td></tr><tr><td>1,223</td><td>2-3/4%</td><td>3/15/48-51</td><td>105.14</td><td>105.16</td><td>105.15</td><td>+.02</td><td>.64</td><td>-.09</td><td>1.73</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>106.14</td><td>1/31</td><td>105.13</td><td>1/23/40</td></tr><tr><td>451</td><td>2-1/2%</td><td>9/15/48</td><td>105.20</td><td>105.22</td><td>105.21</td><td>-.01</td><td>.67</td><td>-.04</td><td>.67</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>106.15</td><td>1/23</td><td>105.20</td><td>6/27/40</td></tr><tr><td>571</td><td>2%</td><td>12/15/48-50</td><td>104.11</td><td>104.13</td><td>104.12</td><td>+.01</td><td>.69</td><td>-.03</td><td>1.16</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>101.10</td><td>5/24/40</td><td>104.26</td><td>2/10</td><td>104.08</td><td>6/18/40</td></tr><tr><td>491</td><td>3-1/8%</td><td>12/15/49-52</td><td>109.20</td><td>109.22</td><td>109.21</td><td>-.06</td><td>.87</td><td>.00</td><td>1.72</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>110.16</td><td>3/9</td><td>109.21</td><td>1/23/40</td></tr><tr><td>1,786</td><td>2-1/2%</td><td>12/15/49-53</td><td>106.30</td><td>107.00</td><td>106.31</td><td>-.05</td><td>.87</td><td>.00</td><td>1.61</td><td>12/15/36</td><td>108.28</td><td>12/12/40</td><td>96.19</td><td>4/8/37</td><td>107.23</td><td>3/8</td><td>106.31</td><td>1/23/40</td></tr><tr><td>1,186</td><td>2-1/2%</td><td>9/15/50-52</td><td>107.22</td><td>107.24</td><td>107.23</td><td>-.09</td><td>.95</td><td>+.03</td><td>1.36</td><td>9/15/38</td><td>108.30</td><td>12/12/40</td><td>99.15</td><td>9/25/39</td><td>108.24</td><td>3/8</td><td>107.16</td><td>1/23/40</td></tr><tr><td>1,621</td><td>2-3/4%</td><td>6/15/51-54</td><td>105.23</td><td>105.25</td><td>105.24</td><td>-.07</td><td>1.03</td><td>+.01</td><td>1.57</td><td>6/15/40</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>110.24</td><td>3/8</td><td>109.11</td><td>1/23/40</td></tr><tr><td>759</td><td>3%</td><td>9/15/51-55</td><td>111.11</td><td>111.13</td><td>111.12</td><td>-.06</td><td>1.08</td><td>+.01</td><td>1.77</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>112.00</td><td>3/15</td><td>110.27</td><td>1/23/40</td></tr><tr><td>1,118</td><td>2-1/4%</td><td>12/15/51-53</td><td>107.10</td><td>107.12</td><td>107.11</td><td>-.04</td><td>1.06</td><td>+.01</td><td>1.32</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>1/23/40</td></tr><tr><td>125</td><td>2%</td><td>6/15/52-55</td><td>106.23</td><td>106.25</td><td>106.24</td><td>-.06</td><td>1.10</td><td>+.01</td><td>1.27</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>1/23/40</td></tr><tr><td>601</td><td>2-1/4%</td><td>6/15/52-56</td><td>108.22</td><td>108.24</td><td>108.23</td><td>-.05</td><td>1.21</td><td>+.01</td><td>1.38</td><td>7/22/40</td><td>108.31</td><td>7/17/45</td><td>102.02</td><td>7/24/40</td><td>108.31</td><td>7/17</td><td>107.25</td><td>1/23/40</td></tr><tr><td>2,611</td><td>2-7/8%</td><td>3/15/55-60</td><td>113.08</td><td>113.10</td><td>113.09</td><td>-.21</td><td>1.40</td><td>+.06</td><td>1.84</td><td>3/15/35</td><td>114.08</td><td>3/8/45</td><td>98.30</td><td>9/20/35</td><td>114.08</td><td>3/8</td><td>112.23</td><td>1/23/40</td></tr><tr><td>982</td><td>2-3/4%</td><td>9/15/56-59</td><td>112.31</td><td>113.01</td><td>113.00</td><td>-.17</td><td>1.48</td><td>+.04</td><td>1.71</td><td>9/15/36</td><td>113.19</td><td>7/3/45</td><td>98.10</td><td>4/1/37</td><td>113.19</td><td>7/3</td><td>112.04</td><td>1/23/40</td></tr><tr><td>919</td><td>2-3/4%</td><td>6/15/58-63</td><td>113.12</td><td>113.14</td><td>113.13</td><td>-.21</td><td>1.59</td><td>+.04</td><td>1.87</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>1/23/40</td></tr><tr><td>1,485</td><td>2-3/4%</td><td>12/15/60-65 12/</td><td>114.20</td><td>114.22</td><td>114.21</td><td>-.22</td><td>1.67</td><td>+.05</td><td>1.88</td><td>12/15/38</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>1/23/40</td></tr><tr><td colspan="15">Other bonds 12/</td></tr><tr><td>16</td><td>3%</td><td>Conversion - 1/1/46</td><td>101.04</td><td>101.08</td><td>101.06</td><td>-.04</td><td>.14</td><td>-.22</td><td>.14</td><td>1/1/16</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>102.16</td><td>1/13</td><td>101.06</td><td>1/23/40</td></tr><tr><td>13</td><td>3%</td><td>Conversion - 1/1/47</td><td>103.16</td><td>103.24</td><td>103.20</td><td>-.08</td><td>.43</td><td>+.03</td><td>.43</td><td>1/1/17</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>104.29</td><td>1/13</td><td>103.20</td><td>1/23/40</td></tr><tr><td>50</td><td>3%</td><td>Panama Canal- 6/1/61</td><td>133.00</td><td>134.00</td><td>133.16</td><td>.00</td><td>.76</td><td>.00</td><td>.76</td><td>6/1/11</td><td></td><td></td><td></td><td>133.24</td><td>5/8</td><td>133.00</td><td>5/9/40</td></tr></table>
1/ Includes Federal Housing Administration debentures.
2/ 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.
3/ Prices represent the price 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 re-mergence, are the latest dates.
4/ Market representations represent yield to earliest call date as more significant when an issue is being sold above par; the yield to maturity as more significant when an issue is selling at or below par.
5/ Included in the average of long-term taxable Treasury bonds (see
page 66). 6/ Quoted on a yield basis. 7/ From July 10 through July 24, quoted on basis of zero yield plus premium per thousand dollars; beginning July 25, quoted at par. 8/ The amount of this security issued on August 1, 1945, see table on "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates" in the chapter on Public Debt and Guaranteed Obligations of the United States Government." 9/ This security was issued on August 2, 1945, in the amount of $1,317 million. 10/ Tabled on May 14 for redemption on September 15, 1945. 11/ This is the only bond eligible to remain in the average of long-term partially tax-exempt Treasury bonds (see page 66). 12/ Excludes postal savings bonds.
64
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies July 31, 1945 - (Continued)
Table II.
Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="2">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June 30, 1945</th><th>Yield to earliest call 3/</th><th>Change in yield from June 30, 1945</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th colspan="8"></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Taxable securities
<table><tr><th colspan="13">Federal Intermediate Credit Bank debentures 1/7</th></tr><tr><th>$ 24</th><th>.90%</th><th>- 8/1/45</th><th>100.00</th><th>-</th><th>100.00</th><th>.00</th><th>.90%</th><th>.00%</th><th>.90%</th><th>11/1/44</th><th>100.00</th><th>7/31/45</th><th>100.00</th><th>7/31/45</th><th>100.00</th><th>7/31</th><th>100.00</th><th>7/31</th></tr><tr><td>29</td><td>.90%</td><td>- 9/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>12/1/44</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>27</td><td>.90%</td><td>- 10/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>1/2/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>33</td><td>1/8%</td><td>- 11/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>2/1/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>22</td><td>.80%</td><td>- 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>7/31/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>19</td><td>.85%</td><td>- 12/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.85</td><td>.00</td><td>.85</td><td>3/1/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>25</td><td>.90%</td><td>- 1/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>4/2/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>15</td><td>.85%</td><td>- 1/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>-</td><td>.85</td><td>-</td><td>.85</td><td>7/2/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>30</td><td>1/8%</td><td>- 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>7/31/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>23</td><td>.90%</td><td>- 4/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>-</td><td>.90</td><td>-</td><td>.90</td><td>7/2/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31/45</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><th colspan="13">Federal Land Bank bonds 5/7</th></tr><tr><td>6/114</td><td>1-1/2%</td><td>10/1/48-50</td><td>100.18</td><td>100.22</td><td>100.20</td><td>-</td><td>1.30</td><td>-</td><td>1.37</td><td>8/1/45</td><td>100.22</td><td>7/25/45</td><td>100.20</td><td>7/31/45</td><td>100.22</td><td>7/25</td><td>100.20</td><td>7/31</td></tr><tr><td></td><td>2-1/4%</td><td>2/1/53-55</td><td>103.12</td><td>103.20</td><td>103.16</td><td>-1.12</td><td>1.75</td><td>+0.05</td><td>1.85</td><td>2/1/45</td><td>103.28</td><td>7/17/45</td><td>101.14</td><td>1/18/45</td><td>103.28</td><td>7/17</td><td>101.14</td><td>1/18</td></tr></table>
Tax-exempt securities
<table><tr><th colspan="2">Federal Land Bank bonds 5/</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>$171</td><td>3/5 - 1/1/46-56</td><td>101.04</td><td>101.06</td><td>101.05</td><td>-.08</td><td>.204</td><td>+.09%</td><td>2.87%</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>101.05</td><td>7/31</td></tr><tr><td>170</td><td>3/5 - 5/1/46-56</td><td>102.03</td><td>102.05</td><td>102.04</td><td>-.06</td><td>.15</td><td>+.02</td><td>2.77</td><td>5/1/36</td><td>111.22</td><td>12/10/40</td><td>98.30</td><td>4/8/37</td><td>103.20</td><td>1/6</td><td>102.04</td><td>7/31</td></tr></table>
When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield column in thirty-seconds.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When 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.
Market convention treats the yield to earliest call date as more
significant when an issue is selling above par; the yield to maturity is more significant when an issue is selling at or below par.
4/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue. 5/ Excludes issues completely held by Farm Credit Administration agencies
This security was issued on August 1, 1945, in the amount of $176 million.
September 1945
65
YIELDS OF TREASURY SECURITIES JULY 31, 1945
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-B
66
Treasury Bulletin
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable corporate bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable corporate bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable corporate bonds 1/</th><th>High-grade corporate bonds 2/</th></tr></table>
Monthly series 3/
<table><tr><td>1937-Jan.</td><td>2.56</td><td>1.09</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>2.94</td><td>1.24</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>1.36</td><td>Mar.</td><td>2.26</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.46</td><td>2.70</td></tr><tr><td>Apr.</td><td>2.83</td><td>1.43</td><td>Apr.</td><td>2.25</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.46</td><td>2.68</td></tr><tr><td>May.</td><td>2.80</td><td>1.36</td><td>May.</td><td>2.29</td><td>2.67</td><td>May.</td><td>1.96</td><td>2.36</td><td>2.65</td></tr><tr><td>June.</td><td>2.81</td><td>1.31</td><td>June.</td><td>2.40</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.35</td><td>2.63</td></tr><tr><td>July.</td><td>2.78</td><td>1.27</td><td>July.</td><td>2.30</td><td>2.85</td><td>July.</td><td>1.91</td><td>2.36</td><td>2.98</td></tr><tr><td>Aug.</td><td>2.78</td><td>1.25</td><td>Aug.</td><td>2.31</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.36</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.82</td><td>1.26</td><td>Sept.</td><td>2.25</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.38</td><td>2.59</td></tr><tr><td>Oct.</td><td>2.82</td><td>1.26</td><td>Oct.</td><td>2.21</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.36</td><td>2.60</td></tr><tr><td>Nov.</td><td>2.78</td><td>1.22</td><td>Nov.</td><td>2.09</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.38</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.73</td><td>1.17</td><td>Dec.</td><td>2.01</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.39</td><td>2.63</td></tr><tr><td>1938-Jan.</td><td>2.69</td><td>1.17</td><td>1941-Jan.</td><td>2.12</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.39</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td>1.15</td><td>Feb.</td><td>2.22</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.39</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</td><td>1.16</td><td>Mar.</td><td>2.12</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.38</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td>1.25</td><td>Apr.</td><td>2.07</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.38</td><td>2.61</td></tr><tr><td>May.</td><td>2.56</td><td>1.14</td><td>May.</td><td>2.04</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.39</td><td>2.58</td></tr><tr><td>June.</td><td>2.58</td><td>1.15</td><td>June.</td><td>2.01</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.39</td><td>2.58</td></tr><tr><td>July.</td><td>2.58</td><td>1.12</td><td>July.</td><td>1.98</td><td>2.66</td><td>July.</td><td>1.89</td><td>2.36</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td>1.10</td><td>Aug.</td><td>2.01</td><td>2.55</td><td>Aug.</td><td>1.90</td><td>2.38</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.63</td><td>1.12</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>1.06</td><td>Oct.</td><td>1.98</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.38</td><td>2.55</td></tr><tr><td>Nov.</td><td>2.56</td><td>1.04</td><td>Nov.</td><td>1.95</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.38</td><td>2.61 1/2</td></tr><tr><td>Dec.</td><td>2.56</td><td>1.02</td><td>Dec.</td><td>2.06</td><td>2.68</td><td>Dec.</td><td>1.87</td><td>2.38</td><td>2.59</td></tr><tr><td>1939-Jan.</td><td>2.54</td><td>1.96</td><td>1942-Jan.</td><td>2.10</td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.38</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>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.86</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>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>2.86</td><td>May.</td><td>2.06</td><td>2.76</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>2.75</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>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.21</td><td>2.79</td><td>Aug.</td><td>2.05</td><td>2.73</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2.67</td><td>2.29</td><td>Sept.</td><td>2.08</td><td>2.73</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2.60</td><td>1.14</td><td>Oct.</td><td>2.09</td><td>2.72</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>2.46</td><td>1.93</td><td>Nov.</td><td>2.10</td><td>2.71</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.35</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.72</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - Saturday figures 5/
<table><tr><td>1945-Feb.</td><td>3</td><td>1.77</td><td>2.40</td><td>2.57</td><td>1945-Apr.</td><td>7</td><td>1.69</td><td>2.39</td><td>2.49</td><td>1945-June</td><td>2</td><td>1.68</td><td>2.37</td><td>2.55</td></tr><tr><td></td><td>10</td><td>1.75</td><td>2.40</td><td>2.50</td><td></td><td>13</td><td>1.67</td><td>2.38</td><td>2.50</td><td></td><td>9</td><td>1.64</td><td>2.36</td><td>2.55</td></tr><tr><td></td><td>17</td><td>1.73</td><td>2.39</td><td>2.56</td><td></td><td>21</td><td>1.68</td><td>2.40</td><td>2.49</td><td></td><td>16</td><td>1.62</td><td>2.35</td><td>2.55</td></tr><tr><td></td><td>24</td><td>1.73</td><td>2.35</td><td>2.55</td><td></td><td>28</td><td>1.68</td><td>2.39</td><td>2.49</td><td></td><td>23</td><td>1.62</td><td>2.34</td><td>2.54</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>30</td><td>1.62</td><td>2.33</td><td>2.53</td></tr><tr><td>Mar.</td><td>3</td><td>1.71</td><td>2.40</td><td>2.52</td><td>May</td><td>5</td><td>1.68</td><td>2.39</td><td>2.51</td><td>July</td><td>7</td><td>1.62</td><td>2.34</td><td>2.52</td></tr><tr><td></td><td>10</td><td>1.69</td><td>2.40</td><td>2.51</td><td></td><td>12</td><td>1.69</td><td>2.40</td><td>2.51</td><td></td><td>14</td><td>1.62</td><td>2.33</td><td>2.52</td></tr><tr><td></td><td>17</td><td>1.70</td><td>2.42</td><td>2.50</td><td></td><td>19</td><td>1.68</td><td>2.38</td><td>2.54</td><td></td><td>21</td><td>1.63</td><td>2.34</td><td>2.52</td></tr><tr><td></td><td>24</td><td>1.70</td><td>2.39</td><td>2.49</td><td></td><td>26</td><td>1.68</td><td>2.38</td><td>2.54</td><td></td><td>28</td><td>1.66</td><td>2.36</td><td>2.55</td></tr><tr><td></td><td>31</td><td>1.71</td><td>2.40</td><td>2.49</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily Series
<table><tr><td>1945-July</td><td>2......</td><td>1.62</td><td>2.33</td><td>2.51</td><td>1945-July</td><td>12......</td><td>1.62</td><td>2.33</td><td>2.52</td><td>1945-July</td><td>23......</td><td>1.64</td><td>2.35</td><td>2.53</td></tr><tr><td>3......</td><td>1.62</td><td>2.34</td><td>2.51</td><td>13......</td><td>1.62</td><td>2.33</td><td>2.52</td><td>24......</td><td>1.64</td><td>2.35</td><td>2.53</td></tr><tr><td>4......</td><td>1.62</td><td>2.34</td><td>2.51</td><td>14......</td><td>1.62</td><td>2.33</td><td>2.52</td><td>25......</td><td>1.64</td><td>2.36</td><td>2.54</td></tr><tr><td>5......</td><td>1.62</td><td>2.34</td><td>2.52</td><td>15......</td><td>1.62</td><td>2.33</td><td>2.52</td><td>26......</td><td>1.64</td><td>2.36</td><td>2.53</td></tr><tr><td>6......</td><td>1.62</td><td>2.34</td><td>2.52</td><td>16......</td><td>1.62</td><td>2.33</td><td>2.52</td><td>27......</td><td>1.66</td><td>2.36</td><td>2.55</td></tr><tr><td>7......</td><td>1.62</td><td>2.34</td><td>2.52</td><td>17......</td><td>1.62</td><td>2.33</td><td>2.52</td><td>28......</td><td>1.66</td><td>2.36</td><td>2.55</td></tr><tr><td>8......</td><td>1.62</td><td>2.34</td><td>2.52</td><td>18......</td><td>1.63</td><td>2.34</td><td>2.52</td><td>29......</td><td>1.66</td><td>2.35</td><td>2.54</td></tr><tr><td>9......</td><td>1.62</td><td>2.34</td><td>2.52</td><td>19......</td><td>1.62</td><td>2.34</td><td>2.53</td><td>30......</td><td>1.66</td><td>2.35</td><td>2.54</td></tr><tr><td>10......</td><td>1.62</td><td>2.34</td><td>2.52</td><td>20......</td><td>1.63</td><td>2.34</td><td>2.52</td><td>31......</td><td>1.67</td><td>2.35</td><td>2.54</td></tr><tr><td>11......</td><td>1.62</td><td>2.34</td><td>2.52</td><td>21......</td><td>1.63</td><td>2.34</td><td>2.52</td><td></td><td></td><td></td><td></td></tr></table>
Basis of Computation: (1) Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. (2) Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used.
Back Figures: Monthly and weekly data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-51.
Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the case of partially tax-exempt
Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax. For discussion of present composition of high-grade corporate bond earnings as of January 1, 1945, see Treasury Bulletin for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61. Monthly averages of daily figures. Prior to April 1, 1938, corporate bond earnings were averages of Saturday figures. The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. The old average for November 1944 was 2.56%. See footnote 2. On days when the exchanges are closed, the date and prices of the previous day are used. Holiday.
Office of the Secretary of the Treasury, Division of Research and Statistics
September 1945
67
F = 220 - G
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series V
68
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
September 1945
69
Section I - Summary of Assets and Liabilities of Corporations and Certain Other Agencies Of the United States Government
Table 1.- Summary of Balance Sheet Items, Segregating Interagency Items, June 30, 1945
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Assets</b></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>700.2</td><td>443.7</td><td>256.5</td></tr><tr><td>Deposits with Government agencies</td><td>350.7</td><td>350.7</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>8,525.4</td><td>8,525.2</td><td>.2</td></tr><tr><td>Loans receivable from others, less reserves</td><td>5,544.2</td><td>4,603.0</td><td>941.3</td></tr><tr><td>Accounts and other receivables from: 2/ Government agencies Others, less reserves</td><td>1,570.4 914.4</td><td>1,499.3 698.0</td><td>71.1 216.4</td></tr><tr><td>Commodities, supplies, and materials</td><td>2,506.5</td><td>2,452.9</td><td>53.6</td></tr><tr><td><b>Investments:</b></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>1,678.9</td><td>1,582.4</td><td>96.5</td></tr><tr><td>Securities of Government agencies: Guaranteed securities - public issues</td><td>6.0</td><td>6.0</td><td>-</td></tr><tr><td>Not guaranteed</td><td>5.3</td><td>5.3</td><td>-</td></tr><tr><td>Other, less reserves</td><td>374.5</td><td>369.2</td><td>5.4</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>12,168.7</td><td>-</td><td>12,168.7</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>20,153.9</td><td>7,871.0</td><td>12,292.9</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>75.4</td><td>55.5</td><td>19.8</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>639.0</td><td>460.5</td><td>178.5</td></tr><tr><td>Other assets 3/</td><td>1,593.3</td><td>457.5</td><td>1,135.8</td></tr><tr><td>Total assets</td><td>56,817.1</td><td>29,380.4</td><td>27,436.7</td></tr><tr><td><b>Liabilities</b></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities to: Government agencies Others</td><td>731.8 1,099.6</td><td>697.0 709.2</td><td>34.8 390.4</td></tr><tr><td>Trust and deposit liabilities to: Government agencies Others</td><td>2,749.8 258.7</td><td>2,689.3 245.1</td><td>60.5 13.6</td></tr></table>
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td>Liabilities (continued)</td><td></td><td></td><td></td></tr><tr><td>Debentures, and notes payable to: $/</td><td></td><td></td><td></td></tr><tr><td>Government agencies:</td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>12,168.7</td><td>12,168.7</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>6.0</td><td>-</td><td>6.0</td></tr><tr><td>Not guaranteed $/</td><td>8,494.7</td><td>8,154.0</td><td>340.7</td></tr><tr><td>Others:</td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities</td><td>502.3</td><td>474.4</td><td>27.9</td></tr><tr><td>Not guaranteed $/</td><td>1,162.5</td><td>1,162.5</td><td>-</td></tr><tr><td>Other liabilities $/</td><td>2,803.7</td><td>2,711.4</td><td>532.3</td></tr><tr><td>Total liabilities</td><td>29,977.9</td><td>28,571.6</td><td>1,406.2</td></tr><tr><td>Capital</td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td></tr><tr><td>Government agencies</td><td>639.0</td><td>460.5</td><td>178.5</td></tr><tr><td>Other</td><td>25,741.3</td><td>-110.6</td><td>25,852.0</td></tr><tr><td>Total United States interest</td><td>26,380.4</td><td>349.9</td><td>26,030.5</td></tr><tr><td>Private interests</td><td>458.9</td><td>458.9</td><td>-</td></tr><tr><td>Total capital</td><td>26,839.3</td><td>808.8</td><td>26,030.5</td></tr><tr><td>Total liabilities and capital</td><td>56,817.1</td><td>29,380.4</td><td>27,436.7</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td></tr><tr><td>Paid-in capital</td><td>38,477.3</td><td>3,609.3</td><td>34,868.0</td></tr><tr><td>Treasury loans to Government corporations</td><td>-</td><td>12,168.7</td><td>-12,168.7</td></tr><tr><td>Total investment of United States</td><td>38,477.3</td><td>15,778.0</td><td>22,699.3</td></tr><tr><td>Earned surplus $/ (United States share)</td><td>-12,096.9</td><td>-3,259.4</td><td>-8,837.5</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>26,380.4</td><td>12,518.6</td><td>13,861.8</td></tr><tr><td>Interagency items (net), amount due to:</td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-340.8</td><td>-460.5</td><td>119.8</td></tr><tr><td>Certain other Government agencies</td><td>-298.3</td><td>-298.3</td><td>-</td></tr><tr><td>Government agencies not required to report</td><td>1,524.5</td><td>1,452.0</td><td>72.5</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>27,265.9</td><td>13,211.9</td><td>14,054.0</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>1,207.8</td><td>39.1</td><td>1,168.7</td></tr><tr><td>Other</td><td>128.6</td><td>171.2</td><td>1.4</td></tr></table>
Source: Daily Treasury Statement, August 17, 1945.
1/ Excludes unexpended balances of Appropriated funds.
2/ Consists of accounts and notes receivable, accrued assets, and advances to contractors and agents.
3/ Consists of deferred charges, undistributed charges, and other assets.
4/ Includes notes for short-term borrowing.
5/ Consists of deferred credits, undistributed credits, and other liabilities (including liability reserves).
6/ Negative figures indicate deficit.
7/ Negative figures indicate amounts due from agencies indicated.
70
Treasury Bulletin
Section I - Summary of Assets and Liabilities of Corporations and Certain Other Agencies Of the United States Government - (Continued)
Table 2.- Comparison of Total Loans Outstanding by Type of Loan for Recent Quarterly Periods
(in millions of dollars)
<table><tr><th></th><th>Sept. 30, 1944</th><th>Dec. 31, 1944</th><th>Mar. 31, 1945</th><th>June 30, 1945</th><th colspan="3">Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Sept. 30, 1944 through Dec. 31, 1944</th><th>Dec. 31, 1944 through Mar. 31, 1945</th><th>Mar. 31, 1945 through June 30, 1945</th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>245.1</td><td>202.4</td><td>263.0</td><td>294.3</td><td>-45.7</td><td>+60.7</td><td>+31.3</td></tr><tr><td>Cooperative associations</td><td>310.0</td><td>18.2</td><td>197.5</td><td>149.9</td><td>-322.8</td><td>+179.3</td><td>+47.6</td></tr><tr><td>Crop, livestock, and commodity loans</td><td>446.4</td><td>491.8</td><td>180.2</td><td>196.2</td><td>+45.4</td><td>-311.6</td><td>+16.0</td></tr><tr><td>Joint stock land banks</td><td>-3</td><td>-3</td><td>-3</td><td>-2</td><td>-</td><td>-</td><td>-1</td></tr><tr><td>Other</td><td>2,371.0</td><td>2,572.7</td><td>2,395.8</td><td>2,330.2</td><td>+301.7</td><td>-276.9</td><td>-65.6</td></tr><tr><td>Total</td><td>3,406.9</td><td>3,385.4</td><td>3,036.8</td><td>2,970.9</td><td>-21.5</td><td>-348.6</td><td>-65.9</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Savings and loan associations</td><td>13.0</td><td>11.6</td><td>.1</td><td>*</td><td>-1.4</td><td>-11.5</td><td>-*</td></tr><tr><td>Mortgage loans</td><td>925.6</td><td>874.8</td><td>802.8</td><td>698.3</td><td>-51.1</td><td>-71.9</td><td>-104.5</td></tr><tr><td>Reconditioning loans</td><td>-5</td><td>-5</td><td>-3</td><td>-3</td><td>-</td><td>-1</td><td>-</td></tr><tr><td>Other</td><td>353.8</td><td>390.6</td><td>345.8</td><td>328.2</td><td>-13.2</td><td>-4.8</td><td>-17.6</td></tr><tr><td>Total</td><td>1,303.1</td><td>1,237.5</td><td>1,140.1</td><td>1,026.9</td><td>-65.7</td><td>-88.4</td><td>-122.2</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Railroads</td><td>387.7</td><td>342.6</td><td>280.6</td><td>243.0</td><td>-45.2</td><td>-61.9</td><td>-37.6</td></tr><tr><td>Ship construction and reconditioning</td><td>8.4</td><td>7.2</td><td>7.2</td><td>6.7</td><td>-1.2</td><td>+*</td><td>-5</td></tr><tr><td>Other</td><td>188.6</td><td>184.2</td><td>218.3</td><td>194.8</td><td>-4.4</td><td>+34.1</td><td>-23.5</td></tr><tr><td>Total</td><td>584.7</td><td>533.9</td><td>506.1</td><td>444.5</td><td>-50.8</td><td>-27.8</td><td>-61.6</td></tr><tr><td>To aid States, Territories, etc.</td><td>533.3</td><td>510.2</td><td>498.5</td><td>489.2</td><td>-23.1</td><td>-17.7</td><td>-3.3</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banking</td><td>57.9</td><td>54.0</td><td>49.2</td><td>46.4</td><td>-3.8</td><td>-4.9</td><td>-2.8</td></tr><tr><td>Insurance companies</td><td>34.0</td><td>34.2</td><td>34.0</td><td>33.9</td><td>+3</td><td>-2</td><td>-1</td></tr><tr><td>Mortgage loan companies</td><td>94.3</td><td>128.2</td><td>58.8</td><td>129.6</td><td>+33.9</td><td>-69.4</td><td>+70.8</td></tr><tr><td>Total</td><td>186.1</td><td>216.5</td><td>142.0</td><td>209.8</td><td>+30.4</td><td>-74.5</td><td>+67.8</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans (not otherwise classified)</td><td>39.0</td><td>37.5</td><td>37.5</td><td>40.7</td><td>-1.5</td><td>-1</td><td>+3.2</td></tr><tr><td>Other</td><td>945.2</td><td>914.2</td><td>878.5</td><td>812.8</td><td>-31.0</td><td>-35.7</td><td>-65.7</td></tr><tr><td>Total</td><td>984.2</td><td>951.8</td><td>916.0</td><td>853.5</td><td>-32.5</td><td>-35.8</td><td>-62.5</td></tr><tr><td>Total loans</td><td>6,998.3</td><td>6,835.3</td><td>6,242.5</td><td>5,994.8</td><td>-163.0</td><td>-592.8</td><td>-247.7</td></tr></table>
Source: Daily Treasury Statement. * Less than $50,000.
1/ Excludes loans receivable from Government agencies. Figures do not reflect any reserves for losses that may have been established.
September 1945
71
Section
I - Summary of Assets and Liabilities of Corporations and Certain Other Agencies Of the United States Government - (Continued)
Table 3.- Comparison of Loans Outstanding of Each Agency by Type of Loan, September 30, 1941 and June 30, 1945
(in millions of dollars)
<table><tr><th>Corporate, or other agency</th><th>Total</th><th colspan="2">Agriculture</th><th colspan="2">Home owners</th><th colspan="2">Industry</th><th colspan="2">States, territories, etc.</th><th colspan="2">Financial institutions</th><th colspan="2">Others</th></tr><tr><th></th><th>Sept.30, 1944</th><th>June30, 1945</th><th>Sept.30, 1944</th><th>June30, 1945</th><th>Sept.30, 1944</th><th>June30, 1945</th><th>Sept.30, 1944</th><th>June30, 1945</th><th>Sept.30, 1944</th><th>June30, 1945</th><th>Sept.30, 1944</th><th>June30, 1945</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President: Office for Emergency Management:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>*</td></tr><tr><td>Office of Inter-American Affairs</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Foreign Economic Administration</td><td>223.5</td><td>214.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>221.5</td><td>214.3</td></tr><tr><td>Export-Import Bank of Washington</td><td>1.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>-</td></tr><tr><td>Rubber Development 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></tr><tr><td>Department of Agriculture:</td><td>297.0</td><td>39.1</td><td>297.0</td><td>39.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration</td><td>116.1</td><td>135.4</td><td>116.1</td><td>135.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Banks for Cooperatives</td><td>294.4</td><td>295.0</td><td>294.4</td><td>295.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>1,286.3</td><td>1,134.0</td><td>1,286.3</td><td>1,134.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land 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>Regional Agricultural Credit Corporations of Washington, D. C.</td><td>19.3</td><td>9.6</td><td>19.3</td><td>9.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>374.6</td><td>326.6</td><td>374.6</td><td>326.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation</td><td>1.8</td><td>3.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>22.0</td><td>15.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.0</td><td>15.8</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency: Reconstruction Finance Corporation and certain affiliates</td><td></td><td></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>1,323.2</td><td>1,034.1</td><td>1.4</td><td>1.3</td><td>13.5</td><td>10.9</td><td>398.5</td><td>295.3</td><td>138.6</td><td>123.5</td><td>69.0</td><td>52.4</td></tr><tr><td>Disaster Loan Corporation</td><td>1.9</td><td>1.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.9</td></tr><tr><td>Federal National Mortgage Association</td><td>54.5</td><td>10.0</td><td>-</td><td>-</td><td>54.5</td><td>10.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.4</td></tr><tr><td>The RFC Mortgage Company</td><td>100.2</td><td>59.0</td><td>-</td><td>-</td><td>78.6</td><td>40.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21.6</td></tr><tr><td>Defense Supplies Corporation</td><td>97.7</td><td>66.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>95.1</td><td>64.4</td><td>-</td><td>-</td><td>-</td><td>2.3</td></tr><tr><td>National Housing 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>Federal Home Loan Bank Administration</td><td>95.2</td><td>131.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>95.2</td><td>131.7</td></tr><tr><td>Federal home loan 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>Home Owners' Loan Corporation</td><td>1,155.5</td><td>964.6</td><td>-</td><td>-</td><td>1,155.5</td><td>964.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates:</td><td></td><td></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 Public Housing Authority</td><td>307.2</td><td>289.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>305.6</td><td>288.1</td><td>-</td><td>1.6</td></tr><tr><td>Defense Boats Corporation</td><td>1.9</td><td>1.9</td><td>-</td><td>-</td><td>1.9</td><td>1.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.5</td></tr><tr><td>Smaller War Plants Corporation</td><td>26.4</td><td>40.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26.4</td><td>40.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>2.2</td><td>2.5</td><td>2.2</td><td>2.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>3.0</td><td>2.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.6</td><td>2.4</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Total loans 1/ of Government corporations</td><td>5,801.2</td><td>4,770.8</td><td>2,388.4</td><td>1,940.2</td><td>1,973.1</td><td>1,026.9</td><td>522.9</td><td>362.1</td><td>445.0</td><td>412.3</td><td>186.1</td><td>209.8</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>619.5</td></tr><tr><td>Certain other 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></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration</td><td>152.9</td><td>150.3</td><td>152.9</td><td>150.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration</td><td>515.2</td><td>497.9</td><td>519.9</td><td>497.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>353.6</td><td>377.0</td><td>340.1</td><td>377.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 2/</td><td>13.5</td><td>13.4</td><td>5.5</td><td>5.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.0</td><td>7.8</td></tr><tr><td>Federal Works Agency 2/</td><td>74.8</td><td>76.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>74.8</td><td>76.9</td><td>-</td><td>-</td></tr><tr><td>National Housing 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>Federal Housing Administration</td><td>17.4</td><td>21.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17.4</td><td>21.3</td></tr><tr><td>United States Maritime Commission</td><td>8.4</td><td>6.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.4</td><td>6.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other 2/</td><td>56.5</td><td>80.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>53.4</td><td>75.7</td><td>-</td><td>-</td><td>3.1</td><td>4.8</td></tr><tr><td>Total loans 1/ of certain other Government agencies</td><td>1,137.1</td><td>1,224.5</td><td>1,018.5</td><td>1,030.7</td><td>-</td><td>-</td><td>61.8</td><td>82.4</td><td>88.3</td><td>76.9</td><td>-</td><td>28.5</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>94.0</td></tr><tr><td>Corporations and certain other 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></td></tr><tr><td>Total loans 1/</td><td>6,988.3</td><td>5,994.8</td><td>3,406.9</td><td>2,970.9</td><td>1,973.1</td><td>1,026.9</td><td>584.7</td><td>444.5</td><td>533.3</td><td>489.2</td><td>186.1</td><td>209.8</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>684.2</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>853.5</td></tr></table>
Source: Daily Treasury Statements.
1/ Less than $70,000.
2/ Loans made by commercial banks on behalf of the Export-Import Bank under agency agreements are included in the amount of $59.6 million as of September 30, 1944 and $79.2 million as of June 30, 1945.
3/ Includes loans discounted with Federal Intermediate credit banks amounting to $10.4 million.
4/ Merged within the Reconstruction Finance Corporation as of July 1, 1945.
5/ Commitments to purchase loans amounted to an additional $15.0
million on June 30, 1946. Figures are as of March 31, 1945, the latest available. Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. Consists of Indian loans, Puerto Rican Hurricane Relief Loan Sec-tion, and Puerto Rico Reconstruction Administration. Consists of Public Works Administration and War Public Works, Com-mercial Facilities. Consists of Navy Department Guaranteed Loans (World War II); War Department Guaranteed Loans (World War II); Federal Security Agency Loans to Students; Federal Public Housing Authority, subsistence homestead loans; and Treasury Department, Miscellaneous loans.
72
Treasury Bulletin
Section II - Assets and Liabilities of Corporations and Certain Other Agencies
Of the United States Government, June 30, 1945
Table 1.- Corporations 1/
(In millions of dollars)
<table><tr><th></th><th>Total</th><th colspan="3">Executive Office of the President</th><th colspan="5">Department of Agriculture (continued on following page)</th></tr><tr><th></th><th></th><th>Office for Inter-American Affairs</th><th>Foreign Economic Administration</th><th>Commodity Credit Corporation</th><th colspan="4">Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th>$</th><th>Export-Import Bank of Washington</th><th>Other</th><th>Bank for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks</th><th>$</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash</td><td>443.7</td><td>18.2</td><td>.4</td><td>4.1</td><td>31.9</td><td>36.1</td><td>11.5</td><td>44.7</td></tr><tr><td>Deposits with other Government agencies</td><td>350.7</td><td>-</td><td>69.1</td><td>-</td><td>1.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>8,525.2</td><td>-</td><td>-</td><td>-</td><td>36.0</td><td>-</td><td>20.9</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>4,770.8</td><td>-</td><td>214.3</td><td>-</td><td>39.1</td><td>135.4</td><td>295.0</td><td>1,134.0</td></tr><tr><td>Less: Reserve for losses</td><td>167.8</td><td>-</td><td>-</td><td>-</td><td>4.6</td><td>.8</td><td>-</td><td>71.5</td></tr><tr><td>Loans receivable from others (net)</td><td>4,603.0</td><td>*</td><td>214.3</td><td>-</td><td>34.5</td><td>134.7</td><td>295.0</td><td>1,062.5</td></tr><tr><td>Accounts and other receivables, less reserves</td><td>2,197.3</td><td>.4</td><td>2.2</td><td>387.4</td><td>455.1</td><td>1.3</td><td>2.2</td><td>17.0</td></tr><tr><td>Commodities, supplies, and materials</td><td>2,452.9</td><td>-</td><td>-</td><td>333.8</td><td>1,333.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investment:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>1,582.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43.3</td><td>36.5</td><td>160.8</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>6.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>5.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.0</td></tr><tr><td>Other securities, less reserves</td><td>369.2</td><td>-</td><td>-</td><td>3.0</td><td>-</td><td>22.0</td><td>-</td><td>-</td></tr><tr><td>Total investments (net)</td><td>1,962.9</td><td>-</td><td>-</td><td>3.0</td><td>-</td><td>65.3</td><td>36.5</td><td>161.8</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>7,871.0</td><td>.6</td><td>*</td><td>10.3</td><td>4.1</td><td>.1</td><td>-</td><td>5.6</td></tr><tr><td>Acquired security or collateral (net)</td><td>55.5</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>2.9</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>460.5</td><td>-</td><td>-</td><td>-</td><td>7.6</td><td>.1</td><td>.2</td><td>1.2</td></tr><tr><td>Other assets</td><td>457.5</td><td>-</td><td>1.1</td><td>162.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>29,380.4</td><td>19.3</td><td>286.1</td><td>901.1</td><td>1,903.7</td><td>237.8</td><td>366.3</td><td>1,295.7</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>1,406.2</td><td>9.7</td><td>*</td><td>181.0</td><td>404.3</td><td>.1</td><td>1.4</td><td>11.7</td></tr><tr><td>Trust and deposit liabilities</td><td>2,934.4</td><td>-</td><td>85.6</td><td>346.3</td><td>5.4</td><td>*</td><td>.3</td><td>24.1</td></tr><tr><td>Securities, debentures, and notes payable</td><td>12,168.7</td><td>-</td><td>-</td><td>-</td><td>1,591.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>474.4</td><td>-</td><td>-</td><td>-</td><td>450.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>9,316.5</td><td>-</td><td>-</td><td>395.3</td><td>-</td><td>20.9</td><td>273.0</td><td>840.4</td></tr><tr><td>Not guaranteed</td><td>21.5</td><td>-</td><td>-</td><td>395.3</td><td>2,041.4</td><td>20.9</td><td>273.0</td><td>840.4</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>21,959.4</td><td>-</td><td>-</td><td>190.3</td><td>249.8</td><td>.1</td><td>.4</td><td>7.7</td></tr><tr><td>Other liabilities</td><td>6,671.4</td><td>-</td><td>85.6</td><td>1,072.5</td><td>2,700.9</td><td>21.1</td><td>275.1</td><td>883.6</td></tr><tr><td>Total liabilities</td><td>26,571.4</td><td>9.7</td><td>85.6</td><td>1,072.5</td><td>2,700.9</td><td>21.1</td><td>275.1</td><td>883.6</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,161.6</td><td>.6</td><td>175.0</td><td>5.1</td><td>100.0</td><td>178.5</td><td>50.0</td><td>117.9</td></tr><tr><td>Paid-in surplus</td><td>684.3</td><td>17.8</td><td>-</td><td>-</td><td>400.7</td><td>-</td><td>-</td><td>69.8</td></tr><tr><td>Expanded appropriations</td><td>753.5</td><td>45.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>3,259.4</td><td>54.1</td><td>24.4</td><td>-175.5</td><td>-1,297.8</td><td>31.7</td><td>31.2</td><td>-</td></tr><tr><td>Total United States owned</td><td>345.3</td><td>5.6</td><td>199.4</td><td>-171.4</td><td>-797.1</td><td>210.2</td><td>91.2</td><td>187.5</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>285.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.5</td><td>-</td><td>71.0</td></tr><tr><td>Earned surplus</td><td>173.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.0</td><td>-</td><td>153.2</td></tr><tr><td>Total privately owned</td><td>458.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.5</td><td>-</td><td>224.2</td></tr><tr><td>Total capital</td><td>808.8</td><td>9.6</td><td>199.4</td><td>-171.4</td><td>-797.1</td><td>216.7</td><td>91.2</td><td>411.8</td></tr><tr><td>Total liabilities and capital</td><td>29,380.4</td><td>13.3</td><td>285.1</td><td>901.1</td><td>1,903.7</td><td>237.8</td><td>366.3</td><td>1,295.7</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items</td><td>12,518.6</td><td>9.6</td><td>199.4</td><td>-171.4</td><td>793.9</td><td>210.2</td><td>91.2</td><td>187.6</td></tr><tr><td>Interagency items (est.), amount due to</td><td>-460.5</td><td>-</td><td>-69.6</td><td>441.3</td><td>2.1</td><td>21.0</td><td>-20.0</td><td>-1.2</td></tr><tr><td>Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>1,153.8</td><td>.1</td><td>7.0</td><td>15.7</td><td>-276.9</td><td>*</td><td>.3</td><td>.1</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>13,211.9</td><td>9.7</td><td>136.8</td><td>285.6</td><td>519.0</td><td>231.2</td><td>71.5</td><td>186.5</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>39.1</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>727.2</td><td>-</td><td>-</td><td>20.7</td><td>276.5</td><td>-</td><td>-</td><td>-</td></tr></table>
Daily Treasury Statement, August 17, 1945.
Loans of $50,000.
1/ Consists of corporations in which the United States Government has a proprietary interest, direct or indirect, except Federal savings and loan associations and those corporations in which the proprietary interest of the United States is evidenced only by preferred stock or capital notes acquired through the Reconstruction Finance Corporation or production credit corporations.
2/ Consists of Institute of Inter-American Affairs, Institute of Inter-
3/ Consists of Petroleum Reserves Corporation, Rubber Development Corporation, and U. S. Commercial Company.
4/ Includes the assets and liabilities of the Federal Land Banks of Houston, Louisville, Springfield, St. Louis, and Spokane, which have retired the capital stock and paid-in surplus previously held by the United States Government.
5/ Excludes unexpended balances of appropriated funds.
(Continued on following page)
September 1945
73
Section II - Assets and Liabilities of Corporations and Certain Other Agencies Of the United States Government, June 30, 1945 - (Continued)
Table 1.- Corporations 2/ - (Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="5">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th></tr><tr><th></th><th>Farm Credit Administration - (continued)</th><th>Regional Agricultural Credit Corporation of Washington, D. C.</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation</th><th>Inland Waterways Corporation 15/</th><th>The Virgin Islands Company</th><th>Federal Prison Industries Inc.</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 5/</td><td>.7</td><td>7.9</td><td>10.3</td><td>1.8</td><td>2.7</td><td>1.0</td><td>.2</td><td>13.9</td></tr><tr><td>Deposits with other Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>-</td><td>9.6</td><td>326.6</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Lease: Reserve for losses</td><td>-</td><td>2.9</td><td>66.5 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others (net)</td><td>-</td><td>6.7</td><td>260.2</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 9/</td><td>.2</td><td>-</td><td>5.8</td><td>1.0</td><td>-</td><td>.7</td><td>.2</td><td>1.6</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.7</td><td>3.6</td></tr><tr><td>Investments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>64.2</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>6.7</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>55.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total investments (net)</td><td>119.9</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>6.7</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>14.6</td><td>.3</td><td>4.1</td></tr><tr><td>Acquired security or collateral (net)</td><td>-</td><td>1.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 10/</td><td>.2</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>.1</td></tr><tr><td>Total assets</td><td>121.0</td><td>15.0</td><td>279.1</td><td>2.9</td><td>2.7</td><td>24.1</td><td>1.4</td><td>23.3</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>-</td><td>-</td><td>1.1</td><td>1.0</td><td>.1</td><td>.7</td><td>.2</td><td>.9</td></tr><tr><td>Trust and deposit liabilities</td><td>-</td><td>1.1</td><td>6.9</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>108.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>7.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable 11/</td><td>-</td><td>-</td><td>115.8</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Other liabilities 13/</td><td>-</td><td>-</td><td>.4</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>-</td><td>1.1</td><td>124.4</td><td>1.1</td><td>.1</td><td>1.1</td><td>.4</td><td>.9</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>106.3</td><td>-</td><td>100.0</td><td>40.0</td><td>-</td><td>12.0</td><td>-</td><td>-</td></tr><tr><td>Faid-in surplus</td><td>-</td><td>21.2 12/</td><td>-</td><td>-</td><td>-</td><td>10.5</td><td>-</td><td>4.8</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>32.4 20/</td><td>-</td><td>-</td><td>.9</td><td>-</td></tr><tr><td>Earned surplus 15/</td><td>12.7</td><td>-7.4</td><td>54.7</td><td>-70.6 20/</td><td>2.7</td><td>.5</td><td>.1</td><td>17.6</td></tr><tr><td>Total United States owned</td><td>121.0</td><td>13.9</td><td>154.7</td><td>1.9</td><td>2.7</td><td>23.0</td><td>1.0</td><td>22.3</td></tr><tr><td>Privately owned</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>121.0</td><td>13.9</td><td>154.7</td><td>1.9</td><td>2.7</td><td>23.0</td><td>1.0</td><td>22.3</td></tr><tr><td>Total liabilities and capital</td><td>121.0</td><td>15.0</td><td>279.1</td><td>2.9</td><td>2.7</td><td>24.1</td><td>1.4</td><td>23.3</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items (net), amounts due to: 17/</td><td>121.0</td><td>13.9</td><td>262.7</td><td>1.9</td><td>2.7</td><td>23.0</td><td>1.0</td><td>22.3</td></tr><tr><td>Government corporations</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-.1</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-.1</td><td>-.2</td><td>-.1</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>121.0</td><td>13.9</td><td>262.9</td><td>1.9</td><td>2.7</td><td>22.9</td><td>1.1</td><td>21.0</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
6. Includes $73.2 million of loans made by commercial banks on behalf of the Export-Import Bank under agency agreements.
7. Includes mortgage loans in process of foreclosure.
8. The reserve for losses on loans receivable includes other loss reserves which cannot be distributed to the assets to which they apply.
9. Consists of accounts and notes receivable, accrued assets, and advances to contractors and agents.
10. Consists of deferred charges, undistributed charges, and other
11/ Include notes for short-term borrowings.
12/ The figure for demand obligations of the Commodity Credit Corporation reflected in this statement differs from that shown elsewhere in the "Treasury Bulletin" because in other tables this figure is partially as of May 31, 1945.
13/ Consists of deferred credits, undistributed credits, and other liabilities (including Liability reserves).
14/ Includes $141.9 million of valuation reserves established by U. S.
(Continued on following page)
Treasury Bulletin
74
Section II - Assets and Liabilities of Corporations and Certain Other Agencies
Of the United States Government, June 30, 1945 - (Continued)
Table 1.- Corporations 1/ - (Continued)
(in millions of dollars)
<table><tr><th></th><th>Department of War</th><th>Federal Deposit Insurance Corporation</th><th colspan="5">Federal Loan Agency</th><th>Smaller War Plants Corporation</th></tr><tr><th></th><th>United States Spruce Production Corporation 21/</th><th></th><th>Reconstruction Finance Corporation</th><th>Disaster Loan Corporation</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 22/</th><th></th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 5/</td><td>*</td><td>10.8</td><td>25.2</td><td>*</td><td>-</td><td>*</td><td>10.7</td><td>117.7</td></tr><tr><td>Deposits with other Government agencies</td><td>-</td><td>-</td><td>-</td><td>17.3</td><td>4.7</td><td>1.1</td><td>251.9</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>8,468.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>-</td><td>15.8</td><td>1,034.1</td><td>1.4</td><td>10.0</td><td>59.0</td><td>66.3</td><td>40.0</td></tr><tr><td>Loans: Reserve for losses</td><td>-</td><td>6.1</td><td>-</td><td>-</td><td>-</td><td>1.3</td><td>-</td><td>1.1</td></tr><tr><td>Loans receivable from others (net)</td><td>-</td><td>9.7</td><td>1,034.1</td><td>1.4</td><td>10.0</td><td>57.7</td><td>66.3</td><td>38.9</td></tr><tr><td>Accounts and other receivables, less reserves 9/</td><td>.2</td><td>2.9</td><td>216.4</td><td>.1</td><td>.1</td><td>.5</td><td>1,070.2</td><td>10.6</td></tr><tr><td>Commodities, supplies, and materials</td><td>.2</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>767.6</td><td>-</td></tr><tr><td>Investments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>.1</td><td>835.6</td><td>75.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>5.5</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>4.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>251.2</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.5</td><td>1.1</td><td>-</td></tr><tr><td>Total investments (net)</td><td>.1</td><td>835.6</td><td>340.5</td><td>-</td><td>.6</td><td>11.1</td><td>1.1</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>*</td><td>-</td><td>1.5</td><td>-</td><td>-</td><td>7.1</td><td>6,769.0</td><td>15.1</td></tr><tr><td>Acquired security or collateral (net)</td><td>-</td><td>11.1</td><td>30.0</td><td>.1</td><td>*</td><td>3.5</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>360.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 10/</td><td>-</td><td>-</td><td>19.8</td><td>-</td><td>-</td><td>.7</td><td>263.6</td><td>-</td></tr><tr><td>Total assets</td><td>.3</td><td>870.1</td><td>10,495.4</td><td>18.9</td><td>15.4</td><td>75.9</td><td>9,202.4</td><td>182.2</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>*</td><td>.5</td><td>46.0</td><td>-</td><td>.1</td><td>.2</td><td>732.3</td><td>1.2</td></tr><tr><td>Trust and deposit liabilities</td><td>-</td><td>.8</td><td>441.5</td><td>*</td><td>.2</td><td>1.4</td><td>1,950.0</td><td>*</td></tr><tr><td>Bonds, debentures, and notes payable: 11/</td><td></td><td></td><td>9,019.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44.7</td><td>7,630.7</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable 11/</td><td>-</td><td>-</td><td>9,020.0</td><td>-</td><td>-</td><td>44.7</td><td>7,630.7</td><td>-</td></tr><tr><td>Other liabilities 13/</td><td>-</td><td>579.6</td><td>204.2</td><td>23/</td><td>*</td><td>2.0</td><td>997.4</td><td>1.8</td></tr><tr><td>Total liabilities</td><td>*</td><td>580.8</td><td>9,711.7</td><td>.1</td><td>.3</td><td>48.4</td><td>11,310.5</td><td>3.0</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>.1</td><td>150.0</td><td>325.0</td><td>24.0</td><td>10.0</td><td>25.0</td><td>21.0</td><td>300.0</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>1.0</td><td>-</td><td>-</td><td>5.7</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9.2</td><td>-</td></tr><tr><td>Earned surplus 15/</td><td>.2</td><td>2%</td><td>459.7</td><td>-5.2</td><td>4.1</td><td>2.6</td><td>-2,144.0</td><td>-20.8</td></tr><tr><td>Total United States owned</td><td>.3</td><td>150.0</td><td>784.7</td><td>18.8</td><td>15.1</td><td>27.6</td><td>-2,108.1</td><td>179.2</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>2%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>.3</td><td>289.3</td><td>784.7</td><td>18.8</td><td>15.1</td><td>27.6</td><td>-2,108.1</td><td>179.2</td></tr><tr><td>Total liabilities and capital</td><td>.3</td><td>870.1</td><td>10,495.4</td><td>18.9</td><td>15.4</td><td>75.9</td><td>9,202.4</td><td>182.2</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 16/</td><td>.3</td><td>150.0</td><td>9,804.6</td><td>18.8</td><td>15.1</td><td>27.6</td><td>-2,108.1</td><td>179.2</td></tr><tr><td>Interagency items (est), amounts due to 17/</td><td>-</td><td>-</td><td>-8,327.2</td><td>-17.3</td><td>-4.6</td><td>43.8</td><td>7,516.2</td><td>-5.8</td></tr><tr><td>Government corporations excluding Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>loans to Government corporations</td><td>*</td><td>.1</td><td>-224.8</td><td>-</td><td>-6.6</td><td>-5.6</td><td>1,649.9</td><td>-4.4</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>.3</td><td>149.9</td><td>1,252.6</td><td>1.5</td><td>9.9</td><td>65.8</td><td>7,058.0</td><td>169.0</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>39.0</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>203.3</td><td>-</td></tr></table>
Commercial Company which are not apportioned to applicable assets. Negative figures indicate deficit. Consists of paid-in capital (U. S. owned), Treasury loans to Government corporations, and earned surplus or deficit (U. S. share). Negative figures indicate amounts due from Government agencies. Includes Warrior River Terminal Company, Inc., a wholly owned subsidiary. Represents advances from the Reconstruction Finance Corporation for
the payment of operating expenses. Includes administrative expense costs advanced from Federal funds. World War I corporation in liquidation. Consists of Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, Rubber Reserve Company, and War Damage Corporation. Effective July 1, 1945 Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, Rubber Reserve Company and Disaster Loan Corporation were dissolved and merged
(Continued on following page)
September 1945
75
Section II - Assets and Liabilities of Corporations and Certain Other Agencies Of the United States Government, June 30, 1945 - (Continued)
Table 1.- Corporations 1/ - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing and affiliate</th><th rowspan="2">Panama Railroad Company 26/</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc. 27/</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th>Federal home loan banks</th><th>Federal Savings and loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>United States Housing Corporation 21/</th><th>Federal Public Housing Authority 25/</th><th>Defense Homes Corporation</th></tr><tr><td colspan="9">Assets</td></tr><tr><td>Cash 5/</td><td>17.4</td><td>1.6</td><td>44.2</td><td>.4</td><td>21.3</td><td>.9</td><td>7.1</td><td>.1</td><td>1.0</td></tr><tr><td>Deposits with other Government agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.2</td><td>1.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from Government agencies.</td><td>-</td><td>-</td><td>964.6</td><td>-</td><td>289.6 28/</td><td>.9</td><td>-</td><td>.2</td><td>2.8</td></tr><tr><td>Loans receivable from others.</td><td>131.7</td><td>-</td><td>13.0 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Lease Reserve for leases.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>289.6</td><td>.9</td><td>-</td><td>.2</td><td>2.8</td></tr><tr><td>Loans receivable from others (net).</td><td>131.7</td><td>-</td><td>951.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accounts and other receivables, less receivables 9/</td><td>1.0</td><td>1.6</td><td>2.7</td><td>-</td><td>6.4</td><td>.1</td><td>1.7</td><td>-</td><td>6.9</td></tr><tr><td>Commodities, supplies, and materials.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.9</td><td>-</td><td>6.8</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>159.8</td><td>155.5</td><td>15.0</td><td>-</td><td>8.0</td><td>-</td><td>21.6</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed.</td><td>-</td><td>-</td><td>26.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total investments (net).</td><td>159.8</td><td>155.5</td><td>41.2</td><td>-</td><td>8.0</td><td>-</td><td>21.6</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves.</td><td>*</td><td>-</td><td>2.5</td><td>-</td><td>219.2</td><td>67.2</td><td>30.3</td><td>-</td><td>719.1</td></tr><tr><td>Acquired security or collateral (set).</td><td>-</td><td>1.6</td><td>4.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations.</td><td>-</td><td>-</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 10/.</td><td>*</td><td>-</td><td>*</td><td>-</td><td>.3</td><td>.2</td><td>.1</td><td>-</td><td>*</td></tr><tr><td>Total assets</td><td>309.8</td><td>160.3</td><td>1,146.9</td><td>.4</td><td>547.0</td><td>70.3</td><td>67.8</td><td>.3</td><td>736.6</td></tr><tr><td colspan="9">Liabilities</td></tr><tr><td>Accounts payable and accrued liabilities.</td><td>1.0</td><td>*</td><td>1.2</td><td>-</td><td>.1</td><td>.7</td><td>1.8</td><td>-</td><td>8.6</td></tr><tr><td>Trust and deposit liabilities.</td><td>45.4</td><td>*</td><td>23.6</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>.6</td></tr><tr><td>Bonds, debentures, and notes payable: 11/</td><td>-</td><td>-</td><td>1,010.0</td><td>-</td><td>383.0</td><td>-</td><td>-</td><td>-</td><td>56.8</td></tr><tr><td>Guaranteed securities issued to Treasury.</td><td>-</td><td>-</td><td>16.1</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues.</td><td>50.0</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>56.9</td><td>-</td><td>-</td><td>4.3</td></tr><tr><td>Not guaranteed 11/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable11/</td><td>50.0</td><td>-</td><td>1,026.2</td><td>-</td><td>383.0</td><td>56.9</td><td>-</td><td>-</td><td>61.1</td></tr><tr><td>Other liabilities 13/.</td><td>-</td><td>60.2</td><td>1.2</td><td>-</td><td>9.0</td><td>.6</td><td>5.1</td><td>-</td><td>.7</td></tr><tr><td>Total liabilities.</td><td>96.4</td><td>60.3</td><td>1,052.2</td><td>-</td><td>392.1</td><td>58.3</td><td>7.9</td><td>-</td><td>70.9</td></tr><tr><td colspan="9">Capital</td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock.</td><td>124.5</td><td>100.0</td><td>200.0</td><td>66.5</td><td>1.0</td><td>10.0</td><td>7.0</td><td>-</td><td>37.7</td></tr><tr><td>Paid-in surplus.</td><td>-</td><td>-</td><td>-</td><td>114.8</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>638.5</td></tr><tr><td>Expanded appropriations.</td><td>-</td><td>-</td><td>-</td><td>-32.2</td><td>69.3</td><td>2.0</td><td>53.0</td><td>-</td><td>-10.5</td></tr><tr><td>Earned surplus 15/.</td><td>-</td><td>24/</td><td>-105.3</td><td>-33.9</td><td>-30.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total United States owned.</td><td>124.5</td><td>100.0</td><td>94.7</td><td>.4</td><td>154.9</td><td>12.0</td><td>60.0</td><td>.3</td><td>665.7</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock.</td><td>69.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus.</td><td>19.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned.</td><td>88.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital.</td><td>213.4</td><td>100.0</td><td>94.7</td><td>.4</td><td>154.9</td><td>12.0</td><td>60.0</td><td>.3</td><td>665.7</td></tr><tr><td>Total liabilities and capital.</td><td>309.8</td><td>160.3</td><td>1,146.9</td><td>.4</td><td>547.0</td><td>70.3</td><td>67.8</td><td>.3</td><td>736.6</td></tr><tr><td colspan="9">Analysis of investment of United States</td></tr><tr><td>Book value of United States interest, including interagency items 16/.</td><td>124.5</td><td>100.0</td><td>1,104.7</td><td>.4</td><td>537.9</td><td>12.0</td><td>59.9</td><td>.3</td><td>722.5</td></tr><tr><td>Interagency items (est), amounts due to: 17/</td><td>.5</td><td>*</td><td>-100.0</td><td>-</td><td>-</td><td>56.3</td><td>-</td><td>-</td><td>4.0</td></tr><tr><td>Government corporations.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations.</td><td>*</td><td>*</td><td>.1</td><td>-</td><td>-2.3</td><td>*</td><td>-1.1</td><td>-</td><td>-2.1</td></tr><tr><td>Book value of United States interest after exclusion of interagency items.</td><td>125.0</td><td>100.0</td><td>1,004.7</td><td>.4</td><td>535.6</td><td>68.2</td><td>58.8</td><td>.3</td><td>724.0</td></tr><tr><td colspan="9">Contingent liabilities</td></tr><tr><td>Guaranteed loans.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>226.8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
23/ Within the Reconstruction Finance Corporation. Includes $25,0 million valuation reserves which are not apportioned to applicable assets.
24/ For purposes of this report the entire amount of earned surplus of this Corporation is reported as a liability reserve to cover possible insurance losses until experience shall have been gained which will permit the determination of adequate reserves.
25/ Figures represent activities under U. S. Housing Act, as amended.
26/ housing and other operations of the Authority are reflected in the classification "Other" in Table 2.
27/ Figures are as of May 31, 1945, the latest available.
28/ Figures are as of March 31, 1945, the latest available.
Loan commitments amount to $403.1 million against which advances of $233.1 million have been made, leaving commitments to purchase loans of $115.0 million.
76
Treasury Bulletin
Section II - Assets and Liabilities of Corporations and Certain Other Agencies Of the United States Government, June 30, 1945 - (Continued)
Table 2.- Certain Other Agencies
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Office for Emergency Management</th><th>Department of Agriculture</th><th></th><th>Department of the Interior</th><th>Federal Works Agency</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>All other</th></tr><tr><th>Assets</th><td></td><td>War Shipping Administration</td><td>Farm Credit Administration</td><td>Farm Security Administration</td><td>Rural Electrification Administration</td><td></td><td>Federal Housing Administration</td><td></td><td></td></tr><tr><td>Cash 5/</td><td>256.5</td><td>63.2</td><td>.7</td><td>27.6</td><td>3.1</td><td>*</td><td>20.4</td><td>14.1</td><td>127.4</td></tr><tr><td>Loans receivable from Government agencies</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>1,226.0</td><td>-</td><td>150.3</td><td>497.8</td><td>377.0</td><td>13.4</td><td>16.9</td><td>21.3</td><td>60.9</td></tr><tr><td>Less: Reserve for losses</td><td>-282.7</td><td>-</td><td>-127.0</td><td>-133.4</td><td>-1.1</td><td>-8.9</td><td>-</td><td>-</td><td>-2.0</td></tr><tr><td>Loans receivable from others (net)</td><td>941.3</td><td>-</td><td>23.2</td><td>354.4</td><td>376.9</td><td>12.1</td><td>68.0</td><td>21.3</td><td>58.9</td></tr><tr><td>Accounts and other receivables, less reserve 6/</td><td>287.5</td><td>13.2</td><td>4</td><td>36.2</td><td>5.6</td><td>-4</td><td>-1</td><td>.7</td><td>174.0</td></tr><tr><td>Commodities, supplies, and materials</td><td>53.6</td><td>28.4</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>25.0</td></tr><tr><th>Investments:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>96.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>96.5</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserve</td><td>5.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>2.7</td></tr><tr><td>Total investments (net)</td><td>101.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>96.5</td><td>2.7</td><td>2.7</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>12,168.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,168.7</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>12,292.9</td><td>7,273.3</td><td>-</td><td>34.6</td><td>.2</td><td>13.7</td><td>90.3</td><td>.6</td><td>1,583.6</td></tr><tr><td>Acquired security or collateral (net)</td><td>19.8</td><td>-</td><td>1.5</td><td>2.0</td><td>-</td><td>-</td><td>15.9</td><td>-</td><td>.4</td></tr><tr><td>Capital stock of Government corporations</td><td>178.5</td><td>-</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 7/</td><td>1,135.8</td><td>475.1</td><td>-</td><td>22.6</td><td>-</td><td>-</td><td>82.1</td><td>554.5</td><td>.5</td></tr><tr><td>Total assets</td><td>27,436.7</td><td>7,854.2</td><td>204.3</td><td>477.5</td><td>385.3</td><td>26.3</td><td>240.5</td><td>155.5</td><td>14,018.4</td></tr><tr><th>Liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>425.2</td><td>391.3</td><td>-</td><td>.9</td><td>*</td><td>.1</td><td>*</td><td>8.3</td><td>4.1</td><td>20.5</td></tr><tr><td>Trust and deposit liabilities</td><td>74.1</td><td>13.3</td><td>*</td><td>4.0</td><td>.1</td><td>*</td><td>*</td><td>1.4</td><td>6.4</td><td>48.9</td></tr><tr><th>Bonds, debentures, and notes payable:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Not guaranteed</td><td>33.9</td><td>-</td><td>-</td><td>100.5</td><td>240.2</td><td>-</td><td>-</td><td>33.9</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>374.6</td><td>-</td><td>-</td><td>100.5</td><td>240.2</td><td>-</td><td>-</td><td>33.9</td><td>-</td></tr><tr><td>Other liabilities 8/</td><td>532.3</td><td>288.2</td><td>-</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>250.3</td></tr><tr><td>Total liabilities</td><td>1,406.2</td><td>656.8</td><td>-</td><td>105.5</td><td>240.3</td><td>.1</td><td>*</td><td>41.6</td><td>268.8</td></tr><tr><th>Proprietary interest</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Expanded appropriations</td><td>34,856.0</td><td>12,584.9</td><td>701.2</td><td>882.7</td><td>153.1</td><td>82.3</td><td>2,095.7</td><td>83.0</td><td>4,129.510</td><td>13,856.0</td></tr><tr><td>Excess of income 11/ 12/</td><td>-8,631.5</td><td>-5,683.1</td><td>-497.5</td><td>-510.7</td><td>-1.2</td><td>-56.2</td><td>-1,855.1</td><td>28.913</td><td>-324.6</td><td>68.0</td></tr><tr><td>Total proprietary interest</td><td>26,030.5</td><td>7,201.3</td><td>203.6</td><td>372.1</td><td>146.0</td><td>26.2</td><td>240.5</td><td>111.9</td><td>3,804.8</td><td>13,924.0</td></tr><tr><td>Total liabilities and proprietary interest</td><td>27,436.7</td><td>7,854.2</td><td>204.3</td><td>477.5</td><td>385.3</td><td>26.3</td><td>240.5</td><td>155.5</td><td>4,073.6</td><td>14,018.4</td></tr><tr><th>Analysis of investment of United States</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value United States interest, including interagency items 11/</td><td>13,651.8</td><td>7,201.3</td><td>203.6</td><td>372.1</td><td>146.0</td><td>26.2</td><td>240.5</td><td>111.9</td><td>3,804.8</td><td>1,755.3</td></tr><tr><th>Interagency items (net), amounts due to: 15/</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and those Government agencies not required to report</td><td>192.2</td><td>35.1</td><td>-178.5</td><td>95.9</td><td>240.0</td><td>*</td><td>*</td><td>6.4</td><td>-8.5</td><td>1.6</td></tr><tr><td>Certain other Government agencies, excluding Treasury loans to Government corporations</td><td>-</td><td>6.6</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6.6</td><td>*</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>14,054.0</td><td>7,243.1</td><td>25.1</td><td>468.0</td><td>386.0</td><td>26.2</td><td>240.4</td><td>118.4</td><td>3,789.7</td><td>1,757.1</td></tr><tr><th>Contingent liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>1,168.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9.3</td><td>1,159.3</td></tr><tr><td>Other</td><td>1.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.4</td><td>-</td></tr></table>
Source: Daily Treasury Statement, August 17, 1945.
1/ Less than $50,000.
2/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
3/ Consists of Indian Loans, Puerto Rican Hurricane Relief Loan Section, and Puerto Rico Reconstruction Administration.
4/ Consists of Public Works Administration and War Public Works Community Facilities.
5/ Consists of Navy Department, sale of surplus supplies (World War I), and guaranteed loans (World War II); War Department, guaranteed loans (World War II); Federal Public Housing Authority, war housing and subsistence homesteads; Federal Security Agency, loans to students; and Treasury Department, miscellaneous loans and certain other assets.
6/ Excludes unexpended balances of appropriated funds.
7/ Consists of accounts and notes receivable, accrued assets, and advances to contractors and agents.
8/ Consists of deferred charges, undistributed charges, and other assets.
9/ Consists of deferred credits, undistributed credits, and other liabilities.
2/ Includes (including liability reserves). 
10/ Excludes the value of vessels and other expenses transferred from the War Shipping Administration for which no transfer of funds will be required. 
11/ Represents excess of expenditures incurred pursuant to legislation for such activities as: Construction and operation of merchant marines fleet in interest of the war effort; relief to farmers; loans and grants for rural rehabilitation and subsistence homesteads; relief and rehabilitation in Puerto Rico; loans, grants, and relief in construction of housing, public works, and community facilities; and others. 
12/ Negative figures indicate excess of expense. 
13/ Includes $63.3 million representing equity of mortgagees in earnings of the account of the Government National Insurance Fund. 
14/ Consists of paid-in capital (U. S. owned), lease Treasury loans to Government corporations, plus excess of income (or expense). 
15/ Negative figures indicate amounts due from Government agencies.
September 1945
77
INTERNAL REVENUE STATISTICS
78
Treasury Bulletin
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 2/</th><th>Miscellaneous profits taxes 4/</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Railroad retirement 1/</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>674,416</td><td>738,521</td><td>14,509</td><td>48</td><td>-</td><td>48</td></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,532</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>115,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,959</td><td>-228,755</td><td>22,368,724</td><td>16,298,888</td><td>6,529,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,113,510</td><td>33,021,802</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>+101,694</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,255</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1944-July</td><td>1,984,946</td><td>-635,503</td><td>2,620,149</td><td>1,729,491</td><td>1,318,941</td><td>403,887</td><td>6,663</td><td>136,475</td><td>127,846</td><td>5,941</td><td>2,688</td></tr><tr><td>August</td><td>2,102,886</td><td>+7,853</td><td>2,150,349</td><td>1,712,402</td><td>1,340,416</td><td>366,022</td><td>5,964</td><td>261,058</td><td>216,672</td><td>8,966</td><td>35,420</td></tr><tr><td>September</td><td>5,746,985</td><td>+691,748</td><td>5,051,236</td><td>4,489,671</td><td>1,356,371</td><td>3,108,464</td><td>24,835</td><td>38,508</td><td>3,353</td><td>677</td><td>34,478</td></tr><tr><td>October</td><td>1,830,476</td><td>-607,262</td><td>2,487,738</td><td>1,809,766</td><td>1,322,758</td><td>478,507</td><td>8,501</td><td>134,095</td><td>125,470</td><td>5,688</td><td>2,937</td></tr><tr><td>November</td><td>2,300,370</td><td>-95,871</td><td>2,364,240</td><td>1,633,189</td><td>1,244,287</td><td>382,066</td><td>6,836</td><td>243,026</td><td>199,907</td><td>7,991</td><td>35,528</td></tr><tr><td>December</td><td>4,945,487</td><td>+679,875</td><td>4,265,612</td><td>3,669,042</td><td>327,870</td><td>3,314,922</td><td>26,849</td><td>36,981</td><td>3,104</td><td>877</td><td>33,000</td></tr><tr><td>1945-January</td><td>3,042,477</td><td>-631,287</td><td>3,673,764</td><td>3,024,104</td><td>2,617,322</td><td>401,817</td><td>5,026</td><td>102,795</td><td>71,268</td><td>30,024</td><td>1,502</td></tr><tr><td>February</td><td>3,814,557</td><td>+10,735</td><td>3,985,892</td><td>3,151,954</td><td>2,726,523</td><td>425,366</td><td>6,065</td><td>317,412</td><td>194,263</td><td>106,572</td><td>16,577</td></tr><tr><td>March</td><td>6,431,321</td><td>+813,540</td><td>5,617,781</td><td>4,995,874</td><td>1,821,017</td><td>3,161,712</td><td>13,145</td><td>61,571</td><td>5,789</td><td>3,360</td><td>56,419</td></tr><tr><td>April</td><td>2,745,867</td><td>-285,266</td><td>3,031,133</td><td>2,407,751</td><td>1,760,877</td><td>637,651</td><td>9,224</td><td>106,510</td><td>99,916</td><td>4,931</td><td>1,661</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>30,082</td></tr><tr><td>June</td><td>5,384,393</td><td>+743,245</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><tr><td>July</td><td>2,526,623</td><td>-631,609</td><td>3,158,232</td><td>2,241,907</td><td>1,587,872</td><td>646,443</td><td>7,592</td><td>125,471</td><td>117,656</td><td>5,093</td><td>2,722</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>2,004,533</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,185</td><td>68,990</td><td>179,540</td><td>76,173</td><td>62,323</td></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,811</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>567,659</td><td>567,177</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>2,359,561</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>2,954,551</td><td>166,653</td><td>407,058</td><td>819,859</td><td>697,712</td><td>19,057</td><td>617,373</td><td>206,831</td><td>-</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td><td>-</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,440</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>2,309,804</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-July</td><td>754,183</td><td>128,357</td><td>47,687</td><td>209,339</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>87,619</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>95,259</td><td>102,617</td><td>-</td></tr><tr><td>December</td><td>558,989</td><td>311</td><td>49,690</td><td>201,461</td><td>70,604</td><td>4,893</td><td>119,542</td><td>112,488</td><td>-</td></tr><tr><td>1945-January</td><td>546,806</td><td>(-21)</td><td>49,295</td><td>206,408</td><td>78,450</td><td>5,718</td><td>116,579</td><td>90,376</td><td>-</td></tr><tr><td>February</td><td>509,926</td><td>247</td><td>37,445</td><td>194,594</td><td>66,047</td><td>5,893</td><td>115,946</td><td>89,755</td><td>-</td></tr><tr><td>March</td><td>560,337</td><td>409</td><td>89,153</td><td>170,878</td><td>73,621</td><td>5,946</td><td>104,199</td><td>118,530</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>83,025</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>6,720</td><td>103,697</td><td>115,686</td><td>-</td></tr><tr><td>July</td><td>790,854</td><td>104,924</td><td>49,324</td><td>198,335</td><td>83,658</td><td>5,870</td><td>120,739</td><td>228,004</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. 1/ Includes collections for credit to certain trust accounts for territories and familiar possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaskan railroads. The excess profit tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Consists of the declared value excess profits tax, the profit limit-
ing provisions of the Vicono Act, and the tax on unjust enrichment.
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
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.
September 1945
79
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-F
80
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(in thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First month</th><th>July 1944</th><th>July 1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th><th></th><th></th></tr><tr><td>Income and profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 §/.</td><td>7,038,438</td><td>10,263,418</td><td>1,178,824</td><td>1,249,298</td><td>1,178,824</td><td>1,249,298</td></tr><tr><td>Revenue Act of 1942.</td><td>784,997</td><td>802</td><td>468</td><td>961</td><td>468</td><td>961</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current §/.</td><td>10,253,831</td><td>8,567,147</td><td>131,316</td><td>318,390</td><td>131,316</td><td>318,390</td></tr><tr><td>Back.</td><td>183,740</td><td>202,947</td><td>8,134 r</td><td>19,223</td><td>8,134 r</td><td>19,223</td></tr><tr><td>Total individual income taxes.</td><td>18,261,005</td><td>19,034,313</td><td>1,318,941</td><td>1,587,872</td><td>1,318,941</td><td>1,587,872</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current §/.</td><td>4,762,714</td><td>4,421,682</td><td>92,549</td><td>160,954</td><td>92,549</td><td>160,954</td></tr><tr><td>Back.</td><td>521,431</td><td>458,034</td><td>21,807</td><td>56,040</td><td>21,807</td><td>56,040</td></tr><tr><td>Excess profit tax (Second Revenue Act of 1940, as amended).</td><td>9,345,198</td><td>11,003,520</td><td>289,531</td><td>429,449</td><td>289,531</td><td>429,449</td></tr><tr><td>Total corporation taxes.</td><td>14,629,344</td><td>15,883,235</td><td>403,887</td><td>646,443</td><td>403,887</td><td>646,443</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value.</td><td>136,980</td><td>143,798</td><td>6,661</td><td>7,590</td><td>6,661</td><td>7,590</td></tr><tr><td>Vinson Act.</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unjust enrichment.</td><td>343</td><td>180</td><td>3 r</td><td>1</td><td>3 r</td><td>1</td></tr><tr><td>Total miscellaneous profits taxes.</td><td>137,452</td><td>143,978</td><td>6,663</td><td>7,592</td><td>6,663</td><td>7,592</td></tr><tr><td>Total income and profit taxes.</td><td>33,027,802</td><td>35,061,526</td><td>1,729,491</td><td>2,241,907</td><td>1,729,491</td><td>2,241,907</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 5/.</td><td>1,290,025</td><td>1,307,931</td><td>127,846</td><td>117,656</td><td>127,846</td><td>117,656</td></tr><tr><td>Unemployment insurance 6/.</td><td>183,337</td><td>186,489</td><td>5,941</td><td>5,093</td><td>5,941</td><td>5,093</td></tr><tr><td>Total Social Security taxes.</td><td>1,473,361</td><td>1,494,420</td><td>133,787</td><td>122,749</td><td>133,787</td><td>122,749</td></tr><tr><td>Railroad retirement 1/.</td><td>265,011</td><td>284,758</td><td>2,688</td><td>2,722</td><td>2,688</td><td>2,722</td></tr><tr><td>Total employment taxes.</td><td>1,738,372</td><td>1,779,177</td><td>136,475</td><td>125,471</td><td>136,475</td><td>125,471</td></tr><tr><td>Miscellaneous internal revenues:</td><td></td><td></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>128,357</td><td>104,924</td><td>128,357</td><td>104,924</td></tr><tr><td>Estate tax.</td><td>473,466</td><td>596,137</td><td>46,709</td><td>48,095</td><td>46,709</td><td>48,095</td></tr><tr><td>Gift tax.</td><td>37,745</td><td>46,918</td><td>977</td><td>1,229</td><td>977</td><td>1,229</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise).</td><td>286,871</td><td>159,691</td><td>22,668 r</td><td>9,711</td><td>22,668 r</td><td>9,711</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>611,875</td><td>1,284,613</td><td>76,779</td><td>115,628</td><td>76,779</td><td>115,628</td></tr><tr><td>Distilled spirits rectification tax.</td><td>18,874</td><td>32,549</td><td>1,719</td><td>2,644</td><td>1,719</td><td>2,644</td></tr><tr><td>Wines, cordials, etc. (imported, excise).</td><td>4,027</td><td>2,122</td><td>300</td><td>27</td><td>300</td><td>27</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>30,066</td><td>45,269</td><td>3,058</td><td>2,843</td><td>3,058</td><td>2,843</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940).</td><td>12</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of spirits (special taxes).</td><td>8,109</td><td>8,308</td><td>3,354</td><td>3,306</td><td>3,354</td><td>3,306</td></tr><tr><td>Stamps for distilled spirits bottled in bond.</td><td>2</td><td>6</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Case stamps for distilled spirits bottled in bond.</td><td>1,369</td><td>886</td><td>108</td><td>70</td><td>108</td><td>70</td></tr><tr><td>Container stamps.</td><td>8,516</td><td>11,213</td><td>1,129 r</td><td>815</td><td>1,129 r</td><td>815</td></tr><tr><td>Floor taxes.</td><td>85,834</td><td>83,343</td><td>36,638</td><td>115</td><td>36,638</td><td>115</td></tr><tr><td>Fermented malt liquors.</td><td>559,152</td><td>638,582</td><td>62,715</td><td>61,935</td><td>62,715</td><td>61,935</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>3,375</td><td>3,130</td><td>1,406</td><td>1,237</td><td>1,406</td><td>1,237</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>1,618,045</td><td>2,309,864</td><td>209,939</td><td>198,335</td><td>209,939</td><td>198,335</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large).</td><td>30,152</td><td>36,593</td><td>2,408</td><td>2,588</td><td>2,408</td><td>2,588</td></tr><tr><td>Cigars (small).</td><td>107</td><td>84</td><td>8</td><td>5</td><td>8</td><td>5</td></tr><tr><td>Cigarettes (large).</td><td>88</td><td>695</td><td>12</td><td>102</td><td>12</td><td>102</td></tr><tr><td>Cigarettes (small).</td><td>903,958</td><td>876,058</td><td>70,975</td><td>76,354</td><td>70,975</td><td>76,354</td></tr><tr><td>Smurf.</td><td>7,692</td><td>7,741</td><td>460</td><td>574</td><td>460</td><td>574</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>45,269</td><td>49,574</td><td>3,381</td><td>3,833</td><td>3,381</td><td>3,833</td></tr><tr><td>Cigarette papers and tubes.</td><td>1,164</td><td>1,390</td><td>69</td><td>69</td><td>69</td><td>69</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>2</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>50</td><td>8</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Total tobacco taxes.</td><td>988,483</td><td>932,145</td><td>77,314</td><td>83,658</td><td>77,314</td><td>83,658</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>26,243</td><td>33,157</td><td>2,417</td><td>2,788</td><td>2,417</td><td>2,788</td></tr><tr><td>Transfers of capital stock and similar interest sales.</td><td>17,096</td><td>24,352</td><td>2,291</td><td>2,556</td><td>2,291</td><td>2,556</td></tr><tr><td>Playing cards.</td><td>7,414</td><td>1,493</td><td>521</td><td>524</td><td>521</td><td>524</td></tr><tr><td>Silver bullion sales or transfers.</td><td>47</td><td>25</td><td>4</td><td>1</td><td>4</td><td>1</td></tr><tr><td>Total stamp taxes.</td><td>50,800</td><td>65,528</td><td>5,233</td><td>5,870</td><td>5,233</td><td>5,870</td></tr></table>
(Continued on following page)
September 1945
81
Detailed Analysis of Internal Revenue Collections - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First month</th><th>July 1944</th><th>July 1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th><th></th><th></th></tr><tr><td>Miscellaneous internal revenue (continued): Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>52,473</td><td>92,865</td><td>5,473</td><td>13,644</td><td>5,473</td><td>13,644</td></tr><tr><td>Gasolines</td><td>271,217</td><td>405,563</td><td>22,214</td><td>39,518</td><td>22,214</td><td>39,518</td></tr><tr><td>Tires and tubes</td><td>40,309</td><td>75,257</td><td>5,852</td><td>8,925</td><td>5,852</td><td>8,925</td></tr><tr><td>Floor taxes on tires and tubes</td><td>59</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Automobile trucks and buses</td><td>3,247</td><td>20,047</td><td>660</td><td>4,087</td><td>660</td><td>4,087</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,222</td><td>2,558</td><td>143</td><td>778</td><td>143</td><td>778</td></tr><tr><td>Parts and accessories for automobiles</td><td>31,551</td><td>43,440</td><td>2,900</td><td>5,909</td><td>2,900</td><td>5,909</td></tr><tr><td>Electrical energy</td><td>51,239</td><td>57,004</td><td>4,256</td><td>4,142</td><td>4,256</td><td>4,142</td></tr><tr><td>Electric, gas, and oil appliances</td><td>5,027</td><td>12,060</td><td>1,418</td><td>1,572</td><td>1,418</td><td>1,572</td></tr><tr><td>Electric light bulbs and tubes</td><td>5,268</td><td>11,035</td><td>538 r</td><td>764</td><td>538 r</td><td>764</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>255</td><td>55</td><td>4</td><td>3</td><td>4</td><td>3</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>1,402</td><td>4,753</td><td>282</td><td>364</td><td>282</td><td>364</td></tr><tr><td>Photograph records</td><td>1,889</td><td>2,015</td><td>125 r</td><td>197</td><td>125 r</td><td>197</td></tr><tr><td>Musical instruments</td><td>633</td><td>927</td><td>148</td><td>103</td><td>148</td><td>103</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>2,406</td><td>1,657</td><td>197 r</td><td>208</td><td>197 r</td><td>208</td></tr><tr><td>Matches</td><td>8,671</td><td>9,340</td><td>623</td><td>750</td><td>623</td><td>750</td></tr><tr><td>Floor taxes on matches</td><td>55</td><td>4</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Business and store machines</td><td>3,760</td><td>10,120</td><td>350</td><td>1,248</td><td>350</td><td>1,248</td></tr><tr><td>Pure - retailers' excise</td><td>58,726</td><td>79,418</td><td>1,443</td><td>2,940</td><td>1,443</td><td>2,940</td></tr><tr><td>Jewelry - retailers' excise</td><td>113,373</td><td>184,220</td><td>11,771</td><td>16,780</td><td>11,771</td><td>16,780</td></tr><tr><td>Luggage - retailers' excise (suspended as of 11/1/41)</td><td>8,343</td><td>73,851</td><td>5,568</td><td>6,764</td><td>5,568</td><td>6,764</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>8</td><td>73</td><td>1</td><td>7</td><td>1</td><td>7</td></tr><tr><td>Photographic apparatus</td><td>11,907</td><td>19,288</td><td>1,122</td><td>3,681</td><td>1,122</td><td>3,681</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>295</td><td>228</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Sporting goods</td><td>2,458</td><td>4,248</td><td>304</td><td>512</td><td>304</td><td>512</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>44,790</td><td>85,615</td><td>5,908</td><td>7,610</td><td>5,908</td><td>7,610</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>32</td><td>4</td><td>4</td><td>*</td><td>4</td><td>*</td></tr><tr><td>Firearms, shells and cartridges</td><td>1,061</td><td>3,132</td><td>375</td><td>233</td><td>375</td><td>233</td></tr><tr><td>Pistols and revolvers</td><td>37</td><td>5</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Repealed taxes not listed above</td><td>98</td><td>35</td><td>*</td><td>*</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>71,586</td><td>120,739</td><td>71,586</td><td>120,739</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937</td><td>1,403</td><td>75</td><td>1</td><td>*</td><td>1</td><td>*</td></tr><tr><td>Sugar Act of 1937</td><td>68,789</td><td>73,094</td><td>4,966</td><td>6,123</td><td>4,966</td><td>6,123</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td>141,275</td><td>208,018</td><td>15,328 r</td><td>21,497</td><td>15,328 r</td><td>21,497</td></tr><tr><td>wires, etc.</td><td>90,199</td><td>133,569</td><td>8,746</td><td>13,584</td><td>8,746</td><td>13,584</td></tr><tr><td>Local telephone service</td><td>15,851</td><td>16,286</td><td>1,120</td><td>1,328</td><td>1,120</td><td>1,328</td></tr><tr><td>Transportation of oil by pipe line</td><td>151,687</td><td>234,182</td><td>21,449</td><td>20,068</td><td>21,449</td><td>20,068</td></tr><tr><td>Transportation of persons, seats, berths</td><td>215,488</td><td>223,088</td><td>20,085</td><td>20,690</td><td>20,085</td><td>20,690</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>134,326</td><td>128,701</td><td>98,848</td><td>98,474</td><td>98,848</td><td>98,474</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>352</td><td>336</td><td>143</td><td>132</td><td>143</td><td>132</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>6,594</td><td>7,311</td><td>696</td><td>733</td><td>696</td><td>733</td></tr><tr><td>Leases of safe-deposit boxes</td><td>178,553</td><td>300,589</td><td>26,258</td><td>27,517</td><td>26,258</td><td>27,517</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>26,726</td><td>56,717</td><td>5,080</td><td>5,015</td><td>5,080</td><td>5,015</td></tr><tr><td>Admission to cabares, roof gardens, etc.</td><td>9,182</td><td>11,150</td><td>884</td><td>1,994</td><td>884</td><td>1,994</td></tr><tr><td>Club dues and initiation fees</td><td>2,208</td><td>4,160</td><td>1,481</td><td>1,481</td><td>1,481</td><td>1,481</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>18,475</td><td>19,100</td><td>7,356</td><td>7,408</td><td>7,356</td><td>7,408</td></tr><tr><td>Coin operated devices</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adulterated and processed or renovated butter</td><td>18</td><td>58</td><td>13</td><td>9</td><td>13</td><td>9</td></tr><tr><td>Mixed flour and filled cheese</td><td>4,084</td><td>5,503</td><td>996</td><td>1,034</td><td>996</td><td>1,034</td></tr><tr><td>Oleomargarine, including special taxes</td><td>779</td><td>756</td><td>128</td><td>150</td><td>128</td><td>150</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>7,190</td><td>6,208</td><td>477</td><td>448</td><td>477</td><td>448</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>16</td><td>16</td><td>7</td><td>2</td><td>7</td><td>2</td></tr><tr><td>National Firearms Act</td><td></td><td></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>2</td><td>*</td><td>2</td><td>*</td></tr><tr><td>Total miscellaneous taxes</td><td>1,075,401</td><td>1,430,428</td><td>214,068</td><td>228,004</td><td>214,068</td><td>228,004</td></tr><tr><td>Total miscellaneous internal revenue</td><td>5,353,336</td><td>6,939,634</td><td>754,183</td><td>790,854</td><td>754,183</td><td>790,854</td></tr><tr><td>Total internal revenue collections</td><td>40,113,510</td><td>43,800,338</td><td>2,620,149</td><td>3,158,232</td><td>2,620,149</td><td>3,158,232</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,565,477</td><td>+101,664</td><td>-635,503</td><td>-631,609</td><td>-635,503</td><td>-631,609</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>41,684,987</td><td>43,902,002</td><td>1,984,646</td><td>2,526,623</td><td>1,984,646</td><td>2,526,623</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. - Less than $500. - 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Collects only of collections for which returns have been filed with the Collector of Internal Revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings deposited in Government depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3/ Current collections consist in general of taxes paid within twelve 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 15, 1945, of $308,605 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 repassed as of November 1, 1942.
Treasury Bulletin
82
MONETARY STATISTICS
September 1945
83
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>8,359.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,750.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,504.8</td><td>156.0</td><td>1,800.0</td><td>225.3</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>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1944-July</td><td>20,995.9</td><td>18,876.9</td><td>156.0</td><td>1,800.0</td><td>163.0</td></tr><tr><td>August</td><td>20,926.3</td><td>18,812.4</td><td>156.0</td><td>1,800.0</td><td>157.9</td></tr><tr><td>September</td><td>20,825.1</td><td>18,700.7</td><td>156.0</td><td>1,800.0</td><td>168.3</td></tr><tr><td>October</td><td>20,726.7</td><td>18,605.1</td><td>156.0</td><td>1,800.0</td><td>165.5</td></tr><tr><td>November</td><td>20,588.4</td><td>18,581.1</td><td>156.0</td><td>1,800.0</td><td>151.2</td></tr><tr><td>December</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945-January</td><td>20,519.8</td><td>18,426.0</td><td>156.0</td><td>1,800.0</td><td>167.7</td></tr><tr><td>February</td><td>20,506.0</td><td>18,398.3</td><td>156.0</td><td>1,800.0</td><td>151.6</td></tr><tr><td>March</td><td>20,418.7</td><td>18,313.6</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr><tr><td>April</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>18,163.8</td><td>156.0</td><td>1,800.0</td><td>150.4</td></tr><tr><td>June</td><td>20,213.0</td><td>18,106.6</td><td>156.0</td><td>1,800.0</td><td>150.3</td></tr><tr><td>July p</td><td>20,152.3</td><td>18,032.5</td><td>156.0</td><td>1,800.0</td><td>163.8</td></tr></table>
Source: Daily Treasury Statements. p Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Car-
(b) the Redemption Fund - Federal Reserve notes. 2/ Reserves against United States notes and Treasury notes of 1890. 3/ Excludes gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Severly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1940 - Jan.-Mar....</td><td>46.77</td><td>.739.62</td><td>2.93</td><td>789.32</td></tr><tr><td>Apr. -June....</td><td>46.37</td><td>1.14.79</td><td>3.14</td><td>1,530.30</td></tr><tr><td>July-Sept....</td><td>52.27</td><td>1.225.88</td><td>3.16</td><td>1,281.31</td></tr><tr><td>Oct.-Dec....</td><td>73.63</td><td>674.04</td><td>2.50</td><td>750.17</td></tr><tr><td>1941 - Jan.-Mar....</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr. -June....</td><td>30.91</td><td>224.76</td><td>1.40</td><td>257.07</td></tr><tr><td>July-Sept....</td><td>57.05</td><td>76.11</td><td>3.27</td><td>136.43</td></tr><tr><td>Oct.-Dec....</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan.-Mar....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr. -June....</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr. -June....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr. -June....</td><td>-7.11 3/</td><td>-413.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan.-Mar....</td><td>-17.89 3/</td><td>-183.33</td><td>1.10</td><td>-200.12</td></tr><tr><td>Apr. -June....</td><td>-18.48 3/</td><td>-188.08</td><td>+.85</td><td>-205.71</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1936</td><td>10,608.4</td><td>2,299.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,522.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,065.4</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>21,473.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,212.9</td><td>3,686.8</td><td>15.4</td></tr><tr><td>1944-July</td><td>20,995.9</td><td>3,938.3</td><td>15.8</td></tr><tr><td>August</td><td>20,926.3</td><td>3,910.1</td><td>15.7</td></tr><tr><td>September</td><td>20,825.1</td><td>3,905.9</td><td>15.6</td></tr><tr><td>October</td><td>20,726.7</td><td>3,889.0</td><td>15.8</td></tr><tr><td>November</td><td>20,688.4</td><td>3,876.5</td><td>15.8</td></tr><tr><td>December</td><td>20,618.8</td><td>3,870.6</td><td>15.8</td></tr><tr><td>1945-January</td><td>20,549.8</td><td>3,841.1</td><td>15.7</td></tr><tr><td>February</td><td>20,505.0</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</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>July p</td><td>20,152.3</td><td>3,643.9</td><td>15.3</td></tr></table>
Source: Daily Treasury Statement and Circulation Statements of United States Money. p. Preliminary.
84
Treasury Bulletin
Components of Silver Monetary Stock
(in millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoining 1/</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>390.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td></td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td></td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td></td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td></td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,214.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td></td><td>628.2</td><td>78.8</td><td>487.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1944-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>3,811.1</td></tr><tr><td>February</td><td>1,520.1</td><td>374.0</td><td>14.0</td><td>.2</td><td>391.0</td><td>120.0</td><td>773.3</td><td>3,833.6</td></tr><tr><td>March</td><td>1,520.1</td><td>372.1</td><td>9.9</td><td>.1</td><td>378.2</td><td>121.9</td><td>779.9</td><td>3,800.7</td></tr><tr><td>April</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>368.7</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>366.8</td><td>24.2</td><td>.2</td><td>324.5</td><td>127.1</td><td>801.6</td><td>3,685.8</td></tr><tr><td>July p</td><td>1,574.6</td><td>365.5</td><td>16.1</td><td>.2</td><td>288.4</td><td>128.4</td><td>813.8</td><td>3,643.9</td></tr></table>
Source: Daily Treasury Statements and Circulation Statements of United States Money.
p Preliminary.
* Less than $50,000.
1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38* per ounce.
3/ Valued at $1.38* per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(in millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="7">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 1/</th><th colspan="2">Foreign silver 3/</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>272.9</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>53.9</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>40.8 r</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>35.7 r</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1944-June</td><td>2.9 5/</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>3.5 5/</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>3.1 5/</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>2.3 5/</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2.9 5/</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>3.1 5/</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>3.2 5/</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>2.6</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2.2</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>2.8</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-</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>-</td></tr><tr><td>June</td><td>1.7</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Silver production: Annual Report of the Director of the Mint for annual figures through 1944, release of American Bureau of Metal Statistics for all later figures. 
r eviewed. 
1/ Less than 50,000 ounces or $50,000. 
For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74. 
2/ Acquired at 64.6+ cents per fine ounce until April 9, 1935; at 71.1+ cents per fine ounce from that date until April 23, 1935; at 71.57+ cents from April 23, 1935 to December 31, 1937; at 64.6+
cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11c cents since July 1, 1939. Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938. Acquired at various prices averaging approximately 51 cents per ounce. 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.
September 1945
85
Signiorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th>Mac. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mixed silver (Proc. Dec. 21, 1933)</th><th>Newly-mixed silver (Act of June 6, 1935)</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><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><td>1934</td><td>4.5</td><td>48.7</td><td>.4</td><td>....</td><td>51.1</td><td>28.5</td><td>128.7</td><td>132.6</td></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>53.7</td><td>48.7</td><td>58.0</td><td>....</td><td>365.7</td><td>34.7</td><td>508.1</td><td>541.5</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>4.2</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.5</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>711.3</td></tr><tr><td>1944-July</td><td>326.2</td><td>48.7</td><td>87.6</td><td>69.4</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>66.4</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>66.4</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>66.4</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>69.4</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>69.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>692.5</td></tr><tr><td>March</td><td>369.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>670.9</td></tr><tr><td>April</td><td>380.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>646.2</td></tr><tr><td>May</td><td>394.0</td><td>48.7</td><td>87.6</td><td>69.4</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><tr><td>July</td><td>403.2</td><td>48.7</td><td>87.6</td><td>65.5</td><td>619.0</td><td>34.7</td><td>855.5</td><td>510.7</td></tr></table>
Source: Daily Treasury Statements. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Net Capital Movement to the United States, 1935 through 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:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1935)</td><td>1,412,486</td><td>964,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>295,594</td><td>34,687</td><td>264,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,295</td><td>331,268</td><td>34</td><td>57,195</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>706,380</td><td>852,928</td><td>20,358</td><td>-285,062</td><td>78,156</td></tr><tr><td>1941 (Jan. 1, 1941-Dec. 31, 1941)</td><td>-196,923</td><td>-286,522</td><td>-49</td><td>-261,995</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>40,959</td><td>7,164</td></tr><tr><td>1943 (Jan. 1, 1943-Dec. 31, 1943)</td><td>1,283,993</td><td>1,154,758</td><td>13,372</td><td>27,767</td><td>77,596</td></tr><tr><td>1944 (Jan. 1, 1944-Dec. 31, 1944)</td><td>357,154</td><td>341,394</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>321,605</td><td>384,621</td><td>4,088</td><td>-109,330</td><td>42,224</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 1945)</td><td>7,797,345</td><td>5,802,871</td><td>130,372</td><td>802,502</td><td>1,061,600</td></tr><tr><td>Month</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>1,616</td><td>-6,082</td><td>-2,123</td></tr><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-36,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,534</td><td>650</td><td>2,444</td><td>3,851</td></tr><tr><td>September</td><td>-9,953</td><td>-57,289</td><td>2,313</td><td>28,494</td><td>16,469</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>76,268</td><td>-2,141</td><td>-3,330</td><td>-472</td></tr><tr><td>December</td><td>-54,773</td><td>-229,521</td><td>1,295</td><td>174,418</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>6,511</td></tr><tr><td>February</td><td>122,225</td><td>174,973</td><td>5,840</td><td>-66,055</td><td>7,467</td></tr><tr><td>March</td><td>-16,298</td><td>11,310</td><td>521</td><td>-26,388</td><td>-1,741</td></tr><tr><td>April</td><td>58,274</td><td>44,446</td><td>-78</td><td>-18,079</td><td>11,985</td></tr></table>
Back Figures: For monthly date for the period January 1941 through June 1942, see "Treasury Bulletin" for September 1943, page 73.
86
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>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 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>6,467</td><td>5,928</td><td>88</td><td>1,075</td><td>1</td><td>281</td><td>4,169</td><td>36</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>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,444</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,448</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</td><td>26,746</td><td>25,931</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1944-July</td><td>22,699</td><td>21,622</td><td>54</td><td>1,578</td><td>1</td><td>322</td><td>18,951</td><td>590</td><td>125</td></tr><tr><td>August</td><td>23,292</td><td>22,200</td><td>53</td><td>1,582</td><td>1</td><td>324</td><td>19,527</td><td>587</td><td>125</td></tr><tr><td>September</td><td>23,794</td><td>22,688</td><td>53</td><td>1,586</td><td>1</td><td>323</td><td>20,017</td><td>582</td><td>125</td></tr><tr><td>October</td><td>24,425</td><td>23,300</td><td>53</td><td>1,592</td><td>1</td><td>324</td><td>20,611</td><td>574</td><td>124</td></tr><tr><td>November</td><td>25,019</td><td>23,475</td><td>53</td><td>1,604</td><td>1</td><td>325</td><td>21,200</td><td>569</td><td>124</td></tr><tr><td>December</td><td>25,307</td><td>24,151</td><td>53</td><td>1,611</td><td>1</td><td>321</td><td>21,482</td><td>560</td><td>123</td></tr><tr><td>1945-January</td><td>25,290</td><td>24,140</td><td>53</td><td>1,651</td><td>1</td><td>316</td><td>21,513</td><td>554</td><td>123</td></tr><tr><td>February</td><td>25,751</td><td>24,593</td><td>53</td><td>1,583</td><td>1</td><td>320</td><td>21,964</td><td>550</td><td>122</td></tr><tr><td>March</td><td>25,899</td><td>24,729</td><td>53</td><td>1,589</td><td>1</td><td>320</td><td>22,100</td><td>544</td><td>122</td></tr><tr><td>April</td><td>26,189</td><td>25,009</td><td>52</td><td>1,933</td><td>1</td><td>321</td><td>22,344</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</td><td>26,746</td><td>25,941</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>July p</td><td>27,108</td><td>25,887</td><td>52</td><td>1,730</td><td>1</td><td>322</td><td>23,142</td><td>521</td><td>119</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Wear coin</th><th></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>342</td><td>146</td><td>49.62</td></tr><tr><td>1939</td><td>555</td><td>42</td><td>361</td><td>155</td><td>51.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>163.07</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.86</td></tr><tr><td>1946-July</td><td>1,077</td><td>105</td><td>707</td><td>266</td><td>164.34</td></tr><tr><td>August</td><td>1,092</td><td>107</td><td>716</td><td>269</td><td>168.49</td></tr><tr><td>September</td><td>1,106</td><td>109</td><td>725</td><td>272</td><td>171.98</td></tr><tr><td>October</td><td>1,125</td><td>111</td><td>738</td><td>276</td><td>176.39</td></tr><tr><td>November</td><td>1,144</td><td>113</td><td>751</td><td>280</td><td>180.52</td></tr><tr><td>December</td><td>1,156</td><td>116</td><td>758</td><td>282</td><td>182.19</td></tr><tr><td>1945-January</td><td>1,150</td><td>117</td><td>751</td><td>282</td><td>181.95</td></tr><tr><td>February</td><td>1,158</td><td>118</td><td>757</td><td>283</td><td>185.15</td></tr><tr><td>March</td><td>1,170</td><td>120</td><td>765</td><td>285</td><td>186.11</td></tr><tr><td>April</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>190.41</td></tr><tr><td>June</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.86</td></tr><tr><td>July p</td><td>1,221</td><td>126</td><td>799</td><td>296</td><td>194.32</td></tr></table>
Source: Circulation Statements of United States Money and Annual Report of the Secretary of the Treasury for 1944, pages 774-777. p 1/ Preliminary. 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.
Treas. HJ 10 .A2 1945 c.2
U.S. Treasury Dept. Treasury Bulletin
1 0031936