LIBRARY
Copy 1
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
Treasury H J 10 192 C.2
TREASURY BULLETIN
LIBRARY ROOM 5030
JUN 2, 1972
OCTOBER - 1945
TREASURY DEPARTMENT
JUN 7 1972
TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="12">Issue and page number</th></tr><tr><th>Oct.</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></tr><tr><td>Federal Government expenditures for the fiscal years 1940, 1945, and 1946.</td><td>1-6-1-9</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Victory Loan Drive, October-December 1945.</td><td>1-1-1-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7th War Loan, May-June 1945:</td><td></td><td></td><td>1-1-1-22</td><td></td><td></td><td>1-1-1-3</td><td>1-1-1-2</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans and comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>6th War Loan, November-December 1944:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-1-1-17</td><td></td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-1-1-2</td><td></td><td></td></tr><tr><td>Sales patterns for Loan.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-7-1-9</td><td></td></tr><tr><td>Outline of plans and comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by Treasury investment accounts:</td><td></td><td></td><td></td><td>1-23</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-15</td><td></td></tr><tr><td>7th War Loan.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>6th War Loan.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statistics of income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable corporation income and excess profits tax returns for 1943 (advance tabulation).</td><td>1-1-1-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable individual and fiduciary income tax returns, with net income of $5,000 and over, for 1943 (advance tabulation).</td><td></td><td>1-33-1-40</td><td></td><td></td><td></td><td></td><td>1-3-1-1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual and taxable fiduciary returns for 1942 (complete report).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal land bank bonds.</td><td>1-6</td><td>1-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1945.</td><td></td><td>1-25-1-32</td><td>1-1</td><td></td><td></td><td></td><td>1-3-1-7</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Invasion currency.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets and liabilities of all active banks in the United States:</td><td></td><td></td><td></td><td></td><td>1-1-1-8</td><td></td><td></td><td></td><td></td><td></td><td>1-10-1-13</td><td></td></tr><tr><td>December 31, 1939 through December 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1939 through June 30, 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>Bank deposits, geographic distribution on December 31, 1941-44.</td><td></td><td></td><td></td><td></td><td>1-5-1-19</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Adjusted service bonds on June 15, 1945.</td><td></td><td></td><td></td><td></td><td>1-1</td><td></td><td>1-1-1-2</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Series A bonds.</td><td>1-23</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Redemption through banks and additional financial institutions.</td><td>1-24</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-2-1-3</td><td></td></tr><tr><td>Excise taxes in the United States, Canada, and United Kingdom.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War finance policies (Three speeches by the Secretary of the Treasury).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1-1-1-6</td><td></td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>1-10</td><td>1-6</td><td>1-2</td><td>1-9</td><td>1-20</td><td>1-7</td><td>1-1</td><td>1-1</td><td>1-18</td><td></td><td>1-14</td><td></td></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures.</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures and appropriations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by major classifications.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of general expenditures.</td><td>6</td><td>6-7</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>Analysis of expenditures for war activities.</td><td>7</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>7</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years.</td><td>8-9</td><td>9-10</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td></tr><tr><td>Trust accounts, etc. receipts and expenditures.</td><td>10</td><td>11-12</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Means of financing cash requirements.</td><td>11</td><td>13</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Social security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act.</td><td>12</td><td>14</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Railroad Retirement Act.</td><td>13</td><td>15</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Railroad Unemployment Insurance Act.</td><td>13</td><td>15</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Statement of trust accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>14</td><td>16</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Railroad Retirement Account.</td><td>14</td><td>16</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Unemployment Trust Fund.</td><td>14</td><td>16</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Appropriations and not contract authorizations for the war activities program.</td><td>15-16</td><td>17-18</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td></tr><tr><td>Cash income and outgo of the Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications.</td><td>17</td><td>19</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Total cash income and outgo by months and calendar years beginning with January 1940.</td><td>17</td><td>19</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr></table>
(Continued on following page)
October 1945
11
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="12">Issue and page number</th></tr><tr><th>Oct.</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></tr><tr><td colspan="13">General Fund of the Treasury</td></tr><tr><td>Assets, liabilities, and balance in General Fund.</td><td>19<br>20</td><td>21<br>22</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td></tr><tr><td colspan="13">Public debt and guaranteed obligations of United States Government</td></tr><tr><td colspan="13">Public debt and guaranteed obligations:</td></tr><tr><td>Detailed statement</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal years, 1936-1945.</td><td>23-24<br>24-25</td><td>25-26<br>26-27</td><td>23-24<br>24-25</td><td>23-24<br>24-25</td><td>23-24<br>24-25</td><td>23-24<br>24-25</td><td>23-24<br>24-25</td><td>23-24<br>24-25</td><td>23-24<br>24-25</td><td>23-24<br>24-25</td><td>23-24<br>24-25</td><td>23-24<br>24-25</td></tr><tr><td>Monthly data.</td><td>26</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></tr><tr><td>Chart.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Public debt:</td></tr><tr><td>Issuance and retirement (receipts and expenditures).</td><td>22<br>22</td><td>24<br>24</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td></tr><tr><td>Interest-bearing debt, composition of.</td><td>27</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></tr><tr><td>Guaranteed obligations held by Treasury.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td></tr><tr><td colspan="13">Statutory limitation on the public debt - condition, as of:</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>28</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>28</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td>28</td><td></td><td>28</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>30</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>28</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></tr><tr><td>August 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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States.</td><td>29-31</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></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>32</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></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>33</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></tr><tr><td>Offerings and maturities of Treasury bills.</td><td>34-35</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></tr><tr><td colspan="13">United States savings bonds:</td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>36-37</td><td>38-39</td><td>35-37</td><td>35-36</td><td>35-36</td><td>36-37</td><td>35-36</td><td>35-36</td><td>36-37</td><td>35-36</td><td>35-36</td><td>36-37</td></tr><tr><td>Sales by series, classified by denominations.</td><td>38</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></tr><tr><td>Sales to investors other than commercial banks by series, classified by States.</td><td>39-40</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>39-40</td></tr><tr><td>Maturities and redemptions of Series A-D and E combined, by States.</td><td>41</td><td>44</td><td>41</td><td>40</td><td>41</td><td>42</td><td>41</td><td>42</td><td>40</td><td>41</td><td>40</td><td>41</td></tr><tr><td>Payroll savings plans.</td><td></td><td>44</td><td>42</td><td>41</td><td>42</td><td>41-42</td><td>42-43</td><td>41-42</td><td>42-43</td><td>40-41</td><td>40-41</td><td>41-42</td></tr><tr><td colspan="13">Treasury notes - tax and savings series:</td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>42-43</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>42-43</td><td>40-41</td><td>40-41</td><td>41-42</td><td></td></tr><tr><td>Sales, classified by:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Denomination.</td><td>44</td><td>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></tr><tr><td>Type of purchaser.</td><td>44</td><td>45</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></tr><tr><td colspan="13">United States savings stamps:</td></tr><tr><td>Summary of sales and redemptions.</td><td>45</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></tr><tr><td>Sales, classified by denomination.</td><td>45</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></tr><tr><td colspan="13">Ownership of United States Government securities</td></tr><tr><td>Summary distribution, by holders.</td><td>47</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></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>48</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>48</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></tr><tr><td colspan="13">Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):</td></tr><tr><td colspan="13">Ownership by banks and insurance companies:</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>48-51</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>53</td><td></td><td>47-50</td><td></td><td></td></tr><tr><td>Revisions.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Original data.</td><td></td><td></td><td></td><td></td><td></td><td></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>47-50</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>49-52</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>48-51</td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>45-52</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>48-52</td><td>49-53</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>April 30, 1945.</td><td></td><td></td><td></td><td></td><td>48-52</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></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>June 30, 1945.</td><td>49-53</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>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 colspan="13">Ownership by various classes of Federal Reserve member and nonmember commercial banks:</td></tr><tr><td>December 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>52-55</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945.</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></table>
(Continued on following page)
111
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="11">Issue and page number</th></tr><tr><th></th><th>Oct.</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></tr><tr><td colspan="13">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>52-54</td><td>53-55</td></tr><tr><td>September 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-59</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>54-56</td><td></td><td>55-57</td><td>52-54</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>55-57</td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1945</td><td></td><td></td><td>54-56</td><td>54-56</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>62-64</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>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1945</td><td></td><td></td><td>58</td><td>57</td><td></td><td></td><td>58</td><td>57</td><td>60</td><td>58</td><td>55</td><td>56</td></tr><tr><td>June 30, 1945</td><td></td><td>65</td><td>58</td><td>57</td><td></td><td></td><td></td><td></td><td></td><td>55</td><td>55</td><td>56</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>August 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes</td><td>58</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></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>59</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></tr><tr><td>Yields beginning with 1937</td><td>60</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></tr><tr><td>Chart</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Corporations and certain other agencies of the U. S. Government</td></tr><tr><td>Assets, liabilities, and capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>59-63</td><td></td></tr><tr><td>New quarterly statements:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1944</td><td></td><td></td><td></td><td>61</td><td>64-68</td><td></td><td></td><td>64-68</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td>69</td><td>72-76</td><td></td><td></td><td></td><td></td><td></td><td></td><td>60-61</td><td></td></tr><tr><td>June 30, 1945</td><td></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></tr><tr><td>Old monthly statements</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loan:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></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></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expenses:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td>62-67</td><td></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>60-64</td><td></td></tr><tr><td>First three months, fiscal year 1945</td><td></td><td></td><td></td><td>61-65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1945</td><td></td><td></td><td>69-74</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>68-73</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary date</td><td>75</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></tr><tr><td>Chart</td><td>78</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></tr><tr><td>Comparative details for current periods</td><td>77-78</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></tr><tr><td colspan="13">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>68-69</td><td></td><td>71-72</td><td></td></tr><tr><td>September 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td>67-68</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td>80</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></tr><tr><td>Gold assets and liabilities of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>73</td></tr><tr><td>December 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td>69</td><td></td><td>70</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td>69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>80</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></td></tr><tr><td>Monetary stocks of gold and silver</td><td>81</td><td>84</td><td>70</td><td>82</td><td>67</td><td>70</td><td>73</td><td>76</td><td>72</td><td>72</td><td>70</td><td>74</td></tr><tr><td>Components of silver monetary stock</td><td>81</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></tr><tr><td>Silver of specified classifications acquired by mints and assay offices</td><td>81</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></tr><tr><td>Silver production in United States</td><td>82</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></tr><tr><td>Seigniorage on silver, by types</td><td>82</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></tr><tr><td>Capital movement between the United States and foreign countries</td><td>83</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></tr><tr><td>Money in circulation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Note: In 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.
October 1945
A-1
Plans for the Victory Loan Drive
Goals
On August 23 Secretary Vinson made public the plans for the Victory Loan Drive, the last great public drive to be held. The total goal for the drive was set at $11 billion of which $4 billion is to come from sales to individuals and $7 billion from other nonbank investors. Of the $4 billion quota for individuals, $2 billion was set as the goal for Series E bond sales.
Major emphasis on individuals
As in the last two war loans, the major emphasis throughout the Victory Loan will be placed on sales to individuals. The sales period for individuals will extend from October 29 through December 8. All savings bonds (Series E, F, and G) and savings notes processed through the Federal Reserve Banks between October 29 and December 31 will be credited to the Drive. During this extended period efforts will again be made to enlarge individuals' purchases of Series E bonds through payroll savings plans. It is important to note that although this will be the last large-scale bond drive to be held, the Secretary stated in his announcement that it is essential to continue the payroll savings program in order to finance the continued high expenditures involved in maintaining occupation forces, demobilization, and reconversion.
Subscriptions from all other nonbank investors for marketable securities offered in the Drive will be received from December 3 through December 8.
Securities offered
Seven securities will be offered in the Victory Loan -- four non-marketable and three marketable issues. The four non-marketable securities consist of Series E, F, and G savings bonds and Series C savings notes all of which were available in the 7th War Loan. The three marketable issues, similar to those offered in the last war loan, consist of 7/8% certificates of indebtedness, 2-1/4% Treasury bonds, and 2-1/2% Treasury bonds. The specific maturity dates are summarized in Table 1 at the end of this article.
Commercial banks, except for the limited purchases described below, will not be permitted
to own the 2-1/2% or 2-1/4% Treasury bonds offered in the Drive until within ten years of the respective maturity dates.
The 2-1/2% and 2-1/4% Treasury bonds will be dated November 15, 1945 and the certificates of indebtedness will be dated December 3, 1945. Accrued interest from those dates will be charged on all subscriptions entered and paid for after those dates except subscriptions amounting to $1,000 or less for the 2-1/4% and 2-1/2% Treasury bonds.
Geographic allocations
To avoid unnecessary transfers of funds from one locality to another, the Treasury again urged that all subscriptions by corporations and firms be entered and paid for through the banking institutions where funds are located. This request was made to prevent disturbance to the money market and the banking situation. The Treasury will undertake, as in the 7th War Loan, to see that statistical credit is given to any locality for such subscriptions as the purchaser may request, except that subscriptions from insurance companies will be credited to the State of the home office as in the past.
Speculative purchases discouraged
In order to help in achieving its objective of selling as many securities as possible outside of the banking system, the Treasury urged the co-operation of all banking institutions in declining to make speculative loans for the purchase of Government securities, and in declining to accept subscriptions from customers which appear to be entered for speculative purposes. The acquisition of outstanding securities by banks on the understanding that a substantially like amount of the new securities will be subscribed for through such banks, thus enabling them to expand their war loan deposit balances, is regarded as an improper practice by the Treasury. The Secretary has requested banking institutions not to make such purchases. The Treasury is in favor of the banks making loans to facilitate permanent investment in Government securities provided such loans are made in accord with the joint statement issued by the National and State Bank Supervisory Authorities on November 23, 1942, in which it was
A-2
Treasury Bulletin
stated that "subscribers relying upon anticipated income may wish to augment their subscriptions by temporary borrowing from banks. Such loans will not be subject to criticism but should be on a short-term or amortization basis fully repayable within periods not exceeding six months".
The Treasury requested that all nonbank investors refrain from selling securities heretofore acquired to obtain funds to subscribe for the securities offered in the Victory Loan Drive. This request is not intended to preclude normal portfolio adjustments. However, subscriptions by insurance companies and savings institutions will be subjected to limitations which are outlined in the accompanying Table 1.
Deferred payments
Life insurance companies, savings institutions, and States, municipalities, political subdivisions, and similar public corporations, and agencies thereof, will be permitted to make deferred payment, at par and accrued interest, for the 2-1/4% and 2-1/2% marketable bonds allotted to them, up to February 28, 1946.
Concurrent investment of time deposits by commercial banks
During the period from December 3 through December 8, commercial banks (which are defined for this purpose as banks accepting demand deposits) will be afforded an opportunity to invest a
portion of their time deposits in Series F and Series G savings bonds, the 2-1/4% and 2-1/2% Treasury bonds, and the 7/8% certificates offered in the Drive. Such subscriptions are limited to 10% of the combined amount of savings deposits and time certificates of deposit of individuals and nonprofit organizations or $500,000, whichever is less, except that the aggregate amount of Series F and G savings bonds (Series 1945) held by any bank may not exceed the annual limitation of $100,000 (issue price). Securities so acquired by the banks will not be included in the Drive nor will they be counted toward any quota.
Special Franklin Delano Roosevelt Bond
The special bond in memory of the late President Franklin Delano Roosevelt will first be available at the start of the Victory Loan Drive, when it will be on sale at all agencies authorized to issue Series E savings bonds.
This bond, in the denomination of $200, with an issue price of $150, will constitute an additional denomination of Series E bonds, and will have the same terms and attributes as the other denominations.
Table 1, which follows this article, presents a comparison of the features of the various securities offered; Table 2 shows the redemption values and investment yields of the savings bonds and savings notes.
October 1945
A-3
Securities Offered in the Victory Loan, October-December 1945
Table 1. - Comparison of Various Features of Securities Offered
<table><tr><th>Feature</th><th>2-1/2% Treasury bonds</th><th>2-1/4% Treasury bonds</th><th>7/8% certificates</th></tr><tr><td>Issue price</td><td>Par 1/</td><td>Par 1/</td><td>Par 1/</td></tr><tr><td>Issue date</td><td>November 15, 1945</td><td>November 15, 1945</td><td>December 3, 1945</td></tr><tr><td>Maturity date</td><td>December 15, 1972</td><td>December 15, 1962</td><td>December 1, 1946</td></tr><tr><td>Interest</td><td>2-1/2% per annum, payable semi-annually on June 15 and December 15</td><td>2-1/4% per annum, payable semi-annually on June 15 and December 15</td><td>7/8% per annum, payable semi-annually on June 1 and December 1, 1946</td></tr><tr><td>Redeemability prior to maturity: At option of Treasury</td><td>On and after December 15, 1967, on any interest date on four months' notice</td><td>On and after December 15, 1959, on any interest date on four months' notice</td><td>None</td></tr><tr><td>At option of holder: For cash</td><td>None</td><td>None</td><td>None</td></tr><tr><td>For payment of Federal income, estate, and gift taxes</td><td>Bonds owned by decedent at time of death are redeemable at par and accrued interest for the sole purpose of paying Federal estate taxes</td><td>Bonds owned by decedent at time of death are redeemable at par and accrued interest for the sole purpose of paying Federal estate taxes</td><td>None</td></tr><tr><td>Negotiability</td><td>Negotiable 2/; but commercial banks may not purchase in the market before December 15, 1962 3/</td><td>Negotiable 2/; but commercial banks may not purchase in the market before December 15, 1952 3/</td><td>Fully negotiable 2/</td></tr><tr><td>Eligibility as collateral for loans</td><td>Complete 4/</td><td>Complete 4/</td><td>Complete</td></tr><tr><td>Eligible subscribers</td><td colspan="3">All, except that commercial banks may subscribe only for the limited investment of time deposits 3/ 5/; and that insurance companies and savings institutions will be subject to an over-all limit 6/.</td></tr><tr><td>Limits on subscriptions by eligible subscribers</td><td colspan="3">Commercial banks may subscribe only for the limited investment of time deposits 3/ 5/; and subscriptions from insurance companies and savings institutions will be subject to an over-all limit 6/. Subscriptions from other investors will not be limited.</td></tr><tr><td>Denominations</td><td>$500, $1,000, $5,000, $10,000, $100,000, and $1,000,000</td><td>$500, $1,000, $5,000, $10,000, $100,000, and $1,000,000</td><td>$1,000, $5,000, $10,000, $100,000, and $1,000,000</td></tr><tr><td>Bearer or registered</td><td>Bearer form, coupons attached; or registered form</td><td>Bearer form, coupons attached; or registered form</td><td>Bearer form only, coupons attached</td></tr></table>
the time that it is eligible to purchase the bonds in the market. it must dispose of any bonds acquired during that period by failure of a loan to be paid at maturity.
5/ Commercial banks may subscribe concurrently with the Victory Loan, but not as part of the Loan, to the 2-1/2% and 2-1/4% Treasury bonds and 7/8% certificates offered in the Victory Loan and to Series F and C savings bonds. These subscriptions, which will be accepted from December 3 through December 8, will be limited, in the aggregate, to 10% of the combined amount of time certificates of deposit of individuals and non-profit corporations or associations and of savings deposits, but not to exceed $500,000. Purchases of Series F and C savings bonds will also be subject to the regular annual limit, applicable to all investors, of $100,000 for
1/ Accrued interest will be charged from November 15, 1945 on all purchases of Treasury bonds made after that date and from December 3, 1945 on all purchases of certificates made after that date, except on subscriptions of $1,000 or less for the 2-1/2% and 2-1/4% Treasury bonds. Subscriptions from others than individuals for the three marketable securities must be accompanied by payment at par and accrued interest to their respective issue dates or to date of later payment.
2/ The Treasury is requesting that there be no trading in the new marketable securities until after December 8, 1945.
3/ A commercial bank is defined for this purpose as one which accepts demand deposits.
4/ Although a commercial bank may make loans on this issue prior to
A-4
Treasury Bulletin
Securities Offered in the Victory Loan, October-December 1945 - (Continued) Table 1. - Comparison of Various Features of Securities Offered - (Continued)
<table><tr><th rowspan="2">Feature</th><th colspan="3">United States savings bonds</th><th rowspan="2">Treasury savings notes</th></tr><tr><th>Series E</th><th>Series F</th><th>Series G</th></tr><tr><td>Issue price</td><td>75% of maturity (par) value</td><td>74% of maturity (par) value</td><td>Par</td><td>Par</td></tr><tr><td>Issue date</td><td>First of month in which payment is received by an authorized issuing agent</td><td>First of month in which payment is received by a Federal Reserve Bank or branch or the U. S. Treasury</td><td>First of month in which payment is received by a Federal Reserve Bank or branch or the U. S. Treasury</td><td>First of month in which paid for and check actually collected</td></tr><tr><td>Maturity date</td><td>10 years from issue date</td><td>12 years from issue date</td><td>12 years from issue date</td><td>3 years from issue date</td></tr><tr><td>Interest</td><td>Accrues to par to provide approximately 2.9% compounded semi-annually if held to maturity; lesser yields if redeemed at earlier dates 1/</td><td>Accrues to par to provide approximately 2.53% compounded semi-annually if held to maturity; lesser yields if redeemed at earlier dates 1/</td><td>2-1/2% per annum, paid semi-annually. Redemption values are paid out back below par to provide lesser yields if redeemed before maturity; but redeemable at par in event of death 1/</td><td>Accrues to provide approximately 1.07% compounded semi-annually if held to maturity; lesser yields if redeemed for cash or tendered to payment of taxes at earlier dates 1/ 8/</td></tr><tr><td>Redeemability prior to maturity:</td><td colspan="4"></td></tr><tr><td>At option of Treasury.</td><td>None</td><td>None</td><td>None</td><td>None</td></tr><tr><td>At option of holder:</td><td colspan="4"></td></tr><tr><td>For cash</td><td>At any time after 60 days from issue date without notice, at stated redemption values, at any qualified bank or other paying agent, any Federal Reserve Bank or branch, or at the U. S. Treasury 1/</td><td>On first of any month after 6 months from issue date on 1 month's notice, at stated redemption values, at any Federal Reserve Bank or branch, or at the U. S. Treasury 1/</td><td>On first of any month after 6 months from issue date on 1 month's notice, at stated redemption values, at any Federal Reserve Bank or branch, or at the U. S. Treasury 1/ Redemable at par in event of death</td><td>At any time 6 months after issue date without notice, at stated redemption values at office which issued the notes 1/ 8/</td></tr><tr><td>For payment of Federal income, estate, and gift taxes</td><td>None</td><td>None</td><td>None, but Series O bonds are redeemable at par in case of death and proceeds may be used for any estate purpose</td><td>At any time 2 months after issue date without notice, at stated redemption values 1/</td></tr><tr><td>Negotiability</td><td>None</td><td>None</td><td>None</td><td>None 9/</td></tr><tr><td>Eligibility as collateral for loans</td><td>None</td><td>None</td><td>None</td><td>May be pledged as collateral for loans from banking institutions</td></tr><tr><td>Eligible subscribers</td><td>Natural persons only</td><td>All, except that commercial banks are subject to the limits stated below 3/ 5/</td><td></td><td>All</td></tr><tr><td>Limits on subscriptions by eligible subscribers</td><td>Annual limit of $5,000 maturity value ($3,750 issue price)</td><td>Annual limit for all subscribers of $100,000 (issue price) for Series F and Series G combined. Commercial banks are subject to additional restrictions 3/ 5/</td><td></td><td>None</td></tr><tr><td>Denominations</td><td>$25, $50, $100, $200, $500, and $1,000 (maturity value); also $10 denomination available only to the armed forces</td><td>$25, $100, $500, $1,000, $5,000, and $10,000 (maturity value)</td><td>$100, $500, $1,000, $5,000, and $10,000</td><td>$100, $500, $1,000, $5,000, $10,000, $100,000, and $1,000,000</td></tr><tr><td>Bearer or registered</td><td>Registered form only</td><td>Registered form only</td><td>Registered form only</td><td>Not registered, but name and address of owner are inscribed thereon</td></tr></table>
Insurance companies will be permitted to subscribe to the market-able securities in aggregate amounts not in excess of an amount equal to 15% of the total amount of United States Government securities held by the subscribing company on December 31, 1944, or 6% of that company's total admitted assets as of that date, whichever figure is larger. Savings institutions, which are defined for this purpose as savings banks that do not accept demand deposits, sav-ings and loan associations, building and loan associations, cooper-ative banks, and credit unions, will be permitted to subscribe to the marketable securities in aggregate amounts not in excess of an amount equal to twice the amount of the net increase in assets (total assets less borrowed funds) of the subscriber during the period from July 1, 1945 through September 30, 1945, plus 7% of
the amount of United States Government securities held by the subscriber on June 30, 1945. 1/ For redemption values and investment yields of savings bonds and savings notes, see Table 2. 3/ If described in the name of a bank accepting demand deposits, cash payment at or before maturity will be made only at issue price (per), and without accrual of interest. However, if a note is acquired by any such bank through forfeiture of a loan, cash payment will be made at par plus accrued interest to the month in which so acquired. 3/ Savings notes may be transferred by a corporation to its subsidiary providing that it owns at least 50% of the stock with voting power of such subsidiary.
October 1945
A-5
Securities Offered in the Victory Loan, October-December 1945 - (Continued)
Table 2.- Redemption Values and Investment Yields of United States Savings Bonds and Treasury Savings Notes
PART A - UNITED STATES SAVINGS BONDS
<table><tr><th rowspan="2">Period after issue date</th><th colspan="3">Redemption values of $100 bond</th><th colspan="3">On purchase price from issue date to beginning of each half-year period</th><th colspan="3">On current redemption value from beginning of each half-year period to maturity</th><th colspan="3">On current redemption value at beginning of each period if held for an additional half-year period</th></tr><tr><th>Series E (Issue price of $75)</th><th>Series F (Issue price of $74)</th><th>Series G (Issue price of $100)</th><th>Series E</th><th>Series F</th><th>Series G</th><th>Series E</th><th>Series F</th><th>Series G</th><th>Series E</th><th>Series F</th><th>Series G</th></tr><tr><td></td><td colspan="3"></td><td colspan="3">(Percent)</td><td colspan="3">(Percent)</td><td colspan="3">(Percent)</td></tr><tr><td>Less than 1/2 year</td><td>$75.00</td><td>Not redeemable</td><td>$98.80</td><td>0.00</td><td>...</td><td>0.10</td><td>2.90 2/</td><td>2.53 2/</td><td>2.50 2/</td><td>0.00</td><td>0.00</td><td>0.10</td></tr><tr><td>1/2 to 1 year</td><td>75.00</td><td>$74.00</td><td>$97.80</td><td>0.00</td><td>0.00</td><td>0.30</td><td>3.05</td><td>2.64</td><td>2.62</td><td>1.33</td><td>.54</td><td>.51</td></tr><tr><td>1 to 1-1/2 years</td><td>75.50</td><td>74.20</td><td>97.80</td><td>.67</td><td>.27</td><td>.30</td><td>3.15</td><td>2.73</td><td>2.73</td><td>1.32</td><td>.81</td><td>.72</td></tr><tr><td>1-1/2 to 2 years</td><td>76.00</td><td>74.50</td><td>96.90</td><td>.88</td><td>.45</td><td>.44</td><td>3.25</td><td>2.82</td><td>2.84</td><td>1.32</td><td>1.07</td><td>1.14</td></tr><tr><td>2 to 2-1/2 years</td><td>76.50</td><td>74.90</td><td>96.20</td><td>.99</td><td>.61</td><td>.61</td><td>3.38</td><td>2.91</td><td>2.94</td><td>1.31</td><td>1.34</td><td>1.35</td></tr><tr><td>2-1/2 to 3 years</td><td>77.00</td><td>75.40</td><td>95.60</td><td>1.06</td><td>.75</td><td>.75</td><td>3.52</td><td>2.99</td><td>3.04</td><td>2.60</td><td>1.59</td><td>1.57</td></tr><tr><td>3 to 3-1/2 years</td><td>78.00</td><td>76.00</td><td>95.10</td><td>1.31</td><td>.89</td><td>.88</td><td>3.58</td><td>3.07</td><td>3.13</td><td>2.56</td><td>1.84</td><td>2.00</td></tr><tr><td>3-1/2 to 4 years</td><td>79.00</td><td>76.70</td><td>94.80</td><td>1.49</td><td>1.03</td><td>1.04</td><td>3.66</td><td>3.15</td><td>3.20</td><td>2.53</td><td>2.35</td><td>2.43</td></tr><tr><td>4 to 4-1/2 years</td><td>80.00</td><td>77.60</td><td>94.70</td><td>1.62</td><td>1.19</td><td>1.20</td><td>3.75</td><td>3.20</td><td>3.26</td><td>2.50</td><td>2.58</td><td>2.64</td></tr><tr><td>4-1/2 to 5 years</td><td>81.00</td><td>78.60</td><td>94.70</td><td>1.72</td><td>1.34</td><td>1.35</td><td>3.87</td><td>3.24</td><td>3.30</td><td>2.47</td><td>2.80</td><td>3.06</td></tr><tr><td>5 to 5-1/2 years</td><td>82.00</td><td>79.70</td><td>94.90</td><td>1.79</td><td>1.49</td><td>1.51</td><td>4.01</td><td>3.27</td><td>3.32</td><td>2.44</td><td>3.01</td><td>3.27</td></tr><tr><td>5-1/2 to 6 years</td><td>83.00</td><td>80.90</td><td>95.20</td><td>1.85</td><td>1.63</td><td>1.66</td><td>4.18</td><td>3.29</td><td>3.33</td><td>2.41</td><td>3.21</td><td>3.26</td></tr><tr><td>6 to 6-1/2 years</td><td>84.00</td><td>82.20</td><td>95.50</td><td>1.90</td><td>1.76</td><td>1.79</td><td>4.41</td><td>3.29</td><td>3.33</td><td>4.76</td><td>3.16</td><td>3.25</td></tr><tr><td>6-1/2 to 7 years</td><td>86.00</td><td>83.50</td><td>95.80</td><td>2.12</td><td>1.87</td><td>1.89</td><td>4.36</td><td>3.31</td><td>3.34</td><td>4.65</td><td>3.11</td><td>3.24</td></tr><tr><td>7 to 7-1/2 years</td><td>88.00</td><td>84.80</td><td>96.10</td><td>2.30</td><td>1.96</td><td>1.98</td><td>4.31</td><td>3.32</td><td>3.35</td><td>4.55</td><td>3.07</td><td>3.23</td></tr><tr><td>7-1/2 to 8 years</td><td>90.00</td><td>86.10</td><td>96.40</td><td>2.45</td><td>2.03</td><td>2.05</td><td>4.26</td><td>3.35</td><td>3.37</td><td>4.44</td><td>3.02</td><td>3.22</td></tr><tr><td>8 to 8-1/2 years</td><td>92.00</td><td>87.40</td><td>96.70</td><td>2.57</td><td>2.09</td><td>2.12</td><td>4.21</td><td>3.40</td><td>3.39</td><td>4.35</td><td>2.97</td><td>3.21</td></tr><tr><td>8-1/2 to 9 years</td><td>94.00</td><td>88.70</td><td>97.00</td><td>2.67</td><td>2.14</td><td>2.18</td><td>4.17</td><td>3.46</td><td>3.42</td><td>4.26</td><td>2.93</td><td>3.20</td></tr><tr><td>9 to 9-1/2 years</td><td>96.00</td><td>90.00</td><td>97.30</td><td>2.76</td><td>2.19</td><td>2.23</td><td>4.12</td><td>3.54</td><td>3.46</td><td>4.17</td><td>3.11</td><td>3.19</td></tr><tr><td>9-1/2 to 10 years</td><td>98.00</td><td>91.40</td><td>97.60</td><td>2.84</td><td>2.24</td><td>2.27</td><td>4.08</td><td>3.63</td><td>3.51</td><td>4.08</td><td>3.28</td><td>3.18</td></tr><tr><td>10 to 10-1/2 years</td><td>100.00</td><td>92.90</td><td>97.90</td><td>2.90</td><td>2.29</td><td>2.31</td><td>...</td><td>3.72</td><td>3.60</td><td>...</td><td>3.44</td><td>3.17</td></tr><tr><td>10-1/2 to 11 years</td><td>...</td><td>94.50</td><td>98.20</td><td>...</td><td>2.34</td><td>2.35</td><td>...</td><td>3.81</td><td>3.75</td><td>...</td><td>3.60</td><td>3.36</td></tr><tr><td>11 to 11-1/2 years</td><td>...</td><td>96.20</td><td>98.60</td><td>...</td><td>2.40</td><td>2.39</td><td>...</td><td>3.91</td><td>3.94</td><td>...</td><td>3.74</td><td>3.75</td></tr><tr><td>11-1/2 to 12 years</td><td>...</td><td>98.00</td><td>99.20</td><td>...</td><td>2.46</td><td>2.44</td><td>...</td><td>4.08</td><td>4.13</td><td>...</td><td>4.06</td><td>4.13</td></tr><tr><td>12 years</td><td>...</td><td>100.00</td><td>100.00</td><td>...</td><td>2.53</td><td>2.50</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr></table>
PART B - TREASURY SAVINGS NOTES, SERIES
<table><tr><th rowspan="2">Period after issue date</th><th rowspan="2">Tax-payment and redemption values of $1,000 note</th><th colspan="2">Approximate investment yield1</th><th rowspan="2">Period after issue date</th><th rowspan="2">Tax-payment and redemption values of $1,000 note</th><th colspan="2">Approximate investment yield1</th></tr><tr><th>On purchase price from issue date to beginning of each monthly period</th><th>On current tax-payment or redemption values from beginning of each monthly period to maturity</th><th>On purchase price from issue date to beginning of each monthly period</th><th>On current tax-payment or redemption values from beginning of each monthly period to maturity</th></tr><tr><td>Less than 1 month.</td><td>Not redeemable</td><td>(Percent)</td><td>(Percent)</td><td>19 to 20 months..</td><td>$1,014.20</td><td>.89</td><td>1.26</td></tr><tr><td>1 to 2 months....</td><td>Not redeemable</td><td>.....</td><td>1.07 2/</td><td>20 to 21 months..</td><td>1,015.20</td><td>.91</td><td>1.26</td></tr><tr><td>2 to 3 months....</td><td>$1,001.00 3/</td><td>.60</td><td>1.09</td><td>21 to 22 months..</td><td>1,016.20</td><td>.92</td><td>1.27</td></tr><tr><td>3 to 4 months....</td><td>1,001.50 3/</td><td>.60</td><td>1.11</td><td>22 to 23 months..</td><td>1,017.20</td><td>.93</td><td>1.28</td></tr><tr><td>4 to 5 months....</td><td>1,002.00 3/</td><td>.60</td><td>1.12</td><td>23 to 24 months..</td><td>1,018.20</td><td>.94</td><td>1.28</td></tr><tr><td>5 to 6 months....</td><td>1,002.50 3/</td><td>.60</td><td>1.14</td><td>24 to 25 months..</td><td>1,019.20</td><td>.95</td><td>1.29</td></tr><tr><td>6 to 7 months....</td><td>1,003.00</td><td>.60</td><td>1.16</td><td>25 to 26 months..</td><td>1,020.30</td><td>.97</td><td>1.29</td></tr><tr><td>7 to 8 months....</td><td>1,003.80</td><td>.65</td><td>1.17</td><td>26 to 27 months..</td><td>1,021.40</td><td>.98</td><td>1.29</td></tr><tr><td>8 to 9 months....</td><td>1,004.60</td><td>.69</td><td>1.17</td><td>27 to 28 months..</td><td>1,022.50</td><td>.99</td><td>1.29</td></tr><tr><td>9 to 10 months...</td><td>1,005.40</td><td>.72</td><td>1.18</td><td>28 to 29 months..</td><td>1,023.60</td><td>1.00</td><td>1.29</td></tr><tr><td>10 to 11 months...</td><td>1,006.20</td><td>.74</td><td>1.19</td><td>29 to 30 months..</td><td>1,024.70</td><td>1.01</td><td>1.29</td></tr><tr><td>11 to 12 months...</td><td>1,007.00</td><td>.76</td><td>1.20</td><td>30 to 31 months..</td><td>1,025.80</td><td>1.02</td><td>1.29</td></tr><tr><td>12 to 13 months...</td><td>1,007.80</td><td>.78</td><td>1.21</td><td>31 to 32 months..</td><td>1,026.90</td><td>1.03</td><td>1.29</td></tr><tr><td>13 to 14 months...</td><td>1,008.70</td><td>.80</td><td>1.22</td><td>32 to 33 months..</td><td>1,028.00</td><td>1.04</td><td>1.29</td></tr><tr><td>14 to 15 months...</td><td>1,009.60</td><td>.82</td><td>1.22</td><td>33 to 34 months..</td><td>1,029.10</td><td>1.05</td><td>1.28</td></tr><tr><td>15 to 16 months...</td><td>1,010.50</td><td>.84</td><td>1.23</td><td>34 to 35 months..</td><td>1,030.20</td><td>1.05</td><td>1.28</td></tr><tr><td>16 to 17 months...</td><td>1,011.40</td><td>.85</td><td>1.24</td><td>35 to 36 months..</td><td>1,031.30</td><td>1.06</td><td>1.28</td></tr><tr><td>17 to 18 months...</td><td>1,012.30</td><td>.86</td><td>1.25</td><td>36 months</td><td>1,032.40</td><td>1.07</td><td>...</td></tr><tr><td>18 to 19 months...</td><td>1,013.20</td><td>.88</td><td>1.26</td><td></td><td></td><td></td><td></td></tr></table>
1/ Nominal annual rate, compounded semi-annually. 2/ Approximate investment yield for entire period from 3/ May be redeemed only for tax payment.
A-6
Treasury Bulletin
Federal Government Expenditures for the
Fiscal Years 1940, 1945, and 1946
Secretary of the Treasury Vinson, in connection with his statement on October 1, 1945 before the Ways and Means Committee of the House of Representatives, presented a discussion of Government expenditures for the fiscal years 1940, 1945, and 1946. The 1946 figures are estimates released by the Bureau of the Budget on August 31, 1945. The following is a reprint of Secretary Vinson's statement on Government expenditures.
The table below shows a summary of Federal expenditures by fiscal years for 1940, a pre-war year; 1945, the peak war year; and Budget estimates for 1946, a year of transition from war to peace. The table also includes net receipts and deficits for each of the years.
Total expenditures increased from $9.3 billion in 1940 to $100 billion in 1945, and will fall off to about $66.4 billion in the current fiscal year which ends next June 30.
War activities
In the fiscal year 1945 more than 90 cents out of every dollar spent by the Federal Govern-
ment went to meet the direct costs of the war. According to the revised Budget estimates released August 31, this proportion will drop to about 76 cents. This reduction is the net result of decreased war expenditures and an increase in other expenditures. War expenditures, according to the Budget, will amount to $50.5 billion in the current fiscal year, compared with $90.5 billion in 1945, a reduction of about 44%. The estimate for 1946 of $50.5 billion might seem high at first appraisal in view of the capitulation of Japan just 1-1/2 months after the beginning of the fiscal year. It should be kept in mind, however, that even though billions of dollars of contracts have been and will be cancelled, cash
Actual Receipts and Expenditures of the Federal Government
for Fiscal Years 1940 and 1945 and Budget Estimates for 1946
(In billions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">Fiscal years</th></tr><tr><th colspan="2">Actual</th><th>Budget estimate</th><th>Change</th></tr><tr><th></th><th>1940 (Pre-war year)</th><th>1945 (Peak war year)</th><th>1946 (Reconversion to peace)</th><th>Actual 1940 to estimated 1946</th></tr><tr><td>Net receipts</td><td>5.4</td><td>46.5</td><td>36.0</td><td>+30.6</td></tr><tr><td colspan="5">Expenditures</td></tr><tr><td>War activities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary items</td><td>1.7</td><td>90.0</td><td>51.0</td><td>+49.3</td></tr><tr><td>Government corporations (net)</td><td>-</td><td>.5</td><td>-.5</td><td>-.5</td></tr><tr><td>Total war activities</td><td>1.7</td><td>90.5</td><td>50.5</td><td>+48.8</td></tr><tr><td>Other activities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration</td><td>.6</td><td>2.1</td><td>3.2</td><td>+2.6</td></tr><tr><td>Refunds of taxes and duties</td><td>.1</td><td>1.7</td><td>2.9</td><td>+2.8</td></tr><tr><td>Interest on public debt</td><td>1.0</td><td>3.6</td><td>4.5</td><td>+3.5</td></tr><tr><td>Total Veterans', refunds, and taxes</td><td>1.7</td><td>7.4</td><td>10.6</td><td>+8.9</td></tr><tr><td>Unemployment relief</td><td>2.2</td><td>-</td><td>-</td><td>-2.2</td></tr><tr><td>International finance</td><td>-</td><td>-</td><td>2.3</td><td>+2.3</td></tr><tr><td>Other expenditures:</td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary items</td><td>3.4</td><td>3.0</td><td>3.4</td><td>-</td></tr><tr><td>Government corporations and credit agencies (net)</td><td>.3</td><td>-.8</td><td>-.4</td><td>-.7</td></tr><tr><td>Total other activities</td><td>7.6</td><td>9.5</td><td>15.9</td><td>+8.3</td></tr><tr><td>Total expenditures</td><td>9.3</td><td>100.0</td><td>66.4</td><td>+57.1</td></tr><tr><td>Excess of expenditures</td><td>3.9</td><td>53.6</td><td>30.4</td><td>+26.5</td></tr></table>
1/ Includes net outlays of Government corporations and credit agencies.
October 1945
A-7
outlay will remain relatively high for some months. Time is required to demobilize more than 12 million men; probably $4 billion or $5 billion will be spent in terminating war contracts; mustering-out pay will require about $270 for each man discharged; to name some of the factors which will tend to keep expenditures from dropping quickly.
The following shows a rough breakdown for several years of war expenditures, including net war outlays of the Reconstruction Finance Corporation and its affiliates.
<table><tr><th rowspan="2"></th><th colspan="6">Fiscal years</th></tr><tr><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945 (estimated)</th></tr><tr><td colspan="7">(In billions of dollars)</td></tr><tr><td>Munitions...</td><td>2/</td><td>4.5</td><td>20.3</td><td>55.2</td><td>60.2</td><td>58.5</td><td>21.0</td></tr><tr><td>Nonmunitions: Pay and subsistence Miscellaneous....</td><td>2/</td><td>1.0</td><td>2.8</td><td>10.6</td><td>17.5</td><td>21.6</td><td>19.0</td></tr><tr><td></td><td>2/</td><td>1.1</td><td>5.2</td><td>9.5</td><td>12.0</td><td>10.4</td><td>10.5</td></tr><tr><td>Total war activities expenditures.....</td><td>1.7</td><td>6.7</td><td>28.3</td><td>75.3</td><td>89.7</td><td>90.5</td><td>50.5</td></tr></table>
The classification "munitions" includes not only military type items but also civilian or industrial type products. In fact, the term as used here covers all products except food procured in the continental United States for the armed forces or for lend-lease. The classification "pay and subsistence" consists of pay of the armed forces, dependency allowances, mustering-out pay, subsistence, and travel allowances. "Miscellaneous" includes civilian pay in war agencies, stock piling of critical materials, agricultural lend-lease, payments for United Nations Relief and Rehabilitation Administration, contract-termination payments, and commercial transportation and public utilities relating to troops and equipment in the United States.
Following the fiscal year 1946, war expenditures will, of course, decrease very rapidly, although it is too early at this time to indicate the probable cost in 1947 and thereafter of maintaining the Army and Navy.
Other activities
Expenditures other than war activities in-
creased from $7.6 billion in 1940 to $9.5 billion in 1945, while the estimate for 1946 is $15.9 billion.
In connection with these activities there are two factors of interest: (1) the expenditures in 1946 for certain items are higher than they are expected to be in succeeding years -- notably refunds of taxes, where corporate refunds are at their peak, and the international payments under the Bretton Woods Agreements being at a considerably higher level than expected in the future; and (2) the expenditures for 1946 will be greater than those at the pre-war level in certain instances where they are directly affected by the war, such as for care, rehabilitation, and hospitalization of war veterans, expenses of the Treasury Department incident to the collection of larger taxes and the management of the war debt, and expenses of the General Accounting Office in connection with the audit and settlement of accounts.
Veterans, refunds, and interest
Expenditures for veterans, refunds, and interest are largely war caused, being sometimes referred to as "aftermath of war". These expenditures amounted to $1.7 billion in 1940, $7.4 billion in 1945, and are expected to require $10.6 billion in 1946, this latter figure representing the all time peak. The estimate for 1946 represents more than a six-fold increase compared with 1940. During the current year these "aftermath of war" items will account for about two-thirds of all Federal "non-war" expenditures.
Total expenditures for veterans' benefits might be at a higher level in the next two or three years than the $3.2 billion now forecast for the current year due largely to the educational and readjustment allowance programs. However, these programs, as well as the Government's contribution to the National Service Life Insurance Fund, should be substantially reduced in later years.
The fiscal year 1946 is probably the peak year for refunds of taxes, the estimated expenditures for this purpose amounting to $2.9 billion. This is due principally to the provisions of the Tax Adjustment Act of 1945 speeding up corporate refunds following the end of the war. It is believed that both corporate refunds and refunds arising from individual withholding will decrease
2/
Breakdown not available.
Treasury Bulletin
A-8
substantially below the current year level
Expenditures for interest on the public debt will no doubt increase from the level of $4.5 billion estimated for 1946, the Budget estimate of total public debt outstanding on June 30, 1946, being $273 billion. The extent to which interest payments increase or decrease in the future will depend upon the rapidity with which the Government can balance its Budget.
Unemployment relief
The Budget estimates for the fiscal year 1946 do not contain any provision for unemployment relief. In 1940 expenditures for unemployment relief amounted to $2.2 billion, about $1.5 billion of this sum having been expended by the Work Projects Administration. The balance of the program took the form of aids to youth by the Civilian Conservation Corps and the National Youth Administration, and loans and grants to States, municipalities, etc. by the Public Works Administration.
International finance
Budgetary expenditures for international finance, that is subscriptions to the International Monetary Fund, International Bank for Reconstruction and Development, and capital stock of the Export-Import Bank, are estimated to aggregate $2.3 billion for the fiscal year 1946. This excludes $1.8 billion to be subscribed to the International Monetary Fund out of the United States Exchange Stabilization Fund created by the Gold Reserve Act of 1934. The breakdown for the fiscal year 1946 follows.
<table><tr><th></th><th>Amount authorized</th><th colspan="2">Estimated payments in 1946</th></tr><tr><th></th><th></th><th>Budgetary items</th><th>From Exchange Stabilization Fund</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>International Monetary Fund</td><td>2,750</td><td>950</td><td>1,800</td></tr><tr><td>International Bank for Reconstruction and Development</td><td>3,175</td><td>317</td><td>-</td></tr><tr><td>Export-Import Bank, capital stock</td><td>999</td><td>999</td><td>-</td></tr><tr><td>Total</td><td>6,924</td><td>2,266</td><td>1,800</td></tr></table>
1/ Includes $174 million to be paid to the Reconstruction Finance Corporation to retire capital stock previously subscribed by that corporation.
As will be seen from the above table, membership of the United States in the International Monetary Fund will require subscription of $2,750 million, payment for all of which is expected to be made by June 30, 1946. Also, on the basis of Budget estimates, payment for the full remaining authorized capital of the Export-Import Bank of $999 million is expected to be made by the end of this fiscal year, which, together with $1 million of stock already owned by the United States, will give that bank capital stock of $1,000 million. In addition the Export-Import Bank may borrow not to exceed $2,500 million from the Treasury to carry on its authorized program. It is not believed that any of this latter amount will be required until after the fiscal year 1946. With regard to the International Bank for Reconstruction and Development Congress has authorized subscription for capital stock by the United States to a total of $3,175 million, of which $317 million is estimated to be paid in the fiscal year 1946 and about the same amount again in 1947. The remaining $2,540 million can be called only when needed to meet the proportionate share of any losses suffered by the bank in the course of its operations.
Other expenditures
The balance of expenditures, under the classification "Other activities", consists of (1) the budgetary items: aids to agriculture, public works, social security and railroad retirement, the Government's contributions to employees' retirement funds and the regular operating expenses of the various departments and establishments; and (2) net outlays of Government corporations and credit agencies other than war expenditures of the Reconstruction Finance Corporation and its affiliates. The budgetary items amounted to an aggregate of $3.4 billion in 1940, $3.0 billion in 1945, and, although there are various internal shifts, are expected to again amount to $3.4 billion in 1946.
Expenditures for aids to agriculture, including administrative and other expenditures of the Department of Agriculture classified in Daily Treasury statements as "departmental", amounted to $1,571 million in the fiscal year 1940 compared with the Budget estimate for 1946 of about $700 million, a reduction of $871 million.
Expenditures for principal items of a continuing public works character amounted to $571
October 1945
A-9
million in 1940, while in 1945, due to postponements on account of the war, they aggregated less than half of that amount. Such expenditures are estimated to be about $400 million in the current year. These items are likely to increase in the immediate future as Congress has already authorized additional outlays for public roads, and rivers and harbors and flood control.
Expenditures of the Social Security and Railroad Retirement Boards increased from an aggregate of $493 million in 1940 to $779 million in 1945 and for 1946 are estimated at about $875 million. Increased grants to States for old-age assistance, aid to dependent children, aid to the blind, and transfers to the Railroad Retirement Account are responsible for the higher level of expenditures in 1945 compared with 1940. These grants to States are estimated to be still higher in the current year, while transfers to the Railroad Retirement Account will be slightly lower.
The balance of Budgetary expenditures -- "General administration, etc." -- represent for the most part the regular operating costs of the various departments and establishments of the Government. These expenditures amounted to $314 million in 1940, $1,174 million in 1945, and
are estimated at about $1,400 million for 1946. These expenditures do not include costs of administration of "War activities", "Veterans' Administration", "Aids to agriculture", "Public works", and "Social Security and Railroad Retirement Boards".
The outlays of Government corporations and credit agencies represent transactions in check- ing accounts maintained with the Treasurer of the United States and are stated net, i.e., gross payments by the agencies less their gross receipts. In 1940 net expenditures of these corporations and agencies amounted to $254 million compared with net collections of $346 million in 1945. In 1946 net collections are expected to be about $400 million. Since the war began liquidations of loans of such organizations as the Reconstruction Finance Corporation, the Home Owners' Loan Corporation and the Federal Farm Mortgage Corporation have proceeded at a faster pace, resulting in total net receipts rather than net expenditures as in earlier years in this category. The lower net receipts in 1946 compared with 1945 is due principally to an expected increase in net expenditures of the Commodity Credit Corporation in the current fiscal year.
Note: - The classifications used in this article differ to some extent from those used in the statistical section of the Bulletin. The most important difference is that figures on net outlays of Government corporations are included, as contrasted with figures on pages 2 through 10 which cover only budgetary expenditures.
A-10
Treasury Bulletin
Treasury Market Financing
On August 20, 1945 the Secretary of the Treasury announced the offering of an issue of 1-year, 7/8% certificates of indebtedness, to mature September 1, 1946, in exchange for the certificates of indebtedness maturing September 1, 1945 and the 2-3/4% Treasury bonds of 1945-47, called for redemption on September 15, 1945. The new certificates were available in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000.
Subscription books were open August 20-22, except for the receipt of subscriptions from holders of $100,000 or less of the maturing certificates or the called bonds. The books were open August 20-25 for subscriptions from the
latter class of holders.
Details on the results of the exchange are shown in the following table.
<table><tr><th>Maturing issue</th><th>Amount outstanding</th><th>Amount exchanged</th><th>Percent exchanged</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>7/8% certificates of indebtedness due 9/1/45</td><td>3,694</td><td>3,429</td><td>93</td></tr><tr><td>2-3/4% Treasury bonds of 1945-47, called for redemption on 9/15/45</td><td>1,214</td><td>907</td><td>75</td></tr><tr><td>Total</td><td>4,908</td><td>4,336</td><td>88</td></tr></table>
October 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 2 months, 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>Change Actual 1945 to estimated 1946 1/</th></tr><tr><td>Receipts: 2/ 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 3/</td><td>2,819</td><td>2,799</td><td>3,408</td><td>+610</td><td>16,094</td><td>34,655</td><td>35,173</td><td>....</td><td>....</td></tr><tr><td>Employment taxes</td><td>358</td><td>375</td><td>372</td><td>-3</td><td>1,498</td><td>1,739</td><td>1,780</td><td>....</td><td>....</td></tr><tr><td>Miscellaneous internal revenue 4/</td><td>1,240</td><td>1,513</td><td>1,595</td><td>+82</td><td>4,553</td><td>5,291</td><td>6,949</td><td>....</td><td>....</td></tr><tr><td>Customs</td><td>72</td><td>51</td><td>65</td><td>+14</td><td>324</td><td>431</td><td>355</td><td>....</td><td>....</td></tr><tr><td>Other receipts 5/</td><td>564</td><td>333</td><td>595</td><td>+261</td><td>916</td><td>3,292</td><td>3,483</td><td>....</td><td>....</td></tr><tr><td>Total receipts</td><td>5,053</td><td>5,071</td><td>6,035</td><td>+964</td><td>23,385</td><td>45,408</td><td>47,740</td><td>....</td><td>....</td></tr><tr><td>Less: Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>325</td><td>340</td><td>342</td><td>+2</td><td>1,103</td><td>1,260</td><td>1,283</td><td>....</td><td>....</td></tr><tr><td>Net receipts</td><td>4,728</td><td>4,731</td><td>5,692</td><td>+961</td><td>22,282</td><td>44,149</td><td>46,457</td><td>36,000</td><td>-10,457</td></tr><tr><td>Expenditures: 6/ 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>8,027</td><td>8,014</td><td>7,815</td><td>-199</td><td>42,265</td><td>49,242</td><td>50,337</td><td>51,000</td><td>-39,029</td></tr><tr><td>Navy Department</td><td>3,935</td><td>5,093</td><td>4,411</td><td>-683</td><td>20,888</td><td>26,538</td><td>30,047</td><td></td><td></td></tr><tr><td>Miscellaneous war activities</td><td>1,702</td><td>1,654</td><td>1,496</td><td>-168</td><td>8,955</td><td>11,259</td><td>9,645</td><td>51,000</td><td>-39,029</td></tr><tr><td>Total</td><td>13,664</td><td>14,772</td><td>13,722</td><td>-1,050</td><td>72,109</td><td>87,039</td><td>90,029</td><td>51,000</td><td>-39,029</td></tr><tr><td>Veterans' Administration, interest on public debt, and refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration 1/ 8/</td><td>97</td><td>226</td><td>480</td><td>+254</td><td>602</td><td>730</td><td>2,060</td><td>3,200</td><td>+1,140</td></tr><tr><td>Interest on the public debt</td><td>114</td><td>162</td><td>255</td><td>+92</td><td>1,808</td><td>2,609</td><td>3,617</td><td>4,500</td><td>+883</td></tr><tr><td>Refunds of taxes and duties 9/</td><td>12</td><td>227</td><td>613</td><td>+386</td><td>75</td><td>262</td><td>1,707</td><td>2,900</td><td>+1,193</td></tr><tr><td>Total</td><td>223</td><td>615</td><td>1,348</td><td>+733</td><td>2,485</td><td>3,601</td><td>7,384</td><td>10,600</td><td>+3,216</td></tr><tr><td>Aid to agriculture 1/</td><td>135</td><td>92</td><td>55</td><td>-36</td><td>1,163</td><td>909</td><td>762</td><td></td><td></td></tr><tr><td>Social security program 1/ 10/</td><td>285</td><td>305</td><td>298</td><td>-7</td><td>735</td><td>803</td><td>815</td><td>3,400</td><td>+408</td></tr><tr><td>Public works</td><td>94</td><td>62</td><td>66</td><td>+3</td><td>543</td><td>433</td><td>323</td><td></td><td></td></tr><tr><td>Other 1/</td><td>328</td><td>383</td><td>423</td><td>+39</td><td>1,142</td><td>958</td><td>1,092</td><td></td><td></td></tr><tr><td>International finance</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,300 11/</td><td>+2,300</td></tr><tr><td>Total expenditures 6/</td><td>14,729</td><td>16,229</td><td>15,911</td><td>-318</td><td>78,179</td><td>93,744</td><td>100,405</td><td>67,300</td><td>-33,105</td></tr><tr><td>Net budgetary deficit 6/</td><td>10,001</td><td>11,498</td><td>10,219</td><td>-1,279</td><td>55,897</td><td>49,595</td><td>53,948</td><td>31,300</td><td>-22,648</td></tr></table>
Source: Actual receipts and expenditures come from Daily Treasury Statements; source of estimated figures is explained in footnote 1.
* Less than $500,000.
1/ Based upon Budget estimates as revised August 31, 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/ For further details, see following chapter, Tables 1 and 2.
3/ Includes receipts from taxes withheld by employers under the Revenue Act of 1942 and Current Tax Payment Act of 1943.
4/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
5/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million (of which $113 million represents a voluntary return of excess profits); fiscal year 1945, $2,041 million (of which $814 million represents a voluntary return of excess profits).
6/ Excludes expenditures for public debt retirements which are charge-
able to the sinking fund, etc. under special provisions of law. For further details regarding expenditures see following chapter, Tables 1 and 2.
1/ Includes transfers to trust accounts, etc.
8/ Includes expenditures for public works undertaken by Veterans' Administration.
9/ "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. For discussion of excess profits tax refund bonds, see following chapter, Table 3.
10/ 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 the Social Security Act.
11/ Comprises $950 million for payments to International Monetary Fund; $117 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.
October 1945
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 2 months, fiscal years 1944 to 1946</th><th colspan="4">End of fiscal years, 1943 to 1946</th></tr><tr><th></th><th>August 31, 1943</th><th>August 31, 1944</th><th>August 31, 1945</th><th>Change August 31, 1944 to August 31, 1945</th><th colspan="2">Actual</th><th>Estimated 1/</th><th>Change Actual June 30, 1945 to estimated June 30, 1946 1/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th><th>June 30, 1946</th><th></th></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>99,935</td><td>145,213</td><td>183,334</td><td>+38,120</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>30,879</td><td>47,614</td><td>57,379</td><td>+9,765</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>130,814</td><td>192,827</td><td>240,713</td><td>+47,885</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>11,907</td><td>15,461</td><td>20,033</td><td>+4,572</td><td>10,571</td><td>14,287</td><td>18,812</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>142,721</td><td>208,289</td><td>260,746</td><td>+52,457</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>1,338</td><td>1,514</td><td>2,255</td><td>+741</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>144,059</td><td>209,802</td><td>263,001</td><td>+53,198</td><td>136,696</td><td>201,003</td><td>258,682</td><td>272,900</td><td>+14,218</td></tr><tr><td>Securities guaranteed by the United States 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>35</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>352</td><td>284</td><td>479</td><td>+196</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>3,934</td><td>1,475</td><td>515</td><td>-960</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>7</td><td>92</td><td>19</td><td>-72</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>3,941</td><td>1,566</td><td>534</td><td>-1,032</td><td>4,100</td><td>1,623</td><td>433</td><td>73</td><td>-360</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>148,000</td><td>211,369</td><td>263,535</td><td>+52,166</td><td>140,796</td><td>202,626</td><td>259,115</td><td>272,973</td><td>+13,858</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon Budget estimates as revised August 31, 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 2 months, 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/</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>Amount required to be financed:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit 2/</td><td>10,001</td><td>11,498</td><td>10,219</td><td>55,897</td><td>49,595</td><td>53,948</td><td>31,300</td></tr><tr><td>Net increase in General Fund balance</td><td>-</td><td>-</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>504</td><td>-</td><td>166</td><td>1,861</td><td>4,051</td><td>-</td><td>-</td></tr><tr><td>Total amount required to be financed</td><td>10,505</td><td>11,498</td><td>10,385</td><td>64,274</td><td>64,307</td><td>58,477</td><td>31,300</td></tr><tr><td>Means of financing:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt</td><td>7,363</td><td>8,799</td><td>4,319</td><td>64,274</td><td>64,307</td><td>57,679</td><td>14,200 3/</td></tr><tr><td>Net decrease in General Fund Balance</td><td>3,143</td><td>2,497</td><td>6,066</td><td>-</td><td>-</td><td>-</td><td>17,000</td></tr><tr><td>Net receipts in trust accounts, etc. 3/</td><td>-</td><td>202</td><td>-</td><td>-</td><td>-</td><td>798</td><td>100</td></tr><tr><td>Total amount financed</td><td>10,505</td><td>11,498</td><td>10,385</td><td>64,274</td><td>64,307</td><td>58,477</td><td>31,300</td></tr></table>
1/ Based upon Budget estimates as revised August 31, 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.
4/ This figure rounded to nearest hundred million by Bureau of the Budget; therefore does not agree with figure shown in above table.
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
October 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">Hot budgetary deficit 1/</th><th rowspan="2">Public debt retire- ments 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net appropriations to Federal Old-Age and Survivors Insurance Trust And 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War activities 5/</th><th>Transfers to trust accounts, etc. 6/</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>8,665</td><td>5,946</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>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,117</td><td>6,641</td><td>929</td><td>608</td><td>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>1,384</td><td>85</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>3,542</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>2732/</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>5153/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,079</td><td>10/ 6,301</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>2869/</td><td>869</td><td>12,799</td><td>32,397</td><td>6,005</td><td>26,011</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>9169/11/</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,635</td><td>72,109</td><td>435</td><td>55,897</td><td>3</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,29211/</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,149</td><td>87,039</td><td>556</td><td>43,595</td><td></td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,48311/</td><td>1,283</td><td>46,457</td><td>100,405</td><td>8,730</td><td>90,029</td><td>1,846</td><td>53,948</td><td></td></tr><tr><td>1944-1945</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>3,024</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>409</td><td>7,401</td><td>18</td><td>5,587</td><td>-</td></tr><tr><td>December</td><td>5,418</td><td>4,945</td><td>29</td><td>444</td><td>2</td><td>5,416</td><td>8,416</td><td>891</td><td>7,503</td><td>22</td><td>2,993</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>4,645</td><td>-</td></tr><tr><td>February</td><td>3,987</td><td>3,815</td><td>23</td><td>149</td><td>220</td><td>3,767</td><td>7,460</td><td>462</td><td>6,918</td><td>48</td><td>3,693</td><td>-</td></tr><tr><td>March</td><td>6,909</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>15</td><td>2,540</td><td>-</td></tr><tr><td>April</td><td>2,967</td><td>2,745</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>822</td><td>8,156</td><td>296</td><td>6,190</td><td>-</td></tr><tr><td>June</td><td>5,916</td><td>5,384</td><td>33</td><td>498</td><td>2</td><td>5,914</td><td>9,641</td><td>1,469</td><td>7,837</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><tr><td>August</td><td>3,281</td><td>2,849</td><td>32</td><td>400</td><td>283</td><td>2,997</td><td>7,354</td><td>794</td><td>6,398</td><td>162</td><td>4,357</td><td></td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow 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.
9/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $119 mil-
lion 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, $558 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 $814 million represents a voluntary return of excess profits.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="3">Income and profits taxes</th><th colspan="4">Employment taxes</th><th>Miscellaneous internal revenue</th><th>Agricultural adjustment taxes</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943) 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 4/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taring Act of 1937 (Railroad retirement)</th><th></th><th></th></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>-</td><td>1,427</td><td>*</td><td>-</td><td>-</td><td>*</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279</td><td>*</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td><td>-</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td><td>-</td></tr><tr><td>1941</td><td>7,352</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td><td>-</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td><td>-</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td><td>-</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td>267</td><td>5,291</td><td>-</td></tr><tr><td>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>285</td><td>6,949</td><td>-</td></tr><tr><td>1944-August</td><td>2,702</td><td>1,552</td><td>1,065</td><td>487</td><td>319</td><td>293</td><td>12</td><td>14</td><td>832</td><td>-</td></tr><tr><td>September</td><td>5,749</td><td>5,174</td><td>741</td><td>4,432</td><td>61</td><td>4</td><td>1</td><td>57</td><td>514</td><td>-</td></tr><tr><td>October</td><td>1,880</td><td>1,240</td><td>609</td><td>632</td><td>60</td><td>55</td><td>3</td><td>1</td><td>580</td><td>-</td></tr><tr><td>November</td><td>2,300</td><td>1,501</td><td>1,035</td><td>466</td><td>293</td><td>267</td><td>11</td><td>14</td><td>507</td><td>-</td></tr><tr><td>December</td><td>4,945</td><td>4,347</td><td>741</td><td>3,606</td><td>60</td><td>4</td><td>1</td><td>55</td><td>539</td><td>-</td></tr><tr><td>1945-January</td><td>3,042</td><td>2,422</td><td>619</td><td>1,803</td><td>48</td><td>33</td><td>13</td><td>1</td><td>573</td><td>-</td></tr><tr><td>February</td><td>3,815</td><td>2,922</td><td>1,295</td><td>1,627</td><td>341</td><td>222</td><td>114</td><td>5</td><td>552</td><td>-</td></tr><tr><td>March</td><td>6,431</td><td>5,818</td><td>853</td><td>4,935</td><td>93</td><td>18</td><td>10</td><td>65</td><td>520</td><td>-</td></tr><tr><td>April</td><td>2,746</td><td>2,167</td><td>600</td><td>1,567</td><td>45</td><td>41</td><td>3</td><td>1</td><td>534</td><td>-</td></tr><tr><td>May</td><td>2,921</td><td>2,027</td><td>1,282</td><td>745</td><td>337</td><td>316</td><td>12</td><td>9</td><td>557</td><td>-</td></tr><tr><td>June</td><td>5,384</td><td>4,757</td><td>826</td><td>3,930</td><td>66</td><td>5</td><td>2</td><td>60</td><td>561</td><td>-</td></tr><tr><td>July</td><td>2,527</td><td>1,743</td><td>669</td><td>1,073</td><td>66</td><td>62</td><td>3</td><td>1</td><td>718</td><td>-</td></tr><tr><td>August</td><td>2,849</td><td>1,665</td><td>1,200</td><td>466</td><td>306</td><td>286</td><td>12</td><td>8</td><td>877</td><td>-</td></tr></table>
Sources: Daily Treasury Statemente. 
Less than $500,000. 
1/ For further details, see chapter entitled "Internal Revenue Statistics". 
2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
3/ 4/ Includes unjust enrichment tax. For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VII 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 1/</th><th>Total</th><th>Aid to agriculture 3/ 5/</th><th>Social security program 3/ 6/</th><th>Public works 1/</th><th>Department not otherwise classified 8/</th><th>Civilian Conservation Corps</th><th>Direct and work relief 9/</th><th>Miscellaneous 10/</th></tr><tr><td>1936</td><td>5,946</td><td>1,381</td><td>578</td><td>749</td><td>54</td><td>4,564</td><td>933</td><td>29</td><td>729</td><td>424</td><td>486</td><td>1,759</td><td>204</td></tr><tr><td>1937</td><td>6,641</td><td>1,503</td><td>581</td><td>866</td><td>56</td><td>5,136</td><td>970</td><td>184</td><td>1,024</td><td>510</td><td>386</td><td>1,895</td><td>167</td></tr><tr><td>1938</td><td>5,985</td><td>1,567</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>853</td><td>335</td><td>804</td><td>481</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1939</td><td>7,313</td><td>1,564</td><td>557</td><td>941</td><td>66</td><td>5,751</td><td>1,229</td><td>347</td><td>1,001</td><td>517</td><td>290</td><td>2,242</td><td>125</td></tr><tr><td>1940</td><td>7,109</td><td>1,687</td><td>557</td><td>1,041</td><td>89</td><td>5,421</td><td>1,540</td><td>392</td><td>949</td><td>546</td><td>283</td><td>1,573</td><td>138</td></tr><tr><td>1941</td><td>6,079</td><td>1,751</td><td>553</td><td>1,111</td><td>87</td><td>4,32711/</td><td>847</td><td>457</td><td>738</td><td>525</td><td>257</td><td>1,374</td><td>129</td></tr><tr><td>1942</td><td>6,005</td><td>1,906</td><td>555</td><td>1,260</td><td>91</td><td>4,099</td><td>1,098</td><td>515</td><td>680</td><td>544</td><td>163</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>572</td><td>1,808</td><td>76</td><td>3,178</td><td>1,093</td><td>514</td><td>543</td><td>590</td><td>18</td><td>299</td><td>121</td></tr><tr><td>1944</td><td>6,149</td><td>3,500</td><td>629</td><td>2,609</td><td>262</td><td>2,649</td><td>912</td><td>529</td><td>433</td><td>692</td><td>*</td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,14212/</td><td>76312/</td><td>497</td><td>323</td><td>788</td><td>*</td><td>*</td><td>101</td></tr><tr><td>1944-August</td><td>492</td><td>287</td><td>71</td><td>77</td><td>139</td><td>204</td><td>29</td><td>38</td><td>29</td><td>91</td><td>*</td><td>1</td><td>16</td></tr><tr><td>September</td><td>910</td><td>775</td><td>69</td><td>581</td><td>125</td><td>135</td><td>29</td><td>36</td><td>31</td><td>33</td><td>*</td><td>*</td><td>6</td></tr><tr><td>October</td><td>498</td><td>306</td><td>70</td><td>133</td><td>103</td><td>191</td><td>28</td><td>51</td><td>35</td><td>68</td><td>*</td><td>*</td><td>9</td></tr><tr><td>November</td><td>409</td><td>257</td><td>73</td><td>56</td><td>128</td><td>154</td><td>20</td><td>40</td><td>25</td><td>63</td><td>*</td><td>*</td><td>4</td></tr><tr><td>December</td><td>891</td><td>729</td><td>74</td><td>560</td><td>95</td><td>162</td><td>27</td><td>33</td><td>30</td><td>66</td><td>*</td><td>*</td><td>6</td></tr><tr><td>1945-January</td><td>581</td><td>369</td><td>78</td><td>191</td><td>100</td><td>213</td><td>51</td><td>54</td><td>31</td><td>67</td><td>*</td><td>*</td><td>10</td></tr><tr><td>February</td><td>463</td><td>322</td><td>75</td><td>91</td><td>156</td><td>142</td><td>20</td><td>32</td><td>19</td><td>64</td><td>*</td><td>-1</td><td>8</td></tr><tr><td>March</td><td>1,142</td><td>947</td><td>85</td><td>628</td><td>234</td><td>194</td><td>55</td><td>37</td><td>24</td><td>70</td><td>*</td><td>*</td><td>8</td></tr><tr><td>April</td><td>594</td><td>369</td><td>85</td><td>139</td><td>145</td><td>225</td><td>85</td><td>50</td><td>20</td><td>61</td><td>*</td><td>*</td><td>9</td></tr><tr><td>May</td><td>822</td><td>342</td><td>95</td><td>66</td><td>181</td><td>48012/</td><td>33812/</td><td>40</td><td>20</td><td>71</td><td>*</td><td>*</td><td>11</td></tr><tr><td>June</td><td>1,469</td><td>1,319</td><td>96</td><td>1,009</td><td>214</td><td>149</td><td>16</td><td>33</td><td>25</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>65 r</td><td>13/</td><td>13/</td><td>6 r</td></tr><tr><td>August</td><td>794</td><td>556</td><td>110</td><td>99</td><td>347</td><td>239</td><td>46</td><td>61</td><td>34</td><td>74</td><td>13/</td><td>13/</td><td>24</td></tr></table>
Source: Daily Treasury Statements.
Bank Figures: For monthly data for the period July 1941 through July 1944, see "Treasury Bulletin" for September 1945, pages 6 and 7.
r Revised to adjust classification.
* Less than $500,000.
1/ General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
2/ Includes public works undertaken by the Veterans' Administration.
3/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover less one of excess profits tax refund bonds and excess refunds of taxes under the Social Security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment 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". Outstanding excess profits tax refund bonds may be redeemed at 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 Extension 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 on the Social security program.
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. 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 the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation.
11/ Gross expenditures have been reduced $150 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnotes 12.
12/ Includes $257 million for restoration of capital impairment of Commodity Credit Corporation applicable to fiscal years 1943 and 1944.
13/ Classified as miscellaneous expenditures commencing July 1, 1945.
October 1945
7
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Naval Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 1/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Admin.</th><th>Other war activities expenditures 2/</th></tr><tr><td>1936</td><td>900</td><td>383</td><td>529</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>59</td><td>929</td><td>132</td><td>200</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>793</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>3,512</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-August</td><td>7,571</td><td>4,087</td><td>2,502</td><td>982</td><td>158</td><td>26</td><td>21</td><td>17</td><td>6</td><td>152</td><td>372</td><td>134</td><td>-</td><td>•</td><td>97</td></tr><tr><td>September</td><td>6,998</td><td>3,905</td><td>2,295</td><td>798</td><td>144</td><td>10</td><td>13</td><td>14</td><td>6</td><td>102</td><td>335</td><td>102</td><td>-</td><td>•</td><td>71</td></tr><tr><td>October</td><td>7,479</td><td>4,091</td><td>2,048</td><td>740</td><td>-3</td><td>17</td><td>19</td><td>1</td><td>6</td><td>110</td><td>326</td><td>145</td><td>20</td><td>•</td><td>99</td></tr><tr><td>November</td><td>7,401</td><td>3,978</td><td>2,577</td><td>845</td><td>161</td><td>9</td><td>17</td><td>-4</td><td>4</td><td>118</td><td>298</td><td>152</td><td>-</td><td>•</td><td>94</td></tr><tr><td>December</td><td>7,503</td><td>4,194</td><td>2,439</td><td>870</td><td>112</td><td>8</td><td>15</td><td>14</td><td>4</td><td>124</td><td>312</td><td>183</td><td>-</td><td>•</td><td>97</td></tr><tr><td>1945-January</td><td>7,551</td><td>4,294</td><td>2,539</td><td>718</td><td>102</td><td>14</td><td>17</td><td>6</td><td>4</td><td>137</td><td>164</td><td>180</td><td>-</td><td>2</td><td>72</td></tr><tr><td>February</td><td>6,948</td><td>3,866</td><td>2,392</td><td>690</td><td>147</td><td>5</td><td>12</td><td>-24</td><td>5</td><td>94</td><td>228</td><td>166</td><td>-</td><td>3</td><td>56</td></tr><tr><td>March</td><td>8,246</td><td>4,684</td><td>2,759</td><td>803</td><td>85</td><td>9</td><td>14</td><td>8</td><td>4</td><td>136</td><td>259</td><td>189</td><td>-</td><td>8</td><td>91</td></tr><tr><td>April</td><td>7,139</td><td>4,116</td><td>2,292</td><td>731</td><td>68</td><td>11</td><td>11</td><td>8</td><td>5</td><td>104</td><td>246</td><td>168</td><td>-</td><td>27</td><td>81</td></tr><tr><td>May</td><td>8,156</td><td>4,530</td><td>2,724</td><td>901</td><td>87</td><td>5</td><td>19</td><td>1</td><td>5</td><td>159</td><td>299</td><td>209</td><td>60</td><td>27</td><td>66</td></tr><tr><td>June</td><td>7,837</td><td>4,664</td><td>2,289</td><td>885</td><td>80</td><td>2</td><td>12</td><td>11</td><td>5</td><td>103</td><td>277</td><td>220</td><td>60</td><td>42</td><td>71</td></tr><tr><td>July</td><td>7,324</td><td>4,270</td><td>2,261</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>199</td><td>70</td><td>45</td><td>71</td></tr><tr><td>August</td><td>6,398</td><td>3,545</td><td>2,149</td><td>703</td><td>98</td><td>20</td><td>12</td><td>8</td><td>6</td><td>74</td><td>161</td><td>191</td><td>34</td><td>15</td><td>83</td></tr></table>
Source: Daily Treasury Statements. Back Figure: 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 Employees' 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>3</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</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>1,646</td><td>1,126</td><td>318</td><td>197</td><td>-</td><td>6</td></tr><tr><td>1944-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>236</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>104</td><td>190</td><td>247</td><td>-15</td><td>6</td></tr><tr><td>August</td><td>162</td><td>162</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Sources: Daily Treasury Statements.
Less than $500,000.
1/ Additional transactions are shown in Table 3.
2/ Comprises Adjusted Service Certificates 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. Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1936
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>304</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>5,334</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures 2/</td></tr><tr><td>1936</td><td>521</td><td>480</td><td>636</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>83,084</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>7,354</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>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>52,737</td></tr><tr><td>1945</td><td>4,645</td><td>3,693</td><td>2,540</td><td>5,040</td><td>6,190</td><td>3,727</td><td>5,862</td><td>4,357</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.
October 1945
9
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
B-168-H
10
Treasury Bulletin
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="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1936</td><td>-85</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</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>294</td><td>294</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>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+884</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+136</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</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>-148</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</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>*</td><td>1,244</td><td>1,243</td><td>*</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>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</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>+3</td><td>1,557</td><td>1,564</td><td>-2</td><td>273</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>1944-August</td><td>+70</td><td>+273</td><td>291</td><td>18</td><td>-51</td><td>72</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>-2144</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>*</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>1</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>220</td><td>19</td><td>+11</td><td>128</td><td>117</td><td>-14</td><td>212</td><td>227</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>43</td><td>46</td><td>-1</td><td>*</td><td>1</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>*</td><td>*</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><tr><td>August</td><td>-50</td><td>+260</td><td>263</td><td>23</td><td>+67</td><td>246</td><td>179</td><td>-13</td><td>259</td><td>273</td><td>*</td><td>*</td><td>*</td></tr></table>
Trust Accounts, Etc. Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th>Fiscal 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>Expenditure</th><th>Net</th><th>Net</th><th>Net</th><th>Receipts</th><th>Expenditure</th><th>Total</th><th>Issuance of obligations (net) 3/</th><th>Other transactions (net)</th></tr><tr><td>1936</td><td>+34</td><td>2,053</td><td>2,020</td><td>-103</td><td>+176</td><td>-</td><td>-</td><td>-</td><td>+108</td><td>4/</td><td>4/</td></tr><tr><td>1937</td><td>+20</td><td>858</td><td>838</td><td>-99</td><td>+140</td><td>-</td><td>-</td><td>-</td><td>+314</td><td>5/</td><td>5/</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>5/</td><td>5/</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>+2</td><td>6</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>+16</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>214</td><td>233</td><td>-217</td><td>+852</td><td>-1,069</td></tr><tr><td>1942</td><td>+16</td><td>472</td><td>466</td><td>*</td><td>+14</td><td>+39</td><td>331</td><td>292</td><td>-3,625</td><td>-1,809</td><td>-1,815</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>1944-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>+130</td><td>-</td><td>-130</td><td>-95</td><td>-5</td><td>-89</td></tr><tr><td>November</td><td>+35</td><td>128</td><td>93</td><td>*</td><td>-</td><td>+311</td><td>-</td><td>-311</td><td>+71</td><td>+1</td><td>+70</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>-164</td><td>-19</td><td>-145</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>-313</td><td>-305</td><td>-8</td></tr><tr><td>March</td><td>+73</td><td>148</td><td>75</td><td>*</td><td>-</td><td>-7</td><td>-</td><td>7</td><td>+407</td><td>4</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>-72</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>-778</td><td>-757</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><tr><td>August</td><td>-313</td><td>82</td><td>394</td><td>*</td><td>+8</td><td>-86</td><td>-</td><td>86</td><td>+26</td><td>+201</td><td>-176</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: For monthly date for the period July 1941 through July 1944, see "Treasury Bulletin" for September 1945, pages 11 and 12.
* 1/2/ Includes Government Retirement funds, etc. (See footnote 2.)
2/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945,
3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
4/ Details not available.
October 1945
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1936</td><td>5,390</td><td>4,550</td><td>840</td><td>-</td><td>5,390</td><td>5,078</td><td>-</td><td>312</td></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>55,897</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>49,595</td><td>10,662</td><td>4,051</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>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-August</td><td>5,551</td><td>5,551</td><td>-</td><td>-</td><td>5,551</td><td>1,229</td><td>4,252</td><td>70</td></tr><tr><td>September</td><td>2,248</td><td>2,004</td><td>-</td><td>244</td><td>2,248</td><td>-307</td><td>2,555</td><td>-</td></tr><tr><td>October</td><td>6,023</td><td>6,023</td><td>-</td><td>-</td><td>6,023</td><td>748</td><td>5,127</td><td>148</td></tr><tr><td>November</td><td>5,587</td><td>5,587</td><td>-</td><td>-</td><td>5,587</td><td>4,761</td><td>188</td><td>639</td></tr><tr><td>December</td><td>15,626</td><td>2,999</td><td>12,433</td><td>193</td><td>15,626</td><td>15,626</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>4,645</td><td>4,645</td><td>-</td><td>-</td><td>4,645</td><td>1,778</td><td>2,630</td><td>238</td></tr><tr><td>February</td><td>3,693</td><td>3,693</td><td>-</td><td>-</td><td>3,693</td><td>1,300</td><td>2,892</td><td>101</td></tr><tr><td>March</td><td>2,540</td><td>2,540</td><td>-</td><td>-</td><td>2,540</td><td>242</td><td>2,036</td><td>262</td></tr><tr><td>April</td><td>5,040</td><td>5,040</td><td>-</td><td>-</td><td>5,040</td><td>1,120</td><td>3,911</td><td>9</td></tr><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><tr><td>August</td><td>4,407</td><td>4,357</td><td>-</td><td>50</td><td>4,407</td><td>956</td><td>3,451</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.
12
Treasury Bulletin
Social Security Program
Section I. - Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 1/</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>57.8</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>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-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>336.3</td><td>222.1</td><td>114.3</td><td>219.7</td><td>116.6</td></tr><tr><td>March</td><td>27.4</td><td>17.6</td><td>9.7</td><td>15.3</td><td>12.0</td></tr><tr><td>April</td><td>44.0</td><td>41.2</td><td>2.8</td><td>38.8</td><td>5.2</td></tr><tr><td>May</td><td>328.0</td><td>315.6</td><td>12.3</td><td>313.2</td><td>14.7</td></tr><tr><td>June</td><td>6.2</td><td>4.6</td><td>1.6</td><td>2.2</td><td>3.9</td></tr><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><tr><td>August</td><td>297.9</td><td>285.8</td><td>12.1</td><td>283.3</td><td>14.5</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Administrative expenses</th><th colspan="4">Social Security Board</th><th colspan="3">Public Health Services</th><th colspan="3">Department of Labor</th><th rowspan="2">Office for Emergency Management Var Manpower Commission (U. S. Employment Service)</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>4/</th><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare 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>3.5</td><td>2.7</td><td>1.4</td><td>-</td><td>1.8</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>2.5</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.6</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>3.5</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>2.8</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>4.2</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>7.4</td><td>211.7</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>279.6</td></tr><tr><td>1944-August</td><td>37.6</td><td>-1.8</td><td>38.8</td><td>31.8</td><td>5.0</td><td>.9</td><td>.2</td><td>.1</td><td>.3</td><td>.2</td><td>.3</td><td>-</td><td>.7</td><td>23.4</td></tr><tr><td>September</td><td>34.9</td><td>6.1</td><td>28.3</td><td>22.9</td><td>3.5</td><td>.7</td><td>.2</td><td>.2</td><td>.5</td><td>.2</td><td>-</td><td>-</td><td>.5</td><td>31.8</td></tr><tr><td>October</td><td>50.4</td><td>2.8</td><td>46.9</td><td>30.0</td><td>5.4</td><td>1.1</td><td>7.0</td><td>2.2</td><td>.4</td><td>.4</td><td>.3</td><td>-</td><td>.7</td><td>45.4</td></tr><tr><td>November</td><td>39.8</td><td>2.8</td><td>36.3</td><td>29.1</td><td>4.4</td><td>.7</td><td>1.0</td><td>.2</td><td>.5</td><td>.3</td><td>-</td><td>-</td><td>.7</td><td>26.8</td></tr><tr><td>December</td><td>32.9</td><td>2.7</td><td>29.6</td><td>25.0</td><td>3.2</td><td>.7</td><td>-</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>.6</td><td>30.1</td></tr><tr><td>1945-January</td><td>53.3</td><td>2.9</td><td>49.5</td><td>31.6</td><td>5.1</td><td>1.0</td><td>8.6</td><td>1.9</td><td>.6</td><td>.5</td><td>.3</td><td>-</td><td>.8</td><td>37.8</td></tr><tr><td>February</td><td>31.8</td><td>2.3</td><td>28.9</td><td>22.4</td><td>4.6</td><td>.8</td><td>-</td><td>.3</td><td>.6</td><td>.3</td><td>-</td><td>-</td><td>.6</td><td>84.8</td></tr><tr><td>March</td><td>36.1</td><td>3.2</td><td>32.5</td><td>27.6</td><td>3.4</td><td>.8</td><td>.1</td><td>.2</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>.5</td><td>24.1</td></tr><tr><td>April</td><td>49.3</td><td>2.8</td><td>45.9</td><td>31.6</td><td>4.7</td><td>1.0</td><td>4.8</td><td>2.2</td><td>.7</td><td>.6</td><td>.3</td><td>-</td><td>.6</td><td>44.1</td></tr><tr><td>May</td><td>39.3</td><td>3.0</td><td>35.7</td><td>28.9</td><td>4.6</td><td>1.0</td><td>.1</td><td>.2</td><td>.5</td><td>.4</td><td>-</td><td>-</td><td>.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>.3</td><td>2.7</td><td>.1</td><td>.4</td><td>.2</td><td>-</td><td>-</td><td>.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>.7</td><td>8.8</td><td>.2</td><td>.4</td><td>.2</td><td>.1</td><td>-</td><td>.6</td><td>41.3</td></tr><tr><td>August</td><td>60.6</td><td>3.2</td><td>56.9</td><td>45.3</td><td>7.6</td><td>1.6</td><td>1.2</td><td>-</td><td>.4</td><td>.5</td><td>.2</td><td>-</td><td>.5</td><td>46.0</td></tr></table>
Sources: 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 appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section 1).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
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. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Includes 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.
6 Second Deficiency Appropriation Act, fiscal year 1938, appropriated $11 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
October 1945
13
Social Security Program - (Continued) Section I.- Budgetary Receipts and Expenditures - (Continued)
Table 2.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Carriers' Taxing Act of 1937</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Total</th><th>Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</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>119.0</td><td>2.6</td><td>1146.4</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>-4.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>255.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1945</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1944-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>-4.3</td></tr><tr><td>June</td><td>60.0</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-59.8</td></tr><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><tr><td>August</td><td>8.3</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-4.2</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Includes only expenditures from appropriations made specifically for
2/ administrative expenses relating to the Railroad Retirement Act. Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.3</td></tr><tr><td>1939</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1940</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1942</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1943</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1944</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-1.6</td></tr><tr><td>1945-January</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><tr><td>August</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.1</td></tr></table>
Source: Daily Treasury Statements.
1/ Less than $50,000.
2/ 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, $6.8 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.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1. Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organisation - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total</th><th>Investments</th><th>Unexpended balance In General Fund In disturbing 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>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1945-June</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>6,613.4</td><td>6,546.3</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>6,049.3</td><td>6,546.3</td><td>67.0</td><td>35.9</td></tr><tr><td>August</td><td>7,897.1</td><td>7,368.6</td><td>528.5</td><td>987.4</td><td>829.5</td><td>157.9</td><td>6,909.7</td><td>6,546.3</td><td>389.4</td><td>38.0</td></tr></table>
Sources: Daily Treasury Statements. Less than $50,000. Includes transactions affected under the predecessor Old-Age Reserve
Account. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Act
(Cumulative from 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>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1945-June</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</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><td>14.3</td></tr><tr><td>August</td><td>1,760.1</td><td>1,717.6</td><td>42.5</td><td>976.8</td><td>783.3</td><td>656.5</td><td>112.1</td><td>14.7</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organisation - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administra-tion Fund 2/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>Invest-ments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposits by States</th><th>Railroad unemployment insurance contribu-tions 2/</th><th>Transfers from States 3/</th><th></th><th></th><th>With-drawals by States</th><th>Transfers to Rail-road Unem-ployment Insurance Account 3/</th><th>Benefit payments</th><th>In General Fund (Special Deposit Account)</th><th>In dis-burging officer's account 5/</th></tr><tr><td>1937</td><td>313.4</td><td>310.6</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>312.4</td><td>312.3</td><td>.1</td><td>-</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,457.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><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>11.4</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>17.4</td><td>2,241.4</td><td>2,092.4</td><td>105.9</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>5,878.5</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>38.0</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>.3</td></tr><tr><td>1945-June</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>48.0</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>.3</td></tr><tr><td>July</td><td>9,761.2</td><td>8,603.1</td><td>502.5</td><td>106.4</td><td>47.6</td><td>2,388.4</td><td>2,237.4</td><td>106.3</td><td>7,372.8</td><td>7,342.2</td><td>30.4</td><td>.3</td></tr><tr><td>August</td><td>10,020.4</td><td>8,861.1</td><td>503.7</td><td>106.4</td><td>47.6</td><td>2,410.0</td><td>2,258.9</td><td>106.4</td><td>7,610.4</td><td>7,593.2</td><td>16.6</td><td>.6</td></tr></table>
Daily Treasury Statements.
* Less than $50,000.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
October 1945
15
Appropriations and Net Contract Authorizations for the War Activities Program 1 As of August 31, 1945
<table><tr><th>Date approved</th><th>Public law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorisations 2/</th></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction).</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (clothing and equipage - War Department).</td><td>175,000,000</td><td>-</td></tr><tr><td>Mar. 1, 1941</td><td>9</td><td>Urgent Deficiency Appropriation Act, 1941.</td><td>6,047,775</td><td>-</td></tr><tr><td>Mar. 17, 1941</td><td>13</td><td>Fourth Supplemental National Defense Appropriation Act, 1941.</td><td>1,376,464,602</td><td>-</td></tr><tr><td>Mar. 27, 1941</td><td>23</td><td>Defense Aid Supplemental Appropriation Act, 1941.</td><td>7,000,000,000</td><td>-</td></tr><tr><td>Apr. 1, 1941</td><td>25</td><td>First Deficiency Appropriation Act, 1941.</td><td>114,458,468</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>28</td><td>Independent Offices appropriation act, 1942.</td><td>399,360,000</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>29</td><td>Fifth Supplemental National Defense Appropriation Act, 1941.</td><td>2,293,227,920</td><td>-</td></tr><tr><td>May 6, 1941</td><td>48</td><td>Navy Department appropriation act, 1942.</td><td>3,415,521,750</td><td>-</td></tr><tr><td>May 23, 1941</td><td>71</td><td>War Department Civil Appropriation Act, 1942.</td><td>37,920,370</td><td>-</td></tr><tr><td>May 24, 1941</td><td>73</td><td>Additional Urgent Deficiency Appropriation Act, 1941.</td><td>168,556,000</td><td>-</td></tr><tr><td>May 31, 1941</td><td>88</td><td>Treasury Department appropriation act, 1942.</td><td>62,193,190</td><td>-</td></tr><tr><td>June 26, 1941</td><td>135</td><td>Justice, State and Commerce Departments Appropriation Act, 1942.</td><td>129,227,750</td><td>-</td></tr><tr><td>June 28, 1941</td><td>136</td><td>Interior Department appropriation act, 1942.</td><td>2,035,000</td><td>-</td></tr><tr><td>June 30, 1941</td><td>139</td><td>Military Appropriation Act, 1942.</td><td>10,384,821,624</td><td>-</td></tr><tr><td>July 1, 1941</td><td>186</td><td>Labor - Federal Security appropriation act, 1942.</td><td>173,168,500</td><td>-</td></tr><tr><td>July 3, 1941</td><td>150</td><td>Second Deficiency appropriation act, 1941.</td><td>998,894,561</td><td>-</td></tr><tr><td>Aug. 25, 1941</td><td>247</td><td>First Supplemental National Defense Appropriation Act, 1942.</td><td>6,580,012,448</td><td>-</td></tr><tr><td>Oct. 28, 1941</td><td>282</td><td>Second Supplemental National Defense Appropriation Act, 1942: (Title I).</td><td>5,985,000,000</td><td>$ 600,000,000 1/</td></tr><tr><td></td><td></td><td>(Title II).</td><td>159,005,585</td><td>12,000,000</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941.</td><td>9,112,021,947</td><td>50,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense appropriation act, 1942.</td><td>510,000,000</td><td>-</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine relief, and defense housing).</td><td></td><td></td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>$ 49,396,437,450</td><td>$ 662,000,000</td></tr></table>
77th Congress, Second Session
<table><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942</td><td>$ 12,525,872,474</td><td></td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943</td><td>23,738,855,474 $/</td><td>$2,171,000,000 5/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China)</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943</td><td>57,636,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942</td><td>18,932,124,093</td><td>-</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund)</td><td>210,000,000</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (education and training)</td><td>9,500,000</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942</td><td>655,074,740 $/</td><td>150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943</td><td>1,052,612,004</td><td>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Departments Appropriation Act, 1943</td><td>261,908,180</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department Appropriation Act, 1943</td><td>8,977,370</td><td>-</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943</td><td>227,726,864</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943</td><td>1,645,234,990</td><td>-</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943</td><td>6,299,361,448 $/</td><td>-</td></tr><tr><td></td><td></td><td>Total, 77th Congress, Second Session</td><td>$139,736,203,985</td><td>$2,321,000,000</td></tr></table>
78th Congress, First Session
<table><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System)</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943</td><td>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program)</td><td>26,100,000</td><td>-</td></tr><tr><td>Mar. 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program)</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944</td><td>1,395,013,569</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>132</td><td>Urgest Deficiency Appropriation Act, 1943</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Intorier 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</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943</td><td>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolitioo (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>1,031,314,662 5/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944</td><td>81,283,468</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session</td><td>$105,916,492,321</td><td>$1,050,777,378</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
As of August 31, 1945 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers)</td><td>$ 31,359,200</td><td>-</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944</td><td>170,221,080</td><td>-</td></tr><tr><td>Apr. 4, 1944</td><td>288</td><td>Public Law (Federal Works Agency - public roads)</td><td>-</td><td>$ 10,400,000</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care)</td><td>6,700,000</td><td>-</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945</td><td>27,562,298,301 4/</td><td>1,600,000,000</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945</td><td>-28,805,732 6/</td><td>-</td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Office Appropriation Act, 1945</td><td>6,836,008,943</td><td>-</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Departments of State, Justice and Commerce Appropriation Act, 1945</td><td>47,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945</td><td>1,030,937,242</td><td>2,198,577</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944</td><td>186,266,524 4/</td><td>1,880,000,000 5/</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945</td><td>450,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945</td><td>19,750,000</td><td>-</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945</td><td>410,291,069 4/</td><td>60,000,000 5/</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$55,875,422,412</td><td>$3,552,598,577</td></tr></table>
79th Congress, First Session
<table><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946.</td><td>$ 2,697,140</td><td>-</td></tr><tr><td>Apr. 25, 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>14,986,472</td><td>-</td></tr><tr><td>May 21, 1945</td><td>61</td><td>Departments of State, Justice and Commerce Appropriation Act, 1946.</td><td>34,599,500</td><td>-</td></tr><tr><td>May 29, 1945</td><td>62</td><td>Naval Appropriation Act, 1946.</td><td>23,601,136,064 7/</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 8/</td><td>-8/</td></tr><tr><td>June 12, 1945</td><td>83</td><td>Joint Resolution (Labor Department - maternity and infant care).</td><td>2,200,000</td><td>-</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>125</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 8/</td><td>-</td></tr><tr><td>July 5, 1945</td><td>132</td><td>Second Deficiency Appropriation Act, 1945.</td><td>3,527,335,808</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></td><td></td><td>Total, 79th Congress, First Session.</td><td>$48,507,476,861</td><td>$1,399,008,413</td></tr></table>
Summary
<table><tr><td>Total, 76th Congress, Third Session 2/</td><td>$ 8,994,015,828</td><td></td></tr><tr><td>Total, 77th Congress, First Session</td><td>49,396,437,450</td><td>$ 662,000,000</td></tr><tr><td>Total, 77th Congress, Second Session</td><td>139,736,203,988</td><td>2,321,000,000</td></tr><tr><td>Total, 78th Congress, First Session</td><td>105,916,492,321</td><td>1,050,771,372</td></tr><tr><td>Total, 78th Congress, Second Session</td><td>55,875,422,412</td><td>3,552,598,577</td></tr><tr><td>Total, 79th Congress, First Session</td><td>48,507,476,861</td><td>1,399,008,413</td></tr><tr><td>Permanent appropriations and net transfers from other than war activities appropriations 10/</td><td>337,500,455</td><td>-</td></tr><tr><td>Total approved</td><td>$408,763,549,315</td><td>$8,985,378,362</td></tr><tr><td>Liquidations of 1940 and prior contract authorizations</td><td>-467,872,846</td><td>-</td></tr><tr><td>Total approved appropriations and net contract authorizations 1/</td><td>$408,295,676,469</td><td>$8,985,378,362</td></tr></table>
1/ Consist of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Re-construction Finance Corporation and its affiliates for war purposes and (2) unexpended balancee 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 August, 1945, pages 15 and 16.
5/ Unappropriated contract authorizations for the naval expansion program are as follows:
Public Law No. 441 $2,171,000,000
Public Law No. 204 (Estimated by Navy Department) 1,031,314,662
Public Law No. 375 55,000,000
Public Law No. 375 (Estimated by Navy Department) 1,825,000,000
Public Law No. 529 60,000,000
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 this act.
Includes $180,000,000 for the fiscal year 19
8/ Represents amount of prior appropriations repealed by Congress.
The repeal of contractual authority has been applied to prior acts. 9/ For details of appropriations made by 76th Congress, Third Session, see "Treasury Bulletin" for March, 1944, page 5.
10/ Includes actual transfer of balances of the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard, Navy, in the amount of $1,153,802 in accordance with Executive Order 9083, dated February 28, 1942. Also includes $25,796,863.57 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 $135,084,836.36.
October 1945
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="5">1944</th><th colspan="8">1945</th></tr><tr><th></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><th>Aug.</th></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>1,552</td><td>5,174</td><td>1,240</td><td>1,501</td><td>4,347</td><td>2,422</td><td>2,922</td><td>5,818</td><td>2,167</td><td>2,027</td><td>4,757</td><td>1,743</td><td>1,665</td></tr><tr><td>Employment taxes</td><td>319</td><td>61</td><td>60</td><td>293</td><td>60</td><td>48</td><td>341</td><td>93</td><td>45</td><td>337</td><td>66</td><td>66</td><td>306</td></tr><tr><td>Miscellaneous internal revenue</td><td>832</td><td>514</td><td>580</td><td>507</td><td>539</td><td>573</td><td>552</td><td>520</td><td>534</td><td>557</td><td>561</td><td>718</td><td>877</td></tr><tr><td>Customs</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>33</td><td>32</td></tr><tr><td>Other</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>483</td><td>151</td><td>399</td></tr><tr><td>Subtotal</td><td>2,859</td><td>5,926</td><td>2,054</td><td>2,505</td><td>5,410</td><td>3,541</td><td>3,986</td><td>6,907</td><td>2,967</td><td>3,396</td><td>5,906</td><td>2,710</td><td>3,280</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board)</td><td>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><td>259</td></tr><tr><td>Trust accounts 2/</td><td>168</td><td>136</td><td>192</td><td>307</td><td>158</td><td>216</td><td>202</td><td>221</td><td>210</td><td>233</td><td>214</td><td>204</td><td>166</td></tr><tr><td>Subtotal</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><td>425</td></tr><tr><td>Total cash income</td><td>3,313</td><td>6,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>3,800</td><td>4,400</td><td>7,168</td><td>3,225</td><td>3,908</td><td>6,154</td><td>2,977</td><td>3,705</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>7,571</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><td>6,398</td></tr><tr><td>Veterans' Administration</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><td>110</td></tr><tr><td>Public works 3/</td><td>29</td><td>31</td><td>35</td><td>25</td><td>30</td><td>31</td><td>19</td><td>24</td><td>20</td><td>20</td><td>25</td><td>31</td><td>34</td></tr><tr><td>Aid to agriculture 4/</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><td>16</td></tr><tr><td>Social security program 5/</td><td>38</td><td>36</td><td>51</td><td>40</td><td>33</td><td>54</td><td>32</td><td>37</td><td>50</td><td>40</td><td>33</td><td>47</td><td>61</td></tr><tr><td>Interest on the public debt 6/</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><td>69</td></tr><tr><td>Other 7/</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>301</td><td>420</td></tr><tr><td>Subtotal</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><td>7,138</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>158</td><td>57</td><td>33</td><td>155</td><td>*</td><td>68</td><td>4</td><td>-128</td><td>-68</td><td>32</td><td>113</td><td>71</td><td>63</td></tr><tr><td>Other</td><td>-24</td><td>-11</td><td>-12</td><td>-13</td><td>-21</td><td>-53</td><td>-27</td><td>-7</td><td>-32</td><td>-73</td><td>-10</td><td>-5</td><td>1</td></tr><tr><td>Commodity Credit Corporation</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>-43</td><td>137</td></tr><tr><td>Unemployment Trust Fund</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><td>22</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>23</td></tr><tr><td>Railroad Retirement Account</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>12</td><td>12</td></tr><tr><td>Other 2/</td><td>-38</td><td>-147</td><td>-140</td><td>-482</td><td>-133</td><td>-253</td><td>-116</td><td>-217</td><td>219</td><td>-208</td><td>-133</td><td>-60</td><td>142</td></tr><tr><td>Subtotal</td><td>263</td><td>-38</td><td>60</td><td>-257</td><td>-61</td><td>-178</td><td>-64</td><td>-303</td><td>228</td><td>-55</td><td>21</td><td>14</td><td>703</td></tr><tr><td>Redemption of adjusted service bonds</td><td>1</td><td>1</td><td>*</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>108</td><td>43</td><td>14</td></tr><tr><td>Total cash outgo</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><td>7,855</td></tr><tr><td>EXCESS OF CASH OUTGO</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><td>4,150</td></tr></table>
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1979.
2/ Includes "National Service Life Insurance Fund".
3/ comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects.
4 Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural 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 Erosion Service, Department of Agriculture departmental expenditures, and Other.
5/ Excludes transactions under transfers to trust accounts, etc.
5/ Excludes accrued discount on United States savings bonds, and interest on trust fund investments.
1/ Revised to include "Work Projects Administration" and "Civilian Conservation Corps".
Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>398</td><td>614</td><td>989</td><td>385</td><td>561</td><td>781</td><td>449</td><td>724</td><td>756</td><td>458</td><td>656</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,359</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,392</td><td>3,313</td><td>6,099</td><td>2,304</td><td>2,955</td><td>5,504</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>3,705</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>20,911</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>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,334</td></tr><tr><td>1944</td><td>7,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,220</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>7,855</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>329</td><td>65</td><td>-138</td><td>408</td><td>130</td><td>105</td><td>357</td><td>146</td><td>76</td><td>518</td><td>306</td><td>446</td><td>2,748</td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,955</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>1,174</td><td>4,176</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,051</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>2,146</td><td>4,908</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,495</td><td>2,639</td><td>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>4,150</td><td></td><td></td><td></td><td></td><td></td></tr></table>
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
October 1945
19
Assets of the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Billion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposit account of sales of Government securities (War Loan accounts)</th><th>Other deposits and collections</th></tr><tr><td>1936</td><td>2,936</td><td>865</td><td>862</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,143</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>1944-August</td><td>18,277</td><td>877</td><td>1,215</td><td>15,693</td><td>492</td></tr><tr><td>September</td><td>15,753</td><td>838</td><td>1,314</td><td>13,013</td><td>588</td></tr><tr><td>October</td><td>10,609</td><td>835</td><td>998</td><td>8,242</td><td>533</td></tr><tr><td>November</td><td>10,223</td><td>785</td><td>1,122</td><td>8,002</td><td>315</td></tr><tr><td>December</td><td>22,717</td><td>825</td><td>1,335</td><td>20,261</td><td>295</td></tr><tr><td>1945-January</td><td>20,077</td><td>807</td><td>1,048</td><td>17,866</td><td>357</td></tr><tr><td>February</td><td>17,734</td><td>792</td><td>1,384</td><td>15,265</td><td>292</td></tr><tr><td>March</td><td>15,722</td><td>779</td><td>1,547</td><td>13,055</td><td>341</td></tr><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>7,941</td><td>286</td></tr><tr><td>June</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>July</td><td>22,469</td><td>591</td><td>1,252</td><td>20,303</td><td>324</td></tr><tr><td>August</td><td>19,018</td><td>581</td><td>1,300</td><td>16,874</td><td>263</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 Oceoral 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>203</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>2,038</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>452</td><td>2,991</td></tr><tr><td>1943.</td><td>10,149</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-August.</td><td>18,277</td><td>605</td><td>17,672</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>461</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>443</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><tr><td>August.</td><td>19,018</td><td>387</td><td>18,631</td></tr></table>
Source: Daily Treasury Statements.
Treasury Bulletin
20
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or ast 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>Total</th><th>Trust accounts 3/</th><th>Trust accounts</th><th>Increment on gold 4/</th><th>Seigniorage on silver</th><th>Miscellaneous funds and accounts 5/</th><th>Checking accounts of Government agencies, etc.</th></tr><tr><td>1936</td><td>840</td><td>-4,550</td><td>5,475 5/</td><td>-85</td><td>34</td><td>-1403</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 5/</td><td>275</td><td>19</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 5/</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>2,528</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>-148</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>4,529</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-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>-308</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>4,761</td><td>639</td><td>257</td><td>-</td><td>-</td><td>511</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>-164</td></tr><tr><td>1945-January</td><td>-2,630</td><td>-4,645</td><td>1,778</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>3,362</td><td>-116</td><td>101</td><td>-</td><td>35</td><td>-29</td><td>-222</td></tr><tr><td>August</td><td>-3,451</td><td>-4,357</td><td>956</td><td>-50</td><td>2</td><td>-</td><td>8</td><td>-86</td><td>26</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ This is the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ This represents the increase in the gross public debt, except as noted. (See footnote 6.)
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/ Charges for retirement 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/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stampe by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified in the column "Trust account".
5/ Expenditures for the retirement 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 increment on gold as follows: 1936, $397 million; 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increase 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.
7/ Includes inactive gold in the amount of $1,087 million.
October 1945
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Treasury Bulletin
22
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issuance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificatee of indebted- ness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profits tax refund bonds</th><th>Ex- changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificatee of indebted- ness, 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>2,646</td><td>9,589</td><td>5,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>43,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1944-August</td><td>209,802</td><td>1,229</td><td>10,151</td><td>7,044</td><td>-</td><td>*</td><td>85</td><td>2,511</td><td>511</td><td>8,922</td><td>6,400</td><td>-</td><td>2,511</td><td>11</td></tr><tr><td>September</td><td>209,496</td><td>-307</td><td>10,991</td><td>5,920</td><td>-</td><td>*</td><td>64</td><td>4,481</td><td>526</td><td>11,298</td><td>6,805</td><td>-</td><td>4,481</td><td>11</td></tr><tr><td>October</td><td>210,244</td><td>748</td><td>9,822</td><td>6,092</td><td>-</td><td>*</td><td>32</td><td>3,492</td><td>205</td><td>9,073</td><td>5,571</td><td>-</td><td>3,492</td><td>11</td></tr><tr><td>November</td><td>215,005</td><td>4,761</td><td>11,597</td><td>10,928</td><td>-</td><td>*</td><td>71</td><td>170</td><td>428</td><td>6,836</td><td>6,651</td><td>-</td><td>170</td><td>15</td></tr><tr><td>December</td><td>230,630</td><td>15,626</td><td>27,178</td><td>22,762</td><td>-</td><td>*</td><td>51</td><td>4,150</td><td>214</td><td>11,552</td><td>6,931</td><td>-</td><td>4,150</td><td>471</td></tr><tr><td>1945-January</td><td>232,408</td><td>1,778</td><td>7,630</td><td>7,169</td><td>-</td><td>1</td><td>46</td><td>7</td><td>407</td><td>5,852</td><td>5,801</td><td>-</td><td>7</td><td>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>4,649</td><td>457</td><td>10,740</td><td>6,077</td><td>-</td><td>4,649</td><td>14</td></tr><tr><td>March</td><td>233,950</td><td>242</td><td>12,471</td><td>7,782</td><td>4</td><td>1</td><td>89</td><td>4,147</td><td>449</td><td>12,229</td><td>8,066</td><td>4</td><td>4,147</td><td>12</td></tr><tr><td>April</td><td>235,069</td><td>1,120</td><td>11,847</td><td>6,557</td><td>-</td><td>*</td><td>109</td><td>4,811</td><td>369</td><td>10,727</td><td>5,903</td><td>-</td><td>4,811</td><td>14</td></tr><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>681</td><td>8,854</td><td>7,262</td><td>-</td><td>1,579</td><td>12</td></tr><tr><td>June</td><td>258,682</td><td>19,850</td><td>40,654</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>3,352</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><tr><td>August</td><td>263,001</td><td>956</td><td>10,741</td><td>7,760</td><td>-</td><td>*</td><td>24</td><td>2,470</td><td>488</td><td>9,785</td><td>7,303</td><td>-</td><td>2,470</td><td>13</td></tr></table>
Sources: Daily Treasury Statements. * Less than $500,000. 1/ Exclude certificates of indebtedness, special earies.
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="4">Public issues</th><th rowspan="2">Special issues</th></tr><tr><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><th></th><th>Total</th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th>Certificate of indebtedness</th></tr><tr><td>1936</td><td>32,989</td><td>17,368</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>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>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,177</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>4,552</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>71,958</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>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>8.0</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>7.2</td></tr><tr><td>1945</td><td>256,357</td><td>106,044</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-August</td><td>208,289</td><td>81,431</td><td>37,584</td><td>18,067</td><td>10,030</td><td>30,001</td><td>15,715</td><td>15,461</td><td>100.0</td><td>39.1</td><td>18.0</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.5</td><td>7.4</td></tr><tr><td>September</td><td>207,850</td><td>81,466</td><td>38,028</td><td>17,936</td><td>9,124</td><td>29,573</td><td>15,747</td><td>15,976</td><td>100.0</td><td>39.2</td><td>18.3</td><td>8.6</td><td>4.4</td><td>14.2</td><td>7.6</td><td>7.7</td></tr><tr><td>October</td><td>208,608</td><td>81,466</td><td>38,355</td><td>17,936</td><td>9,075</td><td>29,546</td><td>16,060</td><td>16,170</td><td>100.0</td><td>39.1</td><td>18.4</td><td>8.6</td><td>4.4</td><td>14.2</td><td>7.7</td><td>7.8</td></tr><tr><td>November</td><td>210,774</td><td>81,298</td><td>39,018</td><td>17,936</td><td>9,990</td><td>29,545</td><td>16,405</td><td>16,583</td><td>100.0</td><td>38.6</td><td>18.5</td><td>8.5</td><td>4.7</td><td>14.0</td><td>7.8</td><td>7.9</td></tr><tr><td>December</td><td>228,891</td><td>91,781</td><td>41,074</td><td>23,039</td><td>9,843</td><td>30,401</td><td>16,428</td><td>16,376</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>42,418</td><td>23,039</td><td>9,927</td><td>30,396</td><td>16,399</td><td>17,130</td><td>100.0</td><td>39.9</td><td>18.3</td><td>9.9</td><td>4.3</td><td>13.1</td><td>7.1</td><td>7.4</td></tr><tr><td>March</td><td>232,026</td><td>92,572</td><td>42,885</td><td>18,588</td><td>8,948</td><td>34,544</td><td>16,921</td><td>17,567</td><td>100.0</td><td>39.9</td><td>18.5</td><td>8.0</td><td>3.9</td><td>14.9</td><td>7.3</td><td>7.6</td></tr><tr><td>April</td><td>233,063</td><td>92,572</td><td>43,351</td><td>18,588</td><td>9,109</td><td>34,478</td><td>17,041</td><td>17,923</td><td>100.0</td><td>39.7</td><td>18.6</td><td>8.0</td><td>3.9</td><td>14.8</td><td>7.3</td><td>7.7</td></tr><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>34,142</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><tr><td>August</td><td>260,746</td><td>108,367</td><td>47,231</td><td>23,498</td><td>10,148</td><td>34,430</td><td>17,038</td><td>20,033</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.2</td><td>6.5</td><td>7.7</td></tr></table>
Source: Daily Treasury Statements.
October 1945
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1936-1945
(In millions of dollars)
<table><tr><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><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>199,543</td><td>256,357</td></tr><tr><td>Guaranteed obligations</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>Total</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td><td>256,768</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>790</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td><td>2,350</td></tr><tr><td>Total outstanding</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>259,115</td></tr><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><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>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>11,864</td><td>14,734</td><td>17,041</td></tr><tr><td>Certificates of indebtedness</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td><td>34,136</td></tr><tr><td>Treasury notes</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,497</td></tr><tr><td>Treasury bonds</td><td>17,168</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>38,085</td><td>57,520</td><td>79,244</td><td>106,448</td></tr><tr><td>Postal savings and other bonds</td><td>200</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>31,102</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>181,319</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td><td>-</td></tr><tr><td>Depositary 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>1,189</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td><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><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>127</td><td>38</td><td>26</td><td>20</td><td>11</td><td>19</td><td>18</td><td>18</td><td>17</td><td>15</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>100</td><td>95</td><td>85</td><td>101</td><td>56</td><td>90</td><td>95</td><td>103</td><td>98</td><td>97</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>-</td><td>267</td><td>662</td><td>1,177</td><td>1,738</td><td>2,381</td><td>3,133</td><td>4,044</td><td>4,766</td><td>5,308</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>106</td><td>27</td><td>37</td></tr><tr><td>Government Life Insurance Fund</td><td>-</td><td>500</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>538</td><td>502</td><td>589</td></tr><tr><td>Government Retirement Funds</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>-</td><td>-</td><td>-</td><td>-</td><td>3</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>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>55</td><td>197</td><td>264</td><td>461</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>-</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</td><td>92</td><td>178</td><td>319</td><td>501</td></tr><tr><td>Railroad Retirement Account</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Unemployment Trust Fund</td><td>19</td><td>312</td><td>872</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>4,257</td><td>5,610</td><td>6,747</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><td></td></tr><tr><td>United States savings stamps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td><td>178</td></tr><tr><td>Excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,088</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)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART A - FISCAL YEARS, 1936-1945-(Continued) (In millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>812</td><td>412</td><td>-</td><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><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><td>-</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><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><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</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><td>-</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td><td>-</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><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><td>-</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><td>-</td></tr><tr><td>Matured 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><td>-</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><td>-</td></tr></table><table><tr><th colspan="12">PART B - MONTHLY DATA (In millions of dollars)</th></tr><tr><th></th><th colspan="7">1944</th><th colspan="5">1945</th></tr><tr><th></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><th>Aug. 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>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><td>260,746</td></tr><tr><td>Guaranteed obligations</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><td>409</td><td>484</td><td>515</td></tr><tr><td>Total</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><td>261,261</td></tr><tr><td>Matured debt and debt bearing no interest</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><td>2,274</td></tr><tr><td>Total outstanding</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><td>263,535</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>15,715</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><td>17,038</td></tr><tr><td>Certificates of indebtedness</td><td>30,001</td><td>29,573</td><td>29,546</td><td>29,545</td><td>30,401</td><td>30,401</td><td>30,396</td><td>34,544</td><td>34,478</td><td>34,442</td><td>34,136</td><td>34,472</td><td>34,430</td></tr><tr><td>Treasury notes</td><td>18,067</td><td>17,935</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><td>23,498</td></tr><tr><td>Treasury bonds</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>92,371</td><td>92,377</td><td>92,377</td><td>106,448</td><td>107,690</td><td>108,172</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>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><td>183,338</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>36,883</td><td>37,323</td><td>37,645</td><td>38,308</td><td>40,361</td><td>41,140</td><td>41,698</td><td>42,159</td><td>42,626</td><td>43,767</td><td>45,586</td><td>46,508</td><td>46,715</td></tr><tr><td>Treasury notes - tax and savings series</td><td>10,030</td><td>9,124</td><td>9,075</td><td>9,990</td><td>9,843</td><td>9,864</td><td>9,927</td><td>8,948</td><td>9,109</td><td>10,031</td><td>10,136</td><td>10,119</td><td>10,118</td></tr><tr><td>Adjusted service bonds</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><td>-</td></tr><tr><td>Depositary bonds</td><td>484</td><td>489</td><td>495</td><td>494</td><td>499</td><td>503</td><td>503</td><td>509</td><td>508</td><td>503</td><td>505</td><td>516</td><td>516</td></tr><tr><td>Total non-marketable issues</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><td>57,379</td></tr><tr><td>Total public issues</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><td>240,713</td></tr></table>
(Continued on following page)
October 1945
25
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART B - MONTHLY DATA-(Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="6">1944</th><th colspan="8">1945</th></tr><tr><th></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><th>Aug. 31</th></tr><tr><td colspan="13">Public debt - (Continued)</td></tr><tr><td>Interest-bearing debt (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>26</td><td>26</td><td>25</td><td>25</td><td>20</td><td>20</td><td>20</td><td>20</td><td>19</td><td>19</td><td>15</td><td>15</td><td>18</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>168</td><td>183</td><td>193</td><td>193</td><td>98</td><td>172</td><td>202</td><td>217</td><td>232</td><td>262</td><td>97</td><td>132</td><td>147</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>4,754</td><td>5,034</td><td>5,034</td><td>5,029</td><td>5,016</td><td>5,016</td><td>5,216</td><td>5,216</td><td>5,216</td><td>5,308</td><td>5,308</td><td>5,308</td><td>5,308</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>27</td><td>29</td><td>29</td><td>30</td><td>32</td><td>33</td><td>33</td><td>34</td><td>35</td><td>35</td><td>37</td><td>38</td><td>38</td></tr><tr><td>Government Life Insurance Fund</td><td>524</td><td>531</td><td>536</td><td>539</td><td>543</td><td>546</td><td>549</td><td>554</td><td>557</td><td>559</td><td>589</td><td>592</td><td>593</td></tr><tr><td>Government Retirement Funds</td><td>1,695</td><td>1,708</td><td>1,720</td><td>1,727</td><td>1,736</td><td>1,748</td><td>1,759</td><td>1,769</td><td>1,777</td><td>1,789</td><td>1,868</td><td>2,126</td><td>2,138</td></tr><tr><td>National Service Life Insurance Fund</td><td>1,440</td><td>1,510</td><td>1,608</td><td>1,694</td><td>1,804</td><td>1,908</td><td>2,015</td><td>2,128</td><td>2,346</td><td>2,629</td><td>3,137</td><td>3,367</td><td>3,526</td></tr><tr><td>Postal Savings System</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>772</td><td>461</td><td>527</td><td>576</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>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>500</td><td>501</td><td>669</td><td>657</td></tr><tr><td>Unemployment Trust Fund</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>6,901</td><td>6,526</td><td>6,809</td><td>6,747</td><td>6,782</td><td>7,033</td></tr><tr><td>Total special issues</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>18,592</td><td>18,812</td><td>19,558</td><td>20,033</td></tr><tr><td>Total interest-bearing debt</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><td>260,746</td></tr><tr><td>Prepayments on securities</td><td></td><td></td><td></td><td>2,546</td><td></td><td></td><td></td><td></td><td></td><td>947</td><td></td><td></td><td></td></tr><tr><td>Natured debt on which interest has ceased</td><td>167</td><td>240</td><td>199</td><td>178</td><td>186</td><td>145</td><td>209</td><td>194</td><td>175</td><td>149</td><td>269</td><td>199</td><td>178</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>167</td><td>168</td><td>175</td><td>181</td><td>182</td><td>183</td><td>187</td><td>189</td><td>189</td><td>186</td><td>178</td><td>176</td><td>150</td></tr><tr><td>Excess profits tax refund bonds</td><td>262</td><td>327</td><td>359</td><td>430</td><td>481</td><td>527</td><td>582</td><td>670</td><td>780</td><td>931</td><td>1,028</td><td>1,044</td><td>1,089</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>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>660</td><td>655</td><td>648</td><td>642</td></tr><tr><td>Other debt bearing no interest</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>1,347</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>1,832</td><td>1,974</td><td>2,057</td><td>2,065</td><td>2,077</td></tr><tr><td>Total public debt outstanding</td><td>209,802</td><td>209,496</td><td>210,244</td><td>215,005</td><td>230,630</td><td>232,408</td><td>233,707</td><td>233,950</td><td>235,069</td><td>238,832</td><td>258,682</td><td>262,045</td><td>263,001</td></tr><tr><td colspan="13">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td><td>-</td><td>-</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><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</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><td>34</td><td>34</td><td>35</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><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues</td><td>1,192</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>783</td><td>789</td><td>34</td><td>34</td><td>35</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 2/</td><td>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><td>375</td><td>450</td><td>479</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><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</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><td>375</td><td>450</td><td>479</td></tr><tr><td>Total interest-bearing debt</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><td>409</td><td>484</td><td>515</td></tr><tr><td>Natured debt on which interest has ceased</td><td>92</td><td>83</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><td>24</td><td>21</td><td>19</td></tr><tr><td>Total guaranteed obligations outstanding</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>1,171</td><td>433</td><td>505</td><td>534</td></tr></table>
Guaranteed obligations 1/
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation............</td><td>-</td><td>-</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><td>34</td></tr><tr><td>Federal Housing Administration............</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><td>35</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>-</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>1,192</td><td>1,193</td><td>1,193</td><td>1,194</td><td>1,197</td><td>786</td><td>787</td><td>783</td><td>789</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><td></td></tr><tr><td>Commodity Credit Corporation 2/............</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><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>-</td><td>-</td><td>-</td><td>450</td></tr><tr><td>Total non-marketable issues............</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><td>479</td></tr><tr><td>Total interest-bearing debt............</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><td>515</td></tr><tr><td>Natured debt on which interest has ceased............</td><td>92</td><td>83</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><td>24</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>21</td><td>19</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total guaranteed obligations outstpending............</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>1,171</td><td>534</td></tr><tr><td></td><td>433</td><td>505</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statements.
* 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 X-A.
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.
26
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
October 1945
27
Guaranteed Obligations Held by the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>1936</td><td>4,030</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,030</td><td>-</td></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>-</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,524</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>1944-August</td><td>11,312</td><td>1,000</td><td>345</td><td>398</td><td>518</td><td>8,994</td><td>57</td></tr><tr><td>September</td><td>11,181</td><td>853</td><td>286</td><td>398</td><td>493</td><td>9,084</td><td>57</td></tr><tr><td>October</td><td>11,312</td><td>1,035</td><td>276</td><td>398</td><td>468</td><td>9,078</td><td>57</td></tr><tr><td>November</td><td>11,460</td><td>1,099</td><td>266</td><td>398</td><td>439</td><td>9,201</td><td>57</td></tr><tr><td>December</td><td>11,494</td><td>1,155</td><td>258</td><td>398</td><td>420</td><td>9,206</td><td>57</td></tr><tr><td>1945-January</td><td>11,504</td><td>1,173</td><td>250</td><td>398</td><td>387</td><td>9,239</td><td>57</td></tr><tr><td>February</td><td>11,735</td><td>1,588</td><td>128</td><td>398</td><td>351</td><td>9,213</td><td>57</td></tr><tr><td>March</td><td>11,563</td><td>1,596</td><td>121</td><td>398</td><td>324</td><td>9,067</td><td>57</td></tr><tr><td>April</td><td>11,602</td><td>1,762</td><td>116</td><td>398</td><td>304</td><td>8,965</td><td>57</td></tr><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><tr><td>August</td><td>12,427</td><td>1,679</td><td>146</td><td>383</td><td>961</td><td>9,202</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>37,797</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,904</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1944-August</td><td>209,764</td><td>4,035</td><td>1.923</td><td>208,289</td><td>4,015</td><td>1.928</td><td>1,475</td><td>20</td><td>1.333</td></tr><tr><td>September</td><td>209,331</td><td>4,046</td><td>1.933</td><td>207,850</td><td>4,026</td><td>1.937</td><td>1,480</td><td>20</td><td>1.339</td></tr><tr><td>October</td><td>210,088</td><td>4,061</td><td>1.933</td><td>208,608</td><td>4,081</td><td>1.937</td><td>1,480</td><td>20</td><td>1.347</td></tr><tr><td>November</td><td>212,244</td><td>4,093</td><td>1.928</td><td>210,774</td><td>4,073</td><td>1.932</td><td>1,470</td><td>20</td><td>1.355</td></tr><tr><td>December</td><td>230,361</td><td>4,413</td><td>1.916</td><td>228,891</td><td>4,393</td><td>1.919</td><td>1,470</td><td>20</td><td>1.357</td></tr><tr><td>1945-January</td><td>232,168</td><td>4,457</td><td>1.920</td><td>230,672</td><td>4,437</td><td>1.924</td><td>1,496</td><td>20</td><td>1.369</td></tr><tr><td>February</td><td>232,968</td><td>4,482</td><td>1.924</td><td>231,854</td><td>4,465</td><td>1.926</td><td>1,114</td><td>16</td><td>1.457</td></tr><tr><td>March</td><td>233,145</td><td>4,488</td><td>1.925</td><td>232,026</td><td>4,472</td><td>1.927</td><td>1,119</td><td>16</td><td>1.454</td></tr><tr><td>April</td><td>234,194</td><td>4,512</td><td>1.927</td><td>233,063</td><td>4,496</td><td>1.929</td><td>1,132</td><td>16</td><td>1.449</td></tr><tr><td>May</td><td>236,912</td><td>4,570</td><td>1.929</td><td>235,761</td><td>4,553</td><td>1.931</td><td>1,151</td><td>17</td><td>1.441</td></tr><tr><td>June</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,904</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>July</td><td>260,265</td><td>5,054</td><td>1.942</td><td>259,781</td><td>5,048</td><td>1.943</td><td>484</td><td>6</td><td>1.241</td></tr><tr><td>August</td><td>261,261</td><td>5,078</td><td>1.943</td><td>260,746</td><td>5,071</td><td>1.945</td><td>515</td><td>6</td><td>1.251</td></tr></table>
Sources: Daily Treasury Statements. 1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the 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 F is considered to yield 2.53%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Treasury Bulletin
28
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 August 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>272,750</td></tr><tr><td>Guaranteed securities 2/</td><td>534</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>273,284</td></tr><tr><td>Balance leasable under such authority</td><td>26,716</td></tr></table>
1/ For comparison with the public debt outstanding, see following table 2. 2/ Excludes guaranteed securities held by the Treasury
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, August 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>17,038</td><td>17,038</td></tr><tr><td>Certificates of indebtedness.</td><td>34,430</td><td>34,430</td></tr><tr><td>Treasury notes.</td><td>23,498</td><td>23,498</td></tr><tr><td>Treasury bonds.</td><td>108,172</td><td>108,172</td></tr><tr><td>Postal savings and other bonds.</td><td>-</td><td>196</td></tr><tr><td>Total marketable issues.</td><td>183,138</td><td>183,334</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>46,715</td></tr><tr><td>Maturity value.</td><td>57,504</td><td>-</td></tr><tr><td>Treasury tax and savings notes.</td><td>10,118</td><td>10,118</td></tr><tr><td>Depository bonds.</td><td>516</td><td>516</td></tr><tr><td>Total non-marketable issues.</td><td>68,168</td><td>57,379</td></tr><tr><td>Special issues to Government agencies and trust funds.</td><td>20,033</td><td>20,033</td></tr><tr><td>Total interest-bearing securities.</td><td>271,340</td><td>260,746</td></tr><tr><td>Matured securities on which interest has ceased.</td><td>172</td><td>178</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>150</td><td>150</td></tr><tr><td>Excess profits tax refund bonds.</td><td>1,089</td><td>1,089</td></tr><tr><td>Currency items, etc. 2/.</td><td>-</td><td>839</td></tr><tr><td>Total obligations bearing no interest.</td><td>1,238</td><td>2,077</td></tr><tr><td>Total.</td><td>272,750</td><td>263,001</td></tr></table>
1/ Limitations are established by Section 21 of the Second Liberty Bond Act, as amended.
2/ Conesles of United States notes (less gold reserve); deposits for
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest.
October 1945
29
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of August 31, 1945
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1945-Sept.</td><td>Treas. bills. 7/8% Certificate, 9/1/45......(9/1/44) 2-3/4% Treas. bond, 9/15/45-47......(9/16/35)</td><td>taxable taxable partially</td><td>5,235 3,694 1,214</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>Treas. bills. 7/8% Certificate, 10/1/45......(10/1/44)</td><td>taxable</td><td>5,233 3,492</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>Treas. bills.</td><td>taxable</td><td>6,570</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treas. bond, 12/15/45......(12/15/37) 3/4% Treas. note, 12/15/45......(12/18/50) 7/8% Certificate, 12/1/45......(12/1/44)</td><td>partially taxable taxable</td><td>541 531 4,395</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>30,905</td><td></td><td></td><td>30,905</td><td>30,905</td></tr><tr><td>1946-Jan.</td><td>3% Conversion bond; 1/1/46......(1/1/16) .90% Treas. note, 1/1/46......(12/1/44)</td><td>wholly taxable</td><td>16 3,416</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>7/8% Certificate, 2/1/46......(2/1/45)</td><td>taxable</td><td>5,043</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>7/8% Certificate, 3/1/46......(3/1/45) 1% Treas. note, 3/15/46......(11/1/41) 3-3/4% Treas. bond, 3/15/46-56......(3/15/26)</td><td>taxable taxable partially</td><td>4,147 1,291 489</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>7/8% Certificate, 4/1/46......(4/1/45)</td><td>taxable</td><td>4,811</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>7/8% Certificate, 5/1/46......(5/1/45)</td><td>taxable</td><td>1,579</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treas. bond, 6/15/46-48......(6/15/34) 3-1/8% Treas. bond, 6/15/46-49......(6/15/31) 7/8% Certificate, 6/1/46......(6/1/45)</td><td>partially partially taxable</td><td>1,036 819 4,799</td><td></td><td></td><td></td><td></td></tr><tr><td>July.</td><td>0.90% Treas. note, 7/1/46......(6/1/45)</td><td>taxable</td><td>4,910</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificate, 8/1/46......(8/1/45)</td><td>taxable</td><td>2,470</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Treas. note, 12/15/46......(6/5/42)</td><td>taxable</td><td>3,261</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>35,742</td><td>2,344</td><td></td><td>38,086</td><td>35,742</td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond, 1/1/47......(1/1/17)</td><td>wholly</td><td>13</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/4% Treas. note, 3/15/47......(6/26/44)</td><td>taxable</td><td>1,948</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/2% Treas. note, 9/15/47......(7/12/43) 1-1/2% Treas. note, 9/15/47......(12/1/44)</td><td>taxable taxable</td><td>2,707 1,687</td><td></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>759</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/47......(12/15/38)</td><td>partially</td><td>701</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>7,057</td><td>759</td><td></td><td>7,816</td><td>7,057</td></tr><tr><td>1948-Mar.</td><td>2% Treas. bond, 3/15/48-50......(3/15/41) 2-3/4% Treas. bond, 3/15/48-51......(3/16/36)</td><td>taxable partially</td><td>1,115 1,223</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treas. bond, 6/15/46-48......(6/15/34) 1-3/4% Treas. bond, 6/15/48......(12/1/42)</td><td>partially taxable</td><td>3,062 1,036</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treas. bond, 9/15/48......(3/15/38) 1-1/2% Treas. note, 9/15/48......(3/15/44)</td><td>partially taxable</td><td>451 3,748</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/48-50......(12/8/39)</td><td>partially</td><td>571</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>7,261</td><td>2,910</td><td>1,036</td><td>10,171</td><td>8,296</td></tr><tr><td>1949-June.</td><td>3-1/8% Treas. bond, 6/15/49-49......(6/15/31) 2% Treas. bond, 6/15/49-51......(1/15/42)</td><td>partially taxable</td><td>819 1,014</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Treas. bond, 9/15/49-51......(5/15/42)</td><td>taxable</td><td>1,292</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/8% Treas. bond, 12/15/49-52......(12/15/34) 2-1/2% Treas. bond, 12/15/49-53......(12/15/36) 2% Treas. bond, 12/15/49-51......(7/15/42)</td><td>partially partially taxable</td><td>491 1,785 2,098</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>6,682</td><td>819</td><td></td><td>6,682</td><td>819</td></tr><tr><td>1950-Mar.</td><td>2% Treas. bond, 3/15/48-50......(3/15/41) 2% Treas. bond, 3/15/50-52......(10/19/42)</td><td>taxable taxable</td><td>1,115 1,963</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treas. bond, 9/15/50-52......(9/15/38) 2% Treas. bond, 9/15/50-52......(4/15/43)</td><td>partially taxable</td><td>1,186 4,939</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/48-50......(12/8/39) 1-1/2% Treas. bond, 12/15/50......(6/1/45)</td><td>partially taxable</td><td>571 2,635</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>2,635</td><td>8,088</td><td>1,687</td><td>10,723</td><td>4,322</td></tr></table>
(Continued on following page)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of August 31, 1945 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1951-Mar....</td><td>2-3/4% Treas. bond, 3/15/48-51....(3/16/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,223</td><td></td><td></td></tr><tr><td>June....</td><td>2-3/4% Treas. bond, 6/15/49-51....(1/15/42)</td><td>taxable partially</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....(5/15/42)</td><td>taxable</td><td>.....</td><td>7,986</td><td>1,292</td><td></td><td></td></tr><tr><td>2-3/4% Treas. bond, 9/15/51-53....(9/15/43)</td><td>taxable partially</td><td>.....</td><td>1,118</td><td>.....</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>510</td><td>.....</td><td></td><td></td></tr><tr><td>2-3/4% Treas. bond, 12/15/49-51....(7/15/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>2,098</td><td></td><td></td><td></td></tr><tr><td>Total</td><td>.....</td><td>.....</td><td>.....</td><td>11,956</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>2-1/2% Treas. bond, 3/15/50-52....(10/19/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,963</td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/52-55....(2/25/42)</td><td>taxable</td><td>.....</td><td>1,501</td><td>.....</td><td></td><td></td></tr><tr><td>2-1/4% Treas. bond, 6/15/52-54....(6/26/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>5,825</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/2% Treas. bond, 9/15/50-52....(9/15/38)</td><td>partially taxable</td><td>.....</td><td>.....</td><td>1,186</td><td></td><td></td></tr><tr><td>2-1/2% Treas. bond, 9/15/50-52....(4/15/43)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td>4,939</td><td></td><td></td></tr><tr><td>Oct....</td><td>4-1/4% Treas. bond, 10/15/47-52....(10/16/22)</td><td>partially</td><td>.....</td><td>.....</td><td>759</td><td></td><td></td></tr><tr><td>3-1/8% Treas. bond, 12/15/49-52....(12/15/34)</td><td>partially taxable</td><td>.....</td><td>.....</td><td>.....</td><td>491</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>8,662</td><td>.....</td><td></td><td></td></tr><tr><td>Total</td><td>.....</td><td>.....</td><td>.....</td><td>17,012</td><td>9,338</td><td>17,012</td><td>9,338</td></tr><tr><td>1953-June....</td><td>2-1/2% Treas. bond, 6/15/53-55....(10/1/40)</td><td>partially taxable</td><td>.....</td><td>725</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/2% Treas. bond, 9/15/51-53....(9/15/43)</td><td>partially taxable</td><td>.....</td><td>.....</td><td>7,986</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/2% Treas. bond, 12/15/49-53....(12/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,786</td><td></td><td></td></tr><tr><td>2-1/4% Treas. bond, 12/15/51-53....(12/22/39)</td><td>partially</td><td>.....</td><td>.....</td><td>.....</td><td>1,118</td><td></td><td></td></tr><tr><td>Total</td><td>.....</td><td>.....</td><td>.....</td><td>725</td><td>10,890</td><td>725</td><td>10,890</td></tr><tr><td>1954-Mar....</td><td>2-1/2% Treas. bond, 3/15/52-54....(3/31/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,024</td><td></td><td></td></tr><tr><td>2-3/4% Treas. bond, 3/15/51-53....(6/15/36)</td><td>partially taxable</td><td>.....</td><td>.....</td><td>1,627</td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/51-54....(7/22/40)</td><td>partially taxable</td><td>.....</td><td>681</td><td>.....</td><td></td><td></td></tr><tr><td>2-1/4% Treas. bond, 6/15/52-54....(6/26/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td>5,825</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>8,662</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</td><td>.....</td><td>2,611</td><td>.....</td><td></td><td></td></tr><tr><td>2-1/4% Treas. bond, 6/15/52-55....(2/25/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,501</td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/53-55....(10/7/40)</td><td>partially</td><td>.....</td><td>.....</td><td>725</td><td></td><td></td></tr><tr><td>Sept....</td><td>3-1/2% Treas. bond, 9/15/51-55....(9/15/31)</td><td>partially taxable</td><td>.....</td><td>.....</td><td>755</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treas. bond, 12/15/51-55....(12/15/41)</td><td>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</td><td>.....</td><td>.....</td><td>489</td><td></td><td></td></tr><tr><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><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/54-56....(7/22/40)</td><td>partially</td><td>.....</td><td>.....</td><td>681</td><td></td><td></td></tr><tr><td>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><td></td></tr><tr><td>Sept....</td><td>2-1/4% Treas. bond, 9/15/56-59....(2/1/44)</td><td>taxable</td><td>.....</td><td>3,823</td><td>.....</td><td></td><td></td></tr><tr><td>Total</td><td>.....</td><td>.....</td><td>.....</td><td>6,253</td><td>1,170</td><td>6,253</td><td>1,170</td></tr><tr><td>1957</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1958-Mar....</td><td>2-1/2% Treas. bond, 3/15/56-58....(5/2/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,449</td><td></td><td></td></tr><tr><td>2-3/4% Treas. bond, 6/15/58-63....(6/15/38)</td><td>partially</td><td>.....</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>5,227</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>2-1/4% Treas. bond, 9/15/56-59....(2/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td>3,823</td><td></td><td></td></tr><tr><td>Total</td><td>.....</td><td>.....</td><td>.....</td><td>5,227</td><td>4,804</td><td>5,227</td><td>4,804</td></tr></table>
(Continued on following page)
October 1945
31
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of August 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 issues classified by year of: First call</th><th>Final maturity</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><td>1960-Mar.... Dec....</td><td>2-7/8% Treas. bond, 3/15/55-60......(3/15/35) 2-3/4% Treas. bond, 12/15/60-65......(12/15/38) Total.......................</td><td>partially partially</td><td>......</td><td>...... 1,485</td><td>...... 2,611</td><td>...... 1,485</td><td>...... 2,611</td></tr><tr><td>1961-June....</td><td>3% Panama Canal bond, 6/1/61......(6/1/11)</td><td>wholly</td><td>50</td><td>......</td><td>......</td><td>50</td><td>50</td></tr><tr><td>1962-June....</td><td>2-1/2% Treas. bond, 6/15/62-67......(5/5/42) 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>...... 5,227</td><td>...... 2,118</td><td>...... 5,227</td></tr><tr><td>1963-June.... Dec....</td><td>2-3/4% Treas. bond, 6/15/58-63......(6/15/38) 2-1/2% Treas. bond, 12/15/63-68......(12/1/42) Total.......................</td><td>partially taxable</td><td>......</td><td>...... 2,831</td><td>...... 919</td><td>...... 2,831</td><td>...... 919</td></tr><tr><td>1964-June.... Dec....</td><td>2-1/2% Treas. bond, 6/15/64-69......(4/15/43) 2-1/2% Treas. bond, 12/15/64-69......(9/15/43) Total.......................</td><td>taxable taxable</td><td>......</td><td>...... 3,761 3,838</td><td>......</td><td>...... 7,600</td><td>......</td></tr><tr><td>1965-Mar.... Dec....</td><td>2-1/2% Treas. bond, 3/15/65-70......(2/1/44) 2-3/4% Treas. bond, 12/15/60-65......(12/15/38) Total.......................</td><td>taxable partially</td><td>......</td><td>...... 5,197</td><td>...... 1,485</td><td>...... 5,197</td><td>...... 1,485</td></tr><tr><td>1966-Mar....</td><td>2-1/2% Treas. bond, 3/15/66-71......(12/1/44)</td><td>taxable</td><td>......</td><td>...... 3,481</td><td>......</td><td>...... 3,481</td><td>......</td></tr><tr><td>1967-June.... Sept....</td><td>2-1/2% Treas. bond, 6/15/62-67......(5/5/42) 2-1/2% Treas. bond, 6/15/67-72......(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>...... 7,933 2,716</td><td>...... 2,118</td><td>...... 10,649</td><td>...... 2,118</td></tr><tr><td>1968-Dec....</td><td>2-1/2% Treas. bond, 12/15/63-68......(12/1/42)</td><td>taxable</td><td>......</td><td>......</td><td>...... 2,831</td><td>......</td><td>...... 2,831</td></tr><tr><td>1969-June.... Dec....</td><td>2-1/2% Treas. bond, 6/15/64-69......(4/15/43) 2-1/2% Treas. bond, 12/15/64-69......(9/15/43) Total.......................</td><td>taxable taxable</td><td>......</td><td>......</td><td>...... 3,761 3,838</td><td>......</td><td>...... 7,600</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treas. bond, 3/15/65-70......(2/1/44)</td><td>taxable</td><td>......</td><td>......</td><td>...... 5,197</td><td>......</td><td>...... 5,197</td></tr><tr><td>1971-Mar....</td><td>2-1/2% Treas. bond, 3/15/66-71......(12/1/44)</td><td>taxable</td><td>......</td><td>......</td><td>...... 3,481</td><td>......</td><td>...... 3,481</td></tr><tr><td>1972-June.... Sept....</td><td>2-1/2% Treas. bond, 6/15/67-72......(6/1/45) 2-1/2% Treas. bond, 9/15/67-72......(10/20/41) Total.......................</td><td>taxable taxable</td><td>......</td><td>......</td><td>...... 7,933 2,716</td><td>......</td><td>...... 10,649</td></tr></table>
Sources: Daily Treasury Statement, and reports to the Treasury. 1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding. 2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
3) Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
32
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date 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) 1/</th><th>Earliest date on which commercial banks may own restricted issues 2/</th><th>Amount of cash subscriptions tendered 3/</th><th colspan="3">Amount issued (In millions of dollars)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td>8/16/43</td><td>9/9/43</td><td>3rd War Loan securities: 2-1/2% Treas. bond-12/15/64-69......(9/15/43) 2% Treas. bond- 9/15/51-53......(9/15/43) 7/8% Certificate- 9/1/44......(9/15/43)</td><td>26 yr.,3 m (21 yr.,3m) 10 yr (8 yr) 1 yr</td><td>9/15/53</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td></td></tr><tr><td>10/6/43 8/16/43 10/6/43 6/11/22/43</td><td>10/6/43 10/6/43 11/22/43</td><td>7/8% Certificate - 10/1/44......(10/15/43) 2-1/2% Treas. bond- 12/15/64-69 4/......(9/15/43) 2% Treas. bond- 9/15/51-53 4/......(9/15/43) 7/8% Certificate - 12/1/44......(12/1/43)</td><td>1 yr 26 yr.,2 m (21 yr.,2 m) 5/ 9 yr.,11 m (7 yr.,11m) 5/ 1 yr</td><td>9/15/53</td><td>5,391 5,532</td><td>3,519 2,729 3,940</td><td>1,580 1,627</td><td>1,939 1,102 3,540</td></tr><tr><td>11/22/43</td><td>1/18/44</td><td>4th War Loan securities: 7/ 2-1/2% Treas. bond- 3/15/65-70......(2/1/44) 2-1/4% Treas. bond- 9/15/56-59......(2/1/44) 7/8% Certificate- 2/1/45......(2/1/44)</td><td>26 yr.,1 m (21 yr.,1 m) 15 yr.,7 m (12 yr.,7 m) 1 yr</td><td>2/1/54 9/15/46</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td></td></tr><tr><td>1/24/44 3/2/44 3/22/44 4/24/44</td><td>1/24/44 3/2/44 3/22/44 4/24/44</td><td>.90% Treas. note - 3/1/45......(2/1/44) 2-1/2% Treas. bond- 3/15/65-70 4/......(2/1/44) 2-1/4% Treas. bond- 9/15/56-59 5/......(2/1/44) 1-1/2% Treas. note - 9/15/48......(3/15/44) 7/8% Certificate - 4/1/45......(4/1/44) 7/8% Certificate - 5/1/45......(5/1/44)</td><td>1 yr.,1 m 26 yr. (21 yr.) 8/ 15 yr.,6 m (12 yr.,6 m) 8/ 4 yr.,6 m 1 yr</td><td>2/1/54 9/15/46</td><td></td><td>2,127 77 95 3,798 4,877 1,615</td><td></td><td>2,127 77 95 3,748 4,877 1,615</td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 7/ 2-1/2% Treas. bond- 3/15/65-70 4/......(2/1/44) 2% Treas. bond- 6/15/52-54......(6/26/44) 1-1/4% Treas. note- 3/15/47......(6/26/44) 7/8% Certificate- 6/1/45......(6/26/44)</td><td>25 yr.,9 m (20 yr.,9 m) 2/ 10 yr (8 yr) 2 yr.,9 m 11 m</td><td>2/1/54</td><td>2,909 5,825 1,948 4,770</td><td>2,909 5,825 1,948 4,770</td><td>2,909 5,825 1,948 4,770</td><td></td></tr><tr><td>7/20/44 8/24/44 8/24/44 8/24/44 9/20/44</td><td>7/20/44 8/24/44 8/24/44 8/24/44 9/25/44</td><td>7/8% Certificate - 8/1/45......(8/1/44) 7/8% Certificate - 9/1/45......(9/1/44) 1% Treas. note - 3/15/46 4/......(11/1/41) 7/8% Certificate - 10/1/45......(10/1/44) 1 yr.,6m 10/......</td><td>1 yr 1 yr 1 yr</td><td></td><td>2,511 3,694 783 3,492</td><td></td><td>2,511 3,694 783 3,492</td><td></td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 7/ 2-1/2% Treas. bond- 3/15/66-71......(12/1/44) 2% Treas. bond-12/15/52-54......(12/1/44) 1-1/4% Treas. note- 9/15/47......(12/1/44) 7/8% Certificate- 12/1/45......(12/1/44)</td><td>26 yr.,3 m (21 yr.,3 m) 10 yr (8 yr) 2 yr.,9 m 1 yr</td><td>12/1/54</td><td>3,448 7,922 1,550 4,395</td><td>3,448 7,922 1,550 4,395</td><td>3,448 7,922 1,550 4,395</td><td></td></tr><tr><td>11/17/44 11/17/44</td><td>11/20/44 11/20/44</td><td>.90% Treas. note - 1/1/46......(12/1/44) 2-1/2% Treas. bond- 3/15/66-71 11/......(12/1/44) 2% Treas. bond- 12/15/52-54 11/......(12/1/44) 1-1/4% Treas. note - 9/15/47 11/......(12/1/44)</td><td>1 yr.,1 m 26 yr.,3 m (21 yr.,3 m) 12/ 10 yr (8 yr) 12/ 2 yr.,9m 12/ 1 yr</td><td>12/1/54</td><td>3,416 33 740 137 5,043 4,117 1,579</td><td>3,416 33 740 137 5,043 4,117 1,579</td><td>3,416 33 740 137 5,043 4,117 1,579</td><td></td></tr><tr><td>1/22/45 2/19/45 3/22/45 4/19/45</td><td>1/22/45 2/19/45 3/22/45 4/19/45</td><td>7/8% Certificate - 2/1/46......(2/1/45) 7/8% Certificate - 3/1/46......(3/1/45) 7/8% Certificate - 4/1/46......(4/1/45) 7/8% Certificate - 5/1/46......(5/1/45)</td><td>1 yr 1 yr 1 yr 1 yr</td><td></td><td>4,811 1,579</td><td></td><td>4,811 1,579</td><td></td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 7/ 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>7,967r 5,284r 2,635 4,799r</td><td>7,967r 5,284r 2,635 4,799r</td><td>7,967r 5,284r 2,635 4,799r</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 4,336</td><td></td><td>4,910 2,470 4,336</td><td></td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 7/ 2-1/2% Treas. bond-12/15/67-72......(11/15/45) 2-1/4% Treas. bond-12/15/59-62......(11/15/45) 7/8% Certificate- 12/1/46......(12/3/45)</td><td>27 yr.,1 m (22 yr.,1 m) 17 yr.,1 m (14 yr.,1 m) 1 yr</td><td>12/15/62 12/15/52</td><td>13/ 13/ 13/</td><td>13/ 13/ 13/</td><td>13/ 13/ 13/</td><td></td></tr></table>
Back Figures: For period December 1941 through July 1943, see "Treasury Bulletin" for November 1944, page 32. 
1/ In the case of the reopening of a previously offered security, the period of first call and to maturity are calculated from the date interest commences on the reopening.
2/ Restricted issues are those which commercial banks (defined for this purpose as banks which accept demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the 4th, 5th, and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe to the restricted issue offered in the Loan for limited investment of their savings deposits; (2) commercial banks may temporarily acquire restricted issues through foreclosure when such issues have been used as collateral.
3/ Consists of all public cash subscriptions and of subscriptions by
U. S. Government agencies and trust funds.
4/ Reopening of previously offered security.
5/ Interest commenced on October 15, 1943.
6/ Announcement of exchange offering was included in announcement of Third War Loan, August 16, 1943.
7/ Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and to Treasury investment accounts.
8/ Interest commenced on March 15, 1944.
9/ Interest commenced on June 26, 1944.
10/ Interest commenced on September 15, 1944.
11/ This is the same security that was offered in the Sixth War Loan.
12/ Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
13/ Amounts not yet available.
October 1945
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount of maturing or called security outstanding</th><th>Amount for cash retirement</th><th>Amount exchanged</th><th>Percent exchanged</th><th>Description of new security offered</th></tr><tr><td>8/2/43 9/15/43 10/15/43</td><td>7/8% 1% 3-1/4%</td><td>Certificate - 8/1/43..................(8/15/42) Treas. note - 9/15/43..................(6/15/40) Treas. bond - 10/15/43-45........(10/15/33)</td><td>1,609 279 1,401</td><td>53 279 239</td><td>1,556 ...... 1,161</td><td>97 ...... 83</td><td>7/8% Certificate - 8/1/44 2-1/2% Treas. bond - 12/15/64-69 2% Treas. bond - 9/15/51-53</td></tr><tr><td>10/15/43 12/1/43 12/15/43</td><td>7/8% 7/8% 1-1/8%</td><td>Certificate - 11/1/43..................(11/2/42) Certificate - 12/1/43..................(12/1/42) Treas. note - 12/15/43..................(12/15/38)</td><td>2,035 3,800 421</td><td>96 260 421</td><td>1,939 3,540 ......</td><td>95 93 ......</td><td>7/8% Certificate - 10/1/44 7/8% Certificate - 12/1/44</td></tr><tr><td>2/1/44 2/1/44</td><td>1-3/8% 7/8%</td><td>PFHA 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% 1% 3/4%</td><td>FTMC bond - 3/15/44-64..................(3/15/34) FTMC bond - 5/15/44-49..................(5/15/34) RPC note - 4/15/44..................(7/3/41) HOLC bond - 5/1/44-52..................(5/1/34) Treas. bond - 4/15/44-46..................(4/16/34) Treas. note - 3/15/44..................(11/1/39) Treas. note - 6/15/44..................(6/15/39)</td><td>95 835 571 779 1,519 515 416</td><td>19 130 12 175 296 32 116</td><td>76 705 558 604 1,223 483 270</td><td>80 84 98 78 81 94 65</td><td>2-1/4% Treas. bond - 9/15/56-59 2-1/4% Treas. bond - 3/15/65-70 1-1/2% Treas. note - 5/15/48</td></tr><tr><td colspan="2">Totals for exchange transaction of 3/15/44..</td><td></td><td>4,729</td><td>810</td><td>3,919</td><td>83</td><td></td></tr><tr><td>4/1/44 5/1/44 8/1/44 9/1/44</td><td>7/8% 7/8% 7/8% 7/8%</td><td>Certificate - 4/1/44..................(4/15/43) Certificate - 5/1/44..................(5/1/43) Certificate - 8/1/44..................(8/2/43) Certificate - 9/1/44..................(9/15/43)</td><td>5,251 1,655 2,505 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 66</td><td>1% Treas. note - 3/15/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 9/15/44..</td><td></td><td>918</td><td>130</td><td>788</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% 7/8%</td><td>Certificate - 10/1/44..................(10/15/43) Certificate - 12/1/44..................(12/1/43)</td><td>3,519 3,540</td><td>27 124</td><td>3,492 3,416</td><td>99 96</td><td>7/8% Certificate - 10/1/45 .90% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>1%</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 - 3/15/66-71.2/</td></tr><tr><td>2/1/45</td><td>7/8% 1-1/8%</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>7/8% Certificate - 2/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 2/1/45...</td><td></td><td>5,460</td><td>416</td><td>5,043</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90% 3/4% 1-1/4%</td><td>Treas. note - 3/1/45..................(2/1/44) Treas. note - 3/15/45..................(3/15/40) Treas. note - 3/15/45..................(9/25/42)</td><td>2,127 718 1,606</td><td>18 225 60</td><td>2,109 493 1,546</td><td>99 69 96</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 3/1/45...</td><td></td><td>4,451</td><td>304</td><td>4,147</td><td>93</td><td></td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% 7/8%</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..................(6/26/44) 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="2">Totals for exchange transaction of 6/1/45...</td><td></td><td>5,525</td><td>615</td><td>4,910</td><td>89</td><td></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</td><td>2,470</td><td>98</td><td>7/8% Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8% 2-3/4% Treas. bond</td><td>Certificate - 9/1/45..................(9/1/44) Treas. bond - 9/15/45-47........(9/16/35)</td><td>3,694 1,214</td><td>265 307</td><td>3,429 907</td><td>93 75</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 9/1/45...</td><td></td><td>4,908</td><td>572</td><td>4,336</td><td>88</td><td></td></tr></table>
Back Figures: For period December 1941 through July 1943 see "Treasury Bulletin" for November 1944, page 33.
1/ Original call and maturity dates are used. 2/ Not available to commercial banks.
34
Treasury Bulletin
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="4">Description of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Amount of bids accepted</th></tr><tr><td colspan="8">1944</td></tr><tr><td>Aug. 3.</td><td>1944-Nov. 2.</td><td>91</td><td>2,010.4</td><td>1,214.1</td><td>1,156.6</td><td>57.5</td><td>1,017.1</td><td>15,720.9</td></tr><tr><td>Aug. 10.</td><td>Nov. 9.</td><td>91</td><td>2,001.1</td><td>1,210.9</td><td>1,150.3</td><td>60.6</td><td>1,206.9</td><td>15,724.9</td></tr><tr><td>Aug. 17.</td><td>Nov. 16.</td><td>91</td><td>2,033.4</td><td>1,205.8</td><td>1,143.7</td><td>62.0</td><td>1,206.3</td><td>15,724.5</td></tr><tr><td>Aug. 24.</td><td>Nov. 24.</td><td>92</td><td>1,851.6</td><td>1,209.9</td><td>1,148.1</td><td>61.9</td><td>1,214.1</td><td>15,720.1</td></tr><tr><td>Aug. 31.</td><td>Nov. 30.</td><td>91</td><td>1,831.6</td><td>1,210.2</td><td>1,153.2</td><td>57.0</td><td>1,215.3</td><td>15,715.0</td></tr><tr><td>Sept. 7.</td><td>Dec. 7.</td><td>91</td><td>1,762.1</td><td>1,206.9</td><td>1,161.9</td><td>45.0</td><td>1,202.6</td><td>15,719.2</td></tr><tr><td>Sept. 14.</td><td>Dec. 14.</td><td>91</td><td>2,005.4</td><td>1,214.8</td><td>1,151.3</td><td>63.5</td><td>1,201.0</td><td>15,733.1</td></tr><tr><td>Sept. 21.</td><td>Dec. 21.</td><td>91</td><td>2,088.3</td><td>1,215.5</td><td>1,152.5</td><td>63.1</td><td>1,211.6</td><td>15,737.0</td></tr><tr><td>Sept. 28.</td><td>Dec. 28.</td><td>91</td><td>2,244.5</td><td>1,218.2</td><td>1,161.5</td><td>56.7</td><td>1,207.8</td><td>15,747.4</td></tr><tr><td>Oct. 5.</td><td>1945-Jan. 4.</td><td>91</td><td>2,308.0</td><td>1,218.0</td><td>1,161.9</td><td>56.1</td><td>1,216.3</td><td>15,749.1</td></tr><tr><td>Oct. 13.</td><td>Jan. 11.</td><td>90</td><td>2,197.0</td><td>1,312.6</td><td>1,253.9</td><td>58.7</td><td>1,203.8</td><td>15,857.8</td></tr><tr><td>Oct. 19.</td><td>Jan. 18.</td><td>91</td><td>2,183.9</td><td>1,313.9</td><td>1,254.1</td><td>59.7</td><td>1,206.6</td><td>15,965.1</td></tr><tr><td>Oct. 26.</td><td>Jan. 25.</td><td>91</td><td>2,356.3</td><td>1,308.9</td><td>1,254.6</td><td>54.3</td><td>1,214.4</td><td>16,059.6</td></tr><tr><td>Nov. 2.</td><td>Feb. 1.</td><td>91</td><td>2,240.9</td><td>1,311.0</td><td>1,260.6</td><td>50.4</td><td>1,214.1</td><td>16,156.5</td></tr><tr><td>Nov. 9.</td><td>Feb. 8.</td><td>91</td><td>2,264.4</td><td>1,314.3</td><td>1,261.7</td><td>52.6</td><td>1,210.9</td><td>16,259.9</td></tr><tr><td>Nov. 16.</td><td>Feb. 15.</td><td>91</td><td>1,932.1</td><td>1,300.5</td><td>1,247.7</td><td>52.9</td><td>1,205.8</td><td>16,354.7</td></tr><tr><td>Nov. 24.</td><td>Feb. 23.</td><td>91</td><td>2,078.5</td><td>1,313.5</td><td>1,262.1</td><td>51.4</td><td>1,209.9</td><td>16,458.3</td></tr><tr><td>Nov. 30.</td><td>Mar. 1.</td><td>91</td><td>2,061.8</td><td>1,203.7</td><td>1,138.6</td><td>65.1 1/</td><td>1,210.2</td><td>16,404.5</td></tr><tr><td>Dec. 7.</td><td>Mar. 8.</td><td>91</td><td>1,974.8</td><td>1,204.9</td><td>1,137.3</td><td>67.1</td><td>1,206.9</td><td>16,449.8</td></tr><tr><td>Dec. 14.</td><td>Mar. 15.</td><td>91</td><td>1,934.4</td><td>1,207.0</td><td>1,135.0</td><td>72.0</td><td>1,214.8</td><td>16,442.0</td></tr><tr><td>Dec. 21.</td><td>Mar. 22.</td><td>91</td><td>2,040.8</td><td>1,217.2</td><td>1,151.0</td><td>66.2</td><td>1,215.5</td><td>16,443.7</td></tr><tr><td>Dec. 28.</td><td>Mar. 29.</td><td>91</td><td>1,868.2</td><td>1,202.3</td><td>1,152.8</td><td>49.4</td><td>1,218.2</td><td>16,427.6</td></tr><tr><td>1945-Jan. 4.</td><td>Apr. 5.</td><td>91</td><td>2,465.0</td><td>1,204.9</td><td>1,153.5</td><td>51.5</td><td>1,218.0</td><td>16,414.7</td></tr><tr><td>Jan. 11.</td><td>Apr. 12.</td><td>91</td><td>2,157.4</td><td>1,303.0</td><td>1,227.1</td><td>75.9</td><td>1,312.6</td><td>16,405.1</td></tr><tr><td>Jan. 18.</td><td>Apr. 19.</td><td>91</td><td>2,198.2</td><td>1,302.6</td><td>1,229.2</td><td>73.4</td><td>1,313.9</td><td>16,393.9</td></tr><tr><td>Jan. 25.</td><td>Apr. 26.</td><td>91</td><td>2,195.0</td><td>1,318.4</td><td>1,248.4</td><td>69.9</td><td>1,308.9</td><td>16,403.3</td></tr><tr><td>Feb. 1.</td><td>May 3.</td><td>91</td><td>2,056.7</td><td>1,315.8</td><td>1,258.0</td><td>57.8</td><td>1,311.0</td><td>16,408.1</td></tr><tr><td>Feb. 8.</td><td>May 10.</td><td>91</td><td>2,027.9</td><td>1,310.2</td><td>1,252.7</td><td>57.5</td><td>1,314.3</td><td>16,404.0</td></tr><tr><td>Feb. 15.</td><td>May 17.</td><td>91</td><td>1,891.8</td><td>1,300.1</td><td>1,249.8</td><td>50.3</td><td>1,300.6</td><td>16,403.5</td></tr><tr><td>Feb. 23.</td><td>May 24.</td><td>90</td><td>1,888.0</td><td>1,308.7</td><td>1,242.7</td><td>66.0</td><td>1,313.5</td><td>16,398.7</td></tr><tr><td>Mar. 1.</td><td>May 31.</td><td>91</td><td>2,065.8</td><td>1,314.2</td><td>1,255.1</td><td>59.0</td><td>1,203.7</td><td>16,509.2</td></tr><tr><td>Mar. 8.</td><td>June 7.</td><td>91</td><td>2,436.4</td><td>1,310.2</td><td>1,249.6</td><td>60.5</td><td>1,204.9</td><td>16,614.5</td></tr><tr><td>Mar. 15.</td><td>June 14.</td><td>91</td><td>2,085.8</td><td>1,316.1</td><td>1,253.4</td><td>62.7</td><td>1,207.0</td><td>16,723.6</td></tr><tr><td>Mar. 22.</td><td>June 21.</td><td>91</td><td>2,075.2</td><td>1,302.5</td><td>1,233.9</td><td>68.6</td><td>1,217.2</td><td>16,808.9</td></tr><tr><td>Mar. 29.</td><td>June 28.</td><td>91</td><td>2,022.1</td><td>1,314.0</td><td>1,254.0</td><td>60.1</td><td>1,202.3</td><td>16,920.7</td></tr><tr><td>Apr. 5.</td><td>July 5.</td><td>91</td><td>1,842.8</td><td>1,317.1</td><td>1,271.1</td><td>46.0</td><td>1,204.9</td><td>17,032.8</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>1,243.2</td><td>60.3</td><td>1,303.0</td><td>17,033.7</td></tr><tr><td>Apr. 19.</td><td>July 19.</td><td>91</td><td>2,092.1</td><td>1,318.2</td><td>1,255.0</td><td>63.2</td><td>1,302.6</td><td>17,049.3</td></tr><tr><td>Apr. 26.</td><td>July 26.</td><td>91</td><td>2,109.3</td><td>1,310.3</td><td>1,254.2</td><td>56.0</td><td>1,318.4</td><td>17,041.2</td></tr><tr><td>May 3.</td><td>Aug. 2.</td><td>91</td><td>2,048.7</td><td>1,314.3</td><td>1,264.8</td><td>49.5</td><td>1,315.8</td><td>17,039.8</td></tr><tr><td>May 10.</td><td>Aug. 9.</td><td>91</td><td>2,012.9</td><td>1,307.4</td><td>1,252.9</td><td>54.5</td><td>1,310.2</td><td>17,037.0</td></tr><tr><td>May 17.</td><td>Aug. 16.</td><td>91</td><td>2,029.9</td><td>1,307.4</td><td>1,255.1</td><td>52.3</td><td>1,300.1</td><td>17,044.3</td></tr><tr><td>May 24.</td><td>Aug. 23.</td><td>91</td><td>2,067.9</td><td>1,313.1</td><td>1,262.1</td><td>51.0</td><td>1,308.7</td><td>17,048.7</td></tr><tr><td>May 31.</td><td>Aug. 30.</td><td>91</td><td>2,043.1</td><td>1,314.4</td><td>1,263.0</td><td>51.4</td><td>1,314.2</td><td>17,048.9</td></tr><tr><td>June 7.</td><td>Sept. 6.</td><td>91</td><td>2,071.4</td><td>1,302.3</td><td>1,251.7</td><td>50.6</td><td>1,310.2</td><td>17,041.1</td></tr><tr><td>June 14.</td><td>Sept. 13.</td><td>91</td><td>2,112.8</td><td>1,309.8</td><td>1,251.5</td><td>58.3</td><td>1,316.1</td><td>17,034.7</td></tr><tr><td>June 21.</td><td>Sept. 20.</td><td>91</td><td>2,243.0</td><td>1,305.3</td><td>1,246.5</td><td>58.9</td><td>1,302.5</td><td>17,037.5</td></tr><tr><td>June 28.</td><td>Sept. 27.</td><td>91</td><td>2,256.3</td><td>1,317.8</td><td>1,253.9</td><td>63.9</td><td>1,314.0</td><td>17,041.3</td></tr><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>2,233.0</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><tr><td>Aug. 2.</td><td>Nov. 1.</td><td>91</td><td>1,938.6</td><td>1,317.0</td><td>1,267.6</td><td>49.4</td><td>1,314.3</td><td>17,027.5</td></tr><tr><td>Aug. 9.</td><td>Nov. 8.</td><td>91</td><td>2,008.2</td><td>1,318.7</td><td>1,265.3</td><td>53.4</td><td>1,307.4</td><td>17,038.9</td></tr><tr><td>Aug. 16.</td><td>Nov. 15.</td><td>91</td><td>2,006.0</td><td>1,314.5</td><td>1,257.4</td><td>57.1</td><td>1,307.4</td><td>17,045.9</td></tr><tr><td>Aug. 23.</td><td>Nov. 23.</td><td>92</td><td>1,956.4</td><td>1,310.6</td><td>1,260.3</td><td>50.3</td><td>1,313.1</td><td>17,043.5</td></tr><tr><td>Aug. 30.</td><td>Nov. 29.</td><td>91</td><td>1,986.1</td><td>1,309.0</td><td>1,256.4</td><td>52.6</td><td>1,314.4</td><td>17,038.1</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issues and total bills outstanding are on Daily Treasury Statement basis.
Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Commencing with the offering of Treasury bills dated May 12, 1943.
tenders for bill 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.
October 1945
35
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1944-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>1945-Jan. 4</td><td>99.906</td><td>0.373</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 11</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 18</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 25</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 1</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 8</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 15</td><td>99.905</td><td>0.375</td><td>99.911</td><td>0.352</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 23</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr><tr><td>Mar. 1</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 8</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 15</td><td>99.905</td><td>0.375</td><td>99.910 3/</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 22</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 29</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 5</td><td>99.905</td><td>0.376</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 12</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 19</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 26</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><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 4/</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</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 2</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>Aug. 9</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>Aug. 16</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>Aug. 23</td><td>99.904</td><td>0.375</td><td>99.909</td><td>0.356</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 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></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.
36
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 1/</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Sales</th><th rowspan="2">Accrual of redemption values</th><th colspan="3">Maturities and redemptions</th></tr><tr><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr></table>
All series 3/
<table><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>4/</td><td>4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>*</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>687.5</td><td>4/</td><td>4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>4/</td><td>4/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>4/</td><td>4/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>1,492.4</td><td>....</td><td>65.0</td><td>148.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>5,994.1</td><td>....</td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1943</td><td>21,256.2</td><td>+11,068.0</td><td>11,788.7</td><td>11,788.7</td><td>....</td><td>127.6</td><td>848.3</td><td>841.3</td><td>7.0</td></tr><tr><td>1944</td><td>34,606.1</td><td>+13,350.0</td><td>15,497.7</td><td>15,139.5</td><td>358.1</td><td>223.2</td><td>2,370.9</td><td>2,357.8</td><td>13.1</td></tr><tr><td>1945</td><td>45,585.6</td><td>+10,979.4</td><td>14,890.8</td><td>14,467.1</td><td>423.7</td><td>387.0</td><td>4,298.4</td><td>5/</td><td>5/</td></tr><tr><td>1944-August</td><td>36,883.5</td><td>+345.7</td><td>602.4</td><td>600.0</td><td>2.4</td><td>21.9</td><td>278.7</td><td>276.9</td><td>1.8</td></tr><tr><td>September</td><td>37,323.3</td><td>+439.8</td><td>692.1</td><td>691.1</td><td>1.0</td><td>30.7</td><td>283.0</td><td>281.2</td><td>1.7</td></tr><tr><td>October</td><td>37,644.7</td><td>+321.4</td><td>695.0</td><td>694.4</td><td>.6</td><td>26.9</td><td>400.6</td><td>398.2</td><td>2.4</td></tr><tr><td>November</td><td>38,308.2</td><td>+663.6</td><td>1,023.4</td><td>999.7</td><td>23.7</td><td>22.6</td><td>382.4</td><td>380.0</td><td>2.4</td></tr><tr><td>December</td><td>40,360.8</td><td>+2,052.6</td><td>2,385.8</td><td>2,353.5</td><td>32.4</td><td>32.0</td><td>365.3</td><td>362.9</td><td>2.4</td></tr><tr><td>1945-January</td><td>41,140.3</td><td>+779.5</td><td>1,074.2</td><td>1,074.2</td><td>....</td><td>46.7</td><td>341.4</td><td>338.7</td><td>2.7</td></tr><tr><td>February</td><td>41,698.2</td><td>+557.9</td><td>848.0</td><td>848.0</td><td>....</td><td>33.0</td><td>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>463.8</td><td>455.6</td><td>8.0</td></tr><tr><td>April</td><td>42,625.6</td><td>+466.1</td><td>837.6</td><td>837.6</td><td>....</td><td>32.0</td><td>403.6</td><td>5/</td><td>5/</td></tr><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>1,850.5</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>August</td><td>46,714.8</td><td>+206.6</td><td>699.7</td><td>699.7</td><td>....</td><td>38.0</td><td>531.1</td><td>5/</td><td>5/</td></tr></table>
Series A-D 6/
<table><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</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>7.2</td><td>36.2</td><td>35.9</td><td>3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>1/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,668.1</td><td>+630.5</td><td>664.5</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>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>3,650.2</td><td>+745.5</td><td>828.0</td><td>828.0</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>-46.1</td><td>.8</td><td>.8</td><td>65.9</td><td>132.7</td><td>126.2</td><td>6.5</td></tr><tr><td>1943</td><td>3,608.0</td><td>+3.8</td><td>.1</td><td>.1</td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>1944</td><td>3,624.8</td><td>+16.8</td><td>.1</td><td>.1</td><td>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>103.3</td><td>142.8 1/</td><td>5/</td><td>5/</td></tr><tr><td>1944-August</td><td>3,634.2</td><td>+1.6</td><td>•</td><td>•</td><td>8.1</td><td>6.6</td><td>5.8</td><td>.7</td></tr><tr><td>September</td><td>3,636.2</td><td>+2.0</td><td>•</td><td>•</td><td>7.5</td><td>5.5</td><td>4.9</td><td>.6</td></tr><tr><td>October</td><td>3,637.2</td><td>+1.0</td><td>•</td><td>•</td><td>6.7</td><td>5.7</td><td>5.0</td><td>.7</td></tr><tr><td>November</td><td>3,636.3</td><td>-9</td><td>•</td><td>•</td><td>5.5</td><td>6.4</td><td>5.7</td><td>.7</td></tr><tr><td>December</td><td>3,638.0</td><td>+1.7</td><td>•</td><td>•</td><td>8.4</td><td>6.7</td><td>6.0</td><td>.7</td></tr><tr><td>1945-January</td><td>3,645.0</td><td>+7.0</td><td>•</td><td>•</td><td>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>8.3</td><td>6.0</td><td>5.3</td><td>.7</td></tr><tr><td>March</td><td>3,629.1</td><td>-18.2</td><td>•</td><td>•</td><td>7.7</td><td>25.9</td><td>20.3</td><td>5.6</td></tr><tr><td>April</td><td>3,613.6</td><td>-15.5</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>5.7</td><td>22.2</td><td>5/</td><td>5/</td></tr><tr><td>June</td><td>3,565.3</td><td>-11.9</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</td><td>-6.4</td><td>•</td><td>•</td><td>15.9</td><td>22.3</td><td>5/</td><td>5/</td></tr><tr><td>August</td><td>3,571.6 1/</td><td>-7.3</td><td>•</td><td>•</td><td>8.7</td><td>16.0 1/</td><td>5/</td><td>5/</td></tr></table>
Series B 3/8
<table><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>1.5</td><td>60.0</td><td>60.0</td><td>*</td></tr><tr><td>1943</td><td>11,286.6</td><td>+7,615.8</td><td>8,271.3</td><td>8,271.3</td><td>33.1</td><td>688.6</td><td>688.0</td><td>1.6</td></tr><tr><td>1944</td><td>21,124.8</td><td>+9,838.2</td><td>11,819.7</td><td>11,819.7</td><td>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>204.8</td><td>3,845.9 1/</td><td>3,825.2</td><td>20.7</td></tr><tr><td>1944-August</td><td>22,898.9</td><td>+266.6</td><td>499.4</td><td>499.4</td><td>13.0</td><td>245.7</td><td>244.7</td><td>1.0</td></tr><tr><td>September</td><td>23,256.9</td><td>+357.9</td><td>590.8</td><td>590.8</td><td>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>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>15.8</td><td>353.6</td><td>351.9</td><td>1.6</td></tr><tr><td>December</td><td>25,514.5</td><td>+1,543.8</td><td>1,855.3</td><td>1,855.3</td><td>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>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>+386.1</td><td>653.2</td><td>653.2</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>26.5</td><td>406.4</td><td>404.1r</td><td>2.1r</td></tr><tr><td>April</td><td>27,109.3</td><td>+349.1</td><td>684.4</td><td>684.4</td><td>23.4</td><td>358.7</td><td>356.4</td><td>2.3</td></tr><tr><td>May</td><td>27,948.5</td><td>+839.2</td><td>1,194.7</td><td>1,194.7</td><td>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>32.8</td><td>351.9</td><td>349.3</td><td>2.5</td></tr><tr><td>July</td><td>29,790.9</td><td>+693.8</td><td>1,031.8</td><td>1,031.8</td><td>37.4</td><td>375.4</td><td>372.6</td><td>2.8</td></tr><tr><td>August</td><td>29,904.8 1/</td><td>+113.8</td><td>571.3</td><td>571.3</td><td>27.6</td><td>485.0 1/</td><td>481.3</td><td>3.7</td></tr></table>
(Continued on following page)
October 1945
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 1/</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Sales</th><th rowspan="2">Accrual of redemption values</th><th colspan="3">Maturities and redemptions</th></tr><tr><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">Series F 3/ 9/</td></tr><tr><td>1942</td><td>498.9</td><td>+432.3</td><td>434.9</td><td>434.9</td><td>...</td><td>.2</td><td>2.9</td><td>2.9</td><td>.</td></tr><tr><td>1943</td><td>1,242.3</td><td>+743.4</td><td>757.9</td><td>757.9</td><td>...</td><td>2.5</td><td>17.0</td><td>17.0</td><td>.</td></tr><tr><td>1944</td><td>1,995.7</td><td>+753.4</td><td>802.2</td><td>691.2</td><td>111.0</td><td>8.8</td><td>57.7</td><td>57.4</td><td>.3</td></tr><tr><td>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-August</td><td>2,102.3</td><td>+11.0</td><td>17.8</td><td>17.0</td><td>.8</td><td>.9</td><td>7.6</td><td>7.6</td><td>.1</td></tr><tr><td>September</td><td>2,113.3</td><td>+11.0</td><td>16.0</td><td>15.8</td><td>.1</td><td>1.4</td><td>6.3</td><td>6.3</td><td>.</td></tr><tr><td>October</td><td>2,121.5</td><td>+8.2</td><td>13.7</td><td>13.5</td><td>.1</td><td>1.4</td><td>6.8</td><td>6.7</td><td>.1</td></tr><tr><td>November</td><td>2,158.5</td><td>+37.1</td><td>42.7</td><td>34.4</td><td>8.3</td><td>1.3</td><td>6.9</td><td>6.9</td><td>.1</td></tr><tr><td>December</td><td>2,277.6</td><td>+119.1</td><td>124.7</td><td>114.1</td><td>10.6</td><td>1.4</td><td>7.0</td><td>6.9</td><td>.1</td></tr><tr><td>1945-January</td><td>2,314.6</td><td>+37.0</td><td>42.0</td><td>42.0</td><td>...</td><td>2.4</td><td>7.4</td><td>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>...</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>+19.2</td><td>26.5</td><td>26.5</td><td>...</td><td>1.8</td><td>9.1</td><td>9.0</td><td>.1</td></tr><tr><td>April</td><td>2,376.3</td><td>+19.1</td><td>23.1</td><td>23.1</td><td>...</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>...</td><td>1.7</td><td>7.7</td><td>5/</td><td>5/</td></tr><tr><td>June</td><td>2,604.4</td><td>+171.2</td><td>178.0</td><td>74.5</td><td>103.5</td><td>2.1</td><td>8.9</td><td>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>August</td><td>2,661.7</td><td>+15.1</td><td>21.6</td><td>21.6</td><td>...</td><td>1.7</td><td>8.2</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series Q 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>...</td><td>...</td><td>11.8</td><td>11.8</td><td>...</td></tr><tr><td>1943</td><td>5,119.2</td><td>+2,704.9</td><td>2,759.5</td><td>2,759.5</td><td>...</td><td>...</td><td>54.5</td><td>54.5</td><td>...</td></tr><tr><td>1944</td><td>7,850.8</td><td>+2,741.6</td><td>2,875.6</td><td>2,628.5</td><td>247.1</td><td>...</td><td>134.0</td><td>134.0</td><td>...</td></tr><tr><td>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>...</td><td>220.4</td><td>220.4</td><td>...</td></tr><tr><td>1944-August</td><td>8,248.1</td><td>+66.5</td><td>85.3</td><td>83.7</td><td>1.6</td><td>...</td><td>18.8</td><td>18.8</td><td>...</td></tr><tr><td>September</td><td>8,317.0</td><td>+68.9</td><td>85.3</td><td>84.5</td><td>.8</td><td>...</td><td>16.4</td><td>16.4</td><td>...</td></tr><tr><td>October</td><td>8,384.2</td><td>+67.3</td><td>82.8</td><td>82.4</td><td>.4</td><td>...</td><td>15.5</td><td>15.5</td><td>...</td></tr><tr><td>November</td><td>8,542.6</td><td>+158.3</td><td>173.9</td><td>158.5</td><td>15.4</td><td>...</td><td>15.5</td><td>15.5</td><td>...</td></tr><tr><td>December</td><td>8,930.6</td><td>+388.0</td><td>405.9</td><td>384.1</td><td>21.8</td><td>...</td><td>17.9</td><td>17.9</td><td>...</td></tr><tr><td>1945-January</td><td>9,138.8</td><td>+208.2</td><td>228.3</td><td>228.3</td><td>...</td><td>...</td><td>20.1</td><td>20.1</td><td>...</td></tr><tr><td>February</td><td>9,284.9</td><td>+146.1</td><td>164.1</td><td>164.1</td><td>...</td><td>...</td><td>18.0</td><td>18.0</td><td>...</td></tr><tr><td>March</td><td>9,412.9</td><td>+128.0</td><td>150.5</td><td>150.5</td><td>...</td><td>...</td><td>22.4</td><td>22.4</td><td>...</td></tr><tr><td>April</td><td>9,526.4</td><td>+113.5</td><td>130.1</td><td>130.1</td><td>...</td><td>...</td><td>16.6</td><td>16.6</td><td>...</td></tr><tr><td>May</td><td>9,788.2</td><td>+261.8</td><td>282.4</td><td>282.4</td><td>...</td><td>...</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>...</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>...</td><td>22.2</td><td>22.2</td><td>...</td></tr><tr><td>August</td><td>10,576.7</td><td>+84.9</td><td>106.8</td><td>106.8</td><td>...</td><td>...</td><td>21.9</td><td>21.9</td><td>...</td></tr></table>
Source:
Daily Treasury Statements.
1. Less than $50,000.
2. At current redemption values except Series G, which is stated at par.
3. Estimated, except for Series G.
4. For details concerning investment yields and redemption values, see "Treasury Bulletin" for May 1945, page 4-4.
5. Commercial bank purchases were permitted prior to April 1, 1940, and are estimated to have aggregated about $300 million.
6. Not yet available.
7. Series A-D, sold between March 1935 and April 1941, are 10 year discount bonds sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases were limited to $7,500 issue price in any calendar year and from April 1, 1940, could be made only by individuals. Series A bonds began to mature in March 1945. For information on the approximate monthly distribution of maturities during 1945 see "Treasury Bulletin" for March 1945, page 4-2. The small amounts of matured bonds which have not been redeemed remain in the amount outstanding.
8. There were $130,5 million of Series A-D and B savings bonds redeemed through August 31, 1945 which had not been identified by series. For purposes of this table, it has been assumed that all of these were Series B bonds.
9. Series F, on sale since May 1, 1941, is a 10 year discount bond
sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any calendar year and may be made only by individuals. Series F and O have been on sale since May 1, 1941. Series F is a 12 year discount bond sold at 74% of maturity value, yielding 2.5% per annum if held to maturity. Series O is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/2% per annum, redeemable at par on maturity or at stated prices less than par before maturity. Purchases of Series F and O combined in any one calendar year are limited to $100,000 issue price ($50,000 in calendar year 1941). Commercial banks were permitted to purchase Series F and O bonds during the calendar year 1944 under certain conditions ("Treasury Bulletin" for December 1944, page 36, footnote 9); and from June 18 through June 30, 1945 they were again 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 O bonds, 1-1/2% Treasury bonds due 12/15/50, and 7/8% certificates of indebtedness due 6/1/46 may not exceed 10% of the combined amount of time certificates of deposit of individuals and non-profit corporations or associations and of savings deposits, or $500,000, whichever may be less.
Treasury Bulletin
38
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/</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="17">Series I</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>1,713.8</td><td>1,007.3</td><td>1,481.0</td><td>....</td><td>....</td><td>100.0</td><td>....</td><td>36.1</td><td>13.1</td><td>20.7</td><td>12.2</td><td>17.9</td><td>....</td><td>....</td></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>1944-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>590.8</td><td>1.1</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>84.5</td><td>124.3</td><td>....</td><td>....</td><td>100.0</td><td>.6</td><td>37.3</td><td>15.7</td><td>20.5</td><td>10.5</td><td>15.4</td><td>....</td><td>....</td></tr><tr><td>December</td><td>1,855.3</td><td>6.1</td><td>467.7</td><td>233.4</td><td>457.6</td><td>288.3</td><td>402.3</td><td>....</td><td>....</td><td>100.0</td><td>.3</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>18.1</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><tr><td>August</td><td>571.3</td><td>8.3</td><td>233.6</td><td>95.2</td><td>103.8</td><td>47.4</td><td>82.0</td><td>....</td><td>....</td><td>100.0</td><td>1.4</td><td>40.9</td><td>16.8</td><td>18.2</td><td>8.3</td><td>14.4</td><td>....</td><td>....</td></tr></table>
Series 7
<table><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>3.3</td><td>5.4</td><td>27.7</td><td>22.4</td><td>40.7</td></tr><tr><td>1944</td><td>802.2</td><td>5.6</td><td>24.9</td><td>40.9</td><td>213.3</td><td>162.7</td><td>354.8</td><td>100.0</td><td>.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 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>100.0</td><td>1.4</td><td>4.8</td><td>7.5</td><td>32.4</td><td>21.0</td><td>32.9</td></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>16.5</td><td>55.2</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><tr><td>August</td><td>21.6</td><td>.2</td><td>.7</td><td>1.0</td><td>5.7</td><td>4.3</td><td>9.8</td><td>100.0</td><td>.8</td><td>3.0</td><td>4.5</td><td>26.5</td><td>19.7</td><td>45.5</td></tr></table>
Series G
<table><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>883.8</td><td>100.0</td><td></td><td>2.5</td><td>5.6</td><td>28.4</td><td>30.0</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>41.9</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-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>14.3</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>36.1</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><tr><td>August</td><td>106.8</td><td></td><td>3.4</td><td>9.9</td><td>42.9</td><td>21.6</td><td>29.0</td><td>100.0</td><td></td><td>3.2</td><td>9.3</td><td>40.2</td><td>20.2</td><td>27.1</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.
October 1945
39
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART A - SERIES E
(In thousands of dollars at issue prices)
<table><tr><th rowspan="2">State</th><th colspan="2">Fiscal year</th><th colspan="5">1944</th><th colspan="8">1945</th></tr><tr><th>1944</th><th>1945</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><th>Aug.</th></tr><tr><td>Alabama</td><td>139,180</td><td>152,122</td><td>5,053</td><td>6,731</td><td>7,272</td><td>7,613</td><td>25,325</td><td>13,175</td><td>7,935</td><td>8,211</td><td>10,772</td><td>17,239</td><td>17,238</td><td>16,474</td><td>7,821</td></tr><tr><td>Arizona</td><td>42,252</td><td>43,923</td><td>1,412</td><td>1,829</td><td>2,024</td><td>2,346</td><td>7,087</td><td>3,531</td><td>2,540</td><td>2,480</td><td>2,615</td><td>4,374</td><td>5,921</td><td>4,483</td><td>2,045</td></tr><tr><td>Arkansas</td><td>74,176</td><td>76,368</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><td>3,555</td></tr><tr><td>California</td><td>970,414</td><td>972,302</td><td>41,304</td><td>56,447</td><td>51,600</td><td>53,796</td><td>153,460</td><td>77,636</td><td>55,364</td><td>61,994</td><td>53,636</td><td>78,054</td><td>125,414</td><td>100,749</td><td>47,030</td></tr><tr><td>Colorado</td><td>90,226</td><td>82,611</td><td>2,803</td><td>3,725</td><td>3,033</td><td>5,303</td><td>14,477</td><td>5,758</td><td>3,957</td><td>4,511</td><td>4,873</td><td>9,024</td><td>11,527</td><td>8,612</td><td>5,423</td></tr><tr><td>Connecticut</td><td>220,926</td><td>211,932</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>17,646</td><td>24,659</td><td>20,169</td><td>11,586</td></tr><tr><td>Delaware</td><td>27,609</td><td>26,663</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><td>1,658</td></tr><tr><td>Dist. of Columbia</td><td>135,069</td><td>139,531</td><td>4,426</td><td>8,648</td><td>7,706</td><td>7,939</td><td>22,961</td><td>11,496</td><td>6,669</td><td>8,795</td><td>8,153</td><td>12,377</td><td>17,092</td><td>15,085</td><td>8,388</td></tr><tr><td>Florida</td><td>142,682</td><td>154,645</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><td>7,894</td></tr><tr><td>Georgia</td><td>145,933</td><td>156,821</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><td>8,289</td></tr><tr><td>Idaho</td><td>40,230</td><td>37,439</td><td>956</td><td>1,292</td><td>1,620</td><td>2,319</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>5,652</td><td>3,453</td><td>1,215</td></tr><tr><td>Illinois</td><td>755,362</td><td>842,247</td><td>36,009</td><td>45,181</td><td>43,959</td><td>50,568</td><td>118,436</td><td>67,824</td><td>51,074</td><td>51,143</td><td>51,997</td><td>79,152</td><td>106,406</td><td>79,403</td><td>45,962</td></tr><tr><td>Indiana</td><td>313,594</td><td>323,206</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>38,632</td><td>28,439</td><td>18,211</td></tr><tr><td>Iowa</td><td>263,445</td><td>248,440</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>22,438</td><td>8,561</td></tr><tr><td>Kansas</td><td>163,077</td><td>163,285</td><td>6,580</td><td>6,435</td><td>5,406</td><td>10,727</td><td>28,277</td><td>11,727</td><td>9,167</td><td>11,638</td><td>7,213</td><td>18,143</td><td>23,487</td><td>13,815</td><td>8,463</td></tr><tr><td>Kentucky</td><td>127,956</td><td>122,288</td><td>4,302</td><td>5,657</td><td>6,873</td><td>6,397</td><td>17,344</td><td>9,803</td><td>7,081</td><td>9,720</td><td>6,455</td><td>11,215</td><td>17,272</td><td>13,443</td><td>5,709</td></tr><tr><td>Louisiana</td><td>141,106</td><td>135,933</td><td>5,744</td><td>7,029</td><td>8,337</td><td>8,084</td><td>20,544</td><td>11,120</td><td>8,085</td><td>8,437</td><td>7,291</td><td>11,240</td><td>13,452</td><td>9,800</td><td>6,536</td></tr><tr><td>Maine</td><td>54,594</td><td>51,791</td><td>1,940</td><td>2,535</td><td>2,660</td><td>2,559</td><td>9,041</td><td>3,955</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><td>2,390</td></tr><tr><td>Maryland</td><td>152,566</td><td>156,421</td><td>6,969</td><td>9,202</td><td>8,785</td><td>9,272</td><td>23,428</td><td>13,012</td><td>9,630</td><td>10,019</td><td>9,055</td><td>14,917</td><td>18,138</td><td>14,553</td><td>8,886</td></tr><tr><td>Massachusetts</td><td>390,986</td><td>373,076</td><td>13,802</td><td>21,153</td><td>20,815</td><td>22,006</td><td>53,994</td><td>32,585</td><td>20,936</td><td>23,883</td><td>25,370</td><td>29,552</td><td>45,310</td><td>37,745</td><td>18,882</td></tr><tr><td>Michigan</td><td>688,159</td><td>627,872</td><td>23,516</td><td>44,442</td><td>35,817</td><td>37,811</td><td>97,629</td><td>45,602</td><td>38,420</td><td>37,334</td><td>37,125</td><td>64,094</td><td>71,034</td><td>51,053</td><td>34,721</td></tr><tr><td>Minnesota</td><td>249,962</td><td>229,473</td><td>8,220</td><td>9,431</td><td>10,744</td><td>14,564</td><td>42,422</td><td>15,000</td><td>9,896</td><td>11,147</td><td>12,173</td><td>22,751</td><td>35,553</td><td>19,831</td><td>10,201</td></tr><tr><td>Mississippi</td><td>82,588</td><td>86,994</td><td>1,850</td><td>2,296</td><td>4,068</td><td>4,937</td><td>17,664</td><td>4,542</td><td>3,893</td><td>3,548</td><td>3,959</td><td>14,975</td><td>10,447</td><td>7,388</td><td>2,768</td></tr><tr><td>Missouri</td><td>283,681</td><td>273,054</td><td>10,919</td><td>12,696</td><td>14,214</td><td>17,747</td><td>44,314</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><td>13,771</td></tr><tr><td>Montana</td><td>55,830</td><td>52,244</td><td>1,290</td><td>1,856</td><td>2,089</td><td>6,280</td><td>8,680</td><td>3,073</td><td>2,124</td><td>2,283</td><td>3,298</td><td>6,360</td><td>7,927</td><td>3,194</td><td>1,922</td></tr><tr><td>Nebraska</td><td>128,079</td><td>127,113</td><td>3,641</td><td>4,418</td><td>3,655</td><td>7,112</td><td>23,889</td><td>8,985</td><td>5,566</td><td>6,713</td><td>7,010</td><td>14,395</td><td>20,484</td><td>12,803</td><td>5,569</td></tr><tr><td>Nevada</td><td>13,468</td><td>13,909</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><td>753</td></tr><tr><td>New Hampshire</td><td>32,722</td><td>31,836</td><td>1,074</td><td>1,812</td><td>1,569</td><td>1,483</td><td>5,117</td><td>2,827</td><td>1,478</td><td>1,932</td><td>1,965</td><td>2,214</td><td>3,836</td><td>3,706</td><td>1,533</td></tr><tr><td>New Jersey</td><td>415,338</td><td>421,416</td><td>21,046</td><td>22,744</td><td>24,465</td><td>24,967</td><td>61,801</td><td>36,712</td><td>23,703</td><td>27,755</td><td>23,443</td><td>38,109</td><td>49,078</td><td>41,442</td><td>23,127</td></tr><tr><td>New Mexico</td><td>27,990</td><td>28,570</td><td>1,094</td><td>1,075</td><td>1,424</td><td>2,055</td><td>4,734</td><td>1,685</td><td>1,809</td><td>1,761</td><td>1,609</td><td>3,088</td><td>3,588</td><td>2,905</td><td>1,455</td></tr><tr><td>New York</td><td>1,290,035</td><td>1,365,461</td><td>58,011</td><td>70,067</td><td>71,342</td><td>70,043</td><td>213,168</td><td>129,977</td><td>78,972</td><td>83,077</td><td>75,755</td><td>139,383</td><td>161,305</td><td>150,744</td><td>68,497</td></tr><tr><td>North Carolina</td><td>149,443</td><td>153,408</td><td>4,697</td><td>7,195</td><td>7,880</td><td>7,815</td><td>27,985</td><td>13,650</td><td>9,009</td><td>9,360</td><td>8,416</td><td>13,011</td><td>19,357</td><td>15,624</td><td>7,126</td></tr><tr><td>North Dakota</td><td>58,224</td><td>57,135</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>9,810</td><td>5,080</td><td>1,574</td></tr><tr><td>Ohio</td><td>714,177</td><td>709,942</td><td>35,040</td><td>37,327</td><td>42,132</td><td>44,286</td><td>107,388</td><td>55,767</td><td>40,703</td><td>46,252</td><td>42,191</td><td>66,764</td><td>85,748</td><td>70,233</td><td>39,274</td></tr><tr><td>Oklahoma</td><td>135,264</td><td>138,827</td><td>4,547</td><td>5,906</td><td>4,833</td><td>9,536</td><td>23,984</td><td>13,060</td><td>7,066</td><td>7,475</td><td>6,810</td><td>12,957</td><td>20,363</td><td>15,424</td><td>6,335</td></tr><tr><td>Oregon</td><td>159,752</td><td>157,205</td><td>5,937</td><td>7,379</td><td>7,106</td><td>8,486</td><td>27,853</td><td>10,647</td><td>7,683</td><td>7,514</td><td>7,769</td><td>15,488</td><td>23,836</td><td>15,658</td><td>6,507</td></tr><tr><td>Pennsylvania</td><td>857,400</td><td>852,745</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>102,456</td><td>85,444</td><td>47,665</td></tr><tr><td>Rhode Island</td><td>60,858</td><td>63,079</td><td>2,417</td><td>3,723</td><td>3,240</td><td>3,125</td><td>9,175</td><td>5,729</td><td>3,681</td><td>4,487</td><td>4,051</td><td>4,992</td><td>8,172</td><td>6,961</td><td>2,703</td></tr><tr><td>South Carolina</td><td>76,058</td><td>80,050</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>9,602</td><td>8,229</td><td>3,959</td></tr><tr><td>South Dakota</td><td>53,813</td><td>48,594</td><td>1,182</td><td>1,495</td><td>1,739</td><td>3,052</td><td>10,655</td><td>2,519</td><td>1,640</td><td>1,777</td><td>2,456</td><td>5,755</td><td>8,100</td><td>5,011</td><td>1,629</td></tr><tr><td>Tennessee</td><td>147,296</td><td>147,295</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>15,861</td><td>8,985</td></tr><tr><td>Texas</td><td>494,995</td><td>476,879</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><td>22,475</td></tr><tr><td>Utah</td><td>56,357</td><td>54,374</td><td>1,590</td><td>2,476</td><td>2,471</td><td>3,325</td><td>9,222</td><td>3,180</td><td>2,715</td><td>2,956</td><td>2,758</td><td>5,571</td><td>9,050</td><td>5,186</td><td>2,439</td></tr><tr><td>Vermont</td><td>18,819</td><td>17,901</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><td>914</td></tr><tr><td>Virginia</td><td>189,563</td><td>203,197</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><td>9,973</td></tr><tr><td>Washington</td><td>257,789</td><td>247,058</td><td>10,453</td><td>15,994</td><td>12,745</td><td>17,191</td><td>40,003</td><td>20,166</td><td>14,760</td><td>14,225</td><td>12,450</td><td>20,865</td><td>29,333</td><td>26,083</td><td>11,345</td></tr><tr><td>West Virginia</td><td>92,197</td><td>96,302</td><td>4,016</td><td>4,790</td><td>6,201</td><td>5,496</td><td>14,289</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>10,625</td><td>6,164</td></tr><tr><td>Wisconsin</td><td>248,280</td><td>262,350</td><td>9,915</td><td>12,970</td><td>13,430</td><td>15,711</td><td>42,28
(Continued on following page)
Treasury Bulletin
+U
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 8 - SERIES F AND G COMBINED
(in thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Picoal year</th><th colspan="5">1944</th><th colspan="8">1945</th></tr><tr><th></th><th>1944</th><th>1945</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><th>Aug.</th></tr><tr><td>Alabama</td><td>30,156</td><td>24,501</td><td>645</td><td>784</td><td>767</td><td>1,066</td><td>3,156</td><td>3,991</td><td>1,754</td><td>1,332</td><td>1,443</td><td>2,881</td><td>2,673</td><td>2,105</td><td>1,200</td></tr><tr><td>Arizona</td><td>9,450</td><td>8,368</td><td>228</td><td>254</td><td>131</td><td>454</td><td>1,024</td><td>1,181</td><td>378</td><td>319</td><td>246</td><td>1,112</td><td>1,647</td><td>597</td><td>296</td></tr><tr><td>Arkansas</td><td>17,831</td><td>14,651</td><td>332</td><td>538</td><td>472</td><td>1,521</td><td>896</td><td>2,685</td><td>654</td><td>685</td><td>633</td><td>2,232</td><td>2,282</td><td>813</td><td>481</td></tr><tr><td>California</td><td>258,108</td><td>218,153</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>11,735</td><td>13,678</td><td>9,691</td><td>23,225</td><td>29,362</td><td>22,126</td><td>11,357</td></tr><tr><td>Colorado</td><td>30,678</td><td>24,726</td><td>632</td><td>674</td><td>822</td><td>1,447</td><td>2,750</td><td>3,670</td><td>1,103</td><td>973</td><td>1,606</td><td>3,613</td><td>3,387</td><td>1,539</td><td>1,488</td></tr><tr><td>Connecticut</td><td>64,437</td><td>55,553</td><td>1,576</td><td>2,106</td><td>1,914</td><td>4,151</td><td>3,273</td><td>11,154</td><td>5,033</td><td>4,863</td><td>2,795</td><td>5,449</td><td>6,993</td><td>4,976</td><td>2,817</td></tr><tr><td>Delaware</td><td>10,306</td><td>12,188</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>1,492</td><td>1,256</td><td>404</td></tr><tr><td>Dist. of Columbia</td><td>29,761</td><td>24,834</td><td>794</td><td>933</td><td>789</td><td>2,198</td><td>2,002</td><td>3,797</td><td>1,421</td><td>1,409</td><td>1,109</td><td>3,488</td><td>3,377</td><td>1,712</td><td>1,319</td></tr><tr><td>Florida</td><td>40,496</td><td>37,718</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><td>1,895</td></tr><tr><td>Georgia</td><td>41,958</td><td>32,396</td><td>1,246</td><td>1,211</td><td>1,126</td><td>2,905</td><td>2,446</td><td>6,037</td><td>1,953</td><td>1,859</td><td>1,741</td><td>3,712</td><td>4,012</td><td>2,729</td><td>1,628</td></tr><tr><td>Idaho</td><td>7,630</td><td>6,656</td><td>180</td><td>226</td><td>235</td><td>637</td><td>693</td><td>1,101</td><td>349</td><td>265</td><td>198</td><td>839</td><td>997</td><td>410</td><td>206</td></tr><tr><td>Illinois</td><td>236,291</td><td>235,849</td><td>9,156</td><td>7,484</td><td>8,221</td><td>15,772</td><td>21,562</td><td>38,671</td><td>15,422</td><td>17,094</td><td>15,186</td><td>26,901</td><td>32,736</td><td>15,710</td><td>12,705</td></tr><tr><td>Indiana</td><td>82,311</td><td>75,099</td><td>2,932</td><td>2,259</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><td>3,465</td></tr><tr><td>Iowa</td><td>106,397</td><td>77,659</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><td>3,433</td></tr><tr><td>Kansas</td><td>44,903</td><td>42,994</td><td>1,473</td><td>1,435</td><td>897</td><td>2,844</td><td>5,762</td><td>5,564</td><td>3,077</td><td>2,988</td><td>1,740</td><td>6,088</td><td>6,338</td><td>1,897</td><td>2,161</td></tr><tr><td>Kentucky</td><td>47,442</td><td>38,586</td><td>1,350</td><td>1,406</td><td>1,123</td><td>3,459</td><td>2,905</td><td>6,411</td><td>2,515</td><td>1,709</td><td>2,894</td><td>4,970</td><td>5,673</td><td>2,219</td><td>1,046</td></tr><tr><td>Louisiana</td><td>38,952</td><td>32,271</td><td>1,286</td><td>1,150</td><td>1,098</td><td>2,341</td><td>3,381</td><td>5,959</td><td>2,448</td><td>1,447</td><td>1,163</td><td>3,910</td><td>3,952</td><td>3,303</td><td>1,133</td></tr><tr><td>Maine</td><td>20,591</td><td>19,707</td><td>393</td><td>462</td><td>547</td><td>1,173</td><td>1,827</td><td>3,806</td><td>1,902</td><td>984</td><td>1,333</td><td>2,223</td><td>2,440</td><td>2,880</td><td>672</td></tr><tr><td>Maryland</td><td>52,493</td><td>44,175</td><td>1,906</td><td>1,707</td><td>1,485</td><td>3,460</td><td>3,140</td><td>6,886</td><td>2,799</td><td>2,978</td><td>2,982</td><td>4,811</td><td>6,262</td><td>3,272</td><td>2,522</td></tr><tr><td>Massachusetts</td><td>147,625</td><td>139,269</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>12,046</td><td>6,698</td></tr><tr><td>Michigan</td><td>104,768</td><td>93,732</td><td>2,732</td><td>3,776</td><td>3,094</td><td>5,957</td><td>9,439</td><td>15,328</td><td>5,289</td><td>5,119</td><td>4,626</td><td>12,085</td><td>14,163</td><td>9,369</td><td>5,169</td></tr><tr><td>Minnesota</td><td>69,836</td><td>58,715</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><td>2,423</td></tr><tr><td>Mississippi</td><td>22,296</td><td>16,900</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>1,665</td><td>841</td><td>656</td></tr><tr><td>Missouri</td><td>91,689</td><td>79,442</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><td>3,904</td></tr><tr><td>Montana</td><td>13,550</td><td>11,377</td><td>277</td><td>356</td><td>397</td><td>1,460</td><td>1,140</td><td>1,658</td><td>441</td><td>508</td><td>640</td><td>1,587</td><td>1,590</td><td>878</td><td>343</td></tr><tr><td>Nebraska</td><td>39,339</td><td>35,329</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><td>1,596</td></tr><tr><td>Nevada</td><td>3,630</td><td>3,202</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><td>84</td></tr><tr><td>New Hampshire</td><td>14,563</td><td>13,593</td><td>613</td><td>458</td><td>509</td><td>868</td><td>632</td><td>2,562</td><td>1,610</td><td>1,003</td><td>643</td><td>1,155</td><td>1,744</td><td>1,157</td><td>623</td></tr><tr><td>New Jersey</td><td>106,839</td><td>91,275</td><td>3,158</td><td>3,086</td><td>3,344</td><td>6,758</td><td>11,959</td><td>12,676</td><td>4,908</td><td>4,621</td><td>4,733</td><td>10,100</td><td>12,462</td><td>7,030</td><td>4,392</td></tr><tr><td>New Mexico</td><td>6,503</td><td>4,906</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><td>188</td></tr><tr><td>New York</td><td>472,310</td><td>426,182</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>26,158</td><td>19,907</td><td>51,957</td><td>53,405</td><td>32,896</td><td>23,827</td></tr><tr><td>North Carolina</td><td>42,263</td><td>37,052</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><td>1,840</td></tr><tr><td>North Dakota</td><td>24,978</td><td>13,762</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>1,322</td><td>483</td></tr><tr><td>Ohio</td><td>194,155</td><td>166,210</td><td>7,430</td><td>5,710</td><td>4,669</td><td>11,885</td><td>14,905</td><td>29,606</td><td>11,119</td><td>8,923</td><td>8,211</td><td>20,120</td><td>21,739</td><td>16,591</td><td>7,142</td></tr><tr><td>Oklahoma</td><td>26,042</td><td>21,311</td><td>680</td><td>789</td><td>499</td><td>1,449</td><td>2,287</td><td>3,971</td><td>1,369</td><td>1,090</td><td>702</td><td>2,067</td><td>2,999</td><td>1,834</td><td>951</td></tr><tr><td>Oregon</td><td>29,326</td><td>24,598</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><td>939</td></tr><tr><td>Pennsylvania</td><td>251,120</td><td>222,925</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><td>10,381</td></tr><tr><td>Rhode Island</td><td>20,628</td><td>17,440</td><td>771</td><td>619</td><td>665</td><td>1,345</td><td>1,155</td><td>2,959</td><td>1,486</td><td>1,276</td><td>919</td><td>1,952</td><td>2,113</td><td>2,503</td><td>1,347</td></tr><tr><td>South Carolina</td><td>21,988</td><td>17,422</td><td>580</td><td>632</td><td>501</td><td>1,570</td><td>830</td><td>3,436</td><td>1,435</td><td>1,085</td><td>970</td><td>2,063</td><td>1,822</td><td>1,000</td><td>1,004</td></tr><tr><td>South Dakota</td><td>13,222</td><td>9,947</td><td>255</td><td>331</td><td>301</td><td>836</td><td>1,250</td><td>1,481</td><td>418</td><td>380</td><td>578</td><td>1,044</td><td>1,408</td><td>747</td><td>486</td></tr><tr><td>Tennessee</td><td>39,186</td><td>32,131</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>1,404</td><td>3,540</td><td>4,254</td><td>2,204</td><td>1,963</td></tr><tr><td>Texas</td><td>117,537</td><td>86,632</td><td>2,831</td><td>2,793</td><td>2,469</td><td>7,886</td><td>10,194</td><td>13,921</td><td>4,292</td><td>3,489</td><td>3,856</td><td>11,268</td><td>12,849</td><td>5,765</td><td>3,406</td></tr><tr><td>Utah</td><td>8,393</td><td>6,505</td><td>191</td><td>213</td><td>276</td><td>679</td><td>425</td><td>1,145</td><td>510</td><td>155</td><td>223</td><td>1,199</td><td>825</td><td>364</td><td>171</td></tr><tr><td>Vermont</td><td>8,026</td><td>7,600</td><td>241</td><td>231</td><td>381</td><td>426</td><td>674</td><td>1,526</td><td>555</td><td>421</td><td>316</td><td>802</td><td>954</td><td>925</td><td>268</td></tr><tr><td>Virginia</td><td>51,399</td><td>42,701</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><td>3,648</td></tr><tr><td>Washington</td><td>56,253</td><td>46,955</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><td>1,649</td></tr><tr><td>West Virginia</td><td>19,552</td><td>15,213</td><td>405</td><td>658</td><td>654</td><td>1,435</td><td>1,418</td><td>2,801</td><td>825</td><td>655</td><td>649</td><td>1,739</td><td>1,911</td><td>1,386</td><td>683</td></tr><tr><td>Wisconsin</td><td>93,192</td><td>87,726</td><td>2,911</td><td>3,108</td><td>2,474</td><td>6,103</td><td>9,231</td><td>14,094</td><td>5,025</td><td>4,559</td><td>5,169</td><td>9,788</td><td>13,616</td><td>5,851</td><td>3,872</td></tr><tr><td>Wyoming</td><td>6,032</td><td>5,380</td><td>170</td><td>174</td><td>77</td><td>153</td><td>727</td><td>1,063</td><td>136</td><td>197</td><td>185</td><td>426</td><td>866</td><td>348</td><td>253</td></tr><tr><td>Alaska</td><td>1,316</td><td>1,209</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><td>10</td></tr><tr><td>Canal Zone</td><td>1,825</td><td>1,038</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>382</td><td>25</td></tr><tr><td>Hawaii</td><td>10,522</td><td>9,800</td><td>259</td><td>344</td><td>400</td><td>742</td><td>1,544</td><td>946</td><td>564</td><td>675</td><td>613</td><td>1,
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reports of gross sales.
Preliminary. Loss than $500.
October 1945
41
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Maturities and Redemptions of Series A-D and E Combined, Classified by States
(In thousands of dollars at current redemption values)
<table><tr><th>State</th><th colspan="3">1944</th><th colspan="8">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><th>August 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><td>8,568</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><td>2,195</td></tr><tr><td>Arkansas</td><td>2,662</td><td>2,478</td><td>2,352</td><td>2,298</td><td>2,108</td><td>2,632</td><td>2,532</td><td>2,654</td><td>2,555</td><td>2,742</td><td>4,345</td></tr><tr><td>California</td><td>35,263</td><td>34,861</td><td>31,467</td><td>33,346</td><td>31,610</td><td>39,544</td><td>34,919</td><td>35,329</td><td>34,671</td><td>36,169</td><td>49,441</td></tr><tr><td>Colorado</td><td>2,673</td><td>2,834</td><td>2,611</td><td>2,663</td><td>2,073</td><td>2,766</td><td>2,894</td><td>3,033</td><td>2,783</td><td>2,990</td><td>3,327</td></tr><tr><td>Connecticut</td><td>6,198</td><td>5,149</td><td>5,048</td><td>4,718</td><td>4,687</td><td>6,587</td><td>5,880</td><td>6,063</td><td>6,183</td><td>6,258</td><td>8,563</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><td>1,078</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><td>4,891</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><td>7,762</td></tr><tr><td>Georgia</td><td>4,526</td><td>5,008</td><td>4,540</td><td>4,718</td><td>4,333</td><td>6,000</td><td>4,980</td><td>5,406</td><td>4,807</td><td>5,189</td><td>7,898</td></tr><tr><td>Idaho</td><td>928</td><td>806</td><td>762</td><td>813</td><td>802</td><td>1,121</td><td>971</td><td>974</td><td>907</td><td>978</td><td>1,404</td></tr><tr><td>Illinois</td><td>28,883</td><td>28,233</td><td>24,285</td><td>22,264</td><td>22,413</td><td>33,239</td><td>29,416</td><td>28,481</td><td>29,427</td><td>30,200</td><td>40,854</td></tr><tr><td>Indiana</td><td>16,618</td><td>13,381</td><td>11,164</td><td>10,756</td><td>10,252</td><td>14,031</td><td>13,091</td><td>12,555</td><td>12,712</td><td>13,327</td><td>18,811</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>5,866</td><td>6,038</td><td>5,926</td><td>8,992</td></tr><tr><td>Kansas</td><td>3,755</td><td>3,485</td><td>3,067</td><td>3,525</td><td>2,998</td><td>4,597</td><td>4,746</td><td>4,492</td><td>4,184</td><td>4,248</td><td>4,597</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><td>7,207</td></tr><tr><td>Louisiana</td><td>4,136</td><td>4,019</td><td>4,166</td><td>4,136</td><td>4,034</td><td>5,183</td><td>4,762</td><td>4,999</td><td>4,707</td><td>4,940</td><td>6,350</td></tr><tr><td>Maine</td><td>1,563</td><td>1,394</td><td>1,362</td><td>1,212</td><td>1,045</td><td>1,587</td><td>1,522</td><td>1,660</td><td>1,509</td><td>1,570</td><td>1,948</td></tr><tr><td>Maryland</td><td>3,961</td><td>4,657</td><td>4,504</td><td>3,816</td><td>3,676</td><td>5,456</td><td>5,293</td><td>5,059</td><td>4,958</td><td>5,145</td><td>6,678</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><td>13,414</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><td>37,242</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><td>9,320</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><td>3,013</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>11,454</td><td>10,774</td><td>11,181</td><td>13,575</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>1,197</td><td>1,684</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><td>4,430</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><td>782</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><td>1,259</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><td>16,444</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><td>1,329</td></tr><tr><td>New York</td><td>36,762</td><td>31,641</td><td>28,720</td><td>25,690</td><td>28,942</td><td>38,195</td><td>34,763</td><td>36,918</td><td>34,785</td><td>35,889</td><td>40,874</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><td>6,400</td></tr><tr><td>North Dakota</td><td>642</td><td>722</td><td>597</td><td>692</td><td>697</td><td>901</td><td>999</td><td>965</td><td>936</td><td>1,038</td><td>1,196</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><td>37,439</td></tr><tr><td>Oklahoma</td><td>4,405</td><td>4,164</td><td>3,840</td><td>3,962</td><td>3,768</td><td>5,092</td><td>4,739</td><td>4,477</td><td>4,574</td><td>4,546</td><td>6,360</td></tr><tr><td>Oregon</td><td>5,483</td><td>5,244</td><td>4,590</td><td>4,908</td><td>4,826</td><td>6,247</td><td>5,657</td><td>5,535</td><td>5,305</td><td>6,189</td><td>8,447</td></tr><tr><td>Pennsylvania</td><td>27,866</td><td>32,994</td><td>26,883</td><td>23,919</td><td>21,337</td><td>33,525</td><td>31,284</td><td>30,889</td><td>30,023</td><td>29,997</td><td>38,800</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><td>2,957</td></tr><tr><td>South Carolina</td><td>2,720</td><td>2,117</td><td>2,312</td><td>2,037</td><td>1,981</td><td>2,800</td><td>2,328</td><td>2,422</td><td>2,439</td><td>2,516</td><td>3,709</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><td>1,243</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><td>7,774</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><td>19,458</td></tr><tr><td>Utah</td><td>1,571</td><td>1,542</td><td>1,465</td><td>1,433</td><td>1,399</td><td>1,776</td><td>1,539</td><td>1,559</td><td>1,507</td><td>1,571</td><td>2,299</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><td>532</td></tr><tr><td>Virginia</td><td>5,781</td><td>6,230</td><td>5,949</td><td>5,298</td><td>5,357</td><td>7,448</td><td>6,476</td><td>6,603</td><td>6,481</td><td>6,831</td><td>9,447</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><td>11,650</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><td>4,999</td></tr><tr><td>Wisconsin</td><td>9,164</td><td>6,958</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>7,951</td><td>10,750</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><td>777</td></tr><tr><td>Alaska</td><td>161</td><td>147</td><td>122</td><td>127</td><td>154</td><td>247</td><td>181</td><td>230</td><td>253</td><td>255</td><td>273</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><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><td>1,882</td></tr><tr><td>Puerto Rico</td><td>360</td><td>762</td><td>425</td><td>380</td><td>375</td><td>479</td><td>524</td><td>246</td><td>237</td><td>304</td><td>347</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><td>16</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><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><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><td>-14,020</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><td>501,022</td></tr></table>
Source: (1) Total redemptions: Daily Treasury Statements; (2) Redemptions by States: Reports from Federal Reserve Banks. 1/ It should be noted that State figures presented in this table are not necessarily comparable with sales data by States inasmuch as bonds which have been purchased in one State may have been redeemed in another. Moreover, the figures shown in this table are based on current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. 2/ Includes Series A bonds which have matured and which have been retired.
42
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes
Table 1.- Summary of Sales and Redemptions, by Series
(Par values - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">All series</td></tr><tr><td>1943</td><td>7,495.4</td><td>+4,480.9</td><td>8,758.5</td><td>4,277.6</td><td>4,094.4</td><td>114.9</td><td>68.3</td></tr><tr><td>1944</td><td>9,582.0</td><td>+2,086.5</td><td>8,953.7</td><td>6,867.2</td><td>6,365.1</td><td>502.1</td><td>.....</td></tr><tr><td>1945</td><td>10,141.5</td><td>+559.5</td><td>7,015.8</td><td>6,456.3</td><td>5,906.1</td><td>550.2</td><td>.....</td></tr><tr><td>1944-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>257.1</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>1,137.7</td><td>27.0</td><td>.....</td></tr><tr><td>April</td><td>9,116.2</td><td>+160.3</td><td>407.7</td><td>247.4</td><td>224.9</td><td>22.5</td><td>.....</td></tr><tr><td>May</td><td>10,037.2</td><td>+920.9</td><td>1,096.8</td><td>175.8</td><td>124.4</td><td>51.4</td><td>.....</td></tr><tr><td>June</td><td>10,141.5</td><td>+104.3</td><td>1,113.5</td><td>1,009.2</td><td>954.0</td><td>55.2</td><td>.....</td></tr><tr><td>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><tr><td>August</td><td>10,153.3</td><td>+29.3</td><td>145.4</td><td>116.1</td><td>97.4</td><td>18.7</td><td>.....</td></tr><tr><td colspan="8">Series A 3/</td></tr><tr><td>1943</td><td>266.7</td><td>+211.9</td><td>334.7</td><td>122.8</td><td>114.0</td><td>8.7</td><td>.1</td></tr><tr><td>1944</td><td>112.1</td><td>-154.6</td><td>.....</td><td>154.6</td><td>136.1</td><td>18.6</td><td>.....</td></tr><tr><td>1945</td><td>69.6</td><td>-42.5</td><td>.....</td><td>42.5</td><td>36.6</td><td>5.9</td><td>.....</td></tr><tr><td>1944-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><tr><td>August</td><td>67.3</td><td>-1.9</td><td>.....</td><td>.9</td><td>.6</td><td>.4</td><td>.....</td></tr></table>
(Continued on following page)
October 1945
43
Sales and Redemptions of Treasury Savings Notes V - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Par value - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">Series B 4/</td></tr><tr><td>1943.</td><td>764.8</td><td>-2,195.0</td><td>877.1</td><td>3,072.1</td><td>2,933.3</td><td>70.6</td><td>68.2</td></tr><tr><td>1944.</td><td>22.1</td><td>-742.6</td><td>....</td><td>742.6</td><td>721.2</td><td>21.5</td><td>....</td></tr><tr><td>1945.</td><td>4.4</td><td>-17.8</td><td>....</td><td>17.8</td><td>16.2</td><td>1.6</td><td>....</td></tr><tr><td>1944-August</td><td>17.9</td><td>-1.2</td><td>....</td><td>1.2</td><td>1.1</td><td>.2</td><td>....</td></tr><tr><td>September</td><td>13.6</td><td>-4.3</td><td>....</td><td>4.3</td><td>4.1</td><td>.2</td><td>....</td></tr><tr><td>October</td><td>12.7</td><td>-.9</td><td>....</td><td>.9</td><td>.7</td><td>.2</td><td>....</td></tr><tr><td>November</td><td>12.5</td><td>-.2</td><td>....</td><td>.2</td><td>.2</td><td>.1</td><td>....</td></tr><tr><td>December</td><td>10.1</td><td>-2.4</td><td>....</td><td>2.4</td><td>2.3</td><td>.1</td><td>....</td></tr><tr><td>1945-January</td><td>8.9</td><td>-1.2</td><td>....</td><td>1.2</td><td>.9</td><td>.3</td><td>....</td></tr><tr><td>February</td><td>8.6</td><td>-.4</td><td>....</td><td>.4</td><td>.2</td><td>.2</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>-.5</td><td>....</td><td>.8</td><td>.7</td><td>.2</td><td>....</td></tr><tr><td>May</td><td>5.1</td><td>-.1</td><td>....</td><td>.1</td><td>.1</td><td>.1</td><td>....</td></tr><tr><td>June</td><td>4.4</td><td>-.8</td><td>....</td><td>.8</td><td>.7</td><td>.1</td><td>....</td></tr><tr><td>July</td><td>4.0</td><td>-.4</td><td>....</td><td>.4</td><td>.3</td><td>.1</td><td>....</td></tr><tr><td>August</td><td>3.9</td><td>-.1</td><td>....</td><td>.1</td><td>.1</td><td>.1</td><td>....</td></tr><tr><td colspan="8">Series C 5/</td></tr><tr><td>1943.</td><td>6,464.0</td><td>+6,464.0</td><td>7,546.7</td><td>1,082.7</td><td>1,047.2</td><td>35.6</td><td>....</td></tr><tr><td>1944.</td><td>9,447.7</td><td>+2,983.8</td><td>8,953.7</td><td>5,969.9</td><td>5,507.9</td><td>462.0</td><td>....</td></tr><tr><td>1945.</td><td>10,067.5</td><td>+619.8</td><td>7,015.8</td><td>6,396.1</td><td>5,853.3</td><td>542.7</td><td>....</td></tr><tr><td>1944-August</td><td>9,923.4</td><td>+30.4</td><td>201.4</td><td>171.0</td><td>148.1</td><td>22.9</td><td>....</td></tr><tr><td>September</td><td>9,023.8</td><td>-899.6</td><td>281.7</td><td>1,181.3</td><td>1,158.4</td><td>22.9</td><td>....</td></tr><tr><td>October</td><td>8,976.4</td><td>-47.3</td><td>180.7</td><td>228.0</td><td>198.7</td><td>29.3</td><td>....</td></tr><tr><td>November</td><td>9,892.0</td><td>+915.6</td><td>1,081.7</td><td>166.0</td><td>124.2</td><td>41.9</td><td>....</td></tr><tr><td>December</td><td>9,747.9</td><td>-144.1</td><td>1,283.8</td><td>1,427.9</td><td>1,255.2</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>127.1</td><td>20.1</td><td>....</td></tr><tr><td>March</td><td>8,869.8</td><td>-971.1</td><td>233.1</td><td>1,204.2</td><td>1,177.8</td><td>26.3</td><td>....</td></tr><tr><td>April</td><td>9,033.9</td><td>+164.1</td><td>407.7</td><td>243.6</td><td>221.6</td><td>22.0</td><td>....</td></tr><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>54.4</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><tr><td>August</td><td>10,082.1</td><td>+30.3</td><td>145.4</td><td>115.1</td><td>96.8</td><td>18.3</td><td>....</td></tr></table>
the tax payment value current at the time of presentation. (See also footnote 1.) Prior to October 4, 1943, the maximum amount which could be used in payment of each class of tax (income, estate, or gift) by each taxpayer during each taxable year was limited to $5,000 per value; this limitation was removed as of that date. 4/ Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately 0.48% per annum. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash only at the original purchase price. 5/ Series C notes went on sale September 14, 1942. Interest accrues each month on a graduated scale (see "Treasury Bulletin" for August 1943, page 4) to yield approximately 1.07% per annum if held to maturity. These notes may be used in payment of Federal taxes at any time two months after the date of issue. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash six months after the date of issue at the tax payment value current at the time of presentation. Prior to July 27, 1943, notice of 30 days was required for cash redemption. See also footnote 1.
Source: Daily Treasury Statements.
* Lose than $50,000.
1/ These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax savings notes. Series A notes were designed for the small and moderate taxpayer; Series B and Series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for Series A tax savings notes disappeared and their sale was discontinued. Redemption provisions of Series A notes were relaxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnote 3). Sale of Series C notes, which were designed for the investment of idle cash reserves as well as for the accumulation of tax reserves, was continued and the notes were designated Treasury savings notes.
2/ Includes matured Treasury savings notes.
1/ Series A notes, which were sold from August 1, 1941 through June 22, 1943, yield approximately 1.92% per annum. Through June 22, 1943, the notes could be redeemed for cash only at the original purchase price; since that date, the notes have been redeemed for cash at
16.24
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total all denominations</th><th colspan="8">Sales in millions of dollars at 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>10.5</td><td>24.2</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>.1</td><td>.3</td><td>3.3</td><td>4.4</td><td>18.4</td><td>33.6</td><td>14.9</td><td>25.4</td></tr><tr><td>1944</td><td>8,953.7</td><td>13.6</td><td>32.8</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.9</td><td>1,259.3</td><td>1,808.0</td><td>100.0</td><td>.2</td><td>.5</td><td>4.4</td><td>5.7</td><td>20.7</td><td>34.5</td><td>14.1</td><td>20.2</td></tr><tr><td>1945</td><td>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>411.0</td><td>1,488.0</td><td>2,378.5</td><td>827.2</td><td>1,597.5</td><td>100.0</td><td>.2</td><td>.5</td><td>3.8</td><td>5.9</td><td>21.2</td><td>33.9</td><td>11.8</td><td>22.8</td></tr><tr><td>1944-Aug.</td><td>201.4</td><td>.2</td><td>.6</td><td>5.8</td><td>9.3</td><td>36.7</td><td>62.0</td><td>25.6</td><td>61.2</td><td>100.0</td><td>.1</td><td>.3</td><td>2.9</td><td>4.6</td><td>18.2</td><td>30.8</td><td>12.7</td><td>30.4</td></tr><tr><td>Sept.</td><td>281.7</td><td>.3</td><td>.6</td><td>5.9</td><td>10.4</td><td>46.5</td><td>76.6</td><td>43.9</td><td>97.5</td><td>100.0</td><td>.1</td><td>.2</td><td>2.1</td><td>3.7</td><td>16.5</td><td>27.2</td><td>15.6</td><td>34.6</td></tr><tr><td>Oct.</td><td>180.7</td><td>.2</td><td>.5</td><td>5.1</td><td>7.9</td><td>31.1</td><td>59.3</td><td>9.4</td><td>67.2</td><td>100.0</td><td>.1</td><td>.3</td><td>2.8</td><td>4.4</td><td>17.2</td><td>32.8</td><td>5.2</td><td>37.2</td></tr><tr><td>Nov.</td><td>1,081.7</td><td>1.1</td><td>3.2</td><td>33.5</td><td>56.2</td><td>215.3</td><td>385.1</td><td>123.3</td><td>263.9</td><td>100.0</td><td>.1</td><td>.3</td><td>3.1</td><td>5.2</td><td>19.9</td><td>35.6</td><td>11.4</td><td>24.4</td></tr><tr><td>Dec.</td><td>1,283.8</td><td>2.6</td><td>9.0</td><td>66.7</td><td>104.0</td><td>333.8</td><td>460.9</td><td>134.8</td><td>172.0</td><td>100.0</td><td>.2</td><td>.7</td><td>5.2</td><td>8.1</td><td>26.0</td><td>35.9</td><td>10.5</td><td>13.4</td></tr><tr><td>1945-Jan.</td><td>257.7</td><td>.8</td><td>1.3</td><td>8.5</td><td>12.4</td><td>48.4</td><td>77.8</td><td>42.2</td><td>67.5</td><td>100.0</td><td>.3</td><td>.5</td><td>3.3</td><td>4.8</td><td>18.8</td><td>30.2</td><td>16.0</td><td>26.2</td></tr><tr><td>Feb.</td><td>212.4</td><td>.4</td><td>.8</td><td>5.7</td><td>10.0</td><td>38.4</td><td>75.4</td><td>17.6</td><td>63.9</td><td>100.0</td><td>.2</td><td>.4</td><td>2.7</td><td>4.7</td><td>18.1</td><td>35.5</td><td>8.3</td><td>30.1</td></tr><tr><td>Mar.</td><td>233.1</td><td>.5</td><td>.7</td><td>6.1</td><td>8.9</td><td>36.4</td><td>73.9</td><td>24.2</td><td>82.5</td><td>100.0</td><td>.2</td><td>.3</td><td>2.6</td><td>3.8</td><td>15.6</td><td>31.7</td><td>10.4</td><td>35.4</td></tr><tr><td>Apr.</td><td>407.7</td><td>.4</td><td>.8</td><td>7.7</td><td>11.8</td><td>62.0</td><td>123.5</td><td>73.8</td><td>127.6</td><td>100.0</td><td>.1</td><td>.2</td><td>1.9</td><td>2.9</td><td>15.2</td><td>30.3</td><td>18.1</td><td>31.3</td></tr><tr><td>May.</td><td>1,096.8</td><td>2.2</td><td>4.4</td><td>38.4</td><td>59.2</td><td>230.3</td><td>387.2</td><td>126.1</td><td>249.0</td><td>100.0</td><td>.2</td><td>.4</td><td>3.5</td><td>5.4</td><td>21.0</td><td>35.3</td><td>11.5</td><td>22.7</td></tr><tr><td>June.</td><td>1,113.5</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>.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>.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><tr><td>August.</td><td>145.4</td><td>.2</td><td>.5</td><td>4.7</td><td>7.2</td><td>26.5</td><td>44.6</td><td>16.2</td><td>45.5</td><td>100.0</td><td>.2</td><td>.4</td><td>3.2</td><td>4.9</td><td>18.2</td><td>30.7</td><td>11.1</td><td>17.3</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by denominations: sales reported to the Treasury.
1/ Information on sales, by 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>654.9</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-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><tr><td>August</td><td>145.4</td><td>14.7</td><td>130.7</td><td>100.0</td><td>10.1</td><td>89.9</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statements; (2) Distribution by type of purchaser: sales reported to the Treasury. 1/ Information on sales, by type of purchaser, of Series A and B tax
savings notes may be found in the "Treasury Bulletin" for July 1943, page 47.
October 1945
45
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1942 {July 1941-Aug. 1941-June 1942.}</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,948</td><td>18,468</td><td>100.0</td><td>87.4</td><td>12.6</td></tr><tr><td>1943</td><td>213,350</td><td>+45,620 5/6/</td><td>590,266 6/</td><td>544,047</td><td>474,168</td><td>70,480</td><td>100.0</td><td>81.1</td><td>12.9</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1945</td><td>177,598</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>1944-August</td><td>167,425</td><td>-12,974</td><td>23,138</td><td>36,112</td><td>27,996</td><td>8,116</td><td>100.0</td><td>77.5</td><td>22.5</td></tr><tr><td>September</td><td>168,253</td><td>+828</td><td>18,898</td><td>18,070</td><td>14,175</td><td>3,896</td><td>100.0</td><td>78.4</td><td>21.6</td></tr><tr><td>October</td><td>175,199</td><td>+6,945</td><td>24,679</td><td>17,734</td><td>13,816</td><td>3,917</td><td>100.0</td><td>77.9</td><td>22.1</td></tr><tr><td>November</td><td>180,587</td><td>+5,388</td><td>23,946</td><td>18,558</td><td>14,929</td><td>3,628</td><td>100.0</td><td>80.4</td><td>19.6</td></tr><tr><td>December</td><td>181,529</td><td>+942</td><td>21,163</td><td>20,221</td><td>16,618</td><td>3,602</td><td>100.0</td><td>82.2</td><td>17.8</td></tr><tr><td>1945-January</td><td>182,692</td><td>+1,164</td><td>21,088</td><td>19,924</td><td>16,321</td><td>3,603</td><td>100.0</td><td>81.9</td><td>18.1</td></tr><tr><td>February</td><td>186,710</td><td>+4,018</td><td>20,731</td><td>16,714</td><td>13,421</td><td>3,293</td><td>100.0</td><td>80.3</td><td>19.7</td></tr><tr><td>March</td><td>189,409</td><td>+2,699</td><td>28,254</td><td>25,555</td><td>20,140</td><td>5,414</td><td>100.0</td><td>78.8</td><td>21.2</td></tr><tr><td>April</td><td>188,743</td><td>-666</td><td>24,748</td><td>25,414</td><td>20,079</td><td>5,335</td><td>100.0</td><td>79.0</td><td>21.0</td></tr><tr><td>May</td><td>186,297</td><td>-2,446</td><td>26,132</td><td>28,578</td><td>23,634</td><td>4,944</td><td>100.0</td><td>82.7</td><td>17.3</td></tr><tr><td>June</td><td>177,598</td><td>-8,699</td><td>19,069</td><td>27,767</td><td>22,910</td><td>4,857</td><td>100.0</td><td>82.5</td><td>17.5</td></tr><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><tr><td>August</td><td>149,645</td><td>-6,268</td><td>17,686</td><td>23,955</td><td>16,841</td><td>7,114</td><td>100.0</td><td>70.3</td><td>29.7</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples made 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 thousand for the period August 1, 1941 through June 30, 1942 and $55 thousand 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 rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>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>1944-August</td><td>23,138</td><td>3,600</td><td>12,405</td><td>2,293</td><td>3,658</td><td>1,182</td><td>100.0</td><td>15.6</td><td>53.6</td><td>9.9</td><td>15.8</td><td>5.1</td></tr><tr><td>September</td><td>18,898</td><td>3,909</td><td>9,990</td><td>1,658</td><td>2,563</td><td>779</td><td>100.0</td><td>20.7</td><td>52.8</td><td>8.8</td><td>13.6</td><td>4.1</td></tr><tr><td>October</td><td>24,679</td><td>6,636</td><td>12,516</td><td>1,892</td><td>2,786</td><td>848</td><td>100.0</td><td>26.9</td><td>50.7</td><td>7.7</td><td>11.3</td><td>3.4</td></tr><tr><td>November</td><td>23,946</td><td>6,928</td><td>11,581</td><td>1,813</td><td>2,761</td><td>853</td><td>100.0</td><td>28.9</td><td>48.4</td><td>7.6</td><td>11.5</td><td>3.6</td></tr><tr><td>December</td><td>21,163</td><td>5,586</td><td>10,642</td><td>1,412</td><td>2,469</td><td>1,054</td><td>100.0</td><td>26.4</td><td>50.3</td><td>6.7</td><td>11.6</td><td>5.0</td></tr><tr><td>1945-January</td><td>21,088</td><td>6,328</td><td>10,604</td><td>1,435</td><td>2,103</td><td>618</td><td>100.0</td><td>30.0</td><td>50.3</td><td>6.8</td><td>10.0</td><td>2.9</td></tr><tr><td>February</td><td>20,731</td><td>5,857</td><td>10,155</td><td>1,463</td><td>2,288</td><td>967</td><td>100.0</td><td>28.2</td><td>49.0</td><td>7.1</td><td>11.0</td><td>4.7</td></tr><tr><td>March</td><td>28,254</td><td>8,059</td><td>13,981</td><td>2,017</td><td>3,201</td><td>996</td><td>100.0</td><td>28.5</td><td>49.5</td><td>7.2</td><td>11.3</td><td>3.5</td></tr><tr><td>April</td><td>24,748</td><td>6,966</td><td>12,226</td><td>1,878</td><td>2,755</td><td>924</td><td>100.0</td><td>28.2</td><td>49.4</td><td>7.6</td><td>11.1</td><td>3.7</td></tr><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>961</td><td>100.0</td><td>20.4</td><td>51.6</td><td>8.7</td><td>14.3</td><td>5.0</td></tr><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><tr><td>August</td><td>17,686</td><td>2,479</td><td>9,324</td><td>1,768</td><td>2,994</td><td>1,121</td><td>100.0</td><td>14.0</td><td>52.7</td><td>10.0</td><td>16.9</td><td>6.4</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements commencing November 1 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Office Department data.
46
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
October 1945
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th colspan="2">Securities issued by United States Government</th><th colspan="6">Distribution by classes of holders</th><th colspan="2">Securities guaranteed by United States 1/</th><th colspan="3">Distribution by classes of holders</th></tr><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total amount outstanding</th><th colspan="4">U. S. Government agencies and trust funds</th><th colspan="2">Federal Reserve Banks</th><th colspan="2">Private investors 2/</th><th rowspan="2">Total amount unmatured outstanding</th><th colspan="2">U. S. Government agencies and trust funds and Federal Reserve banks</th><th colspan="2">Private investors 2/</th></tr><tr><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public market-able issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><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>27,340</td><td>1,261</td><td>4,718</td><td>377</td><td>-</td><td>4,341</td><td>-</td></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>-</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>-</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>-</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>-</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>43,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,949</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,510</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,974</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1944-Aug.</td><td>208,289</td><td>20,079</td><td>4,608</td><td>10</td><td>15,461</td><td>15,803</td><td>172,407</td><td>124,803</td><td>47,604</td><td>1,475</td><td>4</td><td>-</td><td>1,187</td><td>284</td></tr><tr><td>Sept.</td><td>207,850</td><td>20,575</td><td>4,588</td><td>10</td><td>15,976</td><td>16,651</td><td>170,625</td><td>123,483</td><td>47,142</td><td>1,480</td><td>4</td><td>-</td><td>1,187</td><td>289</td></tr><tr><td>Oct.</td><td>208,608</td><td>20,784</td><td>4,605</td><td>10</td><td>16,170</td><td>17,645</td><td>170,179</td><td>122,759</td><td>47,420</td><td>1,480</td><td>4</td><td>-</td><td>1,189</td><td>287</td></tr><tr><td>Nov.</td><td>210,774</td><td>21,185</td><td>4,592</td><td>10</td><td>16,583</td><td>18,386</td><td>171,204</td><td>122,205</td><td>48,998</td><td>1,470</td><td>4</td><td>-</td><td>1,189</td><td>277</td></tr><tr><td>Dec.</td><td>228,891</td><td>21,672</td><td>5,337</td><td>10</td><td>16,326</td><td>18,844</td><td>188,375</td><td>137,463</td><td>50,907</td><td>1,470</td><td>4</td><td>-</td><td>1,190</td><td>275</td></tr><tr><td>1945-Jan.</td><td>230,672</td><td>21,955</td><td>5,256</td><td>11</td><td>16,688</td><td>19,004</td><td>189,713</td><td>138,002</td><td>51,712</td><td>1,496</td><td>6</td><td>-</td><td>1,191</td><td>300</td></tr><tr><td>Feb.</td><td>231,854</td><td>22,391</td><td>5,245</td><td>16</td><td>17,130</td><td>19,439</td><td>190,024</td><td>137,695</td><td>52,329</td><td>1,114</td><td>6</td><td>-</td><td>780</td><td>328</td></tr><tr><td>Mar.</td><td>232,026</td><td>22,864</td><td>5,281</td><td>16</td><td>17,567</td><td>19,669</td><td>189,493</td><td>137,675</td><td>51,817</td><td>1,119</td><td>6</td><td>-</td><td>781</td><td>332</td></tr><tr><td>Apr.</td><td>233,063</td><td>23,180</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>-</td><td>782</td><td>343</td></tr><tr><td>May</td><td>235,761</td><td>23,804</td><td>5,195</td><td>16</td><td>18,592</td><td>20,954</td><td>191,004</td><td>136,503</td><td>54,501</td><td>1,151</td><td>6</td><td>-</td><td>783</td><td>362</td></tr><tr><td>June.</td><td>256,357</td><td>24,974</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>July</td><td>259,781</td><td>25,657</td><td>6,077</td><td>22</td><td>19,558</td><td>21,717</td><td>212,407</td><td>155,286</td><td>57,121</td><td>484</td><td>6</td><td>-</td><td>28</td><td>450</td></tr><tr><td>Aug.</td><td>260,746</td><td>26,139 p</td><td>6,077 p</td><td>29 p</td><td>20,033</td><td>22,530</td><td>212,077 p</td><td>154,727 p</td><td>57,350 p</td><td>515</td><td>6 p</td><td>-</td><td>29 p</td><td>479</td></tr></table>
Source: (1) Total amounts outstanding: Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds; reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks: Federal Reserve System. p * Preliminary. Less than $500,000.
1/ Excludes matured securities, and obligations held by the Treasury.
2/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
48
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 1/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.8</td><td>12.2</td></tr><tr><td>1943-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-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>85.9</td><td>72.0</td><td>14.9</td><td>121.7</td><td>47.3</td><td>17.9</td><td>7.5</td><td>25.9</td><td>3.5</td><td>19.6</td></tr><tr><td>August</td><td>209.8</td><td>87.4</td><td>71.6</td><td>15.8</td><td>122.4</td><td>47.5</td><td>18.1</td><td>7.6</td><td>25.6</td><td>3.5</td><td>20.1</td></tr><tr><td>September</td><td>209.3</td><td>87.2</td><td>70.5</td><td>16.7</td><td>122.1</td><td>47.8</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</td></tr><tr><td>October</td><td>210.1</td><td>87.8</td><td>70.1</td><td>17.6</td><td>122.3</td><td>47.9</td><td>18.4</td><td>7.7</td><td>24.1</td><td>3.5</td><td>20.8</td></tr><tr><td>November</td><td>212.2</td><td>90.1</td><td>71.7</td><td>18.4</td><td>122.2</td><td>48.4</td><td>17.9</td><td>7.3</td><td>23.9</td><td>3.5</td><td>21.2</td></tr><tr><td>December</td><td>230.4</td><td>96.6</td><td>77.7</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.7</td><td>4.2</td><td>21.7</td></tr><tr><td>1945-January</td><td>232.2</td><td>97.7</td><td>78.7</td><td>19.0</td><td>134.5</td><td>52.8</td><td>19.9</td><td>8.6</td><td>27.0</td><td>4.3</td><td>22.0</td></tr><tr><td>February</td><td>233.0</td><td>97.8</td><td>78.3</td><td>19.4</td><td>135.2</td><td>53.2</td><td>20.1</td><td>8.7</td><td>26.6</td><td>4.3</td><td>22.4</td></tr><tr><td>March</td><td>233.1</td><td>97.3</td><td>77.6</td><td>19.7</td><td>135.9</td><td>53.7</td><td>20.4</td><td>8.7</td><td>26.0</td><td>4.3</td><td>22.9</td></tr><tr><td>April</td><td>234.2</td><td>98.0</td><td>77.5</td><td>20.5</td><td>136.2</td><td>53.8</td><td>20.5</td><td>8.7</td><td>25.8</td><td>4.3</td><td>23.2</td></tr><tr><td>May</td><td>236.9</td><td>98.6</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><tr><td>June</td><td>256.8</td><td>105.7</td><td>83.9</td><td>21.8</td><td>151.1</td><td>58.6</td><td>22.7</td><td>9.6</td><td>30.3</td><td>4.9</td><td>24.9</td></tr></table>
Back Figures: For monthly data for the period January 1943 through May 1944, see "Treasury Bulletin" for June 1945, page 47. 1/ United States savings bonds, Series A-D, E, and F are included at current redemption values. 2/ Guaranteed securities held by the Treasury are excluded. 3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular posses-
4/ Includes securities held in trust departments. Includes partnerships, personal trust accounts, and unincorporated business.
5/ Includes dealers and brokers and investments of foreign balances in this country.
6/ Includes their agencies and their trust, sinking, and investment funds, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(In millions of dollars)
<table><tr><th></th><th colspan="12">Net market purchases or sales (-)</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1937</td><td>14.4</td><td>5.7</td><td>119.6</td><td>11.9</td><td>3.9</td><td>24.4</td><td>4.8</td><td>12.5</td><td>8.9</td><td>3.7</td><td>2.0</td><td>-15.4</td></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</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>-50.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td></td><td></td><td></td><td></td></tr></table>
Less than $50,000. 1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
October 1945
49
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, July 31, 1945
Section I - Securities Issued or Guaranteed by the United States Government
The tables in Section I present summary data as of July 31, 1945 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95
percent of the amount of such securities owned by all banks and insurance companies in the United States.
Section II presents summary data on the ownership of Federal land bank bonds.
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,397 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 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>183,114</td><td>78,206</td><td>403</td><td>9,621</td><td>21,146</td><td>18,553</td><td>2,533</td><td>27,800</td><td>45,939</td></tr><tr><td>Non-marketable securities</td><td>57,593</td><td>1,576</td><td>9</td><td>199</td><td>281</td><td>103</td><td>177</td><td>21</td><td>55,901</td></tr><tr><td>Total public securities</td><td>240,707</td><td>79,781</td><td>412</td><td>9,820</td><td>21,426</td><td>18,656</td><td>2,770</td><td>27,821</td><td>101,446</td></tr><tr><td>Special issues</td><td>19,558</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19,558</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 4/</td><td>260,265</td><td>79,781</td><td>412</td><td>9,820</td><td>21,426</td><td>18,656</td><td>2,770</td><td>47,380</td><td>101,446</td></tr></table>
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance com-
panies which are not covered in the Treasury Survey. See headnote to this section.
4/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<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>7,397 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="9">Far 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></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>17,025</td><td>2,737</td><td></td><td>2</td><td>1</td><td>1</td><td>12,819</td><td>1,466</td></tr><tr><td>Certificates of indebtedness</td><td>34,472</td><td>16,778</td><td>34</td><td>96</td><td>454</td><td>230</td><td>6,141</td><td>10,958</td></tr><tr><td>Treasury notes</td><td>23,498</td><td>16,173</td><td>38</td><td>244</td><td>598</td><td>401</td><td>1,750</td><td>4,695</td></tr><tr><td>Treasury bonds</td><td>107,890</td><td>42,492</td><td>330</td><td>9,278</td><td>20,079</td><td>17,908</td><td>7,049</td><td>28,661</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>15</td><td></td><td>1</td><td>1</td><td>1</td><td>35</td><td>115</td></tr><tr><td>Guaranteed by United States 4/</td><td>34</td><td>10</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>183,114</td><td>78,206</td><td>403</td><td>9,621</td><td>21,146</td><td>18,553</td><td>27,800</td><td>45,939</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>65,875</td><td>28,509</td><td>42</td><td>162</td><td>771</td><td>426</td><td>20,694</td><td>15,697</td></tr><tr><td>1 to 5 years</td><td>29,892</td><td>21,257</td><td>57</td><td>646</td><td>1,495</td><td>1,038</td><td>1,238</td><td>5,198</td></tr><tr><td>5 to 10 years</td><td>41,783</td><td>24,218</td><td>129</td><td>2,997</td><td>3,712</td><td>2,825</td><td>1,185</td><td>9,542</td></tr><tr><td>10 to 15 years</td><td>12,260</td><td>1,917</td><td>83</td><td>2,615</td><td>2,095</td><td>1,607</td><td>537</td><td>5,014</td></tr><tr><td>15 to 20 years</td><td>19,281</td><td>1,022</td><td>56</td><td>2,072</td><td>8,416</td><td>8,112</td><td>2,328</td><td>5,387</td></tr><tr><td>Over 20 years</td><td>13,989</td><td>1,271</td><td>37</td><td>1,127</td><td>4,644</td><td>4,534</td><td>1,132</td><td>5,098</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>34</td><td>10</td><td>2</td><td>1</td><td>12</td><td>1</td><td>6</td><td>3</td></tr><tr><td>Total</td><td>183,114</td><td>78,206</td><td>403</td><td>9,621</td><td>21,146</td><td>18,553</td><td>27,800</td><td>45,939</td></tr><tr><td>Tax status: 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>196</td><td>15</td><td>102</td><td>191</td><td>1</td><td>1</td><td>35</td><td>145</td></tr><tr><td>Partially exempt from Federal income taxes 6/</td><td>22,180</td><td>13,991</td><td></td><td>191</td><td>1,355</td><td>477</td><td>879</td><td>2,138</td><td>4,402</td></tr><tr><td>Subject to Federal income taxes 6/</td><td>160,758</td><td>64,200</td><td>301</td><td>9,430</td><td>19,790</td><td>18,076</td><td>1,713</td><td>25,627</td><td>41,391</td></tr><tr><td>Total</td><td>183,114</td><td>78,206</td><td>403</td><td>9,621</td><td>21,146</td><td>18,553</td><td>27,800</td><td>45,939</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, July 31, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX 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>7,397 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr></table>
<table><tr><th colspan="9">Percentage distribution by classes of securities</th></tr><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><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>9.3</td><td>3.5</td><td>·</td><td>·</td><td>·</td><td>·</td><td>46.1</td><td>3.2</td></tr><tr><td>Certificates of indebtedness</td><td>18.8</td><td>21.5</td><td>8.4</td><td>1.0</td><td>2.1</td><td>1.2</td><td>22.1</td><td>23.9</td></tr><tr><td>Treasury notes</td><td>12.8</td><td>20.7</td><td>9.6</td><td>2.5</td><td>2.8</td><td>2.2</td><td>6.3</td><td>10.2</td></tr><tr><td>Treasury bonds</td><td>58.9</td><td>54.3</td><td>82.0</td><td>96.4</td><td>95.0</td><td>96.5</td><td>25.4</td><td>62.4</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></tr><tr><td>Guaranteed by United States</td><td>.1</td><td>·</td><td>·</td><td>·</td><td>.1</td><td>.1</td><td>·</td><td>.3</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></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>36.0</td><td>36.5</td><td>10.5</td><td>1.7</td><td>3.6</td><td>2.3</td><td>74.4</td><td>34.2</td></tr><tr><td>1 to 5 years</td><td>16.3</td><td>27.2</td><td>14.0</td><td>6.7</td><td>7.1</td><td>5.6</td><td>17.6</td><td>11.3</td></tr><tr><td>5 to 10 years</td><td>22.8</td><td>31.0</td><td>32.0</td><td>31.2</td><td>17.6</td><td>15.2</td><td>34.2</td><td>20.8</td></tr><tr><td>10 to 15 years</td><td>6.7</td><td>2.5</td><td>20.5</td><td>27.2</td><td>9.9</td><td>8.7</td><td>18.8</td><td>10.9</td></tr><tr><td>15 to 20 years</td><td>10.5</td><td>1.3</td><td>13.9</td><td>21.5</td><td>39.8</td><td>43.7</td><td>11.7</td><td>11.7</td></tr><tr><td>Over 20 years</td><td>7.6</td><td>1.6</td><td>9.1</td><td>11.7</td><td>22.0</td><td>24.4</td><td>4.3</td><td>11.1</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>·</td><td>·</td><td>·</td><td>·</td><td>.1</td><td>.1</td><td>·</td><td>·</td></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: 5/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.1</td><td>·</td><td>·</td><td>·</td><td>·</td><td>·</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>12.1</td><td>17.9</td><td>25.3</td><td>2.0</td><td>6.4</td><td>2.6</td><td>33.9</td><td>9.6</td></tr><tr><td>Subject to Federal income taxes</td><td>87.8</td><td>82.1</td><td>74.7</td><td>98.0</td><td>93.6</td><td>97.4</td><td>66.1</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>
<table><tr><th colspan="9">Percentage distribution by groups of investors</th></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>16.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>75.3</td><td>8.6</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>48.7</td><td>.1</td><td>.3</td><td>1.3</td><td>.7</td><td>17.8</td><td>31.8</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>68.8</td><td>.2</td><td>1.0</td><td>2.5</td><td>1.7</td><td>7.4</td><td>20.0</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>39.4</td><td>.3</td><td>8.6</td><td>18.6</td><td>16.6</td><td>6.5</td><td>26.6</td></tr><tr><td>Postal earnings and other bonds</td><td>100.0</td><td>7.5</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>18.0</td><td>74.1</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>30.0</td><td>*</td><td>6.4</td><td>36.6</td><td>34.9</td><td>17.6</td><td>9.5</td></tr><tr><td>Total</td><td>100.0</td><td>42.7</td><td>.2</td><td>5.3</td><td>11.5</td><td>10.1</td><td>15.2</td><td>25.1</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>43.3</td><td>.1</td><td>.2</td><td>1.2</td><td>.6</td><td>31.4</td><td>23.8</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>71.1</td><td>.2</td><td>2.2</td><td>5.0</td><td>3.5</td><td>4.1</td><td>17.4</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>58.0</td><td>.3</td><td>7.2</td><td>8.9</td><td>6.8</td><td>2.8</td><td>22.8</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>15.6</td><td>.7</td><td>21.3</td><td>17.1</td><td>13.1</td><td>4.4</td><td>40.9</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>5.3</td><td>.3</td><td>10.7</td><td>43.6</td><td>42.1</td><td>1.6</td><td>27.9</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>9.1</td><td>.3</td><td>8.1</td><td>33.2</td><td>32.4</td><td>.8</td><td>13.0</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>30.0</td><td>*</td><td>6.4</td><td>36.6</td><td>34.9</td><td>1.6</td><td>17.6</td></tr><tr><td>Total</td><td>100.0</td><td>42.7</td><td>.2</td><td>5.3</td><td>11.5</td><td>10.1</td><td>15.2</td><td>25.1</td></tr><tr><td>Tax status: 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>7.5</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>18.0</td><td>74.1</td></tr><tr><td>Partially exempt from Federal income taxes 6/</td><td>100.0</td><td>63.1</td><td>.5</td><td>.9</td><td>6.1</td><td>2.1</td><td>9.6</td><td>19.8</td></tr><tr><td>Subject to Federal income taxes 6/</td><td>100.0</td><td>39.9</td><td>.2</td><td>5.9</td><td>12.3</td><td>11.2</td><td>1.1</td><td>15.9</td></tr><tr><td>Total</td><td>100.0</td><td>42.7</td><td>.2</td><td>5.3</td><td>11.5</td><td>10.1</td><td>15.2</td><td>25.1</td></tr></table>
(Continued on following page)
October 1945
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, July 31,1945 - (Continued)
Section I
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.
Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(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>7,397 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 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>17,025</td><td>2,737</td><td>*</td><td>2</td><td>1</td><td>1</td><td>*</td><td>12,819</td><td>1,466</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>1,556</td><td>3</td><td>5</td><td>9</td><td>*</td><td>8</td><td>707</td><td>230</td></tr><tr><td>7/8/ September 1945......(taxable)</td><td>3,694</td><td>1,788</td><td>4</td><td>5</td><td>121</td><td>105</td><td>16</td><td>953</td><td>822</td></tr><tr><td>7/8/ October 1945......(taxable)</td><td>3,492</td><td>2,133</td><td>2</td><td>4</td><td>14</td><td>6</td><td>8</td><td>837</td><td>451</td></tr><tr><td>7/8/ December 1945......(taxable)</td><td>4,395</td><td>1,488</td><td>*</td><td>15</td><td>131</td><td>88</td><td>43</td><td>211</td><td>2,549</td></tr><tr><td>7/8/ February 1946......(taxable)</td><td>5,043</td><td>2,909</td><td>3</td><td>7</td><td>32</td><td>7</td><td>24</td><td>1,038</td><td>1,055</td></tr><tr><td>7/8/ March 1946......(taxable)</td><td>4,147</td><td>2,711</td><td>2</td><td>9</td><td>28</td><td>2</td><td>27</td><td>780</td><td>617</td></tr><tr><td>7/8/ April 1946......(taxable)</td><td>4,611</td><td>2,931</td><td>10</td><td>11</td><td>20</td><td>13</td><td>8</td><td>1,202</td><td>636</td></tr><tr><td>7/8/ May 1946......(taxable)</td><td>1,579</td><td>1,054</td><td>2</td><td>2</td><td>3</td><td>*</td><td>3</td><td>358</td><td>150</td></tr><tr><td>7/8/ June 1946......(taxable)</td><td>4,799</td><td>197</td><td>7</td><td>37</td><td>97</td><td>10</td><td>87</td><td>4</td><td>4,457</td></tr><tr><td>Total certificates of indebtedness</td><td>34,472</td><td>16,778</td><td>34</td><td>96</td><td>454</td><td>230</td><td>224</td><td>6,141</td><td>10,968</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>375</td><td>1</td><td>4</td><td>8</td><td>*</td><td>8</td><td>32</td><td>111</td></tr><tr><td>.90% January 1946......(taxable)</td><td>3,416</td><td>2,555</td><td>1</td><td>7</td><td>29</td><td>25</td><td>4</td><td>403</td><td>421</td></tr><tr><td>.90% March 1946......(taxable)</td><td>1,291</td><td>987</td><td>1</td><td>8</td><td>49</td><td>38</td><td>11</td><td>76</td><td>171</td></tr><tr><td>.90% July 1946......(taxable)</td><td>4,910</td><td>3,177</td><td>2</td><td>16</td><td>24</td><td>*</td><td>24</td><td>652</td><td>1,038</td></tr><tr><td>1-1/2% December 1946......(taxable)</td><td>3,261</td><td>2,383</td><td>2</td><td>38</td><td>93</td><td>73</td><td>20</td><td>287</td><td>458</td></tr><tr><td>1-1/4% March 1947......(taxable)</td><td>1,948</td><td>919</td><td>13</td><td>37</td><td>274</td><td>238</td><td>36</td><td>1</td><td>706</td></tr><tr><td>1-1/4% September 1947......(taxable)</td><td>1,687</td><td>718</td><td>9</td><td>45</td><td>59</td><td>16</td><td>43</td><td>1</td><td>855</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>2,114</td><td>5</td><td>44</td><td>33</td><td>5</td><td>28</td><td>*</td><td>451</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,916</td><td>4</td><td>45</td><td>30</td><td>6</td><td>24</td><td>299</td><td>454</td></tr><tr><td>Total Treasury notes</td><td>23,498</td><td>16,173</td><td>38</td><td>214</td><td>598</td><td>401</td><td>197</td><td>1,750</td><td>4,695</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>618</td><td>*</td><td>4</td><td>17</td><td>2</td><td>15</td><td>148</td><td>428</td></tr><tr><td>2-1/2% December 1945......(partially)</td><td>541</td><td>238</td><td>*</td><td>2</td><td>16</td><td>1</td><td>15</td><td>18</td><td>267</td></tr><tr><td>3-3/4% March 1946-56......(partially)</td><td>489</td><td>155</td><td>*</td><td>6</td><td>67</td><td>57</td><td>10</td><td>77</td><td>184</td></tr><tr><td>3% June 1946-48......(partially)</td><td>1,036</td><td>504</td><td>1</td><td>9</td><td>59</td><td>38</td><td>21</td><td>207</td><td>255</td></tr><tr><td>3-1/8% June 1946-49......(partially)</td><td>819</td><td>373</td><td>1</td><td>8</td><td>47</td><td>33</td><td>14</td><td>87</td><td>303</td></tr><tr><td>4-1/4% October 1947-52......(partially)</td><td>759</td><td>298</td><td>*</td><td>9</td><td>39</td><td>14</td><td>25</td><td>81</td><td>332</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>557</td><td>*</td><td>1</td><td>26</td><td>*</td><td>26</td><td>*</td><td>116</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>783</td><td>1</td><td>68</td><td>76</td><td>65</td><td>11</td><td>43</td><td>115</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>872</td><td>2</td><td>10</td><td>40</td><td>5</td><td>36</td><td>160</td><td>140</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,163</td><td>1</td><td>82</td><td>97</td><td>69</td><td>28</td><td>27</td><td>491</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>374</td><td>*</td><td>1</td><td>12</td><td>1</td><td>12</td><td>*</td><td>64</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>463</td><td>1</td><td>1</td><td>16</td><td>1</td><td>15</td><td>44</td><td>48</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>758</td><td>1</td><td>56</td><td>115</td><td>104</td><td>11</td><td>12</td><td>71</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,292</td><td>1,017</td><td>1</td><td>43</td><td>119</td><td>94</td><td>25</td><td>7</td><td>107</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,521</td><td>3</td><td>76</td><td>189</td><td>166</td><td>23</td><td>7</td><td>302</td></tr><tr><td>1-1/5% December 1949-52......(partially)</td><td>491</td><td>349</td><td>*</td><td>7</td><td>39</td><td>17</td><td>22</td><td>40</td><td>57</td></tr><tr><td>2-1/2% December 1949-53......(partially)</td><td>1,786</td><td>1,286</td><td>9</td><td>8</td><td>52</td><td>4</td><td>49</td><td>223</td><td>207</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,536</td><td>5</td><td>76</td><td>186</td><td>161</td><td>25</td><td>6</td><td>154</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>3,154</td><td>7</td><td>281</td><td>432</td><td>355</td><td>77</td><td>56</td><td>1,008</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>977</td><td>2</td><td>24</td><td>49</td><td>2</td><td>47</td><td>112</td><td>23</td></tr><tr><td>1-1/2% December 1950......(taxable)</td><td>2,633</td><td>1,117</td><td>1</td><td>2</td><td>7</td><td>*</td><td>6</td><td>*</td><td>1,505</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>1,193</td><td>8</td><td>18</td><td>77</td><td>8</td><td>69</td><td>163</td><td>169</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, July 31, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued) (Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 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>7,397 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td colspan="10">Treasury bonds-(continued)</td></tr><tr><td>24 September 1951-53......(taxable)</td><td>7,986</td><td>4,870</td><td>22</td><td>594</td><td>833</td><td>700</td><td>133</td><td>122</td><td>1,545</td></tr><tr><td>3/ September 1951-55......(partially)</td><td>755</td><td>366</td><td></td><td>8</td><td>56</td><td>22</td><td>34</td><td>77</td><td>243</td></tr><tr><td>24 December 1951-55......(taxable)</td><td>510</td><td>371</td><td>2</td><td>14</td><td>32</td><td>25</td><td>7</td><td>16</td><td>75</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>892</td><td>2</td><td>3</td><td>31</td><td>1</td><td>30</td><td>108</td><td>82</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>419</td><td></td><td>293</td><td>72</td><td>52</td><td>20</td><td>67</td><td>172</td></tr><tr><td>24 June 1952-54......(taxable)</td><td>5,825</td><td>3,402</td><td>20</td><td>478</td><td>630</td><td>545</td><td>85</td><td>10</td><td>1,284</td></tr><tr><td>24 December 1952-54......(taxable)</td><td>8,662</td><td>4,302</td><td>27</td><td>984</td><td>1,041</td><td>870</td><td>171</td><td>15</td><td>2,293</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>782</td><td>2</td><td>264</td><td>194</td><td>171</td><td>24</td><td>75</td><td>183</td></tr><tr><td>24 June 1953-55......(partially)</td><td>725</td><td>633</td><td></td><td>1</td><td>33</td><td>5</td><td>28</td><td>14</td><td>43</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>521</td><td>2</td><td>2</td><td>52</td><td>14</td><td>38</td><td>35</td><td>68</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>2,611</td><td>1,218</td><td>32</td><td>29</td><td>174</td><td>55</td><td>118</td><td>316</td><td>844</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,449</td><td>503</td><td>9</td><td>191</td><td>465</td><td>451</td><td>15</td><td>50</td><td>230</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>267</td><td>18</td><td>1,270</td><td>819</td><td>715</td><td>104</td><td>132</td><td>1,316</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>982</td><td>569</td><td>16</td><td>13</td><td>119</td><td>48</td><td>71</td><td>97</td><td>167</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>578</td><td>12</td><td>13</td><td>143</td><td>68</td><td>75</td><td>53</td><td>121</td></tr><tr><td>2-1/4% June 1959-62......(taxable)</td><td>5,088</td><td></td><td>28</td><td>1,127</td><td>549</td><td>325</td><td>224</td><td>205</td><td>3,180</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,485</td><td>956</td><td>13</td><td>13</td><td>189</td><td>79</td><td>110</td><td>78</td><td>236</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td></td><td>4</td><td>387</td><td>1,131</td><td>1,091</td><td>40</td><td>207</td><td>389</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td></td><td>3</td><td>508</td><td>1,377</td><td>1,346</td><td>31</td><td>264</td><td>679</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td></td><td>11</td><td>629</td><td>1,620</td><td>1,582</td><td>38</td><td>409</td><td>1,092</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td></td><td>13</td><td>383</td><td>1,617</td><td>1,574</td><td>44</td><td>502</td><td>1,322</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>65</td><td>12</td><td>153</td><td>2,482</td><td>2,440</td><td>42</td><td>867</td><td>1,619</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>62</td><td>8</td><td>119</td><td>1,593</td><td>1,577</td><td>16</td><td>667</td><td>1,033</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,792</td><td></td><td>19</td><td>847</td><td>2,529</td><td>2,461</td><td>68</td><td>882</td><td>3,515</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>1,210</td><td>9</td><td>161</td><td>523</td><td>496</td><td>27</td><td>264</td><td>550</td></tr><tr><td>Total Treasury bonds.....................</td><td>107,890</td><td>42,492</td><td>330</td><td>9,278</td><td>20,079</td><td>17,908</td><td>2,171</td><td>7,049</td><td>28,661</td></tr><tr><td colspan="10">Postal savings and other bonds</td></tr><tr><td>Postal savings bonds......(wholly)</td><td>117</td><td>13</td><td></td><td></td><td>1</td><td></td><td></td><td>35</td><td>68</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49</td></tr><tr><td>Conversion bonds......(wholly)</td><td>29</td><td>2</td><td></td><td></td><td></td><td></td><td></td><td></td><td>27</td></tr><tr><td>Total postal savings and other bonds......</td><td>196</td><td>15</td><td></td><td></td><td>1</td><td></td><td>1</td><td>35</td><td>145</td></tr><tr><td colspan="10">Guaranteed securities 4/</td></tr><tr><td>Federal Housing Administration debentures......(partially) (taxable)</td><td>10</td><td>10 1/</td><td>1/</td><td>2 1/</td><td>13 1/</td><td>12 1/</td><td>1 1/</td><td>6 1/</td><td>3 1/</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 public marketable securities......</td><td>183,114</td><td>78,206</td><td>403</td><td>9,621</td><td>21,146</td><td>18,553</td><td>2,593</td><td>27,800</td><td>45,939</td></tr></table>
Figures: The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-63.
Less than $500,000 or less than .05%.
Securities held in trust departments are excluded.
This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section.
4/ Guaranteed securities held by the Treasury are not included.
5/ 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. "Fareble" securities are subject to both normal and surtax rates.
6/ Includes an estimated amount of Federal Housing Administration debentures.
7/ Actual figures by tax status are unavailable.
October 1945
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, July 31, 1945, - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par value 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 3/</th><th colspan="3">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 5/</th></tr><tr><th></th><th></th><th>7,397 commercial banks 4/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-D....................6/</td><td>3,579</td><td>187</td><td>*</td><td>5</td><td>11</td><td>3</td><td>8</td><td>*</td><td>3,375</td></tr><tr><td>Series I....(taxable)</td><td>29,791</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>29,790</td></tr><tr><td>Series F....(taxable)</td><td>2,647</td><td>196</td><td>1</td><td>7</td><td>34</td><td>14</td><td>20</td><td>1</td><td>2,408</td></tr><tr><td>Series O....(taxable)</td><td>10,492</td><td>442</td><td>5</td><td>187</td><td>219</td><td>82</td><td>137</td><td>9</td><td>9,629</td></tr><tr><td>Total United States savings bonds</td><td>46,508</td><td>825</td><td>7</td><td>198</td><td>264</td><td>99</td><td>165</td><td>11</td><td>45,203</td></tr><tr><td>Treasury tax and savings notes....(taxable)</td><td>10,119</td><td>64</td><td>2</td><td>*</td><td>17</td><td>4</td><td>13</td><td>10</td><td>10,026</td></tr><tr><td>Depository bonds....(taxable)</td><td>516</td><td>473</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43</td></tr><tr><td>Guaranteed securities 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations</td><td>450</td><td>215</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>235</td></tr><tr><td>Total public non-marketable securities</td><td>57,593</td><td>1,576</td><td>9</td><td>199</td><td>281</td><td>103</td><td>177</td><td>21</td><td>55,507</td></tr></table>
1/ United States savings bonds, Series A-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of prin-
capital amount owned by any one holder is also exempt from the sur-tax rates. "Taxable" securities are subject to both normal and surtax rates.
3/ Securities held in trust departments are excluded.
4/ Includes trust companies.
5/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section.
6/ Series A-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable.
7/ Guaranteed securities held by the Treasury are not included.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Bank 3/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 5/</th></tr><tr><th>7,397 commercial banks 4/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><td>Federal land bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/ January 1946-56.....(wholly)</td><td>171</td><td>21</td><td>-</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>148</td></tr><tr><td>3/ May 1946-56.....(wholly)</td><td>170</td><td>20</td><td>-</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>148</td></tr><tr><td>2-1/4/ February 1953-55.....(taxable)</td><td>111</td><td>82</td><td>*</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>28</td></tr><tr><td>Total Federal land bank bonds</td><td>455</td><td>123</td><td>*</td><td>2</td><td>6</td><td>2</td><td>3</td><td>-</td><td>324</td></tr></table>
1/ Securities issued by the Federal home loan banks and by the Federal intermediate credit banks are not included in the Treasury Survey. 
2/ The income from "wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates; the income from "taxable" securities is subject to the imposition
of both the normal and surtax Federal income tax rates. 3/ Securities held in trust departments are excluded. 4/ Includes trust companies. 5/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
54
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES (Including securities issued by Federal agencies)
October 1945
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies August 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="3">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 July 31, 1945</th><th>Yield to earliest call 1/</th><th>Change in yield from July 31, 1945</th><th>Yield to maturity 1/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr></table>
Issued by U. S. Government
<table><tr><th colspan="13">Treasury bonds</th></tr><tr><td>$1,115</td><td>2%</td><td>- 3/15/85-50</td><td>102.03+</td><td>102.04+</td><td>102.04</td><td>.00</td><td>1.15%</td><td>-.02%</td><td>1.51%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.16</td><td>2/26</td><td>101.28</td><td>1/6</td></tr><tr><td>3,062</td><td>1-3/4%</td><td>- 6/15/88</td><td>101.16+</td><td>101.17+</td><td>101.17</td><td>-.02</td><td>1.19</td><td>+.01</td><td>1.19</td><td>12/1/42</td><td>101.28</td><td>4/17/45</td><td>100.01</td><td>12/23/42</td><td>101.28</td><td>4/17</td><td>101.09</td><td>1/3</td></tr><tr><td>1,014</td><td>24</td><td>- 6/15/89-51</td><td>102.18+</td><td>102.19+</td><td>102.19</td><td>-.05</td><td>1.29</td><td>+.02</td><td>1.53</td><td>1/15/42</td><td>103.01</td><td>7/3/45</td><td>100.05</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>24</td><td>- 9/15/89-51</td><td>102.21</td><td>102.22</td><td>102.22</td><td>-.02</td><td>1.31</td><td>.00</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>24</td><td>-12/15/89-51</td><td>102.22</td><td>102.23</td><td>102.22</td><td>-.04</td><td>1.35</td><td>+.01</td><td>1.55</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>24</td><td>- 3/15/90-52</td><td>102.23</td><td>102.24</td><td>102.24</td><td>-.03</td><td>1.37</td><td>+.01</td><td>1.56</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>24</td><td>- 9/15/90-52</td><td>102.29</td><td>102.30</td><td>102.30</td><td>-.02</td><td>1.39</td><td>-.03</td><td>1.56</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>2,635</td><td>1-1/2%</td><td>-12/15/90</td><td>101.06</td><td>101.08</td><td>101.07</td><td>.00</td><td>1.26</td><td>.00</td><td>1.26</td><td>6/1/45</td><td>101.11</td><td>7/3/45</td><td>100.29</td><td>8/21/45</td><td>101.11</td><td>7/3</td><td>100.29</td><td>8/21</td></tr><tr><td>7,986</td><td>24</td><td>- 9/15/91-53</td><td>102.32</td><td>103.00</td><td>103.00</td><td>+.04</td><td>1.48</td><td>-.03</td><td>1.60</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>24</td><td>-12/15/91-55</td><td>103.01</td><td>103.03</td><td>103.02</td><td>+.04</td><td>1.49</td><td>-.02</td><td>1.67</td><td>12/15/41</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>- 3/15/92-54</td><td>105.21</td><td>105.23</td><td>105.22</td><td>-.03</td><td>1.58</td><td>.00</td><td>1.78</td><td>3/3/41</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>24</td><td>- 6/15/92-54</td><td>102.31+</td><td>103.00+</td><td>103.00</td><td>+.06</td><td>1.53</td><td>-.04</td><td>1.63</td><td>6/26/41</td><td>103.08</td><td>6/30/45</td><td>100.08</td><td>7/24/41</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>- 6/15/92-55</td><td>104.10</td><td>104.12</td><td>104.11</td><td>+.01</td><td>1.57</td><td>-.02</td><td>1.76</td><td>2/25/42</td><td>104.23</td><td>6/30/45</td><td>100.16</td><td>2/18/42</td><td>104.23</td><td>6/30</td><td>102.04</td><td>1/2</td></tr><tr><td>8,662</td><td>24</td><td>-12/15/92-54</td><td>102.32+</td><td>103.00+</td><td>103.00</td><td>+.06</td><td>1.56</td><td>-.03</td><td>1.65</td><td>12/1/41</td><td>103.08</td><td>6/30/45</td><td>100.09</td><td>12/19/41</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>- 3/15/93-58</td><td>107.08</td><td>107.10</td><td>107.09</td><td>-.01</td><td>1.74</td><td>.00</td><td>1.95</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>3,823</td><td>2-1/4%</td><td>- 9/15/93-59</td><td>103.30</td><td>104.00</td><td>103.31</td><td>-.02</td><td>1.85</td><td>.00</td><td>1.93</td><td>2/1/44</td><td>104.18</td><td>7/16/45</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>5,227</td><td>2-1/4%</td><td>- 6/15/93-62</td><td>100.21</td><td>100.23</td><td>100.22</td><td>-.17</td><td>2.19</td><td>+.04</td><td>2.20</td><td>6/1/45</td><td>101.21</td><td>7/16/45</td><td>100.21</td><td>8/29/45</td><td>101.21</td><td>7/16</td><td>100.21</td><td>8/29</td></tr><tr><td>2,118</td><td>2-1/2%</td><td>- 6/15/93-67</td><td>102.28</td><td>102.30</td><td>102.29</td><td>-.07</td><td>2.29</td><td>+.01</td><td>2.33</td><td>5/5/42</td><td>103.14</td><td>7/16/45</td><td>100.00</td><td>8/17/42</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>-12/15/93-68</td><td>102.02</td><td>102.04</td><td>102.03</td><td>-.11</td><td>2.36</td><td>+.02</td><td>2.38</td><td>12/1/42</td><td>102.23</td><td>7/16/45</td><td>100.00</td><td>2/17/42</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>- 6/15/94-69</td><td>101.23</td><td>101.25</td><td>101.24</td><td>-.12</td><td>2.38</td><td>+.02</td><td>2.40</td><td>4/15/43</td><td>102.10</td><td>8/6/45</td><td>100.00</td><td>3/2/43</td><td>102.10</td><td>8/6</td><td>100.15</td><td>1/2</td></tr><tr><td>3,838</td><td>2-1/2%</td><td>-12/15/94-69</td><td>101.18</td><td>101.20</td><td>101.19</td><td>-.13</td><td>2.40</td><td>+.03</td><td>2.41</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>- 3/15/95-70</td><td>101.14</td><td>101.16</td><td>101.15</td><td>-.10</td><td>2.40</td><td>+.02</td><td>2.42</td><td>2/1/44</td><td>102.03</td><td>7/16/45</td><td>100.00</td><td>2/13/44</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>- 3/15/95-71</td><td>101.09</td><td>101.11</td><td>101.10</td><td>-.11</td><td>2.42</td><td>+.02</td><td>2.43</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>7,933</td><td>2-1/2%</td><td>- 6/15/95-72</td><td>100.25</td><td>100.27</td><td>100.26</td><td>-.17</td><td>2.45</td><td>+.03</td><td>2.46</td><td>6/1/45</td><td>101.23</td><td>7/16/45</td><td>100.22</td><td>8/28/45</td><td>101.23</td><td>7/16</td><td>100.22</td><td>8/28</td></tr><tr><td>2,716</td><td>2-1/2%</td><td>- 9/15/95-72</td><td>104.19</td><td>104.21</td><td>104.20</td><td>+.02</td><td>2.23</td><td>-.01</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>3-12/15/95</td><td>100.00</td><td>100.01</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>8/31</td></tr><tr><td>3,416</td><td>.90%</td><td>C- 1/1/96 5/1</td><td>.80%</td><td>.78%</td><td>.79%</td><td>-.01%</td><td>.82</td><td>-.08</td><td>.82</td><td>12/1/41</td><td>.72%</td><td>4/1/45</td><td>.85%</td><td>12/29/41</td><td>.72%</td><td>4/1</td><td>.84%</td><td>1/2</td></tr><tr><td>1,291</td><td>1%</td><td>A- 3/15/96</td><td>100.02+</td><td>100.03+</td><td>100.03</td><td>+.01</td><td>.82</td><td>-.08</td><td>.82</td><td>11/1/41</td><td>100.16</td><td>10/25/41</td><td>99.02</td><td>12/29/42</td><td>100.08</td><td>4/9</td><td>100.02</td><td>8/1</td></tr><tr><td>4,910</td><td>.90%</td><td>D- 7/1/96 6/1</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00%</td><td>.98</td><td>-.04</td><td>.98</td><td>6/1/45</td><td>.80%</td><td>7/16/45</td><td>.86%</td><td>6/15/45</td><td>.80%</td><td>7/16</td><td>.86%</td><td>6/15</td></tr><tr><td>3,261</td><td>1-1/2%</td><td>3-12/15/96</td><td>100.20+</td><td>100.21+</td><td>100.21</td><td>.00</td><td>.98</td><td>-.04</td><td>.98</td><td>6/5/42</td><td>101.00</td><td>4/1/45</td><td>100.01</td><td>1/2/43</td><td>101.00</td><td>4/1</td><td>100.20</td><td>8/28</td></tr><tr><td>1,948</td><td>1-1/4%</td><td>B- 3/15/97</td><td>100.11+</td><td>100.12+</td><td>100.12</td><td>+.02</td><td>1.00</td><td>-.06</td><td>1.00</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- 9/15/97</td><td>100.28+</td><td>100.29+</td><td>100.29</td><td>+.05</td><td>1.05</td><td>-.09</td><td>1.05</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.15</td><td>10/11/43</td><td>101.06</td><td>3/5</td><td>100.24</td><td>8/1</td></tr><tr><td>1,587</td><td>1-1/4%</td><td>C- 9/15/97</td><td>100.13</td><td>100.14</td><td>100.14</td><td>+.04</td><td>1.03</td><td>-.07</td><td>1.03</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>3,788</td><td>1-1/2%</td><td>A- 9/15/98</td><td>100.31+</td><td>101.00+</td><td>101.00</td><td>+.02</td><td>1.16</td><td>-.03</td><td>1.16</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 5/7</th></tr><tr><td>3,694</td><td>7/8%</td><td>F- 9/1/95</td><td>7/</td><td>7/</td><td>7/</td><td>-.20%</td><td>-</td><td>-</td><td>-</td><td>9/1/44</td><td>.08%</td><td>8/21/45</td><td>.87%</td><td>8/30/45</td><td>.08%</td><td>8/21</td><td>.87%</td><td>8/30</td></tr><tr><td>3,492</td><td>7/8%</td><td>G- 10/1/95</td><td>.50%</td><td>.50%</td><td>.53%</td><td>-.20%</td><td>-</td><td>-</td><td>-</td><td>10/1/44</td><td>.53%</td><td>8/31/45</td><td>.81%</td><td>11/21/44</td><td>.53%</td><td>8/31</td><td>.80%</td><td>1/13</td></tr><tr><td>4,395</td><td>7/8%</td><td>H- 12/1/95</td><td>.75%</td><td>.72%</td><td>.74%</td><td>-.05%</td><td>-</td><td>-</td><td>-</td><td>12/1/44</td><td>.68%</td><td>4/14/45</td><td>.82%</td><td>12/19/44</td><td>.68%</td><td>4/5</td><td>.81%</td><td>1/13</td></tr><tr><td>5,043</td><td>7/8%</td><td>I- 2/1/96</td><td>.81%</td><td>.79%</td><td>.80%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>2/1/45</td><td>.73%</td><td>4/14/45</td><td>.83%</td><td>1/24/45</td><td>.73%</td><td>4/14</td><td>.83%</td><td>1/24</td></tr><tr><td>4,117</td><td>7/8%</td><td>J- 3/1/96</td><td>.82%</td><td>.80%</td><td>.81%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>3/1/45</td><td>.74%</td><td>4/14/45</td><td>.82%</td><td>8/23/45</td><td>.74%</td><td>4/4</td><td>.82%</td><td>8/23</td></tr><tr><td>4,811</td><td>7/8%</td><td>C- 4/1/96</td><td>.83%</td><td>.81%</td><td>.82%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>4/1/45</td><td>.75%</td><td>4/14/45</td><td>.83%</td><td>7/21/45</td><td>.75%</td><td>4/4</td><td>.83%</td><td>7/21</td></tr><tr><td>1,579</td><td>7/8%</td><td>D- 5/1/96</td><td>.82%</td><td>.80%</td><td>.81%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>5/1/45</td><td>.77%</td><td>7/16/45</td><td>.82%</td><td>8/29/45</td><td>.77%</td><td>7/16</td><td>.82%</td><td>8/29</td></tr><tr><td>4,799</td><td>7/8%</td><td>E- 6/1/96</td><td>.83%</td><td>.81%</td><td>.82%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>6/1/45</td><td>.77%</td><td>7/16/45</td><td>.82%</td><td>8/31/45</td><td>.77%</td><td>7/16</td><td>.82%</td><td>8/31</td></tr><tr><td>2,470</td><td>7/8%</td><td>F- 8/1/96</td><td>.81%</td><td>.82%</td><td>.83%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>8/1/45</td><td>.82%</td><td>8/1
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from July 31, 1945</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from July 31, 1945</th></tr><tr><td>$1,302</td><td>9/6/45</td><td>6/7/45</td><td>.375</td><td>.30%</td><td>.29%</td><td>-.05%</td><td>$1,312</td><td>10/25/45</td><td>7/26/45</td><td>.375</td><td>.30%</td><td>.34%</td><td>-.02%</td></tr><tr><td>1,310</td><td>9/13/45</td><td>6/14/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,317</td><td>11/1/45</td><td>8/2/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1,305</td><td>9/20/45</td><td>6/21/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,319</td><td>11/8/45</td><td>8/9/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,318</td><td>9/27/45</td><td>6/28/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,311</td><td>11/15/45</td><td>8/16/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,305</td><td>10/4/45</td><td>7/5/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,301</td><td>11/23/45</td><td>8/23/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,311</td><td>10/11/45</td><td>7/12/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,309</td><td>11/29/45</td><td>8/30/45</td><td>.315</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,305</td><td>10/18/45</td><td>7/19/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page
Treasury Bulletin
56
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
August 31, 1945 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government 1/ - (Continued)
PART C - TAX-EXEMPT BONDS
<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="3">Yield date 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 July 31, 1945</th><th>Yield to earliest call 4/</th><th>Change in yield from July 31, 1945</th><th>Yield to maturity 4/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr></table>
Issued by U. S. Government
<table><tr><th colspan="12">Treasury bonds</th></tr><tr><td>$1,214 5 1/2 2-3/4% - 9/15/45-47 8/489 3-3/4% - 3/15/46-56 1,036 3% 6/15/46-48 819 3-1/8% - 6/15/46-49</td><td>100.01 100.17 101.29 102.00</td><td>100.02 100.19 101.31 102.02</td><td>100.02 100.18 101.24 102.01</td><td>-.07 -.06 -.10 -.07</td><td>.69% .48 .50 .51</td><td>+.21% .00 -.02 -.02</td><td>- .48% 3.55 2.28 2.56</td><td>9/16/35 12/15/37 3/15/26 6/15/34 6/15/31</td><td>110.12 109.24 116.14 112.28 113.19</td><td>12/12/40 12/14/40 12/14/40 12/16/40 12/14/40</td><td>99.27 100.18 89.18 97.28 83.05</td><td>9/17/35 8/31/45 1/12/32 9/17/34 1/11/32</td><td>101.22 102.00 103.30 103.21 103.27</td><td>1/23 1/23 2/7 2/13 2/8</td><td>100.02 100.18 101.24 101.30 102.00</td><td>8/31 8/31 8/31 8/31 8/29</td></tr><tr><td>759 4-1/4% - 10/15/47-52 701 2% - 12/15/47 1,223 2-3/4% - 3/15/48-51 451 2-1/2% - 9/15/48 571 2% - 12/15/48-50</td><td>107.15 102.27 104.25 105.00 103.26</td><td>107.17 102.29 104.27 105.02 103.28</td><td>107.16 102.28 104.26 105.01 103.27</td><td>-.20 -.18 -.21 -.20 -.17</td><td>.67 .73 .82 .82 .81</td><td>+.13 +.19 +.18 +.15 +.12</td><td>3.07 .73 1.83 .82 1.25</td><td>10/16/22 12/15/38 3/16/36 3/15/38 12/8/39</td><td>122.22 107.20 111.18 111.01 107.00</td><td>12/14/40 12/12/40 12/12/40 12/12/40 12/12/40</td><td>98.18 99.14 99.10 100.30 101.10</td><td>10/8/23 9/25/39 4/1/37 4/2/38 5/24/40</td><td>109.28 104.05 106.14 106.15 104.26</td><td>2/26 2/26 1/31 1/23 2/10</td><td>107.16 102.28 104.26 105.01 103.27</td><td>8/31 8/31 8/31 8/31 8/31</td></tr><tr><td>491 3-1/8% - 12/15/49-52 1,786 2-1/2% - 12/15/49-53 1,186 2-1/2% - 9/15/50-52 1,627 2-3/4% - 6/15/51-54 755 3% - 9/15/51-55</td><td>108.29 106.05 106.29 108.29 110.23</td><td>108.31 106.07 106.31 108.31 110.25</td><td>108.30 106.06 106.30 108.30 110.24</td><td>-.23 -.25 -.25 -.26 -.20</td><td>.99 1.02 1.08 1.15 1.15</td><td>+.12 +.15 +.13 +.12 +.07</td><td>1.81 1.70 1.46 1.65 1.82</td><td>12/15/34 12/15/36 9/15/38 6/15/36 9/15/31</td><td>115.04 108.28 108.30 110.26 113.24</td><td>12/12/40 12/10/40 12/10/40 11/12/41 12/30/40</td><td>101.07 96.19 99.15 98.18 82.08</td><td>12/15/34 4/8/37 9/25/39 4/1/37 1/11/32</td><td>110.16 107.23 108.24 110.24 112.00</td><td>3/9 3/8 3/8 3/8 3/15</td><td>108.29 106.03 106.22 108.22 110.20</td><td>8/25 8/23 8/23 8/23 8/23</td></tr><tr><td>1,118 2-1/4% - 12/15/51-53 725 2% 6/15/53-55 681 2-1/4% - 6/15/54-56 2,611 2-7/8% - 3/15/55-60 982 2-3/4% - 9/15/56-59</td><td>106.22 106.02 108.01 113.05 112.26</td><td>106.24 106.04 108.03 113.07 112.28</td><td>106.23 106.03 108.02 113.06 112.27</td><td>-.20 -.21 -.21 -.03 -.05</td><td>1.14 1.18 1.28 1.39 1.48</td><td>+.08 +.08 +.07 +.01 .00</td><td>1.39 1.33 1.44 1.84 1.72</td><td>12/22/39 10/7/40 7/22/40 3/15/35 9/15/35</td><td>108.01 107.07 108.31 114.08 113.19</td><td>3/10/45 4/19/45 7/17/45 3/8/45 7/3/45</td><td>101.08 101.19 102.02 98.30 98.10</td><td>5/24/40 2/15/41 7/24/40 9/20/35 4/1/37</td><td>108.01 107.07 108.31 114.08 113.19</td><td>3/10 4/19 7/17 3/8 7/3</td><td>106.20 105.26 107.25 112.21 112.04</td><td>8/23 1/2 1/2 8/22 1/2</td></tr><tr><td>919 2-3/4% - 6/15/58-63 1,485 2-3/4% - 12/15/60-65 9/</td><td>113.10 114.11</td><td>113.12 114.13</td><td>113.11 114.12</td><td>-.02 -.09</td><td>1.59 1.68</td><td>.00 +.01</td><td>1.87 1.89</td><td>6/15/38 12/15/38</td><td>114.05 115.15</td><td>6/19/45 6/19/45</td><td>99.15 99.14</td><td>9/25/39 9/25/39</td><td>114.05 115.15</td><td>6/19 6/19</td><td>112.04 112.16</td><td>1/2 1/2</td></tr><tr><th colspan="12">Other bonds 10/</th></tr><tr><td>16 3% Conversion - 1/1/46 13 3% Conversion - 1/1/47 50 3% Panama Canal - 6/1/61</td><td>100.27 103.15 132.28</td><td>100.29 103.19 133.28</td><td>100.28 103.17 133.12</td><td>-.10 -.03 -.04</td><td>.29 .32 .75</td><td>+.15 -.11 -.01</td><td>.29 .32 .75</td><td>1/1/16 1/1/17 6/1/11</td><td>115.00 134.00</td><td>1935 9/5/44</td><td>75.00 75.00</td><td>1920 6/18/21</td><td>102.16 104.29 133.24</td><td>1/13 1/13 5/8</td><td>100.28 103.17 133.00</td><td>8/31 8/31 5/9</td></tr></table>
1/ Excludes 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 mean of closing bid and ask quotations in the over-the-counter market except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included beginning October 1, 1939. Dates of highs and lows, in case of re-currence, are the latest dates.
4/ Market convention treat the yield to earliest call date as more
significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par. Included in the average of long-term taxable Treasury bonds (see page 59). Quoted on a yield basis. Not quoted on August 31; quoted on a price basis at par beginning August 22, 1945. Called on May 14 for redemption on September 15, 1945. This is the only bond eligible to remain in the average of long-term partially tax-exempt Treasury bonds (see page 59). Excludes postal savings bonds.
57
October 1945
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
August 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">Prices data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Prices 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 July 7, 1945</th><th>Yield to earliest call 3/</th><th>Change in yield from July 31, 1945</th><th>Yield to maturity 3/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Taxable securities
<table><tr><td colspan="15">Federal Intermedi-ata Credit Bank debentures 1/2</td></tr><tr><td>$ 29</td><td>.90%</td><td>- 9/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90%</td><td>.00%</td><td>.90%</td><td>12/1/44</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</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>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</td></tr><tr><td>33</td><td>7/8%</td><td>- 11/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>2/1/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</td></tr><tr><td>22</td><td>.80%</td><td>- 11/2/45</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>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</td></tr><tr><td>27</td><td>.85%</td><td>- 12/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.85</td><td>.00</td><td>.85</td><td>3/1/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</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>6/1/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</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>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</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>.00</td><td>.85</td><td>.00</td><td>.85</td><td>7/2/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</td></tr><tr><td>30</td><td>7/8%</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>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</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>.00</td><td>.90</td><td>.00</td><td>.90</td><td>7/2/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</td></tr><tr><td>25</td><td>.90%</td><td>- 5/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>8/1/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31/45</td><td>100.00</td><td>8/31</td><td>100.00</td><td>8/31</td></tr><tr><td colspan="15">Federal Land Bank bonds 5/8</td></tr><tr><td>176</td><td>1-1/2%</td><td>10/1/48-50</td><td>100.16</td><td>100.20</td><td>100.18</td><td>-.02</td><td>1.31</td><td>+.01</td><td>1.38</td><td>8/1/45</td><td>100.22</td><td>7/25/45</td><td>100.16</td><td>8/22/45</td><td>100.22</td><td>7/25</td><td>100.16</td><td>8/22</td></tr><tr><td>114</td><td>2-1/4%</td><td>2/1/53-55</td><td>103.08</td><td>103.16</td><td>103.12</td><td>-.04</td><td>1.76</td><td>+.01</td><td>1.86</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="12">Federal Land Bank bonds 5/</th></tr><tr><td>$171 170</td><td>3/3 - 1/1/46-56</td><td>100.27</td><td>100.29</td><td>100.28</td><td>-.09</td><td>.28%</td><td>+0.03%</td><td>2.90%</td><td>1/1/36</td><td>111.12</td><td>12/10/40</td><td>$8.08</td><td>2/13/36</td><td>102.21</td><td>1/3</td><td>100.23</td><td>8/31</td></tr><tr><td></td><td>3/3 - 5/1/46-56</td><td>101.25</td><td>101.28</td><td>101.26</td><td>-.10</td><td>.23</td><td>+0.08</td><td>2.80</td><td>5/1/36</td><td>111.22</td><td>12/10/40</td><td>$8.30</td><td>4/8/37</td><td>103.20</td><td>1/8</td><td>101.26</td><td>8/31</td></tr></table>
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield 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.
3/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
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 agency.
58
Treasury Bulletin
YIELDS OF TREASURY SECURITIES AUG. 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
October 1945
59
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="12">Monthly series 3/</td></tr><tr><td>1937-Jan.</td><td>2.56</td><td>...</td><td>3.09</td><td>1940-Jan.</td><td>2.30</td><td>...</td><td>2.61</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td></tr><tr><td>Feb.</td><td>2.54</td><td>...</td><td>3.24</td><td>Feb.</td><td>2.32</td><td>...</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td></tr><tr><td>Mar.</td><td>2.66</td><td>...</td><td>3.36</td><td>Mar.</td><td>2.26</td><td>...</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td></tr><tr><td>Apr.</td><td>2.83</td><td>...</td><td>3.43</td><td>Apr.</td><td>2.26</td><td>...</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td></tr><tr><td>May.</td><td>2.80</td><td>...</td><td>3.36</td><td>May.</td><td>2.39</td><td>...</td><td>2.87</td><td>May.</td><td>1.96</td><td>2.46</td><td>2.65</td></tr><tr><td>June.</td><td>2.81</td><td>...</td><td>3.31</td><td>June.</td><td>2.40</td><td>...</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.63</td></tr><tr><td>July.</td><td>2.78</td><td>...</td><td>3.27</td><td>July.</td><td>2.30</td><td>...</td><td>2.85</td><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td></tr><tr><td>Aug.</td><td>2.78</td><td>...</td><td>3.25</td><td>Aug.</td><td>2.31</td><td>...</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.82</td><td>...</td><td>3.26</td><td>Sept.</td><td>2.25</td><td>...</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td>Oct.</td><td>2.82</td><td>...</td><td>3.26</td><td>Oct.</td><td>2.21</td><td>...</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td>Nov.</td><td>2.78</td><td>...</td><td>3.22</td><td>Nov.</td><td>2.09</td><td>...</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.73</td><td>...</td><td>3.17</td><td>Dec.</td><td>2.01</td><td>...</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td></tr><tr><td>1938-Jan.</td><td>2.69</td><td>...</td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td>...</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td>...</td><td>3.15</td><td>Feb.</td><td>2.22</td><td>...</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</td><td>...</td><td>3.16</td><td>Mar.</td><td>2.12</td><td>...</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td>...</td><td>3.25</td><td>Apr.</td><td>2.07</td><td>...</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May.</td><td>2.56</td><td>...</td><td>3.14</td><td>May.</td><td>2.04</td><td>...</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June.</td><td>2.58</td><td>...</td><td>3.15</td><td>June.</td><td>2.01</td><td>...</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July.</td><td>2.58</td><td>...</td><td>3.12</td><td>July.</td><td>1.98</td><td>...</td><td>2.66</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td>...</td><td>3.10</td><td>Aug.</td><td>2.01</td><td>...</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.63</td><td>...</td><td>3.12</td><td>Sept.</td><td>2.02</td><td>...</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct.</td><td>2.55</td><td>...</td><td>3.06</td><td>Oct.</td><td>1.98</td><td>2.34</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Nov.</td><td>2.56</td><td>...</td><td>3.04</td><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.56</td><td>...</td><td>3.02</td><td>Dec.</td><td>2.06</td><td>2.47</td><td>2.68</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td></tr><tr><td>1939-Jan.</td><td>2.54</td><td>...</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.48</td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td>...</td><td>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>...</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td>...</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>...</td><td>2.86</td><td>May.</td><td>2.06</td><td>2.45</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>...</td><td>2.78</td><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>...</td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>...</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>...</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2.60</td><td>...</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>2.46</td><td>...</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.35</td><td>...</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - Saturday figure 5/
<table><tr><td>1945-Mar.</td><td>3......</td><td>1.71</td><td>2.40</td><td>2.52</td><td>1945-May</td><td>5......</td><td>1.68</td><td>2.39</td><td>2.51</td><td>1945-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>2.53</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>2.41</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>June</td><td>2......</td><td>1.68</td><td>2.37</td><td>2.55</td><td>Aug.</td><td>4......</td><td>1.66</td><td>2.34</td><td>2.54</td></tr><tr><td>Apr.</td><td>7......</td><td>1.69</td><td>2.39</td><td>2.49</td><td></td><td>9......</td><td>1.64</td><td>2.36</td><td>2.55</td><td></td><td>11......</td><td>1.68</td><td>2.34</td><td>2.56</td></tr><tr><td></td><td>13......</td><td>1.67</td><td>2.38</td><td>2.50</td><td></td><td>16......</td><td>1.62</td><td>2.35</td><td>2.55</td><td></td><td>18......</td><td>1.69</td><td>2.36</td><td>2.56</td></tr><tr><td></td><td>21......</td><td>1.68</td><td>2.40</td><td>2.49</td><td></td><td>23......</td><td>1.62</td><td>2.34</td><td>2.54</td><td></td><td>25......</td><td>1.69</td><td>2.37</td><td>2.57</td></tr><tr><td></td><td>28......</td><td>1.68</td><td>2.39</td><td>2.49</td><td></td><td>30......</td><td>1.62</td><td>2.33</td><td>2.53</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily Sartee
<table><tr><td>1945-Aug.</td><td>1.67</td><td>2.35</td><td>2.54</td><td>1945-Aug.</td><td>1.68</td><td>2.35</td><td>2.56</td><td>1945-Aug.</td><td>1.71</td><td>2.37</td><td>2.58</td></tr><tr><td>2.</td><td>1.67</td><td>2.34</td><td>2.54</td><td>14.</td><td>1.68</td><td>2.35</td><td>2.56</td><td>24.</td><td>1.69</td><td>2.37</td><td>2.57</td></tr><tr><td>3.</td><td>1.66</td><td>2.34</td><td>2.54</td><td>15.</td><td>6/6/</td><td>6/6/</td><td>6/6/</td><td>25.</td><td>1.69</td><td>2.37</td><td>2.57</td></tr><tr><td>4.</td><td>1.66</td><td>2.34</td><td>2.54</td><td>16.</td><td>6/6/</td><td>2.36</td><td>2.56</td><td>27.</td><td>1.68</td><td>2.36</td><td>2.57</td></tr><tr><td>6.</td><td>1.66</td><td>2.34</td><td>2.55</td><td>17.</td><td>1.69</td><td>2.36</td><td>2.56</td><td>28.</td><td>1.68</td><td>2.37</td><td>2.57</td></tr><tr><td>7.</td><td>1.67</td><td>2.34</td><td>2.55</td><td>18.</td><td>1.69</td><td>2.36</td><td>2.56</td><td>29.</td><td>1.68</td><td>2.37</td><td>2.57</td></tr><tr><td>8.</td><td>1.67</td><td>2.34</td><td>2.55</td><td>20.</td><td>1.70</td><td>2.38</td><td>2.56</td><td>30.</td><td>1.68</td><td>2.37</td><td>2.57</td></tr><tr><td>9.</td><td>1.68</td><td>2.34</td><td>2.55</td><td>21.</td><td>1.71</td><td>2.39</td><td>2.57</td><td>31.</td><td>1.68</td><td>2.37</td><td>2.57</td></tr><tr><td>10.</td><td>1.68</td><td>2.34</td><td>2.56</td><td>22.</td><td>1.71</td><td>2.38</td><td>2.57</td><td></td><td></td><td></td><td></td></tr><tr><td>11.</td><td>1.68</td><td>2.34</td><td>2.56</td><td></td><td></td><td></td><td></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 1941 appeared in the "Treasury Bulletin" for April 1941, pages 57-61.
1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1941, page 58. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the case of partially tax-exempt
Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax.
2/ For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61.
3/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures.
4/ The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. The old average for November 1944 was 2.564. See footnote 2.
5/ On days when the exchanges are closed, the date and prices of the previous day are used.
6/ Holiday.
60
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Treasury Bulletin
Office of the Secretary of the Treasury, Division of Research and Statistics
F-220-C
October 1945
61
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
Treasury Bulletin
62
Section I - Income and Expense of Corporations and Certain Other Agencies of the United States Government, for the Fiscal Year Ended June 30, 1945
Table 1. - Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Operating income and expense</b></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>261,925</td><td>228,825</td><td>33,101</td></tr><tr><td>Interest or dividends on investments</td><td>166,516</td><td>51,165</td><td>115,351</td></tr><tr><td>Guaranty and insurance premiums</td><td>132,087</td><td>91,838</td><td>40,250</td></tr><tr><td>Sales of commodities or services</td><td>4,581,198</td><td>4,581,198</td><td>-</td></tr><tr><td>Rents and royalties</td><td>123,934</td><td>11,217</td><td>112,718</td></tr><tr><td>Other interest and rental income</td><td>9,671</td><td>5,934</td><td>3,737</td></tr><tr><td>Premiums, fees, and assessments</td><td>8,183</td><td>8,183</td><td>-</td></tr><tr><td>Program operations income</td><td>1,342,431</td><td>172,803</td><td>1,169,628</td></tr><tr><td>Miscellaneous</td><td>25,799</td><td>25,168</td><td>632</td></tr><tr><td>Total operating income</td><td>6,651,747</td><td>5,176,331</td><td>1,475,416</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>180,560</td><td>171,593</td><td>8,967</td></tr><tr><td>Guaranty and insurance losses</td><td>768</td><td>768</td><td>-</td></tr><tr><td>Cost of sales</td><td>4,364,774</td><td>4,364,774</td><td>-</td></tr><tr><td>General overhead expenses</td><td>215,162</td><td>108,801</td><td>106,361</td></tr><tr><td>Depreciation and obsolescence</td><td>9,090</td><td>9,021</td><td>69</td></tr><tr><td>Program operations expenses</td><td>3,548,845</td><td>938,136</td><td>2,610,709</td></tr><tr><td>Maintenance and operation of properties</td><td>57,613</td><td>2,406</td><td>55,208</td></tr><tr><td>Miscellaneous</td><td>5,075</td><td>4,472</td><td>603</td></tr><tr><td>Total operating expense</td><td>8,381,917</td><td>5,599,970</td><td>2,781,947</td></tr><tr><td>Net operating income (or loss 1/)</td><td>-1,730,170</td><td>-423,639</td><td>-1,306,531</td></tr><tr><td><b>Non-operating income (or loss 1/)</b></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-974,872</td><td>-866,449</td><td>-108,423</td></tr><tr><td>Loans receivable charged off</td><td>-10,076</td><td>-8,558</td><td>-1,518</td></tr><tr><td>Gain (or loss 1/ on acquired security or collateral</td><td>-16,698</td><td>-14,936</td><td>-1,762</td></tr><tr><td>Gain (or loss 1/ on sale of miscellaneous assets</td><td>9,520</td><td>12,221</td><td>-2,701</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-5,477</td><td>-5,329</td><td>-148</td></tr><tr><td>Miscellaneous</td><td>-1,326</td><td>-722</td><td>-604</td></tr><tr><td>Net non-operating income (or loss 1/)</td><td>-998,929</td><td>-883,774</td><td>-115,155</td></tr><tr><td>Net income (or loss 1/ before adjustment of valuation reserves</td><td>-2,729,099</td><td>-1,307,413</td><td>-1,421,686</td></tr><tr><td><b>Adjustment of valuation reserves</b></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-4,203</td><td>-7</td><td>-4,195</td></tr><tr><td>Reserve for lease on acquired security or collateral</td><td>18,435</td><td>16,950</td><td>1,485</td></tr><tr><td>Other reserves</td><td>-358,231</td><td>-346,216</td><td>-12,015</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-343,999</td><td>-329,273</td><td>-14,726</td></tr><tr><td>Net income (or loss 1/)</td><td>-3,073,098</td><td>-1,636,686</td><td>-1,436,412</td></tr><tr><td><b>Analysis of unreserved earned surplus (or deficit)</b></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 2/), June 30, 1944</td><td>-8,821,774</td><td>-1,560,482</td><td>-7,261,292 3/</td></tr><tr><td>Net income (or loss 1/ for fiscal year 1945</td><td>-3,073,098</td><td>-1,636,686</td><td>-1,436,412</td></tr><tr><td>Surplus adjustments</td><td>-148,202</td><td>-8,399</td><td>-139,803</td></tr><tr><td>Unreserved earned surplus (or deficit 2/), June 30, 1945</td><td>-12,043,074 4/</td><td>-3,205,567 4/</td><td>-8,837,507 3/</td></tr></table>
1/ Negative figures indicate loss.
2/ Negative figures indicate deficit.
3/ Represents excess of expenses and includes surplus reserves as well as unreserved surplus or deficit.
4/ This figure differs from that shown in the statement of assets and
liabilities which appeared in the September 1945 issue of the "Treasury Bulletin" not only because data for Panama Railroad Company and Tennessee Valley Associated Cooperatives, Inc. are now available for the period ended June 30, 1945 but also because this figure does not include surplus reserves.
October 1945
63
Section I - Income and Expense of Corporations and Certain Other Agencies of the
United States Government, for the Fiscal Year Ended June 30, 1945 - (Continued
Table 2. - Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th colspan="3">Executive Office of the President</th><th colspan="4">Department of Agriculture (continued on following page)</th></tr><tr><th></th><th></th><th>Office for Inter-American Affairs 2/</th><th>Foreign Economic Administration Export-Import Bank of Washington</th><th>Other 3/</th><th>Commodity Credit Corporation</th><th>Farm Credit Administration (continued on following page)</th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 1/</th></tr><tr><td><b>Operating income and expense</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>228,825</td><td>-</td><td>7,524</td><td>-</td><td>7,849</td><td>3,318</td><td>4,525</td><td>50,612</td><td>4,021</td></tr><tr><td>Interest or dividends on investments</td><td>51,165</td><td>-</td><td>-</td><td>280</td><td>-</td><td>1,337</td><td>859</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance premiums</td><td>91,838</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>4,581,198</td><td>-</td><td>-</td><td>697,737</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Receits and royalties</td><td>11,217</td><td>-</td><td>-</td><td>334</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>5,934</td><td>-</td><td>999</td><td>-</td><td>2,335</td><td>*</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>8,183</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>179</td><td>-</td></tr><tr><td>Program operations income</td><td>172,803</td><td>347</td><td>-</td><td>2,126</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>25,168</td><td>-</td><td>-</td><td>-</td><td>1,153</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>5,176,331</td><td>347</td><td>8,523</td><td>700,477</td><td>11,337</td><td>4,756</td><td>5,390</td><td>54,812</td><td>-</td></tr><tr><td><b>Operating expenses</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>171,593</td><td>-</td><td>-</td><td>5,514</td><td>17,325</td><td>621</td><td>2,765</td><td>28,444</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>768</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>4,364,774</td><td>-</td><td>-</td><td>651,886</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>108,801</td><td>768</td><td>291</td><td>8,066</td><td>8,290</td><td>1,214</td><td>1,505</td><td>10,687</td><td>-</td></tr><tr><td>Depreciation and obsolescence</td><td>9,021</td><td>-</td><td>1</td><td>-</td><td>3,791</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations expenses</td><td>938,136</td><td>-</td><td>-</td><td>16,015</td><td>757,674 5/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>2,406</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>4,472</td><td>-</td><td>-</td><td>3</td><td>-</td><td>10</td><td>31</td><td>-</td><td>-</td></tr><tr><td>Total operating expenses</td><td>5,599,970</td><td>768</td><td>292</td><td>691,485</td><td>787,079</td><td>1,846</td><td>4,351</td><td>39,131</td><td>-</td></tr><tr><td>Net operating income (or loss 6/)</td><td>-423,639</td><td>-421</td><td>8,231</td><td>8,991</td><td>-775,742</td><td>2,910</td><td>1,039</td><td>15,681</td><td>-</td></tr><tr><td><b>Non-operating income (or loss 6/)</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-866,449</td><td>-16,301</td><td>-</td><td>-446</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-8,558</td><td>-</td><td>-1</td><td>-</td><td>-623</td><td>-13</td><td>-</td><td>-75</td><td>-</td></tr><tr><td>Gain (or loss 6/)</td><td>on acquired security or collateral</td><td>-14,936</td><td>-</td><td>-</td><td>-</td><td>-67</td><td>-</td><td>953</td><td>-</td></tr><tr><td>Gain (or loss 6/)</td><td>on sale of miscellaneous assets</td><td>12,221</td><td>-1</td><td>-3,144</td><td>-</td><td>63</td><td>713</td><td>1,942</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-5,329</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-1,169</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-722</td><td>-</td><td>-</td><td>90</td><td>-</td><td>-</td><td>-128</td><td>177</td><td>-</td></tr><tr><td>Net non-operating income (or loss 6/)</td><td>-883,774</td><td>-16,302</td><td>-1</td><td>-3,501</td><td>-623</td><td>-12</td><td>595</td><td>1,827</td><td>-</td></tr><tr><td>Net income (or loss 6/)</td><td>-1,307,413</td><td>-16,723</td><td>8,229</td><td>5,490</td><td>-776,365</td><td>2,898</td><td>1,634</td><td>17,507</td><td>-</td></tr><tr><td><b>Adjustment of valuation reserves</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-7</td><td>-</td><td>-</td><td>-</td><td>1,055</td><td>332</td><td>27</td><td>314</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>16,950</td><td>-</td><td>-</td><td>-</td><td>-</td><td>59</td><td>-*</td><td>1,795</td><td>-</td></tr><tr><td>Other reserves</td><td>-346,216</td><td>-</td><td>-</td><td>-141,872</td><td>21,230</td><td>4</td><td>14</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-329,273</td><td>-</td><td>-</td><td>-141,872</td><td>22,285</td><td>395</td><td>41</td><td>2,109</td><td>-</td></tr><tr><td>Net income (or loss 6/)</td><td>-1,636,686</td><td>-16,723</td><td>8,229</td><td>-136,381</td><td>-754,080 7/</td><td>3,293</td><td>1,674</td><td>19,616</td><td>-</td></tr><tr><td><b>Analysis of unreserved earned surplus (or deficit)</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 8/), June 30, 1944</td><td>-1,560,482</td><td>-37,466</td><td>21,435</td><td>-32,333</td><td>-600,685</td><td>23,771</td><td>21,505</td><td>57,959</td><td>-</td></tr><tr><td>Net income (or loss 6/)</td><td>-1,636,686</td><td>-16,723</td><td>8,229</td><td>-136,381</td><td>-754,080 7/</td><td>3,293</td><td>1,674</td><td>19,616</td><td>-</td></tr><tr><td>Surplus adjustments</td><td>-5,399</td><td>70</td><td>-5,220</td><td>-7,756</td><td>56,921</td><td>-250</td><td>-756</td><td>-6,018</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit 8/), June 30, 1945</td><td>-3,205,567 2/</td><td>-54,119</td><td>24,446</td><td>-176,475</td><td>-1,297,845</td><td>26,814</td><td>22,424</td><td>71,557</td><td>-</td></tr></table>
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-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Prencinradio, Inc.
(Continued on following page)
64
Treasury Bulletin
Sectio
1 - Income and Expense of Corporations and Certain Other Agencies of the
United States Government, for the Fiscal Year Ended June 30, 1945 - (Continued)
Tabl
2. - Corporations 2/ - (Continued)
(In thousands of dollars)
<table><tr><th colspan="8">Department of Agriculture - (continued)</th></tr><tr><th></th><th>Farm Credit Administration - (continued)</th><th colspan="3"></th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th></tr><tr><th></th><th>Production credit corporations</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 10/</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>-</td><td>714</td><td>15,114</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>1,647</td><td>-</td><td>2,533</td><td>-</td><td>-</td><td>93</td><td>-</td><td>-</td></tr><tr><td>Quarenty and insurance premiums</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>117</td><td>728</td><td>17,608</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>342</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>58</td><td>111</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>230</td><td>8,231</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>2</td><td>-</td><td>3</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>1,648</td><td>772</td><td>17,761</td><td>21</td><td>236</td><td>8,784</td><td>728</td><td>17,608</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>-</td><td>2,466</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td></tr><tr><td>Quarenty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>493</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td><td>685</td><td>14,333</td></tr><tr><td>General overhead expense</td><td>1,544</td><td>570</td><td>6,917</td><td>2,737</td><td>16</td><td>6</td><td>568</td><td>408</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>-</td><td>23</td><td>-</td><td>702</td><td>11</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,294</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,435</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td></tr><tr><td>Total operating expenses</td><td>1,544</td><td>570</td><td>9,383</td><td>3,263</td><td>6</td><td>9,021</td><td>702</td><td>14,741</td></tr><tr><td>Net operating income (or loss 6/)</td><td>104</td><td>202</td><td>8,378</td><td>-3,241</td><td>231</td><td>-237</td><td>27</td><td>2,867</td></tr><tr><td>Non-operating income (or loss 6/)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-1,534</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 6/) on acquired security or collateral</td><td>-</td><td>-27</td><td>-779</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 6/) on sale of miscellaneous assets</td><td>5,114</td><td>-</td><td>52</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>24</td></tr><tr><td>Net non-operating income (or loss 6/)</td><td>4,722</td><td>-1,560</td><td>-721</td><td>-</td><td>-</td><td>1</td><td>-</td><td>24</td></tr><tr><td>Net income (or loss 6/)</td><td>4,827</td><td>-1,358</td><td>7,657</td><td>-3,241</td><td>231</td><td>-236</td><td>27</td><td>2,891</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-2,838</td><td>1,579</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-36</td><td>1,692</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>143</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>143</td><td>-2,874</td><td>3,271</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss 6/)</td><td>4,970</td><td>-4,232</td><td>10,928</td><td>-3,241</td><td>231</td><td>-236</td><td>27</td><td>2,891</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 8/)</td><td>7,747</td><td>-3,217</td><td>43,777</td><td>-67,352</td><td>2,441</td><td>407</td><td>3</td><td>14,697</td></tr><tr><td>Net income (or loss 6/)</td><td>4,970</td><td>-4,232</td><td>10,928</td><td>-3,241</td><td>231</td><td>-236</td><td>27</td><td>2,891</td></tr><tr><td>Surplus adjustments</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-4</td><td>-194</td></tr><tr><td>Unreserved earned surplus (or deficit 8/)</td><td>12,716</td><td>-7,449</td><td>54,704</td><td>-70,594</td><td>2,673</td><td>172</td><td>26</td><td>17,394</td></tr></table>
3/ Conesiste of Petroleum Reserve Corporation, Rubber Development Corporation, and U. S. Commercial Company.
4/ Includes activities of the Federal Land Banks of Springfield, Louisville, Houston, St. Louis, and Spokane, which have retired the capital stock and paid-in surplus previously held by the United States
5/ Figures are shown net; figures for gross sales and cost of sales are not available.
6/ Negative figures indicate loss.
7/ Includes indirect grants, subsidies, and contributions.
(Continued on following page)
65
October 1945
Section I - Income and Expense of Corporations and Certain Other Agencies of the United States Government, for the Fiscal Year Ended June 30, 1945 - (Continued)
Table 2. - Corporations1/ - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Department of War</th><th colspan="6">Federal Loan Agency</th><th rowspan="2">Smaller War Plants Corporation</th></tr><tr><th>Federal Deposit Insurance Corporation</th><th>Reconstruction Finance Corporation</th><th>Disaster Loan Corporation</th><th>Federal National Mortgage Association</th><th>The IFC Mortgage Company</th><th>Other 12/</th></tr><tr><td colspan="8">Operating income and expense</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>-</td><td>162</td><td>69,563</td><td>33</td><td>2,154</td><td>4,117</td><td>.101</td><td>1,263</td></tr><tr><td>Interest or dividends on investments</td><td>3</td><td>16,228</td><td>13,614</td><td>-</td><td>18</td><td>139</td><td>-</td><td>66</td></tr><tr><td>Quaranty and insurance premiums</td><td>-</td><td>86,366</td><td>283</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>201</td><td>3,769,058</td><td>-</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>47</td><td>5</td><td>2,344</td></tr><tr><td>Other interest and rental income</td><td>7</td><td>80</td><td>-</td><td>1,245</td><td>-</td><td>-</td><td>1,262</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>167</td><td>4,960</td><td>-</td><td>1,361</td><td>1,317</td><td>159,237</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19,081</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>37</td><td>770</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>10</td><td>105,060</td><td>89,391</td><td>1,279</td><td>3,534</td><td>5,621</td><td>3,951,744</td><td>3,673</td></tr><tr><td colspan="8">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>-</td><td>16,389 13/</td><td>-</td><td>662</td><td>2,158</td><td>73,668</td><td>-</td></tr><tr><td>Quaranty and insurance losses</td><td>-</td><td>-</td><td>164</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,631,096</td><td>-</td></tr><tr><td>General overhead expense</td><td>20</td><td>3,821</td><td>9,818</td><td>291</td><td>739</td><td>1,325</td><td>15,608</td><td>8,665</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>129</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,683</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>139,129</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>19</td><td>173</td><td>1</td><td>-</td><td>-</td><td>3,436</td><td>-</td></tr><tr><td>Total operating expense</td><td>20</td><td>3,840</td><td>26,673</td><td>292</td><td>1,401</td><td>3,494</td><td>3,852,937</td><td>10,348</td></tr><tr><td>Net operating income (or loss 6/)</td><td>-10</td><td>101,220</td><td>62,718</td><td>987</td><td>2,133</td><td>2,327</td><td>88,806</td><td>-6,675</td></tr><tr><td colspan="8">Non-operating income (or loss 6/)</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-840,979</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-3,233</td><td>-1,491</td><td>-</td><td>-1,458</td><td>-</td><td>-93</td></tr><tr><td>Gain (or loss 6/)</td><td>-</td><td>-202</td><td>-</td><td>-</td><td>2</td><td>-17</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 6/)</td><td>-</td><td>7,707</td><td>-</td><td>-1,232</td><td>-4</td><td>-43</td><td>-1,632</td><td>-16</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-</td><td>-</td><td>-</td><td>-1,232</td><td>-4</td><td>-43</td><td>-2,542</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2,048</td><td>-4</td></tr><tr><td>Net non-operating income (or loss 6/)</td><td>-</td><td>7,505</td><td>-3,233</td><td>-2,723</td><td>-2</td><td>-1,519</td><td>-847,400</td><td>-112</td></tr><tr><td>Net income (or loss 6/)</td><td>-10</td><td>108,725</td><td>59,485</td><td>-1,736</td><td>2,131</td><td>808</td><td>-758,594</td><td>-6,787</td></tr><tr><td colspan="8">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-476</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-225,806</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-225,806</td><td>-476</td></tr><tr><td>Net income (or loss 6/)</td><td>-10</td><td>108,725</td><td>59,485</td><td>-1,736</td><td>2,131</td><td>808</td><td>-984,400</td><td>-7,263</td></tr><tr><td colspan="8">Analysis of unreserved earned surplus (or deficit)</td></tr><tr><td>Unreserved earned surplus (or deficit 8/), June 30, 1944</td><td>116</td><td>14/</td><td>392,939</td><td>-3,467</td><td>906</td><td>1,776</td><td>-1,237,756</td><td>-12,237</td></tr><tr><td>Net income (or loss 6/)</td><td>-10</td><td>108,725</td><td>59,485</td><td>-1,736</td><td>2,131</td><td>808</td><td>-984,400</td><td>-7,263</td></tr><tr><td>Surplus adjustments</td><td>*</td><td>-108,725</td><td>6,948</td><td>-554</td><td>-1,093</td><td>-5</td><td>76,001</td><td>-1,311</td></tr><tr><td>Unreserved earned surplus (or deficit 8/), June 30, 1945</td><td>105</td><td>24/</td><td>459,372</td><td>-5,757</td><td>1,944</td><td>2,579</td><td>-2,146,155</td><td>-20,611</td></tr></table>
Negative figures indicate deficit. This figure differs from that shown in the statement of assets and liabilities which appeared in the September 1945 issue of the "Treasury Bulletin" not only because data for Panama Railroad Company and Tennessee Valley Associated Cooperatives, Inc., are now available for the period ended June 30, 1945 but also because this figure does not include surplus reserves.
10/ Includes Warrior River Terminal Company, Inc., a wholly owned subsidiary.
11/ World War I corporation in liquidation.
12/ 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
(Continued on following page)
66
Treasury Bulletin
Section I - Income and Expense of Corporations and Certain Other Agencies of the United States Government, for the Fiscal Year Ended June 30, 1945 - (Continued)
Table 2. - Corporations1/ - (Continued)
(In thousands of dollars)
<table><tr><th colspan="9">National Housing Agency</th></tr><tr><th></th><th colspan="4">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th>Panama Railroad Company</th><th>Tennessee Valley Associated Cooperatives, Inc.</th><th>Tennessee Valley Authority</th></tr><tr><th></th><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 11/</th><th>Federal Public Housing Authority 15/</th><th>Defense Home Corporation</th><th></th><th></th><th></th></tr><tr><td colspan="10">Operating income and expense</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>1,728</td><td>-</td><td>49,136</td><td>-</td><td>7,764</td><td>35</td><td>-</td><td>7</td><td>102</td></tr><tr><td>Interest or dividends on investments</td><td>3,142</td><td>3,549</td><td>1,120</td><td>-</td><td>151</td><td>-</td><td>231</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>5,081</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>893</td><td>46,935</td><td>-</td><td>47,920</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>938</td><td>69</td><td>-</td><td>6,901</td><td>-</td><td>-</td><td>236</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>2</td><td>7</td><td>-</td><td>-</td><td>2,633</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,034</td></tr><tr><td>Total operating income</td><td>4,872</td><td>8,637</td><td>51,195</td><td>69</td><td>10,548</td><td>7,832</td><td>47,166</td><td>7</td><td>52,292</td></tr><tr><td colspan="10">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>685</td><td>-</td><td>14,512</td><td>-</td><td>3,980</td><td>1,673</td><td>-</td><td>-</td><td>727</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>111</td><td>-</td><td>-</td><td>-</td><td>468</td><td>33,547</td><td>-</td><td>22,749</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>862</td><td>433</td><td>7,012</td><td>15</td><td>2,622</td><td>118</td><td>9,516</td><td>4</td><td>4,368</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>78</td><td>-</td><td>-</td><td>1,764</td><td>638</td><td>-</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,560</td><td>-</td><td>-</td><td>15,462</td></tr><tr><td>Maintenance and operation of properties</td><td>471</td><td>26</td><td>956</td><td>3</td><td>-</td><td>229</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>2,017</td><td>570</td><td>22,558</td><td>18</td><td>6,602</td><td>7,811</td><td>43,901</td><td>2</td><td>43,306</td></tr><tr><td>Net operating income (or loss 6/)</td><td>2,855</td><td>8,067</td><td>28,637</td><td>51</td><td>3,946</td><td>21</td><td>3,265</td><td>5</td><td>8,986</td></tr><tr><td colspan="10">Non-operating income (or loss 6/)</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-8,722</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-38</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 6/) on acquired security or collateral</td><td>-</td><td>-</td><td>-15,203</td><td>404</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 6/) on sale of miscellaneous assets</td><td>1,493</td><td>-</td><td>-</td><td>-</td><td>-</td><td>125</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-</td><td>42</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>14</td><td>1,171</td><td>-</td><td>-</td><td>-</td><td>-19</td><td>-</td><td>-</td></tr><tr><td>Net non-operating income (or loss 6/)</td><td>1,492</td><td>55</td><td>-14,069</td><td>399</td><td>-8,722</td><td>125</td><td>-19</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss 6/) before adjustment of valuation reserves</td><td>4,347</td><td>8,123</td><td>14,567</td><td>450</td><td>-4,776</td><td>146</td><td>3,246</td><td>5</td><td>8,986</td></tr><tr><td colspan="10">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>13,441</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>87</td><td>-14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserve</td><td>-</td><td>87</td><td>13,426</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss 6/)</td><td>4,347</td><td>8,209</td><td>27,994</td><td>450</td><td>-4,776</td><td>146</td><td>3,246</td><td>5</td><td>8,986</td></tr><tr><td colspan="10">Analysis of unreserved earned surplus (or deficit)</td></tr><tr><td>Unreserved earned surplus (or deficit 6/), June 30, 1944</td><td>7,064</td><td>14/</td><td>-134,086</td><td>-32,618</td><td>-26,137</td><td>1,890</td><td>47,892</td><td>-5</td><td>-19,444</td></tr><tr><td>Net income (or loss 6/) for fiscal year 1945</td><td>4,347</td><td>8,209</td><td>27,994</td><td>450</td><td>-4,776</td><td>146</td><td>3,246</td><td>5</td><td>8,986</td></tr><tr><td>Surplus adjustments</td><td>-3,358</td><td>-8,209</td><td>-</td><td>-1,743</td><td>629</td><td>-67</td><td>-3,701</td><td>-</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit 6/), June 30, 1945</td><td>8,053</td><td>14/</td><td>-105,092</td><td>-33,911</td><td>-30,284</td><td>1,969</td><td>47,432</td><td>-2/</td><td>-10,458</td></tr></table>
13/ Company and Disaster Loan Corporation were dissolved and merged within the Reconstruction Finance Corporation.
14/ Excludes cost of financing war subsidiaries.
15/ The total surplus is shown as liability reserves to cover possible insurance losses.
15/ Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in
the classification "Other" in Table j. 15/ Represents administrative expenses paid from General Fund appropriation. The insurance program is not intended to absorb the cost of administering the Act. 17/ The net income from power operations has been reduced by the net outlay for non-revenue producing programs such as flood control, navigation, and experimental projects.
October 1945
67
Section I - Income and Expense of Corporations and Certain Other Agencies of the
United States Government, for the Fiscal Year Ended June 30, 1945 - (Continued)
Table 3. - Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management Var Shipping Administration</th><th>Department of Agriculture Farm Credit Administration 1/</th><th>Department of Agriculture Farm Security Administration</th><th>Department of Agriculture Rural Electrification Administration</th><th>Department of the Interior 2/</th><th>Federal Works Agency 3/</th><th>National Housing Agency Federal Housing Administration</th><th>United States Maritime Commission</th><th>Other 4/</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>33,101</td><td>-</td><td>4,859</td><td>19,044</td><td>7,213</td><td>37</td><td>1,442</td><td>13</td><td>29</td><td>463</td></tr><tr><td>Interest or dividends on investments</td><td>115,351</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,831</td><td>-</td><td>112,520</td></tr><tr><td>Guaranty and insurance premiums</td><td>40,250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27,477</td><td>264</td><td>12,508</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>112,718</td><td>-</td><td>-</td><td>515</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,596</td><td>109,606</td></tr><tr><td>Other interest and rental income</td><td>3,737</td><td>-</td><td>-</td><td>215</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,464</td><td>58</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>1,169,628</td><td>1,169,628</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>632</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>501</td><td>131</td><td>-</td></tr><tr><td>Total operating income</td><td>1,475,416</td><td>1,169,628</td><td>4,859</td><td>19,774</td><td>7,213</td><td>37</td><td>1,442</td><td>30,822</td><td>6,484</td><td>235,156</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>8,967</td><td>-</td><td>4,002</td><td>4,599</td><td>-</td><td>-</td><td>-</td><td>366</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>106,361</td><td>14,926</td><td>4,460</td><td>26,645</td><td>2,903</td><td>166</td><td>3,743</td><td>10,142</td><td>32,925</td><td>10,452</td></tr><tr><td>Depreciation and obsolescence</td><td>69</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>69</td><td>-</td><td>-</td></tr><tr><td>Program operations expense</td><td>2,610,709</td><td>2,600,501</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,173</td><td>1,034</td></tr><tr><td>Maintenance and operation of properties</td><td>55,238</td><td>-</td><td>-</td><td>1,334</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,078</td><td>52,825</td></tr><tr><td>Miscellaneous</td><td>603</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>585</td><td>-</td><td>18</td></tr><tr><td>Total operating expense</td><td>2,781,947</td><td>2,615,428</td><td>4,460</td><td>31,981</td><td>7,502</td><td>166</td><td>3,743</td><td>11,163</td><td>43,177</td><td>64,329</td></tr><tr><td>Net operating income (or loss 5/)</td><td>-1,306,531</td><td>-1,445,800</td><td>399</td><td>-12,207</td><td>-288</td><td>-129</td><td>-2,301</td><td>19,660</td><td>-36,692</td><td>170,827</td></tr><tr><td>Non-operating income (or loss 5/)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-108,423</td><td>-</td><td>-31</td><td>-1,201</td><td>-</td><td>-</td><td>-90,254</td><td>-</td><td>-16,937</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-1,518</td><td>-</td><td>-842</td><td>-88</td><td>-35</td><td>-413</td><td>-</td><td>-</td><td>-83</td><td>-56</td></tr><tr><td>Gain (or loss 5/) on acquired security or collateral</td><td>-1,762</td><td>-</td><td>-93</td><td>-107</td><td>-</td><td>-</td><td>-</td><td>-1,562</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 5/) on sale of miscellaneous assets</td><td>-2,701</td><td>-</td><td>-</td><td>-2,343</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-358</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-148</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-145</td><td>-</td><td>-</td><td>-</td><td>-3</td></tr><tr><td>Miscellaneous</td><td>-604</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-604</td><td>-</td></tr><tr><td>Net non-operating income (or loss 5/)</td><td>-115,155</td><td>-</td><td>-966</td><td>-3,740</td><td>-35</td><td>-558</td><td>-90,254</td><td>-1,561</td><td>-17,983</td><td>-59</td></tr><tr><td>Net income (or loss 5/) before adjustment of valuation reserves</td><td>-1,421,686</td><td>-1,445,800</td><td>-566</td><td>-15,947</td><td>-323</td><td>-687</td><td>-92,555</td><td>18,099</td><td>-54,675</td><td>170,768</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-4,195</td><td>-</td><td>5,129</td><td>-9,324</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>1,485</td><td>-</td><td>370</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,115</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-12,015</td><td>-</td><td>-185</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-11,830</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-14,726</td><td>-</td><td>5,313</td><td>-9,324</td><td>-</td><td>-</td><td>-</td><td>1,115</td><td>-</td><td>-11,830</td></tr><tr><td>Net income (or loss 5/)</td><td>-1,436,412</td><td>-1,445,800</td><td>4,747</td><td>-25,271</td><td>-323</td><td>-687</td><td>-92,555</td><td>19,214</td><td>-54,675</td><td>158,938</td></tr><tr><td>Analysis of earned surplus (or deficit)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earned surplus (or deficit 6/), June 30, 1944</td><td>-7,261,292</td><td>-4,237,303</td><td>-486,697</td><td>-485,396</td><td>-6,803</td><td>-55,955</td><td>-1,761,151</td><td>9,680</td><td>-275,923</td><td>38,254</td></tr><tr><td>Net income (or loss 5/) for fiscal year 1945</td><td>-1,436,412</td><td>-1,445,800</td><td>4,747</td><td>-25,271</td><td>-323</td><td>-687</td><td>-92,555</td><td>19,214</td><td>-54,675</td><td>158,938</td></tr><tr><td>Surplus adjustments</td><td>-139,803</td><td>-</td><td>-15,585</td><td>-</td><td>-28</td><td>484</td><td>-1,442</td><td>-</td><td>5,972</td><td>-129,205</td></tr><tr><td>Earned surplus (or deficit 6/), June 30, 1945</td><td>-8,837,507</td><td>-5,683,103</td><td>-497,535</td><td>-510,667</td><td>-7,154</td><td>-55,158</td><td>-1,955,147</td><td>28,894</td><td>-324,626</td><td>67,988</td></tr></table>
1/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
2/ Consists of Indian Loans, Puerto Rican Hurricane Relief Loan Section, and Puerto Rico Reconstruction Administration.
3/ Consists of Public Works Administration and War Public Works, community facilities.
4/ 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.
5/ Negative figures indicate loss.
6/ Negative figures indicate deficit.
68
Treasury Bulletin
Section II - Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Fiscal Year Ended June 30, 1945
Table 1.- Summary of Corporations and Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total 1/</th><th>Corporations</th><th>Certain other agencies 1/</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>15,410,947</td><td>15,410,947 2/</td><td>-</td></tr><tr><td>From Government agencies</td><td>7,312,707</td><td>7,188,689</td><td>124,018</td></tr><tr><td>From public</td><td>1,270,002</td><td>1,260,426</td><td>9,576</td></tr><tr><td>Total borrowings</td><td>23,993,657</td><td>23,860,063</td><td>133,594</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>310,765</td><td>310,765</td><td>-</td></tr><tr><td>By Government agencies</td><td>15,025</td><td>15,025</td><td>-</td></tr><tr><td>By public</td><td>19,461</td><td>19,461</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>345,251</td><td>345,251</td><td>-</td></tr><tr><td>Appropriations 3/</td><td>5,536,246</td><td>30,552</td><td>5,505,694</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>686,222</td><td>679,429</td><td>6,793</td></tr><tr><td>Securities of Government agencies</td><td>14,489,119</td><td>354,914</td><td>14,134,505 2/</td></tr><tr><td>Other securities</td><td>111,984</td><td>109,911</td><td>2,073</td></tr><tr><td>Total sale or collection of investments</td><td>15,287,625</td><td>1,114,254</td><td>14,143,371</td></tr><tr><td>Repayments on loans</td><td>9,841,839</td><td>9,629,411</td><td>212,428</td></tr><tr><td>Sale of acquired security or collateral</td><td>100,588</td><td>69,057</td><td>31,531</td></tr><tr><td>Decrease in working capital and deferred items 4/</td><td>1,290,842 4/</td><td>1,184,796</td><td>106,046</td></tr><tr><td>Funds provided by profit on operations 5/ 6/</td><td>447,531 5/</td><td>285,271</td><td>162,260</td></tr><tr><td>Other sources</td><td>347,951</td><td>205,438</td><td>142,513</td></tr><tr><td>Total funds provided</td><td>57,191,529</td><td>36,754,093</td><td>20,437,436</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>14,134,505</td><td>14,134,505 2/</td><td>-</td></tr><tr><td>To Government agencies</td><td>6,894,164</td><td>6,718,411</td><td>175,753</td></tr><tr><td>To public</td><td>2,600,141</td><td>2,596,501</td><td>3,640</td></tr><tr><td>Total repayment of borrowings</td><td>23,628,811</td><td>23,449,418</td><td>179,393</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>131,513</td><td>121,862</td><td>9,651</td></tr><tr><td>To Government agencies</td><td>231</td><td>231</td><td>-</td></tr><tr><td>To public</td><td>22,222</td><td>22,222</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>153,966</td><td>144,315</td><td>9,651</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>823,796</td><td>796,006</td><td>27,790</td></tr><tr><td>Securities of Government agencies</td><td>15,597,240</td><td>10,293</td><td>15,586,947 2/</td></tr><tr><td>Other securities</td><td>28,615</td><td>28,612</td><td>3</td></tr><tr><td>Total purchase of investments</td><td>16,449,652</td><td>834,911</td><td>15,614,741</td></tr><tr><td>Loans made</td><td>9,399,189</td><td>9,220,621</td><td>178,568</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>56,017</td><td>22,469</td><td>33,548</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>2,809,276</td><td>727,670</td><td>2,081,606</td></tr><tr><td>Increase in working capital and deferred items</td><td>945,388</td><td>509,198</td><td>436,190</td></tr><tr><td>Funds applied to loss on operations 5/</td><td>3,251,834 5/</td><td>1,702,421</td><td>1,549,413</td></tr><tr><td>Other applications</td><td>497,395</td><td>143,069</td><td>354,326</td></tr><tr><td>Total funds applied</td><td>57,191,529</td><td>36,754,093</td><td>20,437,436</td></tr><tr><td><b>Adjustments of net income (or loss)</b></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 7/)</td><td>-3,018,423 8/</td><td>-1,636,666</td><td>-1,381,737 8/</td></tr><tr><td>Depreciation and obsolescence</td><td>22,802</td><td>22,698</td><td>104</td></tr><tr><td>Assets charged off</td><td>9,556</td><td>8,031</td><td>1,525</td></tr><tr><td>Capital gains 9/ and losses</td><td>3,496</td><td>233</td><td>3,263</td></tr><tr><td>Adjustments of valuation reserves</td><td>-35,524</td><td>-38,420</td><td>2,896</td></tr><tr><td>Other adjustments</td><td>213,789</td><td>226,994</td><td>-13,205</td></tr><tr><td>Funds provided by profit on operations</td><td>447,531</td><td>285,271</td><td>162,260</td></tr><tr><td>Funds applied to loss on operations</td><td>3,251,834</td><td>1,702,421</td><td>1,549,413</td></tr></table>
1/ Excludes United States Maritime Commission and Puerto Rico Reclamation Administration.
2/ Included in this figure are exchanges of securities in the amount of $11,287,947 thousand for the following corporations: Commodity Credit Corporation, $1,591,000 thousand; Federal Farm Mortgage Corporation, $108,000 thousand; Federal Public Housing Authority, $383,000 thousand; and Reconstructioin Finance Corporation, $9,205,947 thousand.
3/ Represents net expenditures from appropriated funds.
4/ The increases in working capital and deferred items is shown below
under "Application of Funds". 5/ For additional information, see the adjustments of net income or loss at bottom of table. 6/ Funds applied to loss on operations are shown below under "Application of Funds". 1/ Negative figures indicate net loss. 8/ This figure excludes United States Maritime Commission; the corresponding figure in the preceding statement of income and expense included the United States Maritime Commission. 9/ Negative figures indicate capital gain.
October 1945
69
Section II - Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Fiscal Year Ended June 30, 1945 - (Continued)
Table 2.- Corporations (In thousands of dollars)
<table><tr><th></th><th>Total</th><th colspan="3">Executive Office of the President</th><th colspan="4">Department of Agriculture (continued on following page)</th></tr><tr><th></th><th></th><th>Office for Emergency Management</th><th colspan="2">Foreign Economic Administration</th><th>Commodity Credit Corporation</th><th colspan="3">Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th>Office of Inter-American Affairs 2/</th><th>Import-Export Bank of Washington</th><th>Other 3/</th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 4/</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>15,410,947 5/</td><td>-</td><td>-</td><td>-</td><td>3,577,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>7,188,689</td><td>-</td><td>-</td><td>1,013,756</td><td>-</td><td>83,340</td><td>5,750</td><td>-</td></tr><tr><td>From public</td><td>1,260,426</td><td>-</td><td>-</td><td>-</td><td>422,645</td><td>41,270</td><td>400,260</td><td>323,751</td></tr><tr><td>Total borrowings</td><td>23,860,063</td><td>-</td><td>-</td><td>1,013,756</td><td>3,999,645</td><td>124,610</td><td>406,010</td><td>323,751</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>310,765</td><td>-</td><td>-</td><td>-</td><td>256,765</td><td>3,500</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>15,025</td><td>11,025</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>19,461</td><td>91</td><td>-</td><td>-</td><td>-</td><td>5,901</td><td>-</td><td>4,607</td></tr><tr><td>Total capital and surplus subscriptions</td><td>345,251</td><td>11,116</td><td>-</td><td>-</td><td>256,765</td><td>9,401</td><td>-</td><td>4,607</td></tr><tr><td>Appropriations 5/</td><td>30,552</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of 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>679,429</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7,487</td><td>30,388</td><td>95,442</td></tr><tr><td>Securities of Government agencies</td><td>354,914</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>180,758</td></tr><tr><td>Other securities</td><td>109,311</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25,037</td><td>-</td><td>4</td></tr><tr><td>Total sale or collection of investments</td><td>1,144,254</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32,525</td><td>30,388</td><td>276,205</td></tr><tr><td>Repayments on loans</td><td>9,629,411</td><td>-</td><td>41,452 1/</td><td>-</td><td>723,479</td><td>388,108</td><td>878,867</td><td>292,525</td></tr><tr><td>Sale of acquired security or collateral</td><td>69,057</td><td>-</td><td>-</td><td>-</td><td>-</td><td>52</td><td>-</td><td>10,736</td></tr><tr><td>Decrease in working capital and deferred items 5/</td><td>1,184,796 6/</td><td>7,299</td><td>-</td><td>77,620</td><td>98,257</td><td>-</td><td>5,774</td><td>-</td></tr><tr><td>Funds provided by profit on operations 9/ 10/</td><td>285,271 10/</td><td>35</td><td>8,026</td><td>-</td><td>-</td><td>2,925</td><td>914</td><td>14,792</td></tr><tr><td>Other sources</td><td>205,438</td><td>96</td><td>-</td><td>144,269 11/</td><td>9,103</td><td>111</td><td>258 11/</td><td>978 11/</td></tr><tr><td>Total funds provided</td><td>36,754,093</td><td>18,546</td><td>49,477</td><td>1,235,644</td><td>5,087,249</td><td>557,622</td><td>1,322,211</td><td>923,594</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>14,134,505 5/</td><td>-</td><td>-</td><td>-</td><td>2,886,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>6,718,411</td><td>-</td><td>-</td><td>965,816</td><td>-</td><td>79,663</td><td>4,750</td><td>171,955</td></tr><tr><td>To public</td><td>2,596,501</td><td>-</td><td>-</td><td>-</td><td>676,638</td><td>41,270</td><td>413,325</td><td>546,429</td></tr><tr><td>Total repayment of borrowings</td><td>23,449,418</td><td>-</td><td>-</td><td>965,816</td><td>3,562,638</td><td>120,933</td><td>418,075</td><td>718,384</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>121,862</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,000</td><td>-</td><td>67,588</td></tr><tr><td>To Government agencies</td><td>251</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>22,222</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,867</td><td>-</td><td>15,460</td></tr><tr><td>Total repayment of paid-in capital</td><td>144,335</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7,867</td><td>-</td><td>83,048</td></tr><tr><td>Purchase of 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>796,006</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7,396</td><td>30,186</td><td>25,979</td></tr><tr><td>Securities of Government agencies</td><td>10,293</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,750</td></tr><tr><td>Other securities</td><td>28,612</td><td>-</td><td>-</td><td>1</td><td>-</td><td>27,585</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>834,911</td><td>-</td><td>-</td><td>1</td><td>-</td><td>34,981</td><td>30,186</td><td>31,730</td></tr><tr><td>Loans made</td><td>9,220,621</td><td>14</td><td>33,682 1/</td><td>-</td><td>752,660</td><td>379,917</td><td>873,644</td><td>82,954</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>22,469</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td><td>-</td><td>2,239</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>727,670</td><td>185</td><td>-</td><td>1,922</td><td>-</td><td>-</td><td>-</td><td>751 11/</td></tr><tr><td>Increase in working capital and deferred items</td><td>509,198</td><td>1,658</td><td>10,575</td><td>-</td><td>-</td><td>13,885</td><td>-</td><td>1,154</td></tr><tr><td>Funds applied to loss on operations 9/</td><td>1,702,421 9/</td><td>16,688</td><td>-</td><td>147,175</td><td>771,951</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other applications</td><td>143,069</td><td>-</td><td>5,220</td><td>120,730 11/</td><td>-</td><td>-</td><td>306</td><td>3,334 11/</td></tr><tr><td>Total funds applied</td><td>36,754,093</td><td>18,546</td><td>49,477</td><td>1,235,644</td><td>5,087,249</td><td>557,622</td><td>1,322,211</td><td>923,594</td></tr><tr><td>Adjustments of net income (or loss)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 12/)</td><td>-1,636,686</td><td>-16,723</td><td>5,229</td><td>-136,381</td><td>-754,080</td><td>3,293</td><td>1,674</td><td>19,616</td></tr><tr><td>Depreciation and obsolescence</td><td>22,698</td><td>-</td><td>1</td><td>-</td><td>3,791</td><td>4</td><td>-12</td><td>40</td></tr><tr><td>Assets charged off</td><td>8,051</td><td>-</td><td>1</td><td>-</td><td>623</td><td>21</td><td>-</td><td>127</td></tr><tr><td>Capital gains 13/ and losses</td><td>253</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-713</td><td>-2,882</td></tr><tr><td>Adjustments of valuation reserves</td><td>-38,420</td><td>-</td><td>-</td><td>-</td><td>-22,285</td><td>-391</td><td>-35</td><td>-2,109</td></tr><tr><td>Other adjustments</td><td>226,994</td><td>70</td><td>-206</td><td>-10,794</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>285,271</td><td>35</td><td>8,026</td><td>-</td><td>-</td><td>2,925</td><td>914</td><td>14,792</td></tr><tr><td>Funds applied to loss on operations</td><td>1,702,421</td><td>16,688</td><td>-</td><td>147,175</td><td>771,951</td><td>-</td><td>-</td><td>-</td></tr></table>
Less than $500
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 central notes acquired through the Reorganization Finance Corporation
or production credit corporations.
2/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Prencifradio, Inc.
1/ Consists of Petroleum Reserves Corporation, Rubber Development Corporation, and U. S. Commercial Company.
(Continued on following page)
70
Treasury Bulletin
Section II
Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Fiscal Year Ended June 30, 1945 - (Continued)
Table 2.- Corporations 1/ - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">Department of Agriculture - (continued)</th><th rowspan="2">Department of Commerce Inland Waterways Corporation 14/</th><th rowspan="2">Department of Interior The Virgin Islands Company</th><th rowspan="2">Department of Justice Federal Prison Industries, Inc.</th></tr><tr><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></tr><tr><td colspan="9">Sourcings of funds</td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>108,000</td><td>-</td><td>570</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>108,000</td><td>-</td><td>570</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 6/</td><td>-</td><td>-</td><td>-</td><td>2,221</td><td>-</td><td>-</td><td>9</td><td>-</td></tr><tr><td>Sale or collection of 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>92,905</td><td>236</td><td>-</td><td>-</td><td>-</td><td>25</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>172,001</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>9,078</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>101,983</td><td>236</td><td>172,007</td><td>-</td><td>-</td><td>25</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>-</td><td>22,257</td><td>112,075</td><td>-</td><td>-</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>49</td><td>5,719</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>-</td><td>34,335</td><td>39,000</td><td>1,053</td><td>-</td><td>-</td><td>116</td><td>-</td></tr><tr><td>Funds provided by profit on operations 2/ 10/</td><td>-</td><td>235</td><td>8,723</td><td>-</td><td>231</td><td>457</td><td>35</td><td>3,154</td></tr><tr><td>Other sources</td><td>5 11/</td><td>42 11/</td><td>4</td><td>-</td><td>73</td><td>74</td><td>-</td><td>21</td></tr><tr><td>Total funds provided</td><td>101,988</td><td>57,653</td><td>445,527</td><td>3,275</td><td>874</td><td>589</td><td>160</td><td>3,175</td></tr><tr><td colspan="9">Application of funds</td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>365,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>779 15/</td><td>-</td><td>130</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>35,084</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>-</td><td>400,084</td><td>-</td><td>779</td><td>-</td><td>130</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>6,700</td><td>44,400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>6,700</td><td>44,400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of 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>94,223</td><td>326</td><td>-</td><td>-</td><td>-</td><td>275</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>Other securities</td><td>757</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>94,980</td><td>326</td><td>-</td><td>-</td><td>-</td><td>275</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>-</td><td>12,793</td><td>42,998</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>134</td><td>2,445</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>-</td><td>-</td><td>31</td><td>-</td><td>22</td><td>29</td><td>436</td></tr><tr><td>Increase in working capital and deferred items</td><td>106</td><td>-</td><td>-</td><td>-</td><td>96</td><td>291</td><td>-</td><td>2,509</td></tr><tr><td>Funds applied to loss on operations 2/</td><td>161</td><td>-</td><td>-</td><td>3,243</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other applications</td><td>42 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>230</td></tr><tr><td>Total funds applied</td><td>101,988</td><td>57,653</td><td>445,527</td><td>3,275</td><td>874</td><td>589</td><td>160</td><td>3,175</td></tr><tr><td colspan="9">Adjustments of net income (or loss)</td></tr><tr><td>Net income (or loss 12/)</td><td>4,970</td><td>-4,232</td><td>10,928</td><td>-3,241</td><td>231</td><td>-236</td><td>27</td><td>2,891</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-7</td><td>-</td><td>23</td><td>-</td><td>702</td><td>11</td><td>277</td></tr><tr><td>Assets charged off</td><td>126</td><td>1,600</td><td>589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gain 13/ and losses</td><td>-5,114</td><td>-1</td><td>477</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-143</td><td>2,874</td><td>-3,272</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-</td><td>-25</td><td>-</td><td>-</td><td>-3</td><td>-15</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>235</td><td>8,723</td><td>-</td><td>231</td><td>467</td><td>35</td><td>3,154</td></tr><tr><td>Funds applied to loss on operations</td><td>161</td><td>-</td><td>-</td><td>3,243</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
4/ Includes funds of Federal Land Banks of Springfield, Louisville, Houston, St. Louis and Spokane, which have retired the capital
stock and paid-in surplus previously held by the United States Government.
5/ Included in this figure are exchanges of securities in the amount of $11,287,947 thousand for the following corporations: Commodity
Credit Corporation, $1,592,000 thousand; Federal Farm Mortgage Corporation, $108,000 thousand; Federal Public Housing Authority,
$187,000 thousand: and Reconstruction Finance Corporation.
$9,305.847 thousand
6/ Represents net expenditures from appropriated funds.
71 Excludes loans made by commercial banks on behalf of the Export-
(Continued on following page)
October 1945
71
Section II - Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Fiscal Year Ended June 30, 1945 - (Continued)
Table 2.- Corporations 1/ - (Continued)
(In thousands 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 16/</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 17/</th><th></th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>10,558,947</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,074</td><td>18,224</td><td>6,063,682</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>10,558,947</td><td>-</td><td>1,074</td><td>18,224</td><td>6,063,682</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>50,000</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,000</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,000</td><td>50,000</td></tr><tr><td>Appropriations 6/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>67</td><td>-</td></tr><tr><td>Sale or collection of 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>-</td><td>158,739</td><td>729</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>2,000</td><td>-</td><td>79</td><td>19</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>55,496</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>-</td><td>158,739</td><td>58,225</td><td>-</td><td>79</td><td>19</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>-</td><td>10,618</td><td>6,352,480</td><td>1,392</td><td>49,614</td><td>83,432</td><td>50,421</td><td>98,303</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>17,754</td><td>14,354</td><td>75</td><td>42</td><td>582</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items 8/</td><td>10</td><td>16,827</td><td>-</td><td>-</td><td>-</td><td>5,416</td><td>794,495</td><td>-</td></tr><tr><td>Funds provided by profit on operations 9/ 10/</td><td>-</td><td>101,504</td><td>69,795</td><td>-</td><td>2,129</td><td>2,287</td><td>239</td><td>-</td></tr><tr><td>Other sources</td><td>-</td><td>-</td><td>231</td><td>3</td><td>26</td><td>415</td><td>44,246</td><td>783</td></tr><tr><td>Total funds provided</td><td>10</td><td>305,442</td><td>17,084,032</td><td>1,471</td><td>52,964</td><td>110,375</td><td>6,957,150</td><td>149,086</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>10,161,487</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>46,883</td><td>67,262</td><td>5,376,163</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>157</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>-</td><td>10,161,644</td><td>-</td><td>46,883</td><td>67,262</td><td>5,376,163</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of 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>-</td><td>299,000</td><td>4,011</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>14</td><td>4,529</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>299,000</td><td>4,281</td><td>-</td><td>14</td><td>4,529</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>-</td><td>2,366</td><td>6,624,971</td><td>641</td><td>119</td><td>35,208</td><td>8,891</td><td>116,465</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>4,076</td><td>9,902</td><td>22</td><td>5</td><td>3,376</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>-</td><td>758</td><td>-</td><td>-</td><td>1</td><td>646,117</td><td>8,690</td></tr><tr><td>Increase in working capital and deferred items</td><td>-</td><td>-</td><td>282,476</td><td>561</td><td>4,943</td><td>-</td><td>166,828</td><td>18,855</td></tr><tr><td>Funds applied to lose on operations 2/</td><td>10</td><td>-</td><td>-</td><td>246</td><td>-</td><td>-</td><td>753,725</td><td>5,075</td></tr><tr><td>Other applications</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,000</td><td>-</td><td>5,425</td><td>-</td></tr><tr><td>Total funds applied</td><td>10</td><td>305,442</td><td>17,084,032</td><td>1,471</td><td>52,964</td><td>110,375</td><td>6,957,150</td><td>149,086</td></tr><tr><td>Adjustments of net incomes (or loss)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 12/)</td><td>-10</td><td>108,725</td><td>59,485</td><td>-1,736</td><td>2,131</td><td>808</td><td>-984,400</td><td>-7,263</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>129</td><td>-</td><td>-</td><td>124</td><td>2,087</td><td>1,683</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>3,233</td><td>1,491</td><td>-</td><td>-</td><td>-</td><td>130</td></tr><tr><td>Capital gains 13/ and losses</td><td>-</td><td>-7,553</td><td>-</td><td>-</td><td>-2</td><td>1,361</td><td>730</td><td>16</td></tr><tr><td>Adjustments of Valuation reserves</td><td>-</td><td>332</td><td>6,948</td><td>-2</td><td>-</td><td>-5</td><td>228,097</td><td>476</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-106</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>101,504</td><td>69,795</td><td>246</td><td>2,129</td><td>2,287</td><td>239</td><td>-</td></tr><tr><td>Funds applied to loss on operations</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>753,725</td><td>5,075</td></tr></table>
8/ Report Bank under agency agreements. The increase in working capital and deferred items is shown below under "Application of funds".
9/ For additional information, see the adjustments of net income or loss shown at bottom of table.
10/ Funds applied to loss on operations are shown below under "Application of funds".
11/ tion of funds".
12/ Figures are shown net.
13/ Negative figures indicate net loss.
14/ Negative figures indicate capital gain.
15/ Figures include funds of Warrior River Tarninal Company, Inc., a wholly owned subsidiary.
(Continued on following page)
Treasury Bulletin
72
Section II
Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Fiscal Year Ended June 30, 1945 - (Continued)
Table 2.- Corporations 1/ - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</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 16/18/</th><th>Federal Public Housing Authority 18/</th><th>Defense Home Corporation</th></tr><tr><td colspan="10">Sources of funds</td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>754,000</td><td>-</td><td>383,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,295</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>72,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>72,500</td><td>-</td><td>754,000</td><td>-</td><td>383,000</td><td>2,295</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>8,862</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>8,862</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 6/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,722</td><td>-</td><td>-</td><td>-</td><td>19,532</td></tr><tr><td>Sale or collection of 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>289,658</td><td>1,620</td><td>-</td><td>-</td><td>2,200</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>50</td><td>-</td><td>20,296</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>289,708</td><td>1,620</td><td>20,296</td><td>-</td><td>2,200</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>229,559</td><td>1,002</td><td>272,660</td><td>1,105</td><td>21,042</td><td>34</td><td>-</td><td>7</td><td>264</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>-</td><td>17,586</td><td>1,105</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items 8/</td><td>23,241</td><td>8,123</td><td>51,155</td><td>50</td><td>20,018</td><td>83</td><td>4,047</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations 9/ 10/</td><td>2,909</td><td>-</td><td>30,408</td><td>1,791</td><td>-</td><td>1,923</td><td>4,139</td><td>5</td><td>20,482</td></tr><tr><td>Other sources</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,786</td><td>1,047</td><td>-</td><td>-</td><td>1,977</td></tr><tr><td>Total funds provided</td><td>632,780</td><td>10,745</td><td>1,146,305</td><td>2,946</td><td>437,369</td><td>5,383</td><td>8,186</td><td>12</td><td>42,254</td></tr><tr><td colspan="10">Application of funds</td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>324,018</td><td>-</td><td>398,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,010</td><td>-</td><td>-</td><td>2,000</td></tr><tr><td>To public</td><td>80,500</td><td>-</td><td>803,046</td><td>-</td><td>52</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>80,500</td><td>-</td><td>1,127,064</td><td>-</td><td>398,052</td><td>3,010</td><td>-</td><td>-</td><td>2,000</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>1,175</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>231</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>895</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>1,126</td><td>-</td><td>-</td><td>1,175</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of 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>316,059</td><td>10,300</td><td>-</td><td>-</td><td>3,000</td><td>-</td><td>5,250</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>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>316,059</td><td>10,300</td><td>-</td><td>-</td><td>3,000</td><td>-</td><td>5,250</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>232,948</td><td>-</td><td>18,991</td><td>-</td><td>1,359</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>2</td><td>226</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>444</td><td>24</td><td>-</td><td>30,811</td><td>2,372</td><td>70</td><td>12</td><td>35,450</td></tr><tr><td>Increase in working capital and deferred items</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,147</td><td>-</td><td>-</td><td>-</td><td>4,805</td></tr><tr><td>Funds applied to lose on operations 2/</td><td>-</td><td>-</td><td>-</td><td>1,768</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other applications</td><td>2,147</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,867</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>632,780</td><td>10,745</td><td>1,146,305</td><td>2,946</td><td>437,369</td><td>5,383</td><td>8,186</td><td>12</td><td>42,254</td></tr><tr><td colspan="10">Adjustments of net income (or loss)</td></tr><tr><td>Net income (or loss 12/)</td><td>4,347</td><td>8,209</td><td>27,994</td><td>450</td><td>-4,776</td><td>146</td><td>3,246</td><td>5</td><td>8,986</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>78</td><td>-</td><td>-</td><td>1,642</td><td>828</td><td>-</td><td>11,296</td></tr><tr><td>Assets charged off</td><td>54</td><td>-1</td><td>41</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains 13/ and losses</td><td>-1,493</td><td>-</td><td>15,744</td><td>-404</td><td>-</td><td>-</td><td>69</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-</td><td>-36</td><td>-13,448</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>200</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-</td><td>1,742</td><td>629</td><td>135</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>2,909</td><td>8,123</td><td>30,408</td><td>1,791</td><td>-</td><td>1,923</td><td>4,139</td><td>5</td><td>20,482</td></tr><tr><td>Funds applied to loss on operations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,147</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
15/ This amount consists of cash repayment to Disaster Loan Corporation plus increase in deficit as a result of timber salvage operations.
16/ World War I corporation in liquidation.
17/ Consists of Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, Rubber Reserve Company, and War Damage Corporation. Effective July 1, 1945, Defense Plant Cor-
poration, Defense Supplies Corporation, Metals Reserve Company and Rubber Reserve Company were merged within the Reconstruction Finance Corporation.
18/ Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 3.
October 1945
73
Section II
- Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Fiscal Year Ended June 30, 1945 - (Continued)
Table 3.
Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total 1/</th><th>Executive Office of the President Office for Emergency Management War Shipping Administration</th><th>Department of Agriculture Farm Credit Administration 2/</th><th>Farm Security Administration</th><th>Rural Electrification Administration</th><th>Department of the Interior 3/</th><th>Federal Works Agency 4/</th><th>National Housing Agency Federal Housing Administration</th><th>United States Maritime Commission 5/</th><th>Other 5/</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From Government agencies</td><td>124,018</td><td>-</td><td>-</td><td>86,275</td><td>33,200</td><td>-</td><td>-</td><td>4,543</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>9,576</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,576</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>133,594</td><td>-</td><td>-</td><td>86,275</td><td>33,200</td><td>-</td><td>-</td><td>14,119</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 1/</td><td>5,505,694</td><td>3,676,352</td><td>-5,494</td><td>160,774</td><td>11,162</td><td>143</td><td>120,444</td><td>-</td><td>-</td><td>1,542,312</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>6,793</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,793</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>14,134,505 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,134,505</td></tr><tr><td>Other securities</td><td>2,073</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>2,072</td></tr><tr><td>Total sale or collection of investments</td><td>14,143,371</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,794</td><td>-</td><td>14,136,577</td></tr><tr><td>Repayments on loans</td><td>212,428</td><td>-</td><td>27,926</td><td>127,311</td><td>10,720</td><td>1,180</td><td>2,589</td><td>6,830</td><td>-</td><td>35,871</td></tr><tr><td>Sale of acquired security or collateral</td><td>31,531</td><td>-</td><td>578</td><td>574</td><td>-</td><td>-</td><td>-</td><td>29,874</td><td>-</td><td>505</td></tr><tr><td>Decrease in working capital and deferred items 9/</td><td>106,046 9/</td><td>-</td><td>157</td><td>64,310</td><td>66</td><td>1</td><td>40,985</td><td>-</td><td>-</td><td>526</td></tr><tr><td>Funds provided by profit on operations 10/ 11/</td><td>162,260 11/</td><td>-</td><td>400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19,730</td><td>-</td><td>142,130</td></tr><tr><td>Other sources</td><td>142,513</td><td>-</td><td>2,000</td><td>16,691</td><td>4</td><td>1</td><td>-</td><td>-</td><td>-</td><td>123,817</td></tr><tr><td>Total funds provided</td><td>20,437,436</td><td>3,676,352</td><td>25,567</td><td>455,936</td><td>55,153</td><td>1,325</td><td>164,018</td><td>77,346</td><td>5/</td><td>15,981,739</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To Government agencies</td><td>175,753</td><td>-</td><td>-</td><td>160,764</td><td>14,890</td><td>-</td><td>-</td><td>98</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>3,640</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,640</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>179,393</td><td>-</td><td>-</td><td>160,764</td><td>14,890</td><td>-</td><td>-</td><td>3,738</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U.S. Treasury</td><td>9,651</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>7,395</td><td>1,554</td><td>-</td><td>701</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>27,790</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27,790</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>15,586,947 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15,586,947</td></tr><tr><td>Other securities</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>15,614,741</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27,793</td><td>-</td><td>15,586,947</td></tr><tr><td>Loans made</td><td>178,568</td><td>-</td><td>17,511</td><td>92,678</td><td>39,936</td><td>1,048</td><td>2,761</td><td>10,128</td><td>-</td><td>14,506</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>33,548</td><td>-</td><td>24</td><td>2,456</td><td>-</td><td>-</td><td>-</td><td>30,943</td><td>-</td><td>125</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>2,081,606</td><td>1,858,326</td><td>-</td><td>8,166</td><td>-</td><td>-</td><td>59,866</td><td>28</td><td>-</td><td>155,221</td></tr><tr><td>Increase in working capital and deferred items</td><td>436,190</td><td>372,226</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,163</td><td>-</td><td>60,795</td></tr><tr><td>Funds applied to loss on operations 10/</td><td>1,549,413 10/</td><td>1,445,800</td><td>-</td><td>10,219</td><td>288</td><td>129</td><td>92,555</td><td>-</td><td>-</td><td>422</td></tr><tr><td>Other applications</td><td>354,326</td><td>-</td><td>8,025</td><td>181,652</td><td>38</td><td>148</td><td>1,442</td><td>-</td><td>-</td><td>163,021</td></tr><tr><td>Total funds applied</td><td>20,437,436</td><td>3,676,352</td><td>25,567</td><td>455,936</td><td>55,153</td><td>1,325</td><td>164,018</td><td>77,346</td><td>5/</td><td>15,981,739</td></tr><tr><td>Adjustments of net income (or loss)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss) 12/</td><td>-1,381,737 13/</td><td>-1,445,800</td><td>4,747</td><td>-25,271</td><td>-323</td><td>-687</td><td>-92,555</td><td>19,214</td><td>-</td><td>158,938</td></tr><tr><td>Depreciation and obsolescence</td><td>104</td><td>-</td><td>-</td><td>-1</td><td>35</td><td>-</td><td>-</td><td>69</td><td>-</td><td>56</td></tr><tr><td>Asset charged off</td><td>1,525</td><td>-</td><td>968</td><td>88</td><td>-</td><td>413</td><td>-</td><td>-</td><td>-</td><td>-747</td></tr><tr><td>Capital gains 14/ and losses</td><td>3,263</td><td>-</td><td>-3</td><td>2,450</td><td>-</td><td>-</td><td>-</td><td>1,562</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>2,896</td><td>-</td><td>-5,313</td><td>9,324</td><td>-</td><td>-</td><td>-</td><td>-1,115</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td>-13,205</td><td>-</td><td>-</td><td>3,190</td><td>-</td><td>145</td><td>-</td><td>-</td><td>-</td><td>-16,540</td></tr><tr><td>Funds provided by profit on operations</td><td>162,260</td><td>1,445,800</td><td>400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19,730</td><td>5/</td><td>142,130</td></tr><tr><td>Funds applied to loss on operations</td><td>1,549,413</td><td>1,445,800</td><td>-</td><td>10,219</td><td>288</td><td>129</td><td>92,555</td><td>-</td><td>5/</td><td>422</td></tr></table>
1/ Less than $500.
1/ Excludes United States Maritime Commission and Puerto Rico Reconstruction Administration.
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. Information not available for Puerto Rico Reconstruction Administration.
4/ Consists of Public Works Administration and War Public Works, community facilities.
5/ Information not available.
6/ 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 homes; Federal Security Agency, loans to students; and Treasury Department, miscellaneous loans and certain other assets.
1/ Represents net expenditures from appropriated funds.
5/ Included in this figure are exchanges of securities in the amount of $11,287,947 thousand for the following corporations: Commodity Credit Corporation, $1,591,000 thousand; Federal Farm Mortgage Corporation, $108,000 thousand; Federal Public Housing Authority, $383,000 thousand; and Reconstructon Finance Corporation, $9,205,947 thousand.
9/ The increase in working capital and deferred items is shown below under "Application of Funds".
10/ For additional information, see the adjustments of net income or loss at bottom of table.
11/ Funds applied to loss on operations are shown below under "Application of Funds".
12/ Negative figures indicate net loss.
13/ This figure excludes the United States Maritime Commission; the corresponding figure in the preceding statement of income and expense included the United States Maritime Commission.
14/ Negative figures indicate capital gain.
74
Treasury Bulletin
INTERNAL REVENUE STATISTICS
October 1945
75
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 colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profit taxes 4/</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1936</td><td>3,512,852</td><td>+18,521</td><td>3,494,331</td><td>1,427,446</td><td>674,416</td><td>738,521</td><td>14,509</td><td>48</td><td>-</td><td>-</td><td>48</td></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,534,308</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>1,293,932</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>12,933,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,352</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,332</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,251,005</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>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</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-August</td><td>2,702,486</td><td>-47,853</td><td>2,750,349</td><td>1,712,402</td><td>1,340,416</td><td>366,022</td><td>5,904</td><td>261,058</td><td>216,672</td><td>8,966</td><td>35,420</td></tr><tr><td>September</td><td>5,748,985</td><td>+691,748</td><td>5,057,236</td><td>4,489,671</td><td>1,356,371</td><td>3,108,464</td><td>24,835</td><td>38,508</td><td>3,353</td><td>677</td><td>34,478</td></tr><tr><td>October</td><td>1,880,476</td><td>-607,262</td><td>2,487,738</td><td>1,809,766</td><td>1,322,758</td><td>478,507</td><td>8,501</td><td>134,095</td><td>125,470</td><td>5,688</td><td>2,937</td></tr><tr><td>November</td><td>2,300,370</td><td>-95,871</td><td>2,396,240</td><td>1,633,189</td><td>1,244,287</td><td>382,066</td><td>6,836</td><td>243,026</td><td>199,507</td><td>7,991</td><td>35,528</td></tr><tr><td>December</td><td>4,945,487</td><td>+679,875</td><td>4,265,612</td><td>3,669,642</td><td>327,870</td><td>3,314,922</td><td>26,849</td><td>36,981</td><td>3,104</td><td>877</td><td>33,000</td></tr><tr><td>1945-January</td><td>3,042,477</td><td>-631,287</td><td>3,673,764</td><td>3,024,164</td><td>2,617,322</td><td>401,817</td><td>5,026</td><td>102,795</td><td>71,268</td><td>30,024</td><td>1,502</td></tr><tr><td>February</td><td>3,814,557</td><td>-170,735</td><td>3,985,292</td><td>3,157,954</td><td>2,726,523</td><td>425,366</td><td>6,065</td><td>317,412</td><td>194,263</td><td>106,572</td><td>16,577</td></tr><tr><td>March</td><td>6,431,321</td><td>+813,540</td><td>5,617,781</td><td>4,995,874</td><td>1,821,017</td><td>3,161,712</td><td>13,145</td><td>61,571</td><td>5,789</td><td>3,362</td><td>52,419</td></tr><tr><td>April</td><td>2,745,867</td><td>-285,266</td><td>3,031,133</td><td>2,407,751</td><td>1,760,877</td><td>637,651</td><td>9,224</td><td>106,510</td><td>99,916</td><td>4,931</td><td>1,663</td></tr><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><tr><td>August</td><td>2,848,726</td><td>-165,959</td><td>3,014,684</td><td>1,916,334</td><td>1,569,985</td><td>341,598</td><td>4,751</td><td>274,151</td><td>230,282</td><td>8,791</td><td>35,078</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>Manufac-turers' and retailers' excise taxes</th><th>Miscel-laneous taxes</th><th>Agricultural adjustment taxes</th></tr><tr><td>1936</td><td>2,004,513</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,785</td><td>68,990</td><td>379,540</td><td>76,173</td><td>62,323</td></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,072</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,663</td><td>407,058</td><td>819,869</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>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,332</td><td>-</td></tr><tr><td>1944</td><td>5,353,336</td><td>350,702</td><td>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,401</td><td>-</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td><td>-</td></tr><tr><td>1944-August</td><td>776,889</td><td>193,918</td><td>62,670</td><td>201,914</td><td>86,022</td><td>5,591</td><td>87,679</td><td>139,094</td><td>-</td></tr><tr><td>September</td><td>529,058</td><td>29,170</td><td>35,310</td><td>182,761</td><td>77,507</td><td>4,448</td><td>84,763</td><td>115,099</td><td>-</td></tr><tr><td>October</td><td>543,877</td><td>18,640</td><td>38,520</td><td>196,077</td><td>77,521</td><td>5,345</td><td>94,656</td><td>113,119</td><td>-</td></tr><tr><td>November</td><td>520,025</td><td>364</td><td>31,707</td><td>203,754</td><td>81,180</td><td>5,142</td><td>95,259</td><td>102,617</td><td>-</td></tr><tr><td>December</td><td>558,989</td><td>311</td><td>49,690</td><td>201,461</td><td>70,604</td><td>4,893</td><td>119,542</td><td>112,488</td><td>-</td></tr><tr><td>1945-January</td><td>546,806</td><td>(-21)</td><td>49,295</td><td>206,408</td><td>78,450</td><td>5,718</td><td>116,579</td><td>90,376</td><td>-</td></tr><tr><td>February</td><td>509,926</td><td>247</td><td>37,445</td><td>194,594</td><td>66,047</td><td>5,893</td><td>115,946</td><td>89,755</td><td>-</td></tr><tr><td>March</td><td>560,337</td><td>409</td><td>89,153</td><td>170,878</td><td>73,621</td><td>5,546</td><td>104,199</td><td>116,530</td><td>-</td></tr><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>6,300</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><tr><td>August</td><td>824,199</td><td>208,936</td><td>68,601</td><td>198,621</td><td>108,472</td><td>5,479</td><td>102,324</td><td>131,767</td><td>-</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue.
1/ Includes collections for credit to certain trust accounts for terr- ritories and insular possessions, etc.
2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943.
3/ Includes income tax collections on Alaskan railroads. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits tax, the profit limit-
ing provisions of the Vision Act, and the tax on unjust enrich- ment. 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. 1/ 8/ Represents collections under the Carriers Taxing Act of 1937. Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
76
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-F
October 1945
77
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 2 months</th><th rowspan="2">August 1944</th><th rowspan="2">August 1945</th></tr><tr><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th></tr><tr><td colspan="7">Income and profits taxes:</td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/.</td><td>7,038,438</td><td>10,263,418</td><td>2,436,978</td><td>2,710,143</td><td>1,258,154</td><td>1,460,844</td></tr><tr><td>Revenue Act of 1942.</td><td>784,997</td><td>802</td><td>539</td><td>48</td><td>71</td><td>(-913)</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/.</td><td>10,253,871</td><td>8,567,147 4/</td><td>204,593 r 5/</td><td>405,295</td><td>73,077 r 5/</td><td>86,905</td></tr><tr><td>Back.</td><td>183,740</td><td>202,947</td><td>17,247 r 5/</td><td>42,371</td><td>9,113 r 5/</td><td>23,148</td></tr><tr><td>Total individual income taxes.</td><td>18,261,005</td><td>19,034,313</td><td>2,659,357</td><td>3,157,858</td><td>1,340,416</td><td>1,569,985</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/.</td><td>4,762,714</td><td>4,421,682</td><td>164,468</td><td>235,343</td><td>71,919</td><td>74,389</td></tr><tr><td>Back.</td><td>521,431</td><td>458,034</td><td>56,008</td><td>95,372</td><td>34,201</td><td>39,332</td></tr><tr><td>Income profits taxes (Second Revenue Act of 1940, as amended)</td><td>9,345,198</td><td>11,003,520</td><td>549,433</td><td>657,326</td><td>259,902</td><td>227,877</td></tr><tr><td>Total corporation taxes.</td><td>14,629,344</td><td>15,883,235</td><td>769,908 r</td><td>988,041</td><td>366,022</td><td>341,598</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>12,621</td><td>12,337</td><td>5,960</td><td>4,747</td></tr><tr><td>Vinson Act.</td><td>39</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Unjust enrichment.</td><td>434</td><td>180</td><td>6</td><td>5</td><td>3</td><td>4</td></tr><tr><td>Total miscellaneous profits taxes.</td><td>137,452</td><td>143,978</td><td>12,628</td><td>12,342</td><td>5,964</td><td>4,751</td></tr><tr><td>Total income and profits taxes.</td><td>33,027,802</td><td>35,061,526</td><td>3,441,893</td><td>4,158,241</td><td>1,712,402</td><td>1,916,334</td></tr><tr><td colspan="7">Employment taxes:</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 6/.</td><td>1,290,025</td><td>1,307,931</td><td>344,518</td><td>347,937</td><td>216,572</td><td>230,282</td></tr><tr><td>Unemployment insurance 7/.</td><td>183,337</td><td>186,489</td><td>14,907</td><td>13,885</td><td>8,866</td><td>8,791</td></tr><tr><td>Total Social Security taxes.</td><td>1,473,361</td><td>1,494,420</td><td>359,425</td><td>361,822</td><td>225,638</td><td>239,073</td></tr><tr><td>Railroad retirement 8/.</td><td>265,011</td><td>284,758</td><td>38,108</td><td>37,800</td><td>35,420</td><td>35,078</td></tr><tr><td>Total employment taxes.</td><td>1,738,372</td><td>1,779,177</td><td>397,533</td><td>399,622</td><td>261,058</td><td>274,151</td></tr><tr><td colspan="7">Miscellaneous internal revenue:</td></tr><tr><td>Capital stock tax.</td><td>380,702</td><td>371,999</td><td>322,275</td><td>313,860</td><td>193,918</td><td>208,936</td></tr><tr><td>Estate tax.</td><td>473,466</td><td>596,137</td><td>108,654</td><td>116,282</td><td>61,944</td><td>68,187</td></tr><tr><td>Gift tax.</td><td>37,745</td><td>46,918</td><td>1,703</td><td>1,642</td><td>726</td><td>414</td></tr><tr><td colspan="7">Alcoholic beverage taxes:</td></tr><tr><td>Distilled spirits (imported, excise).</td><td>285,871</td><td>199,691</td><td>37,097</td><td>16,521</td><td>14,428</td><td>6,809</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>611,835</td><td>1,284,613</td><td>185,700 r</td><td>232,334</td><td>108,921</td><td>116,705</td></tr><tr><td>Distilled spirits rectification tax.</td><td>18,874</td><td>32,549</td><td>3,987</td><td>5,378</td><td>2,208</td><td>2,734</td></tr><tr><td>Wines, cordials, etc. (imported, excise).</td><td>4,027</td><td>2,122</td><td>540</td><td>168</td><td>240</td><td>141</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>30,068</td><td>45,269</td><td>6,587</td><td>5,697</td><td>3,529</td><td>2,854</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 stills (special taxes).</td><td>8,109</td><td>8,308</td><td>4,406</td><td>4,279</td><td>1,052</td><td>973</td></tr><tr><td>Stamps for distilled spirits intended for export.</td><td>2</td><td>6</td><td>4</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Case stamps for distilled spirits bottled in bond.</td><td>1,369</td><td>686</td><td>278</td><td>137</td><td>170</td><td>67</td></tr><tr><td>Container stamps.</td><td>8,516</td><td>11,213</td><td>2,373</td><td>1,831</td><td>1,214</td><td>1,016</td></tr><tr><td>Floor taxes.</td><td>85,834</td><td>83,343</td><td>40,168</td><td>238</td><td>3,830</td><td>123</td></tr><tr><td>Fermented malt liquors.</td><td>559,152</td><td>636,582</td><td>128,644</td><td>128,721</td><td>65,929</td><td>66,787</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>3,375</td><td>3,130</td><td>1,770</td><td>1,648</td><td>364</td><td>421</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>1,618,045</td><td>2,309,864</td><td>411,854</td><td>396,956</td><td>201,914</td><td>198,621</td></tr><tr><td colspan="7">Tobacco taxes:</td></tr><tr><td>Cigars (large).</td><td>30,152</td><td>36,593</td><td>5,353</td><td>5,798</td><td>2,975</td><td>3,209</td></tr><tr><td>Cigars (small).</td><td>107</td><td>84</td><td>18</td><td>11</td><td>10</td><td>6</td></tr><tr><td>Cigarettes (large).</td><td>88</td><td>695</td><td>33</td><td>160</td><td>21</td><td>58</td></tr><tr><td>Cigarettes (small).</td><td>903,358</td><td>836,058</td><td>149,042</td><td>176,029</td><td>78,067</td><td>99,675</td></tr><tr><td>Stuff.</td><td>7,692</td><td>7,741</td><td>1,059</td><td>1,253</td><td>599</td><td>679</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>45,269</td><td>49,574</td><td>7,638</td><td>8,357</td><td>4,257</td><td>4,524</td></tr><tr><td>Cigarette papers and tubes.</td><td>1,164</td><td>1,390</td><td>161</td><td>519</td><td>92</td><td>319</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>2</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>50</td><td>8</td><td>2</td><td>2</td><td>1</td><td>2</td></tr><tr><td>Total tobacco taxes.</td><td>985,483</td><td>932,145</td><td>163,336</td><td>192,129</td><td>86,022</td><td>108,872</td></tr><tr><td colspan="7">Stamp taxes:</td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>26,243</td><td>33,157</td><td>4,775</td><td>5,777</td><td>2,358</td><td>2,989</td></tr><tr><td>Transfers of capital stock and similar interest sales.</td><td>17,096</td><td>24,852</td><td>4,766</td><td>4,336</td><td>2,475</td><td>1,779</td></tr><tr><td>Playing cards.</td><td>7,414</td><td>7,493</td><td>1,277</td><td>1,235</td><td>756</td><td>710</td></tr><tr><td>Silver bullion sales or transfers.</td><td>47</td><td>25</td><td>7</td><td>2</td><td>3</td><td>1</td></tr><tr><td>Total stamp taxes.</td><td>50,800</td><td>65,528</td><td>10,824</td><td>11,349</td><td>5,591</td><td>5,479</td></tr></table>
(Continued on following page)
78
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections 1 - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 2 months</th><th>August 1944</th><th>August 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>12,221</td><td>19,858</td><td>6,748</td><td>6,214</td></tr><tr><td>Gasoline</td><td>271,217</td><td>405,553</td><td>58,470</td><td>72,324</td><td>36,256</td><td>32,806</td></tr><tr><td>Tires and tubes</td><td>40,309</td><td>75,257</td><td>10,959</td><td>14,259</td><td>5,107</td><td>5,334</td></tr><tr><td>Floor taxes on tires and tubes</td><td>25</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Automobile trucks and buses</td><td>3,287</td><td>20,847</td><td>1,867</td><td>10,276</td><td>1,207</td><td>6,189</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,222</td><td>2,558</td><td>207</td><td>1,504</td><td>63</td><td>785</td></tr><tr><td>Parts and accessories for automobiles</td><td>31,551</td><td>49,440</td><td>6,593</td><td>12,385</td><td>3,693</td><td>6,477</td></tr><tr><td>Electrical energy</td><td>51,239</td><td>57,004</td><td>8,714</td><td>8,837</td><td>4,488</td><td>4,695</td></tr><tr><td>Electric, gas, and oil appliances</td><td>5,027</td><td>12,060</td><td>1,949</td><td>2,711</td><td>531</td><td>1,139</td></tr><tr><td>Electric light bulbs and tubes</td><td>5,368</td><td>11,035</td><td>1,917</td><td>1,329</td><td>1,379</td><td>505</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>255</td><td>55</td><td>74</td><td>11</td><td>70</td><td>7</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>3,402</td><td>4,753</td><td>514</td><td>662</td><td>232</td><td>299</td></tr><tr><td>Photograph records</td><td>1,889</td><td>2,015</td><td>305</td><td>344</td><td>161</td><td>147</td></tr><tr><td>Musical instruments</td><td>633</td><td>927</td><td>97</td><td>191</td><td>49</td><td>88</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>2,406</td><td>1,637</td><td>302</td><td>621</td><td>105</td><td>413</td></tr><tr><td>Matches</td><td>8,671</td><td>9,349</td><td>1,303</td><td>1,973</td><td>680</td><td>1,223</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>697</td><td>2,272</td><td>547</td><td>1,024</td></tr><tr><td>Pure - retailers' excise</td><td>58,726</td><td>79,418</td><td>3,351</td><td>6,278</td><td>1,908</td><td>3,338</td></tr><tr><td>Jewelry - retailers' excise</td><td>113,373</td><td>184,220</td><td>23,069</td><td>32,379</td><td>11,298</td><td>15,599</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>8,343</td><td>73,851</td><td>10,651</td><td>13,118</td><td>5,083</td><td>6,353</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>4,777</td><td>6</td><td>2</td><td>7</td><td>1</td><td>1</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>5</td><td>73</td><td>2</td><td>2</td><td>2</td><td>1</td></tr><tr><td>Photographic apparatus</td><td>11,307</td><td>19,288</td><td>2,361</td><td>5,070</td><td>1,239</td><td>1,390</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>295</td><td>228</td><td>19</td><td>*</td><td>12</td><td>*</td></tr><tr><td>Sporting goods</td><td>2,498</td><td>4,248</td><td>578</td><td>1,053</td><td>273</td><td>541</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>44,790</td><td>86,615</td><td>12,080</td><td>14,982</td><td>6,172</td><td>7,372</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>-</td><td>-</td></tr><tr><td>Pistols and revolvers</td><td>1,061</td><td>3,132</td><td>726</td><td>553</td><td>351</td><td>320</td></tr><tr><td>Repealed taxes not listed above</td><td>37</td><td>5</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>728,694</td><td>1,206,616</td><td>159,264</td><td>223,063</td><td>87,679</td><td>102,324</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>35</td><td>3</td><td>7</td><td>2</td><td>6</td></tr><tr><td>Sugar Act of 1937</td><td>68,789</td><td>73,294</td><td>13,480</td><td>12,112</td><td>8,513</td><td>5,989</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td>141,275</td><td>208,018</td><td>32,336</td><td>38,275</td><td>17,012</td><td>16,778</td></tr><tr><td>wires, etc.</td><td>90,199</td><td>133,569</td><td>19,695</td><td>24,397</td><td>10,949</td><td>10,813</td></tr><tr><td>Local telephone service</td><td>15,851</td><td>16,285</td><td>2,684</td><td>2,597</td><td>1,564</td><td>1,269</td></tr><tr><td>Transportation of oil by pipe line</td><td>153,683</td><td>234,182</td><td>43,005</td><td>43,656</td><td>21,557</td><td>23,588</td></tr><tr><td>Transportation of persons, steats, berths</td><td>215,488</td><td>221,088</td><td>41,460</td><td>39,651</td><td>21,375</td><td>18,961</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>134,326</td><td>128,701</td><td>114,260</td><td>111,473</td><td>15,412</td><td>12,999</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>352</td><td>336</td><td>179</td><td>162</td><td>37</td><td>30</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>6,594</td><td>7,311</td><td>1,301</td><td>1,333</td><td>605</td><td>601</td></tr><tr><td>Lease of safe-deposit boxes</td><td>178,563</td><td>300,589</td><td>55,204</td><td>54,690</td><td>28,945</td><td>27,133</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>26,726</td><td>56,877</td><td>10,308</td><td>11,972</td><td>5,223</td><td>6,157</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>9,182</td><td>14,160</td><td>2,033</td><td>3,128</td><td>1,149</td><td>1,634</td></tr><tr><td>Club dues and initiation fees</td><td>2,208</td><td>4,160</td><td>2,613</td><td>2,567</td><td>1,132</td><td>1,069</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>18,475</td><td>19,100</td><td>12,344</td><td>11,332</td><td>4,988</td><td>3,924</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>37</td><td>1</td><td>28</td></tr><tr><td>mixed flour 9/ and filled cheeses</td><td>4,084</td><td>5,503</td><td>1,334</td><td>1,387</td><td>337</td><td>353</td></tr><tr><td>Oleomargarine, including special taxes</td><td>779</td><td>756</td><td>176</td><td>176</td><td>48</td><td>26</td></tr><tr><td>Marcotics, including marijuana and special taxes</td><td>7,190</td><td>6,208</td><td>722</td><td>856</td><td>245</td><td>408</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>16</td><td>16</td><td>9</td><td>3</td><td>2</td><td>1</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>1</td><td>1</td><td>1</td></tr><tr><td>Total miscellaneous taxes</td><td>1,075,401</td><td>1,430,428</td><td>353,162</td><td>359,772</td><td>139,094</td><td>131,767</td></tr><tr><td>Total miscellaneous internal revenue</td><td>5,353,336</td><td>6,959,634</td><td>1,531,072</td><td>1,615,053</td><td>776,869</td><td>824,199</td></tr><tr><td>Total internal revenue collections</td><td>40,119,510</td><td>43,800,338</td><td>5,370,498</td><td>6,172,916</td><td>2,750,349</td><td>3,014,684</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,565,477</td><td>+101,664</td><td>-663,366</td><td>-797,567</td><td>-47,863</td><td>-165,959</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>41,684,987</td><td>43,902,002</td><td>4,687,132</td><td>5,375,349</td><td>2,702,486</td><td>2,848,726</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. Rev. 1/ Less than $500. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Consists only of collections for which returns have been filed with the Collector of Internal Revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings deposited in Government depositories in addition to payments accompanying returns filed with the Collector of Internal Revenue. 3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was
Current individual income tax collections for the fiscal year 1945 include payments on unforfeited portion of 1942 tax, due March 15, 1945, of $308,605 thousand for the period January 1, 1945 through April 30, 1945.
Revisions represent payments on 1944 estimated tax (Form 1040 ES for 1944) previously classified as back taxes, now classified as current taxes.
Represents collections under the Federal Insurance Contributions Act.
Represents collections under the Federal Unemployment Tax Act.
Represents collections under the Carriers' Taxing Act of 1937.
Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
October 1945
79
MONETARY STATISTICS
80
Treasury Bulletin
Gold Assets and Liabilities of the Treasury
(in millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Cold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilisation Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</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-August</td><td>20,926.3</td><td>18,612.4</td><td>156.0</td><td>1,800.0</td><td>157.9</td></tr><tr><td>September</td><td>20,825.1</td><td>18,700.7</td><td>156.0</td><td>1,800.0</td><td>168.3</td></tr><tr><td>October</td><td>20,726.7</td><td>18,605.1</td><td>156.0</td><td>1,800.0</td><td>165.5</td></tr><tr><td>November</td><td>20,688.4</td><td>18,581.1</td><td>156.0</td><td>1,800.0</td><td>151.2</td></tr><tr><td>December</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945-January</td><td>20,549.8</td><td>18,426.0</td><td>156.0</td><td>1,800.0</td><td>167.7</td></tr><tr><td>February</td><td>20,506.0</td><td>18,398.3</td><td>156.0</td><td>1,800.0</td><td>151.6</td></tr><tr><td>March</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</td><td>20,152.4</td><td>18,032.5</td><td>156.0</td><td>1,800.0</td><td>163.9</td></tr><tr><td>August p</td><td>20,087.7</td><td>17,978.0</td><td>156.0</td><td>1,800.0</td><td>153.7</td></tr></table>
Source: Daily Treasury Statements. Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Cer
2/ Reserve against United States notes and Treasury notes of 1890. 
3/ Excludes gold in active portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,136.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,212.9</td><td>3,636.8</td><td>15.4</td></tr><tr><td>1944-August</td><td>20,926.3</td><td>3,910.1</td><td>15.7</td></tr><tr><td>September</td><td>20,825.1</td><td>3,905.9</td><td>15.8</td></tr><tr><td>October</td><td>20,726.7</td><td>3,889.0</td><td>15.8</td></tr><tr><td>November</td><td>20,688.4</td><td>3,876.5</td><td>15.8</td></tr><tr><td>December</td><td>20,618.8</td><td>3,870.6</td><td>15.8</td></tr><tr><td>1945-January</td><td>20,549.8</td><td>3,841.1</td><td>15.7</td></tr><tr><td>February</td><td>20,506.0</td><td>3,833.6</td><td>15.8</td></tr><tr><td>March</td><td>20,418.7</td><td>3,800.7</td><td>15.7</td></tr><tr><td>April</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</td><td>20,152.4</td><td>3,642.1</td><td>15.3</td></tr><tr><td>August p</td><td>20,087.7</td><td>3,634.1</td><td>15.3</td></tr></table>
Source: Daily Treasury Statement and Circulation Statements of United States Money. p Preliminary.
October 1945
81
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 recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><td>1936</td><td>715.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td></td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td></td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td></td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td></td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td></td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>13.1</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-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>3,840.1</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>3,777.1</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</td><td>1,574.6</td><td>365.1</td><td>15.1</td><td>.2</td><td>287.8</td><td>128.8</td><td>814.6</td><td>3,642.1</td></tr><tr><td>August p</td><td>1,587.5</td><td>363.6</td><td>15.9</td><td></td><td>277.6</td><td>130.4</td><td>821.7</td><td>3,634.1</td></tr></table>
Source: Daily Treasury Statements and Circulation Statements of United States Money.
p Preliminary.
* Less than $50,000.
1/ Valued at $1.29+ per ounce.
2/ 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 rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="7">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Sowly mixed domestic silver 2/</th><th colspan="2">Nationalised silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>.....</td><td>.....</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>.....</td><td>.....</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>.....</td><td>.....</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>.....</td><td>.....</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>.....</td><td>.....</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td></td><td></td><td>.....</td><td>.....</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>1944-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><tr><td>July</td><td>2.1</td><td>•</td><td>•</td><td>.....</td><td>.....</td><td>-</td><td>-</td><td>•</td><td>•</td></tr></table>
Source: Annual figures on U. S. silver production come from the Bureau of the Mint; monthly figures on U. S. silver production come from re- leases of the American Bureau of Metal Statistics and will not agree with the annual figures.
- Less than 50,000 ounces or $50,000.
1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at
71.11+ cents per fine ounce from that date until April 23, 1935; at 77.57+ cents from April 23, 1935 to December 31, 1937; at 64.54 cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939. 3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938. 4/ Acquired at various prices averaging approximately 51 cents per ounce.
82
Treasury Bulletin
Seigniorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th></tr><tr><td>1934</td><td>4.5</td><td>48.7</td><td>.4</td><td>...</td><td>51.1</td><td>28.5</td><td>128.7</td><td>132.6</td></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>...</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>...</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>...</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>...</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1944-August</td><td>332.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>760.4</td></tr><tr><td>September</td><td>336.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>756.7</td></tr><tr><td>October</td><td>342.8</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>741.1</td></tr><tr><td>November</td><td>351.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>728.3</td></tr><tr><td>December</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945-January</td><td>365.8</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>697.3</td></tr><tr><td>February</td><td>367.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>692.5</td></tr><tr><td>March</td><td>369.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>670.9</td></tr><tr><td>April</td><td>380.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>646.2</td></tr><tr><td>May</td><td>394.0</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>589.2</td></tr><tr><td>June</td><td>400.0</td><td>48.7</td><td>87.6</td><td>65.5</td><td>584.3</td><td>34.7</td><td>820.8</td><td>575.0</td></tr><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><tr><td>August</td><td>409.9</td><td>48.7</td><td>87.6</td><td>65.5</td><td>627.2</td><td>34.7</td><td>863.7</td><td>491.6</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 May 1945
[In thousands of dollars. Net capital outflow (-)]
<table><tr><th>Period</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement</th></tr><tr><th></th><th></th><th>Movement in short-term banking funds</th><th>Movement in brokerage balances</th><th>Movement in transactions in domestic securities</th><th>Movement in transactions in foreign securities</th></tr><tr><td>Calendar year:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,412,486</td><td>964,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>351,268</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,353</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>20,355</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941 (Jan. 1, 1941-Dec. 31, 1941)</td><td>-496,923</td><td>-286,622</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942 (Jan. 1, 1942-Dec. 31, 1942)</td><td>604,321</td><td>561,573</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943 (Jan. 1, 1943-Dec. 31, 1943)</td><td>1,283,593</td><td>1,164,758</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944 (Jan. 1, 1944-Dec. 31, 1944)</td><td>357,154</td><td>44,394</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945 (Jan. 1, 1945-May 31, 1945)</td><td>381,970</td><td>431,930</td><td>7,297</td><td>-126,819</td><td>69,562</td></tr><tr><td>Total (Jan. 2, 1935-May 31, 1945)</td><td>7,857,709</td><td>5,850,177</td><td>133,581</td><td>785,013</td><td>1,088,938</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944-May</td><td>-5,438</td><td>1,151</td><td>1,616</td><td>-6,082</td><td>-2,123</td></tr><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-36,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,534</td><td>650</td><td>2,445</td><td>3,851</td></tr><tr><td>September</td><td>-9,953</td><td>-57,289</td><td>2,313</td><td>28,454</td><td>16,569</td></tr><tr><td>October</td><td>29,275</td><td>26,852</td><td>4,911</td><td>-2,061</td><td>-427</td></tr><tr><td>November</td><td>70,296</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>-472</td></tr><tr><td>December</td><td>-54,773</td><td>-229,521</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>157,405</td><td>153,895</td><td>-195</td><td>-2,808</td><td>6,513</td></tr><tr><td>February</td><td>122,225</td><td>174,973</td><td>3,840</td><td>-64,055</td><td>7,467</td></tr><tr><td>March</td><td>-16,298</td><td>11,310</td><td>521</td><td>-24,388</td><td>-3,741</td></tr><tr><td>April</td><td>58,274</td><td>44,446</td><td>-78</td><td>-18,079</td><td>31,985</td></tr><tr><td>May</td><td>60,394</td><td>47,306</td><td>3,209</td><td>-17,489</td><td>27,338</td></tr></table>
Back Figures: For monthly date for the period January 1941 through June 1942, see "Treasury Bulletin" for September 1943, page 73.
October 1945
8
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1936</td><td>6,241</td><td>5,755</td><td>101</td><td>955</td><td>1</td><td>278</td><td>4,002</td><td>52</td><td>366</td></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>85</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,444</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>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</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-August</td><td>23,292</td><td>22,200</td><td>53</td><td>1,582</td><td>1</td><td>324</td><td>19,527</td><td>587</td><td>125</td></tr><tr><td>September</td><td>23,794</td><td>22,688</td><td>53</td><td>1,586</td><td>1</td><td>323</td><td>20,017</td><td>582</td><td>125</td></tr><tr><td>October</td><td>24,425</td><td>23,300</td><td>53</td><td>1,592</td><td>1</td><td>324</td><td>20,631</td><td>574</td><td>124</td></tr><tr><td>November</td><td>25,019</td><td>23,875</td><td>53</td><td>1,604</td><td>1</td><td>325</td><td>21,200</td><td>569</td><td>124</td></tr><tr><td>December</td><td>25,307</td><td>24,151</td><td>53</td><td>1,611</td><td>1</td><td>321</td><td>21,482</td><td>560</td><td>123</td></tr><tr><td>1945-January</td><td>25,290</td><td>24,140</td><td>53</td><td>1,561</td><td>1</td><td>316</td><td>21,533</td><td>554</td><td>123</td></tr><tr><td>February</td><td>25,751</td><td>24,593</td><td>53</td><td>1,583</td><td>1</td><td>320</td><td>21,964</td><td>550</td><td>122</td></tr><tr><td>March</td><td>25,899</td><td>24,729</td><td>53</td><td>1,589</td><td>1</td><td>320</td><td>22,100</td><td>544</td><td>122</td></tr><tr><td>April</td><td>26,189</td><td>25,009</td><td>52</td><td>1,593</td><td>1</td><td>321</td><td>22,384</td><td>537</td><td>121</td></tr><tr><td>May</td><td>26,528</td><td>25,331</td><td>52</td><td>1,652</td><td>1</td><td>322</td><td>22,651</td><td>533</td><td>121</td></tr><tr><td>June</td><td>26,746</td><td>25,541</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</td><td>27,108</td><td>25,885</td><td>52</td><td>1,731</td><td>1</td><td>322</td><td>23,139</td><td>521</td><td>119</td></tr><tr><td>August p</td><td>27,656</td><td>26,422</td><td>52</td><td>1,752</td><td>1</td><td>322</td><td>23,659</td><td>517</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>Minor 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>558</td><td>42</td><td>361</td><td>155</td><td>53.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>163.07</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.86</td></tr><tr><td>1944-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>171.95</td></tr><tr><td>October</td><td>1,125</td><td>111</td><td>733</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>191.26</td></tr><tr><td>July</td><td>1,223</td><td>127</td><td>800</td><td>296</td><td>194.02</td></tr><tr><td>August p</td><td>1,234</td><td>128</td><td>807</td><td>299</td><td>197.78</td></tr></table>
Source: Circulation Statements of United States Money and Annual Report of the Secretary of the Treasury for 1944, pages 774-777. Preliminary. 1/ Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of the
United States. Includes paper currency held outside the continental limits of the United States. Cold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
Treasury U.S. Treasury Dept. HJ 10 Treasury Bulletin A2 1945 c.2
U.S. TREASURY LIBRARY
1 0031938